TD Securities

2023 Mining Conference

January 25, 2023

TSX: LUN Nasdaq Stockholm: LUMI

Neves-Corvo, Portugal

Cautionary Statements

Caution Regarding Forward-Looking Information and Non-GAAP Performance Measures

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward- looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and any anticipated benefits thereof; and expectations for other economic, business, and/or

competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking statements.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labor; assumed and future price of copper, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; global financial conditions and inflation; changes in the Company's share price, and volatility in the equity markets in general; volatility and fluctuations in metal and commodity demand and prices; changing taxation regimes; delays or the inability to obtain, retain or comply with permits; reliance on a single asset; unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; risks related to negative publicity with respect to the Company or the mining industry in general; health and safety risks; pricing and availability of key supplies and services; the threat associated with outbreaks of viruses and infectious diseases, including the COVID-19 virus; exchange rate fluctuations; risks relating to attracting and retaining of highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets; climate change; regulatory investigations, enforcement, sanctions and/or related or other litigation; existence of significant shareholders; uncertain political and economic environments, including in Argentina, Brazil and Chile; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; indebtedness; liquidity risks and limited financial resources; funding requirements and availability of financing; exploration, development or mining results not being consistent with the Company's expectations; risks related to the environmental regulation and environmental impact of the Company's operations and products and management thereof; activist shareholders and proxy solicitation matters; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; historical environmental liabilities and ongoing reclamation obligations; information technology and cybersecurity risks; risks related to mine closure activities, reclamation obligations, and closed and historical sites; social and political unrest, including civil disruption in Chile; the inability to effectively compete in the industry; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may be unreliable; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; enforcing legal rights in foreign jurisdictions; community and stakeholder opposition; changes in laws, regulations or policies including but not limited to those related to mining regimes, permitting and approvals, environmental and tailings management, labor, trade relations, and transportation; risks associated with the structural stability of waste rock dumps or tailings storage facilities; dilution; risks relating to dividends; conflicts of interest; counterparty and credit risks and customer concentration; the estimation of asset carrying values; challenges or defects in title; internal controls; relationships with employees and contractors, and the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor or interruptions in production; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; compliance with environmental, health and safety regulations and laws; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's AIF and the "Managing Risks" section of the Company's MD&A for the year ended December 31, 2021, which are available on SEDAR at www.sedar.com under the Company's profile. All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forwardlooking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

Non-IFRS Measures

Lundin Mining has included certain non-IFRS measures in this document such as adjusted earnings, adjusted EBITDA, adjusted operating cash flow, free cash flow, net cash (debt), cash cost, and expansionary capital expenditures. Please see the Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2022, for discussion of non-GAAP measures and reconciliations, which information is incorporated by reference herein and which is available under the Company's profile on SEDAR at www.sedar.com. Lundin Mining believes that these measures, in addition to conventional measures prepared in accordance with International Financial Reporting Standards ("IFRS"), provide investors an improved ability to evaluate the underlying performance of Lundin Mining and Josemaria Resources and the proposed transaction. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

Note: All dollar amounts are in US dollars unless otherwise denoted.

2

Creating Sustainable Value

High Quality Operations

  • we mine metals essential to the world today and critical for the future
  • long-lifeand cost-competitive assets in low-risk mining jurisdictions
  • industry-leadingenvironment & social ratings

Meaningful Scale & Material Growth

  • development of Josemaria drives material copper & gold growth1
  • zinc production to further increase with continued ramp up of ZEP2
  • high-gradecopper-gold Saúva discovery continues to expand

Financial Strength

  • significant cash flow from operations
  • net cash3 position of nearly $180M
  • liquidity of $1.9B

Candelaria, Chile

  1. Based on production information derived from the "NI 43-101 Technical Report, Feasibility Study for the Josemaria Copper-Gold Project, San Juan Province, Argentina" dated November 5, 2020.
  2. Based on production guidance for Neves-Corvo as announced by news release entitled, "Lundin Mining Announces 2022 Production Results & Provides 2023 Guidance" dated January 12, 2023.

3. Net cash is a non-GAAP measure. Please see Lundin Mining's MD&A for the three and nine months ended September 30, 2022, for discussion on non-GAAP and other performance measures.

3

Positive Outlook for Copper

Cu

3rd most consumed metal globally

~3/4 of usage today is for power transmission and generation, building wiring, telecommunication, and electrical and electronics

Copper

positive outlook largely driven by importance in the energy transition and inelastic mine supply

Supply / Demand Outlook

Mt

40

Base Case Production Capability

35

Probable Projects

30

Primary Demand

25

20

15

10

5

0

1992

1997

2002

2007

2012

2017

2022

2027

2032

2037

Source data: Wood Mackenzie, ICSG

Growing Demand

  • new 'green' demand estimated to be over 1/4 of total copper demand requirements1 in net zero carbon scenario
  • grid demand for electrification growth estimated to add ~5Mt of demand by 20501
  • increase in metals intensity:

EVs vs ICEs

Wind vs Thermal

4x

35x

6x

8x

20x

Copper

Nickel

Copper

Nickel

Zinc

Constraint Supply

  • mine production forecast to decline with few advanced-stage projects to offset
  • development timelines increasing with changing and challenging economic, political, and environmental barriers
  • structural deficit possible mid-decade with a theoretical supply gap of ~6.0 Mt by 20322 or nearly 25% of current consumption
  • copper price needs to be supported at higher than historical real-dollar levels to incentivize new production

1. Based on data sourced from International Copper Association (ICA), International Copper Study Group (ICSG) and Wood Mackenzie.

2.

Wood Mackenzie - Q4 2022 - Global copper investment horizon outlook.

4

Zinc & Nickel are Essential to Modern Life

Zn

Zinc

Ni

Nickel

  • 4th most consumed metal with uses ranging from metal products to rubber and medicines
  • ~3/4 of usage today is to protect from corrosion in galvanizing steel, diecasting alloys, etc. ~1/4 is consumed by rubber, chemical and agricultural industries
  • renewables a key focus for infrastructure spending, with galvanizing and large-scale photovoltaic projects driving zinc demand
  • primary usage today is ~70% for stainless steel and ~10% for superalloys in aerospace and electrical power generation turbines. Rechargeable batteries represent ~6% of total demand today
  • EV and rechargeable battery usage are expected to see greatest demand increase growing to ~25% of total demand by 20301

Zinc Demand

16.6Mt

Nickel Demand

4.4Mt

Galvanizing

Stainless

Brass & Castings

14.0Mt

+50%

Diecasting Alloys

+20%

Batteries - EVs

Growth

Oxides & Chemicals

Growth

2.8Mt

Semi-manufacturers

Other

Other

2021

2030

2021

2030

Source data: ILZSG, IZA, Wood Mackenzie

Source data: BMO Capital Markets, INSG, Wood Mackenzie

5

1. Based on data and estimates sourced from BMO Capital Markets, INSG, and Wood Mackenzie.

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Disclaimer

Lundin Mining Corporation published this content on 25 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2023 15:17:07 UTC.