TSX LUNTSX: LUN OMX: LUMI - Sun Mar 4, 2018€¢ Successful track record • Strong backing of major...

TSX LUNTSX: LUNOMX: LUMI

Corporate Presentation Corporate Presentation pp

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Cautionary StatementsCaution Regarding Forward Looking Statements

This presentation contains forward-looking statements. These forward-looking p g gstatements are not based on historical facts, but rather on current expectations and projections about future events. These forward-looking statements are subject to risks and uncertainties. These risks and uncertainties could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.

Caution Regarding Inferred Resources

This presentation uses the terms "Measured", "Indicated" and "Inferred" Resources. U.S. This presentation uses the terms Measured , Indicated and Inferred Resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. "Inferred Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category Under Canadian part of an inferred resource will ever be upgraded to a higher category. Under Canadian rules, estimated of Inferred Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into reserves.

Corporate Projects Exploration GrowthOperations

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About Lundin Mining• Experienced • Excellent evaluation • Strong operations team • Experienced• Successful track record• Strong backing of major

shareholder

• Excellent evaluation capabilities

• Extensive international experience

• Strong operations team in multiple jurisdictions

• Exploration team covers Americas; Europe; shareholder

Executive

p• Large-scale feasibilities• Project management

Evaluation

; p ;Africa; SE Asia/Australia

Execution Executive Team

Evaluation Team

Execution Team

Lukas Lundin, Chairman

Phil Wright,CEO

Joao Carrelo,EVP/COO

Marie Inkster,CFO

Paul Conibear,SVP Corp Dev

Neil O’Brien,SVP Expl

Symbol/Exchange LUN/TSX, LUMI/OMX

Share Price C$4.47SEK 28.70

Shares OS (M) 579.5 52 Wk High/Low C$4.77/$0.69


Share FD (M) 589.2 Mkt Cap (C$M) C$2.6 billion

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Two Key Asset Groups

Europe Tenke Business D l t

100% ownership

3 operating mines

l d

24.75%

Tier 1 asset

Development

What’s next

Copper, zinc, lead, nickel

Freeport operator

Copper, cobalt


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Asset Location


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Production Profile and Earnings HistoryProduction Profile Operating ResultsProduction Profile Operating Results

150

175Copper Zinc Lead Nickel

ktpa

600

700Earnings Cashflow$mn

100

125

150

400

500

600

*

25

50

75

100

200

300

02005 2006 2007 2008 2009

F'Cast

02005 2006 2007 2008 9 mth

2009* Excludes approx 17,000t attributable

production ex Tenke

Conservative capital structure:Low debt (4.5% debt-to-equity at September ‘09)

production ex Tenke


Structure well matched to existing portfolio – no surplus

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European Business

All operations cashflow positiveLeverage to commodity cycleNeves-Corvo g y yGood internal growth prospectsStable jurisdiction/low political riskj pCash cost competitiveZinkgruvan

AguablancaAguablanca


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Neves-Corvo Mine: Copper/Zinc: PortugalE i d 10 i lifEstimated 10+ year mine life2009 production estimate:o 84,000t copper, pp2009 cash cost estimate:o $1.10/lb of copper*Zi i j t t d i i f Zinc expansion project to produce minimum of 50,000 tpa: first production expected Q1 ‘11; estimated cost of €43 mnLombador is a world-class zinc deposit with emerging copper potential. Pre-feasibility commencedcommencedNeves-Corvo remains under-explored


* Based on €/US$ 1.40.

Exploration: Neves Corvo9

Exploration: Neves-CorvoDrillhole From (m) To (m) Length (m) Cu % Zn %

NK26 1,230.0 1,252.0 22.0 5.89 0.22

NK26-2 1,143.9 1,155.5 11.6 3.13 0.10

NJ26 1,258.5 1,264.0 5.5 4.20 0.10

NJ26-2 1,122.0 1,154.0 32.0 3.81 1.37

plus 1,173.0 1,196.0 23.0 0.40 7.28

plus 1,214.0 1,250.0 36.0 0.41 5.95 p

plus 1,263.0 1,283.0 20.0 2.84 0.09

NG36-1 1,248.4 1,288.8 40.4 assays pending

NH38 1,367.8 1,397.2 29.4 assays pending


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Zinkgruvan Mine: Zinc/Lead/Copper: Sweden

Estimated 10+ year mine life2009 production estimate:o 72,000t zinco 34,000t lead2009 h t ti t2009 cash cost estimate:o 30c/lb of zincFurther throughput increases possibleFurther throughput increases possibleCopper project continues within budget and is on track for first copper and is on track for first copper production in Q2 ’10


.

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Aguablanca Mine: Nickel/Copper: Spain

Estimated 5 year mine life2009 production estimate:o 7,200t nickelo 7,000t copper2009 cash cost estimate:o $5.00/lb of nickel Potential for ndergro nd mine to Potential for underground mine to supplement open-pit :under investigationg


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Tenke Fungurume Investment

24.75% equity interestLarge long-life low-cost high-Large, long-life, low-cost, high-growth assetPotential to be one of the

Tenke Fungurume

world’s largest producers of copper and cobaltF t i t

g

Freeport is operatorHigher political risk


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Tenke Fungurume – Phase I Built


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Tenke Copper Production


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Tenke Overview– Lundin - 24.75% equity interest$1.8 billion construction substantially complete Solution loaded with Copper$ y pFirst shipment of copper cathode in April; First saleable cobalt produced in May

Solution loaded with Copper

Capacity of 115,000 tpa of copper already reached in September - 9,000 tpa of cobalt expected by year endexpected by year endCash cost expected to be around 50¢/lb of copper at $10 cobalt ($2.00/lb change in average price of Solution loaded with Cobaltpp $ ($ g g pcobalt changes net cash costs by 12¢/lb)

Excess overrun cost facility at September 30, 2009 was $216 6 million to be paid back to 2009 was $216.6 million – to be paid back to FCX through preferential sweeps from first available net cash flows


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Tenke FungurumeConcessions Airstrip

Tenke – A Mining District

Tenke Fungurume

Plan Area

Tailings Pond

Overburden Storage

Processing Facility

Airstrip

Construction Village

Tenke Fungurume

Tenkeill

Tailings Pond

Power SubstationFwaulu Deposits Kwatebala Deposit

Village

Fungurume Village

Camp

Dipeta Syncline ExplorationTenke Deposits

CampDipeta Syncline

Exploration

40 years of oxides from

5 kmFacilities National Road 220 kV Power Line

Pumpi Deposits

yjust these 3 deposits

5 kmCopper Deposits Rail Line 120 kV Power Line


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Only half the concession has F 005 N F 104 N

F 103 N F 112 N

Oxide Ore

Tenke – ExplorationOnly half the concession has been explored

20 deposits have been drilled Mixed Ore

20 deposits have been drilled but mineral resources only completed for 7, mineral

200Sulfide Orereserves only completed for 5.

Expansion feasibility studies

00mSulfide Ore Bearing

BedsAt Depth

now commencing.p

Much remains to be done before there is a comprehensive understanding of the full comprehensive understanding of the full mineral inventory including: size; and the break-down between oxide, sulphide and mixed ores.


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Tenke – Distribution of BenefitsDirect BenefitsDirect Benefits

57% of Direct Benefits stay within DRC Tenke agreements fair, equitable, comply with Congolese laws, and enforceable without modifications

TF Holdings

enforceable without modifications

Dialogue continues with DRC authorities to reach resolution

46%

43%11%

Gécaminesauthorities to reach resolution

In addition to agreement commitments: Tenke investments

DRCGovernment

DRCGovernment

commitments: Tenke investments in social programs and infrastructure rebuilding are

d t d i l d

$2 copper & $10 cobalt

unprecedented in scale and quality


* direct benefits to the DRC include taxes, royalties and dividends

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Tenke – Current FocusOptimise existing facilitiesOptimise existing facilitiesContinue to define district through explorationAd f ibilit t d i Q4 ‘09 i t l i /dAdvance feasibility study in Q4 ‘09 on incremental expansion/de-bottleneckingo Relatively low capitaly po Increase current capacity by 50%

Exploration results & infrastructure development to drive future major expansions

Tenke-Fungurume is a mining district comprising multiple deposits. g g p g p pExpansion timing cannot be completely disconnected from Contract Review


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Corporate and Business DevelopmentStrategically we remain active portfolio managers and are looking to upgrade our base metal assets to upgrade our base-metal assets and investmentsWith Europe running well and What’s Next p gTenke in excellent hands, we are increasing our corporate and business development activitiesbusiness development activitiesNew SVP of Corp Development appointed: Mr. Paul Conibear appointed: Mr. Paul Conibear Our focus is base metals


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Lundin Mining SummaryIn the short-term (<12 months) we remain cautious with a continued focus on ( )tight expenditure controlsIn medium to longer term, supply constraints expected to emerge with the

t ti l f b t l i t i ifi tl hi hpotential for base metal prices to move significantly higherAll our operations are cashflow positive and can remain free cashflow positive at the sort of prices that we experienced at the bottom of the troughpositive at the sort of prices that we experienced at the bottom of the trough

Lundin offers:Si ifi t l t l t d i k t Significant leverage to leverage to copper and zinc markets Stable operations and cashflow in Europe with good internal growth options Exposure to world class Tenke copper/cobalt project: long mine life and Exposure to world-class Tenke copper/cobalt project: long mine-life and potentially one of the largest/lowest-cost copper producersConservative capital structurep


TSX LUN

May 15, 2009

TSX: LUNOMX: LUMI

2009 Annual Meeting of Shareholdersg

TSX LUNTSX: LUN OMX: LUMI - Sun Mar 4, 2018€¢ Successful track record • Strong backing of major...

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