Lundin Mining : May - 2020 2020 Bank of America Global Metals, Mining & Steel Virtual Conference

Bank of America Global Metals, Mining & Steel Conference

May 12th- 14th, 2020

TSX: LUN Nasdaq Stockholm: LUMI

Candelaria, Atacama Region, Chile

Cautionary Statements

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

This document contains "forward-looking information" within the meaning of Canadian securities laws. All statements other than statements of historical facts constitute forward-looking information, including but not limited to statements regarding plans, prospects and business strategies; timing and amount of future production; expectations regarding the results of operations and costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of economic studies or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; market prices of metals, currency exchange rates, and interest rates; the ability to comply with permitting or other regulatory requirements; anticipated exploration and development activities; and the integration and benefits of acquisitions. 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 assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, equipment and labour; assumed and future price of metals; anticipated costs; ability to achieve goals; the effective integration of acquisitions; the political environment supporting 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. Such factors include, but are not limited to: volatility in commodity prices; global financial conditions; risks inherent in mining including but not limited to the environment, industrial accidents, catastrophic equipment failures, unexpected geological formations or unstable ground conditions, and natural phenomena; uninsurable risks; equity markets volatility; outbreaks of viruses and infectious diseases (such as COVID-19); negative publicity and reputation risks; reliance on a single asset; fraud and corruption risks; actual ore mined and/or recoveries varying from estimates; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits; ore processing efficiency; foreign country and emerging markets risks; security; taxation regimes; health and safety risks; exploration, development or mining results not being consistent with expectations; infrastructure risks; counterparty and credit risks and customer concentration; environmental regulation risks; exchange rate fluctuations; stakeholder opposition; civil disruption; labour disputes or difficulties; interruptions in production; uncertain political and economic environments; litigation; regulatory investigations, enforcement and/or sanctions; structural stability of waste rock dumps or tailings storage facilities risks; changes in laws or policies; climate change; cybersecurity risks; estimates of future production, operations, capital and operating cash and all-in sustaining costs; permitting risks; compliance with laws; mine closure risks; challenges to title; the price/availability of supplies or services; liquidity risks and limited financial resources; the estimation of asset carrying values; risks relating to dividends; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Annual Information Form and the "Managing Risks" section of the Company's MD&A for the year ended December 31, 2019, 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 forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

This presentation may contains certain financial measures such as adjusted earnings, adjusted loss, EBITDA, net cash, net debt, adjusted operating cash flow per share, co-product cash costs and cash costs which have no standardized meaning within generally accepted accounting principles under IFRS and therefore amounts presented may not be comparable to similar data presented by other mining companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures or performance prepared in accordance with IFRS.

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

2

Lundin Mining

Our Strategy

Operate, upgrade and grow a base metals portfolio that provides leading returns for our shareholders throughout the cycle

• copper dominant
• competitive cost position
• low-riskmining jurisdictions, leverage current geographies
• pipeline of development and exploration projects
• maintain low leverage and flexible balance sheet while increasing direct shareholder returns

Eagle		Zinkgruvan
Nickel-Copper-PGMs in U.S.A.		Zinc-Lead-Copper in Sweden

Neves-Corvo

Copper-Zinc-Lead in Portugal

Candelaria1	Chapada
Copper-Gold-Silver in Chile

Copper-Gold in Brazil

1. Lundin Mining holds an 80% interest in Candelaria

3

Responsible Mining

Social & Environmental

• leading ISS Environment & Social Quality Scores
• strong stakeholder engagement and increased social investment
• robust risk and compliance management programs in place
• environmental footprint reduction goals set for water, dust and energy

Safety

• overall safety performance continues to trend better
• 2019 TRIF performance includes the successful integration of the Chapada mine and saw a significant increase in exposure hours with project activities

COVID-19 Readiness & Response

• across Lundin Mining we continue to identify and implement measures to protect and ensure the needs of our workforce and communities are being addressed

Total Recordable Injury Frequency

per 200,000 person hours worked

3.5

3.1

1.6

2.5

2.0

1.6

0.9

0.6

0.6	0.7	0.7

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

4

Increasing Production Profile1(kt)

235

Copper	Gold	Nickel
	294 - 318
	175 - 190	180 - 190
264 - 293		15 - 18	15 - 18
	+30%	13

142

2019A

2020

2021

2019A 2020 2021

2019A

2020

2021

1.	Production profile based on certain estimates and assumptions, including but not limited to; Mineral Resource and Mineral Reserve estimates geological formations, grade and continuity of deposits and metallurgical characteristics. The 2020-2021 guidance was announced by news release on November
	26, 2019, with 2020 guidance subsequently revised by news release on April 29, 2020. The 2019 production results were announced in the press release dated January 22, 2020. Copper production for 2019 reflects attributable production for the Chapada Mine under Lundin Mining ownership.
2.	Gold production guidance for Candelaria is 90-100 koz in 2020 and 110-115 koz in 2021, on a 100% basis. Currently, 68% of Candelaria's total gold and silver production are subject to a streaming agreement. This is to decrease to 40% for each gold and silver once a cumulative 720 koz of gold and 12 Moz	5
	of silver are delivered, respectively. Gold production guidance for Chapada is 85-90 koz in 2020 and 70-75 koz in 2021. Chapada' s gold production is unencumbered.

Q1/20 Summary Results

Production	Payable Sales
62,167 t of copper	61,923 t of copper
36,947 t of zinc	29,348 t of zinc
38,000 oz of gold	39,000 oz of gold
3,575 t of nickel	2,809 t of nickel
9,481 t of lead	7,322 t of lead

$378M in Sales by Metal

Lead Other
Nickel 3%	4%
6%
Zinc
8%
Gold		Copper
	64%
15%

Construction of new 1140 level service area in Zinkgruvan mine

6

Candelaria

Increasing Production Profile

• Q1/20 production of 36,297 t of copper and approximately 21,000 oz of gold
• $1.31/lb cash cost of copper benefited from favourable exchange rate3; full year cash cost guidance improved to $1.35/lb of copper
• replacement of fourth ball mill motor under CMOP in H2/20
• positioned to deliver approximately 15% copper production increase in 2020, at reduced cash costs, as benefits of reinvestment initiatives are realized
• copper production is forecast to average approximately 180,000 tpa over the ten- year period 2020 through 2029, including +190,000 tpa 2022 through 2025

Reduced Capital &

Exploration Expenditures

• 2020 sustaining capital expenditure guidance reduced to $230M, from $265M
• exploration expenditure guidance lowered to $15M, from $20M
• exploration deferral does not impact current20-year mine life
• over 50,000 m drilling planned

Some of the measures implemented at Candelaria to protect our workers health and safety (as at April 24, 2020)

Copper, Gold Production & Cash Cost1Outlook

(100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits)

	185-195	Avg. +190
	160-175
146
		110-115	Avg. +110
	90-100
88
$1.54	$1.35
2019A	2020	2021		2022-2025	2
	Copper	Gold

1. Currently, 68% of Candelaria's total gold and silver production are subject to a streaming agreement and as such C1 cash costs guidance is based on receipt of $412/oz and $4.12/oz, respectively, in 2020 on the streamed portion of gold and silver sales. This streamed gold and silver production is to decrease to 40% for each once a cumulative 720 koz of gold and 12 Moz of silver are delivered, respectively.
2. Average2022-2025 production is based on the NI 43-101 Technical Reports dated November 28, 2018 which is available on
   SEDAR under the Company's profile page. See also slide 30.
3. Q1/20 average USD/CLP: 802 compared to assumption of 675 in previous guidance. Assumption revised to USD/CLP: 850 in cash cost guidance announced by news release on April 29, 2020.

7

Chapada

Robust Mine and Mill Performance

• Q1/20 production of 11,881 t of copper and approximately 18,000 oz of gold
• copper cash cost of $0.92/lb benefited from favourable exchange rate3and gold price
• full year cash cost guidance improved to $0.85/lb of copper
• 30-yearmine life based on current Mineral Reserves4and throughput rate of 24 Mtpa; near-mine exploration and expansion studies ongoing to optimize value and mine life

Reduced Capital & Focused Exploration Expenditures

• 2020 sustaining capital expenditure guidance reduced to $40M, from $60M, reflecting deferrals of small projects and reduction in capital stripping
• exploration expenditure guidance lowered to $7M, from $10M
• over 40,000 m drilling planned
• expansion studies ongoing

Chapada providing locally sourced food baskets, hygiene products and educational games to local communities.

Copper, Gold Production & Cash Cost1Outlook

(100% basis; kt Cu, koz Au & $/lb Cu, net of by-product credits)

		85-90
			70-75	75-80
54	51-56	51-56		51-56

31

$0.58		$0.85
2019A	2	2020	2021	2022
		Copper	Gold

1. Chapada cash costs are calculated on aby-product basis and do not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound.
2. 2019 production based on period of Lundin Mining's ownership post closing of acquisition on July 5, 2019 (approximately half year).

3.	Q1/20 average USD/BRL: 4.46 and $1,583/oz gold compared to assumptions of 3.75 and $1,350/oz, respectively, in previous guidance. Assumptions revised to USD/BRL: 4.75 and $1,500/oz gold in guidance announced by news release on April 29, 2020.	8
4.	For more information please refer to the Company's news release dated September 5, 2019 entitled "Lundin Mining Announces 2019 Mineral Resource and Reserve Estimates" on the Company's website (www.lundinmining.com). See also slide 30.

Chapada Near-Mine Exploration

Near Mine Deposits

Chapada

Sucupira/Cava Norte

Baruzinho

Baru/Baru NE

SW Mina

Interpit

Corpo Sul

Santa Cruz

Buriti

Hidrotermalito

Buriti Norte

Corpo Sul / Santa Cruz

Jatobá +

Buriti Norte

Sucupira SW

Chapada deposits and near-mine exploration targets	9

Neves-Corvo

Focused on Current Operations

• Q1/20 production of 9,075 t of copper, 17,948 t of zinc and 1,468 t of lead
• operating costs were better than plan, however, copper cash costs of $2.24/lb were impacted by production levels andby-product zinc pricing
• full year copper production guidance has been lowered reflecting Q1 results
• zinc guidance revised to reflect production from current operation only following temporary suspension of the ZEP
• copper cash cost guidance has been revised to $2.10/lb reflecting reduced zincby-product production and lower pricing

Reduced ZEP and Sustaining Capital

& Exploration Expenditures

• 2020 total capital expenditure guidance reduced to $110M, from $230M
• majority of reduction ($100M) reflects temporary suspension of the ZEP
• Q1/20 total capital expenditures of $47M
• exploration expenditure guidance lowered to $2M, from $7M

Neves-Corvo donation of 360 protective masks and disposable suits to the Local

Health Unit of Baixo Alentejo and the University Hospital Center of Algarve.

Copper, Zinc Production & Cash Cost Outlook

(kt & $/lb Cu, net of by-product credits)

		2021 Zinc Production
73	70-75	Being Reviewed

41	41-46	41-46
35-40

$1.59 $2.10

2019A 2020 2021 2022

Copper Zinc

10

Neves-Corvo - ZEP

Underground& Surface Construction

• excellent progress prior to temporary suspension; Surface construction recorded highest monthly progress rates
• underground 88% progress with civil and mechanical works largely complete. Development of lower stopes advancing as planned with first two sublevel accesses continuing
• surface construction was nearly 80% complete at quarter end with materials handling and SAG aspects more than 98% complete
• mechanical, electrical, instrumentation andpre-commissioning work advanced as planned for flotation circuits, dewatering circuit, backfill cyclone station, tailings and water supply piping systems, and new paste fill tailings thickener
• demobilization of construction contractors and owner's teams completed in March

Underground construction - Q1/20

Surface construction - Q1/20

Transfer tower #2

Crusher chamber

SAG mill commissioning work

Flotation building piping

11

Eagle

Consistent Mine & Mill Operating Performance

• Q1/20 production of 3,575 t of nickel and 4,378 t of copper
• nickel headgrade impacted by mine resequencing in Eagle East ; copper production above plan
• 2020 nickel production to increase more than 3,000 t (22%) over 2019, at reduced cash costs, ashigher-grade Eagle East ore contributes to the mill feed
• copper production expected to increase more than 2,200 t (15%) in 2020

Eagle East Development Concludes Successfully

• Eagle East project development completed in Q1/20
• project completed one quarter ahead of original schedule and 13% below original budget
• 2020 sustaining capital expenditure guidance unchanged at $15M

Eagle's donation of US$10,000 to the COVID-19Community Response Fundwill help supply household necessities, food, sanitizing and caregiving supplies to organizations supporting individuals and families in Marquette County.

Nickel, Copper Production & Cash Cost Outlook

(kt & $/lb Ni, net of by-product credits)

17-20

15-1815-1815-1814-1715-18

13 14

$2.84

$1.00

2019A 2020 2021 2022

Nickel Copper

12

Zinkgruvan

Strong Mine and Mill Throughput Performance

• Q1/20 production of 18,999 t of zinc, 8,013 t of lead and 536 t of copper at cash cost of $0.51/lb of zinc
• excellent mine and mill throughput performance continued through Q1/20
• mine sequence change has deferred production from somehigh-grade stopes to later in the year
• zinc production guidance revised to 72,000 - 77,000 and zinc cash cost guidance revised to $0.60/lb to reflect Q1/20 results.

Reduced Capital &

Exploration Expenditures

•2020 sustaining capital expenditure guidance reduced to $45M, from $50M, reflecting deferral of mobile equipment

•exploration expenditure guidance lowered to $7M, from $15M

•approximately 17,000 m drilling planned

Monika Andersson, Communications Manager, displays one of 400 escape hoods with respiratory filters donated to the University hospital in Örebro.

Zinc Production & Cash Cost Outlook

(kt & $/lb Zn, net of by-product credits)

78	72-77	72-77

69-74

$0.60

$0.39

2019A

2020

2021

2022

13

Production and Cash Cost Guidance1

		Production	C1 Cash
		(contained metal in concentrate)	Cost	2
Copper (t)	Candelaria (100%)	160,000	-	175,000		3
$1.35
	Chapada	51,000	-	56,000		4
	$0.85
	Eagle	15,000	-	18,000
	Neves-Corvo	35,000	-	40,000		3
	$2.10
	Zinkgruvan	3,000	-	4,000
	Total	264,000	-	293,000
Zinc (t)	Neves-Corvo	70,000	-	75,000
	Zinkgruvan	72,000	-	77,000		3
	$0.60
	Total	142,000	-	152,000
Gold (oz)	Candelaria (100%)	90,000	-	100,000
	Chapada	85,000	-	90,000
	Total	175,000	-	190,000
Nickel (t)	Eagle	15,000	-	18,000	$1.00
	Total	15,000	-	18,000

1. Guidance as outlined in the Management's Discussion and Analysis for the quarter ended March 31, 2020 and as announced by news release on April 29, 2020.
2. Cash costs are based on various assumptions and estimates, including but not limited to: production volumes, as noted above, commodity prices (Cu: $2.25/lb, Zn: $0.85/lb, Ni: $5.00/lb, Pb: $0.75/lb, Au: $1,500/oz), foreign exchange rates (€/USD:1.10, USD/SEK:9.50, USD/CLP:850, USD/BRL:4.75) and operating costs.
3. 68% of Candelaria's total gold and silver production are subject to a streaming agreement and as such cash costs are calculated based on receipt of $412/oz and $4.12/oz respectively, on gold and silver sales in the year. Silver production at Zinkgruvan andNeves-Corvo are

	also subject to streaming agreements, and cash costs are calculated based on approximately $4.40/oz and $4.30/oz.	14
4.	Chapada cash costs are calculated on a by-product basis and do not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized revenue per pound.

Capital & Exploration Expenditure

30% Reduction in Capital Expenditure Guidance

• 2020 guidance lowered by $180M from $620M to $440M
• ZEP 2020 capital expenditure guidance reduced by $100M to $55M with project construction temporarily suspended. $31M capitalized on project in Q1/20
• sustaining capital expenditure guidance reduced by $80M in response to low metal price environment

Sustaining Capital
Candelaria (100% basis)		230
Chapada		40
Eagle		15
Neves-Corvo		55
Zinkgruvan		45
Total Sustaining		385
ZEP (Neves-Corvo)		55
Total Capital Expenditures	1,2	$440M

36% Reduction in Exploration Expenditure Guidance

• 2020 exploration guidance lowered by $20M from $55M to $35M
• reduction includes deferred drilling, drift and geophysical surveys
• over 110,000 m of drilling remains in plan with focus on in andnear-mine targets

New Zinkgruvan core shed completed in Q4/19

1.	During the production phase, waste stripping costs which provide probable future economic benefits and improved access to the orebody are capitalized to mineral properties. The Company capitalizes waste costs when experienced strip ratios are above the average planned strip ratio for each open
	pit phase under development.	15
2.	Excludes capitalized interest. Amounts forecast above are on a cash basis and may vary from accrual based estimates.

Appendices

16

Responsible Mining

We recognize the important role of the metals we produce and are committed to mining these metals responsibly

We demonstrate this commitment through living our core values of Safety, Respect, Integrity and Excellence in all aspects of our decision-making Lundin Mining has been reporting on our sustainability performance in a comprehensive, standalone document since 2011

https://www.lundinmining.com/responsible-mining/sustainability-reports/

United Nations Global Compact (UNGC)

• Lundin Mining joined the UNGC in 2016
• our Mission, Values and Responsible Mining Policy align with the UNGC Ten Principles on human rights, labour, the environment andanti-corruption, as well as the 17 Sustainable Development Goals (SDGs)
• we continue to further integrate the SDGs into our business strategy,day-to-day operations and our organizational culture by creating shared value, fostering partnerships and demonstrating environmental and economic performance

17

Candelaria Complex- Mineral Resources and Mineral Reserves1

Ownership	80%
Location	Region III, Chile
Mine life	20 years
2020 exploration budget	$15M
P&P Copper Mineral Reserves	3,604 kt contained (663,696 kt at 0.5%)
M&I Copper Mineral Resources	6,495 kt contained (998,635 kt at 0.7%)
Inferred Copper Mineral Resources	534 kt contained (67,354 kt at 0.8%)
P&P Gold Mineral Reserves	2.7 Moz contained (663,696 kt at 0.1 g/t)
M&I Gold Mineral Resources	4.9 Moz contained (998,635 kt at 0.2 g/t)
Inferred Gold Mineral Resources	0.3 Moz contained (67,354 kt at 0.3 g/t)
P&P Silver Mineral Reserves	37 Moz contained (663,696 kt at 2 g/t)
M&I Silver Mineral Resources	66 Moz contained (998,635 kt at 2 g/t)
Inferred Silver Mineral Resources	3.9 Moz contained (67,354 kt at 2 g/t)

1. For more information please refer to the Company's Technical Report for the Candelaria Copper Mining Complex, November 28, 2018 and the Company's news release dated September 5, 2019 entitled "Lundin Mining Announces 2019 Mineral Resource and Reserve Estimates" on the

Company's website (www.lundinmining.com). See also slide 30.

Candelaria Copper Mining Complex	18

Candelaria Copper Production Profile1(kt)

184		185	190	190	192	194
175					175	171							175
167
									160
								156	152
146										146			151
											136
135
																	114
																		96	84
																				69
																					45
																						10
2016A 2017A 2018A 2019A	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040
December 2018 Technical Report			December 2017 Technical Report				At Purchase - October 2014 Techncial Report

Contained copper in the Mineral Reserve estimate2has increased by 109%3and the production profile significantly improved since acquisition

1. Production shown on 100% basis and is based on the NI43-101 Technical Reports dated November 28, 2018, November 30, 2017, and October 6, 2014 copies of which is are available on SEDAR under the Company's profile page. See also slide 30.
2. Refer to Press Release "Lundin Mining Announces 2019 Mineral Resource and Reserve Estimates" dated September 5, 2019. See also slide 30.
3. Mine depletion included.

19

Candelaria Reinvestments

Mine Fleet Reinvestment

• significantly increased production profile and extended mine life on exploration success. Mineral Reserve estimate now supports mine life to beyond 2040
• new equipment increases haulage efficiency. 38 new latest generation CAT 793F trucks which are faster, have larger capacity and lower operating costs. Change to hydraulic shovels in backhoe configuration
• high-returninvestment; in excess of 20% IRR expected. $220M total investment essentially complete

Candelaria Mill Optimization Project (CMOP)

• low-riskinvestments to increase metal production, reduce costs and improve safety
• primary crusher motor upgrade, ball millre-powering, pebble circuit upgrade, cyclone and feed pump upgrades, flotation circuit upgrades, front-end desalination plant and pipeline improvements

First New Candelaria Haul Truck

• throughput capacity forecast to increase ~4 ktpd and copper recovery by ~1.7%
• high-returninitiatives. In excess of 20% IRR expected. $80M total investment; $15M planned in 2020 to complete the project

Underground Mine Expansions

• significant underground exploration success under Lundin Mining ownership
• total estimated Candelaria underground Mineral Reserves1now 148.2Mt at 0.85% copper. Candelaria North and South Sectors continues to show significant exploration potential
• Candelaria South Sector successfully transitioned to operations team in Q3/19. Aim to operate Candelaria North and South Sector mines to maximum combinedpermit-limite 14,000 tpd

1. Refer to Press Release "Lundin Mining Announces 2019 Mineral Resource and Reserve Estimates" dated September 5, 2019. See also slide 30.

Candelaria Mill

20

Chapada - Mineral Resources and Mineral Reserves1

Ownership	100%
Location	Goiás State, Brazil
Mine life	30 years
2020 exploration budget	$7M
P&P Copper Mineral Reserves	1,757 kt contained (738,789 kt at 0.24%)
M&I Copper Mineral Resources	2,590 kt contained (1,090,829 kt at 0.23%)
Inferred Copper Mineral Resources	360kt contained (162,769 kt at 0.22%)
P&P Gold Mineral Reserves	4.6 Moz contained (803,984 kt at 0.18g/t)
M&I Gold Mineral Resources	5.9 Moz contained (1,238,346 kt at 0.19 g/t)
Inferred Gold Mineral Resources	0.6 Moz contained (175,334 kt at 0.11 g/t)

1. For more information please refer to the Company's news release dated September 5, 2019 entitled "Lundin Mining Announces 2019 Mineral Resource and Reserve Estimates" on the

Company's website (www.lundinmining.com). See also slide 30.

Chapada deposits and near-mine exploration targets

21

Chapada - General Overview

Alto

Horizonte

Chapada

Source: Google Earth

• located in northern Goiás State
• 270 km northwest of national capital of Brasilia and 320 km north of state capital of Goiânia
• supported by road access with good connections to the local and national road network
• average elevation of approximately 300 masl
• low rolling hills with large contiguous flat areas
• tropical climate with two well defined seasons:
• • rainy season from November to March
  • dry season from April to October
• Alto Horizonte, the closest town, has a population of roughly 5,800 people
• local economic activity is mainly agropastoral. Some small scale gold and clay mining activities in area
• ± 750 employees and 1,300 contractors
• 10% of the workforce is female
• majority of the workforce is between 26 to 35 years old (42%) and 36 to 45 years old (32%)

22

Chapada Processing Facilities Overview

ROM Ore

Processing

Plant

Power

Substation

Plant

Facilities

Mine

Facilities

Conventional Crush, Grind, Float

•single-line plant to treat sulphide ores

•current capacity of 65,000 tpd or 24.0 Mtpa

•produces a high-qualitygold-rich copper

concentrate

•Under LUN ownership1in H2/19 the mill:

−processed 11.9 Mt of ore

StockpileCrushed Ore Stockpile

MMD

Crusher

In-Pit Crusher

Conveyor Belt

Jaw

Crusher

−average copper grade of 0.31%

−average gold grade of 0.24 g/t

−average copper recovery of 82.7%

−average gold recovery of 59.4%

−copper production of 30.5 kt

−gold production of 54 koz

Aerial photograph of Chapada mine processing facilities
1. 2019 production based on period of Lundin Mining's ownership post closing of acquisition on July 5, 2019 (approximately half year).	23

Chapada Tailings Storage Facility (TSF)

• TSF is located northwest of Chapada open pit
• all dams raised by centerline methods
• Main Dam and Dyke III comprise compacted earth fill starter dams raised with cyclone tailings
• Dyke II is a compacted earth fill dam for water retention
• current permitted capacity for approximately two years at the current production rate of 24.0 Mtpa
• design to raise to 382 masl complete and submitted to permitting authorities
• conceptual designs to raise to 398 masl to provide additional storage capacity
• video monitoring and alarm system in place

Main

Dam

Spillway

Water Reservoir

(10/12/18)

Dyke II

Dyke III

Water Pumping

Station

Chapada Tailings Storage Facility

24

Chapada Production Profile1,2

Metal Production

120 100 80 60 40 20 0

2019A	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042	2043	2044	2045	2046	2047	2048	2049	2050
											Copper (kt)				Gold (koz)

1. Production shown is based on the NI43-101 Technical Report dated October 10, 2019, available on the Company's website and SEDAR under the Company's profile page. See also slide 30.
2. 2019 production based on period of Lundin Mining's ownership post closing of acquisition on July 5, 2019 (approximately half year).

25

Eagle Mine - Mineral Resources and Mineral Reserves1

Ownership	100%
Location	Michigan, USA
Mine life	5 years
P&P Nickel Mineral Reserves	108 kt contained (4,119 kt at 2.6%)
M&I Nickel Mineral Resources	132 kt contained (4,022 kt at 3.3%)
P&P Copper Mineral Reserves	91 kt contained (4,119 kt at 2.2%)
M&I Copper Mineral Resources	109 kt contained (4,022 kt at 2.7%)
Inferred Nickel Mineral Resources	12 kt contained (549 kt at 2.2%)
Inferred Copper Mineral Resources	8 kt contained (549 kt at 1.6%)

1. For more information please refer to the Company's Technical Report on the Eagle Mine dated April 26, 2017 and the Company's news release dated September 5, 2019 entitled "Lundin Mining Announces 2019 Mineral Resource and Reserve Estimates" on the Company's website (www.lundinmining.com). See also slide 30.

Eagle Mine

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Neves-Corvo - Mineral Resources and Mineral Reserves1

Ownership	100%
Location	Alentejo region, Portugal
Mine life	+10 years
2020 exploration budget	$2M
P&P Zinc Mineral Reserves	2,214 kt contained (29,669 kt at 7.5%)
M&I Zinc Mineral Resources	4,958 kt contained (71,444 kt at 6.9%)
Inferred Zinc Mineral Resources	223 kt contained (3,828 kt at 5.8%)
P&P Copper Mineral Reserves	623 kt contained (27,917 kt at 2.2%)
M&I Copper Mineral Resources	1,427 kt contained (61,699 kt at 2.3%)
Inferred Copper Mineral Resources	229 kt contained (12,945 kt at 1.8%)
Inferred Semblana Copper Mineral Resources	223 kt contained (7,807 kt at 2.9%)

	1. For more information refer to the NI 43-101 Technical Report for the Neves-Corvo Mine,
	Portugal dated June 23, 2017 and the Company's news release dated September 5, 2019 entitled
Schematic of Neves-Corvo Mine highlighting ZEP development and mining areas	"Lundin Mining Announces 2019 Mineral Resource and Mineral Reserve Estimates" on the
	Company's website (www.lundinmining.com). See also slide 30.

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Zinkgruvan - Mineral Resources and Mineral Reserves1

Ownership	100%
Location	Askersund, Sweden
Mine life	+10 years
2020 exploration budget	$7M
P&P Zinc Mineral Reserves	803 kt contained (10,816 kt at 7.4%)
M&I Zinc Mineral Resources	1,633 kt contained (20,275 kt at 8.1%)
Inferred Zinc Mineral Resources	1,381 kt contained (19,785 kt at 7.0%)
P&P Copper Mineral Reserves	55 kt contained (2,736 kt at 2.0%)
M&I Copper Mineral Resources	105 kt contained (4,632 kt at 2.3%)
Inferred Copper Mineral Resources	6 kt contained (293 kt at 2.1%)

1. For more information please refer to the Company's Technical Report entitled NI 43- 101 Technical Report for the Zinkgruvan Mine, Central Sweden dated November 30, 2017 and the Company's news release dated September 5, 2019 entitled "Lundin Mining Announces 2019 Mineral Resource and Reserve Estimates" on the Company's website (www.lundinmining.com). See also slide 30.

Zinkgruvan Mine

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www.lundinmining.com | TSX: LUN | Nasdaq Stockholm: LUMI

NI 43-101 Compliance

Unless otherwise indicated, Lundin Mining Corporation (the "Company") has prepared the technical information in this presentation including Mineral Reserve and Mineral Resource estimates ("Technical Information") based on information contained in the technical reports and news releases (collectively the "Disclosure Documents") available under the Company's profile on SEDAR at www.sedar.com. Each Disclosure Document was prepared by or under the supervision of a qualified person ("Qualified Person") as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). For readers to fully understand the information in this presentation, they should read the technical reports identified below in their entirety, including all qualifications, assumptions and exclusions that relate to the information set out in this presentation which qualifies the Technical Information. Readers are advised that Mineral Resource estimates that are not Mineral Reserves do not have demonstrated economic viability. The Disclosure Documents are each intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Information is subject to the assumptions and qualifications contained in the Disclosure Documents.

The Technical Information in this presentation has been prepared in accordance NI 43-101 and has been reviewed and approved by Stephen Gatley, BSc (Eng), C.Eng. Vice President - Technical Services of the Company, a "Qualified Person" under NI 43-101. Mr. Gatley has verified the data disclosed in this presentation and no limitations were imposed on his verification process.

Mineral Resource and Mineral Reserve estimates of the Company are shown on a 100 percent basis for each mine. The Measured and Indicated Mineral Resource estimates are inclusive of those Mineral Resource estimates modified to produce the Mineral Reserve estimates. All estimates of the Company are prepared as at June 30, 2019. Estimates for all operations are prepared by or under the supervision of a Qualified Person as defined in NI 43-101 or have been audited by independent Qualified Persons on behalf of the Company.

Mineral Resources at Candelaria are estimated using metal prices of US$3.16/lb copper and US$1,000/oz gold and an exchange rate of USD/CLP 600. Mineral Reserves at Candelaria were estimated using metal prices of US$2.75/lb copper and US$900/oz gold and an exchange rate of USD/CLP 600. Mineral Resources at Chapada and Suruca SW copper-gold are estimated using metal prices of US$4.00/lb copper and US$1,600/oz gold and an exchange rate of USD/BRL 3.95. For the Suruca gold only Mineral Resource estimates at Chapada a gold price of $1,500/oz has been used and an exchange rate of USD/BRL 3.50. Mineral Reserves at Chapada were estimated using metal prices of US$3.00/lb copper and US$1,250/oz gold and an exchange rate of USD/BRL 3.95. Mineral Resource for Neves-Corvo and Semblana have been estimated using metal prices of US$2.75/lb copper and US$1.00/lb zinc and an exchange rate of EUR/USD 1.25. The Semblana Mineral Resource has been reported using the same metal prices and exchange rates as Neves-Corvo. Mineral Resources and Mineral Reserves at Zinkgruvan have been estimated using metal prices of US$2.75/lb copper, US$1.00/lb zinc and US$1.00/lb lead and an exchange rates of USD/SEK 7.00. Mineral Resources and Mineral Reserves at Eagle and Eagle East have been estimated using metal prices of US$2.75/lb copper and US$8.00/lb nickel. Refer to the Company's news release dated September 5, 2019 entitled "Lundin Mining Announces 2019 Mineral Resource and Reserve Estimates" on the Company's website (www.lundinmining.com).

For further Technical Information on the Company's material properties, refer to the following technical reports, each of which is available on the Company's SEDAR profile at www.sedar.com:

Candelaria: technical report entitled Technical Report for the Candelaria Copper Mining Complex, Atacama Region, Region III, Chile dated November 28, 2018.

Chapada: technical report entitled Technical Report on the Chapada Mine, Goiás State, Brazil dated October 10, 2019

Neves-Corvo: technical report entitled NI 43-101 Technical Report for the Neves-Corvo Mine, Portugal dated June 23, 2017.

Zinkgruvan: technical report entitled NI 43-101 Technical Report for the Zinkgruvan Mine, Central Sweden dated November 30, 2017.

Eagle Mine: technical report entitled Technical Report on the Eagle Mine, Michigan, U.S.A. dated April 26, 2017.

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