Corporate UpdateMay 2015

Caution Regarding Forward-Looking Information

This presentation contains forward-looking information, including, but not limited to, guidance on estimated annual production and cash costs. This forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and is subject to risks and uncertainties. Any statements not including historical facts are forward-looking statements and may be identified by terminology such as “believe,” “budget,” “continue,” “can,” “estimate,”

Cautionary Statements

forward-looking statements and may be identified by terminology such as “believe,” “budget,” “continue,” “can,” “estimate,” “expect,” “intend,” “likely,” “should,” “target,” “will” and any similar expressions.

Forward-looking statements involve known and unknown risks and uncertainties, and as such, they are not guarantees of future performance. Actual results may differ materially from those projected in the forward-looking statements. Potential risks leading to differing results include, without limitation: fluctuation to foreign currency rates, change in commodity prices, industry risks, drilling results, labour disputes or difficulties resulting in labour shortages or interruptions in production, environmental risks, political risks including changes in national or local government legislation, taxation, or regulation, climate and weather related risks, diminishing quantities or grades of reserves, operating or technical difficulties with mining or development activities, and increased costs, delays or suspensions.

Readers are cautioned that many of the assumptions on which the Company’s forward-looking statements are based are likely to change. Lundin cautions that it does not have any intention to update forward-looking statements as a result of new information,future changes, or otherwise.

For further details of other risks and uncertainties see Risk Factors Relating to the Company’s Business in the Company’s Annual For further details of other risks and uncertainties see Risk Factors Relating to the Company’s Business in the Company’s Annual Information Form and Management ‘s Discussion and Analysis.

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

2

Zinkgruvan (100%)Zinkgruvan (100%)

Diversified Assets: Americas, Europe and Africa

Freeport Cobalt (24%)Freeport Cobalt (24%)Zinc-Lead-Copper

(Sweden) Cobalt Refinery

(Finland)

Eagle (100%) Eagle (100%)

Aguablanca (100%) Aguablanca (100%) Neves-Corvo (100%)Neves-Corvo (100%)

Nickel-Copper

(USA)

Copper-Zinc

(Portugal)

Nickel-Copper

(Spain)

3

Tenke Fungurume (24%)Tenke Fungurume (24%)

Candelaria (80%) Candelaria (80%)

Copper-Gold-Silver

(Chile) Copper-Cobalt

(DRC)

• 7 underground mines and 1 large open pit

• Pacific port facility and desalination plant

• Equity stake in Tenke and Kokkola Refinery

Q1-15 Highlights – Excellent Start to Year

Production and Costs Outperformed Expectations

� Copper: Production achieved a new quarterly record and exceeded expectations

� Zinc: Production met expectations supported by higher zinc grades from the � Zinc: Production met expectations supported by higher zinc grades from the

Lombador deposit at Neves-Corvo

� Nickel: Production achieved a new quarterly record and exceeded expectations.

Eagle surpassed expectations on throughput, grades & recoveries

� Cash Costs: Outperformed expectations. Annual guidance has been improved at

all operations with the exception of Candelaria and Eagle which will be reviewed

and updated as appropriate at the end of Q2and updated as appropriate at the end of Q2

4

Q1 - 15 Operating Results – New Records Set

Record Quarterly Sales Levels for Copper and Nickel

5

Revenue Breakdown by Mine and Metal

For the quarter, 72% of Sales were from Candelaria and Eagle

Sales Breakdown by Mine Sales Breakdown by Metal

6

Cash Cost Summary

$1.00

$2.00

$3.00

$4.00

$/l

b C

u

2015 Cash Costs - Copper

Candelaria

$1.20Neves-Corvo

$1.39

Tenke

$1.26

Very Competitive Q1/15 Cash Costs Across All Operations

$0.00

$1.00

5%

15

%

19

%

24

%

36

%

43

%

52

%

56

%

63

%

66

%

70

%

74

%

76

%

78

%

80

%

84

%

86

%

90

%

92

%

93

%

94

%

96

%

98

%

99

%

$/l

b C

u

-$6.00

-$3.00

$0.00

$3.00

$6.00

$9.00

14

.0%

22

.1%

29

.1%

33

.0%

36

.5%

44

.2%

47

.4%

51

.1%

54

.1%

57

.5%

64

.7%

68

.6%

74

.3%

78

.2%

84

.9%

96

.7%

98

.4%

99

.7%

$/l

b N

i

2015 Cash Costs - Nickel

Aguablanca$0.91 Eagle $1.45

7

$0.00

$0.50

$1.00

$1.50

12

%

22

%

27

%

34

%

39

%

48

%

54

%

58

%

61

%

68

%

72

%

78

%

84

%

88

%

91

%

93

%

95

%

98

%

10

0%

$/l

b Z

n

2015 Cash Costs - Zinc

Zinkgruvan

$0.42

-$6.00

Source: Cost curves from Wood Mackenzie as of Q1 2015. Cash cost curves are based on the expected annual costs for 2015, whereas quarterly costs have been highlighted for LUN assets for illustrative purposes.

Impact to Copper Production (kt)

Transformational Production Growth - Copper

Percentage Increase over 2013: 125 % 109% 101%

Candelaria is Expected to More Than Double our Copper Production Profile in 2015

132113

105

138

264

245235

150

200

250

300

Lundin excl. Candelaria Candelaria (80%)

Percentage Increase over 2013: 125 % 109% 101%

102117 115

132 132 130

23102

117

0

50

100

150

2012 Actual 2013 Actual 2014 Actual 2015 Estimate 2016 Estimate 2017 Estimate

Notes: Production estimate for 2015 based on mid-point of guidance range provided in Q1/2015 MD&A. Production estimates for 2016 and 2017 based on mid-point of guidance ranges provided in the

Company’s 3-yr operating outlook announced on Dec. 4, 2014. Copper profile includes attributable production from Tenke Fungurume and Candelaria (where applicable).8

(2)

Increase in Zinc Production (kt)

Significant Production Growth - Zinc & Nickel

Percentage Increase over 2013: 21% 18% 23%

Increase in Nickel Production (kt)

Percentage Increase over 2013: 325% 250% 200%

Excellent Production Growth Expected For Both Zinc and Nickel

145 151 147154

80

100

120

140

160

Total Zinc Production

Percentage Increase over 2013: 21% 18% 23%

34

20.0

25.0

30.0

35.0

40.0

Total Nickel Production

Percentage Increase over 2013: 325% 250% 200%

122 125

145

0

20

40

60

2012 Actual 2013 Actual 2014 Actual 2015

Estimate

2016

Estimate

2017

Estimate

9

2

8

13

34

28

24

0.0

5.0

10.0

15.0

2012 Actual 2013 Actual 2014 Actual 2015

Estimate

2016

Estimate

2017

Estimate

Notes: Production estimate for 2015 based on mid-point of guidance range provided in Q1/2015 MD&A. Production estimates for 2016 and 2017 based on mid-point of guidance ranges provided in the

Company’s 3-yr operating outlook announced on Dec. 4, 2014.

Strong Financial Position & Outlook

US$ M

Net Debt Balance 1 (Apr 29, 2015) $630

Available Credit Facilities $350

Net Cash Balance Expected to Grow Rapidly From Strong Free Cash Flows

Available Credit Facilities $350

(1) The Company’s Senior Secured Notes comprise of: $550 million at 7.5% due in 2020, and $450 million at 7.875% due in 2022

(2) Consensus estimates sourced from Bloomberg on May 5, 2015

10

Continued Focus on Cash Generation & Asset Optimization

• Continue successful production ramp-up at Eagle

• Optimize mine plan at Candelaria with aim of improving 5-year

Priorities for 2015 – Strong Focus on Operations

• Optimize mine plan at Candelaria with aim of improving 5-year

production profile

• Foster improved margins at European operations

• Aggressive exploration focus at Candelaria and Eagle and continue

exploration at European operations

• Maintain a strong balance sheet with a growing net cash balance• Maintain a strong balance sheet with a growing net cash balance

11

Operations & Outlook

Candelaria (80%)

Eagle (100%)

Neves-Corvo (100%)

Zinkgruvan (100%)Zinkgruvan (100%)

Aguablanca (100%)

Tenke Fungurume (24%)

12

Candelaria (Cu/Au/Ag), Chile

13Atacama Province, Region III, approximately 650 km north of Santiago

Location Chile

Ownership 80%

2015 Production Guidance (80%)

130,000-135,000 t Cu

Candelaria – Q1 2015 Results & Outlook

• Production (49.4kt Cu) surpassed expectations

aided by high throughput and excellent

recoveriesGuidance (80%)

2015 Cost Guidance

$1.55/lb Cu

Expected Mine Life

+15 years Cu

• Cash costs averaged $1.20/lb Cu due to lower

mining and milling costs, favourable FX rates

and higher production levels

• Focus also remains on continuing to contribute

to flood relief efforts in a meaningful way

• Construction of new tailings facility expected

to start in H2/15, following receipt of permits

49.4

1.20

1.40

1.60

1.80

2.00

40

50

60

Ca

sh C

ost

($

/lb

Cu

)

ton

ne

s)1

to start in H2/15, following receipt of permits

• Five year mine plan optimization is underway

with results due to be announced in Q3/15

14

28.6

0.00

0.20

0.40

0.60

0.80

1.00

1.20

0

10

20

30

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15

Ca

sh C

ost

($

/lb

Cu

)

Pro

du

ctio

n (

k t

on

ne

s

Copper Cash Cost (right axis)

1Production in the chart for Q4/14 is shown solely for the period of LUN ownership from Nov. 3 – Dec. 31st.

Eagle Mine (Ni/Cu), Michigan, U.S.A.

50 km northwest of Marquette in the Upper Peninsula of Michigan15

Location Michigan, USA

Ownership 100%

2015Production

25,000–28,000 t Ni20,000–23,000 t Cu

Eagle Mine – Q1 2015 Results & Outlook

• Nickel and copper production (7.3kt Ni,

6.4kt Cu) exceeded expectations due to

high throughput, grades and recoveriesProduction Guidance

20,000–23,000 t Cu

2015 CostGuidance

$2.00/lb Ni

Mine Life 8 years

• Performing consistently at design rates

or above on all key parameters

• Costs averaged $1.45/lb Ni due to strong

production figures and targeted cost

savings

• Exploration focussed on Eagle East

7.3

6.4

2.00

2.50

3.00

5

6

7

8

Ca

sh C

ost

($

/lb

Ni)

Pro

du

ctio

n (

k t

on

ne

s)

16

0.2

4.1

0.3

3.6

0.00

0.50

1.00

1.50

0

1

2

3

4

5

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15

Ca

sh C

ost

($

/lb

Ni)

Pro

du

ctio

n (

k t

on

ne

s)

Nickel Copper Cash Cost (right axis)

Neves-Corvo (Cu/Zn), Portugal

Situated 220 km southeast of Lisbon 17

Location Portugal

Ownership 100%

2015 Production Guidance

50,000–55,000 t Cu68,000–73,000 t Zn

Neves-Corvo – Q1 2015 Results & Outlook

• Strong copper production (15.5kt) reflects high

grades and recoveries achieved from bulk

stopesGuidance

68,000–73,000 t Zn4,000-5,000 t Pb

2015 Cost Guidance

$1.60/lb Cu

Mine Life +10 years Cu + Zn

• Zinc production (17.3kt) increased as +50% of

ore is sourced from the higher grade

Lombador deposit

• Cash costs of $1.39/lb Cu were better than

expected and annual guidance has been

improved

• Feasibility study on zinc expansion scheduled

12.813.5

10.9

14.215.5

14.2

17.9 17.917.3 17.3

$1.50

$2.00

$2.50

12

14

16

18

20

Ca

sh C

ost

($

/lb

Cu

)

Pro

du

ctio

n (

k t

on

ne

s)

• Feasibility study on zinc expansion scheduled

for completion mid-2015

18

10.9

$-

$0.50

$1.00

$1.50

0

2

4

6

8

10

12

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15

Ca

sh C

ost

($

/lb

Cu

)

Pro

du

ctio

n (

k t

on

ne

s)

Copper Zinc Cash Cost (right axis)

Zinkgruvan (Zn/Pb/Cu), Sweden

Situated 200 km southwest of Stockholm19

Location Sweden

Ownership 100%

2015 Production

78,000–82,000 t Zn27,000–30,000 t Pb

Zinkgruvan – Q1 2015 Results & Outlook

• Zinc production (18.4kt) met expectations as

higher throughput and recoveries were

offset by lower gradesProduction Guidance

27,000–30,000 t Pb2,000–3,000 t Cu

2015 Cost Guidance

$0.35/lb Zn

Mine Life +10 years

• Lead and copper production (7.4kt Pb, 0.6kt

Cu) were impacted by low head grades

• Cash costs of $0.42/lb Zn were in-line with

guidance, as higher unit costs were offset by

favourable FX rates

• Cash cost guidance has been modestly

improved for the year

19.2 19.320.1

19.118.4

$0.50

$0.60

$0.70

$0.80

15

20

25

Ca

sh C

ost

($

/lb

Zn

)

Pro

du

ctio

n (

k t

on

ne

s)

improved for the year

20

9.1 9.2

6.57.5 7.4

$-

$0.10

$0.20

$0.30

$0.40

$0.50

0

5

10

15

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15

Ca

sh C

ost

($

/lb

Zn

)

Pro

du

ctio

n (

k t

on

ne

s)

Zinc Lead Cash Cost (right axis)

Aguablanca (Ni/Cu), Spain

Situated 80 km north of Seville21

Location Spain

Ownership 100%

2015 Production Guidance

7,000–7,500 t Ni5,500–6,000 t Cu

Aguablanca – Q1 2015 Results & Outlook

• Nickel and copper production (2.7kt Ni,

2.1kt Cu) achieved a historical quarterly

recordGuidance

5,500–6,000 t Cu

2015 Cost Guidance

$3.75/lb Ni

Mine Life ~4 years

• Production from the open pit was

completed in April

• Underground stope production is

expected to commence in Q2

• Cash costs of $0.91/lb Ni were

significantly better than expected1.7

1.8 1.92.0

2.12.0

2.2

2.0

2.5

2.7

$4.00

$5.00

$6.00

$7.00

2

2.5

3

Ca

sh C

ost

($

/lb

Ni)

Pro

du

ctio

n (

k t

on

ne

s)

• Production and cost guidance have all

been improved for the year

22

1.7

$-

$1.00

$2.00

$3.00

$4.00

0

0.5

1

1.5

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15

Ca

sh C

ost

($

/lb

Ni)

Pro

du

ctio

n (

k t

on

ne

s)

Copper Nickel Cash Cost (right axis)

Tenke Fungurume (Cu/Co), DRC

Situated 175 km northwest of Lubumbashi23

LocationDemocratic Republic of

Congo

Ownership 24%

2015 Production Guidance (attributable share)

49,500 t Cu

Tenke – Q1 2015 Results & Outlook

• Production (100% basis) of 52.7kt copper

was positively impacted by high grades

and milling exceeding design capacity

• Cash costs averaged $1.26/lb Cu (attributable share)

2015 Costs $1.26/lb Cu

Expected Mine Life

+40 years

• Cash costs averaged $1.26/lb Cu

• Construction of 2nd sulphuric acid plant

on schedule for completion in 2016

• 2015 cash distribution is now expected

to be approximately $20 million 49.551.9 52.9

48.4

52.7

$1.00

$1.20

$1.40

$1.60

40

50

60

Ca

sh C

ost

($

/lb

Cu

)

Pro

du

ctio

n (

k t

on

ne

s)

24

3.0 3.4 3.5 3.4 3.3

$-

$0.20

$0.40

$0.60

$0.80

0

10

20

30

Q1-14 Q2-14 Q3-14 Q4-14 Q1-15

Ca

sh C

ost

($

/lb

Cu

)

Pro

du

ctio

n (

k t

on

ne

s)

Copper Cobalt Cash Cost (right axis)

Geographic and base metal diversificationGeographic and base metal diversification

Lundin Mining Summary

Exploration potential at all existing assets

Portfolio of high quality, long-life mines Portfolio of high quality, long-life mines

No high risk capital projectsNo high risk capital projects

Priorities for 2015 – optimize current operations Priorities for 2015 – optimize current operations

25