TSX: LUN

OMX: LUMI

Acquisition of Freeports 80% Interest in the Candelaria Mining Complex

October 6, 2014

A preliminary short form prospectus containing important information relating to the securities of the Company described in this document has not yet been filed with the securities regulatory authorities in each of
the provinces and territories of Canada. A copy of the preliminary short form prospectus is required to be delivered to any investor that received this document and expressed an interest in acquiring the securities.
There will not be any sale or any acceptance of an offer to buy securities until a receipt for the final short form prospectus has been issued.
This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the preliminary short form prospectus, final short form prospectus and any amendment, for
disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

Cautionary Statements
Caution Regarding Forward Looking Information:
This presentation contains forward-looking information, including, but not limited to, guidance on estimated annual production and cash costs and information
regarding the anticipated completion of the transaction described herein. 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. These risks and uncertainties could cause actual results to differ
materially from the future results expressed or implied in this document.
Such risks may include, without limitation: risks and uncertainties relating to the completion of the transactions as described herein, the ability to successfully
integrate operations and realize the anticipated benefits of the Candelaria acquisition, risks and uncertainties relating to foreign currency fluctuations; risks
inherent in mining including environmental hazards, unusual or unexpected geological formations, ground control problems and flooding; risks associated with
the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development
or mining results will not be consistent with the Companys expectations; the potential for and effects of labor disputes or other unanticipated difficulties with
or shortages of labor or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other
characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; and commodity price
fluctuations.
The forward looking information contained in this document is based on a number of assumptions including, but not limited to, the successful completion of the
transaction on the terms as described herein; foreign currency rates; metal prices; estimation of mineral resources and reserves and the geology; grade,
tonnage, dilution and metallurgical and other characteristics of ore; production capabilities and cost estimates.
The Company uses certain non-GAAP performance measures in this presentation. These performance measures have no meaning under IFRS and, therefore,
amounts presented may not be comparable to similar data presented by other mining companies. The data is 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. Copper cash costs per pound is a nonGAAP measure that the Company uses as a key performance measure to monitor performance. Management uses these statistics to assess how well the
Companys producing mines are performing compared to plan and to assess overall efficiency and effectiveness of the mining operations.
The Company provides cash cost information as it is a key performance indicator required by users of its financial information in order to assess its profit
potential and performance relative to its peers. The cash cost figure represents the total of all cash costs directly attributable to the related mining operations
after the deduction of credits in respect of by-product sales and royalties. Cash cost is not an IFRS measure and, although it is calculated according to accepted
industry practice, the Companys disclosed cash costs may not be directly comparable to other base metal producers. By-product credits are an important factor
in determining the cash costs. The cost per pound experienced by the Company will be positively affected by rising prices for by-products and adversely affected
when prices for these metals are falling. The most direct comparable measure to cash costs calculated in accordance with IFRS is operating costs.
The information presented herein was approved by management of the Company on October 6, 2014.
For further details of other risks and uncertainties see Risk Factors Relating to the Companys Business in the Companys Annual Information Form and in each
Management s Discussion and Analysis.
Note: All dollar amounts are in US dollars unless otherwise denoted.

Cautionary Statements Continued

Caution Regarding Forward Looking Information:
The disclosure in this presentation uses mineral reserve and mineral resource classification terms that comply with reporting standards in Canada, and certain
mineral resource estimates are made in accordance with Canadian National Instrument 43-101Standards of Disclosure for Mineral Projects (NI 43-101). NI
43-101 establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ
significantly from the mineral reserve disclosure requirements of the United States Securities Exchange Commission (the SEC) set forth in Industry Guide 7.
Consequently, information regarding mineralization contained in this presentation is not comparable to similar information that would generally be disclosed by
U.S. companies in accordance with the rules of the SEC.
In particular, the SECs Industry Guide 7 applies different standards in order to classify mineralization as a reserve. As a result, the definitions of proven and
probable reserves used in NI 43-101 differ from the definitions used by the SEC in Industry Guide 7. Under SEC standards, mineralization may not be classified as
a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve
determination is made. Among other things, all necessary permits would be required to be in hand or issuance imminent in order to classify mineralized
material as reserves under the SEC standards. Accordingly, mineral reserve estimates contained in this presentation may not qualify as reserves under SEC
standards.
In addition, this presentation uses the terms measured mineral resources, indicated mineral resources and inferred mineral resources to comply with the
reporting standards in Canada. The SEC does not recognize mineral resources and U.S. companies are generally not permitted to disclose mineral resources of
any category in documents they file with the SEC. Investors are specifically cautioned not to assume that any part or all of the mineral deposits in these
categories will ever be converted into mineral reserves as defined in NI 43-101 or Industry Guide 7. Further, inferred mineral resources have a great amount
of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, investors are also cautioned not to assume that all
or any part of an inferred resource exists. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources, or inferred
mineral resources will ever be upgraded to a higher category. Investors are cautioned not to assume that any part of the reported measured mineral
resources, indicated mineral resources, or inferred mineral resources in this presentation is economically or legally mineable. For the above reasons,
information contained in this presentation containing descriptions of our mineral reserve and mineral resource estimates is not comparable to similar
information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.
All scientific and technical information relating to the Candelaria and Ojos del Salado projects are based on and derived from the NI 43-101 report, prepared for
the Company, entitled Technical Report for the Compaia Minera Candelaria and Compaia Minera Ojos del Salado Copper Projects, Atacama Province, Region
III, Chile dated October 6, 2014 (the Technical Report) prepared by qualified persons within the meaning of NI 43-101. The information contained herein is
subject to all of the assumptions, qualifications and procedures set out in the Technical Report and reference should be made to the full details of the Technical
Report which has been filed with the applicable regulatory authorities and is available on the Companys profile at www.sedar.com. A copy of the preliminary
short form prospectus once filed may be obtained by contacting GMP Securities L.P. and will also be available on the Companys profile at www.sedar.com
Stephen Gatley, Vice President - Technical Services of the Company, who is a "qualified person" as defined under NI 43- 101, has reviewed and approved the
technical information in this presentation. Mr. Gatley has verified the data disclosed in this presentation and no limitations were imposed on his verification
process.
This document is not an offer of securities for sale in the United States or in any other jurisdiction. Securities may not be offered or sold in the United States
absent registration or an exemption from registration under the U.S. Securities Act.

Presenters
Presenters
PAUL CONIBEAR

PRESIDENT & CEO

MARIE INKSTER

SR. VP & CFO

JULIE LEE HARRS

SR. VP CORP DEVELOPMENT

STEVE GATLEY

VP TECHNICAL SERVICES

Candelaria Acquisition A Unique Opportunity

Lundin is acquiring an 80% interest in the
high quality Candelaria mining complex
from Freeport for $1.8 billion in cash
Total cost of $1.152 billion after upfront
payment of $648 million received on
sale of 68% of gold and silver stream to
Franco-Nevada
Balance of purchase price is to be
funded with a combination of senior
secured debt and new equity
Sumitomo will retain 20% interest
Candelaria is located in Region III, Chile
at low elevation, near the coastal port
of Caldera
Note: All dollar amounts are in US dollars unless otherwise denoted.

Opportunity to acquire a high quality copper producer in Chile

5

Candelaria Asset Overview

Candelaria
Large open pit mine with overall mining rate of
270,000tpd (LoM average strip ratio of 2.9:1)
Underground mine Candelaria Norte (6,000tpd)
75,000tpd concentrator
Ojos del Salado
Two underground mines Alcaparrosa (4,000tpd) and
Santos (3,800tpd)
3,800tpd concentrator
Supporting Infrastructure
Wholly-owned large, underutilized modern port facility
New desalination plant, providing water needs
Long term competitive power supply contract in place

Candelaria a well run asset with excellent infrastructure

6

Candelaria High Quality Asset

Large, High Quality

Producer in Excellent
Jurisdiction

Proven Track Record with

Long Remaining
Mine Life

Mine Life Extension

Potential

(1)

Source: Wood Mackenzie. Based on 2013 production figures.

Within top 20 largest producing copper mines(1)

Average production for next five years of 139ktpa Cu
> 0.5% copper grades with attractive by-product
credits (Au, Ag)

Current Mineral Reserves support 14 year mine life

Competitive cost profile over life of mine

Opportunity to extend mine life with pit optimization

and underground exploration
Large prospective regional mineral property position

Candelaria Excellent Strategic Fit for Lundin

Immediately accretive on key operating and financial
metrics including cash flow and earnings per share

Increases and diversifies copper production making

Lundin a top 20 copper producer globally

Adds core strength of large open pit capability

Delivers scale and geographic diversification to Lundin

Operations have low technical and execution risk

Acquisition is consistent with Lundins growth strategy and builds on the

success of the Eagle acquisition last year
8

Lundin Well Diversified Base Metals Producer

Copper dominant with base metals and geographic diversification

(80%)

Transaction & Financing

Overview

10

Candelaria TransacNon Overview

Transaction

Lundin to acquire 80% interest in Candelaria and Ojos del Salado from Freeport
$1.8 billion in cash ($1.15 billion net of streaming agreement), subject to customary adjustments

Purchase
Price

Contingent consideration calculated as 5.0% of net copper revenues is payable to Freeport when
average annual realized copper price in the prior 12-month period exceeds $4.00/lb, capped at $200
million in aggregate over 5 years
Transaction effective date of June 30, 2014
$1.0 billion senior secured debt backstopped by a committed bridge facility
Lundins existing $250 million term loan to be repaid

Financing

Existing $350 million revolving credit facility to be kept or replaced on pre-agreed terms
$648 million upfront payment for sale of precious metals stream to Franco-Nevada
$600 million equity bought deal financing (approximately C$675 million)

Conditions

Closing

Participation from the Lundin Family Trust for C$100 million and Franco-Nevada for up to C$50 million

Limited to normal regulatory approvals and Spanish anti-trust review

Closing of the transaction is expected in Q4/2014

11

Candelaria TransacNon Sources & Uses

Sources of Funds
New Transaction Debt

Uses of Funds
$1,000

Purchase Price

$1,800

Stream Agreement

$648

Acquisition Adjustments (2)

(cash & working capital)

Equity Financing (1)

$600

Repayment of Existing Term Loan

$250

Estimated Transaction Costs and

Expenses (3)

$74

General Corporate Purposes

$42

Total Sources

$2,248

Total Uses

$82

$2,248

Note: All amounts in $ millions.

(1) Equity financing is expected to be approximately C$675 million (or approximately US$600 million).
(2) The acquisition adjustment amount reflects the effective date of June 30, 2014 and is comprised of $53 million for excess non-cash working capital and a cash adjustment amount of $29 million.
In addition a preferred dividend cash payment of approximately $2.4 million will also be paid to Freeport.
(3) Includes $23mm of estimated debt financing fees, $22mm related to the issuance of subscription receipts and $29mm of transaction fees to be expensed as incurred.

12

Debt and Precious Metal Stream Financing

Debt Financing

Precious Metals Stream

$1.0 billion of debt expected to be financed

with senior secured notes, backstopped by
committed bridge facility

Stream on 68% of gold and silver production

until 720 Koz of gold and 12 Moz of silver
have been delivered; reducing to 40%
thereafter

Strong pro forma financial position, with

conservative leverage ratios

$648 million upfront payment for precious

metals stream sold to Franco-Nevada,
subject to minor post-closing adjustments
upon confirmation of certain additional
reserves
Ongoing payments: Lesser of (i) prevailing
market prices and (ii) $400/oz Au and
$4.00/oz Ag; subject to a 1% inflation
adjustment starting in year 3

13

Candelaria Mining Complex

Overview

14

Candelaria Reserve Base Supporting Long Mine Life

Mineral Reserves & Resources, 31 Dec 2013
Candelaria Open Pit Reserves

All Mineral Reserves estimated

using $2.00/lb Cu price (with
$1,000/oz Au and $15/oz Ag)
Over 2.0 Mt of copper metal in
Mineral Reserves support a 14 year
remaining mine life
Excellent exploration potential to
further expand resource base

Category
Open Pit Mine
Stockpile

(1)(2)(3)

(4)

Tonnes
(000s)

Cu
(%)

Au
(g/t)

Ag
(g/t)

275,907

0.57%

0.13

2.08

92,025

0.36%

0.09

1.46

Underground Mines Reserves (5)

Category

Tonnes
(000s)

Cu
(%)

Au
(g/t)

Ag
(g/t)

Santos

5,409

0.98%

0.23

4.01

Alcaparrosa

2,157

1.04%

0.23

3.54

Ojos del Salado

7,565

0.99%

0.23

3.87

Candelaria Norte

4,922

1.14%

0.26

5.47

Cu (kt)

Au (koz)

Ag (koz)

Contained Metal Reserves & Resources

Total Reserves

380,419

2,050

1,542

24,603

Total M&I Resources

500,984

2,697

2,055

33,163

11,334

67

57

1,018

Total Inferred Resources

Note:
(1) Mineral Resources are reported within the boundaries of the Candelaria and Ojos Del Salado properties. Mineral Resources include Mineral Reserves. Mineral Resources are not Mineral Reserves and
have not demonstrated economic viability.
(2) Mineral resource and mineral reserve estimates also include a contribution from various operational work-in-progress stockpiles.
(3) All figures are rounded to reflect the relative accuracy of the estimates.
(4) Open pit Mineral Resources are reported at a cut-off grade of 0.2% copper. Underground Mineral Resources are reported at a cut-off grade of 0.6% copper.
(5) Underground Mineral Reserves are reported at various cut-off grades and mining costs. Mineral Reserves for open pit, underground and stockpiles/work-in-progress for the Candelaria property are
reported at cut-off grades of 0.25%, 0.81% and 0.24% copper, respectively. Underground Mineral Reserves for the Ojos del Salado property (Santos and Alcaparrosa) are reported at cut-off grades of
0.84% and 0.75%, respectively.
(6) Refer to slide to Combined Mineral Resources slide in Appendix for a breakdown of Measured and Indicated Resources

15

Candelaria Large-Scale, Long-Life Asset

Average LoM production

100%

80%

126 ktpa Cu

101ktpa Cu

77koz Au

62koz Au

1.4Moz Ag

Total Copper Production (ktpa) 100% basis

191
175

174
156
147

1.1Moz Ag

125

126

Note:
(1) Production figures sourced from Freeports historical year-end results

Au: 77 koz
Ag: 1.4 Moz

Au: 97 koz
Ag: 1.9 Moz

2012A(1) 2013A(1) 2014E

Au: 73 koz
Ag: 1.5 Moz

2011A(1)

Au: 106 koz

Ag: 2.0 Moz

Sumitomo will remain a strategic 20%

partner with concentrate off-take
agreements at market terms

Au: 101 koz

High grade (30% Cu) quality copper

concentrates with low impurities

Au: 83 koz

14 year remaining life based on 2P

reserves

Au: 101 koz

Average Cu production over next 5

years of 139ktpa (100% basis)

2015E

2016E

Remaining
LOM Avg.

16

Candelaria Competitive Cost Profile

Competitive C1 cash cost position of
$1.69/lb LoM average prior to precious
metals stream adjustment

Copper C1 Cash Costs (US$/lb)(1)

Significant precious metals by-products

(Au, Ag)

$2.14

$2.06

$1.93

$1.88
$1.89

$1.80

Magnetite credit from sale of tailings to

3rd party (~$33 million in 2013)

$1.69

$1.63

Low cost power of $0.12/kWh (2013)

2014E

2015E

2016E

Pre-Stream (2)
Note: Waste stripping is expensed and included in C1 operating cost forecasts.
(1) Includes full year impact of precious metals stream in 2014 for illustrative purposes.
(2) Pre-stream C1 cash costs are based on metal price assumptions of $1,200/oz gold and $20/oz silver.

LoM Avg.
Post-Stream

17

Candelaria Open Pit

Iron Oxide Copper and Gold deposit
(IOCG) with chalcopyrite and
magnetite
Conventional owner operated, drill
and blast, load and haul open pit

Material Mined (ore & waste)

Milled Ore
Average Remaining LoM
Copper Grade
LoM Strip Ratio (ex. Stockpiles)

270 ktpd
66 ktpd
0.57% Cu
2.9 : 1

Good pit geotechnical conditions

18

Underground Mines With Exploration Potential

Three underground mines
Candelaria Norte (6,000tpd)
Alcaparrosa (4,000tpd)
Santos (3,800tpd)
All underground mining with sub-level open
stoping
Large vertical stopes
All mining operations by contractors
Good geotechnical conditions
Ongoing exploration program has led to new
significant discoveries which are expected to
extend mine lives
Mineral Reserve grades of ~1.0% Cu or higher

19

Candelaria Complex Processing FaciliNes

Candelaria and Ojos Processing Plants
Two conventional crush/grind floatation plants
Quality concentrate production:
High grade concentrate with low penalties
Magnetite recovery from tailings by third party

2 SAG Mills, 36 x 15 ft
4 Ball Mills, 20 x 30 ft

Candelaria Plant (2 lines)

25mtpa

Pedro Aguirre (PAC) Plant

1.4mtpa

Copper Recovery

92%

Gold Recovery

75%

Copper Concentrate

30% Cu

Gold in Concentrate

6 g/t

Silver in Concentrate

90 g/t

10 4500 Flotation Cells

14 3000 Flotation Cells

20

Candelaria Tailings

Existing tailings management

facility (TMF) has permitted
capacity to 2017
Permitting for new Los Diques
tailings storage underway as a part
of Candelaria 2030 with EIA
submitted in 2013
Los Diques design capacity - 600mt
tailings (390mt needed)
Estimated Los Diques capital spend
of ~$310M over next five years

Potential Total Tailings Capacity (with required permits and land position)
= 6 billion tonnes

21

Candelaria Excellent Infrastructure and Capacity

100%-Owned Port with Excess Capacity:

Punta Padrones port facility located ~100km from mine

Storage capacity of 45,000 wmt

Significant spare capacity: currently ship a maximum of

600k wmt per year max capacity of 3.5M wmt per year

Low Cost Grid Power:

Mine connected to Chilean HV grid

10 year power contract in place until 2022

Current total demand from Candelaria and Ojos is

~110MW while contract allows up to 135MW

2013 power cost of $0.12/kWh

Water and Desalination Plant:

Historically, water sourced from groundwater wells in

Copiapo valley

500 l/s desalination plant at Punta Padrones and pipeline

to Candelaria

Commissioned in Q1/13
22

Corporate Citizenship
Lundin is committed to becoming a valuable
and long standing resident of the Copiapo
region:
We aim to create sustainable value from our
presence in host communities wherever we
operate
Lundins reputation as a good corporate
citizen is critical to our long-term success
Candelaria Community Involvement:
Facilities are located adjacent to the town of
Tierra Amarilla and the port city of Caldera
Majority of work force live in Copiapo
Intent is to advance existing social and
community improvement programs

Lundin is committed to maintaining strong stakeholder relationships

23

Lundin Pro-Forma

24

Enhances Lundin's Copper Exposure

Impact to Copper Production (kt)
Candelaria (80%)

350

Impact to Copper 2P Reserves (Mt)

Lundin Standalone

Percentage Increase over 2013:

+103%

Candelaria (80%)

+129%

Lundin Standalone

4.5
4.0

300

3.7

267
250

3.5

237
3.0
1.6

200

139

2.5

125

2.0
2.0

150

1.6

117

112

1.5

100
2.0

1.0

50

117

112

112

128
0.5

--

--

2013 Actual 2014E Guidance

2014E
(1)
Pro-Forma

2015E
Pro-Forma

Lundin

Candelaria

Pro-Forma

(2)

Source: Company filings.

Notes: Lundin production profile based on mid-point of 3-yr guidance provided in December 2013. Copper profile does not include any future expansions at Tenke. Includes attributable production from Tenke
Fungurume and Candelaria (where applicable).
(1) Reflects full year production from Candelaria for illustrative purposes.
(2) Refer to the Appendix for Lundins Pro Forma Mineral Reserve Statement

25

Enhances Lundin's Financial Metrics

Impact to H1 2014 Op. Cash Flow1 (US$M)
Candelaria (80%)

$250

Impact to H1 2014 Earnings (US$M)

Lundin Standalone

Percentage Increase:

Candelaria (80%)

+147%

$150

Lundin Standalone

Percentage Increase:

+137%
$126

$208

$120

$200

$150

$124

$90

$73

$124

$100

$73

$60

$84

$53

$124

$50

$84

$73

$84

$30

$53

$53

$0

$0
Lundin

Candelaria

Pro-Forma

Lundin

Candelaria

Highly accretive to cash flow and earnings

1.

Pro-Forma
(2)

Before change in net working capital

Source: Lundin Mining Managements Discussion and Analysis for the three and six months ended June 30, 2014, Compaia Contractual Minera Candelaria Interim Unaudited Financial Statements as of and
for the six-month periods ended June 30, 2014, Compaia Contractual Minera Ojos Del Salado Interim Unaudited Financial Statements as of and for the six-month periods ended June 30, 2014 and Lundin
Mining Corporation Pro Forma Financial Statements. Candelaria OCF calculated as 80% of Candelaria and Ojos Del Salado OCF before change in net working capital less 100% of the pro forma cash
adjustments to reflect impact the of stream, finance costs and business development costs associated with the acquisition.

26

Increases Geographic Diversification

2015E Attributable Cu Eq. Production by Country (1)(2)(3)
Current

Pro Forma

Spain
6%
Sweden
15%

Spain
Sweden 4%
10%

USA
28%

Chile
33%

DRC
15%

DRC
23%
Portugal
28%

Portugal
19%

USA
19%

Chile becomes Lundins largest producing region

(1)
(2)
(3)

Based on midpoint of 2015E production guidance provided by Lundin. Only includes commodities for which Lundin provides public guidance. Excludes gold and silver. Based on 80% interest in Candelaria.
Equivalency calculated according to the following prices: $3.00/lb Cu, $1.00/lb Zn, $8.00/lb Ni, $12.00/lb Co and $1.05/lb Pb.
Cobalt guidance for 2015E assumed equal to 2014E guidance.

27

Well-Diversified Base Metals Exposure

2015E Attributable Cu Eq. Production by Commodity (1)(2)(3)
Current

Pro Forma

Cobalt Lead
3% 3%

Lead
Cobalt
4%
5%

Zinc
13%

Zinc
19%
Copper
46%

Nickel
17%
Copper
64%

Nickel
26%

Enhanced copper exposure and strong leverage to nickel and zinc maintained
(1)
(2)
(3)

Based on midpoint of 2015E production guidance provided by Lundin. Only includes commodities for which Lundin provides public guidance. Excludes gold and silver. Based on 80% interest in Candelaria.
Equivalency calculated according to the following prices: $3.00/lb Cu, $1.00/lb Zn, $8.00/lb Ni, $12.00/lb Co and $1.05/lb Pb.
Cobalt guidance for 2015E assumed equal to 2014E guidance.

28

Lundin with Candelaria

Enhances earnings and cash flow on a per share basis with the addition
of an established, large scale, low risk operation

Diversifies geographic and base metals portfolio; provides added copper

exposure while maintaining excellent leverage to zinc and nickel

Further strengthens asset base of high quality and long-life mines, with strong growth
potential

Financing plan enables Lundin to maintain a strong balance sheet post

acquisition

Secures Lundins position as a leading intermediate base metals

producer with significant scale and competitive costs
29

TSX: LUN
OMX: LUMI

Questions & Answers

Appendix

31

Combined Mineral Reserves

Note: Refer to slide 15 for Candelarias Mineral Reserve statement details

o
Lundin wholly-owned operations as of 30 June 2014, Tenke Fungurume and Candelaria as at 31 December 2013.
o
Except as noted below, Mineral Reserves have been calculated using metal prices of $2.50/lb copper, $1.00/lb zinc, $1.00/lb lead, $8.50 nickel and exchange rates of EUR/USD 1.25 and USD/SEK 6.75.

Tenke Mineral Reserves based on $2.00/lb copper and $10.00/lb cobalt.

o
Refer to the Companys news release dated September 4, 2014 for further details including parameters assumptions and methods.

32

Combined Mineral Resources - Copper

Note: Refer to slide 15 for Candelarias Mineral Reserve statement

o
Lundin wholly-owned operations as of 30 June 2014, Tenke Fungurume and Candelaria as at 31 December 2013.

33

Combined Mineral Resources - Continued

Note: Refer to slide 15 for Candelarias Mineral Reserve statement

o
Lundin wholly-owned operations as of 30 June 2014, Tenke Fungurume and Candelaria as at 31 December 2013.

34