Building a World Class Base Metals Mining Company

Cautionary StatementsCautionary StatementsCaution Regarding Forward Looking Statements

This presentation contains forward-looking statements. These forward-looking statements 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. 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 theirCommission 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 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.

2007 First Quarter2007 First QuarterQ1 Highlights

• Net earnings US $53.7 million on sales of US $194 million• Cash flow US $10.7 million* • Record throughput at Neves-Corvo (21% increase) and

Zinkgruvan (39% increase)• Copper production at Neves-Corvo up 21.5%• Overall copper production up 9.3%

Production (Metal Contained in Concentrate)Production (Metal Contained in Concentrate)

• Copper 24,600 tonnes• Zinc 37,894 tonnes• Lead 11,047 tonnes• Silver 680,828 ounces

*affected by tax payments of US $41 million + increased accounts receivable at Neves Corvo

Q1 Financial ResultsQ1 Financial Results (US$ millions)

350 1801.00329.8 152 9 1.02

111 4 53 7151.5

329.8

63.6

152.9 1.02

EBITDA Earnings EPS ($/share)

Q1/07 Q1/06

111.4

Q4/06 YE/06 Q1/07 Q1/06Q4/06 YE/06 Q1/07 Q1/06Q4/06 YE/06

53.7

0.1950.3 21.50.28

0.18

EBITDA Earnings EPS ($/share)

Fewer shipments lead to high inventories at end of Q1

EuroZinc included as of November 1, 2006

Q1 Financial ResultsQ1 Financial Results (US$ millions)

600 250

250216.2539 7 247 2

193 2 75 5

216.2539.7

236.1 80 0110.7

247.2

Operating Cash FlowOperating ProfitSales

Q1/07 Q1/06

193.2

Q4/06 YE/06 Q1/07 Q1/06Q4/06 YE/06 Q1/07 Q1/06Q4/06 YE/06

75.5

10.791.8

80.0

36.2 22.7

Operating Cash FlowOperating Profit(EBIT)

Sales

Strong balance sheet working capital US $303 million … cash US $317 million

EuroZinc included as of November 1, 2006

Q1 Milled Ore (‘000 tonnes)Q1 Milled Ore ( 000 tonnes)

Zinkgruvan900

2,500 Neves-Corvo

2095 787

626 235546 518 225

700 400

Q1/07 Q4/06 YE/06 Q1/07 Q4/06 YE/06

StorlidenGalmoy

Q1/06 Q1/06

546 518 225170

617 362

94 65

Q1/07 Q4/06 YE/06Q1/07 Q4/06 YE/06 Q1/06Q1/06

160 156 93 98

Q1 Metal Concentrate ProductionQ1 Metal Concentrate ProductionCopper (‘000 tonnes)

180

Zinc (‘000 tonnes)100

89171

25 21 2343 43

Q1/07 Q4/06 YE/06 Q1/07 Q4/06 YE/06Q1/06 Q1/06

38 25

Silver (‘000 ounces)Lead (‘000 tonnes)503,000

Q1/07 Q4/06 YE/06 Q1/07 Q4/06 YE/06Q1/06 Q1/06

21 2343 43

45 2538

Q1/07 Q4/06 YE/06Q1/07 Q4/06 YE/06 Q1/06Q1/06

11 680

Q1/07 Q4/06 YE/06Q1/07 Q4/06 YE/06 Q1/06Q1/06

11 12 649 626

Operating Profit by MineOperating Profit by Mine (US $millions)

Q1/07 Q1/06 YE/06Q1/07 Q1/06 YE/06

Zinkgruvan 30.8 24.1 138.3

Storliden 4 7 9 2 44 8Storliden 4.7 9.2 44.8

Galmoy 0.6 8.6 38.8

Neves-Corvo* 53.9 - 23.5Neves Corvo 53.9 23.5

*Neves-Corvo is included as of November 1, 2006

Corporate Headquarters Vancouver,Vancouver, Canada

Operations Headquarters St kh lStockholm, Sweden

Business DevelopmentpReading, England

Operations OfficeOfficeMoscow, Russia World Wide Operations

Lundin Mining Asset SummaryLundin Mining Asset Summary

InvestmentsExplorationProjectsProduction Assets

Sunridge Gold

Sanu ResourcesAljustrel, Portugal

Ozernoe, Russia

PortugalIberian Pyrite Belt

Neves-Corvo, Portugal

Zinkgruvan, Sweden


Mantle Resources

Union Resources

Chariot Resources

Tenke, DRC(pending merger)

SwedenSkellefte Bergslagen

Ireland

Storliden, Sweden

Galmoy, Ireland

Aguablanca, Spain (pending acquisition)Galmoy Mine Area

SpainToral District

g p(pending acquisition)

2006 production 90,000 tonnes of copper, 171,000 tonnes of zinc, 45,000 tonnes of lead and 2,500,000 ounces of silver

Neves-Corvo, Portugal Zinc Q1-07 Q1-06, gOre milled (tonnes) 94,200 -

Head grade 8.2% -

Zinc metal produced (tonnes)

6,193 -

Copper Q1-07 Q1-06

Ore milled (tonnes) 538,957 517,570

Head grade 5.0% 4.2%

Copper metal produced (tonnes) 23,405 9,261

Copper cash prod. cost* US$ 0.65/lb US$ 0.83/lb

• Q1 2007 – a 21% increase in milled ore - record level

• Increased mill throughput by 21% Financial Results Q1-07 Q1-06

• Fewer shipments leading to inventory build-up

• Zinc production at a steady, increasing, rate since start in 2006

Revenue 111,507 -

Operating Profit 53,927 -

* Net of by-product credits

Zinkgruvan Mine, Sweden Financial Results Q1-07 Q1-06Zinkgruvan Mine, Sweden Financial Results Q1-07 Q1-06

Revenue 49,476 38,453

Operating Profit 30,766 24,139

Q1-07 Q1-06


Zinc head grade 7.7% 11.2%

Lead head grade 4.2% 5.2%g

Zinc metal prod. (tonnes) 17,162 17,957

Lead metal prod. (tonnes) 8,643 7,793

Zinc Cash Prod. Cost * US$ 0.23/lb US$ 0.35/lb

• 30% increase in mine tonnage Q1-07 vs. Q1-06

• Ore processed 235,000 tonnes, 39% increase – record level

• Feed grades lower – mining sequence

• High recoveries

• Extension of mine life – Dalby/Finnafallet

• Project investigating Cu production and increased production


Galmoy Mine, Ireland Financial Results Q1-07 Q1-06Galmoy Mine, Ireland Financial Results Q1 07 Q1 06

Revenues 17,752 27,408

Operating Profit 610 8,580

Q1-07 Q1-06



Lead head grade 3 5% 4 3%Lead head grade 3.5% 4.3%


Lead metal prod. (tonnes) 2,404 4,441

Zinc Cash Prod. Cost * US$ 1.15/lb US$ 0.60/lb

• Production in January and February negatively influenced by negotiations and a tragic accident – 50% utilization rate in January –standstill for 8 days in February

• Run of mine ore grades were lower mining sequence lead recovery• Run of mine ore grades were lower – mining sequence - lead recovery was 73 % - substantial improvement

• Modifications to the zinc flotation circuit – increase zinc recovery

• New promising drill results - continued aggressive drill program


Storliden Mine, Sweden Financial Results Q1-07 Q1-06Storliden Mine, Sweden Financial Results Q1-07 Q1-06

Revenues 15,544 25,892

Operating Profit 4,748 9,153

Q1-07 Q1-06


Copper head grade 2.0% 3.6%


Copper metal prod. (tonnes) 1,198 3,253


Zinc Cash Prod Cost * US$0 09/lb US$<0/lbZinc Cash Prod. Cost US$0.09/lb US$<0/lb

• P d ti til d f thi• Production until end of this year

• Planned lower production and head grades in Q1


Aljustrel Project, Portugal Tonnes (´000) Zn (%) Pb (%)Aljustrel Project, Portugal Tonnes ( 000) Zn (%) Pb (%)

Reserves 14,400 5.5 1.8

Resources (M&I) 23,579 5.7 1.8

Inferred 9,321 5.3 1.6

Est LOM 10+ yearsEst. LOM 10+ years

Resources incl. of reserves, as of December 31, 2006

Est. Annual Production (at full capacity)

Ore milled 1 800 000 tonnesOre milled 1,800,000 tonnes

Zinc metal contained 80,000 tonnes

Lead metal contained 17,000 tonnes

Silver metal contained 1.25 m oz.

Zinc Cash Prod. Cost * US$ 0.48/lb

• Development at the Moinho mine on target – start up September 2007

• Feitais mine development delayed, will however be able to meet planned scheduleto meet planned schedule

• Treatment plant preparation work is on track


Ozernoe Zinc/Lead Project Russia• Plan for conventional open pit mine,

stripping ratio 3.3 : 1

Ozernoe Zinc/Lead Project, Russia

• Commence BFS in May, 2007• Management and staff recruited• Production start 2009/2010Production start 2009/2010• Full production 2011/2012 at 300,000 to

350,000 tpa zinc• Hatch Engineering doing feasibility• Hatch Engineering doing feasibility• ABN AMRO financial advisor

E l ti

Ireland and Sweden

Exploration

Focus on near-mine explorationPromising near mine results at Galmoy – drilling to continue

– potential to extend life of mineScoping study underway at Norrliden discovery in Sweden

Portugal Lombador minex Chanca greenfield regional geophysicsLombador minex, Chanca greenfield, regional geophysics

Spain Toral drilling to test extension of historical resourceToral – drilling to test extension of historical resource

Two New Pending Major Transactions

• Acquisition of Rio Narcea Gold Mines, Ltd.

• Merger with Tenke Mining CorpMerger with Tenke Mining Corp.

Rio Narcea Acquisition

Ri N T ti SRio Narcea Transaction SummaryTakeover Bid Offer to acquire all issued and outstanding

h f Ri N G ld Mi Ltdshares of Rio Narcea Gold Mines, Ltd.

Consideration Cash offer of Cdn $5.00 per share 22.9% premium to 30 day VWAP

Valuation Cdn $864 million

Other Red Back Mining Inc. option to acquire Tasiast gold project upon successful completion of g jtakeover in consideration for US $225 million cash and assumption of US $42.5 million debt related to Tasiast project

Financing US $800 million senior credit facility through Scotia Capital

Rio Narcea Project LocationsRio Narcea Project LocationsSalave

Aljustrel MinePORTUGALPORTUGAL

Aguablanca MineNeves Corvo Mine

Tasiast Mine

Lundin Mining Projects

Rio Narcea Asset SummaryRio Narcea Asset SummaryAguablanca Producing nickel/copper mine in southern

Spain.p

Tasiast Gold development project in Mauritania under development. Production in H2/07.

Exploration Greenfield and brown field base andExploration Greenfield and brown field base and precious metals in Spain, Portugal and Mauritania.

Chariot Resources 20% equity investment. Flagship Marcona copper development project in Peru.

Salave Gold project in Spain – court case on change of land use.

Rio Narcea Resource Summary YE2006Rio Narcea Resource Summary YE2006Nickel/Copper Nickel/Copper –– Aguablanca Aguablanca (0.2% Ni cutoff)(0.2% Ni cutoff)

Category Tonnes Ni Cu Contained Contained g y(000) (%) (%) Ni (Tonnes) Cu (Tonnes)

P + P 11,500 0.60 0.47 69,100 54,400

M + I 14,800 0.58 0.48 86,400 71,400M I 14,800 0.58 0.48 86,400 71,400

Inferred 4,700 0.40 0.31 18,800 14,400

Gold Gold –– Tasiast Tasiast (0.8 g/t cutoff) Calculation based on US $491 gold price(0.8 g/t cutoff) Calculation based on US $491 gold price( g ) $ g p( g ) $ g p

Category Tonnes(000)

Grade(g/t)

Contained Au(ounces)

P + P 11,984 2.7 1,040,000

M + I 14,553 2.63 1,230,000

Inferred 18,633 1.94 1,165,000

Salave – development subject to legal proceedings has M+I resources containing 1.5 million oz Au, Inferred 223,000 oz

Tenke Merger

Tenke Merger SummaryTenke Merger SummaryConsideration 1.73 shares of Lundin Mining for each Tenke share

representing a 31.2% premium based on Tenke and Lundin Mining 20 day TSX VWAPMining 20 day TSX VWAP

Structure Plan of Arrangement - recommended by both Boards

Company Name Lundin Mining Corporation

V l ti Cd $1 4 billi b d L di Mi i ’ 20 d TSX VWAP fValuation Cdn $1.4 billion based on Lundin Mining’s 20 day TSX VWAP of $13.51 per share

Other South American assets spun out to Tenke shareholders through StubCo along with US $5 million cashthrough StubCo along with US $5 million cash

Management Paul Conibear, President and CEO of Tenke will join Lundin Mining in senior management position responsible for Tenke Fungurume and will become President and CEO of St bCStubCo

Subjects Regulatory, Court and Tenke and Lundin shareholder approval

Tenke Project LocationsTenke Project Locations

Existing Tenke shareholders benefit fromshareholders benefit from spinout of South American assets.

Targeted to unlocking their value

Tenke Mining Asset SummaryTenke Mining Asset Summary

Tenke Fungurume Extraordinarily rich copper/cobalt deposit inTenke Fungurume Extraordinarily rich copper/cobalt deposit in the DRC under development by partner Phelps Dodge/Freeport. Production startup in late 2008. 24.75% interest.

South America Advanced stage to early stage copper/gold exploration in Argentina and Chile. Assets to be spun out to Tenke shareholders.

Balance Sheet US $86 million cash post StubCo. No debt. 60 million shares outstanding.

Tenke Fungurume Resource SummaryTenke Fungurume Resource Summary

Copper/Cobalt Copper/Cobalt –– Tenke Fungurume Tenke Fungurume NI 43NI 43--101 June 2006, Mintec and Nilsson Mine Services101 June 2006, Mintec and Nilsson Mine Servicespppp gg ,,

Category Tonnes(000)

Cu(%)

Co(%)

ContainedCu (Tonnes)

Contained Co (Tonnes)

M + I 235,000 3.01 0.31 7,070,000 729,000M + I 235,000 3.01 0.31 7,070,000 729,000

Inferred 264,000 2.60 0.19 6,860,000 502,000

Less than half of the concession area explored

Resource estimate to be updated Q2 2007 to include last 15 months of drilling

The Famous “Green Wall”The Famous “Green Wall”

Tenke Fungurume Copper/Cobalt ProjectTenke Fungurume Copper/Cobalt ProjectKwatebala

DepositFwaluGomaD it

Airstrip

Known copper mineralization

TenkeVillage

DepositDepositsDeposits Known copper mineralization

Village

FungurumeVillage

Rail Line(to Kolwezi)

High VoltagePower Line

TFMCamp

A mining district unto itselfPumpi

Deposits

A E i l D iAn Exceptional Deposit• Cumulative strike length g

greater than 80 km

• Oxides to 150 m depth (oxides 30% of resource)(oxides 30% of resource)

• Sulphides to greater than 500 m depth

• Excellent upside -mineralization open in all directions

Soon to be a Major Copper ProducerSoon to be a Major Copper Producer

• 40 year mine plan40 year mine plan

• Open pit –strip ratio 3.1:1

• First 10 years grade 4.57% copper and 0.37% cobalty g pp

• Initial production rate 115,000 tpa copper and 8,000 tpa cobalt – startup in Q4 2008/Q1 2009

$• US$650 million capital cost (70/30 PD/TNK)

• Cash cost negative US$0.19/lb (including $10/lb cobalt credit)

• Expansion plans envision 400 000+ tpa copper• Expansion plans envision 400,000+ tpa copper

Local InfrastructureLocal InfrastructureConstructionVillagePlant

Access Road

AirstripConstructionVillagePlant

Access Road

Airstrip

Tailings Pond

Waste Dump

Fwalu220 KV Power Line

Tailings Pond

Waste Dump

Fwalu220 KV Power Line

SNELPower Substation

TFM CampG

KwatebalaPit

FwaluPits

SNELPower Substation

TFM CampG

KwatebalaPit

FwaluPits

Ca pGomaPits

National Road

150 KV Power LineSNCC Railway

Ca pGomaPits

National Road

150 KV Power LineSNCC Railway

Each grid line = 2kmEach grid line = 2km

Transport OptionsTransport Options

K d t di d i th l 1900’Known and studied since the early 1900’s

Important to the future of the DRC

Jobs Schools Social Programs AgricultureJobs, Schools, Social Programs, Agriculture

Tenke FungurumeTenke FungurumeOne of the most significant copper deposits in the world

Lundin Mining Proforma

Transaction TimelineTransaction TimelineMay 18 Interim court application

May 23 Mailing date for Lundin and Tenke Circulars

June 18 Lundin Mining Corporation - Annual and Special General MeetingTenke Mining Corp. - Special General Meeting

June 21 Final court approval of Tenke transaction

June 29 Expiry of Rio Narcea Bid (extension from original expiry of May 29)

July 3 Close Tenke transaction (effective date of June 30)

Lundin Mining Asset SummaryLundin Mining Asset Summary


Sunridge Gold

Sanu ResourcesAljustrel, Portugal

Ozernoe, Russia

PortugalIberian Pyrite Belt

Neves-Corvo, Portugal

Zinkgruvan, Sweden


Mantle Resources

Union Resources

Chariot Resources

Tenke, DRC(pending merger)

SwedenSkellefte Bergslagen

Ireland

Storliden, Sweden

Galmoy, Ireland

Aguablanca, Spain (pending acquisition)Galmoy Mine Area

SpainToral District

g p(pending acquisition)

2006 production 90,000 tonnes of copper, 171,000 tonnes of zinc, 45,000 tonnes of lead and 2,500,000 ounces of silver

Lundin Mining CorporationPro Forma Capital Structure

Price (1) SharesBasic/FD

Market Cap

(2)

Cash Debt EV EV (2)

(CDN)

LUN C$14.26 284.8/288.3 3,690.1 402.2 42.9 3,330.8 3,710.4

LUN + RNG(3)C$14.26 284.8/288.3 3,690.1 782.3 850.1 3,757.9 4,186.1

LUN + RNG (3) + TNK C$14.26 390.1/393.6 5,038.7 881.7 850.1 5,007.1 5,577.70.898

(in millions and $US unless otherwise noted)

(1) Prices as of April 25, 2007(2) US/CDN = 0.898(3) Includes sale of Tasiast to RBI

G fGrowing Production Profile

1000 kt Zn

600 kt700 kt800 kt900 kt

1000 kt Zn

Ni "new"

PbProd

uctio

n

200 kt300 kt400 kt500 kt600 kt

Co "new"

Ag

c Eq

uiva

lent

0 kt100 kt200 kt

2007 2008 2009 2010 2011

Cu "new"

Cu

Zinc

Notes: equivalents based on 2006 metal prices, preliminary production ramp-ups at Ozernoe, N-C Zinc

Zn $1.48/lb, Ni $11.01/lb, Pb $0.58/lb, Cu $3.05/lb, Ag $11.55/oz, Co $14/lb

A Growing Global PortfolioA Growing Global Portfolio

393 mm shares o/s proforma …LUN –TSX, LMC – AMEX, LUMI - Stockholm Post Transactions

Building a World Class Base Metals Mining Company

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