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Lundin Mining Announces 2024 Mineral Resource and Mineral Reserve Estimates
Lundin Mining Corporation (TSX: LUN) (Nasdaq Stockholm: LUMI) reported its Mineral Resource and Mineral Reserve estimates effective as of December 31, 2024 (or as otherwise specified herein). On a 100% consolidated basis, the estimated Proven and Probable Mineral Reserve of contained copper is 10,872 kilotonnes an increase of 242 kt over the previous year. Lundin Mining also has significant Proven and Probable Mineral Reserves in other base and precious metals including 2,429 kt of zinc, 42 kt of nickel, 14.3 million ounces of gold, and 282.0 Moz of silver.
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Proven & Probable Copper Reserves |
|
| 100% basis, contained copper (kt) | |
| 2023 Copper Reserves (P&P) | 10,630 |
| Depletion | (-) 453 |
| European assets held for sale | (-) 491 |
| Acquisition of Filo (oxide only)1 | (+) 1,007 |
| Net revisions | (+) 179 |
| 2024 Copper Reserves (P&P) | 10,872 |
Net revisions (increases/decreases) are primarily the result of exploration additions at Candelaria offset by cost input updates at Caserones. The Company announced the proposed divestiture of Neves-Corvo and Zinkgruvan on December 9, 2024, to Boliden. Mineral Resources and Mineral Reserves for those assets have been included in the Mineral Reserve and Mineral Resource statement and will be removed once the transaction is completed.
Jack Lundin, President and CEO, commented “Throughout the year, we successfully offset mine depletion and replaced reserves associated with the pending sale of our European assets, driven by a combination of the Filo acquisition and continued success from conversion drilling.
“The closing of the Filo acquisition in January, in partnership with BHP, adds over 360 million tonnes of oxide Mineral Resources to the Vicuña portfolio, which also includes over one billion tonnes of resources at Josemaria. Vicuña is on track for a highly anticipated maiden sulphide Mineral Resource at Filo del Sol in the second quarter of this year, alongside an updated Mineral Resource estimate for Josemaria.
“At Candelaria, additional drilling at La Española largely offset depletion, and conversion of inferred Mineral Resources grew the measured and indicated Mineral Resource categories.
“Drilling at Caserones last year was encouraging and this year the exploration program will be the largest yet since mine operations began. The focus at Caserones will be deeper in-pit drilling to better define higher grade breccia zones and exploration drilling to test the sulphide mineral potential beneath the Angelica oxide deposit.”
| ___________________ |
| 1 The acquisition of Filo Corp. and the formation of the joint arrangement with BHP was completed on January 15, 2025. See press release “Lundin Mining Completes Joint Acquisition of Filo with BHP and 50% Sale of Josemaria to Form Vicuña Corp.” |
Mineral Resource and Mineral Reserve Highlights
- Candelaria (Chile): Mineral Reserve reductions at Candelaria were primarily driven by depletion from production and new geotechnical constraints for underground mining. These decreases were partially offset by the addition of Mineral Reserves at La Española and Santos. A total of 16,070 metres were drilled in 2024 for exploration purposes at Candelaria underground (north and south), Candelaria south extension, La Española and Santos.
- Caserones (Chile): Caserones Mineral Reserves and Mineral Resources slightly decreased year over year from depletion and updated cost inputs. These decreases were partially offset by higher metal price forecasts. Exploration activities last year included 14,209 metres of diamond drilling, and airborne and ground based geophysics.
- Chapada (Brazil): Mineral Reserve changes were mainly the result of mine depletion and increased operating cost assumptions. Total exploration drilling at Chapada for 2024 was 16,329 metres that targeted high-grade corridors, mainly at Corpo Sul and Jatobá. The Mineral Resources at Saúva remain unchanged from 2023 with the exception of updated underground geotechnical standards which impacted the underground inferred material. Drilling at Saúva mainly focused on extending the mineralization downdip. It is anticipated that an updated Mineral Resource estimate as Saúva will be completed next year.
- The Suruca gold deposit was removed from the Mineral Reserve inventory at Chapada, as it is a primary gold deposit and not contemplated in the current life of mine (“LOM”) plan. Suruca will continue to be classified as Mineral Resources.
- Filo del Sol (Argentina): The Company completed the acquisition of Filo Corp. on January 15, 2025, and formed a joint arrangement with BHP where each company holds a 50% interest in Filo del Sol and Josemaria. Updated study work is underway at Filo del Sol and will focus on drilling, mineral resource estimation, mine planning, metallurgy, hydrology wells and studies, and the commencement of access road construction. In parallel, engineering studies and trade off analysis will be completed in preparation for future permitting and a technical report outlining an integrated Josemaria/Filo del Sol project.
- Eagle (USA): The decrease in Mineral Reserves and Mineral Resources at Eagle is primarily due to depletion and a decrease in metal price assumptions.
- Neves Corvo (Portugal): Mineral Reserves remain in-line with last year’s estimate. Inferred Mineral Resources grew from a successful exploration program. In 2024, a total of 7,171 metres of exploration drilling was completed targeting Lombador North and Neves SW to test extensions near the ore body.
- Zinkgruvan (Sweden): Additions to Mineral Reserves at Zinkgruvan were primarily driven by conversion of resources at the Burkland zone to Mineral Reserves. In 2024, exploration drilling at Zinkgruvan was primarily focused on near-mine expansion along known mineralized trends. A total of 55,543 metres were drilled from underground and surface targeting extensions of known resources.
Mineral Resource and Reserve Summary
The tables below summarize the Mineral Resource and Mineral Reserve estimates for each of the Company’s sites effective as of December 31, 2024 on a 100% basis (or as otherwise stated therein), important information is included in the notes following this news release. Table totals may not summate correctly due to rounding. Mineral Resources are inclusive of Mineral Reserves. For more information on the prior Mineral Resource and Mineral Reserve estimates for each of the Company’s sites effective as of December 31, 2023 that are referred to herein please see the news release dated February 8, 2024, which is available on the Company’s SEDAR+ profile at www.sedarplus.ca and on the Company’s website at www.lundinmining.com.
The acquisition of Filo Corp. and the formation of the joint arrangement with BHP was completed on January 15, 2025. See press release “Lundin Mining Completes Joint Acquisition of Filo with BHP and 50% Sale of Josemaria to Form Vicuña Corp.” On December 9, 2024 the Company announced the sale of its European assets to Boliden. See press release “Lundin Mining Announces Sale of Neves-Corvo and Zinkgruvan for Total Consideration of up to $1.52 Billion”. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.
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Mineral Resource Estimates – December 31st, 2024
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| 100% basis, inclusive of Reserves | Grade | Contained Metal | |||||||||||||||||||
| Site | Category | Tonnes kt |
Cu % |
Zn % |
Pb % |
Au g/t |
Ag g/t |
Ni % |
Mo % |
Cu kt |
Zn kt |
Pb kt |
Au Koz |
Ag Koz |
Ni kt |
Mo kt |
Interest % |
||||
| Candelaria | Measured | 517,548 | 0.39 | – | – | 0.09 | 1.3 | – | – | 2,018 | – | – | 1,498 | 21,964 | – | – | 80 % | ||||
| Open Pit | Indicated | 74,074 | 0.25 | – | – | 0.06 | 0.9 | – | – | 185 | – | – | 143 | 2,167 | – | – | 80 % | ||||
| M&I | 591,622 | 0.37 | – | – | 0.09 | 1.3 | – | – | 2,204 | – | – | 1,640 | 24,131 | – | – | 80 % | |||||
| Inferred | 15,579 | 0.17 | – | – | 0.05 | 0.7 | – | – | 26 | – | – | 25 | 371 | – | – | 80 % | |||||
| La Espanola | Measured | 54,182 | 0.36 | – | – | 0.07 | 0.3 | – | – | 195 | – | – | 122 | 575 | – | – | 80 % | ||||
| Indicated | 93,088 | 0.33 | – | – | 0.06 | 0.3 | – | – | 307 | – | – | 180 | 988 | – | – | 80 % | |||||
| M&I | 147,270 | 0.34 | – | – | 0.06 | 0.3 | – | – | 502 | – | – | 302 | 1,562 | – | – | 80 % | |||||
| Inferred | 36,974 | 0.26 | – | – | 0.04 | 0.3 | – | – | 96 | – | – | 48 | 321 | – | – | 80 % | |||||
| Underground | Measured | 194,304 | 0.85 | – | – | 0.19 | 3.6 | – | – | 1,652 | – | – | 1,187 | 22,302 | – | – | 80 % | ||||
| Indicated | 263,274 | 0.78 | – | – | 0.17 | 3.1 | – | – | 2,054 | – | – | 1,439 | 26,578 | – | – | 80 % | |||||
| M&I | 457,578 | 0.81 | – | – | 0.18 | 3.3 | – | – | 3,705 | – | – | 2,626 | 48,880 | – | – | 80 % | |||||
| Inferred | 44,018 | 0.75 | – | – | 0.16 | 2.1 | – | – | 330 | – | – | 226 | 2,901 | – | – | 80 % | |||||
| Stockpile | Measured | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 80 % | ||||
| Indicated | 78,964 | 0.29 | – | – | 0.08 | 1.2 | – | – | 229 | – | – | 203 | 3,047 | – | – | 80 % | |||||
| M&I | 78,964 | 0.29 | – | – | 0.08 | 1.2 | – | – | 229 | – | – | 203 | 3,047 | – | – | 80 % | |||||
| Inferred | – | – | – | – | – | – | – | – | 80 % | ||||||||||||
| Ojos del Salado | Measured | 86,783 | 0.90 | – | – | 0.20 | 1.5 | – | – | 781 | – | – | 558 | 4,074 | – | – | 80 % | ||||
| Underground | Indicated | 79,645 | 0.83 | – | – | 0.17 | 1.7 | – | – | 661 | – | – | 435 | 4,379 | – | – | 80 % | ||||
| M&I | 166,428 | 0.87 | – | – | 0.19 | 1.6 | – | – | 1,442 | – | – | 993 | 8,452 | – | – | 80 % | |||||
| Inferred | 25,027 | 0.89 | – | – | 0.17 | 2.4 | – | – | 223 | – | – | 137 | 1,923 | – | – | 80 % | |||||
| Measured | 852,817 | 0.54 | – | – | 0.12 | 1.8 | – | – | 4,646 | – | – | 3,364 | 48,915 | – | – | 80 % | |||||
| Candelaria | Indicated | 589,044 | 0.58 | – | – | 0.13 | 2.0 | – | – | 3,436 | – | – | 2,400 | 37,158 | – | – | 80 % | ||||
| Total | M&I | 1,441,862 | 0.56 | – | – | 0.12 | 1.9 | – | – | 8,082 | – | – | 5,764 | 86,073 | – | – | 80 % | ||||
| Inferred | 121,597 | 0.56 | – | – | 0.11 | 1.4 | – | – | 675 | – | – | 436 | 5,516 | – | – | 80 % | |||||
| Caserones | Measured | 376,427 | 0.33 | – | – | – | – | – | 0.01 | 1,254 | – | – | – | – | – | 42 | 70 % | ||||
| Indicated | 958,390 | 0.26 | – | – | – | – | – | 0.01 | 2,463 | – | – | – | – | – | 104 | 70 % | |||||
| M&I | 1,334,817 | 0.28 | – | – | – | – | – | 0.01 | 3,717 | – | – | – | – | – | 145 | 70 % | |||||
| Inferred | 116,466 | 0.22 | – | – | – | – | – | 0.01 | 256 | – | – | – | – | – | 12 | 70 % | |||||
| Chapada | Measured | 423,744 | 0.25 | – | – | 0.13 | – | – | – | 1,072 | – | – | 1,781 | – | – | – | 100 % | ||||
| Open Pit | Indicated | 459,323 | 0.21 | – | – | 0.11 | – | – | – | 979 | – | – | 1,555 | – | – | – | 100 % | ||||
| M&I | 883,067 | 0.23 | – | – | 0.12 | – | – | – | 2,051 | – | – | 3,336 | – | – | – | 100 % | |||||
| Inferred | 48,360 | 0.22 | – | – | 0.09 | – | – | – | 107 | – | – | 140 | – | – | – | 100 % | |||||
| Stockpile | Measured | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 100 % | ||||
| Indicated | 135,585 | 0.18 | – | – | 0.11 | – | – | – | 239 | – | – | 464 | – | – | – | 100 % | |||||
| M&I | 135,585 | 0.18 | – | – | 0.11 | – | – | – | 239 | – | – | 464 | – | – | – | 100 % | |||||
| Inferred | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 100 % | ||||||
| Sauva | Measured | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 100 % | |||||
| Open Pit | Indicated | 249,858 | 0.29 | – | – | 0.16 | – | – | – | 714 | – | – | 1,301 | – | – | – | 100 % | ||||
| M&I | 249,858 | 0.29 | – | – | 0.16 | – | – | – | 714 | – | – | 1,301 | – | – | – | 100 % | |||||
| Inferred | 2,028 | 0.20 | – | – | 0.06 | – | – | – | 4 | – | – | 4 | – | – | – | 100 % | |||||
| Sauva | Measured | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 100 % | ||||
| Underground | Indicated | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 100 % | ||||
| M&I | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 100 % | |||||
| Inferred | 25,184 | 0.50 | – | – | 0.41 | – | – | – | 126 | – | – | 332 | – | – | – | 100 % | |||||
| Measured | 423,744 | 0.25 | – | – | 0.13 | – | – | – | 1,072 | – | – | 1,781 | – | – | – | 100 % | |||||
| Chapada | Indicated | 844,766 | 0.23 | – | – | 0.12 | – | – | – | 1,932 | – | – | 3,320 | – | – | – | 100 % | ||||
| Total | M&I | 1,268,509 | 0.24 | – | – | 0.13 | – | – | – | 3,004 | – | – | 5,101 | – | – | – | 100 % | ||||
| Inferred | 75,573 | 0.31 | – | – | 0.20 | – | – | – | 238 | – | – | 476 | – | – | – | 100 % | |||||
| Chapada Suruca Gold | Measured | 16,046 | – | – | – | 0.32 | – | – | – | – | – | – | 163 | – | – | – | 100 % | ||||
| Indicated | 95,527 | – | – | – | 0.45 | – | – | – | – | – | – | 1,393 | – | – | – | 100 % | |||||
| M&I | 112,572 | – | – | – | 0.43 | – | – | – | – | – | – | 1,556 | – | – | – | 100 % | |||||
| Inferred | 1,361 | – | – | – | 0.52 | – | – | – | – | – | – | 23 | – | – | – | 100 % | |||||
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Mineral Resource Estimates – December 31st, 2024
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| 100% basis, inclusive of Reserves | Grade | Contained Metal | ||||||||||||||||||
| Site | Category | Tonnes kt |
Cu % |
Zn % |
Pb % |
Au g/t |
Ag g/t |
Ni % |
Mo % |
Cu kt |
Zn kt |
Pb kt |
Au Koz |
Ag Koz |
Ni kt |
Mo kt |
Interest % |
|||
| Eagle | Measured | 136 | 1.84 | – | – | 0.18 | 9.8 | 2.12 | – | 3 | – | – | 1 | 43 | 3 | – | 100 % | |||
| Indicated | 3,612 | 1.08 | – | – | 0.12 | 4.5 | 1.41 | – | 39 | – | – | 14 | 524 | 51 | – | 100 % | ||||
| M&I | 3,749 | 1.11 | – | – | 0.12 | 4.7 | 1.44 | – | 41 | – | – | 15 | 567 | 54 | – | 100 % | ||||
| Inferred | 148 | 0.72 | – | – | 0.08 | 2.7 | 0.92 | – | 1 | – | – | 0 | 13 | 1 | – | 100 % | ||||
| Filo Oxide | Measured | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 50 % | |||
| Indicated | 362,200 | 0.34 | – | – | 0.33 | 13.3 | – | – | 1,217 | – | – | 3,839 | 154,670 | – | – | 50 % | ||||
| M&I | 362,200 | 0.34 | – | – | 0.33 | 13.3 | – | – | 1,217 | – | – | 3,839 | 154,670 | – | – | 50 % | ||||
| Inferred | 132,700 | 0.25 | – | – | 0.30 | 9.9 | – | – | 329 | – | – | 1,280 | 42,370 | – | – | 50 % | ||||
| Josemaria | Measured | 196,774 | 0.43 | – | – | 0.34 | 1.34 | – | – | 846 | – | – | 2,176 | 8,503 | – | – | 50 % | |||
| Indicated | 962,067 | 0.26 | – | – | 0.18 | 0.86 | – | – | 2,501 | – | – | 5,629 | 26,601 | – | – | 50 % | ||||
| M&I | 1,158,841 | 0.29 | – | – | 0.21 | 0.90 | – | – | 3,348 | – | – | 7,806 | 35,104 | – | – | 50 % | ||||
| Inferred | 704,158 | 0.19 | – | – | 0.10 | 0.82 | – | – | 1,338 | – | – | 2,309 | 18,609 | – | – | 50 % | ||||
| Neves-Corvo | Measured | 7,626 | 3.33 | 0.97 | 0.31 | – | 43.6 | – | – | 254 | 74 | 24 | – | 10,683 | – | – | 100 % | |||
| Copper | Indicated | 46,802 | 2.03 | 0.82 | 0.35 | – | 43.3 | – | – | 949 | 383 | 162 | – | 65,137 | – | – | 100 % | |||
| M&I | 54,428 | 2.21 | 0.84 | 0.34 | – | 43.3 | – | – | 1,202 | 457 | 186 | – | 75,821 | – | – | 100 % | ||||
| Inferred | 21,109 | 1.81 | 0.77 | 0.27 | – | 25.3 | – | – | 381 | 162 | 56 | – | 17,202 | – | – | 100 % | ||||
| Neves-Corvo | Measured | 13,499 | 0.34 | 7.62 | 1.74 | – | 64.3 | – | – | 46 | 1,028 | 234 | – | 27,926 | – | – | 100 % | |||
| Zinc and Lead | Indicated | 49,055 | 0.32 | 6.55 | 1.27 | – | 59.3 | – | – | 155 | 3,211 | 621 | – | 93,582 | – | – | 100 % | |||
| M&I | 62,554 | 0.32 | 6.78 | 1.37 | – | 60.4 | – | – | 201 | 4,239 | 855 | – | 121,509 | – | – | 100 % | ||||
| Inferred | 3,981 | 0.33 | 6.11 | 1.33 | – | 56.8 | – | – | 13 | 243 | 53 | – | 7,266 | – | – | 100 % | ||||
| Semblana | Measured | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 100 % | |||
| Indicated | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 100 % | ||||
| M&I | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 100 % | ||||
| Inferred | 7,807 | 2.90 | – | – | – | 25.0 | – | – | 226 | – | – | – | 6,275 | – | – | 100 % | ||||
| Zinkgruvan | Measured | 7,066 | – | 8.90 | 3.70 | – | 80.0 | – | – | – | 629 | 261 | – | 18,174 | – | – | 100 % | |||
| Zinc and Lead | Indicated | 10,258 | – | 8.40 | 3.80 | – | 83.0 | – | – | – | 862 | 390 | – | 27,374 | – | – | 100 % | |||
| M&I | 17,324 | – | 8.60 | 3.76 | – | 81.8 | – | – | – | 1,491 | 651 | – | 45,548 | – | – | 100 % | ||||
| Inferred | 14,549 | – | 9.30 | 4.20 | – | 100.0 | – | – | – | 1,353 | 611 | – | 46,776 | – | – | 100 % | ||||
| Zinkgruvan | Measured | 2,112 | 2.20 | – | – | – | 35.0 | – | – | 46 | – | – | – | 2,377 | – | – | 100 % | |||
| Copper | Indicated | 473 | 2.10 | – | – | – | 38.0 | – | – | 10 | – | – | – | 578 | – | – | 100 % | |||
| M&I | 2,585 | 2.18 | – | – | – | 35.5 | – | – | 56 | – | – | – | 2,954 | – | – | 100 % | ||||
| Inferred | 241 | 1.70 | – | – | – | 30.0 | – | – | 4 | – | – | – | 232 | – | – | 100 % | ||||
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Mineral Reserves Estimates – December 31st, 2024
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| 100% basis | Grade | Contained Metal | ||||||||||||||||
| Site | Category | Tonnes kt |
Cu % |
Zn % |
Pb % |
Au g/t |
Ag g/t |
Ni % |
Mo % |
Cu kt |
Zn kt |
Pb kt |
Au Koz |
Ag Koz |
Ni kt |
Mo kt |
Interest % |
|
| Candelaria | Proven | 301,746 | 0.44 | – | – | 0.10 | 1.4 | – | – | 1,328 | – | – | 970 | 13,582 | – | – | 80 % | |
| Open Pit | Probable | 28,178 | 0.28 | – | – | 0.08 | 1.1 | – | – | 79 | – | – | 72 | 951 | – | – | 80 % | |
| Total | 329,924 | 0.43 | – | – | 0.10 | 1.4 | – | – | 1,407 | – | – | 1,043 | 14,533 | – | – | 80 % | ||
| La Espanola | Proven | 43,704 | 0.39 | – | – | 0.08 | 0.4 | – | – | 170 | – | – | 112 | 492 | – | – | 80 % | |
| Probable | 65,509 | 0.37 | – | – | 0.07 | 0.4 | – | – | 242 | – | – | 147 | 737 | – | – | 80 % | ||
| Total | 109,213 | 0.38 | – | – | 0.07 | 0.4 | – | – | 413 | – | – | 260 | 1,229 | – | – | 80 % | ||
| Underground | Proven | 26,380 | 0.84 | – | – | 0.19 | 3.4 | – | – | 222 | – | – | 161 | 2,858 | – | – | 80 % | |
| Probable | 62,573 | 0.78 | – | – | 0.17 | 3.3 | – | – | 488 | – | – | 342 | 6,639 | – | – | 80 % | ||
| Total | 88,953 | 0.80 | – | – | 0.18 | 3.3 | – | – | 710 | – | – | 503 | 9,497 | – | – | 80 % | ||
| Stockpile | Proven | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 80 % | |
| Probable | 78,965 | 0.30 | – | – | 0.08 | 1.3 | – | – | 237 | – | – | 203 | 3,275 | – | – | 80 % | ||
| Total | 78,965 | 0.30 | – | – | 0.08 | 1.3 | – | – | 237 | – | – | 203 | 3,275 | – | – | 80 % | ||
| Ojos del Salado | Proven | 5,162 | 0.92 | – | – | 0.23 | 2.4 | – | – | 47 | – | – | 38 | 398 | – | – | 80 % | |
| Underground | Probable | 9,895 | 0.83 | – | – | 0.18 | 2.4 | – | – | 82 | – | – | 57 | 760 | – | – | 80 % | |
| Total | 15,057 | 0.86 | – | – | 0.20 | 2.4 | – | – | 130 | – | – | 95 | 1,159 | – | – | 80 % | ||
| Candelaria | Proven | 376,992 | 0.47 | – | – | 0.11 | 1.4 | – | – | 1,767 | – | – | 1,282 | 17,330 | – | – | 80 % | |
| Combined | Probable | 245,120 | 0.46 | – | – | 0.10 | 1.6 | – | – | 1,128 | – | – | 822 | 12,363 | – | – | 80 % | |
| Total | 622,112 | 0.47 | – | – | 0.11 | 1.5 | – | – | 2,896 | – | – | 2,104 | 29,693 | – | – | 80 % | ||
| Caserones | Proven | 362,249 | 0.33 | – | – | – | – | – | 0.01 | 1,197 | – | – | – | – | – | 40 | 70 % | |
| Probable | 522,057 | 0.27 | – | – | – | – | – | 0.01 | 1,405 | – | – | – | – | – | 53 | 70 % | ||
| Total | 884,306 | 0.29 | – | – | – | – | – | 0.01 | 2,602 | – | – | – | – | – | 93 | 70 % | ||
| Chapada | Proven | 305,257 | 0.25 | – | – | 0.14 | – | – | – | 776 | – | – | 1,384 | – | – | – | 100 % | |
| Open Pit | Probable | 128,297 | 0.22 | – | – | 0.11 | – | – | – | 278 | – | – | 438 | – | – | – | 100 % | |
| Total | 433,554 | 0.24 | – | – | 0.13 | – | – | – | 1,055 | – | – | 1,822 | – | – | – | 100 % | ||
| Stockpile | Proven | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 100 % | ||
| Probable | 135,585 | 0.18 | – | – | 0.11 | – | – | – | 239 | – | – | 464 | – | – | – | 100 % | ||
| Total | 135,585 | 0.18 | – | – | 0.11 | – | – | – | 239 | – | – | 464 | – | – | – | 100 % | ||
| Chapada Combined | Proven | 305,257 | 0.25 | – | – | 0.14 | – | – | – | 776 | – | – | 1,384 | – | – | – | 100 % | |
| Probable | 263,882 | 0.20 | – | – | 0.11 | – | – | – | 518 | – | – | 902 | – | – | – | 100 % | ||
| Total | 569,139 | 0.23 | – | – | 0.12 | – | – | – | 1,294 | – | – | 2,286 | – | – | – | 100 % | ||
| Eagle | Proven | 50 | 1.44 | – | – | 0.12 | 8.0 | 1.71 | – | 1 | – | – | 0 | 13 | 1 | – | 100 % | |
| Probable | 3,434 | 0.91 | – | – | 0.10 | 3.8 | 1.19 | – | 31 | – | – | 11 | 422 | 41 | – | 100 % | ||
| Total | 3,484 | 0.91 | – | – | 0.10 | 3.9 | 1.19 | – | 32 | – | – | 11 | 435 | 42 | – | 100 % | ||
| Filo del Sol | Proven | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 50 % | |
| Oxide | Probable | 259,640 | 0.39 | – | – | 0.34 | 16.0 | – | – | 1,007 | – | – | 2,867 | 133,334 | – | – | 50 % | |
| Total | 259,640 | 0.39 | – | – | 0.34 | 16.0 | – | – | 1,007 | – | – | 2,867 | 133,334 | – | – | 50 % | ||
| Josemaria | Proven | 196,774 | 0.43 | – | – | 0.34 | 1.33 | – | – | 837 | – | – | 2,143 | 8,430 | – | – | 50 % | |
| Probable | 815,051 | 0.27 | – | – | 0.19 | 0.85 | – | – | 2,205 | – | – | 4,872 | 22,285 | – | – | 50 % | ||
| Total | 1,011,825 | 0.30 | – | – | 0.22 | 0.94 | – | – | 3,041 | – | – | 7,015 | 30,715 | – | – | 50 % | ||
| Neves-Corvo | Proven | 2,661 | 2.98 | 0.61 | 0.18 | – | 31.9 | – | – | 79 | 16 | 5 | – | 2,729 | – | – | 100 % | |
| Copper | Probable | 17,438 | 1.86 | 0.61 | 0.23 | – | 31.6 | – | – | 324 | 107 | 39 | – | 17,723 | – | – | 100 % | |
| Total | 20,099 | 2.01 | 0.61 | 0.22 | – | 31.6 | – | – | 403 | 123 | 44 | – | 20,452 | – | – | 100 % | ||
| Zinc and Lead | Proven | 4,052 | 0.30 | 8.29 | 2.19 | – | 67.4 | – | – | 12 | 336 | 89 | – | 8,785 | – | – | 100 % | |
| Probable | 14,642 | 0.30 | 7.49 | 1.77 | – | 60.7 | – | – | 44 | 1,096 | 259 | – | 28,574 | – | – | 100 % | ||
| Total | 18,694 | 0.30 | 7.66 | 1.86 | – | 62.2 | – | – | 56 | 1,432 | 348 | – | 37,359 | – | – | 100 % | ||
| Zinkgruvan | Proven | 3,923 | – | 7.40 | 3.00 | – | 65.0 | – | – | – | 290 | 118 | – | 8,198 | – | – | 100 % | |
| Zinc and Lead | Probable | 7,358 | – | 7.92 | 3.69 | – | 83.0 | – | – | – | 583 | 272 | – | 19,635 | – | – | 100 % | |
| Total | 11,281 | – | 7.74 | 3.45 | – | 76.7 | – | – | – | 873 | 389 | – | 27,833 | – | – | 100 % | ||
| Copper | Proven | 1,365 | 2.04 | – | – | – | 32.7 | – | – | 28 | – | – | – | 1,436 | – | – | 100 % | |
| Probable | 217 | 1.95 | – | – | – | 35.2 | – | – | 4 | – | – | – | 246 | – | – | 100 % | ||
| Total | 1,582 | 2.03 | – | – | – | 33.1 | – | – | 32 | – | – | – | 1,681 | – | – | 100 % | ||
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina, Brazil, Chile, and the United States of America, primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 12, 2025 at 18:00 Eastern Time.
Cautionary Notes to Investors – Mineral Resource and Reserve Estimates
In accordance with applicable Canadian securities laws, all Mineral Reserve and Mineral Resource estimates of the Company disclosed or referenced in this news release have been prepared in accordance with the disclosure standards of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”), and have been classified in accordance with Canadian Institute of Mining Metallurgy and Petroleum’s “Definition Standards for Mineral Resources and Reserves” (the “CIM Standards”). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Notes on Mineral Resource and Mineral Reserve Tables
Mineral Resource and Mineral Reserve estimates are shown on a 100% basis. The Measured and Indicated Mineral Resource estimates are inclusive of those Mineral Resource estimates modified to produce the Mineral Reserve estimates. All estimates, with the exception of Josemaria and Filo del Sol are effective as at December 31, 2024. The Josemaria Mineral Resource estimates are effective as at July 10, 2020 and the Mineral Reserve estimates are effective as at September 28, 2020. The Filo del Sol Mineral Resource estimates are effective as at January 18, 2023 and the Mineral Reserve estimates are effective as at February 28, 2023.
Reference herein to $ or USD is to United States dollars, CLP is to Chilean pesos, BRL is to Brazilian real, EUR refers to euros, and SEK is to Swedish kronor. Unless noted otherwise, Mineral Reserves for all active mines have been estimated using metal prices of $3.85/lb copper, $1.15/lb zinc, $0.90/lb lead, $8.50/lb nickel and $1,600/oz gold, whereas Mineral Resources have been estimated using metal prices of $4.43/lb copper and $1,840/oz gold. Exchange rates used were EUR/USD 1.20, USD/SEK 9.50, USD/CLP 850 and USD/BRL 5.00 for Mineral Reserve and Mineral Resource estimates. For the Josemaria Mineral Reserve, the metal prices used were $3.00/lb copper, $1,500/oz gold and $18.00/oz silver. For the Filo del Sol Mineral Reserve, the metal prices used were $3.50/lb copper, $1,600/oz gold and $20.00/oz silver.
For a better understanding of each of the Company’s deposits readers are encouraged to read the technical reports and other public disclosure of the Company (or of Filo Corp. in the case of the recently acquired Filo del Sol project) including all qualifications, assumptions, exclusions and risks that relate to the Mineral Resource and Mineral Reserve estimates. The technical reports are listed below, are intended to be read as a whole, and sections should not be read or relied upon out of context.
The Mineral Resource estimates for all sites were prepared under the supervision of and verified by Cole Mooney, P.Geo., Director, Resource Geology except for Chapada which were prepared under the supervision of and verified by Jorge Watanabe, MAusIMM, Master Geologist. Mineral Reserve estimates were prepared under the supervision of and verified by Eduardo A. Cortes, Director, Reserves and Mine Planning, Claudio Araya, Global Practice Lead, Reserves & Mine Planning, Arthur Oppitz, FAusIMM, Technical Services Manager, Dustin Smiley, Area Director, Phase 2 of Vicuña Corp and Alejandro Sepulveda, CP, Project Leader of NCL Ingenieria y Construccion SpA. They have also reviewed, verified and approved the technical and scientific information in this news release. No limitations were imposed on their verification process. Each of the aforementioned persons is a Qualified Person as defined under NI 43-101.
Candelaria and Ojos del Salado
Candelaria and La Española open pit Mineral Resource estimates are reported within a conceptual pit shell with cut-off grades of 0.13% and 0.15% copper, respectively. Underground Mineral Resources are estimated at cut-off grades of 0.38% and 0.47% copper for Candelaria underground and Ojos del Salado, respectively. Mineral Reserves for the Candelaria open pit, Española open pit, and Candelaria underground are estimated at cut-off grades of 0.14%, 0.16% and 0.43% copper, respectively. Mineral Reserves for the Santos mine at Ojos del Salado is estimated at a cut-off grade of 0.52% copper. Claudio Araya, Global Practice Lead, Reserves & Mine Planning, Lundin Mining has reviewed and verified the Mineral Reserves estimates.
For further information on Candelaria, refer to the Technical Report entitled Technical Report for the Candelaria Copper Mining Complex, Atacama Region, Region III, Chile, dated February 22, 2023, which is filed under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Caserones
Caserones Mineral Resource estimates are reported within a conceptual pit shell using a cut-off grade of 0.13% and 0.08% copper for the concentrator and dump leach, respectively. Mineral Reserves for the Caserones open pit are estimated using open pit discard NSR cut-off values of $11.08/t for ore processed at concentrating and $2.98/t for ore delivered to the heap leach and SX/EW processing. Claudio Araya, Global Practice Lead, Reserves & Mine Planning, Lundin Mining has reviewed and verified the Mineral Reserves estimates.
For further information on Caserones, refer to the Technical Report entitled NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile, dated July 13, 2023 which is filed under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Chapada
The Chapada Mineral Resource estimates are reported within a conceptual pit shell at an open pit discard NSR cut-off value of $6.26/t. For Suruca, an NSR cut-off value of $6.80/t was used for oxide (heap leach) and sulphide portion, and $11.42/t for oxide (carbon-in-leach). Mineral Reserves are estimated using open pit discard NSR cut-off values of $6.26/t for the Chapada open pit. Suruca gold oxide reserves have been removed for 2024 because they are no longer included in the LOM plan. The Saúva open pit Mineral Resource estimates are reported within a conceptual pit shell with NSR cut-off value of $7.12/t. Saúva underground Mineral Resources are reported within optimized stope volumes with an NSR cut-off value of $34.50/t. Mr. Arthur Oppitz, FAusIMM, Technical Services Manager, Lundin Mining has reviewed and verified the Mineral Reserves estimates.
Leapfrog Geo software was used to develop geological and mineralization domains to volumetrically constrain grade estimation. A combination of Maptek’s Vulcan, Snowden Supervisor and various python-based scripts were used to prepare assay data for geostatistical analysis, construct the block model, estimate copper and gold grades, and tabulate mineral resources. Copper and gold grades were estimated using ordinary kriging and inverse distance, conditioned by capped and composited assay grades. The Mineral Reserve estimates are based on a LOM plan and open pit designs developed using modifying parameters including metal prices, metal recovery based on performance of the processing plant, operating cost estimates, and sustaining capital cost estimates based on the production schedule and equipment requirements. The Company is not aware of any additional mining, metallurgical, infrastructure, permitting, or other factors that could materially affect the Mineral Resource or Mineral Reserve estimates which are not set out in the current Chapada technical report dated October 10, 2019 or to be set out in a new technical report for Chapada that will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca within 45 days of this news release.
Data Verification: Sample preparation and analysis have been conducted by independent accredited laboratories, including Geolab in Brazil, ALS Chemex in Lima, Peru, and SGS GEOSOL in Vespasiano, Brazil, which operate under ISO standards. Analytical quality control programs have been robust, involving the insertion of blanks, certified reference materials, and duplicate samples. Additional regular checks were performed at an umpire laboratory to test the reliability and reproducibility of results from the primary laboratory. Data verification processes have involved both internal and external reviews and there were no limitations placed on such processes. Independent qualified persons from SRK Consulting (Canada) Inc. conducted an independent verification of the exploration data during their site visit, involving a review of data collection and storage procedures to assess reliability of exploration data for the purpose of Mineral Resource estimation. Additional data verification information can be found in the current Chapada technical report dated October 10, 2019, and will be updated in a new technical report for Chapada that will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca within 45 days of this news release.
Eagle
The Eagle Mineral Resource and Mineral Reserve estimates are reported using NSR cut-off values ranging from $147.5/t to $155.7/t, depending on zone and mining method. The NSR is calculated on a recovered payable basis considering nickel, copper, cobalt, gold and PGM grades, metallurgical recoveries, prices and realization costs. Eduardo A. Cortes, Director, Reserves and Mine Planning, Lundin Mining has reviewed and verified the Mineral Reserves estimates.
Filo del Sol
The Filo del Sol Mineral Resource estimates were estimated in accordance with the CIM Definition Standards for Mineral Resources and Reserves. Sulphide copper equivalent (CuEq) assumes metallurgical recoveries of 84% for copper, 70% for gold and 77% for silver based on similar deposits, as no metallurgical testwork has been done on the sulphide mineralization, and metal prices of $4.00/lb copper, $1,800/oz gold, $23.00/oz silver. The CuEq formula is: CuEq=Cu+Ag*0.0077+Au*0.5469. The Mineral Resource was constrained by an optimised pit shell using the following parameters: Cu $4.00/lb, Ag $23.00/oz, Au $1,800/oz, slope of 29° to 45°, a mining cost of $2.72/t and an average process cost of $9.86/t. 7. Cutoff grades are 0.2 g/t Au for the AuOx material, 0.15% CuEq for the CuAuOx material and 20 g/t Ag for the Ag material. These three mineralization types have been amalgamated in the oxide total above. CuAuOx copper equivalent (CuEq) assumes average metallurgical recoveries of 77% for copper, 72% for gold and 71% for silver based on preliminary metallurgical testwork, and metal prices of $4.00/lb copper, $1,800/oz gold, $23.00/oz silver. The CuEq formula is: CuEq=Cu+Ag*0.0077+Au*0.6136.
The Mineral Reserves are supported by a mine plan, based on a pit design, guided by a Lerchs-Grossmann (LG) pit shell. Inputs to that process are metal prices of Cu $3.50/lb, Ag $20.00/oz, Au $1,600/oz; mining cost average of $2.72/t; an average processing cost of $9.65/t; general and administration cost of $1.46/t processed; pit slope angles varying from 29 to 45 degrees, inclusive of geotechnical berms and ramp allowances; process recoveries were based on rock type. The average recoveries applied were 83% for Cu, 73% for Au and 80% for Ag, which exclude the adjustments for operational efficiency and copper recovered as precipitate which were included in the financial evaluation. Dilution and mining loss adjustments were applied at ore/waste contacts using a mixing zone approach. The volumes of dilution gain and ore loss were equal, resulting in reductions in grades of 1.0%, 1.3% and 1.0% for Cu, Au and Ag, respectively. Ore/waste delineation was based on a net value per tonne (NVPT) cutoff of $4.5/t considering metal prices, recoveries, royalties, process and G&A costs as per LG shell parameters stated above, elevated above break-even cutoff to satisfy processing capacity constraints. The life-of-mine stripping ratio in tonnes is 1.57:1.
Mr. James N. Gray, P.Geo. of Advantage Geoservices Ltd., is an Independent Qualified Person as defined by NI 43-101. Mr. Gray prepared the Mineral Resource Estimate. Mr. Gordon Zurowski, P.Eng. of AGP Mining Consultants, Inc., is an Independent Qualified Person as defined by NI 43-101. Mr. Zurowski prepared the Mineral Reserve Estimate.
For further information on Filo del Sol, refer to the Technical Report entitled “Filo del Sol Project NI 43-101 Technical Report, Updated Pre-feasibility Study”, dated March 17, 2023, with an effective date of February 28, 2023, which is available on the Company’s subsidiary, Filo Corp. SEDAR+ profile at www.sedarplus.ca.
Josemaria
The Josemaria open pit Mineral Resource estimates are reported within a conceptual pit shell based on metal prices of $3.00/lb copper, $1,500/oz gold and $18.00/oz silver with a cut-off grade of 0.10% copper. Mineral Reserve estimates for Josemaria are estimated at NSR cut-off values ranging from $5.16/t to $5.22/t, based on metallurgical unit. Mr. Dustin Smiley, P.Eng., Area Director, Phase 2 of Vicuña reviewed and verified the Mineral Reserves estimates for the Josemaria project.
For further information on Josemaria, refer to the Technical Report entitled NI 43-101 Technical Report, Feasibility Study for the Josemaria Copper-Gold Project, San Juan Province, Argentina dated November 5, 2020, which is available on the Company’s subsidiary, Josemaria Resources Inc.’s SEDAR+ profile at www.sedarplus.ca.
Neves-Corvo and Semblana
The copper Mineral Resource estimates are reported within geological volumes based on a nominal cut-off grade of 1.0% copper and the zinc Mineral Resource estimates are reported within geological volumes based on a nominal zinc cut-off grade of 4.5% zinc. The Mineral Resources at Semblana are estimated above a cut-off grade of 1.0% copper. The copper and zinc Mineral Reserve estimates have been calculated using variable NSR values ranging from €60/t. to €80/t. based on mineralization, areas and mining methods. The NSR is calculated on a recovered payable basis considering copper, lead, zinc and silver grades, metallurgical recoveries, prices and realization costs. Mr. Alejandro Sepulveda, Project Leader of NCL Ingenieria y Construccion SpA has reviewed and verified the Mineral Reserve estimates.
Zinkgruvan
The zinc and lead Mineral Resources are estimated within optimized stope volumes, using a 4.0 metre minimum mining width, based on an area dependent marginal NSR cut-off between SEK 900/t and SEK 1,150/t. The copper Mineral Resource estimates are reported within optimized stope volumes above a cut-off NSR value of SEK 900/t. The zinc and lead Mineral Reserves are estimated at NSR cut-off values ranging from SEK 1,100/t to SEK 1,350/t depending on the mineralization, areas and mining methods. The copper Mineral Reserves are estimated at an NSR cut-off value above SEK 1,120/t. The NSR is calculated on a recovered payable basis considering copper, lead, zinc and silver grades, metallurgical recoveries, prices and realization costs. Eduardo A. Cortes, Director, Reserves and Mine Planning, Lundin Mining has reviewed and verified the Mineral Reserves estimates.
Posted February 13, 2025
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