VANCOUVER, BC, Feb. 12,
2025 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm:
LUMI) Lundin Mining Corporation ("Lundin Mining" or the
"Company") today 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 ("kt") 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 ("Moz") of gold, and 282.0 Moz of silver.
|
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.
|
Mineral Resource
Estimates – December 31st, 2024
|
|
|
|
|
|
|
|
|
|
|
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 %
|
|
|
Mineral Resource
Estimates - December 31st, 2024
|
|
|
|
|
|
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 %
|
|
|
Mineral Reserves
Estimates - December 31st, 2024
|
|
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.
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained
herein are "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements regarding the Company's plans, prospects and business
strategies; the Company's guidance on the timing and amount of
future production and its expectations regarding the results of
operations; expected costs; permitting requirements and timelines;
timing and possible outcome of pending litigation; the results of
any Preliminary Economic Assessment, Pre-Feasibility Study,
Feasibility Study, or Mineral Resource and Mineral Reserve
estimations, life of mine estimates, and mine and mine closure
plans; anticipated market prices of metals, currency exchange
rates, and interest rates; the development and implementation of
the Company's Responsible Mining Management System; the Company's
ability to comply with contractual and permitting or other
regulatory requirements; anticipated exploration and development
activities at the Company's projects; the Company's integration of
acquisitions and expansions and any anticipated benefits
thereof, including the anticipated project
development and other plans and expectations with respect to
the 50/50 joint arrangement with BHP; the timing and
completion of the sale of the Company's European
assets; and expectations for other economic,
business, and/or competitive factors. Words such as "believe",
"expect", "anticipate", "contemplate", "target", "plan", "goal",
"aim", "intend", "continue", "budget", "estimate", "may", "will",
"can", "could", "should", "schedule" and similar expressions
identify forward-looking information.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management, including that the Company
can access financing, appropriate equipment and sufficient labour;
assumed and future price of copper, gold, zinc, nickel and
other metals; anticipated costs; that the conditions to close the
sale of the Company's European assets will be satisfied; the
ability to achieve goals and identify and realize opportunities;
the prompt and effective integration of acquisitions, including the
acquisition of Filo, the establishment of the joint arrangement
with BHP and the realization of synergies and economies of scale in
connection therewith; that the political environment in which the
Company operates will continue to support the development and
operation of mining projects; and assumptions related to the
factors set forth below. While these factors and assumptions are
considered reasonable by Lundin Mining as at the date of this
document in light of management's experience and perception of
current conditions and expected developments, such information is
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking information and undue reliance
should not be placed on such information. Such factors include, but
are not limited to: dependence on international market
prices and demand for the metals that the Company produces;
political, economic, and regulatory uncertainty in operating
jurisdictions, including but not limited to those related to
permitting and approvals, nationalization or expropriation without
fair compensation, environmental and tailings management, labour,
trade relations, and transportation; risks relating to mine closure
and reclamation obligations; health and safety hazards; inherent
risks of mining, not all of which related risk events are
insurable; risks relating to tailings and waste management
facilities; risks relating to the Company's indebtedness;
challenges and conflicts that may arise in partnerships and joint
operations; risks relating to development projects; risks that
revenue may be significantly impacted in the event of any
production stoppages or reputational damage in Chile; the impact of global financial
conditions, market volatility and inflation; business interruptions
caused by critical infrastructure failures; challenges of effective
water management; exposure to greater foreign exchange and capital
controls, as well as political, social and economic risks as a
result of the Company's operation in emerging markets; risks
relating to stakeholder opposition to continued operation, further
development, or new development of the Company's projects and
mines; any breach or failure information systems; risks relating to
reliance on estimates of future production; risks relating to
litigation and administrative proceedings which the Company may be
subject to from time to time; risks relating to acquisitions or
business arrangements; risks relating to competition in the
industry; failure to comply with existing or new laws or changes in
laws; challenges or defects in title or termination of mining or
exploitation concessions; the exclusive jurisdiction of foreign
courts; the outbreak of infectious diseases or viruses; risks
relating to taxation changes; receipt of and ability to maintain
all permits that are required for operation; minor elements
contained in concentrate products; changes in the relationship with
its employees and contractors; the Company's Mineral Reserves and
Mineral Resources which are estimates only; payment of dividends in
the future; compliance with environmental, health and safety laws
and regulations, including changes to such laws or regulations;
interests of significant shareholders of the Company; asset values
being subject to impairment charges; potential for conflicts of
interest and public association with other Lundin Group companies
or entities; activist shareholders and proxy solicitation firms;
risks associated with climate change; the Company's common shares
being subject to dilution; ability to attract and retain highly
skilled employees; reliance on key personnel and reporting and
oversight systems; risks relating to the Company's internal
controls; counterparty and customer concentration risk;
risks associated with the use of derivatives; exchange rate
fluctuations; the completion of the sale of the Company's
European assets; and other risks and uncertainties,
including but not limited to those described in the "Risk and
Uncertainties" section of the Company's MD&A for the year three
and nine months ended September 30,
2024 and the "Risk and Uncertainties" section of the
Company's Annual Information Form for the year ended December 31, 2023, which are available on SEDAR+
at www.sedarplus.ca under the Company's
profile.
All of the forward-looking information in this document are
qualified by these cautionary statements. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated, forecasted or intended
and readers are cautioned that the foregoing list is not exhaustive
of all factors and assumptions which may have been used. Should one
or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking information.
Accordingly, there can be no assurance that forward-looking
information will prove to be accurate and forward-looking
information is not a guarantee of future performance. Readers are
advised not to place undue reliance on forward-looking information.
The forward-looking information contained herein speaks only as of
the date of this document. The Company disclaims any intention or
obligation to update or revise forward‐looking
information or to explain any material difference between such and
subsequent actual events, except as required by applicable
law.
For further information, please contact: Stephen Williams, Vice President, Investor
Relations: +1 604 806 3074; Robert
Eriksson, Investor Relations Sweden: +46 8 440 54
50
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content:https://www.prnewswire.co.uk/news-releases/lundin-mining-announces-2024-mineral-resource-and-mineral-reserve-estimates-302375418.html
