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Mineral Resource Estimates – December 31^st, 2024

Note: Totals may not summate correctly due to rounding

Mineral Reserves Estimates - December 31^st, 2024

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Note: totals may not summate correctly due to rounding

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.