Reserves and Resources

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Lundin Mining Mineral Resource Estimates - Inclusive of Mineral Reserves - December 31, 20221

      Grade   Contained Metal  
Site Category 000's
Tonnes
Cu
%
Zn
%
Pb
%
Au
g/t
Ag
g/t
Ni
%
  Cu
kt
Zn
kt
Pb
kt
Au
Koz
Ag
Koz
Ni
kt
Lundin Mining
Interest
Candelaria Measured 442,494 0.44     0.10 1.55     1,947     1,423 22,051   80%
Open Pit Indicated 35,579 0.28     0.07 1.12     100     80 1,281   80%
  M&I 478,073 0.43     0.10 1.52     2,047     1,503 23,332   80%
  Inferred 5,556 0.23     0.05 0.82     13     9 146   80%
Candelaria Measured 35,696 0.40     0.08 0.36     143     92 413   80%
La Espanola Indicated 53,066 0.38     0.07 0.37     202     119 631   80%
  M&I 88,762 0.39     0.07 0.37     344     211 1,044   80%
  Inferred 81,774 0.30     0.05 0.28     245     131 736   80%
Candelaria Measured 178,354 0.84     0.19 3.56     1,504     1,077 20,430   80%
Underground Indicated 238,212 0.78     0.17 3.12     1,848     1,316 23,867   80%
  M&I 416,566 0.80     0.18 3.31     3,352     2,393 44,296   80%
  Inferred 38,373 0.75     0.17 2.44     288     208 3,011   80%
Candelaria Measured 77,830 0.28     0.09 1.47     220     214 3,686   80%
Stockpile Indicated                             80%
  M&I 77,830 0.28     0.09 1.47     220     214 3,686   80%
  Inferred                             80%
Ojos del Salado Measured 92,319 0.90     0.19 1.39     828     566 4,117   80%
Underground Indicated 78,701 0.82     0.18 1.64     646     448 4,145   80%
  M&I 171,020 0.86     0.18 1.50     1,474     1,014 8,262   80%
  Inferred 23,880 0.88     0.18 2.18     209     136 1,677   80%
Ojos del Salado Measured 146 1.06     0.23 2.47     2     1 12   80%
Stockpile Indicated                             80%
  M&I 146 1.06     0.23 2.47     2     1 12   80%
  Inferred                             80%
Chapada Measured 513,443 0.25     0.12       1,269     2,015     100%
Open Pit Indicated 458,473 0.21     0.11       986     1,679     100%
  M&I 971,917 0.23     0.12       2,255     3,694     100%
  Inferred 66,279 0.22     0.08       146     175     100%
Chapada Measured 129,220 0.18     0.11       234     460     100%
Stockpile Indicated                             100%
  M&I 129,220 0.18     0.11       234     460     100%
  Inferred                             100%
Suruca Measured 12,737       0.42             170     100%
Gold Indicated 134,780       0.54             2,324     100%
  M&I 147,517       0.53             2,494     100%
  Inferred 12,565       0.48             194     100%
Sauva Measured                             100%
  Indicated 178,966 0.32     0.20       578     1,135     100%
  M&I 178,966 0.32     0.20       578     1,135     100%
  Inferred 70,819 0.26     0.12       187     283     100%
Eagle Measured 357 1.82     0.16 10.71 2.23   7     2 123 8 100%
  Indicated 3,498 1.40     0.15 5.58 1.84   49     17 628 65 100%
  M&I 3,856 1.44     0.15 6.06 1.88   55     19 751 72 100%
  Inferred 26 0.87     0.00 0.00 0.95   0     0 0 0 100%
Josemaria Measured 196,774 0.43     0.34 1.34     846     2,176 8,503   100%
  Indicated 962,067 0.26     0.18 0.86     2,501     5,629 26,601   100%
  M&I 1,158,841 0.29     0.21 0.90     3,348     7,806 35,104   100%
  Inferred 704,158 0.19     0.10 0.82     1,338     2,309 18,609   100%
Neves-Corvo Measured 8,222 3.5 0.8 0.3   43     288 66 24   11,440   100%
Copper Indicated 47,811 2.0 0.8 0.3   44     971 386 165   67,383   100%
  M&I 56,033 2.2 0.8 0.3   44     1,259 452 189   78,824   100%
  Inferred 14,185 1.8 0.6 0.2   29     255 90 34   13,259   100%
Neves-Corvo Measured 9,615 0.3 7.7 1.7   66     32 745 165   20,412   100%
Zinc and Lead Indicated 55,486 0.3 6.7 1.4   60     186 3,693 751   106,895   100%
  M&I 65,101 0.3 6.8 1.4   61     219 4,437 917   127,306   100%
  Inferred 3,897 0.3 5.7 1.6   64     13 223 62   8,028   100%
Semblana Measured                             100%
  Indicated                             100%
  M&I                             100%
  Inferred 7,807 2.9       25     223       6,299   100%
Zinkgruvan Measured 6,084   8.2 3.2   69       500 193   13,497   100%
Zinc and Lead Indicated 11,680   8.0 3.4   69       939 399   25,911   100%
  M&I 17,764   8.1 3.3   69       1,439 592   39,408   100%
  Inferred 17,626   8.3 4.0   91       1,471 710   51,569   100%
Zinkgruvan Measured 3,274 2.2       34     71       3,579   100%
Copper Indicated 507 1.9       36     10       587   100%
  M&I 3,781 2.1       34     81       4,133   100%
  Inferred 261 1.7       27     4       227   100%
          Lundin Mining's share   13,980 6,328 1,698 19,877 350,032 72  
Note:  totals may not summate correctly due to rounding   (not including Inferred Resources)                

1 All estimates, with the exception of Josemaria and Suruca, are effective as at December 31, 2022. The Josemaria Mineral Resource estimates are effective as at July 10, 2020, and the Mineral Reserves estimates are effective as at September 28, 2020. The Suruca Mineral Resource and Mineral Reserve estimates are effective as at June 30, 2019.

Lundin Mining Mineral Reserve Estimates - December 31, 20221

      Grade   Contained Metal  
Site Category 000's
Tonnes
Cu
%
Zn
%
Pb
%
Au
g/t
Ag
g/t
Ni
%
  Cu
kt
Zn
kt
Pb
kt
Au
Koz
Ag
Koz
Ni
kt
Lundin Mining
Interest
Candelaria Proven 338,085 0.45     0.11 1.49     1,527     1,163 16,245   80%
Open Pit Probable 23,576 0.29     0.08 1.08     69     60 819   80%
  Total 361,661 0.44     0.11 1.47     1,596     1,223 17,064   80%
Candelaria Proven 31,745 0.39     0.08 0.35     125     86 358   80%
La Espanola Probable 35,629 0.39     0.08 0.39     138     93 441   80%
  Total 67,374 0.39     0.08 0.37     263     179 799   80%
Candelaria Proven 55,163 0.82     0.18 3.29     452     327 5,828   80%
Underground Probable 76,330 0.76     0.17 3.14     579     424 7,703   80%
  Total 131,492 0.78     0.18 3.20     1,032     751 13,531   80%
Candelaria Proven 77,830 0.28     0.09 1.47     220     214 3,686   80%
Stockpile Probable                             80%
  Total 77,830 0.28     0.09 1.47     220     214 3,686   80%
Ojos del Salado Proven 9,755 0.88     0.21 2.05     86     65 644   80%
Underground Probable 7,039 0.89     0.20 2.05     63     46 463   80%
  Total 16,795 0.88     0.21 2.05     148     111 1,107   80%
Ojos del Salado Proven 146 1.06     0.23 2.47     2     1 12   80%
Stockpile Probable                             80%
  Total 146 1.06     0.23 2.47     2     1 12   80%
Chapada Proven 360,865 0.25     0.14       906     1,606     100%
Open Pit Probable 165,614 0.23     0.11       378     587     100%
  Total 526,479 0.24     0.13       1,284     2,192     100%
Chapada Proven 129,220 0.18     0.11       234     460     100%
Stockpile Probable                             100%
  Total 129,220 0.18     0.11       234     460     100%
Chapada Proven 11,454       0.42             154     100%
Suruca Gold Probable 53,741       0.53             908     100%
  Total 65,195       0.51             1,062     100%
Eagle Proven 303 1.54     0.13 9.62 1.89   5     1 94 6 100%
  Probable 3,127 1.25     0.13 5.14 1.62   39     13 517 51 100%
  Total 3,430 1.28     0.13 5.54 1.64   44     14 610 56 100%
Josemaria Proven 196,774 0.43     0.34 1.33     837     2,143 8,430   100%
  Probable 815,051 0.27     0.19 0.85     2,205     4,872 22,285   100%
  Total 1,011,825 0.30     0.22 0.94     3,041     7,015 30,715   100%
Neves-Corvo Proven 3,095 3.2 0.6 0.2   33     99 19 5   3,254   100%
Copper Probable 18,112 1.9 0.6 0.2   33     339 117 42   19,390   100%
  Total 21,207 2.1 0.6 0.2   33     438 135 47   22,644   100%
Neves-Corvo Proven 3,369 0.3 8.1 2.1   69     11 274 72   7,518   100%
Zinc and Lead Probable 18,930 0.3 7.4 1.6   62     62 1393 311   37,603   100%
  Total 22,299 0.3 7.5 1.7   63     73 1667 383   45,121   100%
Zinkgruvan Proven 3,657   7.9 3.4   73       289 124   8,611   100%
Zinc and Lead Probable 5,646   8.0 3.2   66       450 182   11,986   100%
  Total 9,304   7.9 3.3   69       739 306   20,596   100%
Zinkgruvan Proven 1,605 2.2       33     35       1,721   100%
Copper Probable 78 2.2       39     2       97   100%
  Total 1,683 2.2       34     37       1,818   100%
Note:  totals may not summate correctly due to rounding     Lundin Mining's share   7,760 2,541 736 12,727 150,464 56  

1 All estimates, with the exception of Josemaria and Suruca, are effective as at December 31, 2022. The Josemaria Mineral Resource estimates are effective as at July 10, 2020, and the Mineral Reserves estimates are effective as at September 28, 2020. The Suruca Mineral Resource and Mineral Reserve estimates are effective as at June 30, 2019.

Notes on Mineral Resource and Mineral Reserve Tables

Mineral Resource and Mineral Reserve estimates are shown on a 100% basis and Lundin Mining’s share is reported reflecting 80% ownership of Candelaria. 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 Suruca are effective as at December 31, 2022. 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 Suruca Mineral Resource and Mineral Reserves estimates are effective as at June 30, 2019.

Reference herein to $ or USD is to United States dollars, CLP is to Chilean pesos, BRL is to Brazilian reais, EUR refers to euros, and SEK is to Swedish kronor. Mineral Reserves for all active mines have been estimated using metal prices of $3.35/lb copper, $1.15/lb zinc, $0.90/lb lead, $7.50/lb nickel and $1,600/oz gold. Exchange rates used were EUR/USD 1.25, USD/SEK 7.50, USD/CLP 700 and USD/BRL 5.00 for Mineral Reserve and Mineral Resource estimates. For the Suruca gold deposit Mineral Reserve, the metal prices used were $3.00/lb copper and $1,250/oz gold and an exchange rate of USD/BRL 3.95. For the Josemaria Mineral Reserve, the metal prices used were $3.00/lb copper, $1,500/oz gold and $18.00/oz silver.

For a better understanding of each of the Company’s projects, readers are strongly encouraged to read the technical reports and other public disclosure of the Company, including all qualifications, assumptions, exclusions and risks that relate to the Mineral Resource and Mineral Reserves. The technical reports are intended to be read as a whole, and sections should not be read or relied upon out of context.

Unless noted, otherwise, the Mineral Resource and Mineral Reserve estimates were prepared under the supervision of and verified by Cole Mooney, P.Geo., Director, Resource Geology, and Arkadius Tarigan, P.Eng., Director, Reserves and Mine Planning, respectively for all sites below. They have also reviewed, verified and approved the technical and scientific information in this news release. No limitations were imposed on their verification process. Both Messrs. Mooney and Tarigan are Qualified Persons 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 based on metal prices of $4.02/lb copper and $1,600/oz gold with cut-off grades of 0.15% and 0.17% copper, respectively. Underground Mineral Resources are estimated at cut-off grades of 0.40% and 0.45% copper for Candelaria underground and Ojos del Salado, respectively. Mineral Reserves for the Candelaria open pit, Española open pit and underground for the Candelaria property are estimated at cut-off grades of 0.15%, 0.17% and 0.44% copper, respectively. Underground Mineral Reserves for the Santos mine at Ojos del Salado is estimated at a cut-off grade of 0.51% copper. Jose Bello Soto, Chief Geological and Resources Modeling, a Registered Member of Chilean Mining Commission, employed by the Candelaria Copper Mining Complex, reviewed and verified the Mineral Resource estimates for Candelaria and Ojos del Salado mines. Mr. Bello is a Qualified Person as defined under NI 43-101.

A technical report for Candelaria, prepared in accordance with NI 43-101, will be filed under the Company’s profile on SEDAR at www.sedar.com/" target="_blank">www.sedar.com within 45 days of this news release.

Chapada

The Chapada and Suruca copper-gold Mineral Resource estimates are reported within a conceptual pit shell based on metal prices of $4.02/lb copper and $1,800/oz gold and at open pit discard NSR cut-off grade of $4.72/t. For the Suruca gold only Mineral Resource estimates, cut-off grades of 0.16 g/t gold for oxides and 0.23 g/t for sulphides were used. Mineral Reserves for the Chapada open pit are estimated at metal prices of $3.35/lb copper and $1,600/oz gold and at open pit discard NSR cut-off grade of $4.72/t. For the Suruca gold only Mineral Reserve estimates cut-off grades of 0.19 g/t gold for oxides and 0.30 g/t for sulphides are used. Arthur Oppitz, FAusIMM, Principal Mining Engineer, Lundin Mining, reviewed and verified the Mineral Reserve estimates for Chapada mine. Mr. Oppitz is Qualified Person as defined under NI 43-101.

For further information, refer to the Technical Report entitled Technical Report on the Chapada Mine, Goiás State, Brazil, dated October 10, 2019 which is available on Lundin Mining’s SEDAR profile at www.sedar.com.

Eagle

The Eagle Mineral Resource and Mineral Reserve estimates are reported using NSR cut-offs of $138/t, $140/t and $156/t for Eagle, Upper Keel and Eagle East zones, respectively. The NSR is calculated on a recovered payable basis considering nickel, copper, cobalt, gold and PGM grades, metallurgical recoveries, prices and realization costs. The Eagle East Mineral Resources are estimated using metal prices for Eagle and Eagle East: $9.00/lb Ni, $4.02/lb Cu. The same metal prices used for Upper Keel except for nickel at $9.60/lb.

A technical report for Eagle, prepared in accordance with NI 43-101, will be filed under the Company’s profile on SEDAR at www.sedar.com within 45 days of this news release.

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 cut-off NSR values ranging from $5.16/t to $5.22/t, based on metallurgical unit. Mr. Dustin Smiley, P.Eng., Manager, Mine Engineering and Costing, Lundin Mining reviewed and verified the Mineral Reserves estimates for Josemaria project.

For further information, 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.sedar.com.

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 copper and zinc Mineral Reserve estimates have been calculated using variable NSR values ranging from EUR 44/t to EUR 60/t based on 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. Sandra Santos, CEng MIMMM, Geological Engineer at Neves-Corvo, reviewed and verified the Mineral Resource estimates for the Neves-Corvo mine. Ms. Santos is Qualified Person as defined under NI 43-101.

The Mineral Resources at Semblana are estimated above a cut-off grade of 1.0% copper.

A technical report for Neves-Corvo, prepared in accordance with NI 43-101, will be filed under the Company’s profile on SEDAR at www.sedar.com within 45 days of this news release.

Saúva

The Saúva open pit Mineral Resource estimates are reported within a conceptual pit shell based on metal prices of $4.02/lb copper and $1,800/oz gold with a cut-off grade of 0.16% copper equivalent. Copper equivalency is based on metallurgical recoveries of 79% for copper and 68% for gold.

Zinkgruvan

The zinc Mineral Resources are estimated within optimized stope volumes, using a 3.5 m minimum mining width, based on an area dependent marginal NSR cut-off between SEK 515/t and SEK 710/t. The copper Mineral Resource estimates are reported within optimized stope volumes above a cut-off NSR values ranging from SEK 580/t to SEK 600/t. The zinc and copper Mineral Reserves are estimated at NSR cut-off values ranging from SEK 750/t to SEK 950/t NSR. The NSR is calculated on a recovered payable basis considering copper, lead, zinc and silver grades, metallurgical recoveries, prices and realization costs.