Reserves and Resources

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Lundin Mining Mineral Resource Estimates - Inclusive of Mineral Reserves - June 30, 2021

                    Contained Metal
  Category 000's
Tonnes
Cu
%
Zn
%
Pb
%
Au
g/t
Ag
g/t
Ni
%
  Cu
kt
Zn
kt
Pb
kt
Au
Moz
Ag
Moz
Ni
kt
Lundin Mining
Interest
Copper                                
Candelaria Measured 479,622 0.45     0.10 1.59     2,158     1.5 25   80%
Open Pit Measured (Stockpile) 83,695 0.31     0.08 1.32     259     0.2 4   80%
  Indicated 35,308 0.28     0.07 1.06     99     0.1 1   80%
  Inferred 6,237 0.21     0.04 0.63     13     - -   80%
Candelaria Measured 35,695 0.41     0.09 0.37     147     0.1 -   80%
La Espanola Indicated 39,697 0.39     0.08 0.39     155     0.1 -   80%
  Inferred 17,208 0.38     0.08 0.35     66     - -   80%
Candelaria Measured 274,950 0.94     0.21 3.09     2,577     1.9 27   80%
Underground Measured (Stockpile) 41 0.94     0.23 2.20     -     - -   80%
  Indicated 295,536 0.83     0.18 2.75     2,458     1.7 26   80%
  Inferred 75,584 0.87     0.19 2.83     660     0.5 7   80%
Chapada Measured 456,262 0.25     0.15       1,152     2.2     100%
Copper Indicated (Stockpile) 116,234 0.19     0.13       221     0.5     100%
  Indicated 502,513 0.23     0.13       1,134     2.1     100%
  Inferred 209,102 0.23     0.08       473     0.5     100%
Chapada Measured 12,737       0.42             0.2     100%
Suruca Gold Indicated 134,780       0.54             2.3     100%
  Inferred 12,565       0.48             0.2     100%
Neves-Corvo Measured 8,985 3.6 0.8 0.3   44     321 75 26   13   100%
  Indicated 51,023 2.1 0.8 0.3   44     1,048 427 176   71   100%
  Inferred 12,681 1.8 0.8 0.3   34     231 99 36   14   100%
Semblana Inferred 7,807 2.9       25     223       6   100%
Zinkgruvan Measured 3,526 2.2 0.3     35     77 10     4   100%
  Indicated 486 2.0 0.6     36     9 3     1   100%
  Inferred 217 1.7 0.6     27     4 1     -   100%
Zinc                                
Neves-Corvo Measured 10,609 0.3 7.8 1.8   66     35 830 188   23   100%
  Indicated 57,742 0.3 6.7 1.4   61     196 3,872 795   113   100%
  Inferred 4,071 0.4 5.7 1.6   64     15 230 65   8   100%
Zinkgruvan Measured 5,770   7.5 3.3   72       430 190   13   100%
  Indicated 14,568   8.3 4.3   76       1,214 622   36   100%
  Inferred 14,194   8.0 3.5   81       1,136 499   37   100%
Nickel                                
Eagle Measured 508 1.9     0.2   2.3   9         12 100%
  Indicated 399 1.6     0.1   2.1   6         9 100%
  Indicated Eagle East 2,148 2.5     0.3 10 2.9   53     - 1 63 100%
  Inferred 18 1.0     0.1   1.0   -     - - - 100%
          Lundin Mining's share   10,545 6,861 1,997 11.8 340 83  
Note: totals may not summate
correctly due to rounding
        not including Inferred Resources                

Lundin Mining Mineral Reserve Estimates - June 30, 2021

  Category 000's
Tonnes
Cu
%
Zn
%
Pb
%
Au
g/t
Ag
g/t
Ni
%
  Cu
kt
Zn
kt
Pb
kt
Au
Moz
Ag
Moz
Ni
kt
Lundin Mining
Interest
Copper                                
Candelaria Proven 347,365 0.47     0.11 1.61     1,646     1.3 18   80%
Open Pit Proven (Stockpile) 83,695 0.31     0.09 1.33     262     0.2 4   80%
  Probable 22,342 0.33     0.07 0.76     74     0.1 1   80%
  Total 453,401 0.44     0.11 1.52     1,981     1.5 22   80%
Candelaria Proven 32,702 0.42     0.09 0.38     136     0.1 -   80%
La Espanola Probable 25,297 0.40     0.09 0.39     102     0.1 -   80%
  Total 58,000 0.41     0.09 0.38     238     0.2 1   80%
Candelaria Proven 77,126 0.87     0.20 3.19     673     0.5 8   80%
Underground Proven (Stockpile) 41 0.95     0.24 2.20     -     - -   80%
  Probable 87,006 0.79     0.18 2.92     691     0.5 8   80%
  Total 164,173 0.83     0.19 3.04     1,364     1.0 16   80%
Chapada Proven 385,541 0.24     0.15       931     1.9     100%
Copper Probable (Stockpile) 115,281 0.19     0.13       220     0.5     100%
  Probable 254,047 0.22     0.12       559     1.0     100%
  Total 754,870 0.23     0.14       1,710     3.3     100%
Chapada Proven 11,454       0.42             0.2     100%
Suruca Gold Probable 53,741       0.53             0.9     100%
  Total 65,195       0.51             1.1     100%
Neves-Corvo Proven 4,382 3.2 0.6 0.2   34     141 25 7   5   100%
  Probable 20,708 1.9 0.6 0.2   31     395 122 44   20   100%
  Total 25,090 2.1 0.6 0.2   31     537 147 51   25   100%
Zinkgruvan Proven 2,024 2.1       32     42       2   100%
  Probable 191 2.0       35     4 -     -   100%
  Total 2,214 2.0       32     45       2   100%
Zinc                                
Neves-Corvo Proven 3,801 0.3 8.1 2.1   69     12 309 81   8   100%
  Probable 20,974 0.3 7.4 1.8   62     68 1,548 373   42   100%
  Total 24,774 0.3 7.5 1.8   63     80 1,858 454   50   100%
Zinkgruvan Proven 3,051   7.6 3.3   80       231 102   8   100%
  Probable 7,219   8.0 4.2   88       576 306   20   100%
  Total 10,270   7.9 4.0   86       808 408   28   100%
Nickel                                
Eagle Proven 469 1.6     0.1   2.0   8     -   9 100%
  Probable 377 1.2     0.1   1.7   5     -   6 100%
  Probable Eagle East 2,434 2.1     0.2 8 2.5   51     - 0.7 61 100%
  Total 3,280 1.9     0.2 6 2.4   64     - 0.7 77 100%
Note: totals may not summate
correctly due to rounding
        Lundin Mining's share   5,302 2,813 913 6.6 138 77  

Notes on Mineral Resource and Mineral Reserve Tables

Mineral Resources and Mineral Reserve estimates are shown on a 100% basis for each mine. The Measured and Indicated Mineral Resource estimates are inclusive of those Mineral Resource estimates modified to produce the Mineral Reserve estimates. All estimates are prepared as at June 30, 2021.

Estimates for all operations are prepared by or under the supervision of and verified by a Qualified Person as defined in NI 43-101 or have been audited and verified by independent Qualified Persons on behalf of Lundin Mining. The technical and scientific information in this news release has been prepared in accordance with NI 43-101 and has been reviewed and verified by Graham Greenway, P.Geo, Group Resource Geologist, Lundin Mining, who is a "Qualified Person” under NI 43-101.

Reference herein of $ 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 $3.00/lb copper, $1.00/lb zinc, $0.95/lb lead, $6.50/lb nickel and $1,500/oz gold. Exchange rates used were EUR/USD 1.25, USD/SEK 7.50, USD/CLP 620 and USD/BRL 4.25 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.



Candelaria and Ojos

Candelaria and La Española open pit Mineral Resource estimates are reported within a conceptual pit shell based on metal prices of $3.45/lb copper and $1,500/oz gold with cut-off grades of 0.15% and 0.17% copper, respectively. Underground Mineral Resources are estimated at a cut-off grade of 0.45% copper within confining grades shells of 0.40% copper. Mineral Reserves for the Candelaria open pit, Española open pit and underground for the Candelaria property are estimated at cut-off grades of 0.16%, 0.19% and 0.50% copper, respectively. Underground Mineral Reserves for the Ojos del Salado property, Santos and Alcaparrosa mines, are estimated at cut-off grades of 0.55% copper and 0.60% copper respectively. Patricio Calderón, Consultant Geologist, Patricio Oyarce, Senior Engineer Technical Services Open Pit and Cristian Erazo, Deputy Manager Technical Services Candelaria Underground, each of whom is a Registered Member, Chilean Mining Commission, employed by the Candelaria Mining Complex and is a Qualified Person as defined under NI 43-101, supervised the preparation of and verified the Mineral Resource estimate, open pit Mineral Reserve and underground Mineral Reserve estimates, respectively.

For further information, refer to the Technical Report entitled Technical Report for the Candelaria Copper Mining Complex, Atacama Province, Region III, Chile dated November 28, 2018.

 

Chapada

The Chapada and Suruca SW copper-gold Mineral Resource estimates are reported within a conceptual pit shell based on metal prices of $3.45/lb copper and $1,725/oz gold and at a variable NSR marginal cut-off averaging $5.15 per tonne. 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 a NSR cut-off of $5.15 per tonne. 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. Renan Garcia Lopes, Geology and Mineral Resources Coordinator, Registered Member of Australasian Institute of Mining and Metallurgy – MAusIMM CP(Geo), employed by Chapada, prepared the Chapada and Suruca Mineral Resource estimates and Jean-Francois St-Onge, PEO and OIQ, Director Technical Services, Lundin Mining, reviewed and verified the Mineral Reserve. Both Messrs. Lopes and St-Onge are Qualified Persons 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.


Neves-Corvo and Semblana

The copper Mineral Resources are reported within geological volumes based on a nominal NSR copper cut-off value of EUR 32.85/t (grade equivalent to 1.0% copper), and the zinc Mineral Resources are reported within geological volumes based on a nominal NSR zinc cut-off value of EUR 30.55/t (grade equivalent to 4.5% zinc). The copper and zinc Mineral Reserve estimates have been calculated using variable NSR values based on area and mining method.  The NSR is calculated on a recovered payable basis considering copper, lead, zinc and silver grades, metallurgical recoveries, prices and realization costs. The copper Mineral Reserves are estimated above a site average cut‐off of EUR 44.4/t (grade equivalent to 1.41% copper). For zinc Mineral Reserve estimates a site average cut‐off of EUR 45.4/t (grade equivalent to 5.40% zinc) is used.  Mineral Reserves and Mineral Resources for Neves-Corvo were estimated by the mine geology and mine engineering departments at Neves-Corvo under the guidance of Sandra Santos, CEng MIMMM, Geological Engineer, and Sofia Pinto, Chief Mine Planning Engineer, each of whom is employed by the Neves-Corvo mine. Sandra Santos, prepared the Neves-Corvo Mineral Resource estimate and Jean-Francois St-Onge, PEO and OIQ, Director Technical Services, Lundin Mining, reviewed and verified the Mineral Reserve estimate. Both Ms. Santos and Mr. St-Onge are Qualified Persons as defined under NI 43-101.

The Mineral Resources at Semblana are estimated above a cut-off grade of 1.0% copper. The Mineral Resource estimate contained in this news release was prepared by Graham Greenway, P.Geo, Group Resource Geologist, Lundin Mining, who is a Qualified Person as defined under NI 43-101. 

For further information, refer to the Technical Report entitled NI 43-101 Technical Report for the Neves-Corvo, Portugal dated June 23, 2017.

 

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 475/t and SEK 540/t.  The copper Mineral Resource estimates are reported within optimized stope volumes above a cut-off NSR values of SEK 475/t. The zinc and copper Mineral Reserves are estimated above area-dependent full-cost breakeven NSR cut-off values of between SEK 665/t and SEK 845/t NSR.  The NSR is calculated on a recovered payable basis considering copper, lead, zinc and silver grades, metallurgical recoveries, prices and realization costs.  The Zinkgruvan Mineral Resource and Mineral Reserve estimates are prepared by the mine’s geology and mine engineering department under the supervision of Anja Hagerud, Chief Geologist and Exploration Manager, and Nigel Clark, Section Manager Technical Services, both employed by Zinkgruvan mine.  The estimates were reviewed and verified by Graham Greenway, P.Geo, and David Allison, Group Mining Engineer, CEng MIMMM, Lundin Mining.  Both Messrs. Greenway and Allison are Qualified Persons as defined under NI 43-101.

For further information, refer to the Technical Report entitled NI 43-101 Technical Report for the Zinkgruvan Mine, Central Sweden dated November 30, 2017

 

Eagle and Eagle East

The Eagle Mineral Resources and Reserves are reported above a fixed NSR cut-off of $123/t for long-hole stope and sills. The Eagle East Mineral Resources are reported within constraining grade shells based on a fixed NSR cut-off of $142/t and the Mineral Reserves are reported above $142/t for long-hole stopes and $152/t for cut-and-fill stopes. 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 Mineral Resource and Reserve estimates are prepared by the mine’s geology and mine engineering department under the guidance of Lars Olaussen, Technical Services Principal and Josh Lam, P.Eng, Mine Superintendent, both of whom are employees of Eagle Mine. The Eagle East Mineral Resource estimate was prepared by Graham Greenway, P.Geo, Group Resource Geologist, Lundin Mining, who also reviewed and verified the Eagle Mineral Resource estimate. Josh Lam, P.Eng, reviewed and verified the Eagle and Eagle East Mineral Reserve estimates. Messrs. Greenway and Lam are Qualified Persons as defined under NI 43-101.

For further information, refer to the Technical Report entitled Technical Report on the Eagle Mine, Michigan, U.S.A. dated April 26, 2017.