Lundin Mining Announces 2019 Mineral Resource and Reserve Estimates
NEWS RELEASE
Lundin Mining Announces 2019 Mineral Resource and Reserve Estimates
Toronto, September 5, 2019 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) today reported its Mineral Resource and Reserve estimates as at
June 30, 2019.
On a consolidated and attributable basis, estimated contained metal in the Proven and Probable Mineral
Reserve categories totalled 5, 507 kt of copper, 3,231 kt of zinc , 108 kt of nickel , 977 kt of lead
and 6.8 Moz of gold.
Commenting on the June 2019 Mineral Resource and Reserve estimates, Marie Inkster, President and CEO
said, “Our exploration teams continue to deliver considerable value as is demonstrated by meaningful
increases in the Mineral Resources and Reserves with this update. The acquisition of Chapada coupled
with ongoing exploration success, particularly at Candelaria, has increased our total contained copper
metal in Mineral Reserves by over 1,800 kt or 50% from our June 2018 estimates.
Increases in Mineral Reserves in the Candelaria underground mines and Española open pit will underpin
improvements to the copper production profile and support ongoing underground expansion studies. At
Chapada, increased Mineral Reserves in the Sucupira and Baru NE deposits further our belief that the area
has significant exploration potential which will support mine expansion studies.
Delineation and extension drilling ha ve been highly successful at Eagle East . This has resulted in an
additional year of mine life at Eagle . At Zinkgruvan, exploration success in Dalby has resulted in a
significant increase in the Indicated and Inferred Mineral Resource estimates , supporting mining studies
currently underway.”
2019 Mineral Resources and Reserves Highlights
• Total estimated Candelaria Measured and Indicated Mineral Resources have increased by approximately
5% to 998.6 Mt at 0.65% copper (from 952.5 Mt at 0.65% copper reported as of June 30, 2018). This
increase reflects the continued success of the exploration campaigns in the underground mines and the
delineation drilling of the Española surface deposit which now contains an estimated Measured and
Indicated Mineral Resource of 73.1 Mt at 0.40% copper.
• Total estimated Candelaria Proven and Probable Mineral Reserves have also increased by approximately
5% to 663.7 Mt at 0.54% copper (from 634.0 Mt at 0.54% copper reported as of June 30, 2018).
• Total estimated Candelaria open pit Proven and Probable Mineral Reserves, excluding stockpiles, have
increased modestly and are now 386.8 Mt at 0.49% copper (from 383.7 Mt at 0.49% copper reported as
of June 30, 2018) reflecting additional drill information and revised pushback plans, offset by 12 months
of mining depletion.
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• Proven and Probable Mineral Reserves on the Española deposit have increased by 76% to 55.8 Mt at
0.41% copper (from 31.7 Mt at 0.42% copper reported as of June 30, 2018) as a result of delineation
drilling. Subject to permitting, surface waste stripping on Española is targeted to commence in 2024 with
ore forecast to be delivered to the plant in 2026.
• Total estimated Candelaria Underground Proven and Probable Mineral Reserves now stand at 148.2 Mt
at 0.85% copper. This is an increase of approximately 11% or 14.2 Mt over last year’s estimate reflecting
continued exploration success, particularly in the Candelaria North Sector. Future expansion studies for
the combined Candelaria underground mine sectors are underway.
• Total Chapada copper-gold Measured and Indicated Mineral Resources, inclusive of Mineral Reserves,
are estimated at 1,090.8 Mt at 0.24% copper and 0.15g/t gold. An updated Technical Report on Chapada
is expected to be published in early October 2019.
• Total Chapada Proven and Probable Mineral Reserves are estimated at 738.8 Mt at 0.24% copper and
0.15g/t gold. New Mineral Reserves, derived from ongoing exploration drilling, have been added in both
the Sucupira and Baru NE deposits resulting in an increase over those Mineral Reserves estimated at
December 2018.
• The total combined estimated Eagle and Eagle East Proven and Probable Mineral Reserves remain
virtually unchanged from last year at 4.1 Mt at 2.6% nickel and 2.2% copper with mining depletion at
Eagle offset by significant discovery from infill and extension drilling at Eagle East. The Eagle East
Probable Mineral Reserve estimate has increased to 2.3 Mt at 3.2% nickel and 2.6% copper. The Eagle
mine life is now extended to at least 2025.
• Estimated copper and zinc Measured and Indicated Mineral Resources at Neves -Corvo are 61.7 Mt at
2.3% copper and 71.4 Mt at 6.9% zinc respectively. Copper Mineral Resources are broadly unchanged
from those estimated at June 30, 201 8 whereas the zinc Mineral Resources have decreased with the
adoption of a higher zinc cut-off grade. Please see the “Notes on Mineral Resource and Reserve Tables”
in this news release.
• Copper Proven and Probable Mineral Reserve estimates at Neves-Corvo decreased slightly to 27.9 Mt at
2.2% copper from last year’s 30.3 Mt at 2.3% copper largely as a result of mining depletion. Zinc Proven
and Probable Mineral Reserve estimates have remained largely unchanged from last year at 29.7 Mt at
7.5% zinc with infill drilling offsetting mining depletion.
• At Zinkgruvan, continued drilling in the Dalby area has generated additional Indicated and Inferred
Mineral Resources. Total estimated zinc Measured and Indicated Mineral Resources now stand at
20.2 Mt at 8.1% zinc and 3.3% lead and Inferred Mineral Resources at 19.8 M t at 7.0% zinc and 3.3%
lead. Exploration drilling from surface and infill from underground continues on Dalby with conceptual
feasibility and mine design work ongoing.
• Zinkgruvan estimated zinc Proven and Probable Mineral Reserves have increased to 10.8 Mt at 7.4% zinc
and 3.4% lead while estimated copper Proven and Probable Mineral Reserves are now 2.7 Mt at
2.0% copper.
The table attached to this news release summarizes the Mineral Resource and Mineral Reserve estimates for
each of the Company’s mines as of June 30, 2019.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile,
Portugal, Sweden and the United States of America, primarily producing copper, nickel and zinc. In
addition, Lundin Mining holds an indirect 24% equity sta ke in the Freeport Cobalt Oy business, which
includes a cobalt refinery located in Kokkola, Finland.
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 September 5, 2019 at 4:30 pm Eastern Time.
For further information, please contact:
Mark Turner, Director, Business Valuations and Investor Relations: +1 416 342 5565
Brandon Throop, Manager, Investor Relations: +1 416 342 5583
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein is “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, 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; and the Company’s integration of acquisitions (such as the Chapada mine) and any anticipated benefits thereof. 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 statements.
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, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; 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, these statements
are 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 statements and undue reliance should not be placed on such
statements and information. Such factors include, but are not limited to: risks inherent in and/or associated with operating in foreign countries;
uncertain political and economic environments; community activism, shareholder activism and risks related to negative publicity with respect to
the Company or the mining industry in general; changes in laws, regulations or policies including but not limited to those related to permitting
and approvals, environmental and tailings management, labour, trade relations, and transportation; delays or the inability to obtain necessary
governmental approvals and/or permits; regulatory investigations, enforcement, sanctions and/or related or other litigation; risks associated with
business arrangements and partners over which the Company does not have full control; risks associated with acquisitions and related integration
efforts (including with respect to the Chapada mine), including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures
relating to integration and diversion of management time on integration; competition; development or mining results not being consistent with
the Company’s expectations; estimates of future production and operations; operating, cash and all-in sustaining cost estimates; allocation of
resources and capital; litigation; uninsurable risks; volatility and fluctuations in metal and commodity prices; the estimation of asset carrying
values; funding requirements and availability of financing; indebtedness; foreign currency fluctuations; interest rate volatility; changes in the
Company’s share price, and equity markets, in general; changing taxation regimes; counterparty and credit risks; health and safety risks; risks
related to the environmental impact of the Company’s operations and products and management thereof; unavailable or inaccessible
infrastructure and risks related to ageing infrastructure; risks inherent in mining including but not limited to risks to the environment, industrial
accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions; actual ore mined varying
from estimates of grade, tonnage, dilution and metallurgical and other characteristics; ore processing efficiency; risks relating to attracting and
retaining of highly skilled employees; ability to retain key personnel; the potential for and effects of labour disputes or other unanticipated
difficulties with or shortages of labour or interruptions in production; the price and availability of energy and key operating supplies or services;
the inherent uncertainty of exploration and development, and the potential for unexpected costs and expenses including, without limitation, for
mine closure and reclamation at current and historical operations; risks associated with the estimation of Mineral Resources and Mineral Reserves
and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal
recoveries varying from Mineral Resource and Mineral Reserve estimates; mine plans, and life of mine estimates; the possibility that future
exploration, development or mining results will not be consistent with expectations; natural phenomena such as earthquakes, flooding, and
unusually severe weather; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or
the allegation of improper or discriminatory employment practices, or human rights violations; security at the Company’s operations; breach or
compromise of key information technology systems; materially increased or unanticipated reclamation obligations; risks related to mine closure
activities; risks related to closed and historical sites; title risk and the potential of undetected encumbrances; risks associated with the structural
stability of waste rock dumps or tailings storage facilities; and other risks and uncertainties, including but not limited to those described in the
“Risk and Uncertainties” section of the Annual Information Form for the year ended December 31, 2018 and the “Managing Risks” section of the
Company’s MD&A for the year ended December 31, 2018, which are available on SEDAR at www.sedar.com under the Company’s profile.
All of the forward-looking statements made 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, forecast 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.
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 dis closed or
referenced in this news release have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators (“NI 43 -101”), classified in accordance with Canadian Institute of Mining Metallurgy and
Petroleum’s “Definition Standards for Mineral Resources and Reserves” (the “CIM Standards”). The definitions of Mineral Reserves and Mineral
Resources are set out in our disclosure of our Mineral Reserve and Mineral Resource estimates in our most recently Annual Inf ormation Form
available under the Company’s profile on www.sedar.com. Mineral Resources that are not Mineral Reserves do not have demonstrated economic
viability.
Mineral Resource Estimates – June 30, 2019
Mineral Resources - inclusive of Mineral Reserves
Category 000's Cu Zn Pb Au Ag Ni Cu Zn Pb Au Ag Ni Lundin Mining
Tonnes % % % g/t g/t % kt kt kt Moz Moz kt Interest
Copper
Candelaria Measured 444,447 0.5 0.1 2 2,091 1.6 23 80%
Open Pit Measured (Stockpile) 72,888 0.3 0.1 1 234 0.2 3 80%
Indicated 35,722 0.3 0.1 1 121 0.1 2 80%
Inferred 5,274 0.2 0.1 1 13 - - 80%
Candelaria Measured 35,474 0.4 0.1 0 147 0.1 - 80%
La Espanola Indicated 37,598 0.4 0.1 0 148 0.1 - 80%
Inferred 15,985 0.4 0.1 0 63 - - 80%
Candelaria Measured 212,709 1.1 0.2 3 2,236 1.7 24 80%
Underground Measured (Stockpile) 34 1.0 0.2 2 - - - 80%
Indicated 159,762 1.0 0.2 3 1,519 1.1 14 80%
Inferred 46,096 1.0 0.2 2 458 0.3 4 80%
Chapada Measured 328,948 0.25 0.16 807 1.6 - 100%
Copper Measured (Stockpile) 107,488 0.22 0.16 234 0.5 - 100%
Indicated 654,393 0.24 0.15 1,549 3.1 - 100%
Inferred 162,769 0.22 0.08 360 0.4 - 100%
Chapada Measured 12,737 0.4 0.2 - 100%
Suruca Gold Indicated 134,780 0.5 2.3 - 100%
Inferred 12,565 0.5 0.2 - 100%
Neves-Corvo Measured 9,879 3.6 0.9 0.2 44 359 90 24 14 100%
Indicated 51,820 2.1 0.8 0.3 43 1,067 439 164 72 100%
Inferred 12,945 1.8 0.8 0.3 35 229 106 36 14 100%
Semblana Inferred 7,807 2.9 25 223 6 100%
Zinkgruvan Measured 4,201 2.3 0.3 35 97 13 5 100%
Indicated 431 2.0 0.9 39 9 4 1 100%
Inferred 293 2.1 0.3 31 6 1 - 100%
Zinc
Neves-Corvo Measured 10,937 0.3 8.0 1.8 69 34 879 195 24 100%
Indicated 60,507 0.3 6.7 1.4 60 208 4,079 838 117 100%
Inferred 3,828 0.3 5.8 1.5 62 13 223 56 8 100%
Zinkgruvan Measured 7,001 8.1 3.2 82 567 226 18 100%
Indicated 13,274 8.0 3.4 78 1,066 447 33 100%
Inferred 19,785 7.0 3.3 82 1,381 646 52 100%
Nickel
Eagle Measured 1,420 2.2 0.3 2.5 32 35 100%
Indicated 737 1.7 0.2 2.2 12 16 100%
Indicated Eagle East 1,865 3.5 0.4 13 4.3 65 - 1 81 100%
Inferred 27 0.9 0.1 1.0 - - - 100%
Inferred Eagle East 522 1.6 0.1 6 2.3 8 - - 12 100%
9,670 7,137 1,894 11.6 337 132
Note: totals may not summate correctly due to rounding not including Inferred Resources
Lundin Mining's share
Contained Metal
Mineral Reserve Estimates – June 30, 2019
Mineral Reserves
Category 000's Cu Zn Pb Au Ag Ni Cu Zn Pb Au Ag Ni Lundin Mining
Tonnes % % % g/t g/t % kt kt kt Moz Moz kt Interest
Copper
Candelaria Proven 365,434 0.5 0.1 2 1,816 1.4 19 80%
Open Pit Proven (Stockpile) 72,888 0.3 0.1 1 234 0.2 3 80%
Probable 21,318 0.3 0.1 1 67 0.1 1 80%
Total 459,639 0.5 0.1 2 2,116 1.6 23 80%
Candelaria Proven 32,308 0.4 0.1 0 135 0.1 - 80%
La Espanola Probable 23,511 0.4 0.1 0 95 0.1 - 80%
Total 55,818 0.4 0.1 0 230 0.2 1 80%
Candelaria Proven 80,021 0.9 0.2 3 713 0.5 8 80%
Underground Proven (Stockpile) 34 1.0 0.2 2 - - - 80%
Probable 68,184 0.8 0.2 3 545 0.4 6 80%
Total 148,239 0.8 0.2 3 1,257 0.9 14 80%
Chapada Proven 292,446 0.2 0.2 706 1.5 100%
Copper Proven (Stockpile) 107,488 0.2 0.2 234 0.5 - 100%
Probable 338,855 0.2 0.1 817 1.5 100%
Total 738,789 0.2 0.1 1,757 3.5 100%
Chapada Proven 11,454 0.4 0.2 100%
Suruca Gold Probable 53,741 0.5 0.9 100%
Total 65,195 0.5 1.1 100%
Neves-Corvo Proven 4,592 3.6 0.9 0.2 36 164 40 10 5 100%
Probable 23,325 2.0 0.7 0.2 32 458 165 56 24 100%
Total 27,917 2.2 0.7 0.2 32 623 205 66 29 100%
Zinkgruvan Proven 2,539 2.0 0.3 32 51 7 3 100%
Probable 197 2.1 1.0 40 4 2 - 100%
Total 2,736 2.0 0.3 32 55 9 3 100%
Zinc
Neves-Corvo Proven 4,172 0.3 8.7 2.3 75 12 361 94 10 100%
Probable 25,497 0.3 7.3 1.7 62 86 1,853 445 51 100%
Total 29,669 0.3 7.5 1.8 64 98 2,214 540 61 100%
Zinkgruvan Proven 4,909 7.6 3.4 84 373 165 13 100%
Probable 5,907 7.3 3.5 81 429 206 15 100%
Total 10,816 7.4 3.4 82 803 371 29 100%
Nickel
Eagle Proven 1,156 1.9 0.2 1.9 22 - 22 100%
Probable 641 1.2 0.1 1.6 8 - 10 100%
Probable Eagle East 2,321 2.6 0.3 10 3.2 61 - 0.74 75 100%
Total 4,119 2.2 0.3 6 2.6 91 - 0.74 108 100%
Note: totals may not summate correctly due to rounding 5,507 3,231 977 6.8 152 108
Contained Metal
Lundin Mining's share
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 incl usive of those Mineral Resource estimates modified to produce the
Mineral Reserve estimates. All estimates are prepared as at June 30, 2019.
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 information in this news release has been prepared in accordance NI 43 -101 and has been reviewed and
verified by Stephen Gatley, BSc (Eng), C.Eng. Vice President - Technical Services of the Company, who is a "Qualified
Person" under NI 43-101.
Candelaria and Ojos
Mineral Resources at Candelaria are estimated using metal prices of US$3.16/lb copper and US$1,000/oz gold and
an exchange rate of USD/CLP 600. Mineral Reserves were estimated using metal prices of US$ 2.75/lb copper and
US$900/oz gold and an exchange rate of USD/CLP 600.
Candelaria and La Española open pit Mineral Resource estimates are reported within a conceptual pit shell with cut-
off grades of 0.15% and 0.20% copper respectively. Underground Mineral Resources are estimated at a cut-off grade
of 0.55% copper. Mineral Reserves for the Candelaria open pit, Española open pit and underground for the
Candelaria property are estimated at cut -off grades of 0.17%, 0.20% and 0.57% copper, respectively. Underground
Mineral Reserves for the Ojos del Sala do property (Santos and Alcaparrosa mines) are both estimated at cut -off
grades of 0.63% copper. Patricio Calderón, Superintendent Exploration , Patricio Vega, Open Pit Mine Engineer and
Cristian Erazo, Underground Mine Engineer, each of whom is a Registere d 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, and the scientific and technical information on Candelaria contained in this news
release.
For further information, refer to the Technical Report entitled T echnical Report for the Candelaria Copper Mining
Complex, Atacama Province, Region III, Chile dated November 28, 2018, which is available on the Company’s SEDAR
profile at www.sedar.com.
Chapada
Mineral Resources at C hapada and Suruca SW copper -gold are estimated using metal prices of US$4.00/lb copper
and US$1,600/oz gold and an exchange rate of USD/BRL 3.95. For the Suruca gold only Mineral Resource estimates
a gold price of $1,500/oz has been used and an exchange rate of U SD/BRL 3.50. Mineral Reserves were estimated
using metal prices of US$3.00/lb copper and US$1,250/oz gold and an exchange rate of USD/BRL 3.95.
The Chapada and Suruca SW copper-gold Mineral Resource estimates are reported within a conceptual pit shell at a
variable Net Smelter Return ( NSR) marginal cut -off averaging $4.08 per tonne. For the Suruca gold only Mineral
Resource estimates, cut-off grades of 0.16g/t gold for oxides and 0.23g/t for sulphides were used. Mineral Reserves
for the Chapada open pit are estimated at a NSR cut-off of $4.08 per tonne. For the Suruca gold only Mineral Reserve
estimates cut-off grades of 0. 19g/t gold for oxides and 0.30 g/t for sulphides are used. Felipe Machado de Araujo,
Mineral Resources Coordinator, Registered Member of Chilean Mining Commission employed by Chapada prepared
the Chapada and Suruca Mineral Resource estimates and Luiz Pignatari, Registered Member of Chilean Mining
Commission, EDEM Engenharia reviewed and verified the Mineral Reserve estimates and the scientific and technical
information for Chapada contained in this news release. Messrs. Araujo and Pignatari have verified the data
underlying the information for Chapada disclosed herein, including sampling, analytical and test data underlying the
information, by reviewing the reports of the laboratories, methodologies, results and all procedures undertaken for
quality assurance and quality control in a manner consistent with industry practice, and all matters were c onsistent
and accurate according to their professional judgement. There were no limitations on the verification process. Both
Messrs. Araujo and Pignatari 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 March 21, 2018 which is available on Yamana Gold Inc’s SEDAR profile at www.sedar.com.
Neves-Corvo and Semblana
Mineral Reserves for Neves-Corvo and Semblana have been estimated using metal prices of US$2.75/lb copper and
US$1.00/lb zinc and an exchange rate of EUR/USD 1.25.
The Mineral Resources are estimated above cut-off grades of 1.0% for copper and 4.5% for 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 42/t (grade equivalent to 1.4% copper). For zinc Mineral Reserve estimates a site average cut -off of EUR 47/t
(grade equivalent to 5.4% 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 Nelson Pacheco,
EurGeol, Chief Geologist, and Diogo Caupers, Chief Mine Planning Engineer, each of whom is employed by the Neves-
Corvo mine. Nelson Pacheco EurGeol, prepared the Neves-Corvo Mineral Resource estimate and Antonio Salvador,
CEng MIMMM, Group Mining Engineer, Lundin Mining, reviewed and verified the Mineral Reserve estimate and the
scientific and technical information for Neves -Corvo contained in this news release. Both Messrs. Pacheco and
Salvador 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 Mine,
Portugal dated June 23, 2017, which is available on the Company’s SEDAR profile at www.sedar.com .
Zinkgruvan
Mineral Res ources and Mineral Reserves at Zinkgruvan have been estimat ed using metal prices of US$2.75/lb
copper, US$1.00/lb zinc and US$1.00/lb lead and an exchange rates of USD/SEK 7.00.
The zinc Mineral Resources are estimates within geological volumes based at a nominal NSR cut -off of SEK 350/t
(equivalent to 4.5% zinc) and a minimum mining width of 5 m. The copper Mineral Resource is estimated above a
cut-off grade of 1.0% Cu. The zinc and copper Mineral Reserves are estimated above a site average NSR cut-off grade
of SEK 445/t (equivalent to 5.4% zinc and 1.4% copper respectively). The NSR is calculated on a recovered payable
basis considering copper, lead, zinc and silver grades, met allurgical 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, Resource Manager, and Angelique Bo hm, Section
Manager Mine Planning, 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,
Sweden dated November 30, 2017, which is available on the Company’s SEDAR profile at www.sedar.com.