Lundin Mining Announces 2022 Mineral Resource and Mineral Reserve Estimates Including the Maiden Estimate for the Saúva Deposit Containing 578 kt (1.3 Blb) of Copper and 1.1 Moz of Gold in Indicated Mineral Resource
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lundinmining.com
NEWS RELEASE
Lundin Mining Announces 2022 Mineral Resource and Mineral Reserve Estimates
Including the Maiden Estimate for the Saúva Deposit Containing 578 kt (1.3 Blb) of Copper
and 1.1 Moz of Gold in Indicated Mineral Resource
Toronto, February 8, 2023 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining”
or the “Company”) today reported its Mineral Resource and Mineral Reserve estimates effective as at
December 31, 2022 (or otherwise specified herein) . On a consolidated and attributable basis, estimated contained
metal in the Proven and Probable Mineral Reserve categories total 7,760 kt (17.1 Blb) of copper, 2,541 kt (5.6 Blb) of
zinc, 56 kt (123 Mlb) of nickel, 736 kt (1.6 Blb) of lead, 12.7 Moz of gold, and 150.5 Moz of silver.
Commenting on the mineral estimates, Peter Rockand el, CEO said, “Our e xploration programs continue to create
significant value. We are excited to announce the maiden Mineral R esource estimate for the Saúva deposit located
approximately 15 km from our Chapada plant in Brazil. The deposit remains open, and we expect the Mineral Resource to
continue to grow with our ongoing explorat ion efforts. The Upper Keel zone at Eagle has been included in the Mineral
Reserve estimate extending the life-of-mine and improving the metal production profile into 2027. Evaluation of the Lower
Keel zone is ongoing for potential inclusion in future operating plans. Lastly, we have revised our Mineral Resource and
Mineral Reserve estimates date to better align with our business planning cycle. Since the previous estimates reported as of
June 30, 2021, we have been successful in largely replacing mine depletion , offsetting the impact of the removal of
Alcaparrosa from Candelaria’s 2022 Mineral Reserve estimates, and adding to mineral inventories in our high -potential
growth locations.”
2022 Mineral Resource and Reserve Highlights
• Saúva’s Indicated Mineral Resource is estimated to be 17 9.0 Mt at 0.32% copper and 0.20 g/t gold, containing
578 kt (1.3 Blb) of copper and 1.1 Moz of gold. The maiden Mineral Resource Estimate is based on a drill database
of 233 holes (65,413 m) completed by September 2022. The deposit remains open in all directions. Subsequent
to the estimate cut-off date, 28 holes (8,522 m) were completed through the end of 2022. The 2023 exploration
program is focused on increasing the Mineral Resource and testing step-out anomalies along the broader Saúva-
Formiga trend and is expected to include 55,000 m of drilling.
• Candelaria’s total Proven and Probable Mineral Reserves are estimated to be 655.3 Mt at 0.50% copper, 0.12 g/t
gold and 1.72 g/t silver, containing 3.3 Mt (7.2 Blb) of copper, 2.5 Moz of gold and 36.2 Moz of silver. The majority
of the new Mineral Reserves reflect continued underground exploration success, particularly in the Candelaria
North Sector mine. The Candelaria Underground Expansion project (“CUGEP”) aims to increase ore production
rates from these mines and improve the overall metal production profile of Candelaria. CUGEP design work is
advancing ahead of receipt of the 2040 EIA and an investment decision . Mineral Reserve estimates for the
Alcaparrosa mine have been removed from the 2022 estimates with the mine currently on temporary
suspension. The Company is working with the relevant authorities towards a potential restart of mining
operations at Alcaparrosa.
• Candelaria’s total Measured and Indicated Mineral Resources are estimated to be 1,232.4 Mt at 0.60% copper,
0.13 g/t gold and 2.03 g/t silver, containing 7.4 Mt (16.4 Blb) of copper, 5.3 Moz of gold and 80.6 Moz of silver .
Measured and Indicated Mineral Resources were substantially maintained, compared to th e June 30, 2021
estimate, by infill drilling and conversion offsetting mining depletion over the period.
• Chapada’s total copper -gold Proven and Probable Mineral Reserves are estimated to be 65 5.7 Mt at
0.23% copper and 0.13 g/t gold, containing 1.5 Mt (3.3 Blb) of copper and 3.7 Moz of gold. Reduction in Mineral
Reserves compared to the June 30, 2021 estimate owes primarily to mine depletion over the year and a half
period, as well as updated metallurgical recovery and increased operating cost assumptions.
• Chapada’s total copper-gold Measured and Indicated Mineral Resources are es timated to be 1,101.1 Mt at
0.23% copper and 0.12 g/t gold, containing 2.5 Mt (5.4 Blb) of copper and 4.2 Moz of gold. Exploration success
since the June 30, 2021 estimates have offset mine depletion . Suruca Gold Measured and Indicated Mineral
Resources remain unchanged at 147.5 Mt at 0.53 g/t gold, containing 2.5 Moz of gold.
• Eagle’s total Proven and Probable Mineral Reserves are estimated to be 3.4 Mt at 1.6% nickel and 1.3% copper,
containing 56 kt (124 Mlb) of nickel and 44 kt (97 Mlb) of copper along with payable gold, silver, cobalt, and
platinum group elements . The increase in Mineral Reserves compared to the June 30, 2021 estimates is due
mainly to the inclusion of the Upper Keel zone which extends the life-of-mine into 2027. Evaluation of the Lower
Keel zone is ongoing, and targets on the peripheries of the Eagle East orebody are being explored and evaluated.
At current metal prices, the Company believes that a real opportunity exists for mine life extension in these
areas proximal to existing mine infrastructure . Eagle’s total Measured and Indicated Mineral Resources are
estimated to be 3.9 Mt at 1.9% nickel and 1.4% copper, containing 72 kt ( 159 Mlb) of nickel and 55 kt (121 Mlb)
of copper.
• Neves-Corvo’s total copper Proven and Probable Mineral Reserves are estimated to be 21.2 Mt at 2.1% copper,
containing 438 kt (966 Mlb) of copper. Zinc Proven and Probable Mineral Reserves are estimated to be 22.3 Mt
at 7.5% zinc, containing 1. 7 Mt (3.7 Blb) of zinc and payable lead. Estimated Mineral Reserve reductions
compared to the June 30, 2021 estimates are primarily a result of the year and a half of mining depletion.
• Neves-Corvo’s total copper and total zinc Measured and Indicated Mineral Resources are estimated to be 56.0 Mt
at 2.2% copper, containing 1.2 Mt (2.8 Blb) of copper, and 65.1 Mt at 6.8% zinc, containing 4.4 Mt (9.8 Blb) of zinc
along with payable lead , respectively. Neves-Corvo’s 2021 and 2022 exploration programs have had modest
scope as efforts and focus are on the ramp up of the Zinc Expansion Project. Gains from in-mine exploration
and infill drilling since the June 30, 2021 estimates have been offset by mining depletion. Further, pandemic-
related backlogs have delayed infill drilling assays and impacted potential conversion of Mineral Resources.
• Zinkgruvan’s total zinc Proven and Probable Mineral Reserves are estimated to be 9.3 Mt at 7.9% zinc and
3.3% lead, containing 739 kt (1.6 Blb) of zinc and 306 kt (675 Mlb) of lead. The reduction from the June 30, 2021
estimate is the result of mine depletion partially offset with the addition of the Dalby sector into Mineral
Reserves. The copper Proven and Probable Mineral Reserves are estimated to be 1.7 Mt at 2. 2% copper,
containing 37 kt (82 Mlb) of copper. The Mineral Reserve reductions are primarily a result of mining depletion.
• Zinkgruvan’s total zinc Measured and Indicated Mineral Resources are estimated to be 17.8 Mt at 8.1% zinc and
3.3% lead, containing 1.4 Mt (3.2 Blb) of zinc and 592 kt (1.3 Blb) of lead. The decrease compared to the prior
estimate is a result of mine depletion and inc reased cut-off values. Copper Measured and Indicated Mineral
Resources of 3.8 Mt at 2.1% copper, containing 81 kt (178 Mlb) of copper.
• In April 2022, Lundin Mining successfully completed the acquisition of the Josemaria copper -gold project.
Josemaria Mineral Resources and Mineral Reserves remain unchanged since the 2020 estimates. Subsequent to
the 2020 estimate cut-off date, 58 holes (30,612 m) have been completed through the end of 2022 which will be
incorporated into future Mineral Resourc e and Reserve estimates , expected to be included in the upcoming
technical report . The Company is advancing detailed engineering and an update of the initial capital cost
estimate and project schedule. This work is well underway with the updated technical report on -track for
publication in the second half of 2023 . Mineral Reserves are estimate d to be 1,01 1.8 Mt at 0.30% copper,
0.22g/t gold and 0.94 g/t silver, containing 3.0 Mt (6.7 Blb) of copper, 7.0 Moz of gold and 30.7 Moz of silver.
Measured and Indicated Mineral Resources are estimated to be 1,15 8.8 Mt at 0.29% copper and 0.21 g/t gold
and 0.90 g/t silver, containing 3.3 Mt (7.4 Blb) of copper, 7.8 Moz of gold and 35.1 Moz of silver.
The table attached to this news release summarizes the Mineral Resource and Mineral Reserve estimates for each
of the Company’s mines effective as of December 31, 2022 (or otherwise stated therein) . For more information on
the prior Mineral Resource and Mineral Reserve estimates for each of the Company’s mines effective as of June 30,
2021 that are referred to herein please see the news release dated September 13, 2021, which is available on the
Company’s SEDAR profile at www.sedar.com and on the Company’s website at www.lundinmining.com.
About Lundin Mining
Lundin Mining is a diversified Ca nadian base metals mining company with operations and projects in Argentina,
Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.
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 8, 2023 at 17:00 Eastern Time.
For further information, please contact:
Mark Turner, Vice President, Business Valuations and Investor Relations: +1 416 342 5565
Irina Kuznetsova, Manager, Investor Relations: +1 416 342 5583
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50
Cautionary Statement in 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 M anagement System; the Company’s
ability to co mply 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 any anticipated benefits thereof; 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 statements.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectatio ns and beliefs of management,
including that the Company can access financin g, appropriate equipment and sufficient labor; 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 an d unknown facto rs 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 mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures,
unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, floodin g or unusually severe we ather;
uninsurable risks; global financial conditions and inflation; changes in the Company’s share price, and volatility in the equity markets in general; volatility and fluctuations
in metal and commodity demand and prices; changing taxation regimes; del ays or the inability to obtain, retain or comply with permits; reliance on a single asset;
unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; risks related to negative publicity with respect to the Company
or the mining industry in general; health and safety risks; pricing and availability of key supplies and services; the threat associated with outbreaks of viruses and infectious
diseases, including the COVID-19 virus; exchange rate fluctuations; risks relating to attracting and retaining of highly skilled employees; risks inherent in and/or associated
with operating in foreign countries and emerging markets; climate change; regulatory investigations, enforcement, sanctions a nd/or related or other litigation; existence
of significant shareholders; uncertain political and economic environments, including in Argentina, Brazil and Chile; risks a ssociated with acquisitions and related
integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time
on integration; indebtedness; liquidity risks and limited financial resources; funding requirements and availability of financing; exploration, development or mining results
not being consistent with the Company’s expectations; risks related to the environmental regulation and environmental impact of the Company’s operations and products
and management thereof; activist shareholders and proxy solicitation matters; reliance on key personnel and reporting and oversight systems, as well as third parties and
consultants in foreign jurisdictions; historical environmental liabilities and ongoing reclamation obligations; information t echnology and cybersecurity risks; risks related
to mine closure activities, reclamation obligations, and closed and historical sites; social and political unrest, including civil disruption in Chile; the inability to effectively
compete in the industry; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may be unreliable; actual ore
mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilut ion, mine plans and metallurgical and
other characteristics; ore processing efficiency; risks associated with the estimation of Mineral Resources and Mineral Reser ves and the geology, grade and continuity of
mineral deposits including but not limited to models rela ting thereto; enforcing legal rights in foreign jurisdictions; community and stakeholder opposition; changes in
laws, regulations or policies including but not limited to those related to mining regimes, permitting and approvals, environmental and tailings management, labor, trade
relations, and transportation; risks associated with the structural stability of waste rock dumps or tailings storage facilities; dilution; risks relating to dividends; conflicts of
interest; counterparty and credit risks and cust omer concentration; the estimation of asset carrying values; challenges or defects in title; internal controls; relationships
with employees and contractors, and the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor or interruptions in
production; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its cus tomers, suppliers or employees, or the
allegation of improper or discriminatory employment pra ctices, or human rights violations; compliance with environmental, health and safety regulations and laws; and
other risks and uncertainties, including but not limited to those described in the “Risk and Uncertainties” section of the Company’s AIF and the “Managing Risks” section of
the Company’s MD&A for the year ended December 31, 2021, which are available on SEDAR at www.sedar.com under the Company’s pr ofile. All of the forward -looking
statements made in this document are qualified by these cautionary st atements. 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, est imated,
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 prov e 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 re vise 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 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 Resou rces and Reserves” (the “CIM Standards”). Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
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.
Mineral Resource Estimates – Inclusive of Mineral Reserves – December 31, 20221
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)
Grade Contained Metal
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.
Mineral Reserve Estimates – December 31, 20221
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
Grade Contained Metal
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% own ership 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 Resour ce 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 re viewed, 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 0.5 1% 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 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 estimat ed 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 i nformation, 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 e stimates 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