Lundin Mining Corporation (“Lundin Mining” or the “Company”) is pleased to announce that Vicuña Corp. has completed an initial Mineral Resource estimate for the Filo del Sol sulphide deposit, an update to the Mineral Resource estimate for the Filo del Sol oxide deposit and an update to the Mineral Resource estimate for the Josemaria deposit (collectively referred to as the “Vicuña Mineral Resource”). Mineral Resource estimate figures reported herein are on a 100% basis and all values presented are in United States dollars unless stated otherwise.
Vicuña Corp. is a 50/50 joint arrangement between Lundin Mining and BHP (the “Joint Arrangement”) and holds the Filo del Sol project and the Josemaria project (collectively, “Vicuña”). The Joint Arrangement creates a long-term strategic alliance between the two companies to develop an emerging world class copper, gold, and silver district. The proximity of the Filo del Sol and Josemaria projects allows for greater economies of scale, shared infrastructure and increased optionality for staged expansions to support a globally ranked mining complex.
Vicuña Mineral Resource Highlights
One of the world’s largest copper, gold, and silver resources: Ranks in the top 10 for Mineral Resources of the largest producing copper mines in the world.
Contained copper of 13 million tonnes (“Mt”) Measured and Indicated (“M&I”) and 25 Mt Inferred.
Contained gold of 32 million ounces (“Moz”) M&I and 49 Moz Inferred.
Contained silver of 659 Moz M&I and 808 Moz Inferred.
Generational discovery: The largest greenfield copper discovery in the last 30 years1.
High-grade core: The Filo del Sol and Josemaria deposits have significant high-grade mineralization that could provide the initial years of mining.
Filo del Sol high-grade core: 606 Mt (M&I) at 1.14% CuEq2 (0.74% Cu) for contained metal of 4.5 Mt copper, 9.6 Moz gold and 259 Moz silver.
Near surface Josemaria high-grade core: 196 Mt (M&I) at 0.73% CuEq3 (0.50% Cu) for contained metal of 978 kt copper, 2.4 Moz gold and 11 Moz silver.
Copper oxide mineralization at surface: Lower capital intensity heap leach oxide cap at Filo del Sol of 434 Mt (M&I) at 0.34% copper (1.5 Mt), 0.28 g/t gold (3.9 Moz) and 2.5 g/t silver (35 Moz).
Filo del Sol high-grade oxides: 181 Mt (M&I) at 1.05% CuEq4 (0.50% Cu) for contained metal of 911 kt copper, 2.3 Moz gold and 230 Moz silver.
Clear potential for expansion: Drilling at Filo del Sol bottomed in mineralization and is open at depth, while drilling at the Flamenco zone approximately 2 km to the south has intercepted mineralization beyond the limits of the current resource pit shell.
Significant increase in Lundin Mining’s attributable copper Mineral Resource base:
29% increase in M&I contained copper Mineral Resources.
650% increase in Inferred contained copper Mineral Resources.
Jack Lundin, President and CEO, commented “Filo del Sol has been one of the most significant greenfield discoveries in the last 30 years and an amazing journey for all those that have been involved. Congratulations to the Filo team for such a remarkable discovery and advancing the deposit to where it is today. The initial Mineral Resource has highlighted the potential for one of the highest grade undeveloped open pit copper projects in the world and one of the largest gold and silver resources globally. Filo del Sol and the Vicuña district are poised to develop into a world class deposit that will support a globally ranked mining complex.
“Highlighted in this release is not only the size and scale of Vicuña but also the high-grade core of the deposits. At Filo del Sol there is over 600 Mt at 1.14% CuEq and at Josemaria almost 200 Mt at 0.73% CuEq. We see the potential for Vicuña to be not only a significant copper producer but also one of the world’s largest gold and silver mines as well, with contained gold of 32 Moz M&I and 49 Moz Inferred along with contained silver of 659 Moz M&I and 808 Moz Inferred, a truly unique asset. Big deposits tend to get bigger and we see clear expansion potential to grow the resource.
“The Mineral Resource is a key milestone and will form the basis for the integrated technical report that will outline a combined project, this report is on schedule for completion in the first quarter of 2026. We look forward to advancing Vicuña with our partner and together, aim to generate long-term value for our stakeholders.”
