Lundin Mining Announces Initial Mineral Resource at Filo Del Sol Demonstrating One of the World's Largest Copper, Gold, and Silver Resources

Vicuña Corp. is a 50/50 joint arrangement between
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 world1.
- 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 base5:
- 29% increase in M&I contained copper Mineral Resources.
- 650% increase in Inferred contained copper Mineral Resources.
"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
"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."
Footnote: |
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1. |
Based on rankings from S&P Global, including the Filo del Sol and Josemaria deposits. |
2. |
|
3. |
Josemaria high-grade core copper equivalent (CuEq) assumes metallurgical recoveries of 84% for copper, 67% for gold and 63% for silver, and metal prices of |
4. |
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5. |
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Details of the Vicuña Mineral Resource estimate will be presented in a webcast conference call on
Webcast / Conference Call Details:
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Time:
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Vicuña Mineral Resource Statement (100% basis)
The table below summarizes the Mineral Resource estimates for
Table 1. Vicuña Mineral Resource Estimate
100% basis |
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|||||||||
Type |
Category |
Tonnes (Mt) |
Cu (%) |
Au (g/t) |
Ag (g/t) |
|
Cu (kt) |
|
|
||||
Filo del Sol Sulphide |
Measured |
- |
- |
- |
- |
|
- |
- |
- |
||||
Indicated |
1,192 |
0.54 |
0.39 |
8.1 |
|
6,452 |
14.8 |
311 |
|||||
|
M&I |
1,192 |
0.54 |
0.39 |
8.1 |
|
6,452 |
14.8 |
311 |
||||
|
Inferred |
6,080 |
0.37 |
0.20 |
3.2 |
|
22,643 |
38.9 |
631 |
||||
Filo del Sol Copper Oxide |
Measured |
- |
- |
- |
- |
|
- |
- |
- |
||||
Indicated |
434 |
0.34 |
0.28 |
2.5 |
|
1,483 |
3.9 |
35 |
|||||
|
M&I |
434 |
0.34 |
0.28 |
2.5 |
|
1,483 |
3.9 |
35 |
||||
|
Inferred |
331 |
0.25 |
0.21 |
2.1 |
|
838 |
2.3 |
22 |
||||
Filo del Sol Gold Oxide |
Measured |
- |
- |
- |
- |
|
- |
- |
- |
||||
Indicated |
288 |
- |
0.29 |
3.1 |
|
- |
2.7 |
29 |
|||||
|
M&I |
288 |
- |
0.29 |
3.1 |
|
- |
2.7 |
29 |
||||
|
Inferred |
673 |
- |
0.21 |
3.3 |
|
- |
4.5 |
72 |
||||
Filo del Sol Silver Oxide |
Measured |
- |
- |
- |
- |
|
- |
- |
- |
||||
Indicated |
77 |
0.34 |
0.37 |
90.7 |
|
259 |
0.9 |
225 |
|||||
|
M&I |
77 |
0.34 |
0.37 |
90.7 |
|
259 |
0.9 |
225 |
||||
|
Inferred |
72 |
0.10 |
0.17 |
26.1 |
|
71 |
0.4 |
60 |
||||
Josemaria |
Measured |
654 |
0.33 |
0.25 |
1.2 |
|
2,148 |
5.2 |
25 |
||||
Indicated |
992 |
0.25 |
0.14 |
1.1 |
|
2,475 |
4.6 |
34 |
|||||
|
M&I |
1,646 |
0.28 |
0.19 |
1.1 |
|
4,623 |
9.8 |
59 |
||||
|
Inferred |
736 |
0.22 |
0.11 |
1.0 |
|
1,587 |
2.6 |
23 |
||||
Vicuña District |
Measured |
654 |
0.33 |
0.25 |
1.2 |
|
2,148 |
5.2 |
25 |
||||
Indicated |
2,984 |
0.36 |
0.28 |
6.6 |
|
10,669 |
27.0 |
634 |
|||||
|
M&I |
3,638 |
0.35 |
0.27 |
5.6 |
|
12,817 |
32.2 |
659 |
||||
|
Inferred |
7,895 |
0.32 |
0.19 |
3.2 |
|
25,139 |
48.7 |
808 |
Notes: |
|
a. |
Mineral Resources have an effective date of |
b. |
The Qualified Persons are Mr. |
c. |
Reported within a conceptual pit shell using; Prices of |
d. |
NSR values in $/t units account for metal prices, metallurgical recoveries, and off-site sales terms, and can be compared to unit operating costs as a basis for inclusion in Mineral Resources. |
e. |
All figures are rounded to reflect the accuracy of the estimate and totals may not sum due to rounding. |


High-Grade Mineralization
-
Filo del Sol high-grade core:606 Mt (M&I) at 1.14% CuEq (0.74% Cu) for contained metal of 4.5 Mt copper, 9.6 Moz gold and 259 Moz silver. -
Additional near surface
Filo del Sol high-grade oxides: 181 Mt (M&I) at 1.05% CuEq (0.50% Cu) for contained metal of 911 kt copper, 2.3 Moz gold and 230 Moz silver. - Near surface Josemaria high-grade: 196 Mt (M&I) at 0.73% CuEq (0.50% Cu) for contained metal of 978 kt copper, 2.4 Moz gold and 11 Moz silver.
Table 2.
100% basis, 0.75% CuEq cut-off |
|
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||||||||
Category |
Tonnes (Mt) |
CuEq % |
Cu (%) |
Au (g/t) |
Ag (g/t) |
|
Cu (kt) |
|
|
|||||
Measured |
- |
- |
- |
- |
- |
|
- |
- |
- |
|||||
Indicated |
606 |
1.14 |
0.74 |
0.49 |
13.3 |
|
4,503 |
9.6 |
259 |
|||||
M&I |
606 |
1.14 |
0.74 |
0.49 |
13.3 |
|
4,503 |
9.6 |
259 |
|||||
Inferred |
861 |
0.90 |
0.66 |
0.35 |
4.8 |
|
5,662 |
9.6 |
132 |

Table 3. Filo del Sol high-grade oxide core at a cut-off of 0.60% CuEq.
100% basis, 0.60% CuEq cut-off |
|
|
|
|
|
|
|||
Category |
Tonnes (Mt) |
CuEq % |
Cu (%) |
Au (g/t) |
Ag (g/t) |
|
Cu (kt) |
|
|
Measured |
- |
- |
- |
- |
- |
|
- |
- |
- |
Indicated |
181 |
1.05 |
0.50 |
0.39 |
39.6 |
|
911 |
2.3 |
230 |
M&I |
181 |
1.05 |
0.50 |
0.39 |
39.6 |
|
911 |
2.3 |
230 |
Inferred |
29 |
0.76 |
0.43 |
0.32 |
18.5 |
|
124 |
0.3 |
17 |

Table 4. Josemaria high-grade core at a cut-off of 0.60% CuEq.
100% basis, 0.60% CuEq cut-off |
|
|
|
|
|
|
|||
Category |
Tonnes (Mt) |
CuEq % |
Cu (%) |
Au (g/t) |
Ag (g/t) |
|
Cu (kt) |
|
|
Measured |
161 |
0.74 |
0.50 |
0.39 |
1.7 |
|
807 |
2.0 |
9.0 |
Indicated |
35 |
0.68 |
0.49 |
0.31 |
1.7 |
|
171 |
0.4 |
2.0 |
M&I |
196 |
0.73 |
0.50 |
0.38 |
1.7 |
|
978 |
2.4 |
11 |
Inferred |
5 |
0.66 |
0.46 |
0.32 |
2.2 |
|
24 |
0.1 |
0.0 |

Potential for Resource Expansion
Filo del Sol Mineral Resource has been defined over a total area of 10 square km, with an approximate strike length of 6.5 km and a width of 1.5 km. Mineralization remains open at depth with several drill holes ending in mineralization.
Limited drilling on the east and west edges of the pit have intercepted mineralization providing an opportunity to extend the width of the deposit which could convert material now classified as waste into the Mineral Resource (see Figure 6 below). Recent drilling along the eastern margin of the deposit in drill hole FSDH104 encounted breccia that included 592.0 m (744 m to 1336 m) of 0.41% Cu, 0.13 g/t Au and 3.7 g/t Ag (see News Release of

Along strike, previous drilling has intersected mineralization to the north at the

About the Vicuña Project
The Filo del Sol deposit is an advanced-stage copper exploration project located along the border of the
The Josemaria project, is an advanced stage copper project, located approximately 10 km from
Geology and Mineral Resource Estimation
Regional and Deposit Geology
The Vicuña project area of the central Andes encompasses the crest of the ridge along the
The Filo del Sol alignment is an approximately 8 km long, north to northeast trending series of prospects of mid-Miocene porphyry copper-gold and related epithermal mineralization. The Filo del Sol deposit lies along the alignment as an elongate 5.4 km long domain of contiguous mineralization across three zones: An older, more deeply eroded porphyry copper–gold mineralized domain in the Tamberías area, a slightly younger, partly blind to the surface porphyry copper–gold mineralized intrusions in the Aurora zone in the central domain, and deeper mineralization along a northeast trend in the Bonita area in the north. The domains together represent the mineralization around a large hydrothermal breccia centre cored by porphyry intrusions. Extreme telescoping in the Aurora zone led to the overprinting of the copper–gold mineralized porphyry domain by high-sulphidation copper–gold–silver epithermal mineralization within a large area of advanced argillic alteration.
The Josemaria deposit area is characterized by a Late Oligocene porphyry copper-gold system, emplaced along a north-trending structrual corridor, to the east of Filo del Sol. The system includes disseminated porphyry style mineralization that also saw extreme telescoping and overprinting of the porphyry domain by advanced argillic alteration and related high-sulphidation mineralization. The reconstituted copper mineralization was upgraded in these telecoped domains, which were then additionally enriched through supergene processes when the high-grade part of the system was exposed to surface in modern times.
Mineral Resource Estimation
The Vicuña Mineral Resource estimate was prepared using commercial mine software and geostatistical software.
The Mineral Resource estimates for
Metal grades were interpolated using top-cut Ordinary Kriging for
Metallurgical testing demonstrates that oxide mineralization at Filo del Sol is amenable to heap leach operations to produce copper cathode and gold/silver doré. Hypogene mineralization at Josemaria and
This Mineral Resource estimate is also based upon the reasonable prospect of eventual economic extraction based on an optimized pit, using estimates of reasonable operating costs and price assumptions. The pit optimization results are used solely for testing the "reasonable prospects for eventual economic extraction" and do not represent an attempt to estimate Mineral Reserves. Conceptual pits for both deposits were generated using
Josemaria high-grade core copper equivalent (CuEq) assumes metallurgical recoveries of 84% for copper, 67% for gold and 63% for silver based on similar deposits, and metal prices of
Qualified Person Statements and Related Disclosure
In accordance with applicable Canadian securities laws, all Mineral Resource estimates disclosed 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 CIM's "Definition Standards for Mineral Resources and Reserves". Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no guarantee that all or any part of the Mineral Resource will be converted into Mineral Reserves. In addition, "Inferred Resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian securities rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies, except for a Preliminary Assessment as defined under NI 43-101. Investors are cautioned not to assume that part or all of an Inferred Mineral Resource exists or is economically or legally mineable.
Mineral Resource estimates are shown on a 100% basis.
Mineral Resources have been estimated using metal prices of
A technical report in support of the Vicuña Mineral Resource estimate (the "Vicuña Technical Report") will be filed within 45 days under Lundin Mining's profile on SEDAR+ at www.sedarplus.ca. The Vicuña Mineral Resource estimate, effective
The Mineral Resource estimate for
Other scientific and technical information in this news release not set out in the Vicuña Technical Report was reviewed, verified and approved by
The Qualified Persons have reviewed and verified the sampling and analytical procedures, results of the QAQC program, database, domain interpretation, estimation parameters and validation of the block model and are of the opinion that Vicuña and their consultants have adopted a generally prudent and acceptable approach to their estimates. There was no limitation on the verification process. The Qualified Persons are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate.
About
The information in this release is subject to the disclosure requirements of
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein are "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 mineral resource estimation for Vicuña, including the parameters and assumptions related thereto; the Company's plans, prospects and business strategies; the operation of Vicuña with BHP; the realization of synergies and economies of scale in the Vicuña district; the development and future operation of the Vicuña project; the timing and expectations for the Vicuña Technical Report and other future studies; the potential for resource expansion; 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 information.
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, zinc, nickel, gold and other metals; anticipated costs; currency exchange rates and interest rates; the ability to achieve goals and identify and realize opportunities; the prompt and effective integration of acquisitions;, the realization of synergies and economies of scale in connection with the establishment of the joint arrangement with BHP; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; the accuracy of Mineral Resource estimates and related information, analyses and interpretations; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by
global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; 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, flooding or unusually severe weather; uninsurable risks; project financing risks, liquidity risks and limited financial resources; volatility and fluctuations in metal and commodity demand and prices; delays or the inability to obtain, retain or comply with permits; significant reliance on assets in
All of the forward-looking information 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, forecasted 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.
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