Caserones

The Caserones mine is a large porphyry copper-molybdenum deposit located in the Atacama region of northern Chile (approximately 160km southeast of the city of Copiapó). The mine sits at an elevation of approximately 4,300m and is 20km from Lundin Mining’s neighboring Josemaria project in Argentina. Lundin Mining acquired a majority stake in the project in 2023 and further increased this stake to 70% in 2024.

Located at the southern end of the Maricunga mineral belt, the geology of Caserones comprises an Early-Miocene porphyry system associated with a cluster of dacite porphyries and breccias. Caserones has a well-developed supergene enrichment profile of oxide copper minerals and secondary chalcocite that overlies hypogene sulphide (chalcopyrite-molybdenite) mineralisation. Primary copper mineralisation remains open in multiple directions.

Mining at Caserones commenced in 2014 and is performed using a conventional truck and shovel fleet. Average production is approximately 100 – 120kt of copper in concentrate, 1,700 to 2,500 tonnes of molybdenum in concentrate and approximately 25kt tonnes of copper cathodes per year.

Lundin continue to explore the land package, with drill programs targeting multiple near-mine targets including the Deep Sulphides and Caserones East & West prospects, as well as the regional Cerro Sur and Angelica prospects, all of which are covered by Elemental Altus’ royalty.

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Sources

• Lundin Mining TSX Release titled “Lundin Mining Completes the Transaction to Increase Ownership in Caserones to 70%” dated July 2, 2024
• Lundin Mining TSX Release titled “Lundin Mining Announces 2023 Mineral Resource and Mineral Reserve Estimates”, dated February 8, 2024 and effective December 31, 2023
• Lundin Mining Technical Report titled “NI 43-101 Technical Report on the Caserones Mining Operation Caserones Project”, dated July 13, 2023 and effective December 31, 2022
• For more information on Caserones, please visit https://lundinmining.com/