Caserones

The Caserones mine is a large, open-pit porphyry copper-molybdenum deposit, located in the Atacama region of northern Chile approximately 15km from the border with Argentina, 160km southeast of the city of Copiapó. The mine sits at an elevation of approximately 4,300m above sea level and is 20km from the Lundin Mining’s neighbouring Josemaria project in Argentina, and 160km from Lundin Mining’s Candelaria in Chile.

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.

Mining at Caserones is performed using a conventional truck and shovel fleet and the project has been in commercial operation since 2014, averaging production of 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 Mining acquired the project in 2023, and plan to aggressively explore the Caserones land package, with drill programs being initiated to explore multiple priority targets including the near-mine Deep Sulphides and Caserones East & West prospects, and the regional Cerro Sur and Angelica prospects, all of which are covered by Elemental Altus’ royalty.

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Sources

• Lundin Mining Technical Report titled “NI 43-101 Technical Report on the Caserones Mining Operation Caserones Project”, effective December 31, 2022 and dated July 13, 2023
• Lundin Mining TSX release titled “Lundin Mining to Acquire a Majority Interest in the Caserones Copper Mine in Chile”, dated March 27, 2023
• For more information on Caserones, please visit https://lundinmining.com/