Lundin Mining Unveils 2024 Mineral Resource and Reserve Estimates: A Positive Outlook

Lundin Mining Corporation (TSX: LUN) (Nasdaq Stockholm: LUMI) recently announced its 2024 Mineral Resource and Mineral Reserve estimates, showcasing a positive outlook for the company's future performance. The estimates, effective as of December 31, 2024, highlight the company's ability to maintain and grow its mineral reserves, despite challenges such as mine depletion and strategic divestments.



On a 100% consolidated basis, Lundin Mining's estimated Proven and Probable Mineral Reserve of contained copper is 10,872 kilotonnes (kt), an increase of 242 kt over the previous year. The company also has significant Proven and Probable Mineral Reserves in other base and precious metals, including 2,429 kt of zinc, 42 kt of nickel, 14.3 million ounces (Moz) of gold, and 282.0 Moz of silver.

The company's President and CEO, Jack Lundin, commented on the 2024 Mineral Resource and Mineral Reserve estimates, highlighting the success of exploration activities and the strategic acquisition of Filo. Lundin Mining was able to offset mine depletion and replace reserves associated with the pending sale of its European assets, driven by a combination of the Filo acquisition and continued success from conversion drilling.



At Candelaria, additional drilling at La Española largely offset depletion, and conversion of inferred Mineral Resources grew the measured and indicated Mineral Resource categories. Drilling at Caserones last year was encouraging, and this year the exploration program will be the largest yet since mine operations began. The focus at Caserones will be deeper in-pit drilling to better define higher grade breccia zones and exploration drilling to test the sulphide mineral potential beneath the Angelica oxide deposit.

Lundin Mining's 2024 production guidance and cash cost estimates align with the updated Mineral Resource and Mineral Reserve estimates, indicating a positive outlook for the company's future performance. The company's copper production guidance of 303,000 – 330,000 t at a consolidated C1 cash cost of $2.05/lb to $2.30/lb copper, gold production guidance of 135,000 – 150,000 oz, and nickel production guidance of 8,000 – 11,000 t suggest that Lundin Mining is well-positioned to meet its production targets and maintain its mineral reserves.

In conclusion, Lundin Mining's 2024 Mineral Resource and Mineral Reserve estimates demonstrate the company's ability to maintain and grow its mineral reserves, despite challenges such as mine depletion and strategic divestments. The company's positive outlook is supported by its production guidance and cash cost estimates, as well as its exploration activities and strategic acquisitions. As Lundin Mining continues to execute on its strategic initiatives, investors can expect the company to deliver strong performance in the future, provided that market conditions remain favorable.