Reserves & Resources

ClassificationTonnage
(000 tonnes)
Grade
(%Cu)
Contained Copper
(000 tonnes)
Mineral Reserves, Underground   
Proven15,4021.15%177
Probable19,5061.53%298
Proven & Probable34,9081.36%475
Mineral Resources, Underground (including Reserves)  
Measured48,0911.08%517
Indicated44,3431.23%545
Measured & Indicated92,4351.15%1,062
Inferred51,9290.98%506
 
Mineral Reserves, Open Pit   
Proven18,5230.55%101
Probable23,9630.53%128
Proven & Probable42,4870.54%229
Mineral Resources, Open Pit (including Reserves)  
Measured24,5520.56%138
Indicated35,4500.54%193
Measured & Indicated60,0020.55%331
Inferred27,5150.50%139
 
Total Reserves, Caraíba Operations   
Proven33,9250.82%278
Probable43,4690.98%426
Proven & Probable77,3940.91%704
Total Resources, Caraíba Operations      
Measured72,6430.90%656
Indicated79,7930.92%737
Measured & Indicated152,4360.91%1,393
Inferred79,4440.81%645

Mineral Reserve & Resource Notes:

  1. Please refer to the Annual Information Form dated March 7, 2024 for additional scientific and technical information, available on this website and on SEDAR (www.sedarplus.ca/landingpage/) and EDGAR (www.sec.gov).
  2. Mineral reserve and mineral resource estimates are effective as at December 31, 2023.
  3. Presented mineral resources inclusive of mineral reserves. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding.
  4. Mineral Reserve estimates were prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014 and the CIM Estimation for Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 29, 2019, using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit. Mineral reserves are based on a long-term copper price of US$3.30 per pound (“lb”), and a USD:BRL foreign exchange rate of 5.29. Mineral reserves are the economic portion of the Measured and Indicated mineral resources. Mining dilution and recovery factors vary for specific mineral reserve sources and are influenced by factors such as deposit type, deposit shape, stope orientation, and selected mining methods. In the mine design of the Pilar and Vermelhos underground mines, certain stopes include measured and indicated as well as inferred resource blocks. In these instances, inferred resource blocks within the defined mining shape were assigned zero grade. In 2023, inferred blocks assigned zero grade totaled approximately 207,000 tonnes for the Deepening Extension Zone, 350,000 tonnes for the Pilar Underground Mine, and approximately 30,000 tonnes for the Vermelhos Underground Mine. Development occurring within marginal ore, above the operational cut-off grade, has also been included in the mineral reserve estimate. Dilution occurring from measured and indicated resource blocks was assigned a grade based on the mineral resource grade of the blocks included in the dilution envelope.
  5. Mineral resources have been constrained within developed 3D grade-shells and lithology models applying a 0.45% and 0.20% copper grade envelope for high and marginal grade, respectively. Within these envelopes, mineral resources for underground deposits were constrained to those volumes ensuring Reasonable Prospects for Eventual Economic Extraction (“RPEEE”) after application of a 0.51% copper cut-off grade, as well as a 0.32% copper marginal cut-off grade. For open pit deposits a cut-off grade of 0.16% copper was applied. The low-grade envelope using a cut-off grade of 0.20% copper for underground deposits was used to develop a dilution envelope and development block model to better define the grade of blocks within the dilution envelope in the planning and design of underground stopes and planned development within the mineral reserve estimates and life-of-mine production plan.
  6. In the mine design of the Pilar and Vermelhos underground mines, certain stopes include measured and indicated as well as Inferred Mineral Resource blocks. In these instances, Inferred Mineral Resource blocks within the defined mining shape were assigned zero grade. Development occurring within marginal ore, above the operational cut-off grade, has also been included in the Mineral Reserve estimate.

Mineral resources which are not mineral reserves do not have demonstrated economic viability.

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