Goiás State, Brazil

Lundin Mining Corp.


Copper Stream Agreement (Rate & Structure)

  • Base Rate: 3.7% of payable copper production from the Chapada mine
  • Expansion Incentive Rate: Rate decreases to 2.65% in the event of a Chapada mine expansion
  • Rate reduces to 1.5% for remaining life of mine after 75 million pounds delivered
Asset Profile
2020 Annual Stream Revenue C$15.3 million
Annual Production Capacity 24.0 million tonnes per annum ore
Estimated Mine Life Remaining 32 years (see Technical Report Oct 2019)

The Chapada mine, located in the Brazilian state of Goias, is a copper‐gold mine that began production in 2007. Previously owned and operated by Yamana Gold, the project was sold to Lundin Mining in July 2019. In 2020, Chapada produced 50,038 tonnes of copper at a cash cost of $0.29 per pound of copper on a co‐product basis. For 2021, Lundin Mining guided towards production of 48,000 to 53,000 tonnes of copper at the Chapada Mine. Significant mine life and throughput expansion potential exists at Chapada through resource conversion to reserves as well as through ongoing near mine exploration. Lundin Mining has undertaken studies for optimization and expansion at the mine, which are ongoing.

Lawrence Winter, P.Geo., Vice President Exploration, is the qualified person as defined by NI 43-101 guidelines responsible for the technical data presented herein.