In 2017, we designed a detailed process for the preparation of technical reports required for the declaration of our mineral reserves and mineral resources in all of our mines and greenfield projects, which were in accordance with the standards set forth in Canada’s National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the U.S. Securities and Exchange Commission (“SEC”) Industry Guide 7.
In October 2018, the Securities and Exchange Commission (“SEC”) adopted amendments to its current disclosure rules to modernize the mineral property disclosure requirements for mining registrants. The amendments include the adoption of a new subpart 1300 of regulation S-K (“S-K 1300”), which will govern disclosure for mining registrants (the “SEC Mining Modernization Rules”). The SEC Mining Modernization Rules replace the historical property disclosure requirements for mining registrants that were included in the SEC’s Industry Guide 7 and better align disclosure with international industry and regulatory practices, including the NI 43-101.
Nexa notes that it has voluntarily adopted the SEC’s new disclosure requirements for mining reserves and resources under S-K 1300 for the financial year ended December 31, 2020, which are required to be adopted by registrants in annual reports for the fiscal year beginning on or after January 1, 2021.
We are always working on the updated of our mineral reserves and mineral resources, as presented below. The technical reports, mining reports and press releases related to mineral reserves and mineral resources are available on www.sedar.com and www.sec.gov.
Mineral Reserves and Mineral Resources
Nexa Resources announced on March 17, 2022, the publication of updated information relating to mineral reserves and resources as of December 31, 2021. All Mineral Reserve and Mineral Resource estimates of the Company disclosed or referenced in this news release have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Reserves and Mineral Resources dated May 10, 2014 (“2014 CIM Definition Standards”), whose definitions are incorporated by reference in NI 43-101, for the metals indicated per mine and project. Accordingly, such information may not be comparable to the information that is presented in our annual report on Form 20-F prepared in accordance with S-K 1300.
| Mineral Reserves – NI 43-101 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grade | Contained Metal | ||||||||||||
|
Interest (1)
|
Ownership (%) |
Class
|
Tonnage | Zinc | Copper | Silver | Lead | Gold | Zinc | Copper | Silver | Lead | Gold |
| (Mt) | (%) | (%) | (g/t) | (%) | (g/t) | (kt) | (kt) | (koz) | (kt) | (koz) | |||
|
Cerro Lindo Mine (2) |
83.48% |
Proven | 24.30 | 1.61 | 0.65 | 21.8 | 0.21 | – | 392.2 | 158.3 | 17.030 | 50.6 | – |
| Probable | 19.74 | 1.21 | 0.59 | 22.9 | 0.20 | – | 238.0 | 116.2 | 14.519 | 39.1 | – | ||
| Subtotal | 44.04 | 1.43 | 0.62 | 22.3 | 0.20 | – | 630.3 | 274.4 | 31.549 | 89.7 | – | ||
|
El Porvenir Mine (3) |
83.48% |
Proven | 3.32 | 3.70 | 0.24 | 68.6 | 1.08 | – | 122.8 | 8.1 | 7.329 | 35.7 | – |
| Probable | 12.00 | 3.54 | 0.19 | 69.8 | 1.03 | – | 424.8 | 23.3 | 26.912 | 124.1 | – | ||
| Subtotal | 15.32 | 3.57 | 0.20 | 69.5 | 1.04 | – | 547.5 | 31.3 | 34.242 | 159.8 | – | ||
|
Total |
Proven | 27.62 | 1.86 | 0.60 | 27.40 | 0.31 | 0.05 | 515.0 | 166.4 | 17.037 | 86.3 | – | |
| Probable | 31.74 | 2.09 | 0.44 | 33.70 | 0.51 | 0.8 | 662.8 | 139.5 | 41.431 | 163.2 | – | ||
| Total | 59.36 | 1.98 | 0.51 | 30.90 | 0.42 | 0.07 | 1.177.8 | 305.7 | 65.791 | 249.5 | – | ||
Notes: The estimation of Mineral Reserves involves assumptions as to future
commodity prices and as to technical mining matters. Numbers and totals may
not sum due to rounding. The Qualified Person responsible for the Mineral
Reserves estimates are not aware of any mining, metallurgical, infrastructure,
permitting, or other relevant factors that could materially affect the Mineral
Reserve estimate.
(1) The tonnage and content amounts presented in this table
have not been adjusted to reflect our ownership interest. The information
presented in this table includes 100% of the Mineral Reserves estimates of our
consolidated subsidiaries and of our joint ventures, certain of which are not
wholly owned, as set out in this ownership interests’ column.
(2) Cerro Lindo Qualified Person for the
Mineral Reserves estimate is Jason J. Cox, P.Eng., a SLR Consulting Ltd.
employee. Mineral Reserves are estimated at an NSR break-even cut-off value of
US$38.73/t processed. Some incremental material with values between US$29.13/t
and US$38.84/t was included. Mineral Reserves are estimated using average
long-term metal prices of Zn: US2,722.20/t (US$1.23/lb), Pb: US$1,997.21/t
(US$0.91/lb); Cu: US$7,288.26/t (US$3.31/lb); Au: US$1,454.12/oz; and Ag:
US$19.68/oz. Metallurgical recoveries are accounted for in the NSR
calculations based on historical processing data and are variable as a
function of head grade. Recoveries at LOM average head grades 88.1% for Zn,
68.9% for Pb, 86.6% for Cu, and 68.8% for Ag. Dilution and extraction factors
are applied based on stope type and location. A minimum mining width of 5.0m
was used. Bulk density varies depending on mineralization domain.
(3) El Porvenir Mine
Qualified Person for the Mineral Reserves estimate isJason J. Cox, P.Eng., a
SLR Consulting Ltd. employee. Mineral Reserves are estimated at NSR cut-off
values ranging from US$57.63/t to US$62.19/t depending on the zone and mining
method. Mineral Reserves are estimated using average long-term prices of Zn:
US$2,722.20/t (US$ 1.23/lb); Pb: US$1,997.21/t (US$0.91/lb); Cu: US$7,288.26/t
(US$3.31/lb); and Ag: US$19.68/oz. Metallurgical recoveries are accounted for
in the NSR calculations based on historical processing data and are variable
as a function of head grade. Recoveries at the LOM average head grades are
89.59% for Zn,77.74% for Pb, 14.29% for Cu, and 63% for Ag. A minimum mining
width of 5.0m was used. Density is 3.12 t/m3.
| Mineral Resources – NI 43-101 (Mines) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grade | Contained Metal | ||||||||||||
|
Interest (1)
|
Ownership (%) |
Class
|
Tonnage | Zinc | Copper | Silver | Lead | Gold | Zinc | Copper | Silver | Lead | Gold |
| (Mt) | (%) | (%) | (g/t) | (%) | (g/t) | (kt) | (kt) | (koz) | (kt) | (koz) | |||
|
Cerro Lindo Mine (2) |
83.48% |
Measured | 3.88 | 1.93 | 0.61 | 21.6 | 0.23 | – | 74.9 | 23.7 | 2.694 | 8.9 | – |
| Indicated | 3.56 | 1.04 | 0.48 | 28.1 | 0.26 | – | 37.0 | 17.1 | 3.216 | 9.3 | – | ||
| Subtotal | 7.44 | 1.50 | 0.55 | 24.7 | 0.24 | – | 111.9 | 40.8 | 5.910 | 18.2 | – | ||
| Inferred | 8.23 | 1.40 | 0.29 | 39.2 | 0.46 | – | 115.2 | 23.9 | 10.372 | 37.9 | – | ||
|
El Porvenir Mine (3) |
83.48% |
Measured | 0.65 | 2.66 | 0.20 | 60.7 | 0.85 | – | 17.3 | 1.3 | 1.269 | 5.5 | – |
| Indicated | 3.03 | 2.96 | 0.20 | 48.2 | 0.76 | – | 89.7 | 6.1 | 4.695 | 23.0 | – | ||
| Subtotal | 3.68 | 2.91 | 0.20 | 50.4 | 0.78 | – | 107.0 | 7.4 | 5.964 | 28.5 | – | ||
| Inferred | 10.42 | 3.85 | – | 69.2 | 0.95 | – | 401.2 | 21.9 | 23.183 | 99.0 | – | ||
|
Atacocha Mine (Underground) (5) |
75.96% |
Measured | 3.79 | 4.87 | – | 101.1 | 1.98 | – | 184.6 | – | 12.319 | 75.0 | – |
| Indicated | 4.38 | 4.14 | – | 75.6 | 1.41 | – | 181.3 | – | 10.643 | 61.8 | – | ||
| Subtotal | 8.17 | 4.48 | – | 87.4 | 1.67 | – | 365.9 | – | 22.962 | 136.8 | – | ||
| Inferred | 8.15 | 4.43 | – | 81.8 | 1.25 | – | 361.0 | – | 21.434 | 101.9 | – | ||
|
Atacocha Mine (Open Pit) (6) |
75.96% |
Measured | 3.28 | 1.10 | – | 28.9 | 0.81 | 0.21 | 36.1 | – | 3.048 | 26.6 | 22.1 |
| Indicated | 8.16 | 1.07 | – | 30.8 | 0.94 | 0.18 | 87.3 | – | 8.080 | 76.7 | 47.2 | ||
| Subtotal | 11.44 | 1.08 | – | 30.3 | 0.90 | 0.19 | 123.4 | – | 11.128 | 103.3 | 69.3 | ||
| Inferred | 2.00 | 0.93 | – | 32.0 | 0.92 | 0.26 | 18.6 | – | 2.058 | 18.4 | 16.7 | ||
|
Total Mines |
Measured | 11.60 | 2.70 | 0.22 | 44.20 | 1.00 | 0.05 | 312.9 | 25.0 | 19.330 | 116.0 | 22.1 | |
| Indicated | 19.13 | 2.07 | 0.12 | 23.30 | 0.89 | 0.04 | 395.3 | 23.2 | 26.634 | 170.8 | 47.2 | ||
| Total | 30.73 | 2.30 | 0.16 | 29.10 | 0.93 | 0.04 | 708.2 | 48.2 | 46.964 | 286.8 | 69.3 | ||
| Inferred | 28.80 | 3.11 | 0.16 | 39.90 | 0.89 | 0.01 | 896.0 | 45.8 | 57.047 | 257.2 | 16.7 | ||
| Mineral Resources – NI 43-101 (Zinc Projects) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grade | Contained Metal | ||||||||||||
|
Interest (1)
|
Ownership (%) |
Class
|
Tonnage | Zinc | Copper | Silver | Lead | Gold | Zinc | Copper | Silver | Lead | Gold |
| (Mt) | (%) | (%) | (g/t) | (%) | (g/t) | (kt) | (kt) | (koz) | (kt) | (koz) | |||
| Shalipayco Project (9) | 62.61% | Measured | 3.78 | 4.18 | – | 28.9 | 0.46 | – | 158.0 | – | 3.512 | 17.4 | – |
| Indicated | 5.69 | 4.61 | – | 32.6 | 0.50 | – | 262.3 | – | 5.964 | 28.5 | – | ||
| Subtotal | 9.47 | 4.44 | – | 31.1 | 0.48 | – | 420.3 | – | 9.476 | 45.9 | – | ||
| Inferred | 32.38 | 4.13 | – | 31.1 | 0.47 | – | 1.337.3 | – | 32.376 | 152.2 | – | ||
|
Hilarión Project (10) |
83.48% |
Measured | 24.73 | 3.43 | – | 32.8 | 0.72 | – | 848.2 | – | 26.079 | 178.1 | – |
| Indicated | 34.23 | 3.61 | – | 25.7 | 0.58 | – | 1.235.7 | – | 28.283 | 198.5 | – | ||
| Subtotal | 58.96 | 3.53 | – | 28.7 | 0.64 | – | 2.083.9 | – | 54.362 | 376.6 | – | ||
| Inferred | 25.34 | 3.52 | – | 28.4 | 0.69 | – | 892.0 | – | 23.137 | 174.8 | – | ||
|
Florida Canyon Project (11) |
50.93% |
Measured | 0.81 | 11.32 | – | 15.4 | 1.40 | – | 91.7 | – | 401 | 11.3 | – |
| Indicated | 1.63 | 10.28 | – | 14.9 | 1.31 | – | 167.6 | – | 781 | 21.4 | – | ||
| Subtotal | 2.44 | 10.63 | – | 15.1 | 1.34 | – | 259.3 | – | 1.182 | 32.7 | – | ||
| Inferred | 14.86 | 9.63 | – | 11.3 | 1.26 | – | 1.431.0 | – | 5.399 | 187.2 | – | ||
|
Total Zinc Projects |
Measured | 29.32 | 3.74 | – | 28.6 | 0.71 | – | 1.097.9 | – | 29.992 | 206.8 | – | |
| Indicated | 41.55 | 4.01 | – | 26.0 | 0.60 | – | 1.665.6 | – | 35.028 | 248.4 | – | ||
| Subtotal | 70.87 | 3.90 | – | 27.0 | 0.64 | – | 2.763.5 | – | 65.020 | 455.2 | – | ||
| Inferred | 72.58 | 5.04 | – | 28.5 | 0.71 | – | 3.660.3 | – | 60.912 | 514.2 | – | ||
|
Total (Mines and Projects) |
Measured | 40.92 | 3.45 | 0.06 | 33.0 | 0.79 | 0.02 | 1.410.8 | 25.0 | 49.322 | 322.8 | 22.1 | |
| Indicated | 60.68 | 3.40 | 0.04 | 24.9 | 0.69 | 0.03 | 2.060.9 | 23.2 | 61.662 | 419.2 | 47.2 | ||
| Subtotal | 101.60 | 3.42 | 0.05 | 27.8 | 0.73 | 0.03 | 3.471.7 | 48.2 | 110.984 | 742.0 | 69.3 | ||
| Inferred | 101.38 | 4.49 | 0.05 | 31.7 | 0.76 | 0.13 | 4.556.3 | 45.8 | 117.959 | 771.4 | 16.7 | ||
| Mineral Resources – NI 43-101 (Copper Projects) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grade | Contained Metal | ||||||||||||||
|
Interest (1)
|
Ownership (%) |
Class
|
Tonnage | Zinc | Copper | Silver | Lead | Gold | Moly | Zinc | Copper | Silver | Lead | Gold | Moly |
| (Mt) | (%) | (%) | (g/t) | (%) | (g/t) | (%) | (kt) | (kt) | (koz) | (kt) | (koz) | (kt) | |||
|
Magistral Project (13) |
83.48% |
Measured | 98.69 | – | 0.52 | 2.8 | – | – | 0.05 | – | 513.2 | 8.884 | – | – | 49.3 |
| Indicated | 90.68 | – | 0.43 | 2.8 | – | – | 0.04 | – | 389.9 | 8.163 | – | – | 36.3 | ||
| Subtotal | 189.37 | – | 0.48 | 2.8 | – | – | 0.05 | – | 903.1 | 17.047 | – | – | 85.6 | ||
| Inferred | 11.06 | – | 0.38 | 3.1 | – | – | 0.05 | – | 42.0 | 1.103 | – | – | 5.5 | ||
|
Pukaqaqa Project (14) |
83.48% |
Measured | 107.30 | – | 0.43 | – | – | – | – | – | 461.4 | – | – | – | – |
| Indicated | 201.70 | – | 0.39 | – | – | – | – | – | 786.6 | – | – | – | – | ||
| Subtotal | 309.00 | – | 0.40 | – | – | – | – | – | 1.248.0 | – | – | – | – | ||
| Inferred | 40.10 | – | 0.34 | – | – | – | – | – | 136.3 | – | – | – | – | ||
|
Total Copper Projects |
Measured | 205.99 | – | 0.47 | 1.3 | – | – | 0.02 | – | 974.6 | 8.884 | – | – | 49.3 | |
| Indicated | 292.38 | – | 0.40 | 0.9 | – | – | 0.01 | – | 1.176.6 | 8.163 | – | – | 36.3 | ||
| Total | 498.37 | – | 0.43 | 1.1 | – | – | 0.02 | – | 2.151.1 | 17.047 | – | – | 85.6 | ||
| Inferred | 51.16 | – | 0.35 | 0.7 | – | – | 0.01 | – | 178.4 | 1.103 | – | – | 5.5 | ||
Notes: The estimation of Mineral Reserves involves assumptions as to future
commodity prices and as to technical mining matters. Numbers and totals may
not sum due to rounding. The Qualified Person responsible for the Mineral
Reserves estimates are not aware of any mining, metallurgical, infrastructure,
permitting, or other relevant factors that could materially affect the Mineral
Reserve estimate.
(1) The tonnage and content amounts presented in this
table have not been adjusted to reflect our ownership interest. The
information presented in this table includes 100% of the Mineral Resources
estimates of our consolidated subsidiaries and of our joint ventures, certain
of which are not wholly owned, as set out in this ownership interests’
column.
(2) Cerro Lindo Mine The Qualified Person for the
Mineral Resources estimate is José Antonio Lopes, B.Geo., FAusIMM (CP) Geo, a
Nexa Resources employee. Mineral Resources are estimated at an NSR cut-off
value of US$ 38.84/t. Mineral Resources are estimated using average long-term
metal prices of Zn: US$3,130.52/t (US$1.42/lb), Pb: US$2,296.79/t
(US$1.04/lb); Cu: US$8,381.5/t (US$3.80/lb); and Ag: US$22.63/oz.
Metallurgical recoveries are accounted for in the NSR calculations based on
historical processing data and are variable as a function of head grade.
Recoveries at LOM average head grades 88.1% for Zn, 68.9% for Pb, are 86.6%
for Cu, and 68.8% for Ag. Dilution and extraction factors are applied based on
stope type and location. A minimum mining width of 4.0 m was used. Bulk
density varies depending on mineralization domain.
(3) El Porvenir Mine The Qualified Person for the
Mineral Resources estimate is José Antonio Lopes, B.Geo., FAusIMM (CP) Geo, a
Nexa Resources employee. Mineral Resources are estimated at NSR cut-off values
ranging from of US$57.45/t to US$60.39/t for SLS areas and US$ 59.24/t to
US$62.18 for C&F areas depending on the zone. Mineral Resources are
estimated using average long-term metal prices of Zn: US$3,130.52/t
(US$1.42/lb), Pb: US$2,296.79/t (US$1.04/lb); Cu: US$8,381.50/t (US$3.80/lb)
and Ag: US$22.63/oz. Metallurgical recoveries are accounted for in the NSR
calculations based on historical processing data and are variable as a
function of head grade. Recoveries at the LOM average head grades are 89.59%
for Zn, 77.74% for Pb, 14.29% for Cu, and 63% for Ag. A minimum mining width
of 4.0m and 3.0m was used for C&F and SLS resource stopes shapes
respectively. Bulk density varies depending on mineralization domain.
(5) Atacocha Mine (Underground) The Qualified Person for
the Mineral Resources estimate is José Antonio Lopes, B.Geo., FAusIMM (CP)
Geo, a Nexa Resources employee. Mineral Resources are estimated at a NSR
cut-off value of US$ 63.68/t for C&F resources shapes. Mineral
Resources are estimated using average long-term metal prices of Zn:
US$3,130.52/t (US$1.42/lb), Pb: US$2,296.79/t (US$1.04/lb); Cu: US$8,381.50/t
(US$3.80/lb) and Ag: US$22.63/oz. Metallurgical recoveries are accounted for
in the NSR calculations based on historical processing data and are variable
as a function of head grade. Recoveries at the LOM average head grades are
85.44% for Zn, 84.92% for Pb, and 76% for Ag A minimum mining width of 4.0m
was used. Bulk density was assigned based on rock type.
(6) Atacocha Mine (Open Pit) The Qualified Person for
the Mineral Resources estimate is José Antonio Lopes, B.Geo., FAusIMM (CP)
Geo, a Nexa Resources employee. Mineral Resources are estimated at a NSR
cut-off value of US$18.17/t. Some marginal material with cut-off value of
US$15.66/t was included. Mineral Resources are estimated using average
long-term metal prices of Zn: US$3,130.52/t (US$1.42/lb), Pb: US$2,296.79/t
(US$1.04/lb); Cu: US$8,381.50/t (US$3.80/lb); Au: US$1,672.24/oz; and Ag:
US$22.63/oz. Metallurgical recoveries are accounted for in the NSR
calculations based on historical processing data and are variable as a
function of head grade. Recoveries at the LOM average head grades are 76.05%
for Zn, 80.0% for Pb, 76% for Ag, and 53% for Au. Bulk density was assigned
based on rock type. Mineral Resources are reported within optimized pitshell.
Mineral Resources are stated as in situ with no consideration for planned or
unplanned mining dilution.
(9) Shalipayco Project Mineral Resources have an
effective date as December 31, 2018. The Qualified Person for the Mineral
Resources estimate is José Antonio Lopes, B.Geo., FAusIMM (CP) Geo, a Nexa
Resources employee. Mineral Resources are reported above a NSR cut-off value
of US$45/t and metallurgical recoveries are based on metallurgical test work:
88.0% for Zn and 77.5% for Pb. Forecast long-term metal prices used for the
NSR calculation are: Zn: US$3,034.28/t; Pb: US$2,529.54/t; and Ag:
US$21.58/oz. A minimum mining width of 2.0m was applied. Density was assigned
based on rock type. Mineral Resources are stated as in situ with no
consideration for planned or unplanned mining dilution.
(10) Hilarion Project
Mineral Resources have an effective date as of December 31, 2019.
The Qualified Person for the Mineral Resources estimate is José Antonio
Lopes, B.Geo., FAusIMM (CP) Geo, a Nexa Resources employee.
Mineral Resources are estimated at a NSR cut-off value of US$35.00/t for SLS
resource shapes for Hilarión deposit, and an NSR cut-off value of US$45.00/t
for SLS resource shapes and US$50.00/t for Room and Pillar (R&P)
resource shapes for El Padrino deposit.
Mineral Resources are estimated at average long-term metal prices of Zn:
US$2,956.65/t (US$1.34/lb); Pb: US$2,303.14/t (US$1.04/lb); Cu:
US$7,523.30/t.
(US$3.41/lb); and Ag: US$19.61/oz.
A minimum mining width of 3.0m was used for Hilarión and El Padrino.
Bulk density varies depending on mineralization domain.
(11) Florida Canyon Projec
Mineral Resources have an effective date as of October 30, 2020.
The Qualified Person for the Mineral Resources estimate is José Antonio
Lopes, B.Geo., FAusIMM (CP) Geo, a Nexa Resources employee.
Mineral Resources are reported using a cut-off values of US$41.40/t NSR for
SLS, US$42.93/t for C&F and US$40.61/t for Room & Pillar mine
areas.
Forecast long-term metal prices used for the NSR calculation are: Zn:
US$2,816t (US$1.27/lb); Pb: US$ 2,196.5/t (US$1.00/lb) and Ag:
US$19.40/oz.
Minimum thickness are 3.0m for SLS and C&F, and 4.0 m for
R&P.
Mineral Resources are constrained by preliminary pit shells.
Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability.
(13) Magistral Project The Qualified Person for the
Mineral Resources estimate is José Antonio Lopes, B.Geo., FAusIMM (CP) Geo, a
Nexa Resources employee. Mineral Resources are constrained within a Whittle
optimized pit shell. Mineral Resources are estimated at NSR cut-off values of
US$5.99/t for porphyry, US$5.51/t for mixed, and US$5.48/t for skarn rock
types. Metallurgical recoveries are accounted for in the NSR calculations
based on metallurgical data and vary from 79.3% in skarn to 92.5% in San
Ernesto porphyry for Cu, 51.3% in skarn and 79.2% in San Ernesto porphyry for
Mo, and 70% for Ag; Mineral Resources are estimated using an average long-term
metal prices of US$7,193.45/t Cu, US$21.34/oz Ag, and US$9.90/lb of Mo. A
minimum mining width of 10m was used. Bulk densities for range between 2.59
t/m3 and 3.30 t/m3 depending on the rock type.
(14) Pukaqaqa Project
Mineral Resources have an effective date as of July 31, 2017. The Qualified
Person for the Mineral Resources estimate is José Antonio Lopes, B.Geo.,
FAusIMM (CP) Geo, a Nexa Resources employee. Mineral Resources are constrained
within an optimized pit shell. Mineral Resources are estimated using a copper
price of US$5,710/t (US$2.59/lb) and an exchange rate of US$0.80 to C$1.00.
Mineral Resources are reported above a 0.2% Cu cut-off grade. Mineral
Resources are stated as in situ with no consideration for planned or unplanned
mining dilution. Density was assigned based on rock type.