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多伦多证券交易所：LUN $32.72 纳斯达克斯德哥尔摩：LUMI kr236.10
Lundin Mining提交Vicuña项目技术报告
，/CNW/ - （TSX: LUN）（Nasdaq Stockholm: LUMI）Lundin Mining Corporation（“Lundin Mining”或“公司”）宣布，继其2026年2月16日发布、公布Vicuña综合技术研究（“PEA”或“研究”）结果的新闻稿之后，公司已提交一份题为“Vicuña Project, Argentina and Chile NI 43-101 Technical Report on Preliminary Economic Assessment”的技术报告，生效日期为2026年2月16日（“技术报告”）。技术报告中报告的结果与2026年2月16日新闻稿中所载结果无重大差异。技术报告副本可在公司网站www.lundinmining.com以及公司在SEDAR+上的简介页面www.sedarplus.ca查阅。
Vicuña项目（“Vicuña项目”或“项目”）由Filo del Sol矿床和Josemaria矿床组成，由Vicuña Corp.（“Vicuña”）持有，Vicuña Corp.是Lundin Mining与必和必拓（BHP）各持股50%的合资安排。除非另有说明，所有美元金额均以美元（“$”）表示，并按100%权益基础列示。
研究要点：
Vicuña 矿区计划采用分阶段方式开发：第 1 阶段侧重于建设硫化物选矿厂和开发 Josemaría 矿床，建立初始露天矿和选矿厂，其专门设计旨在为未来扩建留出空间，并实现加速首次生产和早期现金流。第 2 阶段在此基础上开发 Filo del Sol 可浸出氧化物以及相应的 SX/EW 工厂，用于回收铜、金和银。第 3 阶段通过扩建选矿厂和开发 Filo del Sol 硫化物矿床，实现矿区的长期成熟发展，达到峰值持续产量，使 Vicuña 项目成为长寿命、高质量、大规模采矿运营。第 3 阶段还整合关键矿区基础设施，包括海水淡化厂及相关管道和精矿回浆管道，以支持矿区扩建。
- 有望成为铜、金、银产量前五的矿山：在投产后的前25个完整年度内，年均产量为40万吨铜、70万盎司（“oz”）黄金和2200万盎司（“Moz”）白银。
- 峰值产量超过50万吨/年铜：十年期间平均年产超过50万吨铜、80万盎司黄金和2000万盎司白银，或80万吨铜当量1 （“CuEq”）。
- 多代资产：初始矿山寿命（“LOM”）超过70年，产出约2230万吨（“Mt”）铜、3720万盎司黄金和7.63亿盎司白银。
- 第一四分位成本曲线：在运营的前25个完整年度内，每磅铜的平均现金成本2（扣除副产品收益后）为负值（-0.20美元/磅），每磅铜的全维持成本2（“AISC”）为0.47美元/磅（扣除副产品收益后）。
- 分期开发：使Vicuña能够为项目后期阶段纳入持续优化，管理开发风险，并通过运营现金流为未来发展提供资金。
- 可观的自由现金流：在投产后的前25个完整年度内，年均自由现金流2为22亿美元（扣除扩张性资本支出后）。
- 受益于铜和金：矿山寿命期（LOM）收入贡献约为60%铜、32%金和8%银。
- 资本强度低于每吨铜当量30,000美元：第一阶段资本为71亿美元，税后投资回收期为8.4年3。
- 稳健的税后内部收益率（“IRR”）：IRR 为 14.8%，涵盖矿山全生命周期内的所有项目阶段。
- 确立全球排名项目的基准情景：在铜价4.60美元/磅、金价3,300美元/盎司、银价40美元/盎司下，税后净现值（“NPV8%”）为95亿美元。
- 第1阶段为近期开发提供了详细蓝图，而正在进行的第2和第3阶段优化研究预计将带来额外上行空间和长期价值创造。
- 按近期铜、金、银现货价格（铜6.00美元/磅、金5,000美元/盎司、银80美元/盎司），NPV8%增至288亿美元，IRR升至25.5%，投资回收期为5.4年。
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1 铜当量（CuEq）基于回收后的产量以及铜 4.60 美元/磅、金 3,300 美元/盎司和银 40 美元/盎司的金属价格计算。产量的回收率在技术报告中披露，供参考。 |
2 现金成本（扣除副产品收益后）、全维持成本和自由现金流均为非GAAP指标，请参见下文“关于非GAAP指标的警示性说明”一节。Vicuña项目目前尚无运营，因此没有可供比较的历史等效指标。因此，公司无法对这些非GAAP指标进行调节。 |
3 初始资本自2027年初起算，投资回收期自2030年初起算。 |
技术报告的研究与提交是公司及我们的合作伙伴 BHP（必和必拓）的一个重要里程碑，使我们有望最早在年底作出潜在的批准决定。根据2026年Vicuña项目预算，后续步骤包括第一阶段详细设计与工程、加快项目准备活动以及升级现场进场道路，这些都将推动该项目迈向长寿命、高品质铜生产，同时释放整个矿区更广泛的价值。
该研究属于初步性质，其中包含推断矿产资源，这些资源在地质上被认为推测性过强，无法对其适用使其能够被归类为矿产储量的经济考量，并且不能确定PEA将会实现。不属于矿产储量的矿产资源不具有已证实的经济可行性。
关于Lundin Mining
Lundin Mining是一家总部位于加拿大温哥华的加拿大矿业公司，在巴西和智利拥有三座在产矿山。我们生产支持现代基础设施和电气化的商品。我们的战略愿景是成为全球前十的铜生产商。为实现这一目标，我们正在执行清晰的增长战略，其中包括推进位于阿根廷和智利边境的Vicuña District的全球最大铜、金、银项目之一，我们在该项目中持有50%权益。Lundin Mining在通过资源增长、卓越运营和负责任开发创造价值方面拥有良好业绩记录。公司股票在多伦多证券交易所（LUN）和纳斯达克斯德哥尔摩（LUMI）交易。了解更多信息，请访问www.lundinmining.com。
本新闻稿中的信息须遵守 Lundin Mining 根据瑞典金融工具交易法承担的披露要求。该信息于太平洋时间2026年3月30日晚上8:45通过下述联系人提交发布。
合资格人士声明及相关披露
总结该研究结果的技术报告由下列具名合格人员（按 NI 43-101 定义）编制，他们已审阅并核实了科学和技术信息，并批准对该等信息的书面披露。除 Dustin Smiley 外，下列每位具名合格人员均独立于 Lundin Mining。
合资格人士如下：
Mr. Luke Evans, P.Eng., Global Technical Director, Geology Group Leader, SLR Consulting (Canada) Ltd.
Mr. Paul Daigle, P.Geo., Principal Resource Geologist, AGP Mining Consultants Inc.
Mr. Sean Horan, P.Geo., Director of Resource Modelling, Resource Modelling Solutions Ltd.
Mr. Jeffery Austin, P.Eng., President, International Metallurgical and Environmental Inc.
Mr. Rod Clary, P.Eng., Director – Design Engineering, Fluor Enterprises Inc.
Mr. Kirk Hanson, P.E., Managing Member, KH Mining LLC
Mr. Dustin Smiley, P.Eng., Area Director – Phase II, Vicuña Corp.
Mr. Daniel Ruane, P.Eng., Senior Engineer, Knight Piesold Ltd.
该技术报告依据加拿大证券管理人 NI 43-101 要求编制，可在公司 SEDAR+ 资料页 www.sedarplus.ca 及公司网站 www.lundinmining.com 查阅。
如需了解更多信息，包括与数据验证、用于估算矿产资源与矿产储量的假设、参数和方法以及相关风险有关的信息，请参阅日期为2026年2月16日的新闻稿以及《技术报告》。
请读者注意，本新闻稿中概述的PEA结果是关于Vicuña项目潜在可行性的概念性研究，Vicuña项目及其估算矿产资源的经济和技术可行性尚未得到证实。PEA在性质上是初步的，仅对Vicuña项目的潜力和设计方案提供初步的高层次审查；不能保证PEA将会实现。PEA的概念性矿山计划和经济模型包含众多假设和矿产资源估算，包括推断矿产资源估算。推断矿产资源估算在地质上被认为过于推测性，无法对此类估算适用任何经济考量。不能保证推断矿产资源估算将转化为指示或探明矿产资源，也不能保证指示或探明矿产资源能够转化为矿产储量。 非矿产储量的矿产资源不具有已证实的经济可行性，因此不能保证本文所述Vicuña项目的经济性将会实现。矿产资源估算可能受到环境、许可、法律、所有权、税务、社会政治、市场或其他相关风险、不确定性及其他因素的重大影响，具体如技术报告所述。
关于非GAAP指标的警示性说明
本公司在此纳入了下文进一步描述的某些业绩衡量指标（“非GAAP指标”）。这些业绩衡量指标在国际财务报告准则（“IFRS”）下的公认会计原则中没有标准化含义，因此可能无法与其他矿业公司提供的类似数据进行比较。尽管各非GAAP指标在行业内没有标准化含义，但本公司认为，每一项此类指标都有助于外部使用者评估经营业绩。这些指标旨在提供补充信息，不应孤立地加以考虑，也不应作为按照IFRS编制的业绩衡量指标的替代。Vicuña项目目前没有运营，因此没有可供比较的历史等效指标。因此，本公司无法对这些非GAAP指标进行调节。
每磅销售现金成本（扣除副产品抵免后净额）
现金成本包括可直接归属于采矿作业的成本（包括采矿、选矿和管理）、处理费、精炼费和运输费以及权利金。现金成本包括将由第三方出资的场外基础设施，并计入运营成本。副产品销售收入会冲减现金成本。每磅销售现金成本按现金成本除以铜销售量计算。
每磅销售量的全维持成本（扣除副产品收益）
全维持成本包括现金成本（如上文所定义）、维持性资本支出（包括递延剥离）、复垦费用和租赁付款（收付实现制）。每磅销售量的全维持成本通过将 AISC 除以铜销售量计算得出。
维持性资本支出
维持性资本支出是一项补充性财务指标，定义为用于维持运营和保持产量水平的收付实现制支出。
扩张性资本支出
扩张性资本支出定义为以收付实现制计算的、能够提高产能、现金流或盈利潜力的支出，并在报告时剔除资本化利息。若某项支出同时用于维持和扩张现有运营，则应根据作出该支出的主要决策进行分类。
自由现金流
自由现金流定义为经营活动提供的现金流，扣除维持性资本支出和扩张性资本支出（均按上文定义）。
每吨磨矿运营成本
每吨磨矿处理量的运营成本是一项补充财务指标，按运营成本除以磨矿处理吨数计算。
前瞻性信息警示声明
Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies and strategic vision and aspirations and their achievement and timing; the results of the Vicuña Project PEA, including but not limited to the Mineral Resource estimate and the parameters and assumptions used to estimate the Mineral Resources, future expansion of the Mineral Resource estimate and the Project, the life of mine, the life of mine plan, commencement of production, mining methods, estimated workforce and equipment requirements, production estimates and production profile, processing estimates, mining rates, metal grades and production and recovery rates, process flowsheet, costs and expenditures (including capital, sustaining and operating costs, cash costs and AISC) and the timing thereof, economic metrics and sensitivities, estimated economic results (including Project economics, economic metrics, financial performance, revenues, cash flows, earnings, NPV and IRR) and the parameters and assumptions used to estimate the economic results, geological and mineralization interpretations, exploration and development activities, timelines and similar statements relating to the economic viability of the Project, tailings management, Project infrastructure requirements (including tailings storage facilities, water, power, copper concentrate roasting facilities, pipelines, transportation systems, and desalination plant and pipeline), Project development and construction plans (including staged development, Project Stages, sequencing, timing, costs and the effects and benefits), Project permitting (including timelines and expected receipts of approvals, consents and permits, and the effects thereof), sanctioning of the Project and the timing thereof, community and social engagement and corporate social responsibility matters, economic, fiscal and other benefits of the Project to local communities, host-countries, shareholders and other stakeholders, the Vicuña Project Technical Report and the contents thereof; Project studies (including technical, environmental and social studies); the RIGI application and the timing and benefits thereof; the size and scale of the Vicuña Project, and the potential for the Vicuña Project to be a world-class project ranking among the top five copper, gold and silver mines globally; the Company's credit facility and the amendments thereto, including upsizing, expected terms thereof, timing of execution of definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended credit facility upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; the use of the credit facility; Project funding and the Company's expectations regarding its funding strategy and its work with BHP; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance, including expected earnings, revenue, cash flow, costs, expenditures and other financial metrics; permitting requirements and timelines; the Company's ability to comply with contractual and permitting or other regulatory requirements; timing and possible outcome of pending litigation and disputes, including tax disputes; the timing and expectations of future studies; the results of any Preliminary Economic Assessment, Pre- Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the Company's growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; the realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the operation of the Vicuña Project with BHP; expected processing capacities and infrastructure development; the timing and expectations for future regulatory applications; the anticipated economic and fiscal benefits to Argentina and Chile, including expected tax, royalty, employment and infrastructure impacts and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits (including the RIGI application) and their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the completion of the amended credit facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company's ability to meet the conditions of the amended credit facility; the ability of the Company to access committed amounts, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; the successful sanctioning, permitting and development of the Vicuña Project and commencement of production; successful completion of the Company's projects and initiatives (including the Project) within budget and expected timelines; and such other assumptions as set out herein, in the Project Technical Report when filed, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application, including if the Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to Inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; potential for the allegation of fraud and corruption involving the Company, its respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025, and the "Risk and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2025, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.
本文件中的所有前瞻性信息均受这些警示性声明的限定。尽管公司已尝试识别可能导致实际结果与前瞻性信息中所载内容存在重大差异的重要因素，但仍可能存在其他导致结果与预期、估计、预测或意图不符的因素，读者应注意上述清单并非可能已使用的全部因素和假设的详尽列表。若其中一项或多项风险与不确定性成为现实，或相关基础假设被证明不正确，实际结果可能与前瞻性信息中所述内容存在重大差异。因此，无法保证前瞻性信息将被证明准确，前瞻性信息亦不构成对未来业绩的保证。建议读者不要过度依赖前瞻性信息。本文所载前瞻性信息仅截至本文件日期。除适用法律要求外，公司不承担更新或修订前瞻‐性信息或解释该等信息与后续实际事件之间任何重大差异的任何意图或义务。
来源：Lundin Mining Corporation