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Reserves & resources
A resource base to grow into.
Contained copper across the portfolio, by asset and category, reported under NI 43-101. Reserves underpin today’s mine plans; resources point to the upside beyond them.
Effective December 31, 2025
4.2 Mt
Contained Cu in P&P reserves
6.4 Mt
Measured & indicated Cu
3.9 Mt
Inferred copper
18 yr
Reserve life at flagship
Estimate by asset
Contained copper, asset by asset.
Mineral reserves and resources expressed as contained copper (Mt), with average reserve grade and planned mine life.
| Asset | Stage | P&P (Mt) | M&I (Mt) | Inferred (Mt) | Grade |
|---|---|---|---|---|---|
| Cobre Verde | Operating | 2.6 | 3.4 | 1.2 | 0.46% |
| La Sirena | Expansion | 0.7 | 1.1 | 0.5 | 1.10% |
| Quebrada Azul | Development | 0.9 | 1.9 | 0.8 | 0.52% |
| Altar Norte | Exploration | — | — | 1.4 | 0.38% |
| Total portfolio | — | 4.2 | 6.4 | 3.9 | — |
Contained copper (Mt). Measured & indicated resources are inclusive of mineral reserves. Figures rounded; totals may not sum. *Planned mine life, subject to permitting.
Resource base
Where the metal sits.
Identified copper by asset, measured & indicated plus inferred. Cobre Verde holds the bulk, with the pipeline adding meaningful resource growth.
| Asset | Location | M&I (Mt) | Inferred (Mt) | Identified Cu (Mt) |
|---|---|---|---|---|
| Cobre Verde | Sonora, MX | 3.4 | 1.2 | 4.6 |
| Quebrada Azul | Atacama, CL | 1.9 | 0.8 | 2.7 |
| La Sirena | Sonora, MX | 1.1 | 0.5 | 1.6 |
| Altar Norte | Sonora, MX | — | 1.4 | 1.4 |
| Total identified copper | — | 6.4 | 3.9 | 10.3 |
Categories
Reserves and resources, defined.
Estimates follow CIM definitions as incorporated in NI 43-101, a confidence ladder from inferred resources through to proven reserves.
Mineral reserves
Economically mineable
Proven
The highest-confidence category, the part of a measured resource that is demonstrably economic to mine under the current plan.
Probable
Economically mineable material derived from indicated (and in some cases measured) resources, at slightly lower confidence than proven.
Mineral resources
Reasonable prospects
Measured
Geology and grade established with high confidence from closely spaced drilling and sampling.
Indicated
Estimated with reasonable confidence, sufficient to support mine planning and reserve conversion.
Inferred
Lowest confidence; based on limited sampling. Not used in economic studies until upgraded.
By commodity
More than copper.
Copper
4.2Mt
Contained in proven & probable reserves.
Gold
3.1Moz
By-product credit, principally from Cobre Verde.
Molybdenum
92kt
Recovered as a separate concentrate at the flagship.
Methodology & governance
Estimated to standard, signed by a Qualified Person.
Mineral reserve and resource estimates are prepared in accordance with the CIM Definition Standards and reported under National Instrument 43-101. Estimates are reviewed and approved by the company’s Qualified Persons, and audited periodically by independent consultants.
Reserves are reported at a long-term copper price of US$3.80/lb with asset-specific cut-off grades; full parameters are set out in each property’s technical report.
Basis of estimate
Standard
NI 43-101 / CIM
Effective date
Dec 31, 2025
Cu price
US$3.80 / lb
Au price
US$1,950 / oz
Audit
Independent QP
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