11:15 AM EDT, 05/05/2025 (MT Newswires) -- (Adds comment and updates shares.)

Lundin Mining ( LUNMF ) on Sunday said its joint venture completed an initial mineral resource estimate for the Filo del Sol sulfide deposit and an update to the mineral resource estimate for the Josemaria deposit in Argentina.

Vicuna Corp. holds the Filo del Sol project and the Josemaria project, collectively known as Vicuna. Vicuna is a 50/50 joint arrangement between Lundin and BHP Group (BHP).

Vicuna has contained copper of 13-million tonnes measured and indicated (M&I) and 25-million tonnes inferred. Its gold resource is 32-million ounces M&I and 49-million ounces inferred, and 659-million M&I ounces of silver and 808-million ounces inferred. Vicuna ranks in the top 10 for mineral resources of the largest producing copper mines in the world, Lundin said.

Filo del Sol high-grade core is 606-million tonnes M&I at 1.14% copper equivalent for contained metal of 4.5-million tonnes of copper, 9.6-million ounces of gold and 259-million ounces of silver.

Near-surface Josemaria high-grade core is 195-million tonnes M&I at 0.73% copper equivalent for contained metal of 978,000-tonnes of copper, 2.4-million ounces of gold and 11-million ounces of silver.

Lundin's attributable copper mineral resource base increased 29% in M&I contained copper and 650% in inferred contained copper.

"We see the potential for Vicuna to be not only a significant copper producer but also one of the world's largest gold and silver mines as well," said Lundin chief executive Jack Lundin. "Big deposits tend to get bigger and we see clear expansion potential to grow the resource."

National Bank of Canada maintained its outperform rating and $15.50 price target on Lundin Mining ( LUNMF ) shares following the data.

"With a net cash position following the sale of its European business, Lundin remains is a strong financial ahead of any significant capital deployment in Argentina towards a staged development of Filo del Sol/Josemaria," the bank said.

Lundin shares were last seen up $0.115 to $11.785 on the Toronto Stock Exchange.

Price: 11.77, Change: +0.10, Percent Change: +0.86