The Company owns an effective 0.473% NSR on Caserones Copper mine in Chile. Elemental Altus purchased the first 0.418% NSR in August 2021, a further 0.025% NSR in March 2023 and a further 0.03% NSR In July 2023.

The 17,000-hectare Caserones mine is situated in the Atacama region of Northern Chile, approximately 162 km southeast of the city of Copiapó and 800 km north of the capital, Santiago.

The mine is owned and operated by Lundin Mining (51%) and Minera Lumina Copper Chile SpA (49%), an indirect subsidiary of JX Nippon Mining & Metals Corporation of Japan. It produces copper and molybdenum concentrates from a conventional crusher, mill and flotation plant via an open pit, truck and shovel operation. Copper cathodes are also produced from a dump leach, solvent extraction, and electrowinning plant.

Caserones is located at the southern end of the well-documented Maricunga mineral belt. Geology comprises Early-Miocene porphyry system associated with a cluster of dacite porphyries and breccias intruding Palaeozoic granitic, volcanic, and metamorphic rocks. Caserones has a well-developed supergene enrichment profile of oxide copper and secondary chalcocite that overlies hypogene sulfide (chalcopyrite-molybdenite) mineralization.

Caserones has been in operation for 5 years, reportedly producing 104,917 tonnes of copper and 2,452 tonnes of fine molybdenum in concentrates, and 22,056 tonnes of fine copper in cathodes. Life of mine production is estimated at ~148 kt Cu.Eq. per year over an expected 17-year mine life, plus additional expansion potential.

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