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South32 - increase in reserve estimate
South32 announced updated Ore Reserve and Mineral Resource estimates for the Sierra Gorda copper mine in accordance with the JORC Code (2012)1 guidelines.
These updates reflect enhanced orebody definition following successful infill drilling programs, with approximately 85 000 metres from 200 drillholes completed between 2023 and 2025.
The updated estimates as at 31 July 2026 reflect:
• a 61% increase in the Ore Reserve estimate to 1 100 million tonnes, averaging 0.39% total copper, 0.016% total molybdenum and 0.06 g/t gold, at a total copper equivalent grade of 0.46%;
• an extension of the initial reserve life by approximately five years to 2045; and
• a Mineral Resource estimate of 1 870 million tonnes, averaging 0.37% total copper, 0.016% total molybdenum and 0.06 g/t gold, at a total copper equivalent grade of 0.44%.
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