Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 111

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4A
Chunk 111
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 of Mineral Reserves at the End of the Fiscal Year Ended December 31, 20241,2,3,4,5,6

                                                                                             Resources                                                                  
                                                  Amount(Mt)                    NitrateGrade(weight %)                Iodine Grade(ppm)        Cut-offEq Iodine grade1,2
Measured mineral resources                                48           5                 5.0                                        394                          250 ppm
Indicated mineral resources                              526                             6.3                                        559                                 
Measured + Indicated mineral resources                   574                             6.2                                        545                                 
Inferred mineral resources                               218                             5.4                                        513                                 
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(1)Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted into Mineral Reserves upon the application of modifying factors.
(2)Mineral Resources are reported as in-situ and exclusive of Mineral Reserves, where the estimated Mineral Reserve without processing losses during the reported LoM was subtracted from the Mineral Resource inclusive of Mineral Reserves.
(3)Comparisons of values may not add due to rounding of numbers and the differences caused by use of averaging methods
(4)The units “Mt”, “ppm” and % refer to million metric tons, parts per million, and percent by weight respectively.
(5)The Mineral Resource estimate considers a cut-off grade of 345 ppm for equivalent iodine, as well as caliche thickness ≥ 2.0 m and overburden thickness ≤ 3.0 m. The equivalent iodine cut-off grade considers the cost and medium- and long-term price forecasts of generating iodine as discussed in Sections 11, 16 and 19 of the TRS.
(6)Marco Fazzi, Freddy Ildefonso and Gino Slanzi are the QPs responsible for the Mineral Resources.
The Nueva Victoria deposit's proven mineral reserves of 781 million metric tons as of December 31, 2024, increased by 387% from 201.8 million metric tons as of December 31, 2023. The Nueva Victoria probable mineral reserves of 254 million metric tons as of December 31, 2024, decreased by 48% from 529 million metric tons as of December 31, 2023. The increase in mineral reserves was driven by mine exploitation and recategorization of probable reserves in Herm