Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 106

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4A
Chunk 106
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 reserves. However, the degree of certainty of probable reserves is high enough to assume continuity between points of observation.
The conversion of resources into reserves requires consideration of modifying factors, the most relevant of which is the existence of a valid environmental license (RCA or Sectorial Authorization). The criteria for converting resources into reserves, based on the environmental license modifying factor criterion, adopted for caliche mines are as follows:
1.Caliche Thickness of ≥ 2.0 m and Overburden Thickness of ≤ 3.0 m
2.Barren / Mineral Ratio of ≤ 1.0 m and slope of ≤ 8%
3.Cut-off Benefit of ≥ 3.0 USD/t
4.Only measured and indicated resources with a valid environmental license are converted into proven and probable reserves, respectively.
64

Nueva Victoria—Summary of Mineral Reserves at the End of the Fiscal Year Ended December 31, 20241,2,3,4,5,6,7,8

                                      Amount(Mt)                 NitrateGrade(weight %)                  Iodine Grade        Cut-offEq Iodine   Metallurgicalrecovery      
                                                                                                           (Parts per                                                      
                                                                                                        million(ppm))                                                      
Proven mineral reserves                      781                                    4.5                           303                 250 ppm   50%-80%                    
Probable mineral reserves                    254                                    5.7                           366                                                      
Total mineral reserves                     1,036                                    5.2                           420                                                      
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(1)Mineral Reserves are based on Measured and Indicated Mineral Resources at an operating cut-off benefit ≥ 3.0 USD/t and reported as equivalent iodine. Operating constraints of caliche thickness ≥ 2.0 m; overburden thickness ≤3.0 m; and waste / caliche ratio ≤1.0 are applied.
(2)Proven Mineral Reserves are based on Measured Mineral Resources at the criteria described in (1) above. The average overall metallurgical recovery of the nitrate and iodine processes contained in the recovered material varies between 50% and 80%. Based on SQM’s operational experience and the laboratory and full-scale tests carried out, a progressive increase, over time, in heap leaching yield is expected, as irrigation application rates increase.
(3)Mineral Reserves are stated as in-situ ore (caliche) as the point of reference.
(4)The units “Mt”, “kt”,