Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 132

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4A
Chunk 132
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 contained Li2O. Details of the updated Mineral Resource Estimated are presented in the Mount Holland Mine technical report summary.
The total Mineral Reserve tons increased by 2% from 83.8 metric tons reported at the end of 2023 fiscal year to 85.6 metric tons the end of fiscal year 2024. The changes in the Mineral Reserve were the result of depletion through mining including stockpiling of ore tons, re-estimation of the Mineral Resource block model, adjustments to the modelling of dilution to better align with mining practices, and inclusion of an ore sorting facility to process ore contaminated with waste rock at the orebody contacts. Depletion of the Mineral Reserve was completed through interrogating the current Reserve block model against the end of 2023 and end of 2024 surveyed mine surfaces. Ore stockpiling totaling 2.7 metric tons was added to the Reserve. The Mount Holland lithium project proven and probable Mineral Reserves attributable to SQM totaled 20.0 million metric tons and 22.3 million metric tons as of December 31, 2024, respectively.
The information presented in the tables above (Mount Holland project) has been validated by Geoinnova Consultores, a third-party firm comprising mining experts in accordance with Item 1302(b)(1) of Regulation S-K, served as the Qualified Persons and prepared the estimates of lithium mineral resources and reserves at the Mount Holland project, with an effective date of December 31, 2024. A copy of the QP’s most recent technical report summary with respect to the lithium mineral resource and reserve estimates at the Mount Holland Project, dated April 17, 2025, with an effective date of December 31, 2024, is filed as Exhibit 96.5 to this report.
Mining Rights
The Mount Holland lithium mine and concentrator operations are spread across three core mining tenements (M77/1065, M77/1066 and M77/1080), as well as exploration licenses, general purpose licenses and miscellaneous licenses (Project Tenements), covering an approximate area of 4,626 hectares. 
The majority of the project properties are currently registered in equal parts to (i) MH Gold and Montague Resources Australia Pty Ltd, both ultimately owned by Wesfarmers, and (ii) SQM Australia, an affiliate of SQM. The project is a an unincorporated joint venture, in which SQM and Wesfarmers, through a wholly owned subsidiary each holding 50