Company: SQM
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000909037-25-000020
Chunk: 118

Company: CHEMICAL & MINING CO OF CHILE INC
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4A
Chunk 118
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) that are sent to Coya Sur for the production of crystallized nitrates.
Reserves and Resources
The mineral reserve was estimated for potassium and lithium dissolved in brines of the Salar de Atacama considering modifying factors for converting mineral resources to mineral reserves, including the production wellfield design and efficiency, pumping scheme, and recovery factors for lithium and potassium. The projected future brine extraction was simulated using a flow and solute transport model. Numerical modeling was supported by a detailed calibration process and hydrogeological, geological, and hydrochemical data within the exploitation concessions. Based on the current SQM production wellfield, which corresponds to the effective date of mineral resource and reserve declaration that is most representative of 2024, we estimate that the proven and probable reserves of lithium and potassium are as follows:
Salar de Atacama—Summary of Mineral Reserves, Considering Process Recoveries (Effective December 31, 2024)(1),(2),(3),(4),(5),(6)

                                                            Brine Volume                                 Amount                 Grades/Qualities                 Cut-off                 Metallurgical
                                                  (Million cubic meters)                  (Million metric tons)                           (wt.%)                  grades                  recovery (%)
                                                                                                                                                                  (wt.%)                              
Lithium                                                                                                                                                                                               
Proven mineral reserves (Years 1-2)                                   68                                   0.08                             0.20                    0.05                            52
Probable mineral reserves (Years 3-6)                                107                                   0.14                             0.20                    0.05                            52
Total mineral reserves                                               175                                   0.22                             0.20                    0.05                            52
Potassium                                                                                                                                                                                             
Proven mineral reserves (Years 1-2)                                   68                                   1.42                             2.31                    1.00                            74
Probable mineral reserves (Years 3-6)                                107                                   2.12                             2.16                    1.00                            74
Total mineral reserves                                               175                                   3.54                             2.24                    1.00                            74
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(1)The process efficiency is based on the type of extracted brine at each well over the course of the simulation, the average process efficiency over the entire LoM is approximately 52% for lithium and approximately 74% for potassium.
(2)The values in the “Amount” column correspond