# Hudbay Provides Annual Reserve and Resource Update with Mine Life Extensions and Improved Three-Year Production Outlook Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565 Original source: https://money.tmx.com/en/quote/HBM/news/4890873723820976/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and Publisher: tmx Original announcement: 2026-03-27T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Hudbay Minerals Inc. - Ticker: HBM - Exchange: TSX - Region: Unavailable - Primary commodity: Copper - Secondary commodities: Gold, Silver, Zinc, Molybdenum - Document categories: Resource update, Production, Drill results - Extracted: 2026-09-18 02:57:02 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Hudbay Minerals Inc. has released its annual mineral reserve and resource update, alongside new three-year production guidance. The company projects a 24% increase in consolidated copper production over the next three years, averaging 147,000 tonnes per year, and strong gold production averaging 243,000 ounces per year. Mine lives have been extended at Constancia, Snow Lake, and Copper Mountain, and the Copper World project is advancing with a completed joint venture and a definitive feasibility study on track for mid-2026. Reasoning: The document reports positive updates across multiple projects, including mine life extensions, increased copper production guidance, and progress on key development projects. While gold production is slightly down due to a high-grade deposit depletion, the overall outlook is strong with significant growth in copper and continued strong gold exposure. - Positive factor: Mine life extensions at Constancia, Snow Lake, and Copper Mountain - Positive factor: Increased consolidated copper production outlook for the next three years - Positive factor: Strong gold production outlook - Positive factor: Significant progress on Copper World project with JV transaction and DFS on track - Positive factor: Resource to reserve conversions and re-evaluation gains at Snow Lake - Positive factor: Talbot drill results confirm resource expansion potential - Negative factor: Gold production decrease from 2025 levels due to Pampacancha depletion - Negative factor: Inferred resources still form a significant portion of some projects Facts used in scoring: 149 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The source explicitly discloses a revised resource estimate Evidence · text > revised resource ## Extracted facts Stored fact records: 149. Some facts used in scoring do not have a stored record. ## Resource Estimates (149) ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-0) Constancia Operations · copper #### Identity - Project: Constancia Operations - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:31f4db838b32d03cae84 - Deposit or zone: Constancia #### Resource Data - Category: proven - Tonnes: 458800000 - Grade: 0.243 - Grade Unit: % - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven copper reserve for Constancia, contributing to the overall mine life extension. Evidence · table > 0.243 Context: 458,800,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-1) Constancia Operations · molybdenum #### Identity - Project: Constancia Operations - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:31f4db838b32d03cae84 - Deposit or zone: Constancia #### Resource Data - Category: proven - Tonnes: 458800000 - Grade: 75 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven molybdenum reserve for Constancia, contributing as a byproduct. Evidence · table > 75 Context: 458,800,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-2) Constancia Operations · gold #### Identity - Project: Constancia Operations - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:31f4db838b32d03cae84 - Deposit or zone: Constancia #### Resource Data - Category: proven - Tonnes: 458800000 - Grade: 0.036 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven gold reserve for Constancia, contributing as a byproduct. Evidence · table > 0.036 Context: 458,800,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-3) Constancia Operations · silver #### Identity - Project: Constancia Operations - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:31f4db838b32d03cae84 - Deposit or zone: Constancia #### Resource Data - Category: proven - Tonnes: 458800000 - Grade: 2.39 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven silver reserve for Constancia, contributing as a byproduct. Evidence · table > 2.39 Context: 458,800,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-4) Constancia Operations · copper #### Identity - Project: Constancia Operations - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:067068f8c4832f137ae8 - Deposit or zone: Constancia #### Resource Data - Category: probable - Tonnes: 28300000 - Grade: 0.193 - Grade Unit: % - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable copper reserve for Constancia, contributing to the overall mine life extension. Evidence · table > 0.193 Context: 28,300,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-5) Constancia Operations · molybdenum #### Identity - Project: Constancia Operations - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:067068f8c4832f137ae8 - Deposit or zone: Constancia #### Resource Data - Category: probable - Tonnes: 28300000 - Grade: 68 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable molybdenum reserve for Constancia, contributing as a byproduct. Evidence · table > 68 Context: 28,300,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-6) Constancia Operations · gold #### Identity - Project: Constancia Operations - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:067068f8c4832f137ae8 - Deposit or zone: Constancia #### Resource Data - Category: probable - Tonnes: 28300000 - Grade: 0.034 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable gold reserve for Constancia, contributing as a byproduct. Evidence · table > 0.034 Context: 28,300,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-7) Constancia Operations · silver #### Identity - Project: Constancia Operations - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:067068f8c4832f137ae8 - Deposit or zone: Constancia #### Resource Data - Category: probable - Tonnes: 28300000 - Grade: 1.98 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable silver reserve for Constancia, contributing as a byproduct. Evidence · table > 1.98 Context: 28,300,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-8) Constancia Operations · copper #### Identity - Project: Constancia Operations - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:62a0103558396f5d3b42 - Deposit or zone: Constancia #### Resource Data - Category: probable - Tonnes: 487100000 - Grade: 0.24 - Grade Unit: % - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable copper reserve for Constancia. Evidence · table > 0.240 Context: 487,100,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-9) Constancia Operations · molybdenum #### Identity - Project: Constancia Operations - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:62a0103558396f5d3b42 - Deposit or zone: Constancia #### Resource Data - Category: probable - Tonnes: 487100000 - Grade: 74 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable molybdenum reserve for Constancia. Evidence · table > 74 Context: 487,100,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-10) Constancia Operations · gold #### Identity - Project: Constancia Operations - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:62a0103558396f5d3b42 - Deposit or zone: Constancia #### Resource Data - Category: probable - Tonnes: 487100000 - Grade: 0.036 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable gold reserve for Constancia. Evidence · table > 0.036 Context: 487,100,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-11) Constancia Operations · silver #### Identity - Project: Constancia Operations - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:62a0103558396f5d3b42 - Deposit or zone: Constancia #### Resource Data - Category: probable - Tonnes: 487100000 - Grade: 2.37 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable silver reserve for Constancia. Evidence · table > 2.37 Context: 487,100,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-12) Constancia Operations · copper #### Identity - Project: Constancia Operations - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:a68c6b3e8b853ea0df83 - Deposit or zone: Pampacancha #### Resource Data - Category: proven - Tonnes: 900000 - Grade: 0.216 - Grade Unit: % - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven copper reserve for Pampacancha, a satellite deposit. Evidence · table > 0.216 Context: 900,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-13) Constancia Operations · molybdenum #### Identity - Project: Constancia Operations - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:a68c6b3e8b853ea0df83 - Deposit or zone: Pampacancha #### Resource Data - Category: proven - Tonnes: 900000 - Grade: 128 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven molybdenum reserve for Pampacancha, a satellite deposit. Evidence · table > 128 Context: 900,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-14) Constancia Operations · gold #### Identity - Project: Constancia Operations - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:a68c6b3e8b853ea0df83 - Deposit or zone: Pampacancha #### Resource Data - Category: proven - Tonnes: 900000 - Grade: 0.307 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven gold reserve for Pampacancha, a satellite deposit. Evidence · table > 0.307 Context: 900,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-15) Constancia Operations · silver #### Identity - Project: Constancia Operations - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:a68c6b3e8b853ea0df83 - Deposit or zone: Pampacancha #### Resource Data - Category: proven - Tonnes: 900000 - Grade: 3.57 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven silver reserve for Pampacancha, a satellite deposit. Evidence · table > 3.57 Context: 900,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-16) Constancia Operations · copper #### Identity - Project: Constancia Operations - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:07f287e30412ad01965b - Deposit or zone: Pampacancha #### Resource Data - Category: probable - Tonnes: 900000 - Grade: 0.216 - Grade Unit: % - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable copper reserve for Pampacancha. Evidence · table > 0. 216 Context: 900,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-17) Constancia Operations · molybdenum #### Identity - Project: Constancia Operations - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:07f287e30412ad01965b - Deposit or zone: Pampacancha #### Resource Data - Category: probable - Tonnes: 900000 - Grade: 128 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable molybdenum reserve for Pampacancha. Evidence · table > 1 28 Context: 900,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-18) Constancia Operations · gold #### Identity - Project: Constancia Operations - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:07f287e30412ad01965b - Deposit or zone: Pampacancha #### Resource Data - Category: probable - Tonnes: 900000 - Grade: 0.307 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable gold reserve for Pampacancha. Evidence · table > 0. 307 Context: 900,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-19) Constancia Operations · silver #### Identity - Project: Constancia Operations - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:07f287e30412ad01965b - Deposit or zone: Pampacancha #### Resource Data - Category: probable - Tonnes: 900000 - Grade: 3.57 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable silver reserve for Pampacancha. Evidence · table > 3.57 Context: 900,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-20) Constancia Operations · copper #### Identity - Project: Constancia Operations - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:5d2862e0748d0bbbb7c7 #### Resource Data - Category: probable - Tonnes: 488000000 - Grade: 0.24 - Grade Unit: % - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable copper reserve for Constancia Operations. Evidence · table > 0.24 0 Context: 488 ,000,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-21) Constancia Operations · molybdenum #### Identity - Project: Constancia Operations - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:5d2862e0748d0bbbb7c7 #### Resource Data - Category: probable - Tonnes: 488000000 - Grade: 74 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable molybdenum reserve for Constancia Operations. Evidence · table > 74 Context: 488 ,000,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-22) Constancia Operations · gold #### Identity - Project: Constancia Operations - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:5d2862e0748d0bbbb7c7 #### Resource Data - Category: probable - Tonnes: 488000000 - Grade: 0.036 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable gold reserve for Constancia Operations. Evidence · table > 0.0 36 Context: 488 ,000,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-23) Constancia Operations · silver #### Identity - Project: Constancia Operations - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:5d2862e0748d0bbbb7c7 #### Resource Data - Category: probable - Tonnes: 488000000 - Grade: 2.37 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable silver reserve for Constancia Operations. Evidence · table > 2. 37 Context: 488 ,000,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-24) Constancia Operations · copper #### Identity - Project: Constancia Operations - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:8da3ab29e82c8f0b94ae - Deposit or zone: Constancia #### Resource Data - Category: measured - Tonnes: 106300000 - Grade: 0.232 - Grade Unit: % - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Measured copper resource for Constancia. Evidence · table > 0.232 Context: 106,300,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-25) Constancia Operations · molybdenum #### Identity - Project: Constancia Operations - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:8da3ab29e82c8f0b94ae - Deposit or zone: Constancia #### Resource Data - Category: measured - Tonnes: 106300000 - Grade: 74 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Measured molybdenum resource for Constancia. Evidence · table > 74 Context: 106,300,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-26) Constancia Operations · gold #### Identity - Project: Constancia Operations - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:8da3ab29e82c8f0b94ae - Deposit or zone: Constancia #### Resource Data - Category: measured - Tonnes: 106300000 - Grade: 0.036 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Measured gold resource for Constancia. Evidence · table > 0.036 Context: 106,300,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-27) Constancia Operations · silver #### Identity - Project: Constancia Operations - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:8da3ab29e82c8f0b94ae - Deposit or zone: Constancia #### Resource Data - Category: measured - Tonnes: 106300000 - Grade: 2.36 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Measured silver resource for Constancia. Evidence · table > 2.36 Context: 106,300,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-28) Constancia Operations · copper #### Identity - Project: Constancia Operations - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ba948d6691f3fac3d045 - Deposit or zone: Constancia #### Resource Data - Category: indicated - Tonnes: 70400000 - Grade: 0.222 - Grade Unit: % - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Indicated copper resource for Constancia. Evidence · table > 0.222 Context: 70,400,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-29) Constancia Operations · molybdenum #### Identity - Project: Constancia Operations - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ba948d6691f3fac3d045 - Deposit or zone: Constancia #### Resource Data - Category: indicated - Tonnes: 70400000 - Grade: 87 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Indicated molybdenum resource for Constancia. Evidence · table > 87 Context: 70,400,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-30) Constancia Operations · gold #### Identity - Project: Constancia Operations - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ba948d6691f3fac3d045 - Deposit or zone: Constancia #### Resource Data - Category: indicated - Tonnes: 70400000 - Grade: 0.032 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Indicated gold resource for Constancia. Evidence · table > 0.032 Context: 70,400,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-31) Constancia Operations · silver #### Identity - Project: Constancia Operations - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ba948d6691f3fac3d045 - Deposit or zone: Constancia #### Resource Data - Category: indicated - Tonnes: 70400000 - Grade: 2 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Indicated silver resource for Constancia. Evidence · table > 2.00 Context: 70,400,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-32) Constancia Operations · copper #### Identity - Project: Constancia Operations - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:604c44e2f44410f86127 - Deposit or zone: Constancia - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 27700000 - Grade: 0.271 - Grade Unit: % - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred open pit copper resource for Constancia. - Negative factor: Inferred Resource Evidence · table > 0.271 Context: 27,700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-33) Constancia Operations · molybdenum #### Identity - Project: Constancia Operations - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:604c44e2f44410f86127 - Deposit or zone: Constancia - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 27700000 - Grade: 71 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred open pit molybdenum resource for Constancia. - Negative factor: Inferred Resource Evidence · table > 71 Context: 27,700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-34) Constancia Operations · gold #### Identity - Project: Constancia Operations - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:604c44e2f44410f86127 - Deposit or zone: Constancia - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 27700000 - Grade: 0.049 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred open pit gold resource for Constancia. - Negative factor: Inferred Resource Evidence · table > 0.049 Context: 27,700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-35) Constancia Operations · silver #### Identity - Project: Constancia Operations - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:604c44e2f44410f86127 - Deposit or zone: Constancia - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 27700000 - Grade: 2.54 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred open pit silver resource for Constancia. - Negative factor: Inferred Resource Evidence · table > 2.54 Context: 27,700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-36) Constancia Operations · copper #### Identity - Project: Constancia Operations - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:062271c896779adb15e1 - Deposit or zone: Constancia Norte - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 6500000 - Grade: 1.2 - Grade Unit: % - Cutoff Grade: 0.65 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred underground copper resource for Constancia Norte. - Negative factor: Inferred Resource Evidence · table > 1.200 Context: 6,500,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-37) Constancia Operations · molybdenum #### Identity - Project: Constancia Operations - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:062271c896779adb15e1 - Deposit or zone: Constancia Norte - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 6500000 - Grade: 69 - Grade Unit: g/t - Cutoff Grade: 0.65 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred underground molybdenum resource for Constancia Norte. - Negative factor: Inferred Resource Evidence · table > 69 Context: 6,500,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-38) Constancia Operations · gold #### Identity - Project: Constancia Operations - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:062271c896779adb15e1 - Deposit or zone: Constancia Norte - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 6500000 - Grade: 0.14 - Grade Unit: g/t - Cutoff Grade: 0.65 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred underground gold resource for Constancia Norte. - Negative factor: Inferred Resource Evidence · table > 0.140 Context: 6,500,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-39) Constancia Operations · silver #### Identity - Project: Constancia Operations - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:062271c896779adb15e1 - Deposit or zone: Constancia Norte - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 6500000 - Grade: 8.62 - Grade Unit: g/t - Cutoff Grade: 0.65 - Cutoff Unit: % copper #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred underground silver resource for Constancia Norte. - Negative factor: Inferred Resource Evidence · table > 8.62 Context: 6,500,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-40) Constancia Operations · copper #### Identity - Project: Constancia Operations - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:9dc77fce389ffcab0b4b #### Resource Data - Category: indicated - Tonnes: 176700000 - Grade: 0.228 - Grade Unit: % - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Measured and Indicated copper resource for Constancia Operations. Evidence · table > 0.228 Context: 176,700,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-41) Constancia Operations · molybdenum #### Identity - Project: Constancia Operations - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:9dc77fce389ffcab0b4b #### Resource Data - Category: indicated - Tonnes: 176700000 - Grade: 79 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Measured and Indicated molybdenum resource for Constancia Operations. Evidence · table > 79 Context: 176,700,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-42) Constancia Operations · gold #### Identity - Project: Constancia Operations - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:9dc77fce389ffcab0b4b #### Resource Data - Category: indicated - Tonnes: 176700000 - Grade: 0.034 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Measured and Indicated gold resource for Constancia Operations. Evidence · table > 0.034 Context: 176,700,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-43) Constancia Operations · silver #### Identity - Project: Constancia Operations - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:9dc77fce389ffcab0b4b #### Resource Data - Category: indicated - Tonnes: 176700000 - Grade: 2.22 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Measured and Indicated silver resource for Constancia Operations. Evidence · table > 2.22 Context: 176,700,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-44) Constancia Operations · copper #### Identity - Project: Constancia Operations - Commodity: copper - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:161c9ad04c5e0f8ec40c #### Resource Data - Category: inferred - Tonnes: 34200000 - Grade: 0.447 - Grade Unit: % - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred copper resource for Constancia Operations. - Negative factor: Inferred Resource Evidence · table > 0.447 Context: 34,200,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-45) Constancia Operations · molybdenum #### Identity - Project: Constancia Operations - Commodity: molybdenum - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:161c9ad04c5e0f8ec40c #### Resource Data - Category: inferred - Tonnes: 34200000 - Grade: 71 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred molybdenum resource for Constancia Operations. - Negative factor: Inferred Resource Evidence · table > 71 Context: 34,200,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-46) Constancia Operations · gold #### Identity - Project: Constancia Operations - Commodity: gold - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:161c9ad04c5e0f8ec40c #### Resource Data - Category: inferred - Tonnes: 34200000 - Grade: 0.067 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred gold resource for Constancia Operations. - Negative factor: Inferred Resource Evidence · table > 0.067 Context: 34,200,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-47) Constancia Operations · silver #### Identity - Project: Constancia Operations - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:161c9ad04c5e0f8ec40c #### Resource Data - Category: inferred - Tonnes: 34200000 - Grade: 3.7 - Grade Unit: g/t - Cutoff Grade: 7.3 - Cutoff Unit: NSR per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred silver resource for Constancia Operations. - Negative factor: Inferred Resource Evidence · table > 3.70 Context: 34,200,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-48) Lalor Mine · gold #### Identity - Project: Lalor Mine - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:5c2c1369ac25c91fcc2c - Deposit or zone: Lalor #### Resource Data - Category: proven - Tonnes: 4800000 - Grade: 4.28 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven gold reserve for Lalor mine. Evidence · table > 4.28 Context: 4,800,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-49) Lalor Mine · zinc #### Identity - Project: Lalor Mine - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:5c2c1369ac25c91fcc2c - Deposit or zone: Lalor #### Resource Data - Category: proven - Tonnes: 4800000 - Grade: 0.7 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven zinc reserve for Lalor mine. Evidence · table > 0.70 Context: 4,800,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-50) Lalor Mine · copper #### Identity - Project: Lalor Mine - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:5c2c1369ac25c91fcc2c - Deposit or zone: Lalor #### Resource Data - Category: proven - Tonnes: 4800000 - Grade: 0.51 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven copper reserve for Lalor mine. Evidence · table > 0.51 Context: 4,800,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-51) Lalor Mine · silver #### Identity - Project: Lalor Mine - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:5c2c1369ac25c91fcc2c - Deposit or zone: Lalor #### Resource Data - Category: proven - Tonnes: 4800000 - Grade: 27 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven silver reserve for Lalor mine. Evidence · table > 27.0 Context: 4,800,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-52) Lalor Mine · gold #### Identity - Project: Lalor Mine - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b2b0f98ae3c01613dde8 - Deposit or zone: Lalor #### Resource Data - Category: probable - Tonnes: 4900000 - Grade: 3.41 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable gold reserve for Lalor mine. Evidence · table > 3.41 Context: 4,900,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-53) Lalor Mine · zinc #### Identity - Project: Lalor Mine - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b2b0f98ae3c01613dde8 - Deposit or zone: Lalor #### Resource Data - Category: probable - Tonnes: 4900000 - Grade: 0.27 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable zinc reserve for Lalor mine. Evidence · table > 0.27 Context: 4,900,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-54) Lalor Mine · copper #### Identity - Project: Lalor Mine - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b2b0f98ae3c01613dde8 - Deposit or zone: Lalor #### Resource Data - Category: probable - Tonnes: 4900000 - Grade: 0.87 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable copper reserve for Lalor mine. Evidence · table > 0.87 Context: 4,900,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-55) Lalor Mine · silver #### Identity - Project: Lalor Mine - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b2b0f98ae3c01613dde8 - Deposit or zone: Lalor #### Resource Data - Category: probable - Tonnes: 4900000 - Grade: 16.8 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable silver reserve for Lalor mine. Evidence · table > 16.8 Context: 4,900,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-56) Lalor Mine · gold #### Identity - Project: Lalor Mine - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:eb8160c6cd25543600ed #### Resource Data - Category: probable - Tonnes: 9800000 - Grade: 3.84 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable gold reserve for Gold Zone. Evidence · table > 3.84 Context: 9,800,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-57) Lalor Mine · zinc #### Identity - Project: Lalor Mine - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:eb8160c6cd25543600ed #### Resource Data - Category: probable - Tonnes: 9800000 - Grade: 0.48 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable zinc reserve for Gold Zone. Evidence · table > 0.48 Context: 9,800,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-58) Lalor Mine · copper #### Identity - Project: Lalor Mine - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:eb8160c6cd25543600ed #### Resource Data - Category: probable - Tonnes: 9800000 - Grade: 0.69 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable copper reserve for Gold Zone. Evidence · table > 0.69 Context: 9,800,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-59) Lalor Mine · silver #### Identity - Project: Lalor Mine - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:eb8160c6cd25543600ed #### Resource Data - Category: probable - Tonnes: 9800000 - Grade: 21.8 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable silver reserve for Gold Zone. Evidence · table > 21.8 Context: 9,800,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-60) Lalor Mine · gold #### Identity - Project: Lalor Mine - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:1c1f1a5bcab667c96fd7 - Deposit or zone: Lalor #### Resource Data - Category: proven - Tonnes: 4400000 - Grade: 2.42 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven gold reserve for Lalor mine \(Base Metal Zone\). Evidence · table > 2.42 Context: 4,400,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-61) Lalor Mine · zinc #### Identity - Project: Lalor Mine - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:1c1f1a5bcab667c96fd7 - Deposit or zone: Lalor #### Resource Data - Category: proven - Tonnes: 4400000 - Grade: 4.36 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven zinc reserve for Lalor mine \(Base Metal Zone\). Evidence · table > 4.36 Context: 4,400,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-62) Lalor Mine · copper #### Identity - Project: Lalor Mine - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:1c1f1a5bcab667c96fd7 - Deposit or zone: Lalor #### Resource Data - Category: proven - Tonnes: 4400000 - Grade: 0.36 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven copper reserve for Lalor mine \(Base Metal Zone\). Evidence · table > 0.36 Context: 4,400,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-63) Lalor Mine · silver #### Identity - Project: Lalor Mine - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:1c1f1a5bcab667c96fd7 - Deposit or zone: Lalor #### Resource Data - Category: proven - Tonnes: 4400000 - Grade: 27.7 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven silver reserve for Lalor mine \(Base Metal Zone\). Evidence · table > 27.7 Context: 4,400,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-64) 1901 Deposit · gold #### Identity - Project: 1901 Deposit - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:0386d89d376657e205a8 - Deposit or zone: 1901 #### Resource Data - Category: proven - Tonnes: 900000 - Grade: 2.25 - Grade Unit: g/t - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven gold reserve for 1901 deposit \(Base Metal Zone\). Evidence · table > 2.25 Context: 900,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-65) 1901 Deposit · zinc #### Identity - Project: 1901 Deposit - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:0386d89d376657e205a8 - Deposit or zone: 1901 #### Resource Data - Category: proven - Tonnes: 900000 - Grade: 7.6 - Grade Unit: % - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven zinc reserve for 1901 deposit \(Base Metal Zone\). Evidence · table > 7.60 Context: 900,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-66) 1901 Deposit · copper #### Identity - Project: 1901 Deposit - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:0386d89d376657e205a8 - Deposit or zone: 1901 #### Resource Data - Category: proven - Tonnes: 900000 - Grade: 0.27 - Grade Unit: % - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven copper reserve for 1901 deposit \(Base Metal Zone\). Evidence · table > 0.27 Context: 900,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-67) 1901 Deposit · silver #### Identity - Project: 1901 Deposit - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:0386d89d376657e205a8 - Deposit or zone: 1901 #### Resource Data - Category: proven - Tonnes: 900000 - Grade: 24 - Grade Unit: g/t - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Proven silver reserve for 1901 deposit \(Base Metal Zone\). Evidence · table > 24.0 Context: 900,000 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-68) Lalor Mine · gold #### Identity - Project: Lalor Mine - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:bdc5359c6c20aafd3acb - Deposit or zone: Lalor #### Resource Data - Category: probable - Tonnes: 600000 - Grade: 1.5 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable gold reserve for Lalor mine \(Base Metal Zone\). Evidence · table > 1.50 Context: 600,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-69) Lalor Mine · zinc #### Identity - Project: Lalor Mine - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:bdc5359c6c20aafd3acb - Deposit or zone: Lalor #### Resource Data - Category: probable - Tonnes: 600000 - Grade: 4.11 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable zinc reserve for Lalor mine \(Base Metal Zone\). Evidence · table > 4.11 Context: 600,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-70) Lalor Mine · copper #### Identity - Project: Lalor Mine - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:bdc5359c6c20aafd3acb - Deposit or zone: Lalor #### Resource Data - Category: probable - Tonnes: 600000 - Grade: 0.34 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable copper reserve for Lalor mine \(Base Metal Zone\). Evidence · table > 0.34 Context: 600,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-71) Lalor Mine · silver #### Identity - Project: Lalor Mine - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:bdc5359c6c20aafd3acb - Deposit or zone: Lalor #### Resource Data - Category: probable - Tonnes: 600000 - Grade: 25.1 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable silver reserve for Lalor mine \(Base Metal Zone\). Evidence · table > 25.1 Context: 600,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-72) 1901 Deposit · gold #### Identity - Project: 1901 Deposit - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ac0d6fa5cf9335d6b474 - Deposit or zone: 1901 #### Resource Data - Category: probable - Tonnes: 700000 - Grade: 1.67 - Grade Unit: g/t - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable gold reserve for 1901 deposit \(Base Metal Zone\). Evidence · table > 1.67 Context: 700,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-73) 1901 Deposit · zinc #### Identity - Project: 1901 Deposit - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ac0d6fa5cf9335d6b474 - Deposit or zone: 1901 #### Resource Data - Category: probable - Tonnes: 700000 - Grade: 8.23 - Grade Unit: % - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable zinc reserve for 1901 deposit \(Base Metal Zone\). Evidence · table > 8.23 Context: 700,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-74) 1901 Deposit · copper #### Identity - Project: 1901 Deposit - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ac0d6fa5cf9335d6b474 - Deposit or zone: 1901 #### Resource Data - Category: probable - Tonnes: 700000 - Grade: 0.22 - Grade Unit: % - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable copper reserve for 1901 deposit \(Base Metal Zone\). Evidence · table > 0.22 Context: 700,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-75) 1901 Deposit · silver #### Identity - Project: 1901 Deposit - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ac0d6fa5cf9335d6b474 - Deposit or zone: 1901 #### Resource Data - Category: probable - Tonnes: 700000 - Grade: 28.5 - Grade Unit: g/t - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable silver reserve for 1901 deposit \(Base Metal Zone\). Evidence · table > 28.5 Context: 700,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-76) Snow Lake Operations · gold #### Identity - Project: Snow Lake Operations - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:fa5d0864754a5054396b #### Resource Data - Category: probable - Tonnes: 6700000 - Grade: 2.22 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable gold reserve for Base Metal Zone. Evidence · table > 2.22 Context: 6,700,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-77) Snow Lake Operations · zinc #### Identity - Project: Snow Lake Operations - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:fa5d0864754a5054396b #### Resource Data - Category: probable - Tonnes: 6700000 - Grade: 5.2 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable zinc reserve for Base Metal Zone. Evidence · table > 5.20 Context: 6,700,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-78) Snow Lake Operations · copper #### Identity - Project: Snow Lake Operations - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:fa5d0864754a5054396b #### Resource Data - Category: probable - Tonnes: 6700000 - Grade: 0.33 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable copper reserve for Base Metal Zone. Evidence · table > 0.33 Context: 6,700,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-79) Snow Lake Operations · silver #### Identity - Project: Snow Lake Operations - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:fa5d0864754a5054396b #### Resource Data - Category: probable - Tonnes: 6700000 - Grade: 27 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable silver reserve for Base Metal Zone. Evidence · table > 27.0 Context: 6,700,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-80) Lalor Mine · gold #### Identity - Project: Lalor Mine - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:d2765c28ee93237e4218 - Deposit or zone: Lalor #### Resource Data - Category: probable - Tonnes: 14800000 - Grade: 3.31 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable gold reserve for Lalor mine. Evidence · table > 3.31 Context: 14,800,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-81) Lalor Mine · zinc #### Identity - Project: Lalor Mine - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:d2765c28ee93237e4218 - Deposit or zone: Lalor #### Resource Data - Category: probable - Tonnes: 14800000 - Grade: 1.8 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable zinc reserve for Lalor mine. Evidence · table > 1.80 Context: 14,800,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-82) Lalor Mine · copper #### Identity - Project: Lalor Mine - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:d2765c28ee93237e4218 - Deposit or zone: Lalor #### Resource Data - Category: probable - Tonnes: 14800000 - Grade: 0.58 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable copper reserve for Lalor mine. Evidence · table > 0.58 Context: 14,800,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-83) Lalor Mine · silver #### Identity - Project: Lalor Mine - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:d2765c28ee93237e4218 - Deposit or zone: Lalor #### Resource Data - Category: probable - Tonnes: 14800000 - Grade: 23.7 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable silver reserve for Lalor mine. Evidence · table > 23.7 Context: 14,800,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-84) 1901 Deposit · gold #### Identity - Project: 1901 Deposit - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:06364d8f9b5e69c73329 - Deposit or zone: 1901 #### Resource Data - Category: probable - Tonnes: 1600000 - Grade: 1.99 - Grade Unit: g/t - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable gold reserve for 1901 deposit. Evidence · table > 1.99 Context: 1,600,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-85) 1901 Deposit · zinc #### Identity - Project: 1901 Deposit - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:06364d8f9b5e69c73329 - Deposit or zone: 1901 #### Resource Data - Category: probable - Tonnes: 1600000 - Grade: 7.89 - Grade Unit: % - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable zinc reserve for 1901 deposit. Evidence · table > 7.89 Context: 1,600,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-86) 1901 Deposit · copper #### Identity - Project: 1901 Deposit - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:06364d8f9b5e69c73329 - Deposit or zone: 1901 #### Resource Data - Category: probable - Tonnes: 1600000 - Grade: 0.24 - Grade Unit: % - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable copper reserve for 1901 deposit. Evidence · table > 0.24 Context: 1,600,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-87) 1901 Deposit · silver #### Identity - Project: 1901 Deposit - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:06364d8f9b5e69c73329 - Deposit or zone: 1901 #### Resource Data - Category: probable - Tonnes: 1600000 - Grade: 26 - Grade Unit: g/t - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable silver reserve for 1901 deposit. Evidence · table > 26.0 Context: 1,600,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-88) Snow Lake Operations · gold #### Identity - Project: Snow Lake Operations - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ca6bfe8e40dafc3aaebc #### Resource Data - Category: probable - Tonnes: 16500000 - Grade: 3.18 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable gold reserve for Snow Lake Operations. Evidence · table > 3.18 Context: 16,500,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-89) Snow Lake Operations · zinc #### Identity - Project: Snow Lake Operations - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ca6bfe8e40dafc3aaebc #### Resource Data - Category: probable - Tonnes: 16500000 - Grade: 2.4 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable zinc reserve for Snow Lake Operations. Evidence · table > 2.40 Context: 16,500,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-90) Snow Lake Operations · copper #### Identity - Project: Snow Lake Operations - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ca6bfe8e40dafc3aaebc #### Resource Data - Category: probable - Tonnes: 16500000 - Grade: 0.54 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable copper reserve for Snow Lake Operations. Evidence · table > 0.54 Context: 16,500,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-91) Snow Lake Operations · silver #### Identity - Project: Snow Lake Operations - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ca6bfe8e40dafc3aaebc #### Resource Data - Category: probable - Tonnes: 16500000 - Grade: 23.9 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Proven and Probable silver reserve for Snow Lake Operations. Evidence · table > 23.9 Context: 16,500,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-92) Lalor Mine · gold #### Identity - Project: Lalor Mine - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:c690bd81848a4367d031 - Deposit or zone: Lalor #### Resource Data - Category: inferred - Tonnes: 1400000 - Grade: 4.64 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred gold resource for Lalor mine. - Negative factor: Inferred Resource Evidence · table > 4.64 Context: 1,400,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-93) Lalor Mine · zinc #### Identity - Project: Lalor Mine - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:c690bd81848a4367d031 - Deposit or zone: Lalor #### Resource Data - Category: inferred - Tonnes: 1400000 - Grade: 0.21 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred zinc resource for Lalor mine. - Negative factor: Inferred Resource Evidence · table > 0.21 Context: 1,400,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-94) Lalor Mine · copper #### Identity - Project: Lalor Mine - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:c690bd81848a4367d031 - Deposit or zone: Lalor #### Resource Data - Category: inferred - Tonnes: 1400000 - Grade: 2.48 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred copper resource for Lalor mine. - Negative factor: Inferred Resource Evidence · table > 2.48 Context: 1,400,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-95) Lalor Mine · silver #### Identity - Project: Lalor Mine - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:c690bd81848a4367d031 - Deposit or zone: Lalor #### Resource Data - Category: inferred - Tonnes: 1400000 - Grade: 15.4 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred silver resource for Lalor mine. - Negative factor: Inferred Resource Evidence · table > 15.4 Context: 1,400,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-96) 1901 Deposit · gold #### Identity - Project: 1901 Deposit - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:0fa66a481c97dd3fd0db - Deposit or zone: 1901 #### Resource Data - Category: inferred - Tonnes: 2700000 - Grade: 4.2 - Grade Unit: g/t - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred gold resource for 1901 deposit. - Negative factor: Inferred Resource Evidence · table > 4.20 Context: 2,700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-97) 1901 Deposit · zinc #### Identity - Project: 1901 Deposit - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:0fa66a481c97dd3fd0db - Deposit or zone: 1901 #### Resource Data - Category: inferred - Tonnes: 2700000 - Grade: 0.65 - Grade Unit: % - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred zinc resource for 1901 deposit. - Negative factor: Inferred Resource Evidence · table > 0.65 Context: 2,700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-98) 1901 Deposit · copper #### Identity - Project: 1901 Deposit - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:0fa66a481c97dd3fd0db - Deposit or zone: 1901 #### Resource Data - Category: inferred - Tonnes: 2700000 - Grade: 0.58 - Grade Unit: % - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred copper resource for 1901 deposit. - Negative factor: Inferred Resource Evidence · table > 0.58 Context: 2,700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-99) 1901 Deposit · silver #### Identity - Project: 1901 Deposit - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:0fa66a481c97dd3fd0db - Deposit or zone: 1901 #### Resource Data - Category: inferred - Tonnes: 2700000 - Grade: 16.3 - Grade Unit: g/t - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred silver resource for 1901 deposit. - Negative factor: Inferred Resource Evidence · table > 16.3 Context: 2,700,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-100) Snow Lake Operations · gold #### Identity - Project: Snow Lake Operations - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:5aa567c1eca605f3bb99 #### Resource Data - Category: inferred - Tonnes: 4100000 - Grade: 4.35 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred gold resource for Gold Zone. - Negative factor: Inferred Resource Evidence · table > 4.35 Context: 4,100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-101) Snow Lake Operations · zinc #### Identity - Project: Snow Lake Operations - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:5aa567c1eca605f3bb99 #### Resource Data - Category: inferred - Tonnes: 4100000 - Grade: 0.5 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred zinc resource for Gold Zone. - Negative factor: Inferred Resource Evidence · table > 0.50 Context: 4,100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-102) Snow Lake Operations · copper #### Identity - Project: Snow Lake Operations - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:5aa567c1eca605f3bb99 #### Resource Data - Category: inferred - Tonnes: 4100000 - Grade: 1.24 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred copper resource for Gold Zone. - Negative factor: Inferred Resource Evidence · table > 1.24 Context: 4,100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-103) Snow Lake Operations · silver #### Identity - Project: Snow Lake Operations - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:5aa567c1eca605f3bb99 #### Resource Data - Category: inferred - Tonnes: 4100000 - Grade: 16 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred silver resource for Gold Zone. - Negative factor: Inferred Resource Evidence · table > 16.0 Context: 4,100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-104) Lalor Mine · gold #### Identity - Project: Lalor Mine - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:57339e9b65df880c24fd - Deposit or zone: Lalor #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 1.42 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred gold resource for Lalor mine \(Base Metal Zone\). - Negative factor: Inferred Resource Evidence · table > 1.42 Context: 400,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-105) Lalor Mine · zinc #### Identity - Project: Lalor Mine - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:57339e9b65df880c24fd - Deposit or zone: Lalor #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 1.74 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred zinc resource for Lalor mine \(Base Metal Zone\). - Negative factor: Inferred Resource Evidence · table > 1.74 Context: 400,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-106) Lalor Mine · copper #### Identity - Project: Lalor Mine - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:57339e9b65df880c24fd - Deposit or zone: Lalor #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 1.28 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred copper resource for Lalor mine \(Base Metal Zone\). - Negative factor: Inferred Resource Evidence · table > 1.28 Context: 400,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-107) Lalor Mine · silver #### Identity - Project: Lalor Mine - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:57339e9b65df880c24fd - Deposit or zone: Lalor #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 18.3 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred silver resource for Lalor mine \(Base Metal Zone\). - Negative factor: Inferred Resource Evidence · table > 18.3 Context: 400,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-108) 1901 Deposit · gold #### Identity - Project: 1901 Deposit - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:71c65965f90f07aeb278 - Deposit or zone: 1901 #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 1.23 - Grade Unit: g/t - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred gold resource for 1901 deposit \(Base Metal Zone\). - Negative factor: Inferred Resource Evidence · table > 1.23 Context: 100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-109) 1901 Deposit · zinc #### Identity - Project: 1901 Deposit - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:71c65965f90f07aeb278 - Deposit or zone: 1901 #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 8.12 - Grade Unit: % - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred zinc resource for 1901 deposit \(Base Metal Zone\). - Negative factor: Inferred Resource Evidence · table > 8.12 Context: 100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-110) 1901 Deposit · copper #### Identity - Project: 1901 Deposit - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:71c65965f90f07aeb278 - Deposit or zone: 1901 #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.13 - Grade Unit: % - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred copper resource for 1901 deposit \(Base Metal Zone\). - Negative factor: Inferred Resource Evidence · table > 0.13 Context: 100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-111) 1901 Deposit · silver #### Identity - Project: 1901 Deposit - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:71c65965f90f07aeb278 - Deposit or zone: 1901 #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 38.1 - Grade Unit: g/t - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred silver resource for 1901 deposit \(Base Metal Zone\). - Negative factor: Inferred Resource Evidence · table > 38.1 Context: 100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-112) Snow Lake Operations · gold #### Identity - Project: Snow Lake Operations - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:55d578cfdd33e753d99b #### Resource Data - Category: inferred - Tonnes: 500000 - Grade: 1.37 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred gold resource for Base Metal Zone. - Negative factor: Inferred Resource Evidence · table > 1.37 Context: 500,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-113) Snow Lake Operations · zinc #### Identity - Project: Snow Lake Operations - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:55d578cfdd33e753d99b #### Resource Data - Category: inferred - Tonnes: 500000 - Grade: 3.39 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred zinc resource for Base Metal Zone. - Negative factor: Inferred Resource Evidence · table > 3.39 Context: 500,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-114) Snow Lake Operations · copper #### Identity - Project: Snow Lake Operations - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:55d578cfdd33e753d99b #### Resource Data - Category: inferred - Tonnes: 500000 - Grade: 0.98 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred copper resource for Base Metal Zone. - Negative factor: Inferred Resource Evidence · table > 0.98 Context: 500,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-115) Snow Lake Operations · silver #### Identity - Project: Snow Lake Operations - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:55d578cfdd33e753d99b #### Resource Data - Category: inferred - Tonnes: 500000 - Grade: 23.4 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred silver resource for Base Metal Zone. - Negative factor: Inferred Resource Evidence · table > 23.4 Context: 500,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-116) Lalor Mine · gold #### Identity - Project: Lalor Mine - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:64d88f4a75d7f0c3f71f - Deposit or zone: Lalor #### Resource Data - Category: inferred - Tonnes: 1800000 - Grade: 3.95 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred gold resource for Lalor mine. - Negative factor: Inferred Resource Evidence · table > 3.95 Context: 1,800,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-117) Lalor Mine · zinc #### Identity - Project: Lalor Mine - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:64d88f4a75d7f0c3f71f - Deposit or zone: Lalor #### Resource Data - Category: inferred - Tonnes: 1800000 - Grade: 0.53 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred zinc resource for Lalor mine. - Negative factor: Inferred Resource Evidence · table > 0.53 Context: 1,800,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-118) Lalor Mine · copper #### Identity - Project: Lalor Mine - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:64d88f4a75d7f0c3f71f - Deposit or zone: Lalor #### Resource Data - Category: inferred - Tonnes: 1800000 - Grade: 2.22 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred copper resource for Lalor mine. - Negative factor: Inferred Resource Evidence · table > 2.22 Context: 1,800,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-119) Lalor Mine · silver #### Identity - Project: Lalor Mine - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:64d88f4a75d7f0c3f71f - Deposit or zone: Lalor #### Resource Data - Category: inferred - Tonnes: 1800000 - Grade: 16 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred silver resource for Lalor mine. - Negative factor: Inferred Resource Evidence · table > 16.0 Context: 1,800,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-120) 1901 Deposit · gold #### Identity - Project: 1901 Deposit - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b0aa5e1c66801615adc8 - Deposit or zone: 1901 #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 4.06 - Grade Unit: g/t - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred gold resource for 1901 deposit. - Negative factor: Inferred Resource Evidence · table > 4.06 Context: 2,800,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-121) 1901 Deposit · zinc #### Identity - Project: 1901 Deposit - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b0aa5e1c66801615adc8 - Deposit or zone: 1901 #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 1.01 - Grade Unit: % - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred zinc resource for 1901 deposit. - Negative factor: Inferred Resource Evidence · table > 1.01 Context: 2,800,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-122) 1901 Deposit · copper #### Identity - Project: 1901 Deposit - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b0aa5e1c66801615adc8 - Deposit or zone: 1901 #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 0.56 - Grade Unit: % - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred copper resource for 1901 deposit. - Negative factor: Inferred Resource Evidence · table > 0.56 Context: 2,800,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-123) 1901 Deposit · silver #### Identity - Project: 1901 Deposit - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b0aa5e1c66801615adc8 - Deposit or zone: 1901 #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 17.3 - Grade Unit: g/t - Cutoff Grade: 199 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred silver resource for 1901 deposit. - Negative factor: Inferred Resource Evidence · table > 17.3 Context: 2,800,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-124) Snow Lake Operations · gold #### Identity - Project: Snow Lake Operations - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:8b8d66cdb385edfa4448 #### Resource Data - Category: inferred - Tonnes: 4600000 - Grade: 4.02 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred gold resource for Snow Lake Operations. - Negative factor: Inferred Resource Evidence · table > 4.02 Context: 4,600,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-125) Snow Lake Operations · zinc #### Identity - Project: Snow Lake Operations - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:8b8d66cdb385edfa4448 #### Resource Data - Category: inferred - Tonnes: 4600000 - Grade: 0.82 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred zinc resource for Snow Lake Operations. - Negative factor: Inferred Resource Evidence · table > 0.82 Context: 4,600,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-126) Snow Lake Operations · copper #### Identity - Project: Snow Lake Operations - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:8b8d66cdb385edfa4448 #### Resource Data - Category: inferred - Tonnes: 4600000 - Grade: 1.21 - Grade Unit: % - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred copper resource for Snow Lake Operations. - Negative factor: Inferred Resource Evidence · table > 1.21 Context: 4,600,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-127) Snow Lake Operations · silver #### Identity - Project: Snow Lake Operations - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:8b8d66cdb385edfa4448 #### Resource Data - Category: inferred - Tonnes: 4600000 - Grade: 16.8 - Grade Unit: g/t - Cutoff Grade: 161 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred silver resource for Snow Lake Operations. - Negative factor: Inferred Resource Evidence · table > 16.8 Context: 4,600,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-128) WIM · gold #### Identity - Project: WIM - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:6d7bc81b7c011ab30a42 - Deposit or zone: WIM #### Resource Data - Category: probable - Tonnes: 2450000 - Grade: 1.6 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable gold reserve for WIM deposit. Evidence · table > 1.6 Context: 2,450,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-129) WIM · zinc #### Identity - Project: WIM - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:6d7bc81b7c011ab30a42 - Deposit or zone: WIM #### Resource Data - Category: probable - Tonnes: 2450000 - Grade: 0.25 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable zinc reserve for WIM deposit. Evidence · table > 0.25 Context: 2,450,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-130) WIM · copper #### Identity - Project: WIM - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:6d7bc81b7c011ab30a42 - Deposit or zone: WIM #### Resource Data - Category: probable - Tonnes: 2450000 - Grade: 1.63 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable copper reserve for WIM deposit. Evidence · table > 1.63 Context: 2,450,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-131) WIM · silver #### Identity - Project: WIM - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:6d7bc81b7c011ab30a42 - Deposit or zone: WIM #### Resource Data - Category: probable - Tonnes: 2450000 - Grade: 6.3 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable silver reserve for WIM deposit. Evidence · table > 6.3 Context: 2,450,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-132) 3 Zone · gold #### Identity - Project: 3 Zone - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:fefbfaa4cddf905a2cff - Deposit or zone: 3 Zone #### Resource Data - Category: probable - Tonnes: 660000 - Grade: 4.2 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Probable gold reserve for 3 Zone deposit. Evidence · table > 4.2 Context: 660,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-133) Snow Lake Regional Deposits · gold #### Identity - Project: Snow Lake Regional Deposits - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:60a3acbdc5c55f06e9c1 #### Resource Data - Category: probable - Tonnes: 3110000 - Grade: 2.2 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Probable gold reserve for Snow Lake Regional Deposits. Evidence · table > 2.2 Context: 3,110,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-134) Snow Lake Regional Deposits · zinc #### Identity - Project: Snow Lake Regional Deposits - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:60a3acbdc5c55f06e9c1 #### Resource Data - Category: probable - Tonnes: 3110000 - Grade: 0.2 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Probable zinc reserve for Snow Lake Regional Deposits. Evidence · table > 0.20 Context: 3,110,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-135) Snow Lake Regional Deposits · copper #### Identity - Project: Snow Lake Regional Deposits - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:60a3acbdc5c55f06e9c1 #### Resource Data - Category: probable - Tonnes: 3110000 - Grade: 1.28 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Probable copper reserve for Snow Lake Regional Deposits. Evidence · table > 1.28 Context: 3,110,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-136) Snow Lake Regional Deposits · silver #### Identity - Project: Snow Lake Regional Deposits - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: reserve - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:60a3acbdc5c55f06e9c1 #### Resource Data - Category: probable - Tonnes: 3110000 - Grade: 5 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Probable silver reserve for Snow Lake Regional Deposits. Evidence · table > 5.0 Context: 3,110,000 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-137) New Britannia · gold #### Identity - Project: New Britannia - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:3c4ae7e8d0e3ea4dab16 - Deposit or zone: New Britannia #### Resource Data - Category: inferred - Tonnes: 2750000 - Grade: 4.5 - Grade Unit: g/t - Cutoff Grade: 2 - Cutoff Unit: g/t #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred gold resource for New Britannia deposit. - Negative factor: Inferred Resource Evidence · table > 4.5 Context: 2,750,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-138) Birch · gold #### Identity - Project: Birch - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:4f69033453b59468b10d - Deposit or zone: Birch #### Resource Data - Category: inferred - Tonnes: 570000 - Grade: 4.4 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Inferred gold resource for Birch deposit. - Negative factor: Inferred Resource Evidence · table > 4.4 Context: 570,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-139) Snow Lake Regional Deposits · gold #### Identity - Project: Snow Lake Regional Deposits - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:2c6b43ec1f29334305ff #### Resource Data - Category: inferred - Tonnes: 3320000 - Grade: 4.5 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Inferred gold resource for Snow Lake Regional Deposits. - Negative factor: Inferred Resource Evidence · table > 4.5 Context: 3,320,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-140) Pen II · gold #### Identity - Project: Pen II - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:820b0203a1e0ce0ff6fa - Deposit or zone: Pen II #### Resource Data - Category: indicated - Tonnes: 470000 - Grade: 0.3 - Grade Unit: g/t - Cutoff Grade: 75 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Indicated gold resource for Pen II deposit. Evidence · table > 0.3 Context: 470,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-141) Pen II · zinc #### Identity - Project: Pen II - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:820b0203a1e0ce0ff6fa - Deposit or zone: Pen II #### Resource Data - Category: indicated - Tonnes: 470000 - Grade: 8.89 - Grade Unit: % - Cutoff Grade: 75 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Indicated zinc resource for Pen II deposit. Evidence · table > 8.89 Context: 470,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-142) Pen II · copper #### Identity - Project: Pen II - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:820b0203a1e0ce0ff6fa - Deposit or zone: Pen II #### Resource Data - Category: indicated - Tonnes: 470000 - Grade: 0.49 - Grade Unit: % - Cutoff Grade: 75 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Indicated copper resource for Pen II deposit. Evidence · table > 0.49 Context: 470,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-143) Pen II · silver #### Identity - Project: Pen II - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:820b0203a1e0ce0ff6fa - Deposit or zone: Pen II #### Resource Data - Category: indicated - Tonnes: 470000 - Grade: 6.8 - Grade Unit: g/t - Cutoff Grade: 75 - Cutoff Unit: C$ per tonne #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Indicated silver resource for Pen II deposit. Evidence · table > 6.8 Context: 470,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-144) Talbot · gold #### Identity - Project: Talbot - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:e027038ea4568f3b4b3e - Deposit or zone: Talbot #### Resource Data - Category: indicated - Tonnes: 2190000 - Grade: 2.1 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Indicated gold resource for Talbot deposit. Evidence · table > 2.1 Context: 2,190,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-145) Talbot · zinc #### Identity - Project: Talbot - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:e027038ea4568f3b4b3e - Deposit or zone: Talbot #### Resource Data - Category: indicated - Tonnes: 2190000 - Grade: 1.79 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Indicated zinc resource for Talbot deposit. Evidence · table > 1.79 Context: 2,190,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-146) Talbot · copper #### Identity - Project: Talbot - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:e027038ea4568f3b4b3e - Deposit or zone: Talbot #### Resource Data - Category: indicated - Tonnes: 2190000 - Grade: 2.33 - Grade Unit: % #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Indicated copper resource for Talbot deposit. Evidence · table > 2.33 Context: 2,190,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-147) Talbot · silver #### Identity - Project: Talbot - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:e027038ea4568f3b4b3e - Deposit or zone: Talbot #### Resource Data - Category: indicated - Tonnes: 2190000 - Grade: 36 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Indicated silver resource for Talbot deposit. Evidence · table > 36.0 Context: 2,190,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/hudbay-provides-annual-reserve-and-resource-update-with-mine-life-extensions-and--df3a0a42-ada1-4cb8-ae9e-dab68c73b565#fact-resource-facts-148) Snow Lake Regional Deposits · gold #### Identity - Project: Snow Lake Regional Deposits - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: HBM #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:82e40f7fad7af9cdbb99 #### Resource Data - Category: indicated - Tonnes: 2660000 - Grade: 1.8 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-27T00:00:00.000Z Reasoning: Total Indicated gold resource for Snow Lake Regional Base Metal Deposits. Evidence · table > 1.8 Context: 2,660,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.