Constancia Operations
Mineral Reserve and Resource Estimates1,2,3,4,5
|
Tonnes
|
Cu Grade
(%)
|
Mo Grade
(g/t)
|
Au Grade
(g/t)
|
Ag Grade
(g/t)
|
|
Constancia Reserves
|
| Proven |
465,600,000 |
0.260 |
78 |
0.038 |
2.63 |
| Probable |
61,600,000 |
0.212 |
64 |
0.034 |
2.24 |
| Total Proven and Probable - Constancia |
527,200,000 |
0.254 |
76 |
0.037 |
2.59 |
|
Pampacancha Reserves
|
| Proven |
20,000,000 |
0.542 |
128 |
0.330 |
5.44 |
| Probable |
500,000 |
0.157 |
295 |
0.111 |
1.98 |
| Total Proven and Probable - Pampacancha |
20,500,000 |
0.533 |
132 |
0.324 |
5.36 |
|
Total Proven and Probable
|
547,700,000
|
0.265
|
78
|
0.048
|
2.69
|
|
Constancia Resources
|
| Measured |
78,400,000 |
0.213 |
74 |
0.039 |
2.20 |
| Indicated |
93,100,000 |
0.224 |
90 |
0.040 |
1.98 |
| Inferred - Open Pit |
29,700,000 |
0.233 |
68 |
0.056 |
2.58 |
| Inferred - Underground |
6,500,000 |
1.200 |
69 |
0.140 |
8.62 |
|
Pampacancha Resources
|
| Inferred |
700,000 |
0.149 |
65 |
0.098 |
2.71 |
|
Total Measured and Indicated
|
171,500,000
|
0.219
|
83
|
0.039
|
2.08
|
|
Total Inferred
|
36,900,000
|
0.402
|
68
|
0.072
|
3.65
|
Note: totals may not add up correctly due to rounding.
1Mineral resources are exclusive of mineral reserves and do
not have demonstrated economic viability.
2Mineral resource estimates are based on resource pit design
and do not include factors for mining recovery or dilution.
3The open pit mineral resources are estimated using a minimum
NSR cut-off of $6.40 per tonne and assuming metallurgical recoveries
(applied by ore type) of 86% for copper on average for the life of mine,
while the underground inferred resources at Constancia Norte are based on
a 0.65% copper cut-off grade.
4Mineral reserves are estimated using a minimum NSR cut-off of
$6.40 per tonne at Pampacancha, $7.30 per tonne at Constancia and assuming
metallurgical recoveries (applied by ore type) of 86% for copper on
average for the life of mine.
5Long-term metal prices of $4.00 per pound copper, $12.00 per
pound molybdenum, $1,700 per ounce gold and $23.00 per ounce silver were
used to confirm the economic viability of the mineral reserve estimates
and to estimate mineral resources.
Note: totals may not add up correctly due to rounding.
1Mineral resource estimates are exclusive of mineral reserves.
Mineral resources are not mineral reserves as they do not have
demonstrated economic viability.
2Mineral reserves are reported using an NSR cut-off value of
$5.67 per tonne that meets a minimum 0.10% copper grade.
3Long term metal prices of $4.00 per pound copper, $1,700 per
ounce gold and $23.00 per ounce silver were used to confirm the economic
viability of the mineral reserve estimates.
4Long term metal prices of $4.00 per pound copper, $1,650 per
ounce gold and $22.00 per ounce silver were used to estimate mineral
resources.
5Mineral resource estimate tonnes and grades constrained to a
Lerch Grossman revenue factor 1 pit shell.
6Mineral reserve and resource estimates presented on a 100%
basis. Hudbay holds a 75% interest in the Copper Mountain mine.
Lalor Mine and 1901 Deposit
Mineral Reserve and Resource Estimates
1,2,3,4,5,6,7,8
|
Tonnes
|
Au Grade
(g/t)
|
Zn Grade
(%)
|
Cu Grade
(%)
|
Ag Grade
(g/t)
|
| Gold Zone Reserves |
| Proven - Lalor |
3,263,000 |
5.5 |
0.73 |
0.59 |
29.6 |
| Proven - 1901 |
102,000 |
2.8 |
1.33 |
1.00 |
19.2 |
| Probable - Lalor |
3,678,000 |
4.5 |
0.37 |
1.22 |
22.1 |
| Probable - 1901 |
52,000 |
1.7 |
0.44 |
1.88 |
5.4 |
| Total Proven and Probable - Gold |
7,096,000 |
4.9 |
0.55 |
0.93 |
25.3 |
|
Base Metal Zone Reserves
|
| Proven - Lalor |
4,406,000 |
2.8 |
5.17 |
0.41 |
30.2 |
| Proven - 1901 |
1,154,000 |
2.3 |
8.31 |
0.31 |
25.4 |
| Probable - Lalor |
649,000 |
1.9 |
4.63 |
0.35 |
35.1 |
| Probable - 1901 |
264,000 |
0.8 |
11.45 |
0.31 |
28.1 |
| Total Proven and Probable - Base Metal |
6,474,000 |
2.5 |
5.93 |
0.38 |
29.8 |
|
Total Gold and Base Metal Zone Reserves
|
| Proven and Probable – Lalor |
11,997,000 |
4.0 |
2.46 |
0.70 |
27.8 |
| Proven and Probable – 1901 |
1,573,000 |
2.1 |
8.12 |
0.40 |
24.8 |
|
Total Proven and Probable (Gold and Base Metal)
|
13,570,000
|
3.8
|
3.12
|
0.67
|
27.4
|
|
Gold Zone Resources
|
| Inferred - Lalor |
2,979,000 |
4.3 |
0.24 |
1.68 |
25.7 |
| Inferred - 1901 |
1,605,000 |
5.4 |
0.30 |
0.84 |
16.5 |
| Total Inferred - Gold |
4,584,000 |
4.7 |
0.26 |
1.39 |
22.5 |
|
Base Metal Zone Resources
|
| Inferred - Lalor |
710,000 |
1.7 |
5.34 |
0.38 |
31.6 |
| Inferred - 1901 |
334,000 |
1.6 |
5.58 |
0.22 |
30.9 |
| Total Inferred - Base Metal |
1,044,000 |
1.7 |
5.42 |
0.33 |
31.4 |
|
Total Gold and Base Metal Zone Resources
|
| Inferred - Lalor |
3,689,000 |
3.6 |
6.28 |
1.69 |
21.8 |
| Inferred - 1901 |
1,939,000 |
4.8 |
1.21 |
0.74 |
19.0 |
| Total Inferred (Gold and Base Metal) |
5,628,000 |
4.0 |
4.53 |
1.36 |
20.8 |
Note: totals may not add up correctly due to rounding.
1Mineral resources are exclusive of mineral reserves and do
not have demonstrated economic viability.
2Mineral resources do not include factors for mining
recovery or dilution.
3Base metal mineral resources are estimated based on the
assumption that they would be processed at the Stall concentrator while
gold mineral resources are estimated based on the assumption that they
would be processed at the New Britannia concentrator.
4Long-term metal prices of $1,700 per ounce gold, $1.25 per
pound zinc, $4.00 per pound copper and $23.00 per ounce silver with an
exchange rate of 1.33 C$/US$ were used to confirm the economic viability
of the mineral reserve estimates.
5Long-term metal prices of $1,900 per ounce gold, $1.25 per
pound zinc, $4.00 per pound copper and $23.00 per ounce silver with an
exchange rate of 1.33 C$/US$ were used to estimate mineral
resources.
6Lalor mineral reserves and resources are estimated using
NSR cut-off ranging from C$146 to C$173 per tonne assuming a long hole
mining method and depending on the mill destination.
7Individual stope gold grades at Lalor were capped at 10
grams per tonne. This capping method resulted in an approximate 3%
reduction in the overall gold reserve grade at Lalor.
81901 mineral reserves and resources are estimated using a
minimum NSR cut-off of C$166 per tonne.
Note: totals may not add up correctly due to rounding.
1Mineral resources are exclusive of mineral reserves and do
not have demonstrated economic viability.
2Mineral resources do not include factors for mining
recovery or dilution.
3Gold mineral resources are estimated based on the
assumption that they would be processed at the New Britannia
concentrator.
4Long-term metal prices of $1,700 per ounce gold, $1.25 per
pound zinc, $4.00 per pound copper and $23.00 per ounce silver with an
exchange rate of 1.33 C$/US$ were used to confirm the economic viability
of the mineral reserve estimates.
5WIM mineral reserves assume processing recoveries of 98%
for copper, 88% for gold, and 70% for silver based on processing through
New Britannia's flotation and tails leach circuits.
63 Zone mineral reserves assume processing recoveries of 85%
for gold based on processing through New Britannia's leach
circuit.
7New Britannia mineral resource estimates have been reported
at a minimum true width of 1.5 metres and with a cut-off grade varying
from 2 grams per tonne (at the lower part of New Britannia) to 3.5 grams
per tonne (at the upper part of New Britannia).
Note: totals may not add up correctly due to rounding.
1Mineral resources are exclusive of mineral reserves and do
not have demonstrated economic viability.
2Mineral resources do not include factors for mining
recovery or dilution.
3Base metal mineral resources are estimated based on the
assumption that they would be processed at the Stall
concentrator.
4Watts and Pen II mineral resources were initially estimated
using metal price assumptions that vary marginally over the assumptions
used to estimate mineral resources at Lalor. In the Qualified Person’s
opinion, the combined impact of these small variations does not have any
impact on the mineral resource estimates.
5Watts mineral resources are estimated using a minimum NSR
cut-off of C$150 per tonne, assuming processing recoveries of 90% for
copper, 80% for zinc, 70% for gold and 70% for silver.
6Pen II mineral resources are estimated using a minimum NSR
cut-off of C$75 per tonne.
7The above resource estimates table includes 100% of the
Talbot mineral resources reported by Rockcliff Metals Corp. in its 2020
NI 43-101 technical report published on SEDAR+.
Copper World Project
Mineral Resource Estimates1,2,3,4,5,6
|
Tonnes
|
Cu Grade
(%)
|
Soluble Cu Grade Grade
(%)
|
Mo Grade
(g/t)
|
Au Grade
(g/t)
|
Ag Grade
(g/t)
|
|
Reserves
|
| Proven |
319,400,000 |
0.54 |
0.11 |
110 |
0.03 |
5.7 |
| Probable |
65,700,000 |
0.52 |
0.14 |
96 |
0.02 |
4.3 |
| Total Proven and Probable Reserves |
385,100,000 |
0.54 |
0.12 |
108 |
0.02 |
5.4 |
|
Resources – Flotation
|
| Measured |
424,000,000 |
0.39 |
0.04 |
150 |
0.02 |
4.1 |
| Indicated |
191,000,000 |
0.36 |
0.06 |
125 |
0.02 |
3.5 |
| Total Measured and Indicated (Flotation) |
615,000,000 |
0.38 |
0.05 |
142 |
0.02 |
3.9 |
| Inferred |
192,000,000 |
0.35 |
0.07 |
117 |
0.01 |
3.1 |
| Total Resources |
|
Resources – Leach
|
| Measured |
159,000,000 |
0.28 |
0.20 |
- |
- |
- |
| Indicated |
70,000,000 |
0.26 |
0.20 |
- |
- |
- |
| Total Measured and Indicated (Leach) |
229,000,000 |
0.27 |
0.20 |
- |
- |
- |
| Inferred |
83,000,000 |
0.26 |
0.19 |
- |
- |
- |
| Total Measured and Indicated |
844,000,000 |
0.35 |
0.09 |
104 |
0.01 |
2.9 |
| Total Inferred |
275,000,000 |
0.32 |
0.11 |
82 |
0.01 |
2.2 |
Note: totals may not add up correctly due to rounding.
1Mineral resource estimates are exclusive of mineral reserves.
CIM definitions were followed for the estimation of mineral resources.
Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
2Long term metal prices of $4.00 per pound copper, $12.00 per
pound molybdenum, $1,700 per ounce gold and $23.00 per ounce silver were
used to confirm the economic viability of the mineral reserve
estimates.
3Mineral reserve estimates are limited to the portion of the
measured and indicated resource estimates scheduled for milling and
included in the financial model of the Copper World PFS.
3Mineral resources are constrained within a computer-generated
pit using the Lerchs-Grossman algorithm.
4Mineral resource estimates were reported using a 0.1% copper
cut-off grade and an oxidation ratio lower than 50% for flotation material
and a 0.1% soluble copper cut-off grade and an oxidation ratio higher than
50% for leach material.
5Long-term metals prices of $3.75 per pound copper, $12.00 per
pound molybdenum, $1,650 per ounce gold and $22.00 per ounce silver were
used to estimate mineral resources.
6Estimate of the mineral reserve does not account for marginal
amounts of historical small-scale operations in the area that occurred
between 1870 and 1970 and is estimated to have extracted approximately
200,000 tonnes, which is within rounding approximations of the current
reserve estimates.
Mason Project
Mineral Resource Estimates1,2,3,4,5
|
Tonnes
|
Cu Grade
(%)
|
Mo Grade
(g/t)
|
Au Grade
(g/t)
|
Ag Grade
(g/t)
|
| Measured |
1,417,000,000 |
0.29 |
59 |
0.031 |
0.66 |
| Indicated |
801,000,000 |
0.30 |
80 |
0.025 |
0.57 |
|
Total Measured and Indicated
|
2,219,000,000 |
0.29 |
67 |
0.029 |
0.63 |
| Inferred |
237,000,000 |
0.24 |
78 |
0.033 |
0.73 |
Note: totals may not add up correctly due to rounding.
1 Mineral resource estimates that are not mineral reserves
do not have demonstrated economic viability.
2 Mineral resource estimates do not include factors for
mining recovery or dilution.
3 Metal prices of $3.10 per pound copper, $11.00 per pound
molybdenum, $1,500 per ounce gold, and $18.00 per ounce silver were used
to estimate mineral resources.
4 Mineral resources are estimated using a minimum NSR
cut-off of $6.25 per tonne.
5 Mineral resources are based on resource pit designs
containing measured, indicated, and inferred mineral resources.
Llaguen
Mineral Resource Estimate1,2,3,4,5,6
|
Metric Tonnes
|
Cu Grade
(%)
|
Mo Grade
(g/t)
|
Au Grade
(g/t)
|
Ag Grade
(g/t)
|
CuEq Grade
(%)
|
Indicated Global
(>= 0.14% Cu)
|
271,000,000 |
0.33 |
218 |
0.033 |
2.04 |
0.42 |
Including Indicated High-grade
(>= 0.30% Cu) |
113,000,000 |
0.49 |
261 |
0.046 |
2.73 |
0.60 |
Inferred Global
(>= 0.14% Cu)
|
83,000,000 |
0.24 |
127 |
0.024 |
1.47 |
0.30 |
Including Inferred High-grade
(>= 0.30% Cu) |
16,000,000 |
0.45 |
141 |
0.038 |
2.60 |
0.52 |
1CIM definitions were followed for the estimation of mineral
resources. Mineral resources that are not mineral reserves do not have
demonstrated economic viability.
2Mineral resources are reported within an economic envelope
defined by a pit shell optimization algorithm. This pit shell is defined
by a revenue factor of 0.33 assuming operating costs adjusted from
Hudbay’s Constancia open pit operation.
3Long-term metal prices of $3.60 per pound copper, $11.00 per
pound molybdenum, $1,650 per ounce gold and $22.00 per ounce silver were
used for the estimation of mineral resources.
4Metal recovery estimates assume that this mineralization
would be processed at a combination of facilities, including copper and
molybdenum flotation.
5Copper-equivalent (“CuEq”) grade is calculated assuming 85%
copper recovery, 80% molybdenum recovery, 60% gold recovery and 60% silver
recovery.
6Specific gravity measurements were estimated by industry
standard laboratory measurements.
Qualified Person and NI 43-101
The technical and scientific information in this news release related to the
company’s material mineral projects has been approved by Olivier
Tavchandjian, P. Geo, Senior Vice President, Exploration and Technical
Services. Mr. Tavchandjian is a qualified person pursuant to NI 43‑101.
Additional details on the company’s material mineral projects, including a
year-over-year reconciliation of reserves and resources, is included in
Hudbay's Annual Information Form for the year ended December 31, 2023 (the
“AIF”), which is available on SEDAR at www.sedar.com.