# Hudbay and Mitsubishi Approve Copper World Project Construction; Advancing Next Major U.S. Copper Mine Towards First Production in 2029 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef Original source: https://orestocks.com/company/HBM.TO/press-releases/7466196604543105 Publisher: orestocks Original announcement: 2026-10-21T05:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-21T06:02:38.317Z Atlas analysis updated: 2026-10-21T06:02:38.317Z - Company: Hudbay Minerals Inc. - Ticker: HBM.TO - Exchange: Unavailable - Region: Arizona - Primary commodity: Copper - Secondary commodities: Molybdenum, Gold, Silver - Document categories: Other, Resource update, Capital raise - Extracted: 2026-10-21 06:02:39 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Hudbay Minerals Inc. and Mitsubishi Corporation have approved the final investment decision for the Copper World project in Arizona, following a robust Definitive Feasibility Study \(DFS\). The project targets first copper production in the second half of 2029 and is expected to double Hudbay's annual copper production to approximately 250,000 tonnes. The DFS outlines a 15-year mine life with strong economics, including an after-tax NPV\(8%\) of $1.2 billion and an IRR of 17% for the Base Case, and a potential 37-year mine life in an Extension Case. Reasoning: Hudbay and Mitsubishi have approved the construction of the Copper World project based on a robust DFS, targeting first production in 2029 and significantly increasing Hudbay's copper output, supported by a prudent funding plan and strategic partnership, despite a slight grade reduction in reserves and reliance on future permits for the full mine life. - Positive factor: Final investment decision approved for major project - Positive factor: Robust DFS results with strong NPV and IRR for both Base and Extension Cases - Positive factor: Project expected to double Hudbay's annual copper production - Positive factor: Low projected cash costs position Copper World as one of the lowest cost open-pit copper mines in the U.S. - Positive factor: Long mine life of 15 years \(Base Case\) and 37 years \(Extension Case\) - Positive factor: Strategic joint venture with Mitsubishi Corporation de-risks funding and provides expertise - Positive factor: Prudent funding plan with low leverage and deferred capital contributions for Hudbay - Positive factor: NI 43-101 compliant technical report to be filed, indicating high reporting standards - Positive factor: Concentrate leach facility provides significant future upside optionality - Positive factor: Inferred resource tonnage and contained copper increased, indicating future potential - Negative factor: Overall grade decline in mineral reserves compared to prior estimates - Negative factor: Extension Case relies on obtaining federal permits, which introduces regulatory risk - Negative factor: Initial growth capital increased by approximately $200 million since the 2023 PFS - Negative factor: Measured and Indicated contained copper slightly decreased despite tonnage growth, indicating dilutive growth Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 30 ## Classification and evidence **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: The scientific and technical information has been approved by Olivier Tavchandjian, P. Geo, a qualified person pursuant to NI 43-101. Evidence · text > The scientific and technical information contained in this news release has been approved by Olivier Tavchandjian, P. Geo, Hudbay’s Senior Vice President, Exploration and Technical Services. Mr. Tavchandjian is a qualified person pursuant to Canadian Securities Administrators’ National Instrument 43-101 - Standards of Disclosure for Mineral Projects\(“NI 43-101”\). **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Hudbay will be filing a technical report pursuant to National Instrument 43-101 for the DFS. Evidence · text > Hudbay will be filing a technical report pursuant to National Instrument 43-101 containing the results of the DFS for Copper World. **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Inferred resource tonnage increased from 275 Mt to 309 Mt \(12.3% increase\) compared to the 2023 PFS. Evidence · table > 309 Context: Inferred **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: Proven and Probable reserve grade declined from 0.54% Cu \(2023 PFS\) to 0.47% Cu \(2026 DFS\). Evidence · text > The 2026 mineral reserve estimates of 390 million tonnes at 0.47% copper represent a comparable tonnage at a lower average copper grade to the 2023 PFS mineral reserve estimates of 385 million tonnes at 0.54% copper. **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Inferred contained copper increased from 880 kt to 927 kt \(5.3% increase\) compared to the 2023 PFS. Evidence · table > 927 Context: Inferred **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents updated mineral reserve and resource estimates that replace prior estimates from the 2023 PFS. Evidence · text > The current mineral reserve and resource estimates for Copper World \(effective as of August 1, 2026\) are summarized below and replace the prior mineral reserve and resource estimates set forth in the 2023 PFS. **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The document presents the results of a Definitive Feasibility Study \(DFS\) for the Copper World project. Evidence · text > Hudbay and Mitsubishi Approve Copper World Project Construction; Advancing Next Major U.S. Copper Mine Towards First Production in 2029 **Open Pit Mining** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: Copper World is described as a 'traditional open pit shovel and truck operation'. Evidence · text > Copper World is planned to be a traditional open pit shovel and truck operation with a conventional flotation concentrator producing copper concentrate and molybdenum concentrate. **Low Cash Cost** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Average annual cash costs of $1.65 per pound over the first 10 years position Copper World as one of the lowest cost open-pit copper mines in the U.S. Evidence · text > Average annual cash costsi of $1.65 per pound over the first 10 years continues to position Copper World as one of the lowest cost open-pit copper mines in the U.S.ii **Long Mine Life** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Base Case outlines a 15-year mine life, and the Extension Case contemplates a 37-year mine life. Evidence · text > The base case for the Copper World project \(“Base Case”\) contemplates a 15-year mine life utilizing mineral reserves **Strategic Partnership** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Hudbay has secured Mitsubishi as a 30% joint venture partner, described as a 'long-term strategic partner'. Evidence · text > Copper World is 30%-owned by Mitsubishi Corporation \(“Mitsubishi”\) pursuant to a joint venture agreement entered into with Hudbay in January 2026. **Capital Raise** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The funding plan includes Mitsubishi’s $600 million equity investment, Wheaton’s $230 million stream deposit, and anticipated project-level debt financing. Evidence · text > Well balanced project funding plan with initial capital provided by Mitsubishi’s $600 million initial joint venture equity investment and Wheaton Precious Metals Corp.’s \(“Wheaton”\) $230 million deposit for the existing precious metals stream, followed by approximately $650 million in anticipated project-level debt financing, representing less than 30% leverage. **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: Measured and Indicated contained copper decreased by 1.3% \(from 5,061 kt to 4,993 kt\) despite a tonnage increase, indicating grade dilution. Evidence · table > -1% Context: Measured and indicated **Federal Permits Required** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Extension Case, which extends the mine life to 37 years, requires federal permits by year 10 of operations. Evidence · text > The Extension Case contemplates a 37-year mine life utilizing only measured and indicated mineral resources totalling 1,048 million tonnes and requires federal permits by year 10 of operations. ## Extracted facts Stored fact records: 28. Some facts used in scoring do not have a stored record. ## Resource Estimates (28) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-2) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:d695d3b9b38736fba625 - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 330000000 - Grade: 0.47 - Grade Unit: % - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Copper World project reports a substantial Proven Reserve of 330 Mt at 0.47% copper, providing a high-confidence base for the mine plan. - Positive factor: High confidence category \(Proven\) - Positive factor: Significant tonnage - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 330 Context: Proven reserves #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-3) Copper World · molybdenum #### Identity - Project: Copper World - Commodity: molybdenum - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:d695d3b9b38736fba625 - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 330000000 - Grade: 105 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Proven Reserve includes 330 Mt at 105 g/t molybdenum, contributing to the project's overall economics as a byproduct. - Positive factor: High confidence category \(Proven\) - Positive factor: Significant tonnage - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 105 Context: Proven reserves #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-4) Copper World · gold #### Identity - Project: Copper World - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:d695d3b9b38736fba625 - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 330000000 - Grade: 0.024 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Proven Reserve includes 330 Mt at 0.024 g/t gold, providing a minor byproduct credit to the project. - Positive factor: High confidence category \(Proven\) - Positive factor: Significant tonnage - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 0.024 Context: Proven reserves #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-5) Copper World · silver #### Identity - Project: Copper World - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:d695d3b9b38736fba625 - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 330000000 - Grade: 5.25 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Proven Reserve includes 330 Mt at 5.25 g/t silver, contributing to the project's overall economics as a byproduct. - Positive factor: High confidence category \(Proven\) - Positive factor: Significant tonnage - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 5.25 Context: Proven reserves #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-6) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:44bc181597cbf2ec2e26 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 60000000 - Grade: 0.46 - Grade Unit: % - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Copper World project reports a Probable Reserve of 60 Mt at 0.46% copper, adding to the overall mineable inventory. - Positive factor: Significant tonnage in Probable category - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 60 Context: Probable reserves #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-7) Copper World · molybdenum #### Identity - Project: Copper World - Commodity: molybdenum - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:44bc181597cbf2ec2e26 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 60000000 - Grade: 94 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Probable Reserve includes 60 Mt at 94 g/t molybdenum, contributing to the project's overall economics as a byproduct. - Positive factor: Significant tonnage in Probable category - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 94 Context: Probable reserves #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-8) Copper World · gold #### Identity - Project: Copper World - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:44bc181597cbf2ec2e26 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 60000000 - Grade: 0.018 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Probable Reserve includes 60 Mt at 0.018 g/t gold, providing a minor byproduct credit to the project. - Positive factor: Significant tonnage in Probable category - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 0.018 Context: Probable reserves #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-9) Copper World · silver #### Identity - Project: Copper World - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:44bc181597cbf2ec2e26 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 60000000 - Grade: 4.14 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Probable Reserve includes 60 Mt at 4.14 g/t silver, contributing to the project's overall economics as a byproduct. - Positive factor: Significant tonnage in Probable category - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 4.14 Context: Probable reserves #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-10) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:70be753982568caad470 - Mining method: open\_pit #### Resource Data - Tonnes: 390000000 - Grade: 0.47 - Grade Unit: % - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 - Prior Tonnes: 385000000 - Prior Grade: 0.54 - Prior Contained Metal: 2079000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Total Proven and Probable Reserves are 390 Mt at 0.47% copper, representing a slight tonnage increase but a notable grade and contained metal decline compared to the 2023 PFS. - Positive factor: Substantial total Proven and Probable Reserves - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Grade decline compared to 2023 PFS \(0.54% to 0.47% Cu\) - Negative factor: Contained metal decline compared to 2023 PFS \(2.079 Mt to 1.833 Mt Cu\) Evidence · table > 390 Context: Total Proven and Probable Reserves #### Tags used in scoring **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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.47 against 0.54 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-11) Copper World · molybdenum #### Identity - Project: Copper World - Commodity: molybdenum - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:70be753982568caad470 - Mining method: open\_pit #### Resource Data - Tonnes: 390000000 - Grade: 103 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Total Proven and Probable Reserves include 390 Mt at 103 g/t molybdenum, providing a significant byproduct credit. - Positive factor: Substantial total Proven and Probable Reserves - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 103 Context: Total Proven and Probable Reserves #### Tags used in scoring **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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-12) Copper World · gold #### Identity - Project: Copper World - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:70be753982568caad470 - Mining method: open\_pit #### Resource Data - Tonnes: 390000000 - Grade: 0.023 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Total Proven and Probable Reserves include 390 Mt at 0.023 g/t gold, providing a minor byproduct credit. - Positive factor: Substantial total Proven and Probable Reserves - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 0.023 Context: Total Proven and Probable Reserves #### Tags used in scoring **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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-13) Copper World · silver #### Identity - Project: Copper World - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:70be753982568caad470 - Mining method: open\_pit #### Resource Data - Tonnes: 390000000 - Grade: 5.08 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Total Proven and Probable Reserves include 390 Mt at 5.08 g/t silver, contributing to the project's overall economics as a byproduct. - Positive factor: Substantial total Proven and Probable Reserves - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 5.08 Context: Total Proven and Probable Reserves #### Tags used in scoring **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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-14) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ed0e1bf999512996bec8 - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 890000000 - Grade: 0.42 - Grade Unit: % - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Copper World project reports a significant Measured Resource of 890 Mt at 0.42% copper, providing a high-confidence base for future mine planning. - Positive factor: Large Measured Resource tonnage - Positive factor: High confidence category - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 890 Context: Measured resources \(inclusive of reserves\) #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-15) Copper World · molybdenum #### Identity - Project: Copper World - Commodity: molybdenum - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ed0e1bf999512996bec8 - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 890000000 - Grade: 124 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Measured Resource includes 890 Mt at 124 g/t molybdenum, contributing to the project's overall economics as a byproduct. - Positive factor: Large Measured Resource tonnage - Positive factor: High confidence category - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 124 Context: Measured resources \(inclusive of reserves\) #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-16) Copper World · gold #### Identity - Project: Copper World - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ed0e1bf999512996bec8 - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 890000000 - Grade: 0.022 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Measured Resource includes 890 Mt at 0.022 g/t gold, providing a minor byproduct credit to the project. - Positive factor: Large Measured Resource tonnage - Positive factor: High confidence category - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 0.022 Context: Measured resources \(inclusive of reserves\) #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-17) Copper World · silver #### Identity - Project: Copper World - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ed0e1bf999512996bec8 - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 890000000 - Grade: 4.43 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Measured Resource includes 890 Mt at 4.43 g/t silver, contributing to the project's overall economics as a byproduct. - Positive factor: Large Measured Resource tonnage - Positive factor: High confidence category - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 4.43 Context: Measured resources \(inclusive of reserves\) #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-18) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:c1a38bdfb3771c5b905e - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 347000000 - Grade: 0.35 - Grade Unit: % - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Copper World project reports a substantial Indicated Resource of 347 Mt at 0.35% copper, adding to the overall resource base. - Positive factor: Significant Indicated Resource tonnage - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 347 Context: Indicated resources \(inclusive of reserves\) #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-19) Copper World · molybdenum #### Identity - Project: Copper World - Commodity: molybdenum - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:c1a38bdfb3771c5b905e - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 347000000 - Grade: 109 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Indicated Resource includes 347 Mt at 109 g/t molybdenum, contributing to the project's overall economics as a byproduct. - Positive factor: Significant Indicated Resource tonnage - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 109 Context: Indicated resources \(inclusive of reserves\) #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-20) Copper World · gold #### Identity - Project: Copper World - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:c1a38bdfb3771c5b905e - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 347000000 - Grade: 0.015 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Indicated Resource includes 347 Mt at 0.015 g/t gold, providing a minor byproduct credit to the project. - Positive factor: Significant Indicated Resource tonnage - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 0.015 Context: Indicated resources \(inclusive of reserves\) #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-21) Copper World · silver #### Identity - Project: Copper World - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:c1a38bdfb3771c5b905e - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 347000000 - Grade: 3.32 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Indicated Resource includes 347 Mt at 3.32 g/t silver, contributing to the project's overall economics as a byproduct. - Positive factor: Significant Indicated Resource tonnage - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 3.32 Context: Indicated resources \(inclusive of reserves\) #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 21 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-22) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:4fb85a117d21cc331295 - Mining method: open\_pit #### Resource Data - Tonnes: 1236000000 - Grade: 0.4 - Grade Unit: % - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 - Prior Tonnes: 1205000000 - Prior Grade: 0.42 - Prior Contained Metal: 5061000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Total Measured and Indicated Resources are 1,236 Mt at 0.40% copper, showing a slight tonnage increase but a grade and contained metal decline compared to the 2023 PFS. - Positive factor: Very large Measured and Indicated Resource tonnage - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Grade decline compared to 2023 PFS \(0.42% to 0.40% Cu\) - Negative factor: Contained metal decline compared to 2023 PFS \(5.061 Mt to 4.993 Mt Cu\) Evidence · table > 1,236 Context: Total Measured and Indicated \(inclusive of reserves\) #### Tags used in scoring **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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 22 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-23) Copper World · molybdenum #### Identity - Project: Copper World - Commodity: molybdenum - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:4fb85a117d21cc331295 - Mining method: open\_pit #### Resource Data - Tonnes: 1236000000 - Grade: 120 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Total Measured and Indicated Resources include 1,236 Mt at 120 g/t molybdenum, providing a significant byproduct credit. - Positive factor: Very large Measured and Indicated Resource tonnage - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 120 Context: Total Measured and Indicated \(inclusive of reserves\) #### Tags used in scoring **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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 23 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-24) Copper World · gold #### Identity - Project: Copper World - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:4fb85a117d21cc331295 - Mining method: open\_pit #### Resource Data - Tonnes: 1236000000 - Grade: 0.02 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Total Measured and Indicated Resources include 1,236 Mt at 0.020 g/t gold, providing a minor byproduct credit. - Positive factor: Very large Measured and Indicated Resource tonnage - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 0.020 Context: Total Measured and Indicated \(inclusive of reserves\) #### Tags used in scoring **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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 24 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-25) Copper World · silver #### Identity - Project: Copper World - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:4fb85a117d21cc331295 - Mining method: open\_pit #### Resource Data - Tonnes: 1236000000 - Grade: 4.12 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Total Measured and Indicated Resources include 1,236 Mt at 4.12 g/t silver, contributing to the project's overall economics as a byproduct. - Positive factor: Very large Measured and Indicated Resource tonnage - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 4.12 Context: Total Measured and Indicated \(inclusive of reserves\) #### Tags used in scoring **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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-26) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b913fd9af979ba7855ab - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 309000000 - Grade: 0.3 - Grade Unit: % - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 - Prior Tonnes: 275000000 - Prior Grade: 0.32 - Prior Contained Metal: 880000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Inferred Resource increased to 309 Mt at 0.30% copper, representing a 12.3% tonnage growth and 5.3% contained copper growth, despite a slight grade decline, indicating future upside potential. - Positive factor: Significant tonnage increase in Inferred category \(12.3%\) - Positive factor: Contained copper increase in Inferred category \(5.3%\) - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Grade decline compared to 2023 PFS \(0.32% to 0.30% Cu\) Evidence · table > 309 Context: Inferred resources #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.3 against 0.32 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-27) Copper World · molybdenum #### Identity - Project: Copper World - Commodity: molybdenum - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b913fd9af979ba7855ab - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 309000000 - Grade: 103 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Inferred Resource includes 309 Mt at 103 g/t molybdenum, contributing to the project's overall economics as a byproduct. - Positive factor: Significant tonnage in Inferred category - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 103 Context: Inferred resources #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-28) Copper World · gold #### Identity - Project: Copper World - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b913fd9af979ba7855ab - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 309000000 - Grade: 0.012 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Inferred Resource includes 309 Mt at 0.012 g/t gold, providing a minor byproduct credit to the project. - Positive factor: Significant tonnage in Inferred category - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 0.012 Context: Inferred resources #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--46f9c418-4fe7-4066-9cca-3d3f82f4f0ef#fact-resource-facts-29) Copper World · silver #### Identity - Project: Copper World - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: HBM.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b913fd9af979ba7855ab - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 309000000 - Grade: 2.69 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: The Inferred Resource includes 309 Mt at 2.69 g/t silver, contributing to the project's overall economics as a byproduct. - Positive factor: Significant tonnage in Inferred category - Positive factor: NI 43-101 compliant and QP signed Evidence · table > 2.69 Context: Inferred resources #### 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **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 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## 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.