Hudbay and Mitsubishi Approve Copper World Project Construction; Advancing Next Major U.S. Copper Mine Towards First Production in 2029
Original announcement by globenewswire on
- Company
- Hudbay Minerals Inc.
- Ticker
- HBM
- Exchange
- Unavailable
- Region
- Arizona
- Primary commodity
- Copper
- Secondary commodities
- Molybdenum, Gold, Silver
- Document categories
- Other, Capital raise, Resource update
- Extracted
- 2026-10-21 06:34:19 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Hudbay and Mitsubishi have approved the construction of the Copper World project in Arizona, based on a Definitive Feasibility Study (DFS). The project, a 70/30 joint venture, targets first copper production in the second half of 2029. The DFS outlines robust economics, including a Base Case after-tax NPV(8%) of $1.2 billion and an IRR of 16.8%, with an Extension Case showing an NPV(8%) of $2.5 billion and an IRR of 18.8% at a long-term copper price of $5.00/lb. The project is expected to double Hudbay's annual copper production, with initial capital of $2.07 billion prudently funded through a combination of Mitsubishi's equity investment, a precious metals stream with Wheaton, and anticipated project-level debt.
Reasoning: Hudbay and Mitsubishi have approved the construction of the Copper World project based on a robust DFS, outlining strong economics and a clear funding strategy, despite a slight reduction in reserve grade.
Positive factors
- Final Investment Decision (FID) approved for a major copper project.
- Robust DFS economics with strong NPV and IRR for both Base and Extension Cases.
- Significant increase in annual copper production, doubling Hudbay's current levels.
- Prudent funding plan with substantial partner contributions and low leverage.
- Long mine life (15 years Base Case, 37 years Extension Case).
- NI 43-101 compliant and QP signed.
- Inferred resource contained metal growth.
Negative factors
- Overall reduction in reserve grade compared to prior PFS.
- Slight decrease in M&I contained copper metal.
- Extension Case requires federal permits, introducing some permitting risk.
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 59
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The document states that Hudbay will be filing a technical report pursuant to National Instrument 43-101.
Evidence · text
“Hudbay will be filing a technical report pursuant to National Instrument 43-101”
QP/CP Signedpositive
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: Olivier Tavchandjian, P. Geo, Hudbay’s Senior Vice President, Exploration and Technical Services, is stated as a qualified person who approved the scientific and technical information.
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”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document discusses 'The changes between the 2023 and 2026 mineral resource estimates' and provides a comparison table.
Evidence · text
“The changes between the 2023 and 2026 mineral resource estimates”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Inferred resources increased from 275 million tonnes in 2023 PFS to 309 million tonnes in 2026 DFS.
Evidence · table
“309”
Context: Inferred
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The metal content in inferred mineral resource estimates has increased by 5%.
Evidence · text
“metal content in inferred mineral resource estimates has increased by 5%”
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: The 2026 mineral reserve estimates show a lower average copper grade of 0.47% compared to the 2023 PFS estimate of 0.54%.
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.”
Open Pit Miningneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The project is explicitly described as 'one of the largest open-pit copper mines' and 'a traditional open pit shovel and truck operation'.
Evidence · text
“Copper World Will Be One of the Largest Open-Pit Copper Mines in the United States”
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: The announcement is based on the results of a definitive feasibility study (DFS).
Evidence · text
“announced the results of the definitive feasibility study”
Joint Venturepositive · Story-specific tag
No canonical definition is currently available.
Why it applies: Copper World is 30%-owned by Mitsubishi Corporation pursuant to a joint venture agreement.
Evidence · text
“Copper World is 30%-owned by Mitsubishi Corporation (“Mitsubishi”) pursuant to a joint venture agreement entered into with Hudbay in January 2026.”
Stream Financingpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: Wheaton Precious Metals Corp. provided a $230 million deposit for an existing precious metals stream.
Evidence · text
“Wheaton Precious Metals Corp.’s (“Wheaton”) $230 million deposit for the existing precious metals stream”
Debt Financingpositive · Story-specific tag
No canonical definition is currently available.
Why it applies: The funding plan includes approximately $650 million in anticipated project-level debt financing.
Evidence · text
“approximately $650 million in anticipated project-level debt financing”
Permitting Risknegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The Extension Case, which significantly extends mine life, is subject to obtaining federal permits.
Evidence · text
“The extension case for the Copper World project contemplates a 37-year mine life utilizing only measured and indicated mineral resources and expands mining activities onto federal lands in year 10, subject to obtaining federal permits”
Extracted facts
Stored fact records: 30. Some facts used in scoring do not have a stored record.
Resource Estimates (30)
provenCopper World · copperTonnes: 330000000Grade: 0.47Grade Unit: %View all detailsHide details
Identity
- Project
- Copper World
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Proven reserves of 330 million tonnes at 0.47% copper provide a strong foundation for the project.
Positive factors
- High confidence in Proven reserves.
- Significant tonnage of copper in Proven category.
Evidence · table
“0.47”
Context: 330
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
provenCopper World · molybdenumTonnes: 330000000Grade: 105Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- molybdenum
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Proven reserves include 105 g/t molybdenum, adding to project value.
Positive factors
- Molybdenum as a valuable byproduct in Proven reserves.
Evidence · table
“105”
Context: 330
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
provenCopper World · goldTonnes: 330000000Grade: 0.024Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Proven reserves include 0.024 g/t gold as a byproduct.
Positive factors
- Gold as a byproduct in Proven reserves.
Evidence · table
“0.024”
Context: 330
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
provenCopper World · silverTonnes: 330000000Grade: 5.25Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Proven reserves include 5.25 g/t silver as a byproduct.
Positive factors
- Silver as a byproduct in Proven reserves.
Evidence · table
“5.25”
Context: 330
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableCopper World · copperTonnes: 60000000Grade: 0.46Grade Unit: %View all detailsHide details
Identity
- Project
- Copper World
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Probable reserves of 60 million tonnes at 0.46% copper add to the project's economic viability.
Positive factors
- Significant tonnage of copper in Probable reserves.
Evidence · table
“0.46”
Context: 60
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableCopper World · molybdenumTonnes: 60000000Grade: 94Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- molybdenum
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Probable reserves include 94 g/t molybdenum, contributing to overall project value.
Positive factors
- Molybdenum as a valuable byproduct in Probable reserves.
Evidence · table
“94”
Context: 60
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableCopper World · goldTonnes: 60000000Grade: 0.018Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Probable reserves include 0.018 g/t gold as a byproduct.
Positive factors
- Gold as a byproduct in Probable reserves.
Evidence · table
“0.018”
Context: 60
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableCopper World · silverTonnes: 60000000Grade: 4.14Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Probable reserves include 4.14 g/t silver as a byproduct.
Positive factors
- Silver as a byproduct in Probable reserves.
Evidence · table
“4.14”
Context: 60
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableCopper World · copperTonnes: 390000000Grade: 0.47Grade Unit: %View all detailsHide details
Identity
- Project
- Copper World
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Olivier Tavchandjian
- Resource group id
- resource:dc608ac4c888694264b6
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 390000000
- Grade
- 0.47
- Grade Unit
- %
- Cutoff Grade
- 5.8
- Cutoff Unit
- $/ton NSR
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 of 390 million tonnes at 0.47% copper underpin the project's economics.
Positive factors
- Substantial total Proven and Probable reserves for copper.
Evidence · table
“0.47”
Context: 390
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableCopper World · molybdenumTonnes: 390000000Grade: 103Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- molybdenum
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Olivier Tavchandjian
- Resource group id
- resource:dc608ac4c888694264b6
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 390000000
- Grade
- 103
- Grade Unit
- g/t
- Cutoff Grade
- 5.8
- Cutoff Unit
- $/ton NSR
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 103 g/t molybdenum.
Positive factors
- Molybdenum as a significant byproduct in total reserves.
Evidence · table
“103”
Context: 390
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableCopper World · goldTonnes: 390000000Grade: 0.023Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Olivier Tavchandjian
- Resource group id
- resource:dc608ac4c888694264b6
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 390000000
- Grade
- 0.023
- Grade Unit
- g/t
- Cutoff Grade
- 5.8
- Cutoff Unit
- $/ton NSR
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 0.023 g/t gold.
Positive factors
- Gold as a byproduct in total reserves.
Evidence · table
“0.023”
Context: 390
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
probableCopper World · silverTonnes: 390000000Grade: 5.08Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Olivier Tavchandjian
- Resource group id
- resource:dc608ac4c888694264b6
- Mining method
- open_pit
Resource Data
- Category
- probable
- Tonnes
- 390000000
- Grade
- 5.08
- Grade Unit
- g/t
- Cutoff Grade
- 5.8
- Cutoff Unit
- $/ton NSR
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 5.08 g/t silver.
Positive factors
- Silver as a byproduct in total reserves.
Evidence · table
“5.08”
Context: 390
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
measuredCopper World · copperTonnes: 890000000Grade: 0.42Grade Unit: %View all detailsHide details
Identity
- Project
- Copper World
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Measured resources of 890 million tonnes at 0.42% copper provide high confidence in the resource base.
Positive factors
- Large Measured resource tonnage for copper.
Evidence · table
“0.42”
Context: 890
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
measuredCopper World · molybdenumTonnes: 890000000Grade: 124Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- molybdenum
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Measured resources include 124 g/t molybdenum.
Positive factors
- Molybdenum as a byproduct in Measured resources.
Evidence · table
“124”
Context: 890
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
measuredCopper World · goldTonnes: 890000000Grade: 0.022Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Measured resources include 0.022 g/t gold.
Positive factors
- Gold as a byproduct in Measured resources.
Evidence · table
“0.022”
Context: 890
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
measuredCopper World · silverTonnes: 890000000Grade: 4.43Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Measured resources include 4.43 g/t silver.
Positive factors
- Silver as a byproduct in Measured resources.
Evidence · table
“4.43”
Context: 890
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedCopper World · copperTonnes: 347000000Grade: 0.35Grade Unit: %View all detailsHide details
Identity
- Project
- Copper World
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Indicated resources of 347 million tonnes at 0.35% copper provide further confidence in the resource base.
Positive factors
- Significant tonnage of copper in Indicated resources.
Evidence · table
“0.35”
Context: 347
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedCopper World · molybdenumTonnes: 347000000Grade: 109Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- molybdenum
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Indicated resources include 109 g/t molybdenum.
Positive factors
- Molybdenum as a byproduct in Indicated resources.
Evidence · table
“109”
Context: 347
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedCopper World · goldTonnes: 347000000Grade: 0.015Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Indicated resources include 0.015 g/t gold.
Positive factors
- Gold as a byproduct in Indicated resources.
Evidence · table
“0.015”
Context: 347
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedCopper World · silverTonnes: 347000000Grade: 3.32Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Indicated resources include 3.32 g/t silver.
Positive factors
- Silver as a byproduct in Indicated resources.
Evidence · table
“3.32”
Context: 347
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedCopper World · copperTonnes: 1236000000Grade: 0.4Grade Unit: %View all detailsHide details
Identity
- Project
- Copper World
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Olivier Tavchandjian
- Resource group id
- resource:23d7adc167f224da7f24
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 1236000000
- Grade
- 0.4
- Grade Unit
- %
- Cutoff Grade
- 6.03
- Cutoff Unit
- $/ton NSR
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 of 1.236 billion tonnes at 0.40% copper provide a substantial resource base.
Positive factors
- Very large total Measured and Indicated resource for copper.
Evidence · table
“0.40”
Context: 1,236
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedCopper World · molybdenumTonnes: 1236000000Grade: 120Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- molybdenum
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Olivier Tavchandjian
- Resource group id
- resource:23d7adc167f224da7f24
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 1236000000
- Grade
- 120
- Grade Unit
- g/t
- Cutoff Grade
- 6.03
- Cutoff Unit
- $/ton NSR
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 120 g/t molybdenum.
Positive factors
- Molybdenum as a byproduct in total Measured and Indicated resources.
Evidence · table
“120”
Context: 1,236
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedCopper World · goldTonnes: 1236000000Grade: 0.02Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Olivier Tavchandjian
- Resource group id
- resource:23d7adc167f224da7f24
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 1236000000
- Grade
- 0.02
- Grade Unit
- g/t
- Cutoff Grade
- 6.03
- Cutoff Unit
- $/ton NSR
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 0.020 g/t gold.
Positive factors
- Gold as a byproduct in total Measured and Indicated resources.
Evidence · table
“0.020”
Context: 1,236
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedCopper World · silverTonnes: 1236000000Grade: 4.12Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Olivier Tavchandjian
- Resource group id
- resource:23d7adc167f224da7f24
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 1236000000
- Grade
- 4.12
- Grade Unit
- g/t
- Cutoff Grade
- 6.03
- Cutoff Unit
- $/ton NSR
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 4.12 g/t silver.
Positive factors
- Silver as a byproduct in total Measured and Indicated resources.
Evidence · table
“4.12”
Context: 1,236
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredCopper World · copperTonnes: 309000000Grade: 0.3Grade Unit: %View all detailsHide details
Identity
- Project
- Copper World
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Inferred resources of 309 million tonnes at 0.30% copper represent future growth potential.
Positive factors
- Significant tonnage of copper in Inferred resources, indicating future potential.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.30”
Context: 309
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredCopper World · molybdenumTonnes: 309000000Grade: 103Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- molybdenum
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Inferred resources include 103 g/t molybdenum.
Positive factors
- Molybdenum as a byproduct in Inferred resources.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“103”
Context: 309
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredCopper World · goldTonnes: 309000000Grade: 0.012Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- gold
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Inferred resources include 0.012 g/t gold.
Positive factors
- Gold as a byproduct in Inferred resources.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“0.012”
Context: 309
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredCopper World · silverTonnes: 309000000Grade: 2.69Grade Unit: g/tView all detailsHide details
Identity
- Project
- Copper World
- Commodity
- silver
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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 NSR
Prior Estimate
- Resource Date
- 2026-08-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Inferred resources include 2.69 g/t silver.
Positive factors
- Silver as a byproduct in Inferred resources.
Negative factors
- Inferred category has lower geological confidence.
Evidence · table
“2.69”
Context: 309
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
indicatedCopper World · copperTonnes: 1236000000Grade: 0.4Grade Unit: %View all detailsHide details
Identity
- Project
- Copper World
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Olivier Tavchandjian
- Resource group id
- resource:23d7adc167f224da7f24
- Mining method
- open_pit
Resource Data
- Category
- indicated
- Tonnes
- 1236000000
- Grade
- 0.4
- Grade Unit
- %
Prior Estimate
- Resource Date
- 2026-08-01
- Prior Tonnes
- 1205000000
- Prior Grade
- 0.42
- Prior Contained Metal
- 5061
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Measured and Indicated resources show a slight tonnage increase but a decrease in grade and contained copper metal compared to the 2023 PFS.
Positive factors
- Slight increase in M&I tonnage.
Negative factors
- Slight decrease in M&I contained copper metal.
- Decrease in average M&I grade.
Evidence · table
“1,236”
Context: Measured and indicated
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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
inferredCopper World · copperTonnes: 309000000Grade: 0.3Grade Unit: %View all detailsHide details
Identity
- Project
- Copper World
- Commodity
- copper
- Region
- usa_az
- Reported Region
- Arizona
- Ticker
- HBM
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
- %
Prior Estimate
- Resource Date
- 2026-08-01
- Prior Tonnes
- 275000000
- Prior Grade
- 0.32
- Prior Contained Metal
- 880
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: Inferred resources show a 5% increase in contained copper metal, despite a slight grade decrease, highlighting future upside.
Positive factors
- Increase in Inferred tonnage and contained copper metal, indicating growth potential.
Negative factors
- Decrease in average Inferred grade.
Evidence · table
“309”
Context: Inferred
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Grade Declinenegative
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 Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
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-Supportingneutral
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.