# 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4 Original source: https://www.globenewswire.com/news-release/2026/10/21/3385092/0/en/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-major-u-s-copper-mine-towards-first-production-in-2029.html Publisher: globenewswire Original announcement: 2026-10-21T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-21T06:34:19.133Z Atlas analysis updated: 2026-10-21T06:34:19.133Z - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Final Investment Decision \(FID\) approved for a major copper project. - Positive factor: Robust DFS economics with strong NPV and IRR for both Base and Extension Cases. - Positive factor: Significant increase in annual copper production, doubling Hudbay's current levels. - Positive factor: Prudent funding plan with substantial partner contributions and low leverage. - Positive factor: Long mine life \(15 years Base Case, 37 years Extension Case\). - Positive factor: NI 43-101 compliant and QP signed. - Positive factor: Inferred resource contained metal growth. - Negative factor: Overall reduction in reserve grade compared to prior PFS. - Negative factor: Slight decrease in M&I contained copper metal. - Negative factor: 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 Compliant** Polarity: positive Definition: 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 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: 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 Update** Polarity: neutral Definition: 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 Growth** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Decline** Polarity: negative Definition: 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 Mining** Polarity: neutral Story-specific tag Definition: 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-Supporting** Polarity: neutral Definition: 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 Venture** Polarity: positive Story-specific tag Definition: 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 Financing** Polarity: positive Story-specific tag Definition: 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 Financing** Polarity: positive Story-specific tag Definition: 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 Risk** Polarity: negative Story-specific tag Definition: 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) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-23) Copper World · copper #### 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 factor: High confidence in Proven reserves. - Positive factor: Significant tonnage of copper in Proven category. Evidence · table > 0.47 Context: 330 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-24) Copper World · molybdenum #### 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 factor: Molybdenum as a valuable byproduct in Proven reserves. Evidence · table > 105 Context: 330 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-25) Copper World · gold #### 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 factor: Gold as a byproduct in Proven reserves. Evidence · table > 0.024 Context: 330 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-26) Copper World · silver #### 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 factor: Silver as a byproduct in Proven reserves. Evidence · table > 5.25 Context: 330 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-27) Copper World · copper #### 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 factor: Significant tonnage of copper in Probable reserves. Evidence · table > 0.46 Context: 60 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-28) Copper World · molybdenum #### 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 factor: Molybdenum as a valuable byproduct in Probable reserves. Evidence · table > 94 Context: 60 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-29) Copper World · gold #### 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 factor: Gold as a byproduct in Probable reserves. Evidence · table > 0.018 Context: 60 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-30) Copper World · silver #### 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 factor: Silver as a byproduct in Probable reserves. Evidence · table > 4.14 Context: 60 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-31) Copper World · copper #### 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 factor: Substantial total Proven and Probable reserves for copper. Evidence · table > 0.47 Context: 390 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-32) Copper World · molybdenum #### 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 factor: Molybdenum as a significant byproduct in total reserves. Evidence · table > 103 Context: 390 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-33) Copper World · gold #### 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 factor: Gold as a byproduct in total reserves. Evidence · table > 0.023 Context: 390 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-34) Copper World · silver #### 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 factor: Silver as a byproduct in total reserves. Evidence · table > 5.08 Context: 390 #### 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 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-35) Copper World · copper #### 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 factor: Large Measured resource tonnage for copper. Evidence · table > 0.42 Context: 890 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-36) Copper World · molybdenum #### 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 factor: Molybdenum as a byproduct in Measured resources. Evidence · table > 124 Context: 890 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-37) Copper World · gold #### 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 factor: Gold as a byproduct in Measured resources. Evidence · table > 0.022 Context: 890 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-38) Copper World · silver #### 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 factor: Silver as a byproduct in Measured resources. Evidence · table > 4.43 Context: 890 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-39) Copper World · copper #### 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 factor: Significant tonnage of copper in Indicated resources. Evidence · table > 0.35 Context: 347 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-40) Copper World · molybdenum #### 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 factor: Molybdenum as a byproduct in Indicated resources. Evidence · table > 109 Context: 347 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-41) Copper World · gold #### 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 factor: Gold as a byproduct in Indicated resources. Evidence · table > 0.015 Context: 347 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-42) Copper World · silver #### 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 factor: Silver as a byproduct in Indicated resources. Evidence · table > 3.32 Context: 347 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-43) Copper World · copper #### 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 factor: Very large total Measured and Indicated resource for copper. Evidence · table > 0.40 Context: 1,236 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-44) Copper World · molybdenum #### 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 factor: Molybdenum as a byproduct in total Measured and Indicated resources. Evidence · table > 120 Context: 1,236 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-45) Copper World · gold #### 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 factor: Gold as a byproduct in total Measured and Indicated resources. Evidence · table > 0.020 Context: 1,236 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-46) Copper World · silver #### 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 factor: Silver as a byproduct in total Measured and Indicated resources. Evidence · table > 4.12 Context: 1,236 #### 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-47) Copper World · copper #### 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 factor: Significant tonnage of copper in Inferred resources, indicating future potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.30 Context: 309 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-48) Copper World · molybdenum #### 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 factor: Molybdenum as a byproduct in Inferred resources. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 103 Context: 309 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-49) Copper World · gold #### 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 factor: Gold as a byproduct in Inferred resources. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.012 Context: 309 #### 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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-50) Copper World · silver #### 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 factor: Silver as a byproduct in Inferred resources. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.69 Context: 309 #### 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-m--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-51) Copper World · copper #### 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 factor: Slight increase in M&I tonnage. - Negative factor: Slight decrease in M&I contained copper metal. - Negative factor: Decrease in average M&I grade. Evidence · table > 1,236 Context: Measured and indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **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--96621b6b-6a2c-433c-b772-b2aff5b1c4b4#fact-resource-facts-52) Copper World · copper #### 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 factor: Increase in Inferred tonnage and contained copper metal, indicating growth potential. - Negative factor: Decrease in average Inferred grade. Evidence · table > 309 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **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 ## 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.