# Hudbay Enhances Gold Production Profile at Snow Lake, Extends Reserve Mine Life to 18 Years and Identifies Further Growth Potential from Resource Conversion and the Britannia Gold Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad Original source: https://www.globenewswire.com/news-release/2026/09/28/3369688/0/en/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-to-18-years-and-identifies-further-growth-potential-from-resource-conversion-and-the-britannia-gold-p.html Publisher: globenewswire Original announcement: 2026-09-28T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T18:51:45.822Z Atlas analysis updated: 2026-09-29T18:51:45.822Z - Company: Hudbay Minerals Inc. - Ticker: HBM - Exchange: Unavailable - Region: Manitoba, Canada - Primary commodity: Gold - Secondary commodities: Copper, Zinc, Silver - Document categories: Resource update, Production, Metallurgy - Extracted: 2026-09-29 18:51:46 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Hudbay Minerals has released an updated mine plan for its Snow Lake operations in Manitoba, Canada, extending the proven and probable reserve mine life by two years to 2043. The update projects a 60% increase in total life-of-mine gold production to 2.8 million ounces and a 38% increase in mineral reserves to 27 million tonnes, containing 2.0 million ounces of gold. Mineral resources also increased by 26% to 21 million tonnes, containing 1.5 million ounces of gold, with significant growth potential identified at the Britannia Gold Project. Reasoning: Hudbay has announced a significantly enhanced mine plan for its Snow Lake operations, demonstrating substantial increases in gold production, extended mine life, and growth in both mineral reserves and resources. The plan incorporates successful exploration, resource conversion, and processing optimizations, positioning the project for long-term value creation. - Positive factor: Significant increase in gold production profile over life-of-mine - Positive factor: Extended reserve mine life to 18 years \(2043\) - Positive factor: Substantial growth in mineral reserves and resources - Positive factor: Successful resource-to-reserve conversion at multiple deposits - Positive factor: Identification of new anchor deposit potential \(Britannia Gold Project\) - Positive factor: Improved gold and silver recoveries from processing initiatives Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 93 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Snow Lake mineral reserve estimates increased to 27 million tonnes, representing a 38% increase in tonnage from the January 1, 2026 mineral reserve estimate. Evidence · text > Snow Lake mineral reserve estimates increased to 27 million tonnes containing 2.0 million ounces of gold, representing a 38% increase in tonnage from the January 1, 2026 mineral reserve estimate. **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: Total life-of-mine gold production increased by 60% to 2.8 million ounces from 1.8 million ounces in the 2021 technical report. Evidence · text > Total life-of-mine gold production increased by 60% to 2.8 million ounces from 1.8 million ounces in the 2021 technical report **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical and scientific information in this news release has been approved by Marc-Andre Brulotte, P. Geo., Executive Director, Global Mineral Resource Evaluation. Mr. Brulotte is a qualified person pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(“NI 43-101”\). Evidence · text > Mr. Brulotte is a qualified person pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(“NI 43-101”\). **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: The technical and scientific information in this news release has been approved by Marc-Andre Brulotte, P. Geo., Executive Director, Global Mineral Resource Evaluation. Mr. Brulotte is a qualified person pursuant to National Instrument 43-101. Evidence · text > The technical and scientific information in this news release has been approved by Marc-Andre Brulotte, P. Geo., Executive Director, Global Mineral Resource Evaluation. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an updated mine plan, mineral reserve estimates, and mineral resource estimates for the Snow Lake operations. Evidence · text > Hudbay today released an updated mine plan for its Snow Lake operations in Manitoba, Canada. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports significant inferred mineral resources for various deposits within the Snow Lake project, including the Britannia Gold Project. Evidence · table > Inferred Context: 1,540 **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Life-of-mine gold recovery is projected at 88.9%, copper at 89.7%, and zinc at 85.9%, which are strong for their respective processing routes. Evidence · table > 88.9 Context: 88.3 **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: The Stall Hot Tails Leaching project is expected to increase combined mill gold and silver recoveries, building on previous improvements from 58% in 2022 to over 70% today. Evidence · text > it is anticipated to increase combined mill gold and silver recoveries **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: The Stall Hot Tails Leaching project involves expansion of cyanide leaching and carbon infrastructure, indicating a leach processing route. Evidence · text > expansion of cyanide leaching and carbon infrastructure at New Britannia to accommodate material from Stall **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The economic viability of the mineral reserve estimates was confirmed using metal prices and minimum NSR cut-off values are provided for different deposits and mill types. Evidence · text > Lalor and 1901 mineral reserves were estimated using a minimum NSR cut-off for Stall mill ore material of C$160 longhaul and C$199 post pillar and a minimum NSR cut-off for New Britannia ore material of C$184 for longhaul and C$223 for post pillar. **Metal Equivalent Opaque** Polarity: negative Story-specific tag Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Why it applies: Metal equivalent production figures are provided with detailed commodity price assumptions, but recovery and payability assumptions are not explicitly stated for the equivalent calculation. Evidence · text > Copper and gold equivalent production assumes the following commodity prices: $6.09 per pound of copper for 2026, $5.80 per pound of copper for 2027, $5.50 per pound of copper for 2028 to 2030 and $5.00 per pound of copper long-term; $4,472 per ounce of gold for 2026, $4,200 per ounce of gold for 2027, $4,000 per ounce of gold for 2028, $3,900 per ounce of gold for 2029, $3,750 per ounce of gold for 2030 and $3,600 per ounce of gold long-term; $70 per ounce of silver for 2026, $57.50 per ounce of silver for 2027, $55.00 per ounce of silver for 2028, $50 per ounce of silver for 2029, $45 per ounce of silver for 2030 and long-term; $1.59 per pound of zinc for 2026, $1.40 per pound of zinc for 2027, $1.35 per pound of zinc for 2028, $1.30 per pound of zinc for 2029 and 2030, and $1.25 per pound of zinc long-term. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) ## Extracted facts Stored fact records: 93. Some facts used in scoring do not have a stored record. ## Resource Estimates (87) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-0) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:2e80b21f0693bef2f89f - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 4667000 - Grade: 3.78 - Grade Unit: g/t - Cutoff Grade: 184 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade proven gold reserve at Lalor, contributing significantly to the overall increase in Snow Lake's gold reserve profile. - Positive factor: High-grade gold reserve in the proven category - Positive factor: Part of an overall significant reserve increase Evidence · table > 3.78 Context: 4,667 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-1) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:2e80b21f0693bef2f89f - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 4667000 - Grade: 0.43 - Grade Unit: % - Cutoff Grade: 184 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a proven copper reserve at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Proven copper reserve Evidence · table > 0.43 Context: 4,667 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-2) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:2e80b21f0693bef2f89f - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 4667000 - Grade: 0.7 - Grade Unit: % - Cutoff Grade: 184 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a proven zinc reserve at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Proven zinc reserve Evidence · table > 0.70 Context: 4,667 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-3) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:2e80b21f0693bef2f89f - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 4667000 - Grade: 21.8 - Grade Unit: g/t - Cutoff Grade: 184 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a proven silver reserve at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Proven silver reserve Evidence · table > 21.8 Context: 4,667 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-4) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:eb66b21d42b6181dd4cb - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 5901000 - Grade: 3.2 - Grade Unit: g/t - Cutoff Grade: 184 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade probable gold reserve at Lalor, contributing significantly to the overall increase in Snow Lake's gold reserve profile. - Positive factor: High-grade gold reserve in the probable category - Positive factor: Part of an overall significant reserve increase Evidence · table > 3.20 Context: 5,901 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-5) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:eb66b21d42b6181dd4cb - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 5901000 - Grade: 0.87 - Grade Unit: % - Cutoff Grade: 184 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a probable copper reserve at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Probable copper reserve Evidence · table > 0.87 Context: 5,901 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-6) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:eb66b21d42b6181dd4cb - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 5901000 - Grade: 0.27 - Grade Unit: % - Cutoff Grade: 184 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a probable zinc reserve at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Probable zinc reserve Evidence · table > 0.27 Context: 5,901 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-7) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:eb66b21d42b6181dd4cb - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 5901000 - Grade: 14.6 - Grade Unit: g/t - Cutoff Grade: 184 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a probable silver reserve at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Probable silver reserve Evidence · table > 14.6 Context: 5,901 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-8) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:b7dacd0b1b9473d766ae - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 341000 - Grade: 2.66 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a probable gold reserve at the 1901 deposit, contributing to the overall reserve base. - Positive factor: Probable gold reserve at 1901 deposit Evidence · table > 2.66 Context: 341 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-9) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:b7dacd0b1b9473d766ae - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 341000 - Grade: 0.75 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a probable copper reserve at 1901, contributing to the polymetallic nature of the deposit. - Positive factor: Probable copper reserve Evidence · table > 0.75 Context: 341 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-10) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:b7dacd0b1b9473d766ae - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 341000 - Grade: 0.68 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a probable zinc reserve at 1901, contributing to the polymetallic nature of the deposit. - Positive factor: Probable zinc reserve Evidence · table > 0.68 Context: 341 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-11) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:b7dacd0b1b9473d766ae - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 341000 - Grade: 15.2 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a probable silver reserve at 1901, contributing to the polymetallic nature of the deposit. - Positive factor: Probable silver reserve Evidence · table > 15.2 Context: 341 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-12) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:9b1f4d4679437a43b7b9 - Deposit or zone: WIM - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 3653000 - Grade: 1.17 - Grade Unit: g/t - Cutoff Grade: 125 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a probable gold reserve at the WIM deposit, contributing to the overall reserve base. - Positive factor: Probable gold reserve at WIM deposit Evidence · table > 1.17 Context: 3,653 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-13) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:9b1f4d4679437a43b7b9 - Deposit or zone: WIM - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 3653000 - Grade: 1.29 - Grade Unit: % - Cutoff Grade: 125 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a probable copper reserve at the WIM deposit, contributing to the overall reserve base. - Positive factor: Probable copper reserve at WIM deposit Evidence · table > 1.29 Context: 3,653 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-14) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:9b1f4d4679437a43b7b9 - Deposit or zone: WIM - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 3653000 - Grade: 0.21 - Grade Unit: % - Cutoff Grade: 125 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a probable zinc reserve at WIM, contributing to the polymetallic nature of the deposit. - Positive factor: Probable zinc reserve Evidence · table > 0.21 Context: 3,653 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-15) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:9b1f4d4679437a43b7b9 - Deposit or zone: WIM - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 3653000 - Grade: 5.1 - Grade Unit: g/t - Cutoff Grade: 125 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a probable silver reserve at WIM, contributing to the polymetallic nature of the deposit. - Positive factor: Probable silver reserve Evidence · table > 5.1 Context: 3,653 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-16) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:a49bb7fa39110f37956b - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 4977000 - Grade: 2.02 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a proven gold reserve at Lalor, contributing to the overall reserve base. - Positive factor: Proven gold reserve at Lalor Evidence · table > 2.02 Context: 4,977 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-17) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:a49bb7fa39110f37956b - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 4977000 - Grade: 0.32 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a proven copper reserve at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Proven copper reserve Evidence · table > 0.32 Context: 4,977 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-18) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:a49bb7fa39110f37956b - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 4977000 - Grade: 4.15 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade proven zinc reserve at Lalor, contributing significantly to the overall reserve base. - Positive factor: High-grade proven zinc reserve at Lalor Evidence · table > 4.15 Context: 4,977 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-19) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:a49bb7fa39110f37956b - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 4977000 - Grade: 25.7 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a proven silver reserve at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Proven silver reserve Evidence · table > 25.7 Context: 4,977 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-20) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:62febcc50da4011e6c63 - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 970000 - Grade: 1.54 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a proven gold reserve at the 1901 deposit, contributing to the overall reserve base. - Positive factor: Proven gold reserve at 1901 deposit Evidence · table > 1.54 Context: 970 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-21) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:62febcc50da4011e6c63 - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 970000 - Grade: 0.29 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a proven copper reserve at 1901, contributing to the polymetallic nature of the deposit. - Positive factor: Proven copper reserve Evidence · table > 0.29 Context: 970 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-22) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:62febcc50da4011e6c63 - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 970000 - Grade: 7.61 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade proven zinc reserve at the 1901 deposit, contributing significantly to the overall reserve base. - Positive factor: High-grade proven zinc reserve at 1901 deposit Evidence · table > 7.61 Context: 970 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-23) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:62febcc50da4011e6c63 - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 970000 - Grade: 23.9 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a proven silver reserve at 1901, contributing to the polymetallic nature of the deposit. - Positive factor: Proven silver reserve Evidence · table > 23.9 Context: 970 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-24) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:517e80b95416dd058b8c - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 822000 - Grade: 1.39 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a probable gold reserve at Lalor, contributing to the overall reserve base. - Positive factor: Probable gold reserve at Lalor Evidence · table > 1.39 Context: 822 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-25) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:517e80b95416dd058b8c - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 822000 - Grade: 0.38 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a probable copper reserve at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Probable copper reserve Evidence · table > 0.38 Context: 822 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-26) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:517e80b95416dd058b8c - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 822000 - Grade: 3.97 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade probable zinc reserve at Lalor, contributing significantly to the overall reserve base. - Positive factor: High-grade probable zinc reserve at Lalor Evidence · table > 3.97 Context: 822 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-27) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:517e80b95416dd058b8c - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 822000 - Grade: 23 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a probable silver reserve at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Probable silver reserve Evidence · table > 23.0 Context: 822 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-28) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:0ac25708a36b673453da - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 307000 - Grade: 2.17 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a probable gold reserve at the 1901 deposit, contributing to the overall reserve base. - Positive factor: Probable gold reserve at 1901 deposit Evidence · table > 2.17 Context: 307 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-29) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:0ac25708a36b673453da - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 307000 - Grade: 0.27 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a probable copper reserve at 1901, contributing to the polymetallic nature of the deposit. - Positive factor: Probable copper reserve Evidence · table > 0.27 Context: 307 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-30) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:0ac25708a36b673453da - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 307000 - Grade: 7.27 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade probable zinc reserve at the 1901 deposit, contributing significantly to the overall reserve base. - Positive factor: High-grade probable zinc reserve at 1901 deposit Evidence · table > 7.27 Context: 307 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-31) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:0ac25708a36b673453da - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 307000 - Grade: 27.4 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a probable silver reserve at 1901, contributing to the polymetallic nature of the deposit. - Positive factor: Probable silver reserve Evidence · table > 27.4 Context: 307 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-32) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:b1069806301443fc2a0f - Deposit or zone: Talbot - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 2710000 - Grade: 1.46 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a probable gold reserve at the Talbot deposit, included for the first time in this update. - Positive factor: Probable gold reserve at Talbot deposit - Positive factor: First reserve estimate for Talbot Evidence · table > 1.46 Context: 2,710 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-33) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:b1069806301443fc2a0f - Deposit or zone: Talbot - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 2710000 - Grade: 1.92 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade probable copper reserve at the Talbot deposit, included for the first time in this update. - Positive factor: High-grade probable copper reserve at Talbot deposit - Positive factor: First reserve estimate for Talbot Evidence · table > 1.92 Context: 2,710 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-34) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:b1069806301443fc2a0f - Deposit or zone: Talbot - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 2710000 - Grade: 1.14 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a probable zinc reserve at the Talbot deposit, included for the first time in this update. - Positive factor: Probable zinc reserve at Talbot deposit - Positive factor: First reserve estimate for Talbot Evidence · table > 1.14 Context: 2,710 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-35) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:b1069806301443fc2a0f - Deposit or zone: Talbot - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 2710000 - Grade: 26.5 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a probable silver reserve at the Talbot deposit, included for the first time in this update. - Positive factor: Probable silver reserve at Talbot deposit - Positive factor: First reserve estimate for Talbot Evidence · table > 26.5 Context: 2,710 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-36) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:4daee5dac9c6eda066fc - Deposit or zone: Rail - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 1510000 - Grade: 0.53 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a probable gold reserve at the Rail deposit, included for the first time in this update. - Positive factor: Probable gold reserve at Rail deposit - Positive factor: First reserve estimate for Rail Evidence · table > 0.53 Context: 1,510 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-37) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:4daee5dac9c6eda066fc - Deposit or zone: Rail - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 1510000 - Grade: 1.96 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade probable copper reserve at the Rail deposit, included for the first time in this update. - Positive factor: High-grade probable copper reserve at Rail deposit - Positive factor: First reserve estimate for Rail Evidence · table > 1.96 Context: 1,510 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-38) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:4daee5dac9c6eda066fc - Deposit or zone: Rail - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 1510000 - Grade: 0.55 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a probable zinc reserve at the Rail deposit, included for the first time in this update. - Positive factor: Probable zinc reserve at Rail deposit - Positive factor: First reserve estimate for Rail Evidence · table > 0.55 Context: 1,510 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-39) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:4daee5dac9c6eda066fc - Deposit or zone: Rail - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 1510000 - Grade: 5.6 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a probable silver reserve at the Rail deposit, included for the first time in this update. - Positive factor: Probable silver reserve at Rail deposit - Positive factor: First reserve estimate for Rail Evidence · table > 5.6 Context: 1,510 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-40) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:d6a2805293accb4edef2 - Deposit or zone: Britannia Gold Project – 3 Zone - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 1153000 - Grade: 2.81 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a significant probable gold reserve at the Britannia Gold Project, highlighting its potential as a new anchor deposit. - Positive factor: Significant probable gold reserve at Britannia Gold Project - Positive factor: New anchor deposit opportunity Evidence · table > 2.81 Context: 1,153 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-41) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:d432b468cec3d41932d6 - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1540000 - Grade: 3.38 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade inferred gold resource at Lalor, indicating strong potential for future conversion to reserves. - Positive factor: High-grade inferred gold resource at Lalor - Positive factor: Potential for resource-to-reserve conversion Evidence · table > 3.38 Context: 1,540 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-42) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:d432b468cec3d41932d6 - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1540000 - Grade: 1.9 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade inferred copper resource at Lalor, indicating strong potential for future conversion to reserves. - Positive factor: High-grade inferred copper resource at Lalor - Positive factor: Potential for resource-to-reserve conversion Evidence · table > 1.90 Context: 1,540 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-43) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:d432b468cec3d41932d6 - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1540000 - Grade: 0.19 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred zinc resource at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred zinc resource Evidence · table > 0.19 Context: 1,540 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-44) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:d432b468cec3d41932d6 - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1540000 - Grade: 12.4 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred silver resource at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred silver resource Evidence · table > 12.4 Context: 1,540 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-45) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:47665e7d8b1aa51dbd5a - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3300000 - Grade: 2.87 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade inferred gold resource at 1901, indicating strong potential for future conversion to reserves. - Positive factor: High-grade inferred gold resource at 1901 - Positive factor: Potential for resource-to-reserve conversion Evidence · table > 2.87 Context: 3,300 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-46) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:47665e7d8b1aa51dbd5a - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3300000 - Grade: 0.94 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred copper resource at 1901, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred copper resource Evidence · table > 0.94 Context: 3,300 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-47) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:47665e7d8b1aa51dbd5a - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3300000 - Grade: 0.49 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred zinc resource at 1901, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred zinc resource Evidence · table > 0.49 Context: 3,300 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-48) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:47665e7d8b1aa51dbd5a - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3300000 - Grade: 10.2 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred silver resource at 1901, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred silver resource Evidence · table > 10.2 Context: 3,300 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-49) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:54b37e536ea19f267aed - Deposit or zone: WIM - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1120000 - Grade: 1.44 - Grade Unit: g/t - Cutoff Grade: 125 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred gold resource at WIM, contributing to the overall resource base. - Positive factor: Inferred gold resource at WIM Evidence · table > 1.44 Context: 1,120 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-50) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:54b37e536ea19f267aed - Deposit or zone: WIM - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1120000 - Grade: 0.7 - Grade Unit: % - Cutoff Grade: 125 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred copper resource at WIM, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred copper resource Evidence · table > 0.70 Context: 1,120 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-51) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:54b37e536ea19f267aed - Deposit or zone: WIM - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1120000 - Grade: 0.25 - Grade Unit: % - Cutoff Grade: 125 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred zinc resource at WIM, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred zinc resource Evidence · table > 0.25 Context: 1,120 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-52) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:54b37e536ea19f267aed - Deposit or zone: WIM - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1120000 - Grade: 3.4 - Grade Unit: g/t - Cutoff Grade: 125 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred silver resource at WIM, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred silver resource Evidence · table > 3.4 Context: 1,120 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-53) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:46b3d419bcfb6b91803f - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 140000 - Grade: 1.94 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred gold resource at Lalor, contributing to the overall resource base. - Positive factor: Inferred gold resource at Lalor Evidence · table > 1.94 Context: 140 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-54) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:46b3d419bcfb6b91803f - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 140000 - Grade: 0.28 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred copper resource at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred copper resource Evidence · table > 0.28 Context: 140 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-55) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:46b3d419bcfb6b91803f - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 140000 - Grade: 5.14 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade inferred zinc resource at Lalor, indicating strong potential. - Positive factor: High-grade inferred zinc resource at Lalor Evidence · table > 5.14 Context: 140 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-56) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:46b3d419bcfb6b91803f - Deposit or zone: Lalor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 140000 - Grade: 32.5 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred silver resource at Lalor, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred silver resource Evidence · table > 32.5 Context: 140 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-57) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3f986f67ea9a92b8a7ae - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 780000 - Grade: 2.19 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred gold resource at 1901, contributing to the overall resource base. - Positive factor: Inferred gold resource at 1901 Evidence · table > 2.19 Context: 780 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-58) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3f986f67ea9a92b8a7ae - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 780000 - Grade: 0.23 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred copper resource at 1901, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred copper resource Evidence · table > 0.23 Context: 780 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-59) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3f986f67ea9a92b8a7ae - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 780000 - Grade: 6.55 - Grade Unit: % - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade inferred zinc resource at 1901, indicating strong potential. - Positive factor: High-grade inferred zinc resource at 1901 Evidence · table > 6.55 Context: 780 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-60) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3f986f67ea9a92b8a7ae - Deposit or zone: 1901 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 780000 - Grade: 41.6 - Grade Unit: g/t - Cutoff Grade: 160 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a high-grade inferred silver resource at 1901, contributing to the polymetallic nature of the deposit. - Positive factor: High-grade inferred silver resource Evidence · table > 41.6 Context: 780 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-61) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:6579387f0447343b0662 - Deposit or zone: Talbot - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 880000 - Grade: 2.23 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred gold resource at Talbot, contributing to the overall resource base. - Positive factor: Inferred gold resource at Talbot Evidence · table > 2.23 Context: 880 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-62) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:6579387f0447343b0662 - Deposit or zone: Talbot - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 880000 - Grade: 1.52 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred copper resource at Talbot, contributing to the overall resource base. - Positive factor: Inferred copper resource at Talbot Evidence · table > 1.52 Context: 880 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-63) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:6579387f0447343b0662 - Deposit or zone: Talbot - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 880000 - Grade: 1.17 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred zinc resource at Talbot, contributing to the overall resource base. - Positive factor: Inferred zinc resource at Talbot Evidence · table > 1.17 Context: 880 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-64) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:6579387f0447343b0662 - Deposit or zone: Talbot - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 880000 - Grade: 29.6 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred silver resource at Talbot, contributing to the overall resource base. - Positive factor: Inferred silver resource at Talbot Evidence · table > 29.6 Context: 880 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-65) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:2e07ab42f95bddad81d6 - Deposit or zone: Rail - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 740000 - Grade: 1.03 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred gold resource at Rail, contributing to the overall resource base. - Positive factor: Inferred gold resource at Rail Evidence · table > 1.03 Context: 740 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-66) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:2e07ab42f95bddad81d6 - Deposit or zone: Rail - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 740000 - Grade: 3.29 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade inferred copper resource at Rail, indicating strong potential. - Positive factor: High-grade inferred copper resource at Rail Evidence · table > 3.29 Context: 740 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-67) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:2e07ab42f95bddad81d6 - Deposit or zone: Rail - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 740000 - Grade: 0.55 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred zinc resource at Rail, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred zinc resource Evidence · table > 0.55 Context: 740 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-68) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:2e07ab42f95bddad81d6 - Deposit or zone: Rail - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 740000 - Grade: 8.9 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred silver resource at Rail, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred silver resource Evidence · table > 8.9 Context: 740 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-69) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3ef3a813a47da24a6378 - Deposit or zone: Watts - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3150000 - Grade: 1 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred gold resource at Watts, contributing to the overall resource base. - Positive factor: Inferred gold resource at Watts Evidence · table > 1.00 Context: 3,150 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-70) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3ef3a813a47da24a6378 - Deposit or zone: Watts - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3150000 - Grade: 2.34 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade inferred copper resource at Watts, indicating strong potential. - Positive factor: High-grade inferred copper resource at Watts Evidence · table > 2.34 Context: 3,150 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-71) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3ef3a813a47da24a6378 - Deposit or zone: Watts - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3150000 - Grade: 2.58 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred zinc resource at Watts, contributing to the overall resource base. - Positive factor: Inferred zinc resource at Watts Evidence · table > 2.58 Context: 3,150 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-72) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3ef3a813a47da24a6378 - Deposit or zone: Watts - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3150000 - Grade: 31 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred silver resource at Watts, contributing to the overall resource base. - Positive factor: Inferred silver resource at Watts Evidence · table > 31.0 Context: 3,150 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-73) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3af29e351842fde3cbc1 - Deposit or zone: Pen II - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 600000 - Grade: 0.3 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred gold resource at Pen II, contributing to the overall resource base. - Positive factor: Inferred gold resource at Pen II Evidence · table > 0.30 Context: 600 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-74) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3af29e351842fde3cbc1 - Deposit or zone: Pen II - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 600000 - Grade: 0.46 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred copper resource at Pen II, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred copper resource Evidence · table > 0.46 Context: 600 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-75) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3af29e351842fde3cbc1 - Deposit or zone: Pen II - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 600000 - Grade: 9.09 - Grade Unit: % - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade inferred zinc resource at Pen II, indicating strong potential. - Positive factor: High-grade inferred zinc resource at Pen II Evidence · table > 9.09 Context: 600 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-76) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3af29e351842fde3cbc1 - Deposit or zone: Pen II - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 600000 - Grade: 6.8 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is an inferred silver resource at Pen II, contributing to the polymetallic nature of the deposit. - Positive factor: Inferred silver resource Evidence · table > 6.8 Context: 600 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-77) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:f492e73ce830da0e4bb9 - Deposit or zone: Upper Britannia - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 3180000 - Grade: 2.83 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a significant inferred gold resource at the Upper Britannia zone, highlighting the potential of the Britannia Gold Project as a new anchor deposit. - Positive factor: Significant inferred gold resource at Britannia Gold Project - Positive factor: New anchor deposit opportunity Evidence · table > 2.83 Context: 3,180 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-78) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:b8f40d96e7d089bac8c2 - Deposit or zone: Lower Britannia - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2520000 - Grade: 3.44 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents a high-grade inferred gold resource at the Lower Britannia zone, further enhancing the potential of the Britannia Gold Project as a new anchor deposit. - Positive factor: High-grade inferred gold resource at Britannia Gold Project - Positive factor: New anchor deposit opportunity Evidence · table > 3.44 Context: 2,520 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-79) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:3c451391b83b20a4a150 - Deposit or zone: Boundary - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1420000 - Grade: 2.23 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred gold resource at the Boundary zone of the Britannia Gold Project. - Positive factor: Inferred gold resource at Britannia Gold Project Evidence · table > 2.23 Context: 1,420 #### 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 **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-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-80) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource:dc6654f65f5800301a84 - Deposit or zone: Birch - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1140000 - Grade: 2.51 - Grade Unit: g/t - Cutoff Grade: 150 - Cutoff Unit: C$/tonne NSR #### Prior Estimate - Resource Date: 2026-09-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This represents an inferred gold resource at the Birch zone of the Britannia Gold Project. - Positive factor: Inferred gold resource at Britannia Gold Project Evidence · table > 2.51 Context: 1,140 #### 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 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 82 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-87) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Reporting standards: ni\_43\_101 - Resource group id: resource:e332333d2e1f68d50ed4 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Contained Metal: 1931 - Contained Unit: koz #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The projected life-of-mine gold production of 1.931 million ounces represents a substantial increase and is a key positive outcome of the updated mine plan. - Positive factor: Significant life-of-mine gold production - Positive factor: 60% increase in total gold production compared to 2021 technical report Evidence · table > 1,931 Context: 201 #### Tags used in scoring **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 **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 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 83 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-88) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Reporting standards: ni\_43\_101 - Resource group id: resource:e332333d2e1f68d50ed4 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Contained Metal: 209 - Contained Unit: kt #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The projected life-of-mine copper production of 209 kilotonnes is a significant contribution from the updated mine plan. - Positive factor: Significant life-of-mine copper production Evidence · table > 209 Context: 11 #### Tags used in scoring **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 **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 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 84 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-89) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Reporting standards: ni\_43\_101 - Resource group id: resource:e332333d2e1f68d50ed4 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Contained Metal: 325 - Contained Unit: kt #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The projected life-of-mine zinc production of 325 kilotonnes is a significant contribution from the updated mine plan. - Positive factor: Significant life-of-mine zinc production Evidence · table > 325 Context: 18 #### Tags used in scoring **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 **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 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 85 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-90) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Reporting standards: ni\_43\_101 - Resource group id: resource:e332333d2e1f68d50ed4 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Contained Metal: 12380 - Contained Unit: koz #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The projected life-of-mine silver production of 12.38 million ounces is a significant contribution from the updated mine plan. - Positive factor: Significant life-of-mine silver production Evidence · table > 12,380 Context: 967 #### Tags used in scoring **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 **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 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 86 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-91) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Reporting standards: ni\_43\_101 - Resource group id: resource:e332333d2e1f68d50ed4 - Mining method: underground - Ownership percent: 100 % #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The projected life-of-mine gold equivalent production of 2.716 million ounces highlights the overall value of the polymetallic production. - Positive factor: Significant life-of-mine gold equivalent production Evidence · table > 2,716 Context: 262 #### Tags used in scoring **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 **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 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 87 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-resource-facts-92) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Reporting standards: ni\_43\_101 - Resource group id: resource:e332333d2e1f68d50ed4 - Mining method: underground - Ownership percent: 100 % #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The projected life-of-mine copper equivalent production of 883 kilotonnes highlights the overall value of the polymetallic production. - Positive factor: Significant life-of-mine copper equivalent production Evidence · table > 883 Context: 87 #### Tags used in scoring **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 **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 **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 ## Metallurgical Results (6) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-metallurgical-facts-81) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Test Work - Processing Route: Combined Recovery – New Britannia and Stall #### Recovery - Recovery: 88.9 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The life-of-mine gold recovery of 88.9% is strong, indicating efficient processing and contributing positively to project economics. - Positive factor: High gold recovery for life-of-mine - Positive factor: Reflects optimized processing infrastructure and increased recoveries Evidence · table > 88.9 Context: 88.3 #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-metallurgical-facts-82) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Test Work - Processing Route: Combined Recovery – New Britannia and Stall #### Recovery - Recovery: 89.7 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The life-of-mine copper recovery of 89.7% is strong, indicating efficient processing and contributing positively to project economics. - Positive factor: High copper recovery for life-of-mine - Positive factor: Reflects optimized processing infrastructure and increased recoveries Evidence · table > 89.7 Context: 90.1 #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-metallurgical-facts-83) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Test Work - Processing Route: Combined Recovery – New Britannia and Stall #### Recovery - Recovery: 85.9 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The life-of-mine zinc recovery of 85.9% is strong, indicating efficient processing and contributing positively to project economics. - Positive factor: Strong zinc recovery for life-of-mine - Positive factor: Reflects optimized processing infrastructure and increased recoveries Evidence · table > 85.9 Context: 82.3 #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-metallurgical-facts-84) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Test Work - Processing Route: Combined Recovery – New Britannia and Stall #### Recovery - Recovery: 77.6 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: The life-of-mine silver recovery of 77.6% is good, indicating efficient processing and contributing positively to project economics. - Positive factor: Good silver recovery for life-of-mine - Positive factor: Reflects optimized processing infrastructure and increased recoveries Evidence · table > 77.6 Context: 74.6 #### Tags used in scoring **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-metallurgical-facts-85) Snow Lake · gold Historical result Needs review: historical\_restatement #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Test Work - Processing Route: Stall mill #### Recovery - Recovery: 58 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: This is a historical gold recovery figure from the Stall mill in 2022, provided for comparison with current improvements. Evidence · text > increased gold recoveries from 58% in 2022 #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 58% is below the weak band \(80%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e0e59ec6-39a8-4467-ad79-aaed05dc94ad#fact-metallurgical-facts-86) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Test Work - Processing Route: Stall mill #### Recovery - Recovery: 70 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-28T00:00:00.000Z Reasoning: Current gold recoveries at the Stall mill have improved to over 70%, demonstrating successful optimization initiatives. - Positive factor: Improved gold recovery at Stall mill Evidence · text > to more than 70% today #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 70% is below the weak band \(80%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## 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.