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
Original announcement by jmn on
- Company
- Hudbay Minerals Inc.
- Ticker
- HBM
- Exchange
- TSX
- Region
- Manitoba, Canada
- Primary commodity
- Gold
- Secondary commodities
- Copper, Zinc, Silver
- Document categories
- Resource update, Production
- Extracted
- 2026-09-29 18:05:39 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Hudbay Minerals Inc. has released an updated mine plan for its Snow Lake operations in Manitoba, Canada, significantly enhancing its gold production profile and extending the reserve mine life to 18 years (until 2043). The plan projects a 60% increase in total life-of-mine gold production to 2.8 million ounces. Mineral reserve estimates increased by 38% to 27 million tonnes containing 2.0 million ounces of gold, while mineral resource estimates grew by 26% to 21 million tonnes containing 1.5 million ounces of gold, despite significant resource-to-reserve conversion. The company also highlights the Britannia Gold Project as a new anchor deposit opportunity.
Reasoning: The updated mine plan for Snow Lake significantly enhances the gold production profile, extends the reserve mine life, and increases both mineral reserves and resources, demonstrating substantial value creation and future growth potential, despite some grade dilution in the overall reserve estimate.
Positive factors
- Extended mine life to 18 years (2043)
- 60% increase in total life-of-mine gold production
- 38% increase in mineral reserve tonnage
- 26% increase in mineral resource tonnage
- Significant resource-to-reserve conversion (Talbot, Lalor, 1901)
- Identification of Britannia Gold Project as a new anchor deposit opportunity
- Optimized mill throughput and higher gold recoveries at Stall
- QP/CP signed and NI 43-101 compliant reporting
Negative factors
- Overall reserve gold grade declined from prior estimate (2.99 g/t to 2.30 g/t)
- Specific grade declines for 1901 Proven Gold and 1901 Inferred Base Metal
- Specific tonnage declines for 1901 Probable and 1901 Inferred Base Metal
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 82
Classification and evidence
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The document reports Proven reserves for Lalor and 1901 deposits.
Evidence · table
“Gold Zone Proven”
Context: Lalor
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: The document reports Probable reserves for Lalor, 1901, WIM, Talbot, Rail, and Britannia Gold Project – 3 Zone.
Evidence · table
“Gold Zone Probable”
Context: Lalor
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The document states that 2.7 million tonnes of mineral resources were upgraded to reserves for the Talbot deposit.
Evidence · text
“upgraded 2.7 million tonnes of mineral resources to reserves with approximately 130,000 ounces of gold, 52,000 tonnes of copper and a 10 year mine life”
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Snow Lake mineral reserve estimates increased by 38% in tonnage, and mineral resource estimates increased by 26% in tonnage.
Evidence · text
“Snow Lake mineral reserve estimates increased to 27 million tonnes ... representing a 38% increase in tonnage”
Contained Metal Growthpositive
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, and overall contained gold in reserves increased by 124,000 ounces.
Evidence · text
“Total life-of-mine gold production increased by 60% to 2.8 million ounces”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Marc-Andre Brulotte, P. Geo., Executive Director, Global Mineral Resource Evaluation, is named as a qualified person and approved the technical information.
Evidence · text
“Marc-Andre Brulotte, P. Geo., Executive Director, Global Mineral Resource Evaluation. Mr. Brulotte is a qualified person pursuant to National Instrument 43-101”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The news release explicitly states that the technical and scientific information has been approved by a qualified person pursuant to National Instrument 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”).”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the reported mineral resources are in the Inferred category, including the entire Britannia Gold Project resource.
Evidence · table
“Total Gold Zone Resources – Inferred”
Context: Lalor
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: The overall Snow Lake reserve gold grade declined by 22.1% from the prior estimate, and specific deposits like 1901 Proven Gold and 1901 Inferred Base Metal also show significant grade declines.
Evidence · text
“Current mineral reserve estimates in Snow Lake as of September 1, 2026 total 27.0 million tonnes with approximately 2.0 million ounces of gold”
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: The 1901 Probable and 1901 Inferred Base Metal resources show significant tonnage declines compared to prior estimates.
Evidence · table
“307”
Context: 1901
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: Despite overall growth, specific deposits like 1901 Proven Gold and 1901 Inferred Base Metal show declines in contained metal due to grade and/or tonnage decreases.
Evidence · table
“1.54”
Context: 970
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The Britannia Gold Project is presented as a new anchor deposit opportunity with expanded inferred resources, implying a maiden resource estimate for its zones (Upper Britannia, Lower Britannia, Boundary, Birch).
Evidence · text
“The Britannia Gold Project presents a new anchor deposit opportunity to meaningfully add gold production and significantly extend mine life well beyond current reserves.”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document provides an updated mine plan and mineral reserve and resource estimates for the Snow Lake operations.
Evidence · text
“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”
Extracted facts
Stored fact records: 82. Some facts used in scoring do not have a stored record.
Resource Estimates (82)
provenSnow Lake · goldTonnes: 4667000Grade: 3.78Grade Unit: g/tView all detailsHide details
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:e7ee724d0309aaf6d2bd
- Deposit or zone
- Lalor
Resource Data
- Category
- proven
- Tonnes
- 4667000
- Grade
- 3.78
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: This is a solid Proven reserve for Lalor, contributing to the overall mine plan with a good gold grade.
Positive factors
- High confidence category (Proven)
- Good gold grade for an underground operation
Evidence · table
“3.78”
Context: 4,667
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
provenSnow Lake · copperTonnes: 4667000Grade: 0.43Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- copper
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:e7ee724d0309aaf6d2bd
- Deposit or zone
- Lalor
Resource Data
- Category
- proven
- Tonnes
- 4667000
- Grade
- 0.43
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Proven copper reserve contributes to the polymetallic nature of the deposit, though the grade is moderate.
Positive factors
- High confidence category (Proven)
Evidence · table
“0.43”
Context: 4,667
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
provenSnow Lake · zincTonnes: 4667000Grade: 0.7Grade Unit: %View all detailsHide details
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:e7ee724d0309aaf6d2bd
- Deposit or zone
- Lalor
Resource Data
- Category
- proven
- Tonnes
- 4667000
- Grade
- 0.7
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Proven zinc reserve adds to the polymetallic profile, with a moderate grade.
Positive factors
- High confidence category (Proven)
Evidence · table
“0.70”
Context: 4,667
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
provenSnow Lake · silverTonnes: 4667000Grade: 21.8Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- silver
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:e7ee724d0309aaf6d2bd
- Deposit or zone
- Lalor
Resource Data
- Category
- proven
- Tonnes
- 4667000
- Grade
- 21.8
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Proven silver reserve provides a byproduct credit, with a moderate grade.
Positive factors
- High confidence category (Proven)
Evidence · table
“21.8”
Context: 4,667
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · goldTonnes: 5901000Grade: 3.2Grade Unit: g/tView all detailsHide details
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:ee0488d2041ab30c0cb5
- Deposit or zone
- Lalor
Resource Data
- Category
- probable
- Tonnes
- 5901000
- Grade
- 3.2
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Probable gold reserve adds significant ounces to the mine plan with a good grade.
Positive factors
- Good gold grade for an underground operation
Evidence · table
“3.20”
Context: 5,901
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · copperTonnes: 5901000Grade: 0.87Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- copper
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:ee0488d2041ab30c0cb5
- Deposit or zone
- Lalor
Resource Data
- Category
- probable
- Tonnes
- 5901000
- Grade
- 0.87
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Probable copper reserve provides a good contribution to the polymetallic profile.
Evidence · table
“0.87”
Context: 5,901
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · zincTonnes: 5901000Grade: 0.27Grade Unit: %View all detailsHide details
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:ee0488d2041ab30c0cb5
- Deposit or zone
- Lalor
Resource Data
- Category
- probable
- Tonnes
- 5901000
- Grade
- 0.27
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Probable zinc reserve is present but at a relatively low grade in this zone.
Evidence · table
“0.27”
Context: 5,901
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · silverTonnes: 5901000Grade: 14.6Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- silver
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:ee0488d2041ab30c0cb5
- Deposit or zone
- Lalor
Resource Data
- Category
- probable
- Tonnes
- 5901000
- Grade
- 14.6
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Probable silver reserve provides byproduct credits with a moderate grade.
Evidence · table
“14.6”
Context: 5,901
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · goldTonnes: 341000Grade: 2.66Grade Unit: g/tView all detailsHide details
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:4a0063d3b7c956a0e581
- Deposit or zone
- 1901
Resource Data
- Category
- probable
- Tonnes
- 341000
- Grade
- 2.66
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: 1901's Probable gold reserve contributes to the overall gold production profile.
Positive factors
- Good gold grade for an underground operation
Evidence · table
“2.66”
Context: 341
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · copperTonnes: 341000Grade: 0.75Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- copper
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:4a0063d3b7c956a0e581
- Deposit or zone
- 1901
Resource Data
- Category
- probable
- Tonnes
- 341000
- Grade
- 0.75
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: 1901's Probable copper reserve adds to the polymetallic nature of the deposit.
Evidence · table
“0.75”
Context: 341
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · zincTonnes: 341000Grade: 0.68Grade Unit: %View all detailsHide details
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:4a0063d3b7c956a0e581
- Deposit or zone
- 1901
Resource Data
- Category
- probable
- Tonnes
- 341000
- Grade
- 0.68
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: 1901's Probable zinc reserve is present at a moderate grade.
Evidence · table
“0.68”
Context: 341
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · silverTonnes: 341000Grade: 15.2Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- silver
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:4a0063d3b7c956a0e581
- Deposit or zone
- 1901
Resource Data
- Category
- probable
- Tonnes
- 341000
- Grade
- 15.2
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: 1901's Probable silver reserve provides byproduct credits.
Evidence · table
“15.2”
Context: 341
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · goldTonnes: 3653000Grade: 1.17Grade Unit: g/tView all detailsHide details
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:635b3342a32b17138f3c
- Deposit or zone
- WIM
Resource Data
- Category
- probable
- Tonnes
- 3653000
- Grade
- 1.17
- Grade Unit
- g/t
- Cutoff Grade
- 125
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: WIM's Probable gold reserve contributes to the overall gold production profile at a moderate grade.
Evidence · table
“1.17”
Context: 3,653
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · copperTonnes: 3653000Grade: 1.29Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- copper
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:635b3342a32b17138f3c
- Deposit or zone
- WIM
Resource Data
- Category
- probable
- Tonnes
- 3653000
- Grade
- 1.29
- Grade Unit
- %
- Cutoff Grade
- 125
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: WIM's Probable copper reserve is a good contribution to the base metal production.
Positive factors
- Good copper grade for a probable reserve
Evidence · table
“1.29”
Context: 3,653
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · zincTonnes: 3653000Grade: 0.21Grade Unit: %View all detailsHide details
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:635b3342a32b17138f3c
- Deposit or zone
- WIM
Resource Data
- Category
- probable
- Tonnes
- 3653000
- Grade
- 0.21
- Grade Unit
- %
- Cutoff Grade
- 125
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: WIM's Probable zinc reserve is present but at a relatively low grade.
Evidence · table
“0.21”
Context: 3,653
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · silverTonnes: 3653000Grade: 5.1Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- silver
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:635b3342a32b17138f3c
- Deposit or zone
- WIM
Resource Data
- Category
- probable
- Tonnes
- 3653000
- Grade
- 5.1
- Grade Unit
- g/t
- Cutoff Grade
- 125
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: WIM's Probable silver reserve provides byproduct credits at a low grade.
Evidence · table
“5.1”
Context: 3,653
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
provenSnow Lake · goldTonnes: 4977000Grade: 2.02Grade Unit: g/tView all detailsHide details
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:7eb16cb3444189fbd2e0
- Deposit or zone
- Lalor
Resource Data
- Category
- proven
- Tonnes
- 4977000
- Grade
- 2.02
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Proven gold reserve in the base metal zone contributes to the overall mine plan.
Positive factors
- High confidence category (Proven)
- Good gold grade for an underground operation
Evidence · table
“2.02”
Context: 4,977
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
provenSnow Lake · copperTonnes: 4977000Grade: 0.32Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- copper
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:7eb16cb3444189fbd2e0
- Deposit or zone
- Lalor
Resource Data
- Category
- proven
- Tonnes
- 4977000
- Grade
- 0.32
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Proven copper reserve in the base metal zone is present at a moderate grade.
Positive factors
- High confidence category (Proven)
Evidence · table
“0.32”
Context: 4,977
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
provenSnow Lake · zincTonnes: 4977000Grade: 4.15Grade Unit: %View all detailsHide details
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:7eb16cb3444189fbd2e0
- Deposit or zone
- Lalor
Resource Data
- Category
- proven
- Tonnes
- 4977000
- Grade
- 4.15
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Proven zinc reserve in the base metal zone is a significant contribution to the mine plan.
Positive factors
- High confidence category (Proven)
- Good zinc grade for a proven reserve
Evidence · table
“4.15”
Context: 4,977
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
provenSnow Lake · silverTonnes: 4977000Grade: 25.7Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- silver
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:7eb16cb3444189fbd2e0
- Deposit or zone
- Lalor
Resource Data
- Category
- proven
- Tonnes
- 4977000
- Grade
- 25.7
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Proven silver reserve in the base metal zone provides good byproduct credits.
Positive factors
- High confidence category (Proven)
Evidence · table
“25.7”
Context: 4,977
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
provenSnow Lake · goldTonnes: 970000Grade: 1.54Grade Unit: g/tView all detailsHide details
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:c7e20afa683b3d79cb22
- Deposit or zone
- 1901
Resource Data
- Category
- proven
- Tonnes
- 970000
- Grade
- 1.54
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
- Prior Tonnes
- 900000
- Prior Grade
- 2.25
- Prior Contained Metal
- 24
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: While tonnage for 1901 Proven gold reserves increased, the significant drop in gold grade is a negative factor.
Positive factors
- High confidence category (Proven)
- Tonnage increased by 7.8%
Negative factors
- Gold grade declined by 31.6%
Evidence · table
“1.54”
Context: 970
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.54 against 2.25 previously
provenSnow Lake · copperTonnes: 970000Grade: 0.29Grade Unit: %View all detailsHide details
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:c7e20afa683b3d79cb22
- Deposit or zone
- 1901
Resource Data
- Category
- proven
- Tonnes
- 970000
- Grade
- 0.29
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
- Prior Tonnes
- 900000
- Prior Grade
- 0.27
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: 1901's Proven copper reserve shows a slight increase in both tonnage and grade.
Positive factors
- High confidence category (Proven)
- Tonnage increased by 7.8%
- Copper grade increased by 7.4%
Evidence · table
“0.29”
Context: 970
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 0.29 against 0.27 previously
provenSnow Lake · zincTonnes: 970000Grade: 7.61Grade Unit: %View all detailsHide details
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:c7e20afa683b3d79cb22
- Deposit or zone
- 1901
Resource Data
- Category
- proven
- Tonnes
- 970000
- Grade
- 7.61
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
- Prior Tonnes
- 900000
- Prior Grade
- 7.6
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: 1901's Proven zinc reserve shows good tonnage growth while maintaining a strong grade.
Positive factors
- High confidence category (Proven)
- Good zinc grade for a proven reserve
- Tonnage increased by 7.8%
- Zinc grade maintained
Evidence · table
“7.61”
Context: 970
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
provenSnow Lake · silverTonnes: 970000Grade: 23.9Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- silver
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:c7e20afa683b3d79cb22
- Deposit or zone
- 1901
Resource Data
- Category
- proven
- Tonnes
- 970000
- Grade
- 23.9
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
- Prior Tonnes
- 900000
- Prior Grade
- 24
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: 1901's Proven silver reserve shows tonnage growth with a maintained grade.
Positive factors
- High confidence category (Proven)
- Tonnage increased by 7.8%
- Silver grade maintained
Evidence · table
“23.9”
Context: 970
Tags used in scoring
Proven Reservepositive
Measured Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "proven"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · goldTonnes: 822000Grade: 1.39Grade Unit: g/tView all detailsHide details
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:e57dbbe9e419f8b2baef
- Deposit or zone
- Lalor
Resource Data
- Category
- probable
- Tonnes
- 822000
- Grade
- 1.39
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Probable gold reserve in the base metal zone contributes to the overall mine plan at a moderate grade.
Evidence · table
“1.39”
Context: 822
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · copperTonnes: 822000Grade: 0.38Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- copper
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:e57dbbe9e419f8b2baef
- Deposit or zone
- Lalor
Resource Data
- Category
- probable
- Tonnes
- 822000
- Grade
- 0.38
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Probable copper reserve in the base metal zone is present at a moderate grade.
Evidence · table
“0.38”
Context: 822
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · zincTonnes: 822000Grade: 3.97Grade Unit: %View all detailsHide details
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:e57dbbe9e419f8b2baef
- Deposit or zone
- Lalor
Resource Data
- Category
- probable
- Tonnes
- 822000
- Grade
- 3.97
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Probable zinc reserve in the base metal zone is a good contribution to the mine plan.
Positive factors
- Good zinc grade for a probable reserve
Evidence · table
“3.97”
Context: 822
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · silverTonnes: 822000Grade: 23Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- silver
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:e57dbbe9e419f8b2baef
- Deposit or zone
- Lalor
Resource Data
- Category
- probable
- Tonnes
- 822000
- Grade
- 23
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Probable silver reserve in the base metal zone provides good byproduct credits.
Evidence · table
“23.0”
Context: 822
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · goldTonnes: 307000Grade: 2.17Grade Unit: g/tView all detailsHide details
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:b66c8ab79d51b1404a43
- Deposit or zone
- 1901
Resource Data
- Category
- probable
- Tonnes
- 307000
- Grade
- 2.17
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
- Prior Tonnes
- 700000
- Prior Grade
- 1.67
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: While the gold grade for 1901 Probable reserves improved, the significant decrease in tonnage is a negative factor.
Positive factors
- Gold grade increased by 29.9%
Negative factors
- Tonnage declined by 56%
Evidence · table
“2.17”
Context: 307
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 307000 against 700000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 2.17 against 1.67 previously
probableSnow Lake · copperTonnes: 307000Grade: 0.27Grade Unit: %View all detailsHide details
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:b66c8ab79d51b1404a43
- Deposit or zone
- 1901
Resource Data
- Category
- probable
- Tonnes
- 307000
- Grade
- 0.27
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
- Prior Tonnes
- 700000
- Prior Grade
- 0.22
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Despite an increase in copper grade, the substantial decrease in tonnage for 1901 Probable copper reserves is a negative.
Positive factors
- Copper grade increased by 22.7%
Negative factors
- Tonnage declined by 56%
Evidence · table
“0.27”
Context: 307
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 307000 against 700000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 0.27 against 0.22 previously
probableSnow Lake · zincTonnes: 307000Grade: 7.27Grade Unit: %View all detailsHide details
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:b66c8ab79d51b1404a43
- Deposit or zone
- 1901
Resource Data
- Category
- probable
- Tonnes
- 307000
- Grade
- 7.27
- Grade Unit
- %
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
- Prior Tonnes
- 700000
- Prior Grade
- 8.23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Both tonnage and zinc grade declined significantly for 1901 Probable zinc reserves, which is a negative.
Negative factors
- Tonnage declined by 56%
- Zinc grade declined by 11.6%
Evidence · table
“7.27”
Context: 307
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 307000 against 700000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 7.27 against 8.23 previously
probableSnow Lake · silverTonnes: 307000Grade: 27.4Grade Unit: g/tView all detailsHide details
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:b66c8ab79d51b1404a43
- Deposit or zone
- 1901
Resource Data
- Category
- probable
- Tonnes
- 307000
- Grade
- 27.4
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
- Prior Tonnes
- 700000
- Prior Grade
- 28.5
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The significant tonnage decline for 1901 Probable silver reserves, coupled with a slight grade decrease, is a negative.
Negative factors
- Tonnage declined by 56%
- Silver grade declined by 3.9%
Evidence · table
“27.4”
Context: 307
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 307000 against 700000 previously
probableSnow Lake · goldTonnes: 2710000Grade: 1.46Grade Unit: g/tView all detailsHide details
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:c64be13352a7c84e670d
- Deposit or zone
- Talbot
Resource Data
- Category
- probable
- Tonnes
- 2710000
- Grade
- 1.46
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
- Prior Tonnes
- 2700000
- Prior Grade
- 1.49
- Prior Contained Metal
- 130
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The first reserve estimate for Talbot, resulting from significant resource conversion, is a strong positive for the mine plan.
Positive factors
- First reserve estimate for Talbot
- Significant resource-to-reserve conversion
- Good gold grade for a probable reserve
- Tonnage maintained from prior resource
- Grade maintained from prior resource
Evidence · table
“1.46”
Context: 2,710
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · copperTonnes: 2710000Grade: 1.92Grade Unit: %View all detailsHide details
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:c64be13352a7c84e670d
- Deposit or zone
- Talbot
Resource Data
- Category
- probable
- Tonnes
- 2710000
- Grade
- 1.92
- Grade Unit
- %
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
- Prior Tonnes
- 2700000
- Prior Grade
- 1.93
- Prior Contained Metal
- 52
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The first reserve estimate for Talbot, with a strong copper grade, is a significant positive for the base metal production.
Positive factors
- First reserve estimate for Talbot
- Significant resource-to-reserve conversion
- Strong copper grade for a probable reserve
- Tonnage maintained from prior resource
- Grade maintained from prior resource
Evidence · table
“1.92”
Context: 2,710
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · zincTonnes: 2710000Grade: 1.14Grade Unit: %View all detailsHide details
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:c64be13352a7c84e670d
- Deposit or zone
- Talbot
Resource Data
- Category
- probable
- Tonnes
- 2710000
- Grade
- 1.14
- Grade Unit
- %
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The inclusion of Talbot's zinc as a probable reserve adds to the polymetallic profile.
Positive factors
- First reserve estimate for Talbot
- Significant resource-to-reserve conversion
- Moderate zinc grade
Evidence · table
“1.14”
Context: 2,710
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · silverTonnes: 2710000Grade: 26.5Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- silver
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:c64be13352a7c84e670d
- Deposit or zone
- Talbot
Resource Data
- Category
- probable
- Tonnes
- 2710000
- Grade
- 26.5
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The inclusion of Talbot's silver as a probable reserve provides good byproduct credits.
Positive factors
- First reserve estimate for Talbot
- Significant resource-to-reserve conversion
- Good silver grade
Evidence · table
“26.5”
Context: 2,710
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · goldTonnes: 1510000Grade: 0.53Grade Unit: g/tView all detailsHide details
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:857e1e82bc00737947ec
- Deposit or zone
- Rail
Resource Data
- Category
- probable
- Tonnes
- 1510000
- Grade
- 0.53
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The first reserve estimate for Rail contributes to the overall gold production profile, though at a lower grade.
Positive factors
- First reserve estimate for Rail
- Adds to the overall mine plan
Evidence · table
“0.53”
Context: 1,510
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · copperTonnes: 1510000Grade: 1.96Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- copper
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:857e1e82bc00737947ec
- Deposit or zone
- Rail
Resource Data
- Category
- probable
- Tonnes
- 1510000
- Grade
- 1.96
- Grade Unit
- %
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The first reserve estimate for Rail, with a strong copper grade, is a significant positive for base metal production.
Positive factors
- First reserve estimate for Rail
- Strong copper grade for a probable reserve
Evidence · table
“1.96”
Context: 1,510
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · zincTonnes: 1510000Grade: 0.55Grade Unit: %View all detailsHide details
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:857e1e82bc00737947ec
- Deposit or zone
- Rail
Resource Data
- Category
- probable
- Tonnes
- 1510000
- Grade
- 0.55
- Grade Unit
- %
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The inclusion of Rail's zinc as a probable reserve adds to the polymetallic profile, though at a moderate grade.
Positive factors
- First reserve estimate for Rail
Evidence · table
“0.55”
Context: 1,510
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · silverTonnes: 1510000Grade: 5.6Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- silver
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- reserve
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:857e1e82bc00737947ec
- Deposit or zone
- Rail
Resource Data
- Category
- probable
- Tonnes
- 1510000
- Grade
- 5.6
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The inclusion of Rail's silver as a probable reserve provides byproduct credits at a low grade.
Positive factors
- First reserve estimate for Rail
Evidence · table
“5.6”
Context: 1,510
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
probableSnow Lake · goldTonnes: 27010000Grade: 2.33Grade Unit: g/tView all detailsHide details
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:e682e7ec95920fb90a73
Resource Data
- Category
- probable
- Tonnes
- 27010000
- Grade
- 2.33
- Grade Unit
- g/t
- Cutoff Grade
- 199
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-09-01
- Prior Tonnes
- 19500000
- Prior Grade
- 2.99
- Prior Contained Metal
- 1876
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The significant increase in overall reserve tonnage and contained gold, extending mine life, is a strong positive, though accompanied by a notable grade decline.
Positive factors
- Overall reserve tonnage increased by 38%
- Overall contained gold increased by 124 koz (6.6%)
- Mine life extended by 2 years
Negative factors
- Overall reserve gold grade declined by 22.1%
Evidence · table
“2.33”
Context: 27,010
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 27010000 against 19500000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.33 against 2.99 previously
inferredSnow Lake · goldTonnes: 1540000Grade: 3.38Grade Unit: g/tView all detailsHide details
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:71badb6844c7c948c0e6
- Deposit or zone
- Lalor
Resource Data
- Category
- inferred
- Tonnes
- 1540000
- Grade
- 3.38
- Grade Unit
- g/t
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Inferred gold resource adds to the overall resource base with a good grade, providing future conversion potential.
Positive factors
- Good gold grade for an inferred resource
- Contributes to resource expansion
Evidence · table
“3.38”
Context: 1,540
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · copperTonnes: 1540000Grade: 1.9Grade Unit: %View all detailsHide details
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:71badb6844c7c948c0e6
- Deposit or zone
- Lalor
Resource Data
- Category
- inferred
- Tonnes
- 1540000
- Grade
- 1.9
- Grade Unit
- %
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Inferred copper resource adds to the polymetallic resource base with a good grade.
Positive factors
- Good copper grade for an inferred resource
Evidence · table
“1.90”
Context: 1,540
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · zincTonnes: 1540000Grade: 0.19Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- zinc
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:71badb6844c7c948c0e6
- Deposit or zone
- Lalor
Resource Data
- Category
- inferred
- Tonnes
- 1540000
- Grade
- 0.19
- Grade Unit
- %
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Inferred zinc resource is present but at a relatively low grade in this zone.
Evidence · table
“0.19”
Context: 1,540
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · silverTonnes: 1540000Grade: 12.4Grade Unit: g/tView all detailsHide details
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:71badb6844c7c948c0e6
- Deposit or zone
- Lalor
Resource Data
- Category
- inferred
- Tonnes
- 1540000
- Grade
- 12.4
- Grade Unit
- g/t
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Inferred silver resource provides byproduct credits at a moderate grade.
Evidence · table
“12.4”
Context: 1,540
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · goldTonnes: 3300000Grade: 2.87Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:2de13dc916cc72d2c643
- Deposit or zone
- 1901
Resource Data
- Category
- inferred
- Tonnes
- 3300000
- Grade
- 2.87
- Grade Unit
- g/t
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 100000
- Prior Grade
- 1.23
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: 1901's Inferred gold resource shows substantial growth in both tonnage and grade, indicating strong exploration success.
Positive factors
- Significant tonnage increase (33x)
- Gold grade increased by 133%
Evidence · table
“2.87”
Context: 3,300
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 3300000 against 100000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 2.87 against 1.23 previously
inferredSnow Lake · copperTonnes: 3300000Grade: 0.94Grade Unit: %View all detailsHide details
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:2de13dc916cc72d2c643
- Deposit or zone
- 1901
Resource Data
- Category
- inferred
- Tonnes
- 3300000
- Grade
- 0.94
- Grade Unit
- %
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 100000
- Prior Grade
- 0.13
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: 1901's Inferred copper resource shows substantial growth in both tonnage and grade, indicating strong exploration success.
Positive factors
- Significant tonnage increase (33x)
- Copper grade increased by 623%
Evidence · table
“0.94”
Context: 3,300
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 3300000 against 100000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 0.94 against 0.13 previously
inferredSnow Lake · zincTonnes: 3300000Grade: 0.49Grade Unit: %View all detailsHide details
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:2de13dc916cc72d2c643
- Deposit or zone
- 1901
Resource Data
- Category
- inferred
- Tonnes
- 3300000
- Grade
- 0.49
- Grade Unit
- %
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 100000
- Prior Grade
- 8.12
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: While tonnage for 1901 Inferred zinc resource increased substantially, the significant drop in grade is a negative factor.
Positive factors
- Significant tonnage increase (33x)
Negative factors
- Zinc grade declined significantly by 94%
Evidence · table
“0.49”
Context: 3,300
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 3300000 against 100000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.49 against 8.12 previously
inferredSnow Lake · silverTonnes: 3300000Grade: 10.2Grade Unit: g/tView all detailsHide details
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:2de13dc916cc72d2c643
- Deposit or zone
- 1901
Resource Data
- Category
- inferred
- Tonnes
- 3300000
- Grade
- 10.2
- Grade Unit
- g/t
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 100000
- Prior Grade
- 38.1
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: While tonnage for 1901 Inferred silver resource increased substantially, the significant drop in grade is a negative factor.
Positive factors
- Significant tonnage increase (33x)
Negative factors
- Silver grade declined significantly by 73%
Evidence · table
“10.2”
Context: 3,300
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 3300000 against 100000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 10.2 against 38.1 previously
inferredSnow Lake · goldTonnes: 1120000Grade: 1.44Grade Unit: g/tView all detailsHide details
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:1d7d188f62cad0f645e3
- Deposit or zone
- WIM
Resource Data
- Category
- inferred
- Tonnes
- 1120000
- Grade
- 1.44
- Grade Unit
- g/t
- Cutoff Grade
- 125
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: WIM's Inferred gold resource adds to the overall resource base at a moderate grade.
Positive factors
- Contributes to resource expansion
Evidence · table
“1.44”
Context: 1,120
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · copperTonnes: 1120000Grade: 0.7Grade Unit: %View all detailsHide details
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:1d7d188f62cad0f645e3
- Deposit or zone
- WIM
Resource Data
- Category
- inferred
- Tonnes
- 1120000
- Grade
- 0.7
- Grade Unit
- %
- Cutoff Grade
- 125
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: WIM's Inferred copper resource adds to the polymetallic resource base at a moderate grade.
Positive factors
- Contributes to resource expansion
Evidence · table
“0.70”
Context: 1,120
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · zincTonnes: 1120000Grade: 0.25Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- zinc
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:1d7d188f62cad0f645e3
- Deposit or zone
- WIM
Resource Data
- Category
- inferred
- Tonnes
- 1120000
- Grade
- 0.25
- Grade Unit
- %
- Cutoff Grade
- 125
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: WIM's Inferred zinc resource is present but at a relatively low grade.
Evidence · table
“0.25”
Context: 1,120
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · silverTonnes: 1120000Grade: 3.4Grade Unit: g/tView all detailsHide details
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:1d7d188f62cad0f645e3
- Deposit or zone
- WIM
Resource Data
- Category
- inferred
- Tonnes
- 1120000
- Grade
- 3.4
- Grade Unit
- g/t
- Cutoff Grade
- 125
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: WIM's Inferred silver resource provides byproduct credits at a low grade.
Evidence · table
“3.4”
Context: 1,120
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · goldTonnes: 140000Grade: 1.94Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:08215be31dd98f1390cf
- Deposit or zone
- Lalor
Resource Data
- Category
- inferred
- Tonnes
- 140000
- Grade
- 1.94
- Grade Unit
- g/t
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Inferred gold resource in the base metal zone adds to the overall resource base.
Positive factors
- Contributes to resource expansion
Evidence · table
“1.94”
Context: 140
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · copperTonnes: 140000Grade: 0.28Grade Unit: %View all detailsHide details
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:08215be31dd98f1390cf
- Deposit or zone
- Lalor
Resource Data
- Category
- inferred
- Tonnes
- 140000
- Grade
- 0.28
- Grade Unit
- %
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Inferred copper resource in the base metal zone is present at a low grade.
Evidence · table
“0.28”
Context: 140
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · zincTonnes: 140000Grade: 5.14Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- zinc
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:08215be31dd98f1390cf
- Deposit or zone
- Lalor
Resource Data
- Category
- inferred
- Tonnes
- 140000
- Grade
- 5.14
- Grade Unit
- %
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Inferred zinc resource in the base metal zone is a good contribution to the resource base.
Positive factors
- Good zinc grade for an inferred resource
Evidence · table
“5.14”
Context: 140
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · silverTonnes: 140000Grade: 32.5Grade Unit: g/tView all detailsHide details
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:08215be31dd98f1390cf
- Deposit or zone
- Lalor
Resource Data
- Category
- inferred
- Tonnes
- 140000
- Grade
- 32.5
- Grade Unit
- g/t
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Lalor's Inferred silver resource in the base metal zone provides good byproduct credits.
Positive factors
- Good silver grade
Evidence · table
“32.5”
Context: 140
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · goldTonnes: 780000Grade: 2.19Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:f38b7c9f6af88d0aead5
- Deposit or zone
- 1901
Resource Data
- Category
- inferred
- Tonnes
- 780000
- Grade
- 2.19
- Grade Unit
- g/t
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 2700000
- Prior Grade
- 4.2
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Both tonnage and gold grade declined significantly for 1901 Inferred gold resource in this zone, which is a negative.
Negative factors
- Tonnage declined by 71%
- Gold grade declined by 47.9%
Evidence · table
“2.19”
Context: 780
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 780000 against 2700000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 2.19 against 4.2 previously
inferredSnow Lake · copperTonnes: 780000Grade: 0.23Grade Unit: %View all detailsHide details
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:f38b7c9f6af88d0aead5
- Deposit or zone
- 1901
Resource Data
- Category
- inferred
- Tonnes
- 780000
- Grade
- 0.23
- Grade Unit
- %
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 2700000
- Prior Grade
- 0.58
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Both tonnage and copper grade declined significantly for 1901 Inferred copper resource in this zone, which is a negative.
Negative factors
- Tonnage declined by 71%
- Copper grade declined by 60.3%
Evidence · table
“0.23”
Context: 780
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 780000 against 2700000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 0.23 against 0.58 previously
inferredSnow Lake · zincTonnes: 780000Grade: 6.55Grade Unit: %View all detailsHide details
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:f38b7c9f6af88d0aead5
- Deposit or zone
- 1901
Resource Data
- Category
- inferred
- Tonnes
- 780000
- Grade
- 6.55
- Grade Unit
- %
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 2700000
- Prior Grade
- 0.65
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: While the zinc grade for 1901 Inferred resource in this zone increased substantially, the significant decrease in tonnage is a negative factor.
Positive factors
- Zinc grade increased significantly by 907%
Negative factors
- Tonnage declined by 71%
Evidence · table
“6.55”
Context: 780
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 780000 against 2700000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 6.55 against 0.65 previously
inferredSnow Lake · silverTonnes: 780000Grade: 41.6Grade Unit: g/tView all detailsHide details
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:f38b7c9f6af88d0aead5
- Deposit or zone
- 1901
Resource Data
- Category
- inferred
- Tonnes
- 780000
- Grade
- 41.6
- Grade Unit
- g/t
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 2700000
- Prior Grade
- 16.3
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: While the silver grade for 1901 Inferred resource in this zone increased substantially, the significant decrease in tonnage is a negative factor.
Positive factors
- Silver grade increased significantly by 155%
Negative factors
- Tonnage declined by 71%
Evidence · table
“41.6”
Context: 780
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Declinenegative
Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.
Why it applies: 780000 against 2700000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 41.6 against 16.3 previously
inferredSnow Lake · goldTonnes: 880000Grade: 2.23Grade Unit: g/tView all detailsHide details
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:0fe2cf4ce2f7fdab6391
- Deposit or zone
- Talbot
Resource Data
- Category
- inferred
- Tonnes
- 880000
- Grade
- 2.23
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Talbot's Inferred gold resource adds to the overall resource base with a good grade.
Positive factors
- Good gold grade for an inferred resource
- Contributes to resource expansion
Evidence · table
“2.23”
Context: 880
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · copperTonnes: 880000Grade: 1.52Grade Unit: %View all detailsHide details
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:0fe2cf4ce2f7fdab6391
- Deposit or zone
- Talbot
Resource Data
- Category
- inferred
- Tonnes
- 880000
- Grade
- 1.52
- Grade Unit
- %
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Talbot's Inferred copper resource adds to the polymetallic resource base with a good grade.
Positive factors
- Good copper grade for an inferred resource
Evidence · table
“1.52”
Context: 880
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · zincTonnes: 880000Grade: 1.17Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- zinc
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:0fe2cf4ce2f7fdab6391
- Deposit or zone
- Talbot
Resource Data
- Category
- inferred
- Tonnes
- 880000
- Grade
- 1.17
- Grade Unit
- %
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Talbot's Inferred zinc resource adds to the polymetallic resource base.
Positive factors
- Moderate zinc grade
Evidence · table
“1.17”
Context: 880
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · silverTonnes: 880000Grade: 29.6Grade Unit: g/tView all detailsHide details
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:0fe2cf4ce2f7fdab6391
- Deposit or zone
- Talbot
Resource Data
- Category
- inferred
- Tonnes
- 880000
- Grade
- 29.6
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Talbot's Inferred silver resource provides good byproduct credits.
Positive factors
- Good silver grade
Evidence · table
“29.6”
Context: 880
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · goldTonnes: 740000Grade: 1.03Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:eaeafaa634e0022e1980
- Deposit or zone
- Rail
Resource Data
- Category
- inferred
- Tonnes
- 740000
- Grade
- 1.03
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Rail's Inferred gold resource adds to the overall resource base at a moderate grade.
Positive factors
- Contributes to resource expansion
Evidence · table
“1.03”
Context: 740
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · copperTonnes: 740000Grade: 3.29Grade Unit: %View all detailsHide details
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:eaeafaa634e0022e1980
- Deposit or zone
- Rail
Resource Data
- Category
- inferred
- Tonnes
- 740000
- Grade
- 3.29
- Grade Unit
- %
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Rail's Inferred copper resource adds to the polymetallic resource base with a strong grade.
Positive factors
- Strong copper grade for an inferred resource
Evidence · table
“3.29”
Context: 740
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · zincTonnes: 740000Grade: 0.55Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- zinc
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:eaeafaa634e0022e1980
- Deposit or zone
- Rail
Resource Data
- Category
- inferred
- Tonnes
- 740000
- Grade
- 0.55
- Grade Unit
- %
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Rail's Inferred zinc resource is present at a moderate grade.
Evidence · table
“0.55”
Context: 740
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · silverTonnes: 740000Grade: 8.9Grade Unit: g/tView all detailsHide details
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:eaeafaa634e0022e1980
- Deposit or zone
- Rail
Resource Data
- Category
- inferred
- Tonnes
- 740000
- Grade
- 8.9
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Rail's Inferred silver resource provides byproduct credits at a moderate grade.
Evidence · table
“8.9”
Context: 740
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · goldTonnes: 3150000Grade: 1Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:d8ae9206b50c75c4c112
- Deposit or zone
- Watts
Resource Data
- Category
- inferred
- Tonnes
- 3150000
- Grade
- 1
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Watts' Inferred gold resource adds to the overall resource base at a moderate grade.
Positive factors
- Contributes to resource expansion
Evidence · table
“1.00”
Context: 3,150
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · copperTonnes: 3150000Grade: 2.34Grade Unit: %View all detailsHide details
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:d8ae9206b50c75c4c112
- Deposit or zone
- Watts
Resource Data
- Category
- inferred
- Tonnes
- 3150000
- Grade
- 2.34
- Grade Unit
- %
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Watts' Inferred copper resource adds to the polymetallic resource base with a strong grade.
Positive factors
- Strong copper grade for an inferred resource
Evidence · table
“2.34”
Context: 3,150
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · zincTonnes: 3150000Grade: 2.58Grade Unit: %View all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- zinc
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:d8ae9206b50c75c4c112
- Deposit or zone
- Watts
Resource Data
- Category
- inferred
- Tonnes
- 3150000
- Grade
- 2.58
- Grade Unit
- %
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Watts' Inferred zinc resource adds to the polymetallic resource base with a good grade.
Positive factors
- Good zinc grade for an inferred resource
Evidence · table
“2.58”
Context: 3,150
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · silverTonnes: 3150000Grade: 31Grade Unit: g/tView all detailsHide details
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:d8ae9206b50c75c4c112
- Deposit or zone
- Watts
Resource Data
- Category
- inferred
- Tonnes
- 3150000
- Grade
- 31
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Watts' Inferred silver resource provides good byproduct credits.
Positive factors
- Good silver grade
Evidence · table
“31.0”
Context: 3,150
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · goldTonnes: 600000Grade: 0.3Grade Unit: g/tView all detailsHide details
Identity
- Project
- Snow Lake
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba, Canada
- Ticker
- HBM
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Marc-Andre Brulotte
- Resource group id
- resource:64e9a29486c41d9d474b
- Deposit or zone
- Pen II
Resource Data
- Category
- inferred
- Tonnes
- 600000
- Grade
- 0.3
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 130000
- Prior Grade
- 0.3
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Pen II's Inferred gold resource shows substantial tonnage growth while maintaining its grade.
Positive factors
- Significant tonnage increase (361%)
- Gold grade maintained
Evidence · table
“0.30”
Context: 600
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 600000 against 130000 previously
inferredSnow Lake · copperTonnes: 600000Grade: 0.46Grade Unit: %View all detailsHide details
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:64e9a29486c41d9d474b
- Deposit or zone
- Pen II
Resource Data
- Category
- inferred
- Tonnes
- 600000
- Grade
- 0.46
- Grade Unit
- %
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 130000
- Prior Grade
- 0.37
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Pen II's Inferred copper resource shows substantial tonnage growth and an improved grade.
Positive factors
- Significant tonnage increase (361%)
- Copper grade increased by 24.3%
Evidence · table
“0.46”
Context: 600
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 600000 against 130000 previously
Grade Improvementpositive
Average resource grade improved vs prior estimate — better deposit economics.
Why it applies: 0.46 against 0.37 previously
inferredSnow Lake · zincTonnes: 600000Grade: 9.09Grade Unit: %View all detailsHide details
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:64e9a29486c41d9d474b
- Deposit or zone
- Pen II
Resource Data
- Category
- inferred
- Tonnes
- 600000
- Grade
- 9.09
- Grade Unit
- %
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 130000
- Prior Grade
- 9.81
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Pen II's Inferred zinc resource shows substantial tonnage growth, though with a slight grade decline.
Positive factors
- Significant tonnage increase (361%)
Negative factors
- Zinc grade declined by 7.3%
Evidence · table
“9.09”
Context: 600
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 600000 against 130000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 9.09 against 9.81 previously
inferredSnow Lake · silverTonnes: 600000Grade: 6.8Grade Unit: g/tView all detailsHide details
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:64e9a29486c41d9d474b
- Deposit or zone
- Pen II
Resource Data
- Category
- inferred
- Tonnes
- 600000
- Grade
- 6.8
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 130000
- Prior Grade
- 6.8
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: Pen II's Inferred silver resource shows substantial tonnage growth while maintaining its grade.
Positive factors
- Significant tonnage increase (361%)
- Silver grade maintained
Evidence · table
“6.8”
Context: 600
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 600000 against 130000 previously
inferredBritannia Gold Project · goldTonnes: 3180000Grade: 2.83Grade Unit: g/tView all detailsHide details
Identity
- Project
- Britannia Gold Project
- 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:804b3c669a536542a2c7
- Deposit or zone
- Upper Britannia
Resource Data
- Category
- inferred
- Tonnes
- 3180000
- Grade
- 2.83
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The maiden Inferred resource for Upper Britannia, with a good gold grade, represents a significant new opportunity for the project.
Positive factors
- Maiden resource for Upper Britannia
- Good gold grade for an inferred resource
- New anchor deposit opportunity
Evidence · table
“2.83”
Context: 3,180
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredBritannia Gold Project · goldTonnes: 2520000Grade: 3.44Grade Unit: g/tView all detailsHide details
Identity
- Project
- Britannia Gold Project
- 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:b9cc0fc6df800a442cda
- Deposit or zone
- Lower Britannia
Resource Data
- Category
- inferred
- Tonnes
- 2520000
- Grade
- 3.44
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The maiden Inferred resource for Lower Britannia, with a strong gold grade, represents a significant new opportunity for the project.
Positive factors
- Maiden resource for Lower Britannia
- Strong gold grade for an inferred resource
- New anchor deposit opportunity
Evidence · table
“3.44”
Context: 2,520
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredBritannia Gold Project · goldTonnes: 1420000Grade: 2.23Grade Unit: g/tView all detailsHide details
Identity
- Project
- Britannia Gold Project
- 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:fe5c0264304c8ad07c7e
- Deposit or zone
- Boundary
Resource Data
- Category
- inferred
- Tonnes
- 1420000
- Grade
- 2.23
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The maiden Inferred resource for Boundary, with a good gold grade, represents a significant new opportunity for the project.
Positive factors
- Maiden resource for Boundary
- Good gold grade for an inferred resource
- New anchor deposit opportunity
Evidence · table
“2.23”
Context: 1,420
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredBritannia Gold Project · goldTonnes: 1140000Grade: 2.51Grade Unit: g/tView all detailsHide details
Identity
- Project
- Britannia Gold Project
- 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:a1321cd30bad227f8059
- Deposit or zone
- Birch
Resource Data
- Category
- inferred
- Tonnes
- 1140000
- Grade
- 2.51
- Grade Unit
- g/t
- Cutoff Grade
- 150
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The maiden Inferred resource for Birch, with a good gold grade, represents a significant new opportunity for the project.
Positive factors
- Maiden resource for Birch
- Good gold grade for an inferred resource
- New anchor deposit opportunity
Evidence · table
“2.51”
Context: 1,140
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredSnow Lake · goldTonnes: 20510000Grade: 2.33Grade Unit: g/tContained Metal: 1.5Contained Unit: mozView all detailsHide details
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:0d161ecefd2cf0c4f069
Resource Data
- Category
- inferred
- Tonnes
- 20510000
- Grade
- 2.33
- Grade Unit
- g/t
- Contained Metal
- 1.5
- Contained Unit
- moz
- Cutoff Grade
- 160
- Cutoff Unit
- C$/tonne
Prior Estimate
- Resource Date
- 2026-01-01
- Prior Tonnes
- 16278000
- Prior Grade
- 2.33
- Prior Contained Metal
- 1220
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-28T00:00:00.000Z
Reasoning: The significant increase in overall resource tonnage and contained gold, with a maintained grade, is a strong positive, indicating future growth potential.
Positive factors
- Overall resource tonnage increased by 26%
- Overall contained gold increased by 26.2%
- Overall gold grade maintained
Negative factors
- Large portion of resources are Inferred
Evidence · text
“Snow Lake mineral resource estimates increased to 21 million tonnes containing 1.5 million ounces of gold, representing a 26% increase in tonnage from the January 1, 2026 mineral resource estimate”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 20510000 against 16278000 previously
Contained Metal Declinenegative
Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.
Why it applies: 1.5 against 1220 previously
Dilutive Growthnegative
Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion.
Why it applies: tonnage rose while contained metal went 1.5 from 1220
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.