# Hudbay Enhances Gold Production Profile at Snow Lake, Extends Reserve Mine Life to 18 Years and Identifies Further Growth Potential from Resource Conversion and the Britannia Gold Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9 Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/465-tsx/hbm/211845-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.html Publisher: jmn Original announcement: 2026-09-28T05:01:05.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T18:05:38.374Z Atlas analysis updated: 2026-09-29T18:05:38.374Z - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Extended mine life to 18 years \(2043\) - Positive factor: 60% increase in total life-of-mine gold production - Positive factor: 38% increase in mineral reserve tonnage - Positive factor: 26% increase in mineral resource tonnage - Positive factor: Significant resource-to-reserve conversion \(Talbot, Lalor, 1901\) - Positive factor: Identification of Britannia Gold Project as a new anchor deposit opportunity - Positive factor: Optimized mill throughput and higher gold recoveries at Stall - Positive factor: QP/CP signed and NI 43-101 compliant reporting - Negative factor: Overall reserve gold grade declined from prior estimate \(2.99 g/t to 2.30 g/t\) - Negative factor: Specific grade declines for 1901 Proven Gold and 1901 Inferred Base Metal - Negative factor: 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 Reserve** Polarity: positive Definition: 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 Reserve** Polarity: positive Definition: 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 Upgrade** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Snow Lake mineral reserve estimates increased 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 Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Total life-of-mine gold production increased by 60% to 2.8 million ounces, 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 Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: 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 Compliant** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: The 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 Decline** Polarity: negative Definition: 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 Decline** Polarity: negative Definition: 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 Resource** Polarity: neutral Definition: 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 Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an updated mine plan 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) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-0) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: High confidence category \(Proven\) - Positive factor: Good gold grade for an underground operation Evidence · table > 3.78 Context: 4,667 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-1) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: High confidence category \(Proven\) Evidence · table > 0.43 Context: 4,667 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-2) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: High confidence category \(Proven\) Evidence · table > 0.70 Context: 4,667 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-3) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: High confidence category \(Proven\) Evidence · table > 21.8 Context: 4,667 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-4) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good gold grade for an underground operation Evidence · table > 3.20 Context: 5,901 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-5) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-6) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-7) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-8) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good gold grade for an underground operation Evidence · table > 2.66 Context: 341 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-9) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-10) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-11) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-12) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-13) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good copper grade for a probable reserve Evidence · table > 1.29 Context: 3,653 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-14) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-15) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-16) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: High confidence category \(Proven\) - Positive factor: Good gold grade for an underground operation Evidence · table > 2.02 Context: 4,977 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-17) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: High confidence category \(Proven\) Evidence · table > 0.32 Context: 4,977 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-18) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: High confidence category \(Proven\) - Positive factor: Good zinc grade for a proven reserve Evidence · table > 4.15 Context: 4,977 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-19) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: High confidence category \(Proven\) Evidence · table > 25.7 Context: 4,977 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-20) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: High confidence category \(Proven\) - Positive factor: Tonnage increased by 7.8% - Negative factor: Gold grade declined by 31.6% Evidence · table > 1.54 Context: 970 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 1.54 against 2.25 previously ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-21) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: High confidence category \(Proven\) - Positive factor: Tonnage increased by 7.8% - Positive factor: Copper grade increased by 7.4% Evidence · table > 0.29 Context: 970 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 0.29 against 0.27 previously ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-22) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: High confidence category \(Proven\) - Positive factor: Good zinc grade for a proven reserve - Positive factor: Tonnage increased by 7.8% - Positive factor: Zinc grade maintained Evidence · table > 7.61 Context: 970 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-23) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: High confidence category \(Proven\) - Positive factor: Tonnage increased by 7.8% - Positive factor: Silver grade maintained Evidence · table > 23.9 Context: 970 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-24) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-25) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-26) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good zinc grade for a probable reserve Evidence · table > 3.97 Context: 822 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-27) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-28) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Gold grade increased by 29.9% - Negative factor: Tonnage declined by 56% Evidence · table > 2.17 Context: 307 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 307000 against 700000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 2.17 against 1.67 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-29) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Copper grade increased by 22.7% - Negative factor: Tonnage declined by 56% Evidence · table > 0.27 Context: 307 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 307000 against 700000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 0.27 against 0.22 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-30) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Tonnage declined by 56% - Negative factor: Zinc grade declined by 11.6% Evidence · table > 7.27 Context: 307 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 307000 against 700000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 7.27 against 8.23 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-31) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Tonnage declined by 56% - Negative factor: Silver grade declined by 3.9% Evidence · table > 27.4 Context: 307 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 307000 against 700000 previously ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-32) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: First reserve estimate for Talbot - Positive factor: Significant resource-to-reserve conversion - Positive factor: Good gold grade for a probable reserve - Positive factor: Tonnage maintained from prior resource - Positive factor: Grade maintained from prior resource Evidence · table > 1.46 Context: 2,710 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-33) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: First reserve estimate for Talbot - Positive factor: Significant resource-to-reserve conversion - Positive factor: Strong copper grade for a probable reserve - Positive factor: Tonnage maintained from prior resource - Positive factor: Grade maintained from prior resource Evidence · table > 1.92 Context: 2,710 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-34) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: First reserve estimate for Talbot - Positive factor: Significant resource-to-reserve conversion - Positive factor: Moderate zinc grade Evidence · table > 1.14 Context: 2,710 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-35) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: First reserve estimate for Talbot - Positive factor: Significant resource-to-reserve conversion - Positive factor: Good silver grade Evidence · table > 26.5 Context: 2,710 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-36) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: First reserve estimate for Rail - Positive factor: Adds to the overall mine plan Evidence · table > 0.53 Context: 1,510 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-37) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: First reserve estimate for Rail - Positive factor: Strong copper grade for a probable reserve Evidence · table > 1.96 Context: 1,510 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-38) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: First reserve estimate for Rail Evidence · table > 0.55 Context: 1,510 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-39) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: First reserve estimate for Rail Evidence · table > 5.6 Context: 1,510 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-40) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Overall reserve tonnage increased by 38% - Positive factor: Overall contained gold increased by 124 koz \(6.6%\) - Positive factor: Mine life extended by 2 years - Negative factor: Overall reserve gold grade declined by 22.1% Evidence · table > 2.33 Context: 27,010 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 27010000 against 19500000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.33 against 2.99 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-41) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good gold grade for an inferred resource - Positive factor: Contributes to resource expansion Evidence · table > 3.38 Context: 1,540 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-42) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good copper grade for an inferred resource Evidence · table > 1.90 Context: 1,540 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-43) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-44) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-45) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Significant tonnage increase \(33x\) - Positive factor: Gold grade increased by 133% Evidence · table > 2.87 Context: 3,300 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 3300000 against 100000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 2.87 against 1.23 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-46) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Significant tonnage increase \(33x\) - Positive factor: Copper grade increased by 623% Evidence · table > 0.94 Context: 3,300 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 3300000 against 100000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 0.94 against 0.13 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-47) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Significant tonnage increase \(33x\) - Negative factor: Zinc grade declined significantly by 94% Evidence · table > 0.49 Context: 3,300 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 3300000 against 100000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.49 against 8.12 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-48) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Significant tonnage increase \(33x\) - Negative factor: Silver grade declined significantly by 73% Evidence · table > 10.2 Context: 3,300 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 3300000 against 100000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 10.2 against 38.1 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-49) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Contributes to resource expansion Evidence · table > 1.44 Context: 1,120 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-50) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Contributes to resource expansion Evidence · table > 0.70 Context: 1,120 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-51) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-52) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-53) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Contributes to resource expansion Evidence · table > 1.94 Context: 140 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-54) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-55) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good zinc grade for an inferred resource Evidence · table > 5.14 Context: 140 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-56) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good silver grade Evidence · table > 32.5 Context: 140 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-57) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Tonnage declined by 71% - Negative factor: Gold grade declined by 47.9% Evidence · table > 2.19 Context: 780 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 780000 against 2700000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 2.19 against 4.2 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-58) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Tonnage declined by 71% - Negative factor: Copper grade declined by 60.3% Evidence · table > 0.23 Context: 780 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 780000 against 2700000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.23 against 0.58 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-59) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Zinc grade increased significantly by 907% - Negative factor: Tonnage declined by 71% Evidence · table > 6.55 Context: 780 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 780000 against 2700000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 6.55 against 0.65 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-60) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Silver grade increased significantly by 155% - Negative factor: Tonnage declined by 71% Evidence · table > 41.6 Context: 780 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Decline** Polarity: negative Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down. Why it applies: 780000 against 2700000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 41.6 against 16.3 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-61) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good gold grade for an inferred resource - Positive factor: Contributes to resource expansion Evidence · table > 2.23 Context: 880 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-62) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good copper grade for an inferred resource Evidence · table > 1.52 Context: 880 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-63) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Moderate zinc grade Evidence · table > 1.17 Context: 880 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-64) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good silver grade Evidence · table > 29.6 Context: 880 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-65) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Contributes to resource expansion Evidence · table > 1.03 Context: 740 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-66) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Strong copper grade for an inferred resource Evidence · table > 3.29 Context: 740 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-67) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-68) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-69) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Contributes to resource expansion Evidence · table > 1.00 Context: 3,150 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-70) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Strong copper grade for an inferred resource Evidence · table > 2.34 Context: 3,150 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-71) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good zinc grade for an inferred resource Evidence · table > 2.58 Context: 3,150 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-72) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Good silver grade Evidence · table > 31.0 Context: 3,150 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-73) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Significant tonnage increase \(361%\) - Positive factor: Gold grade maintained Evidence · table > 0.30 Context: 600 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 600000 against 130000 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-74) Snow Lake · copper #### Identity - Project: Snow Lake - Commodity: copper - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Significant tonnage increase \(361%\) - Positive factor: Copper grade increased by 24.3% Evidence · table > 0.46 Context: 600 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 600000 against 130000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 0.46 against 0.37 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-75) Snow Lake · zinc #### Identity - Project: Snow Lake - Commodity: zinc - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Significant tonnage increase \(361%\) - Negative factor: Zinc grade declined by 7.3% Evidence · table > 9.09 Context: 600 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 600000 against 130000 previously **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 9.09 against 9.81 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-76) Snow Lake · silver #### Identity - Project: Snow Lake - Commodity: silver - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Significant tonnage increase \(361%\) - Positive factor: Silver grade maintained Evidence · table > 6.8 Context: 600 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 600000 against 130000 previously ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-77) Britannia Gold Project · gold #### 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 factor: Maiden resource for Upper Britannia - Positive factor: Good gold grade for an inferred resource - Positive factor: New anchor deposit opportunity Evidence · table > 2.83 Context: 3,180 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-78) Britannia Gold Project · gold #### 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 factor: Maiden resource for Lower Britannia - Positive factor: Strong gold grade for an inferred resource - Positive factor: New anchor deposit opportunity Evidence · table > 3.44 Context: 2,520 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-79) Britannia Gold Project · gold #### 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 factor: Maiden resource for Boundary - Positive factor: Good gold grade for an inferred resource - Positive factor: New anchor deposit opportunity Evidence · table > 2.23 Context: 1,420 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-80) Britannia Gold Project · gold #### 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 factor: Maiden resource for Birch - Positive factor: Good gold grade for an inferred resource - Positive factor: New anchor deposit opportunity Evidence · table > 2.51 Context: 1,140 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-enhances-gold-production-profile-at-snow-lake-extends-reserve-mine-life-t--e4c45d5d-c4d2-4703-a6f3-cb80c99b99a9#fact-resource-facts-81) Snow Lake · gold #### Identity - Project: Snow Lake - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba, Canada - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Andre Brulotte - Resource group id: resource: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 factor: Overall resource tonnage increased by 26% - Positive factor: Overall contained gold increased by 26.2% - Positive factor: Overall gold grade maintained - Negative factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 20510000 against 16278000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1.5 against 1220 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: 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.