# Hudbay Minerals and Mitsubishi Approve Copper World Project Construction; Advancing Next Major U.S. Copper Mine Towards First Production in 2029 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895 Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/465-tsx/hbm/213271-hudbay-and-mitsubishi-approve-copper-world-project-construction-advancing-next-major-u-s-copper-mine-towards-first-production-in-2029.html Publisher: jmn Original announcement: 2026-10-21T22:50:05.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-21T06:18:23.186Z Atlas analysis updated: 2026-10-21T06:18:23.186Z - Company: Hudbay Minerals Inc. - Ticker: HBM - Exchange: TSX - Region: Arizona - Primary commodity: Copper - Secondary commodities: Molybdenum, Gold, Silver - Document categories: Other, Resource update - Extracted: 2026-10-21 06:18:23 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Hudbay Minerals and Mitsubishi Corporation have approved the final investment decision for the Copper World project in Arizona, targeting first copper production in the second half of 2029. A Definitive Feasibility Study \(DFS\) outlines robust economics, including an after-tax NPV \(8%\) of $1.2 billion and an IRR of 17% for the Base Case, with an Extension Case showing an NPV of $2.5 billion and an IRR of 19%. The project is expected to significantly increase Hudbay's annual copper production and is supported by a strategic funding plan and updated mineral reserve and resource estimates. Reasoning: Hudbay Minerals and Mitsubishi have approved the construction of the Copper World project, backed by a robust DFS outlining strong economics, significant copper production increases, and a long mine life. The project is well-funded and strategically positioned, despite minor adjustments to resource estimates. - Positive factor: Final Investment Decision \(FID\) approved for Copper World project - Positive factor: Robust Definitive Feasibility Study \(DFS\) results with strong economics - Positive factor: Significant increase in annual copper production, doubling current levels - Positive factor: Long mine life of 15 years \(Base Case\) and 37 years \(Extension Case\) - Positive factor: Attractive capital intensity compared to peers - Positive factor: Strategic joint venture partner \(Mitsubishi\) and secured funding plan - Positive factor: High levered IRR for Hudbay - Positive factor: Large Measured and Indicated resource base supporting future extensions - Positive factor: Increase in Inferred contained copper - Negative factor: Slight decrease in Measured and Indicated contained copper due to technical and economic criteria changes - Negative factor: Reduction in average copper grade in reserves compared to prior PFS Facts used in scoring: 61 ## Classification and evidence **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: The document announces the results of a Definitive Feasibility Study \(DFS\) for the Copper World project. Evidence · text > announced the results of the definitive feasibility study **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The scientific and technical information has been approved by Olivier Tavchandjian, P. Geo, Hudbay’s Senior Vice President, Exploration and Technical Services, who is a qualified person pursuant to NI 43-101. Evidence · text > The scientific and technical information contained in this news release has been approved by Olivier Tavchandjian, P. Geo, Hudbay’s Senior Vice President, Exploration and Technical Services. Mr. Tavchandjian is a qualified person pursuant to Canadian Securities Administrators’ National Instrument 43-101 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: Hudbay will be filing a technical report pursuant to National Instrument 43-101 containing the results of the DFS for Copper World. Evidence · text > Hudbay will be filing a technical report pursuant to National Instrument 43-101 containing the results of the DFS for Copper World. **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The resource estimate table includes 'Proven reserves' with 330 million tonnes at 0.47% Cu. Evidence · table > Proven reserves Context: 330 **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The resource estimate table includes 'Probable reserves' with 60 million tonnes at 0.46% Cu. Evidence · table > Probable reserves Context: 60 **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource estimate table includes 'Measured resources' with 890 million tonnes at 0.42% Cu. Evidence · table > Measured resources Context: 890 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource estimate table includes 'Indicated resources' with 347 million tonnes at 0.35% Cu. Evidence · table > Indicated resources Context: 347 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate table includes 'Inferred resources' with 309 million tonnes at 0.30% Cu. Evidence · table > Inferred resources Context: 309 **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Total Measured and Indicated resources increased from 1,205 million tonnes in 2023 to 1,236 million tonnes in 2026. Evidence · table > 1,236 Context: Measured and indicated **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 average copper grade for Measured and Indicated resources decreased from 0.42% in 2023 to 0.40% in 2026. Evidence · table > 0.40 Context: Measured and indicated **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: Contained copper in Measured and Indicated resources decreased by 1% from 5,061 kt in 2023 to 4,993 kt in 2026. Evidence · table > -1% Context: Measured and indicated **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: An NSR cut-off value of $5.80 per ton was used to define material reserve estimates and $6.03 per ton for mineral resource estimates. Evidence · text > An NSR cut-off value of $5.80 per ton was used to define material reserve estimates. A minimum copper grade of 0.1% and a minimum copper recovery of 48% were also applied to mineral reserves due to the limited tailings capacity. An NSR cut-off value of $6.03 per ton was used to define mineral resource estimates. ## Extracted facts Stored fact records: 22. Some facts used in scoring do not have a stored record. ## Resource Estimates (22) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-35) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:d695d3b9b38736fba625 - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 330000000 - Grade: 0.47 - Grade Unit: % - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Proven reserves of 330 Mt at 0.47% copper provide a strong foundation for the project. - Positive factor: High confidence in Proven reserves - Positive factor: Significant tonnage and grade Evidence · table > 0.47 Context: 330 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-36) Copper World · molybdenum #### Identity - Project: Copper World - Commodity: molybdenum - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:d695d3b9b38736fba625 - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 330000000 - Grade: 105 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Proven reserves include 105 g/t molybdenum, adding byproduct value. - Positive factor: Molybdenum as a valuable byproduct Evidence · table > 105 Context: 330 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-37) Copper World · gold #### Identity - Project: Copper World - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:d695d3b9b38736fba625 - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 330000000 - Grade: 0.024 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Proven reserves include 0.024 g/t gold, contributing to byproduct credits. - Positive factor: Gold as a valuable byproduct Evidence · table > 0.024 Context: 330 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-38) Copper World · silver #### Identity - Project: Copper World - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:d695d3b9b38736fba625 - Mining method: open\_pit #### Resource Data - Category: proven - Tonnes: 330000000 - Grade: 5.25 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Proven reserves include 5.25 g/t silver, contributing to byproduct credits. - Positive factor: Silver as a valuable byproduct Evidence · table > 5.25 Context: 330 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-39) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:44bc181597cbf2ec2e26 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 60000000 - Grade: 0.46 - Grade Unit: % - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Probable reserves of 60 Mt at 0.46% copper further enhance the project's reserve base. - Positive factor: Significant Probable reserves add to project confidence Evidence · table > 0.46 Context: 60 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-40) Copper World · molybdenum #### Identity - Project: Copper World - Commodity: molybdenum - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:44bc181597cbf2ec2e26 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 60000000 - Grade: 94 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Probable reserves include 94 g/t molybdenum, contributing to byproduct value. - Positive factor: Molybdenum as a valuable byproduct Evidence · table > 94 Context: 60 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-41) Copper World · gold #### Identity - Project: Copper World - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:44bc181597cbf2ec2e26 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 60000000 - Grade: 0.018 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Probable reserves include 0.018 g/t gold, contributing to byproduct credits. - Positive factor: Gold as a valuable byproduct Evidence · table > 0.018 Context: 60 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-42) Copper World · silver #### Identity - Project: Copper World - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: reserve - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:44bc181597cbf2ec2e26 - Mining method: open\_pit #### Resource Data - Category: probable - Tonnes: 60000000 - Grade: 4.14 - Grade Unit: g/t - Cutoff Grade: 5.8 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Probable reserves include 4.14 g/t silver, contributing to byproduct credits. - Positive factor: Silver as a valuable byproduct Evidence · table > 4.14 Context: 60 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-43) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ed0e1bf999512996bec8 - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 890000000 - Grade: 0.42 - Grade Unit: % - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Measured resources of 890 Mt at 0.42% copper provide a high-confidence resource base for future mine planning. - Positive factor: Large Measured resource base provides high confidence - Positive factor: Supports long mine life Evidence · table > 0.42 Context: 890 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-44) Copper World · molybdenum #### Identity - Project: Copper World - Commodity: molybdenum - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ed0e1bf999512996bec8 - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 890000000 - Grade: 124 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Measured resources include 124 g/t molybdenum, adding byproduct value. - Positive factor: Molybdenum as a valuable byproduct Evidence · table > 124 Context: 890 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-45) Copper World · gold #### Identity - Project: Copper World - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ed0e1bf999512996bec8 - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 890000000 - Grade: 0.022 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Measured resources include 0.022 g/t gold, contributing to byproduct credits. - Positive factor: Gold as a valuable byproduct Evidence · table > 0.022 Context: 890 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-46) Copper World · silver #### Identity - Project: Copper World - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:ed0e1bf999512996bec8 - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 890000000 - Grade: 4.43 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Measured resources include 4.43 g/t silver, contributing to byproduct credits. - Positive factor: Silver as a valuable byproduct Evidence · table > 4.43 Context: 890 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-47) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:c1a38bdfb3771c5b905e - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 347000000 - Grade: 0.35 - Grade Unit: % - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Indicated resources of 347 Mt at 0.35% copper provide a substantial resource base. - Positive factor: Significant Indicated resources add to project confidence Evidence · table > 0.35 Context: 347 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-48) Copper World · molybdenum #### Identity - Project: Copper World - Commodity: molybdenum - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:c1a38bdfb3771c5b905e - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 347000000 - Grade: 109 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Indicated resources include 109 g/t molybdenum, adding byproduct value. - Positive factor: Molybdenum as a valuable byproduct Evidence · table > 109 Context: 347 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-49) Copper World · gold #### Identity - Project: Copper World - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:c1a38bdfb3771c5b905e - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 347000000 - Grade: 0.015 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Indicated resources include 0.015 g/t gold, contributing to byproduct credits. - Positive factor: Gold as a valuable byproduct Evidence · table > 0.015 Context: 347 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-50) Copper World · silver #### Identity - Project: Copper World - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:c1a38bdfb3771c5b905e - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 347000000 - Grade: 3.32 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Indicated resources include 3.32 g/t silver, contributing to byproduct credits. - Positive factor: Silver as a valuable byproduct Evidence · table > 3.32 Context: 347 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-51) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b913fd9af979ba7855ab - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 309000000 - Grade: 0.3 - Grade Unit: % - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Inferred resources of 309 Mt at 0.30% copper represent future growth potential, with a 5% increase in contained copper compared to the prior estimate. - Positive factor: Significant Inferred resources provide future upside potential - Positive factor: Increase in contained copper compared to prior estimate - Negative factor: Lower confidence category Evidence · table > 0.30 Context: 309 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-52) Copper World · molybdenum #### Identity - Project: Copper World - Commodity: molybdenum - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b913fd9af979ba7855ab - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 309000000 - Grade: 103 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Inferred resources include 103 g/t molybdenum, contributing to byproduct value. - Positive factor: Molybdenum as a valuable byproduct - Negative factor: Lower confidence category Evidence · table > 103 Context: 309 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-53) Copper World · gold #### Identity - Project: Copper World - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b913fd9af979ba7855ab - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 309000000 - Grade: 0.012 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Inferred resources include 0.012 g/t gold, contributing to byproduct credits. - Positive factor: Gold as a valuable byproduct - Negative factor: Lower confidence category Evidence · table > 0.012 Context: 309 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-54) Copper World · silver #### Identity - Project: Copper World - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b913fd9af979ba7855ab - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 309000000 - Grade: 2.69 - Grade Unit: g/t - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Inferred resources include 2.69 g/t silver, contributing to byproduct credits. - Positive factor: Silver as a valuable byproduct - Negative factor: Lower confidence category Evidence · table > 2.69 Context: 309 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-55) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:23d7adc167f224da7f24 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 1236000000 - Grade: 0.4 - Grade Unit: % - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 - Prior Tonnes: 1205000000 - Prior Grade: 0.42 - Prior Contained Metal: 5061000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Total Measured and Indicated resources increased in tonnage to 1,236 Mt, but contained copper decreased by 1% due to a lower average grade of 0.40%. - Positive factor: Large Measured and Indicated resource base - Positive factor: Tonnage increase - Negative factor: Slight decrease in contained copper compared to prior estimate - Negative factor: Lower average grade Evidence · table > 0.40 Context: 1,236 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hudbay-minerals-and-mitsubishi-approve-copper-world-project-construction-advanci--7b16d29e-50cb-4986-97d6-ae73a1f30895#fact-resource-facts-56) Copper World · copper #### Identity - Project: Copper World - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: HBM #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Olivier Tavchandjian - Resource group id: resource:b913fd9af979ba7855ab - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 309000000 - Grade: 0.3 - Grade Unit: % - Cutoff Grade: 6.03 - Cutoff Unit: $/ton #### Prior Estimate - Resource Date: 2026-08-01 - Prior Tonnes: 275000000 - Prior Grade: 0.32 - Prior Contained Metal: 880000 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-21T00:00:00.000Z Reasoning: Inferred resources increased to 309 Mt, resulting in a 5% increase in contained copper, despite a slight decrease in average grade to 0.30%. - Positive factor: Increase in Inferred tonnage and contained copper - Positive factor: Future upside potential - Negative factor: Lower confidence category - Negative factor: Slightly lower average grade Evidence · table > 0.30 Context: 309 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Grade Decline** Polarity: negative Definition: Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: 0.3 against 0.32 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.