Hudbay Minerals Inc 6-K, filed Dec 6, 2023

Hudbay Minerals Inc. (HBM)

6-K 2023-12-06 For: 2023-12-01

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Added on April 08, 2026

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Hudbay Minerals Inc filed this 6-K on December 6, 2023.

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	HUDBAY MINERALS INC.
	(registrant)

	By:	/s/ Mark Haber
	Name:	Mark Haber
	Title:	Executive Director, Legal and Corporate Secretary

Exhibit		Description

99.1		News Release - December 5, 2023
99.2		Copper Mountain Mine NI 43-101 Technical Report
99.3		Consent of Qualified Person
99.4		Certificate of Qualified Person

		2024	2025	2026	2027	2028	2024- 2028 Avg.	2029- 2033 Avg.	2034- 2038 Avg.	2039- 2043 Avg.	LOM Total
Contained Metal in Concentrate
Cu production	tonnes (000s)	37	40	49	50	56	47	43	39	26	783
Au production	ounces (000s)	21	36	26	44	47	35	64	60	26	935
Ag production	ounces (000s)	378	334	500	434	477	425	235	213	226	5,590
Capital Expenditures
Sustaining capital (after capitalized stripping)¹	US$ millions	$63	$122	$91	$59	$94	$86	$67	$55	$13	$1,106
Discretionary capitalized stripping²	US$ millions	$22	$42	$21	-	-	$17	-	-	-	$85
Growth capital	US$ millions	$3	$41	$69	$6	$7	$25	-	-	-	$126
Cash Costs
Cash costs, net of by-product credits³	US$/lb Cu	$2.69	$1.89	$1.89	$1.90	$1.36	$1.89	$1.53	$1.75	$2.31	$1.84
Sustaining cash costs, net of by-product credits (excl. discretionary stripping)³^,4	US$/lb Cu	$3.49	$3.40	$2.74	$2.45	$2.13	$2.76	$2.26	$2.46	$2.58	$2.53

		Copper Mountain 2022A¹	2024-2028 Avg.	Change
Mill throughput	tonnes per day	34,814	46,851	+12,037
Copper recovery	%	79.1%	84.5%	+5.4%
Corporate G&A	C$ millions	$17	$4	-$13
Total unit operating costs (after capitalized stripping)²	C$/tonne milled	$23.95	$17.06	-$6.89
Cash costs, net of by-product credits²	US$/lb Cu	$3.53	$1.89	-$1.64
Sustaining cash costs, net of by-product credits (excl. discretionary stripping)^2,3	US$/lb Cu	$4.78	$2.76	-$2.02

Copper Mountain Mine Mineral Reserve and Resource Estimates¹^,2,3,4	Tonnes	Cu Grade (%)	Au Grade (g/t)	Ag Grade (g/t)	CuEq Grade (%)
Reserves
Proven	195,037,000	0.27	0.12	0.78	0.35
Probable	171,943,000	0.22	0.11	0.59	0.30
Total proven and probable	366,980,000	0.25	0.12	0.69	0.33
Resources
Measured	41,198,000	0.21	0.09	0.73	0.27
Indicated	96,615,000	0.21	0.11	0.68	0.29
Total measured and indicated	137,814,000	0.21	0.10	0.69	0.28
Inferred	371,319,000	0.25	0.13	0.61	0.34

	TSX, NYSE - HBM 2023 No. 26

25 York Street, Suite 800 Toronto, Ontario Canada M5J 2V5 tel 416 362-8181 fax 416 362-7844 hudbay,com	News Release

Cash costs^3,⁵	$2.69	$1.89	$1.89	$1.90	$1.36	$1.89	$1.53	$1.75	$2.31	$1.84
Sustaining cash costs^3,⁵ (excl. discretionary stripping)	$3.49	$3.40	$2.74	$2.45	$2.13	$2.76	$2.26	$2.46	$2.58	$2.53
Sustaining cash costs^3,⁵ (incl. discretionary stripping)	$3.77	$3.87	$2.94	$2.45	$2.13	$2.93	$2.26	$2.46	$2.58	$2.58

Original Signed and Sealed
Olivier Tavchandjian, Ph.D., P.Geo. Senior Vice President, Exploration and Technical Services Hudbay Minerals Inc.

1 Summary	1-1

1.1 Property Description and Location	1-1

1.2 Accessibility, Climate, Local Resources, Infrastructure, and Physiography	1-3

1.3 History	1-3

1.4 Geological Setting and Mineralization	1-4

1.5 Deposit Types	1-4

1.6 Exploration	1-5

1.7 Drilling	1-5

1.8 Sample Preparation, Analyses, and Security	1-6

1.9 Data Verification	1-6

1.10 Mineral Processing and Metallurgical Testwork	1-7
1.10.1 Comminution	1-7
1.10.2 Flotation	1-7
1.10.3 Concentrate Characterization	1-8

1.11 Mineral Resource Estimate	1-8

1.12 Mineral Reserve Estimate	1-10

1.13 Mining Methods and Production Schedules	1-11

1.14 Recovery Methods	1-15

1.15 CMM Infrastructure	1-15

1.16 Market Studies and Contracts	1-16

1.17 Environmental Studies, Permitting, and Social or Community Impacts	1-16
1.17.1 Permitting	1-16
1.17.2 Environmental, Social Setting, and Community Engagement	1-17
1.17.3 Conceptual Mine Closure and Reclamation	1-17

1.18 Capital and Operating Costs	1-17
1.18.1 Capital Costs	1-17
1.18.2 Operating Costs	1-19

1.19 Economic Analysis	1-19

1.20 Conclusions	1-20

1.21 Recommendations	1-20

2 Introduction	2-1

2.1 Qualified Person	2-1

2.2 Source of Information	2-1

2.3 Unit of Measure Abbreviations Used in Report	2-2

3 Reliance on Other Experts	3-1

4 Property Description and Location	4-1

4.1 Location	4-1

4.2 Land Use, Mineral Tenure, and Surface Rights	4-2

4.3 Environmental Property Liabilities	4-7

4.4 Royalties	4-7

5 Accessibility, Climate, Local Resources, Infrastructure, and Physiography	5-1

5.1 Accessibility	5-1

5.2 Climate	5-1

5.3 Local Resources	5-1

5.4 Infrastructure	5-1

5.5 Physiography	5-3

6 History	6-1

6.1 Copper Mountain Mine Area and Mining History	6-1

6.2 Exploration and Mineral Resource Estimates History	6-3

7 Geological Setting and Mineralization	7-1

7.1 Regional Geology	7-1

7.2 CMM Geology	7-1
7.2.1 Lithologies	7-4
7.2.2 Structure	7-5
7.2.3 Geochronology	7-6

7.3 Deposit Geology	7-7
7.3.1 Alteration	7-7
7.3.2 Mineralization	7-7
7.3.3 Weathering	7-9

8 Deposit Types	8-1

8.1 Alkalic Porphyry Deposits	8-1

9 Exploration	9-1

9.1 Geological and Geochemical Mapping	9-1

9.2 Geophysics	9-1
9.2.1 Airborne Surveys	9-1
9.2.2 Ground Surveys	9-1

9.3 Exploration Potential	9-3

10 Drilling	10-1

10.1 Drill Summary	10-1

10.2 Drilling Methods	10-5

10.3 Geological Logging	10-6

10.4 Recovery	10-6

10.5 Collar Surveys	10-6

10.6 Downhole Surveys	10-6

10.7 RC and Percussion Drilling	10-7

10.8 Geotechnical and Hydrological Drilling	10-7

10.9 Drill Coverage	10-8

10.10 Comments on Drilling	10-8

11 Sample Preparation, Analyses, and Security	11-1

11.1 Sampling Methods	11-1
11.1.1 Historical Drilling	11-1
11.1.2 Diamond and Reverse-Circulation Drilling	11-1

11.2 Density (Specific Gravity) Determinations	11-2

11.3 Analytical and Test Laboratories	11-3
11.3.1 Laboratory Accreditation	11-4

11.4 Sample Preparation and Analysis	11-4

11.5 Quality Assurance and Quality Control	11-4
11.5.1 Historical Data (Pre-2007)	11-6
11.5.2 2007-2023 QA/QA Control Program	11-6

11.6 Check and Re-Assay Programs	11-11
11.6.1 Check Assays	11-11
11.6.2 External Check-Assays Results	11-12
11.6.3 Re-Assays	11-12

11.7 Sample Security	11-13

11.8 Sample Storage	11-13

11.9 Comments on Sample Preparation, Analyses, and Security	11-14

12 Data Verification	12-1

12.1 Internal Verification	12-1
12.1.1 Collars	12-2
12.1.2 Downhole Surveys	12-2
12.1.3 Assays	12-3
12.1.4 Database Corrections	12-4
12.1.5 Data Security	12-5
12.1.6 Site Visits	12-5

12.2 Comments on Data Verification	12-5

13 Mineral Processing and Metallurgical Testing	13-1

13.1 Comminution	13-1
13.1.1 Copper Mountain Main and North Pit	13-1
13.1.2 New Ingerbelle	13-1

13.2 Flotation	13-2
13.2.1 Copper Mountain Main and North Pit	13-2
13.2.2 New Ingerbelle	13-3
13.2.3 Precious Metal Recoveries	13-5

14 Mineral Resource Estimates	14-1

14.1 Drilling Database	14-1

14.2 Density	14-7

14.3 Gold and Silver Regressions	14-8

14.4 Compositing	14-8

14.5 Exploratory Data Analysis	14-8

14.6 Grade Capping	14-9

14.7 Variography	14-9

14.8 Grade Estimation and Interpolation Methods	14-10

14.9 Grade Estimation Validation	14-11

14.10 Visual Inspection	14-11

14.11 Global-Bias Checks	14-14

14.12 Smoothing Assessment	14-16

14.13 Smoothing Correction	14-16

14.14 Classification of Mineral Resource	14-18

14.15 Post-Processing of Dykes, Mined-Out Areas, and Backfill	14-19

14.16 Reasonable Prospects for Economic Extraction and Mineral Resource Estimates	14-19

14.17 Reconciliation	14-20

14.18 Conclusion	14-22

15 Mineral Reserve Estimates	15-1

15.1 Dilution and Mining Recovery	15-1

15.2 Geotechnical Considerations	15-1

15.3 Pit Optimization	15-2

15.4 Mineral Reserve Statement	15-2

15.5 Factors that may Materially Affect Mineral Reserves	15-2

16 Mining Methods	16-1

16.1 Mining Overview	16-1

16.2 Pit and Waste-Rock Storage Area Design Criteria	16-1

16.3 Pit Dewatering	16-5

16.4 Life-of-Mine Production Schedule and Sequence	16-5
16.4.1 Sequence, Dilution, and Mill-Feed Cut-Off Strategy	16-5
16.4.2 Dilution and Mill-Feed Cut-Off Strategy	16-5
16.4.3 New Ingerbelle Development	16-6
16.4.4 Production Schedule	16-7

16.5 Mine Equipment	16-9

17 Recovery Methods	17-1

17.1 Process Plant Description	17-1
17.1.1 Crushing Circuit	17-1
17.1.2 Grinding and Classification	17-3
17.1.3 Flotation Circuit	17-3
17.1.4 Copper-Concentrate Dewatering	17-4
17.1.5 Reagents and Consumables	17-4

17.2 50 kt/d Debottlenecking	17-5
17.2.1 Comminution Circuit	17-6
17.2.2 Flotation Circuit	17-6

18 Infrastructure	18-1

18.1 Power Supply	18-3
18.1.1 Copper Mountain Mine Power Reticulation	18-4

18.2 Water Supply and Management	18-4
18.2.1 Existing Water Management Systems	18-5

18.3 Other Services	18-6

18.3.1 Process Plant Maintenance	18-6
18.3.2 Fleet Maintenance	18-7
18.3.3 Fuel Storage and Distribution	18-7
18.3.4 Administration Facilities	18-7
18.3.5 Warehousing	18-7
18.3.6 Waste Rock Facility	18-7
18.3.7 Tailings Management Facility	18-8

18.4 New Ingerbelle Pit Activation	18-8
18.4.1 New Ingerbelle Maintenance Services	18-8
18.4.2 New Ingerbelle Pit Access	18-8
18.4.3 New Ingerbelle Power Reticulation	18-10
18.4.4 New Ingerbelle Water-Management Installations	18-12
18.4.5 New Ingerbelle Waste Rock Facility	18-12

19 Market Studies and Contracts	19-1

19.1 Copper Concentrate	19-1

19.2 Related Contracts	19-1

19.3 Logistics	19-2

20 Environmental Studies, Permitting, and Social or Community Impact	20-1

20.1 Permitting	20-1
20.1.1 Existing Major Permits	20-1
20.1.2 Other Potential Permits	20-3

20.2 Environmental Studies and Monitoring Programs	20-4
20.2.1 Meteorology	20-4
20.2.2 Air Quality and Greenhouse Gas Emissions	20-4
20.2.3 Hydrology, Hydrogeology, and Water Quality	20-4
20.2.4 Waste Rock Geochemistry	20-5
20.2.5 Fish and Aquatics	20-5
20.2.6 Wildlife and Vegetation	20-6
20.2.7 Archaeology	20-6
20.2.8 Environmental Disclosure	20-6

20.3 Social and Community	20-6
20.3.1 Employment and Economy	20-7
20.3.2 Land Use	20-8
20.3.3 Engagement	20-10

20.4 Conceptual Mine Closure and Reclamation	20-11

21 Capital and Operating Costs	21-1

21.1 Capital Costs	21-1
21.1.1 Project Capital	21-1
21.1.2 Sustaining Capital and Capitalized Stripping	21-2

21.2 Operating Costs	21-4

22 Economic Analysis	22-1

23 Adjacent Properties	23-1

24 Other Relevant Data and Information	24-1

25 Interpretation and Conclusions	25-1

26 Recommendations	26-1

27 References, Abbreviations, and Units of Measure	27-1

27.1 References	27-1

27.2 Abbreviations and Units of Measure	27-9

Table 1-1: Copper Mountain Mineral Resource Estimates Inclusive of Mineral Reserves Effective as of December 1, 2023	1-9
Table 1-2: Copper Mountain Mineral Resource Estimates Exclusive of Mineral Reserves Effective as of December 1, 2023	1-9
Table 1-3: Reconciliation between the 2019, 2022, and 2023 Copper Mountain Mineral Resource Estimates	1-10
Table 1-4: Copper Mountain Mine Mineral Reserves, Effective as of December 1, 2023	1-11
Table 1-5: Copper Mountain LOM Mine Schedule-2024-2044	1-14
Table 1-6: Production Ramp-Up Schedule	1-15
Table 1-7: Major Permits at Copper Mountain Mine	1-16
Table 1-8: Copper Mountain Mine-Summary of LOM Capital Cost ($ 000s)	1-18
Table 1-9: Copper Mountain Mine-Summary of LOM Operating Costs ($/t)	1-19
Table 1-10: Operating Costs and Sustaining Costs per Pound (US$/lb)	1-19
Table 3-1: Reliance on Other Experts	3-1
Table 4-1: Crown Grants	4-4
Table 4-2: Mineral Claims	4-5
Table 4-3: Mining Leases	4-7
Table 6-1: Reconciliation between the 2019, 2022, and 2023 Copper Mountain Mineral Resource Estimates	6-4
Table 10-1: Summary of Historical Drill Hole Data for the Copper Mountain Project	10-2
Table 10-2: Summary of Recent Drill Hole Data for the Copper Mountain Project	10-3
Table 11-1: Sample Preparation and Analytical Laboratories	11-3
Table 11-2: Laboratory Location and Accreditation	11-4
Table 11-3: Summary of CMM QA/QC from 2007 to 2023	11-5
Table 11-4: Blank and CRM Insertion Procedures from 2007 to 2023	11-7
Table 11-5: CRMs Used from 2007-2023	11-8
Table 11-6: Summary of CRM Performance for Drill Programs 2007-2023	11-9
Table 11-7: Summary of Blank Performance for Drill Programs 2007-2023	11-10
Table 11-8: Summary of CRM Performance for Copper Mountain Mine Laboratory 2012-2022	11-11
Table 11-9: Summary of External Check Assays 2012-2022 for Cu% by AA Method	11-12
Table 11-10: Summary of Half-Core Duplicate Check-Assays 2021-2022 for Cu% by AA Method	11-13
Table 12-1: Summary of Survey by Hole Type	12-3
Table 12-2: Survey Type in Recent Drill Holes (2007-2023)	12-3
Table 12-3: Assay Database Summary by Element, Period, and Laboratory	12-4
Table 13-1: Main and North Pit Hardness	13-1

		2024	2025	2026	2027	2028	2024- 2028 Avg.	2029- 2033 Avg.	2034- 2038 Avg.	2039- 2043 Avg.	LOM Total
Mining
Ore mined	tonnes (000s)	18,983	22,363	14,020	20,710	21,096	19,434	20,411	18,460	4,180	312,425
Waste mined	tonnes (000s)	82,832	91,637	86,480	63,290	48,904	74,629	47,589	44,940	6,154	866,559
Strip ratio	waste: ore	4.36	4.10	6.17	3.06	2.32	3.84	2.33	2.43	1.47	2.77
Processing
Ore milled	tonnes (000s)	15,008	16,425	17,520	18,250	18,300	17,101	18,260	18,260	18,260	366,980
Daily ore milled	tonnes per day	41,118	45,000	48,000	50,000	50,137	46,851	50,027	50,027	50,027	47,877
Cu grade	%	0.30%	0.29%	0.33%	0.32%	0.36%	0.32%	0.27%	0.24%	0.17%	0.25%
Au grade	g/t	0.07	0.10	0.07	0.11	0.12	0.10	0.16	0.15	0.07	0.12
Ag grade	g/t	1.12	0.90	1.27	1.07	1.17	1.11	0.60	0.54	0.55	0.69
Cu recovery	%	82.5%	84.0%	84.0%	85.6%	85.5%	84.5%	86.7%	86.4%	85.1%	85.7%
Au recovery	%	65.0%	65.0%	65.0%	67.9%	67.8%	66.5%	69.6%	69.0%	66.0%	68.3%
Ag recovery	%	70.0%	70.0%	70.0%	69.2%	69.2%	69.6%	66.5%	67.1%	69.7%	68.5%
Contained Metal in Concentrate
Cu production	tonnes (000s)	37	40	49	50	56	47	43	39	26	783
Au production	ounces (000s)	21	36	26	44	47	35	64	60	26	935
Ag production	ounces (000s)	378	334	500	434	477	425	235	213	226	5,590
Capital Expenditures (US$ millions)¹
Sustaining capital		$46	$63	$50	$45	$36	$48	$27	$22	$13	$549
Capitalized stripping		$17	$59	$41	$14	$57	$38	$41	$33	-	$558
Sustaining capital (after capitalized stripping)		$63	$122	$91	$59	$94	$86	$67	$55	$13	$1,106
Discretionary capitalized stripping²		$22	$42	$21	-	-	$17	-	-	-	$85
Growth project capital		$3	$41	$69	$6	$7	$25	-	-	-	$126
Total capital expenditures		$88	$205	$181	$65	$101	$128	$67	$55	$13	$1,317
Unit Operating Costs (C$ per tonne milled)³
Mining⁴		$15.30	$16.33	$13.84	$12.06	$11.92	$13.78	$11.73	$11.32	$4.82	$10.21
Milling		$7.41	$6.77	$5.94	$5.70	$5.69	$6.25	$5.70	$5.70	$5.70	$5.85
G&A		$1.48	$1.35	$1.27	$1.22	$1.18	$1.29	$1.17	$1.14	$0.87	$1.13
Total operating costs (before cap. stripping)		$24.19	$24.45	$21.05	$18.98	$18.79	$21.32	$18.60	$18.16	$11.39	$17.19
Total operating costs (after cap. stripping)		$20.68	$16.27	$16.31	$17.96	$14.61	$17.06	$15.64	$15.73	$11.39	$14.86
Cash Costs and Sustaining Cash Costs (US$/lb Cu)
Copper production	million lbs	81.6	87.9	108.4	110.6	124.0	102.5	95.1	85.1	58.4	1,726.4

Table 13-2: New Ingerbelle Hardness Testwork Results	13-1
Table 13-3: Historical Ingerbelle Flotation Performance	13-4
Table 14-1: Drill-Hole Summary	14-1
Table 14-2: Drill-Hole Summary per Deposit	14-2
Table 14-3: Mineralized Envelopes Code Equivalency	14-2
Table 14-4: Specific Gravity by Mineralization Domains	14-7
Table 14-5: Copper Mountain and New Ingerbelle Capping Thresholds	14-9
Table 14-6: East Deposit Variogram Parameters	14-9
Table 14-7: Search Ellipse Parameters	14-10
Table 14-8: Global Statistics	14-15
Table 14-9: Summary of Smoothing Correction	14-17
Table 14-10: Resource Classification Proportion Pre- and Post-Processing	14-19
Table 14-11: Copper Mountain Mineral Resource Estimates Inclusive of Mineral Reserves Effective as of December 1, 2023	14-20
Table 14-12: Copper Mountain Mineral Resource Estimates Exclusive of Mineral Reserves Effective as of December 1, 2023	14-20
Table 14-13: December 2020 to October 2023 Mineral Reserve Estimates vs. Plant Reconciled Results	14-21
Table 14-14: Reconciliation between the 2019, 2022, and 2023 Copper Mountain Mineral Resource Estimates	14-21
Table 15-1: Copper Mountain Mine Mineral Reserves, December 1, 2023	15-3
Table 16-1: Pit Wall Slope Parameters	16-3
Table 16-2: Copper Mountain Mine WRF Design Criteria	16-4
Table 16-3: Copper Mountain Mine Planning Parameters	16-5
Table 16-4: Copper Mountain LOM Mine Schedule-2024-2044	16-8
Table 16-5: Copper Mountain Mine Pit Equipment Fleet, Peak Production	16-9
Table 17-1: Production Ramp-Up Schedule	17-5
Table 17-2: Process Design Criteria	17-7
Table 18-1: Site Power Demand Summary	18-4
Table 20-1: Major Permits at Copper Mountain Mine	20-1
Table 21-1: LOM Capital Projects Expenditures ($ 000s)	21-1
Table 21-2: LOM Sustaining Capital and Capitalized Stripping Expenditures ($ 000s)	21-3
Table 21-3: On-Site Operating Costs ($/t Milled)	21-4
Table 21-4: Operating Costs-Mining/Activity ($/t Moved)	21-4
Table 21-5: Operating Costs-Mining/Components ($/t Moved)	21-5
Table 21-6: Operating Costs-Milling and G&A ($/t Milled)	21-5
Table 21-7: Operating Costs and Sustaining Costs per Pound (US$/lb)	21-6

Figure 1-1: Copper Mountain Mine Land Tenure	1-2
Figure 1-2: Copper Mountain and New Ingerbelle Ultimate Pits	1-12
Figure 4-1: Copper Mountain Mine Location	4-1
Figure 4-2: Copper Mountain Mine Land Tenure	4-3
Figure 5-1: Copper Mountain Mine Site	5-2
Figure 6-1: Locations and Names of Historical and Current Mining Zones and Areas	6-2
Figure 7-1: Terranes of British Columbia Showing the Copper Mountain Deposit Location	7-2
Figure 7-2: Geology of the Copper Mountain Area	7-3
Figure 7-3: Schematic Representation of a Geological SW-NE Cross-Section Across Copper Mountain	7-4

Figure 7-4: Contoured Blastholes in the CM Main Pit at November 2019 Mining Surface	7-9
Figure 9-1: Total Magnetic Intensity	9-2
Figure 9-2: Location of IP Survey Lines	9-3
Figure 10-1: Isometric View of Drill Hole in the CM Main and CM North Zones	10-5
Figure 13-1: Monthly Copper Recovery	13-2
Figure 13-2: Rougher Flotation Co-Collector Testwork on Copper Mountain Main Pit Samples	13-3
Figure 13-3: Rougher Flotation Testwork on New Ingerbelle Composites	13-4
Figure 13-4: Monthly Gold Recovery	13-5
Figure 13-5: Monthly Silver Recovery	13-6
Figure 14-1: Plan View of the Geological Model	14-3
Figure 14-2: Plan View of the Mineralized Domains	14-4
Figure 14-3: New Ingerbelle Mineralization	14-4
Figure 14-4: Copper Mountain North Mineralization	14-5
Figure 14-5: Copper Mountain Central East Mineralization	14-5
Figure 14-6: Copper Mountain Central Mineralization	14-6
Figure 14-7: Copper Mountain South Central Mineralization	14-6
Figure 14-8: Copper Mountain South Mineralization	14-7
Figure 14-9: Ore Percentage Example	14-10
Figure 14-10:New Ingerbelle-OK Model and Copper Grade Composites N-S Section View	14-11
Figure 14-11:Copper Mountain North-OK Model and Copper Grade Composites N-S Section View	14-12
Figure 14-12:Copper Mountain Central East-OK Model and Copper Grade Composites N-S Section View	14-12
Figure 14-13:Copper Mountain Central and South Central-OK Model and Copper Grade Composites N-S Section View	14-13
Figure 14-14:Copper Mountain South-OK Model and Copper Grade Composites N-S Section View	14-13
Figure 14-15:Resource Classification at the CMM Deposits	14-18
Figure 14-16:Copper Mountain 2022 Block Model vs. Hudbay Grade Shells	14-22
Figure 16-1: Copper Mountain and New Ingerbelle Ultimate Pits	16-2
Figure 16-2: Geotechnical Zones	16-4
Figure 16-3: Annual Material Movement	16-9
Figure 17-1: Process Plant 45 kt/d Flowsheet	17-2
Figure 18-1: BC Hydro Transmission Map	18-3
Figure 18-2: Overall 25 kV Distribution System	18-5
Figure 18-3: Site Water Management Schematic	18-6
Figure 18-4: Proposed Equipment Bridge Crossing the Similkameen River	18-9
Figure 18-5: New Ingerbelle Proposed Power Supply and Reticulation	18-11
Figure 19-1: Global Copper Production and Primary Demand	19-1
Figure 20-1: Copper Mountain Permitted Mine Area	20-2
Figure 20-2: Community Boundaries and Setting in Relation to Copper Mountain Mine	20-7
Figure 20-3: Ingerbelle Land Tenure	20-9

Resource Classification	Tonnes (kt)	% Cu	Au g/t	Ag g/t	CuEq %
Measured	225,145	0.27	0.12	0.81	0.34
Indicated	273,304	0.22	0.11	0.63	0.39
Measured+Indicated	498,450	0.25	0.12	0.71	0.32
Inferred	371,319	0.25	0.13	0.61	0.34

Categories	CMMC 2019 PFS (as of January 1, 2019)				CMMC 2022 PFS (as of August 1, 2022)				Hudbay 2023 (as of December 1, 2023)
Categories	Tonnes (Mt)	Cu (%)	Au (ppm)	Ag (ppm)	Tonnes (Mt)	Cu (%)	Au (ppm)	Ag (ppm)	Tonnes (%)	Cu (%)	Au (ppm) (%)	Ag (ppm) (%)
Measured + Indicated	549	0.24	0.11	0.75	1,080	0.22	0.09	0.65	440	0.25	0.12	0.73
Inferred	237	0.21	0.10	0.50	446	0.19	0.09	0.54	371	0.25	0.13	0.61

Category	Tonnes (kt)	Cu Grade (% Cu)	Au Grade (g/t)	Ag Grade (g/t)	Cu Pounds (Mlb)	Au Ounces (koz)	Ag Ounces (koz)	CuEq %
Proven
Mined Tonnes	194,199	0.27	0.12	0.78	1,168	775	4,880	-
Stockpile	838	0.15	0.05	0.59	3	1	16	-
Total Proven	195,037	0.27	0.12	0.78	1,171	777	4,896	0.35
Probable
Mined Tonnes	118,226	0.25	0.14	0.65	659	524	2,489	-
Stockpile	53,717	0.16	0.04	0.45	185	69	779	-
Total Probable	171,943	0.22	0.11	0.59	844	593	3,268	0.30
Proven + Probable
Mined Tonnes	312,425	0.27	0.13	0.73	1,827	1,299	7,370	-
Stockpile	54,555	0.16	0.04	0.45	188	71	795	-
Total	366,980	0.25	0.12	0.69	2,015	1,370	8,164	0.33

Category	Unit	LOM Total/Avg.	2024	2025	2026	2027	2028	2029-2033	2034-2038	2039-2044
Ex-Pit Mining
Ore Mined from Pit	kt	312,425	18,983	22,363	14,020	20,710	21,096	102,055	92,300	20,898
Waste Mined from Pit	kt	866,559	82,832	91,637	86,480	63,290	48,904	237,945	224,700	30,770
Total Mined from Pit	kt	1,178,984	101,815	114,000	100,500	84,000	70,000	340,000	317,000	51,669
Mined Stripping Ratio	w:o	2.8	4.4	4.1	6.2	3.1	2.3	2.3	2.4	1.5
Stockpile Movement
High-Grade Stockpile Starting Balance	kt	-	1,258	-	-	-	-	-	-	-
Material Mined to High-Grade Stockpile	kt	-	0	-	-	-	-	-	-	-
Reclaimed to Mill from High-Grade Stockpile	kt	-	1,258	-	-	-	-	-	-	-
High-Grade Stockpile Ending Balance	kt	-	0	-	-	-	-	-	-	-
Low-Grade Stockpile Starting Balance	kt	-	53,297	58,530	64,468	60,968	63,428	66,224	76,979	77,979
Material Mined to Low-Grade Stockpile	kt	-	6,160	5,938	0	2,460	2,796	10,755	1,000	0
Reclaimed to Mill from Low-Grade Stockpile	kt	-	927	0	3,500	0	0	0	0	77,979
Low-Grade Stockpile Ending Balance	kt	-	58,530	64,468	60,968	63,428	66,224	76,979	77,979	0
Total Material Movement
Total Material Movement	kt	1,262,648	104,000	114,000	104,000	84,000	70,000	340,000	317,000	129,648
Mill Feed
Mill Feed Tonnes	kt	366,980	15,008	16,425	17,520	18,250	18,300	91,300	91,300	98,877
Copper Grade	% Cu	0.25	0.30	0.29	0.33	0.32	0.36	0.27	0.24	0.17
Gold Grade	g/t	0.12	0.07	0.10	0.07	0.11	0.12	0.16	0.15	0.07
Silver Grade	g/t	0.69	1.12	0.90	1.27	1.07	1.17	0.60	0.54	0.55
Copper Recovery	%	85.7	82.5	84.0	84.0	85.6	85.5	86.7	86.4	85.1
Gold Recovery	%	68.3	65.0	65.0	65.0	67.9	67.8	69.6	69.0	66.0
Silver Recovery	%	68.5	70.0	70.0	70.0	69.2	69.2	66.5	67.1	69.6
Recovered Metal
Copper	Mlb	1,726	82	88	108	111	124	475	425	313
Gold	koz	935	21	36	26	44	47	321	302	138
Silver	koz	5,590	378	334	500	434	477	1,174	1,067	1,225

Criteria	Unit	2024	2025	2026	2027	2028
Throughput	kt/d	41.1	45.0	48.0	50.0	50.0
Throughput	t/oph	1,861	2,038	2,174	2,264	2,264
Cu Recovery	%	83	84	84	86	86
Cu Concentrate Grade	%Cu	24	26	26	26	26
Au Recovery	%	65	65	65	68	68

Permit	Issued By	Original Date of Issue	Last Permit Amendment
B.C. Mines Act Permit M-29	B.C. Ministry of Energy, Mines and Petroleum Resources	August 3, 1970	March 3, 2021
Effluent Permit PE-261	B.C. Ministry of Environment and Climate Change Strategy	February 3, 1969	March 17, 2022
Air Emissions Permit PA-105340	B.C. Ministry of Environment	October 3, 2011	January 18, 2016

Definition	Acronyms
Canadian Institute of Mining, Metallurgy and Petroleum	CIM
Copper Mountain Mine	CMM or the mine
Copper Mountain Mine (BC) Ltd	CMML
Granby Consolidated Mining, Smelting and Power Company	Granby
Hudbay Minerals Inc. and its direct and indirect subsidiaries (unless the context suggests otherwise)	Hudbay
Life-of-mine	LOM
National Instrument 43-101	NI 43-101
Pre-feasibility Study	PFS
Tailings Management Facility	TMF

Section	Description	Relied Upon
1	Summary	OT
2	Introduction	OT
3	Reliance on Other Experts	OT
4	Property Description and Location	RK
5	Accessibility, Climate, Local Resources, Infrastructure, and Physiography	RK
6	History	RK
7	Geological Setting and Mineralization	OT
8	Deposit Types	OT
9	Exploration	OT
10	Drilling	OT
11	Sample Preparation, Analyses, and Security	OT
12	Data Verification	OT
13	Mineral Processing and Metallurgical Testing	MT
14	Mineral Resource Estimates	OT
15	Mineral Reserve Estimates	JT
16	Mining Methods	JT
17	Recovery Methods	MT
18	Infrastructure	RK
19	Market Studies and Contracts	JD
20	Environmental Studies, Permitting, and Social or Community Impact	RK
21	Capital and Operating Costs	JT, MT, OT
22	Economic Analysis	OT
23	Adjacent Properties	OT
24	Other Relevant Data and Information	OT
25	Interpretation and Conclusions	OT
26	Recommendations	OT
27	References, Abbreviations, and Units of Measure	RK

	PID No.	Lot No.	Name		PID No.	Lot No.	Name		PID No.	Lot No.	Name
1	011-483-814	835	Ada B	51	011-483-709	385S	Lone Star Fraction	101	011-466-294	635S	Tin Cup
2	011-493-372	839	Ada B Fraction	52	011-457-163	3024	Mabel Fraction	102	011-457-139	3026	Tinhorn Fraction
3	011-464-275	386S	Adelaide Fraction	53	011-468-696	2580S	Malone Fraction	103	011-469-455	3534	Transvaal Fraction
4	011-455-497	2429	Alabama	54	011-457-074	3025	Milo Fraction	104	011-458-356	1832	Triangle Fraction
5	011-457-180	787	Annie L.	55	011-455-594	255	Mogul	105	011-483-989	123A	Vancouver
6	011-458-283	1775S	Automatic Fraction	56	011-457-228	256	Mogul Fraction	106	001-567-403	1295	Vancouver
7	011-483-920	420A	Bell Fraction	57	011-484-039	2268S	Mooney	107	011-455-021	1295	Vancouver
8	011-464-976	419S	Blue Bird	58	011-458-291	1778S	Nelson Fraction	108	011-467-231	1790S	Vera Fraction
9	011-463-911	280	Boanite	59	011-464-143	382S	Nero Fraction	109	011-455-501	2428	Virginia
10	011-463-775	236	Brooklyn	60	011-467-142	1776S	New No. 37 Fraction	110	011-458-259	943S	W.G. Fraction
11	011-455-730	2270S	Casino No. 1 Fraction	61	011-465-778	1777S	New Wolf Fraction	111	011-465-794	474S	Cabin
12	011-457-198	840	Centre Star Fraction	62	011-469-510	3349	No. 1	112	011-465-891	476S	Colorado Fraction
13	011-458-631	1833	Copper Bench	63	011-469-544	3289	No. 14	113	011-463-082	135	Columbia Fraction
14	011-467-967	1940	Copper Bluff	64	011-466-219	1598S	No. 15 Fraction	114	011-463-732	231	Fraser
15	011-467-843	1939	Copper Cliff	65	011-469-579	3288	No. 18	115	011-463-619	234	Ingersoll Belle
16	011-451-254	122A	Copper Farm	66	011-468-564	2256S	No. 18 Fraction	116	011-463-759	235	Magnetic
17	011-458-267	122A	Copper Farm	67	011-466-073	480S	No. 27 Fraction	117	011-466-057	479S	No 26 Fraction
18	011-458-402	1831	Copper King	68	011-469-480	3359	No. 33	118	011-465-972	477S	No 6 Fraction
19	011-464-640	403	Copper King	69	011-469-498	3354	No. 5	119	011-466-006	478S	No. 7 Fraction
20	011-454-431	1830	Copper Reef	70	011-464-895	417S	No. 50 Fraction	120	011-463-074	133	Nubian Fraction
21¹	011-454-814	816	Daisy	71	011-464-780	413S	No. 51 Fraction	121	011-463-791	238	Red Butte Fraction
22	011-469-200	3265	Diamond Dot	72	011-464-836	414S	No. 52	122	011-468-343	2046	Rifle
23	011-457-121	384S	Dividend	73	011-464-941	418S	No. 53	123	011-469-005	3187S	May Fraction
24	011-462-680	63S	Duke of York	74	011-462-647	61S	No. 69	124	011-465-867	475S	Frieda
25	011-466-146	481S	Edward Fraction	75	011-462-655	62S	No. 70	125	011-464-615	402	Key West
26	011-464-852	416S	Falum	76	011-464-801	415S	No. 71	126	011-459-204	3572
27	011-463-376	226	Fraser Fraction	77	011-465-018	443S	No. 73 Fraction	127	011-457-279	3573	Smelter
28	011-455-527	2430	Frisco	78	011-455-551	3357	R.S.	128	011-458-917	2254S	New No. 61
29	011-454-482	2050	Great Republic	79	011-469-021	3262	Olympia	129	011-466-715	1596S	No 63A
30	011-463-988	322S	Great Western Fraction	80*	011-454-636	808	Oriole	130	011-466-391	1595S	New 62A
31	011-463-058	127	Hamilton	81	011-468-424	2158S	Oronoco	131	011-459-522	2572S	Zapata 1 Fraction
32	011-457-155	120A	Helen H. Gardner	82	011-455-586	250	Peerless Fraction	132	011-458-437	2164S	No. 60B
33	011-454-571	3537	Holdfast	83	011-456-329	2248S	Princess Caroline Fraction	133	011-462-612	52S	Zapata No. 1 Fraction
34¹	017-236-274	121A	Humbolt	84	011-456-078	2282S	Princess Dorthia No. 1	134	011-462-639	53S	No 63A
35	001-701-819	1294	Home Rule	85	011-456-370	2271S	Princess Helen No. 1	135	011-458-232	424
36	011-454-946	1294	Home Rule	86	011-456-264	2273S	Princess Louise	136	011-450-916	118S
37	011-469-048	3263	Honey Suckle	87	011-483-873	1837	Princess Maud	137	011-451-394	251S
38	011-468-378	2047	I.X.L.	88	011-467-690	1829	Princess May	138	011-458-160	423
39	011-454-695	813	Iron Mask	89	011-467-444	1829	Princess May	139	011-457-309
40	011-454-601	810	Jennie Silkman	90	011-455-641	153	Princeton	140	011-451-548
41	011-456-345	2269S	Jessie	91	011-455-551	3357	R.S.	141	011-450-819
42	011-455-489	814	Jubilee #2	92	011-463-864	279	Red Buck
43¹	011-468-840	3028	Kenley	93	011-451-319	149	Red Eagle
44	011-468-904	3029	June Bug	94	011-455-578	3568	Robert Bryant
45	011-454-679	809	King Soloman	95	011-463-007	66S	Silver Dollar
46¹	011-454-750	378S	Klondike	96	011-454-652	811	Spider Fraction
47	011-455-659	233	Lareine	97	011-464-127	369S	Sunlight
48	011-484-829	2281S	Leon	98	011-458-798	3023	Sunrise
49	011-464-224	383S	Little Gem Fraction	99	011-457-058	1077	Sunset
50¹	011-454-865	1935	Lone Star	100	011-455-683	251	Tempest Fraction

	Title Number	Claim Name	Good To Date	Area (ha)		Title Number	Claim Name	Good To Date	Area (ha)		Title Number	Claim Name	Good To Date	Area (ha)		Title Number	Claim Name	Good To Date	Area (ha)
1	248598	ROAD	2027/NOV/30	75.0	51	250177	ELEPHANT NO. 2 FR.	2028/APR/26	25.0	101	250244	MCB #1	2028/APR/26	25.0	151	1092456	EXT WEST 2	2025/FEB/09	147.29
2	248603	SIMCOL #1 FR.	2028/NOV/30	25.0	52	250178	ELEPHANT NO. 3	2028/APR/26	25.0	102	250245	MCB #2	2028/APR/26	25.0	152	1092473	YOSHI TRIO	2025/FEB/09	189.39
3	248604	SIMCOL #2 FR.	2028/NOV/30	25.0	53	250179	ELEPHANT NO. 4	2028/APR/26	25.0	103	250246	MCB #3	2025/APR/26	25.0	153	1092582	WEST EXT 3	2025/FEB/09	42.08
4	248605	SIMCOL #10	2026/NOV/30	100.0	54	250182	"E.M." FR	2028/APR/26	25.0	104	250247	MCB #4	2025/APR/26	25.0	154	1095841	INGER 1	2024/MAY/30	63.14
5	248606	SIMCOL #11	2028/NOV/30	25.0	55	250185	"BEM" NO.1	2028/APR/26	25.0	105	250248	MCB #5	2025/APR/26	25.0	155	1095842	INGER 2	2024/MAY/30	84.2
6	248609	NEWMIN #1	2026/JAN/30	500.0	56	250186	"BEM" NO.3	2028/APR/26	25.0	106	250249	MCB #6	2025/APR/26	25.0	156	1095869	INGER 3	2024/MAY/31	21.05
7	248610	NEWMIN #2	2026/JAN/30	400.0	57	250187	"BEM" NO.5	2028/APR/26	25.0	107	250250	DEEP #1	2025/APR/26	25.0	157	1097616	WEST EXT 4	2025/FEB/09	84.17
8	248626	NEWMIN #3	2027/JAN/30	225.0	58	250188	"BEM" NO.7	2028/APR/26	25.0	108	250251	DEEP #2	2025/APR/26	25.0	158	1103113	WILD WEST	2024/MAR/16	1,136.61
9	248627	NEWMIN #4	2028/NOV/30	50.0	59	250195	RAD NO.1	2028/JAN/15	25.0	109	250252	DEEP #3	2025/APR/26	25.0	159	1106800	Wild South	2024/AUG/15	927.1
10	248628	NEWMIN #5	2027/NOV/30	75.0	60	250196	RAD NO.2	2028/JAN/15	25.0	110	250253	DEEP #4	2025/APR/26	25.0
11	248640	DOT FR	2028/APR/26	25.0	61	250197	RAD NO.3	2029/APR/26	25.0	111	250254	DEEP #5	2025/APR/26	25.0
12	248723	ALPINE #1	2028/APR/26	75.0	62	250198	RAD NO.4	2028/APR/26	25.0	112	250255	DEEP #6	2025/APR/26	25.0
13	248724	ALPINE FR.	2028/APR/26	25.0	63	250199	RAD NO.5	2028/APR/26	25.0	113	250256	DEEP #7	2025/APR/26	25.0
14	248778	BULLET #1 FR.	2028/APR/26	25.0	64	250200	RAD NO.6	2028/APR/26	25.0	114	250257	DEEP #8	2025/APR/26	25.0
15	248779	BULLET #2 FR.	2028/APR/26	25.0	65	250201	RAD NO.7	2028/APR/26	25.0	115	250258	DEEP #9	2025/APR/26	25.0
16	248782	REFER TO LOT TABLE	2028/OCT/26	25.0	66	250202	RAD NO.8	2028/APR/26	25.0	116	250259	DEEP #10	2025/APR/26	25.0
17	248783	NM #1 FR.	2028/OCT/26	25.0	67	250204	RAD NO.10	2028/APR/26	25.0	117	250260	AF 13	2025/NOV/30	25.0
18	248784	NM #2 FR.	2028/APR/26	25.0	68	250205	BRIAN H. FR.	2028/NOV/26	25.0	118	250261	AF 14	2025/NOV/30	25.0
19	248785	NM #3 FR.	2028/APR/26	25.0	69	250206	SER #3	2028/APR/26	25.0	119	250262	FRIEDA FR	2025/APR/26	25.0
20	248786	NM #4 FRACTION	2028/APR/26	25.0	70	250207	SER #4	2028/APR/26	25.0	120	250268	ANNIE FR.	2025/APR/26	25.0
21¹	248787	NM #5 FR.	2028/APR/26	25.0	71	250208	SER #5	2028/APR/26	25.0	121	250269	RAD #1 FR.	2025/APR/26	25.0
22	248788	NM #6 FR.	2028/OCT/26	25.0	72	250209	SER #6	2028/APR/26	25.0	122	250270	BETH #1 FR	2025/APR/26	25.0
23	248809	LAN NO.1	2028/NOV/30	50.0	73	250210	SER #7	2028/APR/26	25.0	123	250271	BETH #2 FR	2025/APR/26	25.0
24	248810	LAN NO.2	2028/NOV/30	25.0	74	250211	SER #8	2028/APR/26	25.0	124	250272	BETH #3 FR	2025/APR/26	25.0
25	248811	LAN NO.3	2028/NOV/30	150.0	75	250212	SER #9	2028/APR/26	25.0	125	250273	BETH #5 FR	2025/JAN/15	25.0
26	248812	LAN NO.4	2027/NOV/30	100.0	76	250213	SER #10	2028/APR/26	25.0	126	250274	BETH #4 FR	2025/JAN/15	25.0
27	248813	LAN NO.5	2027/NOV/30	50.0	77	250214	SER #11	2028/APR/26	25.0	127	250275	BETH #6 FR	2025/APR/26	25.0
28	248814	LAN NO.6	2028/NOV/30	50.0	78	250215	SER #12	2028/APR/26	25.0	128	250276	BETH #7 FR	2025/APR/26	25.0
29	248815	LAN NO.7	2028/NOV/30	50.0	79	250216	SER #13	2028/APR/26	25.0	129	250277	BETH #8 FR.	2025/JAN/15	25.0
30	249233	ALPINE 3	2024/APR/26	500.0	80*	250217	SER #14	2028/APR/26	25.0	130	250278	BETH #9 FR.	2025/APR/26	25.0
31	249234	ALPINE 4	2024/APR/26	500.0	81	250218	SER #15	2028/APR/26	25.0	131	250279	BETH #10 FR	2025/JAN/15	25.0
32	249235	ALPINE 5	2028/APR/26	25.0	82	250219	SER #16	2028/APR/26	25.0	132	250280	DEN #1 FR.	2025/APR/26	25.0
33	249264	ALPINE 6 FR	2028/APR/26	25.0	83	250220	SER #17	2028/APR/26	25.0	133	250281	DEN #2 FR.	2025/APR/26	25.0

Title Number		Good To Date	Area (ha)
1	250139	2024/MAR/10	231.49
2	250140	2024/MAR/12	9.37
3	250141	2024/AUG/20	48.22
4	250142	2024/AUG/20	3.84
5	250143	2024/JUN/23	107.09
6	250144	2024/SEP/27	75.69
7	250145	2024/SEP/27	39.34
8	250146	2024/JAN/13	84.80
9	250147	2024/APR/20	61.75
10	250148	2024/NOV/04	19.83
11	250149	2024/JUL/07	1.44
12	250152	2037/APR/07	0.33
13	250153	2037/APR/07	0.63
14	250155	2037/APR/07	1.56

Year	Company	Type	Area	Zone	Number	Metres	Comments
1917-1957	Granby	DDH/UG/Perc.	UG Deposits	CM Main	1,219	74,311	U-series; U1 to U1827
1917-1967	Granby	DDH	Surface Exploration	CM Main	337	33,710	Holes named with letter code off mineral claims
1940-1957	Granby	DDH	UG, Pit 3	CM Main	152	4,828	SH-series, Production drilling
1952-1969	Granby	DDH	Surface exploration	CM Main	468	54,418	S-series (approx. 4% of holes missing)
1951-1956	Granby	DDH/UG/Perc.	UG, Pits 1, 3	CM Main	978	43,646	2 to 8 series indicating level
1966-1970	Newmont	PDH	Surface; Pits 1, 2	CM Main	923	57,963	P-series (approx. 10% missing data)
1966-1970	Newmont	DDH/UG/Perc.	Ingerbelle	New Ingerbelle	520	70,728	DH-series, E-series, P-series; 66-, 66B- series;
1966-1970	Newmont	DDH/UG/Perc.	Ingerbelle	New Ingerbelle	520	70,728	67-, 67C-series, 68C-, 68D-, 68U-series; 70U-series
1980	Newmont	DDH	Ingerbelle	New Ingerbelle	20	3,227	80-series, 80ADH-series
1988-1991	Princeton Mining	DDH	Surface; Lost Horse-Virginia	CM North	210	32,408	A, LH, M, M90, OP, P, VA, VB series
1994-1996	Princeton Mining	DDH	Alabama	CM North	41	6,581	94A, 95A, 96A series
1994	Princeton Mining	RC	Alabama	CM North	29	5,313	R94A-series
1994	Princeton Mining	DDH	Ingerbelle	New Ingerbelle	41	6,443	94I-, 94El-, 94IEOC-series
1996	Princeton Mining	DDH	Orinoco	CM North	11	1,137	96ORN-series
1996-1997	Princeton Mining	DDH	Pit 3, Pit 2, Saddle Zone	CM Main	60	12,215	DH96P5-, DH97P2-series
				Total	5,009	406,929

Program	Sample Preparation and Primary Analysis	Check Cu and Ag, Plus Primary Au Analysis
Pre-2007	Similco Mine Laboratory	None
2007	Pioneer	IPL
2008	Pioneer and Ecotech	ALS Chemex
2010	Pioneer	None¹
2011	Pioneer	None¹
2012	CMM laboratory	Pioneer
2015	CMM laboratory	None¹
2016	CMM laboratory	Pioneer
2017	CMM laboratory	Pioneer
2018	CMM laboratory	ALS Chemex
2019	CMM laboratory	ALS Chemex
2020	CMM laboratory	ALS Chemex
2021	CMM laboratory	Actlabs
2022	CMM laboratory and MSALABS²	Actlabs and MSALABS
2023	MSALABS	None³
Notes: ¹Relatively small drill programs in these years. ² Twelve holes from the final phase of the 2022 drilling program. ³All primary samples sent to independent laboratory as of 2023.

Laboratory	Independent	Accreditation
IPL, Vancouver, B.C.	Yes	ISO9001 accreditation for quality management systems
Pioneer, Richmond, B.C.	Yes	Not accredited
Ecotech labs, Kamloops, B.C.	Yes	ISO9001 accreditation for quality management systems
CMM Laboratory	No	Not accredited
ALS Chemex, Vancouver, B.C.	Yes	ISO 17025:2017 accreditation for competence of testing and calibration laboratories.
Actlabs, Kamloops, B.C.	Yes	ISO9001 accreditation for quality management systems, and ISO 17025:2017 accreditation for competence of testing and calibration laboratories.
MSALABS, Langley, B.C.	Yes	ISO9001 accreditation for quality management systems, and ISO 17025:2017 accreditation for competence of testing and calibration laboratories.

Program	Total Assays	Total Assays (%)	Sample Preparation Blanks	CRMs	CMM Laboratory CRMs	Primary Laboratory
2007	13,330	17.9	Inserted	Inserted	Not applicable	Pioneer and Ecotech
2008	10,876	14.6	Inserted	Inserted	Not applicable	Pioneer and Ecotech
2010	3,139	4.2	Inserted	Inserted	Not applicable	Pioneer
2011	924	1.2	Not inserted	Not inserted	Not applicable	Pioneer
2012	5,169	7	Inserted	Inserted	Inserted	CMM laboratory
2015	274	0.4	Inserted	Inserted	Inserted	CMM laboratory
2016	1,278	1.7	Inserted	Inserted	Inserted	CMM laboratory
2017	3,399	4.6	Inserted	Not inserted	Inserted	CMM laboratory
2018	3,398	4.6	Inserted	Not inserted	Inserted	CMM laboratory
2019	4,476	6	Inserted	Not inserted	Inserted	CMM laboratory
2020	4,833	6.5	Inserted	Not inserted	Inserted	CMM laboratory
2021	14,576	19.6	Not inserted	Not inserted	Inserted	CMM laboratory
2022	4,804	6.5	Inserted	Not inserted	Inserted	CMM laboratory/MSALABS
2023	3,851	5.2	Inserted	Inserted	Not applicable	MSALABS
Total	74,327	100.0

Year	Name in Tables	Standard	%Cu		g/t Au		g/t Ag		Labs
Year	Name in Tables	Standard	%	SD	g/t	SD	g/t	SD	Labs
2007-2012	Standard A	CDN-CGS-7	1.01	0.07	0.95	0.08	-	-	Pioneer, MSALABS, Ecotech, Mine Laboratory, (Similco Historical)
	Standard B	CDN-CGS-9	0.473	0.025	0.34	0.034	-	-
	Standard C	CDN-CGS-11	0.683	0.026	0.73	0.068	-	-
	Standard D	CDN-CGS-12	0.265	0.015	0.29	0.04	-	-
	Standard E	CDN-CGS-8	0.105	0.008	0.08	0.012	-	-
	Standard F	CDN-CGS-10	1.55	0.07	1.73	0.15	-	-
	Standard G	CDN-CGS-13	0.329	0.018	1.01	0.11	-	-
	Standard CM-16	CDN-CM-16	0.184	0.014	0.294	0.046	-	-
	Standard ME-8	CDN-ME-8	0.103	0.008	0.093	0.018	-	-
2022-2023	OREAS 501d	OREAS 501d	0.272	0.009	0.232	0.011	-	-	MSALABS
	OREAS 503d	OREAS 503d	0.524	0.01	0.666	0.015	-	-
	OREAS 505	OREAS 505	0.321	0.008	0.555	0.014	-	-
	OREAS 506	OREAS 506	0.444	0.01	0.364	0.01	-	-
	OREAS 507	OREAS 507	0.622	0.013	0.176	0.006	-	-
2013-2023	CCu-1d	CCu-1d	23.93	0.29	14.01	0.34	120.70	2.20	Mine Laboratory
	Cu160	Cu160	0.35	0.01	2.84	0.09	48.50	1.67
	Cu188	Cu188	0.18	0.01	0.40	0.02	0.18	0.01
	Cu199	Cu199	0.36	0.01	0.83	0.04	0.36	0.01
	CH-4	CH-4	0.20	0.01	0.88	0.04	2.10	0.20
	DS-1	DS-1	0.00	0.00	32.59	0.56	0.47	0.06

Laboratory	Element	Standard	No. of Samples	No. of Failures	Failure Rate (%)	CRM Value	Laboratory Average	Relative Bias (%)	Bias Excluding Outliers	Max. Value Reported
Pioneer	Cu (%)	CDN-CGS-7	52	1	2	1.010	1.01	0.2	2.2	1.06
		CDN-CGS-8	86	0	0	0.105	0.11	1.9	-	0.12
		CDN-CGS-9	89	0	0	0.473	0.50	4.9	-	0.52
		CDN-CGS-10	35	0	0	1.550	1.56	0.5	-	1.59
		CDN-CGS-11	85	2	2	0.683	0.70	1.9	3.7	0.75
		CDN-CGS-12	83	1	1	0.265	0.28	6.7	4.8	0.7
		CDN-CGS-13	31	1	3	0.329	0.32	−1.5	0.6	0.34
		CDN-CM-16	1	0	0	0.184	0.18	−1.1	-	0.18
		CDN-ME-8	-	-	-	0.103	-	-	-	-
	Au (g/t)	CDN-CGS-7	13	2	15	0.950	0.93	−1.8	−3.0	1.72
		CDN-CGS-8	52	0	0	0.080	0.09	11.3	-	0.1
		CDN-CGS-9	60	0	0	0.340	0.34	1.0	-	0.38
		CDN-CGS-10	38	1	3	1.730	4.88	181.8	−0.8	121.75
		CDN-CGS-11	53	2	4	0.730	2.98	308.2	−0.2	120.7
		CDN-CGS-12	57	1	2	0.290	0.30	5.0	2.5	0.71
		CDN-CGS-13	28	2	7	1.010	0.96	−5.2	0.6	1.05
		CDN-CM-16	4	0	0	0.294	0.30	2.9	-	0.31
		CDN-ME-8	4	0	0	0.093	0.09	−0.5	-	0.1
MSALABS	Cu (%)	OREAS 501d	86	1	1	0.272	0.27	−0.5	−0.7	0.327
		OREAS 503d	4	0	0	0.524	0.52	−0.7	-	0.525
		OREAS 505	20	0	0	0.321	0.32	0.0	-	0.342
		OREAS 506	11	0	0	0.444	0.44	−0.9	-	0.456
		OREAS 507	13	0	0	0.622	0.62	0.0	-	0.642
	Au (g/t)	OREAS 501d	86	1	1	0.232	0.23	0.1	−1.4	0.537
		OREAS 503d	4	0	0	0.666	0.66	−0.3	-	0.682
		OREAS 505	20	0	0	0.550	0.55	0.6	-	0.579
		OREAS 506	11	0	0	0.364	0.36	−1.1	-	0.380
		OREAS 507	13	0	0	0.176	0.17	−3.9	-	0.179