Hudbay Minerals Inc 6-K, filed May 10, 2022

Hudbay Minerals Inc. (HBM)

6-K 2022-05-10 For: 2022-03-31

View Original

Added on April 08, 2026

About this 6-K

Hudbay Minerals Inc filed this 6-K on May 10, 2022.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

	HUDBAY MINERALS INC.
	(registrant)

	By:	/s/ Steve Douglas
	Name:	Steve Douglas
	Title:	Senior Vice President and Chief Financial Officer

Exhibit		Description

99.1		Unaudited Condensed Consolidated Interim Financial Statements for the period ended March 31, 2022
99.2		Management's Discussion and Analysis of Results of Operations and Financial Condition for the period ended March 31, 2022
99.3		Form 52-109F2 Certification of Interim Filings Full Certificate - CEO
99.4		Form 52-109F2 Certification of Interim Filings Full Certificate - CFO
99.5		News Release dated May 9, 2022

			Mar. 31,			Dec. 31,
	Note		2022			2021
Assets
Current assets
Cash		$	213,359		$	270,989
Trade and other receivables	6		185,231			204,081
Inventories	7		199,239			158,453
Prepaid expenses and other current assets			15,760			15,338
Other financial assets	8		6,643			7,867
			620,232			656,728
Receivables	6		16,805			16,084
Inventories	7		23,438			37,573
Other financial assets	8		13,210			11,158
Intangibles and other assets	9		19,800			20,138
Property, plant and equipment	10		3,713,732			3,740,966
Deferred tax assets			130,997			133,584
		$	4,538,214		$	4,616,231
Liabilities
Current liabilities
Trade and other payables		$	185,082		$	207,777
Taxes payable			8,371			15,243
Other liabilities	11		54,460			63,002
Other financial liabilities	12		107,712			100,702
Lease liabilities	13		29,518			33,529
Deferred revenue	15		73,243			88,963
			458,386			509,216
Other financial liabilities	12		106,945			120,972
Lease liabilities	13		47,507			44,473
Long-term debt	14		1,181,119			1,180,274
Deferred revenue	15		418,939			426,363
Pension obligations			10,770			6,252
Other employee benefits			108,674			128,588
Environmental and other provisions	16		368,800			461,501
Deferred tax liabilities			275,096			261,764
			2,976,236			3,139,403
Equity
Share capital	18b		1,780,182			1,778,848
Reserves			21,894			(182	)
Retained earnings			(240,098	)		(301,838	)
			1,561,978			1,476,828
		$	4,538,214		$	4,616,231
Commitments (note 21)

	Note		Three months ended March 31,
	Note		2022			2021
Revenue	5a	$	378,619		$	313,624
Cost of sales
Mine operating costs			212,260			178,430
Depreciation and amortization	5b		81,091			82,682
			293,351			261,112

Gross profit			85,268			52,512

Selling and administrative expenses			11,841			9,945
Exploration expenses			18,630			6,847
Evaluation expenses	3, 5c		7,036			267
Environmental obligation adjustment	3, 16		(79,856	)		(4,499	)
Other expenses	3, 5d		2,012			1,091
Results from operating activities			125,605			38,861
Net interest expense on long term debt	5e		16,898			21,232
Accretion on streaming arrangements	5e		4,836			15,528
Change in fair value of financial instruments	5e		7,216			39,007
Other net finance costs	5e		7,794			32,686
Net finance expense			36,744			108,453
Profit (loss) before tax			88,861			(69,592	)
Tax expense (recovery)	17		25,046			(9,490	)
Profit (loss) for the period		$	63,815		$	(60,102	)

Profit (loss) per share
Basic and diluted		$	0.24		$	(0.23	)

Weighted average number of common shares outstanding:
Basic	19		261,689,263			261,321,074
Diluted	19		262,267,240			261,321,074

	Note		Three months ended March 31,
	Note		2022			2021
Cash generated from operating activities:
Profit (loss) for the period		$	63,815		$	(60,102	)
Tax expense (recovery)	17		25,046			(9,490	)
Items not affecting cash:
Depreciation and amortization	5b		81,533			83,162
Share-based compensation			3,303			1,786
Net interest expense on long term debt	5e		16,898			21,232
Accretion on streaming arrangements	5e		4,836			15,528
Change in fair value of financial instruments	5e		7,216			39,007
Other net finance costs	5e		7,794			32,686
Inventory adjustments	7		(461	)		(723	)
Amortization of deferred revenue and variable consideration	5a		(28,219	)		(15,227	)
Pension and other employee benefit payments, net of accruals			(708	)		2,641
Environmental obligation adjustment	3, 16		(79,856	)		(4,499	)
Decommissioning and restoration payments	16		(3,341	)		(4,637	)
Other	22a		(4,614	)		(6,311	)
Taxes paid			(16,189	)		(4,397	)
Operating cash flow before change in non-cash working capital			77,053			90,656
Change in non-cash working capital	22b		(13,746	)		(38,859	)
			63,307			51,797
Cash used in investing activities:
Acquisition of property, plant and equipment			(55,894	)		(82,950	)
Interest received			162			438
			(55,732	)		(82,512	)
Cash used in financing activities:
Issuance of senior unsecured notes, net of transaction costs	14a		-			591,928
Principal repayments	14a		-			(600,000	)
Premium paid on redemption of notes	14a		-			(22,878	)
Interest paid on long-term debt			(31,875	)		(50,835	)
Financing costs			(3,151	)		(3,586	)
Lease payments	13		(9,863	)		(9,773	)
Gold prepayment repayments	12		(18,623	)		-
Net proceeds from exercise of stock options			868			443
Dividends paid	18b		(2,075	)		(2,090	)
			(64,719	)		(96,791	)
Effect of movement in exchange rates on cash			(486	)		(1,065	)
Net decrease in cash			(57,630	)		(128,571	)
Cash, beginning of the period			270,989			439,135
Cash, end of the period		$	213,359		$	310,564

		Share capital (note 18)		Other capital reserves			Foreign currency translation reserve			Remeasurement reserve			Retained earnings			Total equity
Balance, January 1, 2021	$	1,777,340	$	55,937		$	1,571		$	(81,708	)	$	(53,334	)	$	1,699,806
Loss		-		-			-			-			(60,102	)		(60,102	)
Other comprehensive income		-		-			3,461			18,309			-			21,770
Total comprehensive income (loss)		-		-			3,461			18,309			(60,102	)		(38,332	)
Contributions by and distributions to owners:
Dividends (note 18b)		-		-			-			-			(2,090	)		(2,090	)
Stock options		-		423			-			-			-			423
Issuance of shares related to stock options redeemed		681		(238	)		-			-			-			443
Total contributions by and distributions to owners		681		185			-			-			(2,090	)		(1,224	)
Balance, March 31, 2021	$	1,778,021	$	56,122		$	5,032		$	(63,399	)	$	(115,526	)	$	1,660,250
Loss		-		-			-			-			(184,256	)		(184,256	)
Other comprehensive (loss) income		-		-			(2,125	)		2,982			-			857
Total comprehensive (loss) income		-		-			(2,125	)		2,982			(184,256	)		(183,399	)
Contributions by and distributions to owners:
Dividends (note 18b)		-		-			-			-			(2,056	)		(2,056	)
Stock options		-		1,496			-			-			-			1,496
Issuance of shares related to stock options redeemed		827		(290	)		-			-			-			537
Total contributions by and distributions to owners		827		1,206			-			-			(2,056	)		(23	)
Balance, December 31, 2021	$	1,778,848	$	57,328		$	2,907		$	(60,417	)	$	(301,838	)	$	1,476,828

		Mar. 31, 2022		Dec. 31, 2021
Current
Trade receivables	$	140,450	$	166,524
Statutory receivables		39,502		31,191
Other receivables		5,279		6,366
		185,231		204,081
Non-current
Taxes receivable		16,805		16,084
	$	202,036	$	220,165

Mar. 31, 2022		Cost		Accumulated depreciation and amortization			Carrying amount
Exploration and evaluation assets	$	90,284	$	-		$	90,284
Capital works in progress		873,384		-			873,384
Mining properties		2,470,651		(1,332,432	)		1,138,219
Plant and equipment		3,004,363		(1,499,697	)		1,504,666
Plant and equipment-ROU Assets¹		264,783		(157,604	)		107,179
	$	6,703,465	$	(2,989,733	)	$	3,713,732

Dec. 31, 2021		Cost		Accumulated depreciation and amortization			Carrying amount
Exploration and evaluation assets	$	88,207	$	-		$	88,207
Capital works in progress		858,230		-			858,230
Mining properties		2,434,000		(1,284,369	)		1,149,631
Plant and equipment		2,983,919		(1,445,122	)		1,538,797
Plant and equipment - ROU Assets¹		259,726		(153,625	)		106,101
	$	6,624,082	$	(2,883,116	)	$	3,740,966
¹Includes $4,871 of capital works in progress - ROU assets (cost) that relate to the Arizona segment (December 31, 2021 - $5,112 related to the Arizona segment).

Balance, January 1, 2021	$	137,031
Change in fair value recorded in profit or loss		293
Change in fair value recorded in other comprehensive income		2,684
Balance, December 31, 2021	$	140,008
Change in fair value recorded in profit or loss (note 5e)		9,108
Change in fair value recorded in other comprehensive income		(175	)
Repayments		(18,623	)
Balance, March 31, 2022	$	130,318

Balance, January 1, 2021	$	63,514
Additional capitalized leases		49,695
Lease payments		(37,719	)
Accretion and other movements ¹		2,512
Balance, December 31, 2021	$	78,002
Additional capitalized leases		7,772
Lease payments		(9,863	)
Accretion and other movements		1,114
Balance, March 31, 2022	$	77,025
¹ Includes $1,844 of sale lease back additions to ROU leases.

		Mar. 31, 2022		Dec. 31, 2021
Current	$	29,518	$	33,529
Non-current		47,507		44,473
	$	77,025	$	78,002

		Three months ended March 31,
		2022		2021
Short-term leases	$	11,770	$	8,539
Low value leases		204		93
Variable leases		10,437		8,083
Total	$	22,411	$	16,715

		Mar. 31, 2022			Dec. 31, 2021
Senior unsecured notes (a)	$	1,186,375		$	1,185,805
Less: Unamortized transaction costs - revolving credit facilities (b)		(5,256	)		(5,531	)
	$	1,181,119		$	1,180,274

Balance, January 1, 2021	$	1,139,695
Addition to Principal, net of $8,078 transaction costs		591,922
Principal repayments		(600,000	)
Write-down of fair value of embedded derivative (prepayment option)		49,754
Write-down of unamortized transaction costs		2,480
Accretion of transaction costs and premiums		1,954
Balance, December 31, 2021	$	1,185,805
Accretion of transaction costs and premiums		570
Balance, March 31, 2022	$	1,186,375

Balance, January 1, 2021	$	4,020
Accretion of transaction costs		(2,816	)
Transaction costs		4,327
Balance, December 31, 2021	$	5,531
Accretion of transaction costs		(391	)
Transaction costs		116
Balance, March 31, 2022 ¹	$	5,256
¹ Balance, representing deferred transaction costs, is in an asset position.

		Three months ended March 31,
		2022			2021
Copper	$	208,989		$	173,686
Zinc		66,426			82,103
Gold		67,552			42,193
Silver		6,621			6,397
Molybdenum		9,194			6,970
Other		2,437			1,559
Revenue from contracts		361,219			312,908

Non-cash streaming arrangement items ¹
Amortization of deferred revenue - gold		13,202			4,873
Amortization of deferred revenue - silver		11,772			8,737
Amortization of deferred revenue - variable consideration adjustments - prior periods		3,245			1,617
		28,219			15,227
Pricing and volume adjustments ²		1,264			(2,575	)
		390,702			325,560
Treatment and refining charges		(12,083	)		(11,936	)
	$	378,619		$	313,624
¹See note 15.
²Pricing and volume adjustments represent mark-to-market adjustments on initial estimate of provisionally priced sales, realized and unrealized changes to fair value for non-hedge derivative contracts and adjustments to originally invoiced weights and assays.

		Mar. 31, 2022		Dec. 31, 2021
Current
Stockpile	$	28,571	$	12,768
Work in progress		6,650		5,647
Finished goods		106,402		78,958
Materials and supplies		57,616		61,080
		199,239		158,453
Non-current
Stockpile		18,553		34,156
Materials and supplies		4,885		3,417
		23,438		37,573
	$	222,677	$	196,026

		Mar. 31, 2022		Dec. 31, 2021
Current
Derivative liabilities	$	15,873	$	12,451
Deferred Rosemont acquisition consideration		9,855		9,713
Gold prepayment liability		75,744		71,394
Agreements with communities recorded at amortized cost		6,240		7,144
		107,712		100,702

Non-current
Deferred Rosemont acquisition consideration		18,068		17,805
Gold prepayment liability		54,574		68,614
Agreements with communities recorded at amortized cost		28,757		29,129
Wheaton refund liability (note 15)		5,546		5,424
		106,945		120,972
	$	214,657	$	221,674

Balance, January 1, 2021	$	546,684
Amortization of deferred revenue
Liability drawdown		(71,519	)
Variable consideration adjustments - prior periods		(1,617	)
Accretion on streaming arrangements
Current year additions		42,060
Variable consideration adjustments - prior periods		594
Reclass of refund liability (note 12)		(5,424	)
Stream deposit		4,000
Effects of changes in foreign exchange		548
Balance, December 31, 2021	$	515,326
Amortization of deferred revenue (note 5a)
Liability drawdown		(24,974	)
Variable consideration adjustments - prior periods		(3,245	)
Accretion on streaming arrangements (note 5e)
Current year-to-date additions		7,363
Variable consideration adjustments - prior periods		(2,527	)
Effects of changes in foreign exchange		239
Balance, March 31, 2022	$	492,182

Mar. 31, 2022		Decommissioning, restoration and similar liabilities		Deferred share units		Restricted share units		Performance share units		Other		Total
Current (note 11)	$	15,136	$	9,124	$	5,646	$	5,034	$	6,562	$	41,502
Non-current		362,435		-		1,405		1,048		3,912		368,800
	$	377,571	$	9,124	$	7,051	$	6,082	$	10,474	$	410,302

Dec. 31, 2021		Decommissioning, restoration and similar liabilities		Deferred share units		Restricted share units		Performance share units		Other		Total
Current (note 11)	$	16,759	$	8,107	$	5,061	$	4,622	$	6,468	$	41,017
Non-current		451,041		-		5,828		780		3,852		461,501
	$	467,800	$	8,107	$	10,889	$	5,402	$	10,320	$	502,518

Balance, December 31, 2021	$	467,800
Net increase in provisions		3,187
Disbursements		(3,341	)
Unwinding of discount (note 5e)		1,892
Effect of change in discount rate		(97,225	)
Effect of foreign exchange		5,258
Balance, March 31, 2022	$	377,571

		Net increase (decrease) in provision			Effect of change in discount rate			DRO Adjustment
Producing properties
Peru	$	3,534		$	(14,245	)
Manitoba		(313	)		(81,312	)
Non-producing properties
Manitoba		(34	)		(1,668	)
		3,187			(97,225	)	$	(94,038	)
Less: DRO asset, remaining carrying value ¹								14,182
Environmental obligation adjustment							$	(79,856	)
¹Includes effects of foreign exchange.

	Three months ended March 31, 2022			Year ended Dec. 31, 2021
	Common shares		Amount	Common shares		Amount
Balance, beginning of year	261,598,312	$	1,778,848	261,272,151	$	1,777,340
Exercise of options	288,343		1,334	326,161		1,508
Balance, end of period	261,886,655	$	1,780,182	261,598,312	$	1,778,848

	Mar. 31, 2022				Dec. 31, 2021
	Number of shares subject to option			Weighted- average exercise price C$	Number of shares subject to option			Weighted average exercise price C$
Balance, beginning of year	1,659,288		$	5.71	1,563,189		$	3.77
Number of units granted	572,331		$	9.92	509,385		$	10.42
Exercised	(288,343	)	$	3.76	(326,161	)	$	3.76
Forfeited	(127,962	)	$	6.04	(87,125	)	$	5.79
Balance, end of period	1,815,314		$	7.32	1,659,288		$	5.71

For options granted during the period		Mar. 31, 2022		Dec. 31, 2021
Weighted average share price at grant date (CAD)	$	9.92	$	10.42
Risk-free rate		1.75%		1.02%
Expected dividend yield		0.20%		0.20%
Expected stock price volatility (based on historical volatility)		55.9%		60.5%
Expected life of option (months)		84		84
Weighted average per share fair value of stock options granted (CAD)	$	5.53	$	6.06

Dec. 31, 2021
Range of exercise prices C$	Number of options outstanding	Weighted average remaining contractual life (years)		Weighted average exercise price C$	Number of options exercisable		Weighted average share price at exercise date C$
$3.76 - $3.92	1,176,399	5.15	$	3.78	191,651	$	3.79
$10.42 - $10.42	482,889	6.15	$	10.42	-	$	-

	Three months ended
	Mar. 31, 2022	Mar. 31, 2021
Weighted average common shares outstanding
Basic	261,689,263	261,321,074
Plus net incremental shares from:
Assumed conversion: stock options	577,977	-
Diluted weighted average common shares outstanding	262,267,240	261,321,074

December 31, 2021		Level 1		Level 2		Level 3		Total
Financial assets measured at fair value
Financial assets at FVTPL:
Non-hedge derivatives	$	-	$	7,430	$	-	$	7,430
Investments		11,158		-		-		11,158
	$	11,158	$	7,430	$	-	$	18,588
Financial liabilities measured at fair value
Financial liabilities at FVTPL:
Non-hedge derivatives	$	-	$	12,451	$	-	$	12,451
Gold prepayment liability		-		140,008		-		140,008
Financial liabilities at amortized cost:
Agreements with communities		-		-		33,947		33,947
Wheaton refund liability		-		-		5,424		5,424
Senior unsecured notes		1,239,018		-		-		1,239,018
	$	1,239,018	$	152,459	$	39,371	$	1,430,848

Three months ended March 31, 2021
		Manitoba			Peru		Arizona			Corporate and other activities			Total
Revenue from external customers	$	177,956		$	135,668	$	-		$	-		$	313,624
Cost of sales
Mine operating costs		100,577			77,853		-			-			178,430
Depreciation and amortization		42,247			40,435		-			-			82,682
Gross profit		35,132			17,380		-			-			52,512
Selling and administrative expenses		-			-		-			9,945			9,945
Exploration expenses		1,853			871		4,383			(260	)		6,847
Evaluation expenses		205			-		62			-			267
Environmental obligation adjustment		(4,499	)		-		-			-			(4,499	)
Other expenses		(152	)		1,077		(8	)		174			1,091
Results from operating activities	$	37,725		$	15,432	$	(4,437	)	$	(9,859	)	$	38,861
Net interest expense on long term debt													21,232
Accretion on streaming arrangements													15,528
Change in fair value of financial instruments													39,007
Other net finance costs													32,686
Loss before tax													(69,592	)
Tax recovery													(9,490	)
Loss for the period												$	(60,102	)

TABLE OF CONTENTS	Page

Introduction	1
Our Business	1
Summary of Results	2
Key Financial Results	5
Key Production Results	6
Key Costs Results	7
Recent Developments	8
Peru Operations Review	10
Manitoba Operations Review	15
Financial Review	22
Liquidity and Capital Resources	32
Financial Risk Management	36
Trend Analysis and Quarterly Review	36
Non-IFRS Financial Performance Measures	39
Accounting Changes and Critical Estimates	51
Changes in Internal Control Over Financial Reporting	52
Notes to Reader	52
Summary of Historical Results	55

Financial Condition		Mar. 31, 2022		Dec. 31, 2021
(in $ thousands)		Mar. 31, 2022		Dec. 31, 2021
Cash	$	213,359	$	270,989
Total long-term debt		1,181,119		1,180,274
Net debt¹		967,760		909,285
Working capital²		161,846		147,512
Total assets		4,538,214		4,616,231
Equity		1,561,978		1,476,828
¹Net debt is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.
²Working capital is determined as total current assets less total current liabilities as defined under IFRS and disclosed on the consolidated financial statements.

Financial Performance		Three months ended
(in $ thousands, except per share amounts)		Mar. 31, 2022		Mar. 31, 2021
Revenue	$	378,619	$	313,624
Cost of sales		293,351		261,112
Earnings (loss) before tax		88,861		(69,592	)
Net earnings (loss)		63,815		(60,102	)
Basic and diluted earnings (loss) per share		0.24		(0.23	)
Adjusted earnings (loss) per share¹		0.02		(0.06	)
Operating cash flow before changes in non-cash working capital²		77.1		90.7
Adjusted EBITDA^1,2		110.2		104.2
¹ Adjusted earnings (loss) per share and adjusted EBITDA are non-IFRS financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.
² In millions.

		Three months ended		Guidance
		Mar. 31, 2022	Mar. 31, 2021	Annual 2022
Consolidated copper cash cost per pound of copper produced
Cash cost ¹	$/lb	1.11	1.04	0.60 - 1.05
Peru	$/lb	1.54	1.82	1.10 - 1.40
Manitoba	$/lb	(0.40)	(1.04)	-
Sustaining cash cost ¹	$/lb	2.29	2.16	1.60 - 2.25
Peru	$/lb	2.27	2.36
Manitoba	$/lb	2.33	1.62
All-in sustaining cash cost¹	$/lb	2.54	2.37
Manitoba gold cash cost per ounce of gold produced
Cash cost ^1,4	$/oz	416	-	300 - 550
Sustaining cash cost^1,4	$/oz	1,187	-
Combined mine/mill unit operating cost per tonne of copper processed ^1,2
Peru 3	$/tonne	12.37	11.74	10.10 - 12.90 ⁵
Manitoba	C$/tonne	176	151	170 - 185
¹Cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, gold cash cost, sustaining cash cost per ounce of gold produced, net of by-product credits, and unit operating cost are non-IFRS financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.
²Reflects combined mine, mill and G&A costs per tonne of milled ore. Peru costs reflect the deduction of expected capitalized stripping costs.
³ Excludes approximately $2.3 million, or $0.32 per tonne, of COVID-related costs during the three months ended March 31, 2022, and $4.6 million, or $0.72 per tonne during the three months ended March 31, 2021.
⁴ Cash cost and sustaining cash cost per ounce of gold produced, net of by-product credits were introduced in 2022 and do not have a published comparative.
⁵ Combined unit cost guidance for 2022 excludes COVID-19 related costs.

Contained metal in concentrate produced		Three months ended		Guidance
		Mar. 31, 2022	Mar. 31, 2021	Annual
		Mar. 31, 2022	Mar. 31, 2021	2022
Copper	tonnes	19,166	17,827	89,000 - 115,000
Gold	oz	10,789	4,638	70,000 - 90,000
Silver	oz	505,568	405,714	1,620,000 - 2,100,000
Molybdenum	tonnes	207	294	1,100 - 1,400

Unit Operating Costs ^1,2		Three months ended
Unit Operating Costs ^1,2		Mar. 31, 2022	Mar. 31, 2021
Mines
Lalor	C$/tonne	126.42	109.55
777	C$/tonne	102.17	82.59
Total Mines	C$/tonne	116.72	98.90
¹ Reflects costs per tonne of ore mined.
² Unit costs is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

Unit Operating Costs ¹		Three months ended		Guidance
		Mar. 31, 2022	Mar. 31, 2021	Annual
		Mar. 31, 2022	Mar. 31, 2021	2022
Concentrators
Stall & New Britannia	C$/tonne	50.07	23.12
Flin Flon	C$/tonne	28.89	27.08
Combined mine/mill unit operating costs ^2,3
Manitoba	C$/tonne	176	151	170 - 185
¹ Reflects costs per tonne of milled ore.
²Reflects combined mine, mill and G&A costs per tonne of milled ore.
³Combined unit costs is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

Zinc Production		Three months ended
Zinc Production		Mar. 31, 2022	Mar. 31, 2021
Zinc Concentrate Treated
Domestic	tonnes	41,723	54,489
Refined Metal Produced
Domestic	tonnes	20,063	26,508

Unit Operating Costs		Three months ended
		Mar. 31, 2022	Mar. 31, 2021
Zinc Plant ^1,2	C$/lb	0.62	0.51
¹ Zinc unit operating costs include G&A costs.
² Zinc unit costs is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.