Reserves-and-Resources

Rosemont Project

Current mineral reserves and resources (exclusive of reserves) for Rosemont are summarized below.

Rosemont Project
Mineral Reserve and Resource Estimates1
Tonnes Cu Grade
(%)
Mo Grade
(%)
Ag Grade
(g/t)
Mineral Reserves2,3
Proven 426,100,000 0.48 0.012 4.96
Probable 111,000,000 0.31 0.010 3.09
Total proven and probable 537,100,000 0.45 0.012 4.58
Mineral Resources 3
Measured 161,300,000 0.38 0.009 2.72
Indicated 374,900,000 0.25 0.011 2.60
Total measured and indicated 536,200,000 0.29 0.011 2.64
Inferred 62,300,000 0.30 0.010 1.58

Note: totals may not add up correctly due to rounding.
1 Based on 100% ownership of the Rosemont project.
2 Blocks were classified as Proven or Probable in accordance with CIM Definition Standards 2014.
3 Mineral reserves and resources calculated using metal prices of $3.15 per pound copper, $11.00 per pound molybdenum and $18.00 per ounce silver.

Constancia Mine

Current mineral reserves and resources (exclusive of reserves) for Constancia as of January 1, 2019 are summarized below.

Constancia Mine
Mineral Reserve and Resource Estimates1
Tonnes Cu Grade
(%)
Mo Grade
(g/t)
Au Grade
(g/t)
Ag Grade
(g/t)
Constancia Reserves
Proven 421,800,000 0.30 94 0.035 2.87
Probable 72,000,000 0.23 72 0.035 3.06
Total proven and probable - Constancia 493,800,000 0.29 91 0.035 2.90
Pampacancha Reserves
Proven 32,400,000 0.59 178 0.368 4.48
Probable 7,500,000 0.62 173 0.325 5.75
Total proven and probable - Pampacancha 39,900,000 0.60 177 0.360 4.72
Total proven and probable 533,700,000 0.31 97 0.059 3.03
Constancia Resources
Measured 169,400,000 0.18 50 0.028 2.19
Indicated 180,500,000 0.20 56 0.034 2.16
Inferred 50,800,000 0.24 43 0.046 2.41
Pampacancha Resources
Measured 11,400,000 0.41 101 0.245 4.95
Indicated 6,000,000 0.35 84 0.285 5.16
Inferred 10,100,000 0.14 143 0.233 3.86
Total measured and indicated 367,300,000 0.20 55 0.042 2.31
Total inferred 60,900,000 0.22 60 0.077 2.65

Note: totals may not add up correctly due to rounding.
1 Mineral reserves and resources calculated using metal prices of $3.00 per pound copper, $11.00 per pound molybdenum, $18.00 per ounce silver and $1,260 per ounce gold.

Lalor Mine

Current mineral reserves and resources (exclusive of reserves) for Lalor as of January 1, 2019 are summarized below.

Lalor Mine
Mineral Reserve and Resource Estimates1
Tonnes Cu Grade
(%)
Zn Grade
(%)
Au Grade
(g/t)
Ag Grade
(g/t)
Base Metal Zone Reserves
Proven 5,137,000 0.76 7.13 2.37 26.31
Probable 5,552,000 0.44 4.19 3.52 27.39
Gold Zone Reserves
Proven 58,000 0.80 2.65 5.46 39.09
Probable 2,928,000 1.09 0.31 6.74 23.08
Total proven and probable 13,675,000 0.70 4.46 3.78 26.11
Base Metal Zone Resources
Inferred 1,385,000 0.70 2.30 4.49 43.58
Gold Zone Resources
Inferred 4,516,000 1.08 0.35 4.38 20.42
Total inferred 5,901,000 0.99 0.81 4.41 25.85

Note: totals may not add up correctly due to rounding.
1 Mineral reserves and resources calculated using metal prices of $1.17 per pound zinc (includes premium), $1,260 per ounce gold, $3.10 per pound copper, $18.00 per ounce of silver and using a C$/US$ exchange rate of 1.25.

The following table summarizes the current mineral resource estimates for the Snow Lake regional deposits (excluding Lalor).

Snow Lake Regional Deposits (excl. Lalor)
Mineral Resource Estimates
Tonnes Cu Grade
(%)
Zn Grade
(%)
Au Grade
(g/t)
Ag Grade
(g/t)
Indicated Resources
WIM1 3,900,000 1.71 0.26 1.57 6.68
Pen II2 500,000 0.49 8.89 0.35 6.81
Total indicated 4,400,000 1.57 1.24 1.43 6.69
Inferred Resources
WIM1 700,000 1.03 0.37 1.76 4.65
Pen II2 100,000 0.37 9.81 0.30 6.85
Total inferred (base metals) 800,000 0.95 1.55 1.58 4.93
Birch & 3 Zone3 1,700,000     5.34  
New Britannia3 2,800,000     4.51  
Total inferred (gold) 4,500,000     4.82  

Note: totals may not add up correctly due to rounding.
1 WIM mineral resources reported based on a 1.3% CuEq cut-off for the underground portion, and a 0.5% cut-off for the open pit portion, assuming processing recoveries of 90% for copper and zinc for gold and silver, and using long-term prices of $3.00 per pound copper, $1,200 per ounce gold, $1.00 per ounce zinc and $15.00 per ounce of silver.
2 Pen II mineral resources are estimated at a minimum NSR cut-off of C$65 per tonne and assumed that the Pen II mineral resources would be amenable to processing at the Stall mill.
3 New Britannia mineral resource estimates have been reported at a minimal true width of 1.5 metres and with a cut-off grade varying from 2 grams per tonne (at the 3 Zone and the lower part of New Britannia) to 3.3 grams per tonne (at Birch and for the upper part of New Britannia).

777 Mine

Current mineral reserves and resources (exclusive of reserves) for 777 as of January 1, 2019 are summarized below.

777 Mine
Mineral Reserve and Resource Estimates1
Tonnes Cu Grade
(%)
Zn Grade
(%)
Au Grade
(g/t)
Ag Grade
(g/t)
Mineral Reserves
Proven 2,169,000 1.80 4.44 1.77 26.45
Probable 1,384,000 0.97 3.75 2.03 21.65
Total proven and probable 3,552,000 1.48 4.17 1.87 24.58
Mineral Resources
Indicated 375,000 1.13 4.05 1.79 29.57
Inferred 395,000 1.43 5.03 3.09 40.44

Note: totals may not add up correctly due to rounding.
1 Mineral reserves and resources calculated using metal prices of $3.10 per pound copper, $1.24 per pound zinc (includes premium), $1,283 per ounce gold, $17.50 per ounce silver and using a C$/US$ exchange rate of 1.267.

Ann Mason

The following table sets forth the estimates of the mineral resources at the Ann Mason project in Nevada.

Ann Mason Project
Mineral Resource Estimates1
Tonnes Cu Grade
(%)
Mo Grade
(%)
Au Grade
(g/t)
Ag Grade
(g/t)
Indicated 1,400,000,000 0.32 0.006 0.03 0.65
Inferred 623,000,000 0.29 0.007 0.03 0.66

Note: totals may not add up correctly due to rounding.
1 For additional details relating to the estimates of mineral resources at the Ann Mason project, refer to the technical report dated March 3, 2017 and filed on SEDAR by Mason Resources Corp.

Qualified Person

The scientific and technical information contained in this news release related to the Constancia mine and Rosemont project has been approved by Cashel Meagher, P.Geo., our Senior Vice President and Chief Operating Officer. The scientific and technical information related to the Lalor and 777 mines contained in this news release has been approved by Olivier Tavchandjian, P.Geo., our Vice President, Exploration and Geology. Messrs. Meagher and Tavchandjian are qualified persons pursuant to NI 43-101. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, as well as data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please refer to the NI 43-101 technical reports as filed by Hudbay on SEDAR at www.sedar.com.

Additional details on the company’s material properties, including a year-over-year reconciliation of reserves and resources, is included in Hudbay's Annual Information Form for the year ended December 31, 2018, which will be filed on SEDAR at www.sedar.com.

 

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