Current mineral reserves and resources as of January 1, 2023
Constancia Operations
Mineral Reserve and Resource
Estimates1,2,3,4
|
Tonnes
|
Cu Grade
(%)
|
Mo Grade
(g/t)
|
Au Grade
(g/t)
|
Ag Grade
(g/t)
|
|
Constancia Reserves
|
| Proven |
411,200,000 |
0.28 |
79 |
0.041 |
2.85 |
| Probable |
46,500,000 |
0.23 |
79 |
0.038 |
2.84 |
|
Total Proven and Probable - Constancia
|
457,700,000
|
0.28
|
79
|
0.040
|
2.85
|
|
Pampacancha Reserves
|
| Proven |
34,100,000 |
0.59 |
153 |
0.320 |
4.98 |
| Probable |
300,000 |
0.17 |
306 |
0.119 |
2.29 |
| Total Proven and Probable - Pampacancha |
34,400,000 |
0.59 |
155 |
0.319 |
4.96 |
|
Total Proven and Probable
|
492,100,000
|
0.30
|
85
|
0.060
|
2.99
|
|
Constancia Resources
|
| Measured |
118,400,000 |
0.20 |
62 |
0.036 |
1.86 |
| Indicated |
140,700,000 |
0.23 |
73 |
0.040 |
2.20 |
| Inferred - Open Pit |
56,700,000 |
0.27 |
82 |
0.044 |
1.86 |
| Inferred - Underground |
6,500,000 |
1.20 |
69 |
0.137 |
8.62 |
|
Pampacancha Resources
|
| Measured |
9,100,000 |
0.35 |
103 |
0.230 |
6.01 |
| Indicated |
300,000 |
0.16 |
173 |
0.173 |
2.62 |
| Inferred |
900,000 |
0.15 |
118 |
0.103 |
2.86 |
|
Total Measured and Indicated
|
268,500,000
|
0.22
|
69
|
0.045
|
2.18
|
|
Total Inferred
|
64,100,000
|
0.36
|
81
|
0.054
|
2.56
|
Note: totals may not add up correctly due to rounding.
1Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability.
2Mineral resources are based on resource pit design and do not include factors for mining recovery or dilution.
3The open pit mineral reserves and resources are estimated using a minimum NSR cut-off of $6.40 per tonne and assuming metallurgical recoveries (applied by ore type) of 86% for copper on average for the life of mine, while the underground inferred resources at Constancia Norte are based on a 0.65% copper cut-off grade.
4 Long-term metal prices of $3.60 per pound copper, $12.00 per pound molybdenum, $1,650 per ounce gold, and $22.00 per ounce silver were used to estimate mineral reserves and resources.
Llaguen Project Mineral Resource Estimate as at January 1, 2023
Llaguen
Mineral Resource Estimate1,2,3,4,5,6
|
Metric Tonnes
|
Cu Grade
(%)
|
Mo Grade
(g/t)
|
Au Grade
(g/t)
|
Ag Grade
(g/t)
|
CuEq Grade
(%)
|
Indicated Global
(>= 0.14% Cu) |
271,000,000 |
0.33 |
218 |
0.033 |
2.04 |
0.42 |
Including Indicated High-grade
(>= 0.30% Cu) |
113,000,000 |
0.49 |
261 |
0.046 |
2.73 |
0.60 |
Inferred Global
(>= 0.14% Cu) |
83,000,000 |
0.24 |
127 |
0.024 |
1.47 |
0.30 |
Including Inferred High-grade
(>= 0.30% Cu) |
16,000,000 |
0.45 |
141 |
0.038 |
2.60 |
0.52 |
1CIM definitions were followed for the estimation of mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
2Mineral resources are reported within an economic envelope defined by a pit shell optimization algorithm. This pit shell is defined by a revenue factor of 0.33 assuming operating costs adjusted from Hudbay’s Constancia open pit operation.
3Long-term metal prices of $3.60 per pound copper, $11.00 per pound molybdenum, $1,650 per ounce gold and $22.00 per ounce silver were used for the estimation of mineral resources.
4Metal recovery estimates assume that this mineralization would be processed at a combination of facilities, including copper and molybdenum flotation.
5Copper-equivalent (“CuEq”) grade is calculated assuming 85% copper recovery, 80% molybdenum recovery, 60% gold recovery and 60% silver recovery.
6Specific gravity measurements were estimated by industry standard laboratory measurements.