Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Technical Presentation (June 2022)
65 slides from Hudbay Minerals's technical presentation, Jun 16, 2022
Slide 1: Copper World Complex 2022 PEA Presentation
COPPER WORLD COMPLEX 2022 PEA PRESENTATION June 16, 2022
Slide 2: Cautionary Information
CAUTIONARY INFORMATION This presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this presentation, other than statements of current and historical fact, is forward-looking information. Ofte
Slide 3: Agenda
AGENDA Hudbay Overview Execution of Alternative Strategy in Arizona Copper World Complex PEA Highlights Mine Plan, Processing and Economics Next Steps & Upside Opportunities PETER KUKIELSKI ANDRE LAUZON EUGENE LEI Q&A session PRESIDENT & CEO SVP & COO SVP CORP. DEV. & STRATEGY OLIVIER TAVCHANDJIAN J
Slide 4: Revenue and Reserves by Metal
REVENUE AND RESERVES BY METAL DIVERSIFIED MID-TIER Revenue1 Resources2 9% 2% 1% 7% COPPER PRODUCER 4% Cu 4% 7% Au 16.9Mt ~20% year-over-year growth in $1.8B Ag CuEq.2 25% copper production and ~30% 60% Zn growth in gold production in 2022 Mo 81% Existing operations offer further near-term growth in
Slide 5: Hudbay Copper Growth Pipeline
HUDBAY COPPER GROWTH PIPELINE LEADING FREE CASH FLOW GROWTH AND SIGNIFICANT COPPER RESOURCE OPTIONALITY Meaningful near-term free cash flow growth with high quality organic pipeline offering significant long-term growth LEADING NEAR-TERM FREE CASH FLOW YIELDS SIGNIFICANT GROWTH IN COPPER RESOURCES P
Slide 6: Project History
PROJECT HISTORY August 2019 Construction Suspended & Appeal (2007 – 2014) (2014 – 2019) Process Initiated Approach to Rosemont development was Acquired Augusta in 2014 assuming ownership of the centered around pursuing a large NPV project Rosemont project with the federal permitting process Technica
Slide 7: Execution of Alternative Strategy
EXECUTION OF ALTERNATIVE STRATEGY Total private land package EVALUATING OPTIONS TO UNLOCK VALUE IN ARIZONA SINCE AUGUST 2019 Conducting Internal Study on Private-only Plan at East in 2019 Discovering New Mineralization on Patented Mining Claims Initiated a drill program in 2020 in support of a priva
Slide 8: Significant Copper Production Optionality
SIGNIFICANT COPPER PRODUCTION OPTIONALITY COPPER WORLD PROVIDES THE NEXT LEG OF COPPER PRODUCTION GROWTH AT HUDBAY Copper World provides significant medium-term copper growth Phase II Incremental +225kt Near-term fully- constructed copper growth ~125 kt 95 kt Phase I 2020 Actual 2022E - 2024E Avg. G
Slide 9: Copper Supply Gap
COPPER SUPPLY GAP GLOBAL COPPER MINES AND PROJECTS UNABLE TO MEET LONG-TERM DEMAND EXPECTATIONS Mt Base Case Production Capability Declining Copper Grades 35 Probable Projects Primary Demand Global copper resources continue to be 30 depleted and the average mined copper grade has declined by more th
Slide 10: Supporting Domestic U.S. Copper Supply Chain
SUPPORTING DOMESTIC U.S. COPPER SUPPLY CHAIN GREEN TRANSITION AND DEMAND FOR COPPER IN THE U.S. IS ACCELERATING Copper cathodes produced at the Copper World GROWING U.S COPPER CONSUMPTION Complex are expected to be sold entirely to U.S. 3000 domestic customers Global mine production, and ultimately
Slide 11: Environmental Stewardship
ENVIRONMENTAL STEWARDSHIP HUDBAY OPERATES IN A MANNER THAT DEMONSTRATES OUR COMMITMENT TO THE ENVIRONMENT Near-term GHG mitigation is focused on energy efficiency at our LEADING EMISSIONS RANKING operations t CO2e/t CuEq Rank Over 50% of our total energy consumption is from renewable Boliden 0.9 1 s
Slide 12: Designed to Reduce Energy Consumption and GHG Emissions
DESIGNED TO REDUCE ENERGY CONSUMPTION AND GHG EMISSIONS “MADE IN AMERICA” COPPER TARGETS GHG EMISSION REDUCTIONS Copper World Complex will produce copper cathode expected to be sold entirely to domestic U.S. customers Reduces the operation's total energy consumption, GHG emissions and sulfur (SO2) e
Slide 13: H' DBAY
H' DBAY
Slide 14: Development Strategy
DEVELOPMENT STRATEGY OVER US$100M SPENT PROGRESSING THE COPPER WORLD COMPLEX SINCE 2020 EXPLORATION ADDITIONAL PRIVATE NEW MINERAL PEA DRILLING LAND PURCHASES RESOURCE BASE ✓ Identification of historic ✓ Purchased +2400 acres ✓ 310 holes used to define • Combines initial mineralization and of additi
Slide 15: 2022 PEA Highlights
2022 PEA HIGHLIGHTS TWO-PHASED APPROACH WITH PRIVATE LAND FOR FIRST 16 YEARS Sulfide and oxide resources at low strip ratio were delineated in the Copper World areas (80% already in indicated category) with a large portion on private land The East deposit (formerly Rosemont) resource model was redon
Slide 16: Private Land Added to Support Infrastructure
PRIVATE LAND ADDED TO SUPPORT INFRASTRUCTURE PURCHASED +2400 ACRES OF ADDITIONAL PRIVATE LAND TO HOST INFRASTRUCTIRE AND TAILINGS Acquired in 2021 for More could be mined within tailings disposal tailings disposal private land limits but room for waste, tailings and leach pads is the # 1 constraint
Slide 17: 2022 PEA Two-Phased Approach
2022 PEA TWO-PHASED APPROACH PHASE I (PRIVATE LAND) PHASE II (FEDERAL LAND) 16 years with state permitting at 60 kstpd mill All remaining economic sulfide and oxide feed and additional 20 kstpd on average oxide resources are mined with federal permits leach (NEPA) in place When there is available co
Slide 18: Land Availability: Key Constraint During Phase I
LAND AVAILABILITY: KEY CONSTRAINT DURING PHASE I LAND AVAILABLE TO OPERATE DURING PHASE I WITHOUT FEDERAL PERMIT REQUIREMENTS IS THE MAIN CONSTRAINT During Phase I, land available Phase I Phase I + II to dispose tailings (TSF), waste Material Mined Material Mined rocks (WRF) and heap leach pads (HLP
Slide 19: 2022 PEA Optimization Opportunities
2022 PEA OPTIMIZATION OPPORTUNITIES PROJECT ADHERANCE TO CONSTRAINTS FURTHER OPPORTUNITIES The 2022 PEA is not the optimum economic Many options identified through the course of project but the best project within known the PEA will be considered in the coming permitting and private land constraints
Slide 20: H' DBAY
H' DBAY
Slide 21: 2021 Copper World Initial Resource Estimates
2021 COPPER WORLD INITIAL RESOURCE ESTIMATES SIGNIFICANT HIGH-GRADE PORTION CLOSE TO SURFACE – MAJORITY ON PRIVATE LAND (West) East Deposit 2017 Resource Pit East Deposit 2017 Reserve Pit 21 COPPER WORLD COMPLEX 2022 PEA
Slide 22: 2022 Higher Grade Mineral Resource Estimates
2022 HIGHER GRADE MINERAL RESOURCE ESTIMATES EAST DEPOSIT REVISED USING CONSTANCIA’S RESOURCE METHODOLOGY Upper plate East Deposit 2022 resource model based on same data as in 2017 but methodology differs on three aspects: Honoring four structural domains (Footwall, Lower, Upper East Deposit and QMP
Slide 23: Pit Optimization Combines Flotation and Leaching
PIT OPTIMIZATION COMBINES FLOTATION AND LEACHING INITIAL STEP: OVERALL PIT OPTIMIZATION IGNORES LAND AND FEDERAL PERMITTING CONSTRAINTS A revenue factor of 1.0 was used for mineral resource estimates (break-even economics at $3.45/lb Cu): East Pit Short Tons Metric Tonnes Cu (%) (millions) (millions
Slide 24: Pit Optimization Mining Phases
PIT OPTIMIZATION MINING PHASES PIT SHELLS USED AS A BASIS TO DESIGN MINING PHASES FOR EACH PIT, WHILE ALSO CONSIDERING PERMITTING CONSTRAINTS Phase I Mining RO_PH04 is in East both Phase I Phase II Mining & Phase II East Broadtop Bolsa BTB West West Peach & Elgin P&E 24 COPPER WORLD COMPLEX 2022 PEA
Slide 25: Life of Mine Production Schedule
LIFE OF MINE PRODUCTION SCHEDULE MINE PRODUCTION SCHEDULE SMOOTHED TO MATCH MILL CAPACITY, FLEET SIZE AND TO MINIMIZE RE-HANDLING Significantly lower strip ratio of less than 1.0 in first five years End of Phase I Low strip ratio < 1.0 in first five years FEED mined 25 COPPER WORLD COMPLEX 2022 PEA
Slide 26: Minimum Pre-Stripping at Peach-Elgin & Broadtop
MINIMUM PRE-STRIPPING AT PEACH-ELGIN & BROADTOP EARLY MATERIAL FROM PEACH-ELGIN AND BROADTOP – LOW STRIP AND PROVIDES ROOM FOR FUTURE WASTE DISPOSAL 34MT moved in year of pre-stripping includes: 10.6MT of waste 6.8MT of flotation feed processed in year 1 3.5MT of high grade ROM leach feed 13.2MT of
Slide 27: Production Schedule Based on Milling Capacity
PRODUCTION SCHEDULE BASED ON MILLING CAPACITY MINE PRODUCTION WAS CLASSIFIED AS FLOTATION OR LEACH FEED DEPENDING ON HIGHEST NSR Mine Plan – Mill feed End of Phase I Mine production was optimized based on milling capacity of 60kstpd during Phase I and expanded to 90kstpd during Phase II Drivers: Mai
Slide 28: Copper World Complex by Deposit
COPPER WORLD COMPLEX BY DEPOSIT Peach Elgin West Broadtop Bolsa East 100% Peach, Elgin, West and East deposit 90% Broadtop deposits contribute Phase I Phase II contributes 100% ~90% of mined production for 80% the first five years (-1 to 4) 70% % Mined Production 60% ~50% of mined production during
Slide 29: Processing
Slide 30: PEA Processing Design Objectives
PEA PROCESSING DESIGN OBJECTIVES PROCESSING DESIGN TARGETED SEVERAL ENHANCEMENTS OVER 2017 FEASIBILITY STUDY OBJECTIVES CHOSEN DESIGN ELEMENTS Process the oxides at Copper World Oxide ROM heap leach and East deposits Concentrate leach facility Produce a finished product on site to SX/EW plant supply
Slide 31: Processing Flowsheet
PROCESSING FLOWSHEET STANDARD SULFIDE AND OXIDE PROCESSING FLOWSHEET TO PRODUCE CATHODE Oxide Heap Comminution Leach Precious Concentrate Leach Metal Circuit Cu/Mo Cathode Flotation Production SX/EW Sulfur Recovery & Acid Production 31 COPPER WORLD COMPLEX 2022 PEA
Slide 32: Chosen Processing Design Realizes Synergies
CHOSEN PROCESSING DESIGN REALIZES SYNERGIES MAXIMIZING ECONOMIC AND ENVIRONMENTAL BENEFITS Maximizing project economics by capturing synergies between oxides and sulfides Standard flowsheet for concentrating sulfides and leaching oxides Sulfide concentrate leaching process connects sulfides and oxid
Slide 33: Modern Mine Design Reduces Energy Consumption & Emissions
MODERN MINE DESIGN REDUCES ENERGY CONSUMPTION & EMISSIONS COPPER CATHODE PRODUCTION ELIMINATES THE NEED FOR OVERSEAS SMELTING AND REFINING Mine Grinding & Crushing Eliminating shipping, smelting and refining expected to result in: 10% lower energy consumption Leaching 10-15% lower GHG emissions Flot
Slide 34: Flotation Testwork
FLOTATION TESTWORK Controlled Potential Sulfidization (CPS) has been employed to improve the recovery of copper oxides (up to 58% rougher recovery) and tarnished/oxidized copper sulfides Additional testing ongoing to confirm the performance of Copper World mineralization through flotation Expected t
Slide 35: Oxide Leaching Testwork
OXIDE LEACHING TESTWORK COLUMN LEACH TEST WORK ELGIN – CU EXTRACTION VS PH OF PLS Target PH of PLS to Preliminary column leach test work ongoing limit acid consumption Data modelled to obtain preliminary acid consumption 𝑙𝑏 𝐴𝑐𝑖𝑑 𝐶𝑜𝑛𝑠𝑢𝑚𝑝𝑡𝑖𝑜𝑛 = 6.08 ∗ 𝐶𝑎 + 3.99 𝑡 Variability mini…
Slide 36: Concentrate Leach Testwork
CONCENTRATE LEACH TESTWORK PROVEN AND COMMERCIALIZED TECHNOLOGY Concentrate leaching has been around since the 1980s More than 25 operations have concentrate leach facilities • Hudbay’s hydrometallurgical zinc plant in Flin Flon • Freeport’s Morenci and Baghdad copper mines in Arizona • First Quantu
Slide 37: H' DBAY
H' DBAY
Slide 38: Robust Project Economics
ROBUST PROJECT METRIC SUMMARY OF KEY METRICS (at $3.50lb Cu) UNIT Phase I Phase II LOM ECONOMICS Valuation Metrics (Unlevered) 1 Net present value @ 8% (after-tax) $ millions $1,097 $947 $2,044 Net present value @ 10% (after-tax) $ millions $741 $555 $1,296 Phase I - 16 year mine life Internal rate
Slide 39: Highly Sensitive to the Copper Price
HIGHLY SENSITIVE TO THE COPPER PRICE At $4.00/lb Cu, the Phase I NPV10% increases to $1.2B and IRR increases to 21% At $4.00/lb Cu, the LOM NPV10% increases to $1.9B and IRR increases to 22% COPPER PRICE ($ MILLONS NPV10%) DISCOUNT RATE ($ MILLIONS NPV) Phase I LOM 2,206 Phase I LOM 2,559 1,903 2,04
Slide 40: Capital Costs
Total $M $2,559 $2,308 $4,867 GROWTH CAPITAL DETAILS - EPCM METRIC UNIT Phase I Phase II LOM CAPITAL COSTS Sitewide Mining $M $M $15 $38 $5 $0 $20 $38 Primary crushing $M $31 $33 $64 Phase I Growth Capital: $1.9B Sulfide plant Molybdenum plant $M $M $227 $15 $144 $0 $371 $15 Reagents $M $9 $5 $13 Bo
Slide 41: Capital Intensity
CAPITAL INTENSITY OPEN PIT COPPER PROJECTS IN THE AMERICAS (US$/tonne Cu) $38,028 PEA Feasibility In-Construction / Recently Constructed $33,927 $29,048 $25,000 $24,876 $24,567 $23,595 $19,637 $19,422 $17,967 (1) NorthMet Casino QB2 Quellaveco Santo Domingo Schaft Creek Josemaria Constancia Copper W
Slide 42: Capital Cost Profile
CAPITAL COST PROFILE (US$M) Growth Sustaining Deferred Stripping 1,007 15 28 42 572 Sustaining Capital consists of: • Fleet replacement 443 • Equipment repairs 443 • Tailings expansion 7 • Heap leach expansion 338 • Process plant maintenance 28 0 179 4 15 10 2 11 5 18 1 20 31 35 29 72 52 50 12 15 11
Slide 43: Operating Costs
OPERATING COST DETAILS - MINING METRIC UNIT Phase I Phase II LOM OPERATING COSTS Labor Maintenance $M $M $340 $398 $858 $910 $1,198 $1,307 Fuel $M $264 $623 $887 Blasting $M v $166 $473 $639 Indirect $M $175 $554 $729 Opex estimates were developed utilizing Other $M $35 $86 $121 budget quotes from d
Slide 44: Phase I Production Profile
Phase I Average Annual Production: 98.7kt Cu PHASE I PRODUCTION PROFILE Cash Costs: $1.15/lb Cu Copper World (kt Cu) Additional Cathode Output (kt Cu) AISC: $1.44/lb Cu Cash Cost Excluding Purchased Concentrate (US$ / lb Cu) AISC Excluding Purchased Concentrate (US$ / lb Cu) $1.38 $1.63 $1.72 $1.63
Slide 45: Phase I Cash Flow Profile
PHASE I CASH FLOW PROFILE Net Cash Flow Phase II Capex Cumulative Cash Balance $4,000 Cash generated in excess of ~US$3 bn $3,000 $450 $436 $393 $404 $380 $372 $373 $338 $357 $348 $342 $326 $309 $320 $2,000 $286 $240 Cumulative Cash Balance (US$ mm) $1,000 US$ mm – ($47) Payback achieved after 5 yea
Slide 46: Phase II Production Profile
Phase II Average Annual Production: 123.3kt Cu PHASE II PRODUCTION PROFILE Cash Costs: $1.11/lb Cu Copper World (kt Cu) Additional Cathode Output (kt Cu) AISC: $1.42/lb Cu Cash Cost Excluding Purchased Concentrate (US$ / lb Cu) AISC Excluding Purchased Concentrate (US$ / lb Cu) $1.19 $1.68 $1.49 $1.
Slide 47: Phase II Cash Flow Profile
PHASE II CASH FLOW PROFILE Net Cash Flow Closure Cost Cumulative Cash Balance $15,000 $651 $611 $12,500 $594 $561 Cumulative Cash Balance (US$ mm) $489 $495 $488 $468 $470 $459 $10,000 $452 $364 $358 $373 $379 $369 $383 $353 $340 $7,500 $326 $318 $323 $305 US$ mm $302 $290 $267 $246 $240 $5,000 $2,5
Slide 48: H' DBAY
H' DBAY
Slide 49: Early Site Works and Exploration in 2022
EARLY SITE WORKS AND EXPLORATION IN 2022 PROJECT DE-RISKING ACTIVITIES UNDERWAY Initial grading and clearing activities commenced in April 2022 Seven drill rigs continue to turn at site conducting infill drilling in support of future feasibility studies 2022 spending guidance increased by $30M for a
Slide 50: Phase I Feasibility Study and Permits by End of 2023
PHASE I FEASIBILITY STUDY AND PERMITS BY END OF 2023 ALIGNMENT BETWEEN KEY STATE PERMITS & ENGINEERING STUDIES TO PROJECT SANCTION Received first state-level permit, Mined Land Reclamation Plan (MLRP), in June 2021 Advance pre-feasibility study and state-level permits for Phase I in H2 2022 Definiti
Slide 51: Phase I Construction Schedule
PHASE I CONSTRUCTION SCHEDULE PEA BASED ON CONSERVATIVE APPROACH – OPPORTUNITIES TO ACCELERATE FIRST COPPER PRODUCTION PEA assumes a three-year construction period as a prudent base case Concentrator has the longest construction period Opportunities exist to accelerate first copper production with o
Slide 52: Hudbay's Growing Production and EBITDA Outlook
HUDBAY’S GROWING PRODUCTION AND EBITDA OUTLOOK ENTERING A PERIOD OF SIGNIFICANT PRODUCTION AND EBITDA GROWTH FROM OUR CURRENT OPERATIONS Completed ~$250M brownfield investment program in 2021 and now at an inflection point in terms of meaningful copper and gold production growth, leading to signific
Slide 53: Prudent Financing Strategy to Drive Investment Decision
PRUDENT FINANCING STRATEGY TO DRIVE INVESTMENT DECISION SEVERAL PRELIMINARY COPPER WORLD FUNDING OPPORTUNITIES Ultimate project sanction timelines will depend on securing a prudent funding package, which is not expected until 2024 at the earliest Internal cash flow – entering a period of significant
Slide 54: Project Upside Opportunities
PROJECT UPSIDE OPPORTUNITIES EVALUATING MANY OPPORTUNITIES TO FLEX THE SCOPE & TIMING OF THE PROJECT Expanding private land Phase I Acquire additional land to unlock the full potential of mining on private land / extend beyond 16 years Operating opportunities to further enhance project economics Ear
Slide 55: Copper World Complex
COPPER WORLD COMPLEX ROBUST PEA DEMONSTRATES THE NEXT LEG OF MEANINGFUL COPPER PRODUCTION GROWTH AT HUDBAY Phase I provides attractive economics producing 100kt Cu p.a. at first quartile cash costs over a 16-year mine life requiring state-level permits only Designed to produce “Made in America” copp
Slide 56: H' DBAY
H' DBAY
Slide 57: Ninth Circuit Court of Appeals Decision
NINTH CIRCUIT COURT OF APPEALS DECISION NET IMPACT IS FAVOURABLE FOR COPPER WORLD PHASE II The 9th Circuit Court of Appeals 2-1 split decision issued in May 2022 did not agree with a key part of the July 2019 District Court’s decision – that the U.S. Forest Service (“USFS”) must review off-claim min
Slide 58: Phase I: Physicals
PHASE I: PHYSICALS Unit PHASE I Y-03 Y-02 Y-01 Y01 Y02 Y03 Y04 Y05 Y06 Y07 Y08 Y09 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Resources Mined Pre-strip Copper World deposits Mt 216.2 - - 21.4 24.2 26.5 25.7 20.8 17.6 3.3 9.3 11.1 7.9 9.5 6.8 8.0 4.3 8.4 11.4 0.0 PHASE I East deposit Total resources mined Waste Min
Slide 59: Phase I: Unit Costs
PHASE I: UNIT COSTS Unit PHASE I Y-03 Y-02 Y-01 Y01 Y02 Y03 Y04 Y05 Y06 Y07 Y08 Y09 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Mining ($/t materials moved excluding pre-strip) Mining $/tonne 1.42 - - - 1.47 1.53 1.38 1.18 1.36 1.43 1.42 1.38 1.44 1.44 1.44 1.44 1.44 1.43 1.42 1.62 PHASE I Deferred Stripping Mining
Slide 60: Phase II: Physicals
PHASE II: PHYSICALS Unit PHASE II LOM Y15 Y16 Y17 Y18 Y19 Y20 Y21 Y22 Y23 Y24 Y25-29 Y30-34 Y35-39 Y40-44 Y45-49 Resources Mined Copper World deposits Mt 124.2 340.4 - - 0.7 3.0 2.0 1.5 3.3 13.8 14.1 11.6 74.2 0.0 - - - PHASE II East deposit Total resources mined Waste Mined Mt Mt 783.2 907.4 1,008.
Slide 61: Phase II: Unit Costs
PHASE II: UNIT COSTS Unit PHASE II LOM Y15 Y16 Y17 Y18 Y19 Y19 Y19 Y19 Y19 Y19 Y25-29 Y30-34 Y35-39 Y40-44 Y45-49 Mining ($/t materials moved excluding pre-strip) Mining $/tonne 1.35 1.37 - - 1.85 1.27 1.27 1.31 1.32 1.32 1.32 1.32 1.32 1.32 1.35 1.56 - PHASE II Deferred Stripping Mining ex def stri
Slide 62: Price Deck and Marketing Assumptions
PRICE DECK AND MARKETING ASSUMPTIONS PRICE DECK MARKETING ASSUMPTIONS PRICE / RATE UNIT LONG TERM PRICE / RATE UNIT LONG TERM Metals Molybdenum Concentrate Copper $/lb 3.50 Treatment charge $/lb 1.30 1 Copper net premium $/lb 0.01 Payable % - Mo % 99.00 Molybdenum $/lb 11.00 Freight $/wmt 20.00 Gold
Slide 63: Tax Assumptions
TAX ASSUMPTIONS TAX ASSUMPTIONS INCOME TAX DEPRECIATION RATES METRIC UNIT Phase I YEAR MINE DEV PROJECT SUSTAINING CAPITAL EXPLOR INFRASTRUCTURE Federal Income Tax 1 73.00% 10.71% 7.14% 5.00% 5.00% Income tax rate % 21.00% 2 6.00% 19.13% 14.29% 10.00% 9.50% Depletion - Federal rate % 15.00% 3 6.00%
Slide 64: Copper World Complex Mineral Resource Estimates
COPPER WORLD COMPLEX MINERAL RESOURCE ESTIMATES (AS AT MAY 1, 2022) COPPER WORLD COMPLEX MINERAL Tonnes Cu Grade Soluble Cu CATEGORY Mo (g/t) Ag (g/t) RESOURCE ESTIMATES (Millions) (%) Grade (%) Measured 687 0.45 0.05 138 5.1 Indicated 287 0.36 0.06 134 3.6 Flotation Total M&I 973 0.42 0.05 137 4.6
Slide 65: For more information contact
For more information contact: Candace Brûlé Vice President, Investor Relations 416.814.4387 | candace.brule@hudbay.com 65