Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Investor Presentation (April 2021)
72 slides from Hudbay Minerals's investor presentation, Apr 6, 2021
Slide 1: 2021 Business Review
2021 BUSINESS REVIEW April 6, 2021
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: Hudbay's 2021 Business & Technical Review
HUDBAY’S 2021 BUSINESS & TECHNICAL REVIEW Corporate Update BUSINESS REVIEW (1:00-2:30pm ET) • Overview of business strategy & copper market Strategy • Operational overview including updated mine plans for Constancia & Snow Lake and an update on Overview exploration activities • Financial and balance
Slide 4: Hudbay's 2021 Business Review - Agenda
HUDBAY’S 2021 BUSINESS REVIEW - AGENDA Corporate Update 1 Corporate Update – Peter Kukielski Strategy Overview 2 Strategy Overview & Copper Market Update – Eugene Lei Operational Update 3 Operational Update – Cashel Meagher R&R and Exploration 4 Reserves, Resources & Exploration Update – Olivier Tav
Slide 5: Today's Speakers
TODAY’S SPEAKERS DISPROPORTIONATELY TALENTED MANAGEMENT TEAM FOR HUDBAY’S SIZE Corporate Update PETER KUKIELSKI PRESIDENT & CEO • More than 30 years of sector Strategy experience in base metals, Overview precious metals and bulk materials across the globe Operational CASHEL MEAGHER STEVE DOUGLAS EUG
Slide 6: Corporate Update
Corporate Update 1 Corporate Update Strategy Overview Operational Update R&R and Exploration Update Financial & Balance Sheet Overview PETER KUKIELSKI PRESIDENT & CEO ESG Initiatives Appendix 6
Slide 7: Diversified Mid-Tier Copper Producer
DIVERSIFIED MID-TIER COPPER PRODUCER TSX, NYSE, BVL Symbol HBM Corporate Market Capitalization1 C$2.5 billion Update Shares Outstanding2 261 million Available Liquidity3 $724 million Strategy Overview Debt Outstanding4 $1.2 billion 20205 20216 MANITOBA 2% 2% 777 REVENUE BY 15% Operational 23% Lalor
Slide 8: Long Life Assets Located in Mining Friendly Regions
LONG LIFE ASSETS LOCATED IN MINING FRIENDLY REGIONS 1 2 3 Past Production Reserve Life M&I Resource Life Inferred Resource Life Corporate Update 4 Constancia 6 17 5 1 Snow Lake 4 9 17 1 8 Strategy Overview Rosemont 5 19 11 1 Operational 777 17 1.5 Update LOCATED IN INVESTMENT GRADE COUNTRIES6 R&R an
Slide 9: Proven Track Record of Operational Excellence & Low Cost Mines
PROVEN TRACK RECORD OF OPERATIONAL EXCELLENCE & LOW COST MINES Corporate • Proven track record of achieving or exceeding copper production guidance over the last five years Update • Hudbay is well-positioned on the cash cost curve Strategy Overview • Focus on cost control and continuous improvement
Slide 10: Proven Mining Industry Experience: Adding Value Through Exploration
PROVEN MINING INDUSTRY EXPERIENCE ADDING VALUE THROUGH EXPLORATION Corporate Update • Hudbay has been successful in significantly increasing the known reserves at both of its flagship operations Strategy • Constancia mine reserves have more than doubled since the acquisition in 2011 Overview • Lalor
Slide 11: Proven Mining Industry Experience: Mine Development & Operating Cost
PROVEN MINING INDUSTRY EXPERIENCE LEADING MINE DEVELOPMENT & OPERATING COST PERFORMANCE Corporate RAMP-UP FROM FIRST PRODUCTION TO COMMERCIAL Update • Constancia’s project development and PRODUCTION WAS 3X FASTER THAN THE PEER AVERAGE mine ramp-up was best in class 57 Months Strategy Overview • Cont
Slide 12: Consolidated 3-Year Production Outlook
CONSOLIDATED 3-YEAR PRODUCTION OUTLOOK GROWING COPPER AND GOLD PRODUCTION Corporate Update • Consolidated copper and gold production expected to increase by 36% and 125%1, respectively, over 2020 levels as the Pampacancha and New Britannia growth projects are brought online beginning in 2021 Strateg
Slide 13: Strong Environmental, Social & Governance Performance
STRONG ENVIRONMENTAL, SOCIAL & GOVERNANCE (“ESG”) PERFORMANCE INDUSTRY LEADER IN RESPONSIBLE MINING Corporate Update ENVIRONMENT SOCIAL IMPACT HEALTH & SAFETY GOVERNANCE GHG emissions declined Manitoba COVID-19 relief Constancia has the best Board refreshed in 2019 with Strategy further in 2
Slide 14: The Hudbay Competitive Advantage
THE HUDBAY COMPETITIVE ADVANTAGE Corporate Update Long life assets located in mining friendly jurisdictions Strategy Overview Proven track record of operational excellence and low cost mines Operational Update Focused on free cash flow generation and prudent capital allocation R&R and Exploration Up
Slide 15: Strategy Overview & Copper Market Update
Corporate Update 2 Strategy Overview & Copper Market Update Strategy Overview Operational Update R&R and Exploration Update Financial & Balance Sheet Overview EUGENE LEI SVP, CORPORATE ESG Initiatives DEVELOPMENT & STRATEGY Appendix 15
Slide 16: Hudbay's Stringent Strategic Criteria
HUDBAY’S STRINGENT STRATEGIC CRITERIA SUSTAINABLE VALUE CREATION BY LEVERAGING OUR KEY COMPETITIVE ADVANTAGES Corporate Update Strategy GEOGRAPHY QUALITY Select investment grade countries in Focused on long-life, low-cost assets to Overview the Americas with strong rule of law capture peak cyclicali
Slide 17: Our Constructive Outlook for Copper
OUR CONSTRUCTIVE OUTLOOK FOR COPPER • We believe copper has the best long-term supply/demand fundamentals and the greatest Corporate opportunities for sustained risk-adjusted returns Update • Copper prices have rallied to multi-year highs and exceeded $4.00/lb, driven in part by recovery in demand c
Slide 18: Copper and the Green Economy
COPPER AND THE GREEN ECONOMY COPPER IS A KEY ELEMENT IN MOVING TOWARD A GREENER, MORE SUSTAINABLE Corporate FUTURE Update GLOBAL EV & CHARGERS COPPER DEMAND Electrification of Vehicles (000 TONNES)1 • Cu demand from EVs expected to exceed demand Strategy Overview from fuel-powered vehicles by 20351
Slide 19: Copper Project Pipeline Remains Challenged
COPPER PROJECT PIPELINE REMAINS CHALLENGED • The pipeline of copper development projects is considerably thinner today compared to the last up-cycle in Corporate copper Update • There are fewer projects and those that remain are smaller in scale - approximately 50% reduction in production capability
Slide 20: Project Timeline to Production
PROJECT TIMELINE TO PRODUCTION • Even in the current constructive copper price environment, there is significant lead time before a project can be Corporate brought into construction before the significant supply gap expands in 2025 Update • On average, it takes ~10 years from the start of feasibili
Slide 21: Hudbay Copper Growth Per Share Over Time
HUDBAY COPPER GROWTH PER SHARE OVER TIME THROUGH LEVERAGING OF CORE COMPETENCIES AND EFFECTIVE EXPLORATION Corporate HUDBAY HAS DRIVEN A SIGNIFICANT INCREASE IN COPPER RESOURCE GROWTH Update • Over the past decade, we have built a world class asset base by employing a consistent long-term growth str
Slide 22: Production Growth Over Time
PRODUCTION GROWTH OVER TIME THE INCREASE IN COPPER RESOURCE GROWTH HAS TRANSLATED INTO PRODUCTION Corporate INCREASES THROUGH PROJECT DEVELOPMENT AND EXECUTION Update Strategy Overview Cu +156% Au +236% (kt) (koz) 139 318 Operational 130 Update 123 280 265 102 R&R and 95 Exploration 203 Update Finan
Slide 23: Relative Cost Positioning
RELATIVE COST POSITIONING CONSTANCIA AND SNOW LAKE GOLD ARE POSITIONED IN THE FIRST QUARTILE OF Corporate CASH COSTS FOR PRIMARY COPPER AND PRIMARY GOLD MINES RESPECTIVELY Update 2023 COPPER COST CURVE 2023 GOLD COST CURVE Strategy Overview $2,500 $2.50 Operational $2.00 $2,000 Update 2023E C1 Cash
Slide 24: Hudbay's Relative Growth Profile
HUDBAY’S RELATIVE GROWTH PROFILE HUDBAY HAS ONE OF THE HIGHEST COMBINED GROWTH PROFILES IN COPPER AT Corporate ATTRACTIVE C1 COSTS WITH MEANINGFUL SCALE Update Q4 Q3 Q2 Q1 30% Strategy Bubble Overview Size Legend: Hudbay Change in Copper Production 100 kt Cu 2023 production 25% Highest Growth at Low
Slide 25: Leading Organic Growth Pipeline
LEADING ORGANIC GROWTH PIPELINE HUDBAY HAS BUILT A DIVERSIFIED PORTFOLIO FOCUSED ON COPPER & GOLD GROWTH Corporate THROUGH EXPLORATION AND M&A, WHILE DIVESTING NON-CORE ASSETS Update RESOURCE FEASIBILITY STUDY Strategy EXPLORATION PRODUCTION Overview DEFINITION COMPLETE Constancia North Operational
Slide 26: Sustainable Value Creation
SUSTAINABLE VALUE CREATION • We intend to sustainably grow Hudbay through exploration and development of our robust project Corporate pipeline, as well as through the acquisition of other properties that fit our stringent strategic criteria Update for value creation CONSTANCIA - Low Cost and Long Li
Slide 27: Operational Update
Corporate Update 3 Operational Update Strategy Overview Operational Update R&R and Exploration Update Financial & Balance Sheet Overview CASHEL MEAGHER SVP & COO ESG Initiatives Appendix 27
Slide 28: Constancia Location
CONSTANCIA LOCATION MINE Cusco Corporate TOWN Update RAILROAD CUSCO ROAD Strategy Las Bambas Overview CONSTANCIA Operational Update PERU Yauri Tintaya Antapaccay R&R and Exploration Update Lima Financial & AREQUIPA Imata Balance Sheet CONSTANCIA Overview Arequipa ESG Initiatives Cerro Verde MOQUEGUA
Slide 29: Constancia Mine Overview
CONSTANCIA MINE OVERVIEW CONTINUOUS OPTIMIZATION INITIATIVES Corporate • Increasing throughput and quarterly trend in copper recoveries Update • Continued integration of an automated, advanced process control system • Flotation improvements – optimizing water recovery in the tailings thickener and t
Slide 30: Constancia Production Profile
CONSTANCIA PRODUCTION PROFILE Corporate • Incorporates higher grades from Pampacancha from 2022 to 2025 and the new Constancia North Update reserves to extend the medium-term production profile Strategy • Average annual copper production increases to 102,000 tonnes over the next 8 years at an Overvi
Slide 31: Manitoba Business Unit
MANITOBA BUSINESS UNIT New Britannia Gold Mill Corporate 1,500 tpd capacity Update Snow Lake Strategy Overview Stall Base Metal Mill 3,800 tpd capacity LALOR MINE ~4,500 tpd Operational Update LALOR 777 R&R and 0 5km Exploration Update SASKATCHEWAN MANITOBA Financial & Balance Sheet Winnipeg Overvie
Slide 32: Manitoba Operations
MANITOBA OPERATIONS LALOR DELIVERED ON 2020 GUIDANCE • The Lalor mine and Stall mill both achieved record quarterly and annual Corporate production in 2020 as 777 employees and equipment were redeployed to Update Lalor during the 777 shaft repair period • Early mining of Lalor gold zones underway in
Slide 33: Snow Lake Gold Strategy
SNOW LAKE GOLD STRATEGY Corporate PHASE 1: Repositioning PHASE 2: Optimization PHASE 3: Historical Work Update Lalor as a Gold Mine & Execution Expansion Potential Strategy 2008 & 2009 – Au zone and 2018 – Completion of tradeoff 2020 – Optimized mine plan with Implementing optimized Overview
Slide 34: Snow Lake Gold Production Profile
SNOW LAKE GOLD PRODUCTION PROFILE • Incorporates early production of gold at New Britannia in 2021 in addition to several near-to- Corporate Update medium term optimization initiatives: • Increasing Lalor’s mining rate to 5,300 tpd starting in 2023 after the 777 mine closes Strategy Overview • Addin
Slide 35: New Britannia Refurbishment Progress
NEW BRITANNIA REFURBISHMENT PROGRESS ON TRACK FOR EARLY GOLD PRODUCTION IN EARLY Q3 2021 Corporate Update Q1 2021 Q2 2021 Q3 2021 Q4 2021 GOLD Refurbishment activities Strategy PLANT Commissioning & ramp-up Overview COPPER Construction activities FLOTATION Operational CIRCUIT Commissioning & ramp-up
Slide 36: Rosemont Project
ROSEMONT PROJECT COPPER PRODUCTION PROFILE1 Copper Production (kt in con) 180 $4.00 Corporate 147 148 137 Copper Production Copper C1 Cash Costs Update 134 133 128 117 122 $3.00 120 104 (kt in con) (US$/lb, net) 97 $2.00 Strategy 60 $1.39 $1.37 $1.06 $1.09 $1.20 $1.19 $1.02 $1.12 $1.01 $1.11 $1.00 O
Slide 37: Rosemont & Copper World
ROSEMONT & COPPER WORLD SIGNIFICANT NEW DISCOVERY AT PROPERTIES ADJACENT TO ROSEMONT Corporate Update • All intersections are on Hudbay’s wholly- own private land Strategy Overview • Historical mining district with more than 20 small underground mines Operational • Initial 2020 drill program expande
Slide 38: Mason Project Overview
MASON PROJECT OVERVIEW PROMISING EXPLORATION POTENTIAL Corporate • Mason remains open in several directions Update • High-grade regional skarn targets with potential to increase grades early in the mine life • Several un-tested IP anomalies and potential to add additional oxide Strategy material Ove
Slide 39: Mason Development Strategy
MASON DEVELOPMENT STRATEGY Corporate LOW-COST CONSOLIDATION & OPTIMIZATION OF THE MASON PROJECT Update Mason Acquisition Toe hold $2M investment in Mason Resources for 14% Acquisition Cost Identified the potential of the ownership Strategy large-scale Mason deposit Acquired remaining 86% for $15
Slide 40: Reserves, Resources & Exploration Update
Corporate Update 4 Reserves, Resources & Exploration Update Strategy Overview Operational Update R&R and Exploration Update Financial & Balance Sheet Overview OLIVIER TAVCHANDJIAN VP EXPLORATION & ESG Initiatives GEOLOGY Appendix 40
Slide 41: Successfully Adding Value Through Exploration
SUCCESSFULLY ADDING VALUE THROUGH EXPLORATION CONSTANCIA COPPER PRODUCTION PROFILE1 Corporate Contained Copper in Concentrate (kt) Update Production - Norsemont 2011 Technical Report Production - Actuals and 2021 Technical Report (Hudbay) 135 133 Strategy 122 128 122 117 114 Overview 108 106 91 95 9
Slide 42: Exploration Focus
EXPLORATION FOCUS CANADA LAND PERU Corporate PROPERTY OWNERSHIP SURFACE Update (HA) LAND PROPERTY OWNERSHIP SURFACE MANITOBA / SASKATCHEWAN (HA) Goose Lake 100% Owned 397,242 Llaguen Optioned 8,900 Strategy Maria Reyna Optioned 5,850 Overview Harmin-Fenton 100% Owned 7,368 Kusiorcco 100% Owned 3,962
Slide 43: Timeline of Significant Exploration Discoveries
TIMELINE OF SIGNIFICANT EXPLORATION DISCOVERIES HUDBAY HAS A RICH HISTORY OF EXPLORATION SUCCESS WITH NUMBEROUS Corporate DISCOVERIES DATING BACK TO 1915 ACROSS MULTIPLE JURISDICTIONS Update Strategy Overview Original Flin Canada Peru United States Flon Discovery Operational Copper World Update 777
Slide 44: 2021 Annual Reserve and Resource Update
2021 ANNUAL RESERVE AND RESOURCE UPDATE SUCCESSFUL YEAR TO GROW OUR RESOURCE AND RESERVE INVENTORY Corporate Update • More than replaced tonnes mined at both Constancia and Lalor • Extended mine life at Constancia at higher average grade Strategy • Supported higher throughput of Lalor’s production w
Slide 45: Constancia Regional Potential
CONSTANCIA REGIONAL POTENTIAL MINERAL PROPERTIES WITHIN TRUCKING DISTANCE OF CONSTANCIA INFRASTRUCTURE Corporate Update Distance to Property Process Description Plant 0 5,000 10,000 Meters Strategy • Community surface rights Quehuincha North Target Overview agreement completed Maria Reyna Pampacanch
Slide 46: Snow Lake Gold Regional Potential
SNOW LAKE GOLD REGIONAL POTENTIAL LARGE PROSPECTIVE LAND PACKAGE IN THE SNOW LAKE BELT WITH Corporate SIGNIFICANT GOLD AND BASE METAL EXPLORATION POTENTIAL Update Asset Metal Type Reserves & Resources1 MINERAL PROPERTIES IN THE SNOW LAKE REGION Probable – 2,448kt @ 1.63% 40kt Cu; MINE Strategy WIM C
Slide 47: Copper World Exploration
COPPER WORLD EXPLORATION SIGNIFICANT NEW DISCOVERY AT PROPERTIES ADJACENT TO ROSEMONT Corporate • Exploration work began by compiling and validating Update historical data on our private land claims and refining the geological model Strategy • Review suggested the potential for both copper Overview
Slide 48: Financial and Balance Sheet Overview
Corporate Update 5 Financial and Balance Sheet Overview Strategy Overview Operational Update R&R and Exploration Update Financial & Balance Sheet Overview STEVE DOUGLAS SVP & CFO ESG Initiatives Appendix 48
Slide 49: Focused on Free Cash Flow Generation & Prudent Balance Sheet Management
FOCUSED ON FREE CASH FLOW GENERATION & PRUDENT BALANCE SHEET MANAGEMENT • Generated ~$2.2B of EBITDA and ~$650M of free cash flow over the last five years and during Corporate Update the volatile copper price environment due to un-hedged production and stable low-cost profile • Prudent balance sheet
Slide 50: Prudent Capital Allocation
PRUDENT CAPITAL ALLOCATION LEVERAGING EXPERTISE THAT WAS DEMONSTRATED THROUGH BEST IN CLASS Corporate DELIVERY OF CONSTANCIA Update • Successfully constructed Constancia (Peru), Lalor (Canada) and Reed (Canada) mines simultaneously during 2012-2014 Strategy Overview PAMPACANCHA NEW BRITANNIA ~160% C
Slide 51: Enhanced Liquidity & Long-Dated Debt Profile
ENHANCED LIQUIDITY & LONG-DATED DEBT PROFILE RECENT TRANSACTIONS DEMONSTRATE PRUDENT BALANCE SHEET MANAGEMENT Corporate • May 2020 – entered into a gold forward sale and prepay transaction, generating $115M in cash proceeds to prefund entire Update capital budget at the time for New Britannia gold m
Slide 52: ESG Initiatives
Corporate Update 6 ESG Initiatives Strategy Overview Operational Update R&R and Exploration Update Financial & Balance Sheet Overview DAVID CLARRY JAVIER DEL RIO ROB ASSABGUI ANDRE LAUZON VP CORPORATE SOCIAL VP SOUTH AMERICA B.U. VP MANITOBA B.U. VP ARIZONA B.U. RESPONSIBILITY ESG Initiatives Append
Slide 53: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY MUTUAL RESPECT, TRUST AND CONTINUOUS DIALOGUE Corporate Update • By living our values, we build strong relationships with our host communities and governments, making us a better partner and a better company Strategy Overview Our Values are: Operational Dignity & Respe
Slide 54: Environmental Initiatives
ENVIRONMENTAL INITIATIVES WE AIM TO DEVELOP, OPERATE AND CLOSE MINES IN A MANNER THAT Corporate Update DEMONSTRATES OUR COMMITMENT TO ENVIRONMENTAL STEWARDSHIP • Tailings Commitments – aligned with Global Tailings Standard Strategy Overview • Maintain at least level A in each indicator of the TSM ta
Slide 55: Social / Community Initiatives
SOCIAL / COMMUNITY INITIATIVES HUDBAY’S GOAL IS TO HAVE A POSITIVE IMPACT AND HELP LOCAL COMMUNITIES Corporate NEAR OUR OPERATIONS THRIVE THROUGHOUT THE LIFE OF A MINE Update • Human Rights Policy – commitment to following the Strategy Overview Voluntary Principles on Security and Human Rights • Foc
Slide 56: ESG Ratings / Performance
ESG RATINGS / PERFORMANCE OUR MAIN OBJECTIVE IS TO PROVIDE TRANSPARENCY Corporate Update • In MSCI and Sustainalytics rankings, Hudbay is positioned in the Strategy top quartile of mining companies Overview Operational Update R&R and Exploration • Hudbay submits CDP questionnaires for Climate; Water
Slide 57: Sustainability in Our Peru Business Unit
SUSTAINABILITY IN OUR PERU BUSINESS UNIT Corporate • Safety is of the utmost importance and we are proud of our leading safety track record in Peru Update • We’ve provided over $90 million in social investment since we started operating at Constancia, Strategy directly impacting the communities thro
Slide 58: Social Investment Breakdown
SOCIAL INVESTMENT BREAKDOWN HUDBAY PERU HAS FIVE SOCIAL DEVELOPMENT AREAS Corporate Update Strategy Overview Operational Update R&R and 90 M Exploration Update Financial & Balance Sheet Overview ESG Initiatives Appendix 58
Slide 59: Peru Government and Community Institutions
PERU GOVERNMENT AND COMMUNITY INSTITUTIONS Corporate • Hudbay Peru works with all levels of Government and Communities to develop stable Update operations and to maximize the impact of our social investment in our area of influence and beyond Strategy Level Applicable Area Election Frequency Next El
Slide 60: Sustainability in Our Manitoba Business Unit
SUSTAINABILITY IN OUR MANITOBA BUSINESS UNIT Corporate • We have operated mines in Manitoba for over 90 years, successfully reclaiming 20 mines Update • The electricity used to run our processing plants is primarily renewable Strategy Overview • Partnered with the Northern Manitoba Sector Council to
Slide 61: Sustainability in Our Arizona Business Unit
SUSTAINABILITY IN OUR ARIZONA BUSINESS UNIT Corporate • Supporting future “green” economic growth and innovation may require access to mineral Update resources closer to home Strategy • President Biden promised a $2 trillion green energy and infrastructure plan when he took office. Overview He has a
Slide 62: In Closing
Corporate Update In Closing Strategy Overview Operational Update R&R and Exploration Update Financial & Balance Sheet Overview PETER KUKIELSKI PRESIDENT & CEO ESG Initiatives Appendix 62
Slide 63: 2021 Key Objectives
2021 KEY OBJECTIVES Corporate • FOCUS on operational efficiencies, maintain low-costs of production to continue to generate Update positive cash flow and strong returns on invested capital Strategy • EXECUTE development and commence mining activities at the high-grade Pampacancha Overview satellite
Slide 64: Appendix
PENDIX HEM TMX Bnyse —
Slide 65: Peru Mineral Reserves
PERU MINERAL RESERVES AS AT JANUARY 1, 2021 Corporate Update CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) Strategy CONSTANCIA Overview Proven 436,500,000 0.29 83 0.041 2.88 Operational Update Probable 56,100,000 0.25 69 0.045 3.09 Total Proven and Probable 492,600,000 0.29 82 0.042 2.90 R&R and
Slide 66: Peru Mineral Resources
PERU MINERAL RESOURCES AS AT JANUARY 1, 2021 Corporate Update CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) Strategy CONSTANCIA Overview Measured 125,200,000 0.22 65 0.038 2.11 Operational Indicated 118,300,000 0.22 65 0.037 2.05 Update Inferred 46,600,000 0.30 73 0.054 2.72 R&R and PAMPACANCHA
Slide 67: Snow Lake Reserves & Resources
SNOW LAKE RESERVES & RESOURCES AS AT JANUARY 1, 2021 Corporate PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Update Proven Lalor 6,860,000 0.50 5.79 2.6 29 Base Metal Zone 1901 890,000 0.40 6.61 2.0 28 Strategy Probable Lalor 1,190,000 0.64 4.32 3.2 32 Overview 1901 690,000 0.25 9.49 1.4
Slide 68: Snow Lake Reserves & Resources (Cont'd)
SNOW LAKE RESERVES & RESOURCES (CONT’D) AS AT JANUARY 1, 2021 Corporate Update PROPERTY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Strategy PEN II Indicated 470,000 8.89 0.3 0.49 7 Overview Talbot1 Indicated 2,190,000 1.79 2.1 2.33 36 Total Indicated (Base Metals) 2,660,000 3.04 1.8 2.01 31 Operational
Slide 69: Flin Flon Reserves & Resources
FLIN FLON RESERVES & RESOURCES AS AT JANUARY 1, 2021 Corporate Update PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Strategy Proven 1,125,000 1.59 5.09 2.23 31 Overview 777 Reserves Probable 399,000 1.11 4.46 1.86 30 Total 777 Mineral Reserve 1,524,000 1.46 4.93 2.13 31 Operational Update
Slide 70: Rosemont and Mason Reserves & Resources
ROSEMONT AND MASON RESERVES & RESOURCES ROSEMONT AS AT JANUARY 1, 2021 MINERAL RESERVES Corporate Update CATEGORY TONNES Cu (%) Mo (%) Ag (g/t) Proven 426,100,000 0.48 0.012 4.96 Probable 111,000,000 0.31 0.010 3.09 Strategy Overview Total 2P Reserves 537,100,000 0.45 0.012 4.58 Operational MINERAL
Slide 71: Additional Information – Reserves & Resources
ADDITIONAL INFORMATION – RESERVES & RESOURCES The reserve and resource estimates included in this presentation were prepared in accordance with National Instrument 43-101 – Corporate Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petro
Slide 72: For More Information Contact
For More Information Contact: Candace Brûlé Director, Investor Relations 416.814.4387 | candace.brule@hudbay.com