Constancia Operations current mineral reserves and resources as of January
1, 2024
Constancia Operations
Mineral Reserve and Resource Estimates1,2,3,4,5
|
Tonnes
|
Cu Grade
(%)
|
Mo Grade
(g/t)
|
Au Grade
(g/t)
|
Ag Grade
(g/t)
|
|
Constancia Reserves
|
| Proven |
465,600,000 |
0.260 |
78 |
0.038 |
2.63 |
| Probable |
61,600,000 |
0.212 |
64 |
0.034 |
2.24 |
| Total Proven and Probable - Constancia |
527,200,000 |
0.254 |
76 |
0.037 |
2.59 |
|
Pampacancha Reserves
|
| Proven |
20,000,000 |
0.542 |
128 |
0.330 |
5.44 |
| Probable |
500,000 |
0.157 |
295 |
0.111 |
1.98 |
| Total Proven and Probable - Pampacancha |
20,500,000 |
0.533 |
132 |
0.324 |
5.36 |
|
Total Proven and Probable
|
547,700,000
|
0.265
|
78
|
0.048
|
2.69
|
|
Constancia Resources
|
| Measured |
78,400,000 |
0.213 |
74 |
0.039 |
2.20 |
| Indicated |
93,100,000 |
0.224 |
90 |
0.040 |
1.98 |
| Inferred - Open Pit |
29,700,000 |
0.233 |
68 |
0.056 |
2.58 |
| Inferred - Underground |
6,500,000 |
1.200 |
69 |
0.140 |
8.62 |
|
Pampacancha Resources
|
| Inferred |
700,000 |
0.149 |
65 |
0.098 |
2.71 |
|
Total Measured and Indicated
|
171,500,000
|
0.219
|
83
|
0.039
|
2.08
|
|
Total Inferred
|
36,900,000
|
0.402
|
68
|
0.072
|
3.65
|
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 resource estimates are based on resource pit design
and do not include factors for mining recovery or dilution.
3The open pit mineral 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.
4Mineral reserves are estimated using a minimum NSR cut-off of
$6.40 per tonne at Pampacancha, $7.30 per tonne at Constancia and assuming
metallurgical recoveries (applied by ore type) of 86% for copper on
average for the life of mine.
5Long-term metal prices of $4.00 per pound copper, $12.00 per
pound molybdenum, $1,700 per ounce gold and $23.00 per ounce silver were
used to confirm the economic viability of the mineral reserve estimates
and to estimate mineral resources.
Llaguen Project Mineral Resource Estimate as at January 1, 2024
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.