Hudbay Signs Exploration Agreement with the Mosakahiken Cree Nation for the Talbot Deposit in Manitoba
Hudbay Minerals (TSX, NYSE: HBM) has signed an exploration agreement with the Mosakahiken Cree Nation (MCN) for activities in their territory, including the Talbot deposit near Snow Lake, Manitoba. The agreement aims to create jobs, economic opportunities, and ensure transparency in exploration activities.
The Talbot deposit contains indicated mineral resources of 2.2 million tonnes at 2.3% copper, 1.8% zinc, and 2.1 g/t gold, plus inferred resources of 2.5 million tonnes at 1.1% copper, 1.7% zinc, and 1.9 g/t gold. Its proximity to existing infrastructure could extend Snow Lake operations' mine life, currently lasting until 2037.
The Snow Lake operations are expected to produce 200,000 ounces of gold at cash costs of $750 per ounce in 2025, with an average of 193,000 ounces annually for the next three years. The operation holds 1.7 million ounces of gold in reserves and 1.3 million ounces in inferred resources.
Hudbay Minerals (TSX, NYSE: HBM) ha firmato un accordo di esplorazione con la Mosakahiken Cree Nation (MCN) per attività nel loro territorio, incluso il giacimento Talbot vicino a Snow Lake, Manitoba. L'accordo mira a creare posti di lavoro, opportunità economiche e garantire trasparenza nelle attività di esplorazione.
Il giacimento Talbot contiene risorse minerarie indicate di 2,2 milioni di tonnellate con il 2,3% di rame, 1,8% di zinco e 2,1 g/t di oro, oltre a risorse inferite di 2,5 milioni di tonnellate con l'1,1% di rame, 1,7% di zinco e 1,9 g/t di oro. La sua vicinanza alle infrastrutture esistenti potrebbe prolungare la vita della miniera delle operazioni di Snow Lake, attualmente prevista fino al 2037.
Le operazioni di Snow Lake prevedono una produzione di 200.000 once di oro a costi cash di 750 dollari per oncia nel 2025, con una media di 193.000 once all'anno nei tre anni successivi. L'operazione detiene riserve di 1,7 milioni di once d'oro e risorse inferite per 1,3 milioni di once.
Hudbay Minerals (TSX, NYSE: HBM) ha firmado un acuerdo de exploración con la Nación Cree Mosakahiken (MCN) para actividades en su territorio, incluyendo el depósito Talbot cerca de Snow Lake, Manitoba. El acuerdo busca generar empleos, oportunidades económicas y garantizar la transparencia en las actividades de exploración.
El depósito Talbot contiene recursos minerales indicados de 2,2 millones de toneladas con 2,3% de cobre, 1,8% de zinc y 2,1 g/t de oro, además de recursos inferidos de 2,5 millones de toneladas con 1,1% de cobre, 1,7% de zinc y 1,9 g/t de oro. Su cercanía a la infraestructura existente podría extender la vida útil de la mina de las operaciones de Snow Lake, actualmente prevista hasta 2037.
Se espera que las operaciones de Snow Lake produzcan 200,000 onzas de oro con costos en efectivo de 750 dólares por onza en 2025, con un promedio de 193,000 onzas anuales durante los siguientes tres años. La operación cuenta con reservas de 1,7 millones de onzas de oro y recursos inferidos de 1,3 millones de onzas.
Hudbay Minerals (TSX, NYSE: HBM)는 Mosakahiken Cree Nation(MCN)과 그들의 영토 내에서 탐사 활동을 위한 협약을 체결했으며, 여기에는 매니토바주 스노우 레이크 근처의 탈봇 광상이 포함됩니다. 이 협약은 일자리 창출, 경제적 기회 제공 및 탐사 활동의 투명성 확보를 목표로 합니다.
탈봇 광상은 구리 2.3%, 아연 1.8%, 금 2.1g/t의 220만 톤의 확정 광물 자원과 구리 1.1%, 아연 1.7%, 금 1.9g/t의 250만 톤의 추정 자원을 포함하고 있습니다. 기존 인프라와의 근접성 덕분에 현재 2037년까지 예정된 스노우 레이크 광산 운영 수명을 연장할 수 있을 것으로 기대됩니다.
스노우 레이크 광산은 2025년에 온스당 현금 비용 750달러로 20만 온스의 금을 생산할 예정이며, 이후 3년간 연평균 19만 3천 온스를 생산할 전망입니다. 이 광산은 170만 온스의 금 매장량과 130만 온스의 추정 자원을 보유하고 있습니다.
Hudbay Minerals (TSX, NYSE : HBM) a conclu un accord d'exploration avec la Nation Cree Mosakahiken (MCN) pour des activités sur leur territoire, incluant le gisement Talbot près de Snow Lake, Manitoba. L'accord vise à créer des emplois, des opportunités économiques et à garantir la transparence des activités d'exploration.
Le gisement Talbot contient des ressources minérales indiquées de 2,2 millions de tonnes à 2,3 % de cuivre, 1,8 % de zinc et 2,1 g/t d'or, ainsi que des ressources inférées de 2,5 millions de tonnes à 1,1 % de cuivre, 1,7 % de zinc et 1,9 g/t d'or. Sa proximité avec les infrastructures existantes pourrait prolonger la durée de vie de la mine des opérations de Snow Lake, actuellement prévue jusqu'en 2037.
Les opérations de Snow Lake devraient produire 200 000 onces d'or à des coûts de trésorerie de 750 dollars par once en 2025, avec une moyenne de 193 000 onces par an au cours des trois années suivantes. L'exploitation détient 1,7 million d'onces d'or en réserves et 1,3 million d'onces en ressources inférées.
Hudbay Minerals (TSX, NYSE: HBM) hat eine Explorationsvereinbarung mit der Mosakahiken Cree Nation (MCN) für Aktivitäten in ihrem Gebiet unterzeichnet, einschließlich des Talbot-Lagers nahe Snow Lake, Manitoba. Die Vereinbarung zielt darauf ab, Arbeitsplätze und wirtschaftliche Chancen zu schaffen sowie Transparenz bei den Explorationsaktivitäten sicherzustellen.
Das Talbot-Lager enthält angezeigte Mineralressourcen von 2,2 Millionen Tonnen mit 2,3 % Kupfer, 1,8 % Zink und 2,1 g/t Gold sowie abgeleitete Ressourcen von 2,5 Millionen Tonnen mit 1,1 % Kupfer, 1,7 % Zink und 1,9 g/t Gold. Die Nähe zur bestehenden Infrastruktur könnte die Lebensdauer des Bergbaubetriebs in Snow Lake, der derzeit bis 2037 läuft, verlängern.
Die Snow Lake-Betriebe sollen 2025 200.000 Unzen Gold zu Cash-Kosten von 750 US-Dollar pro Unze produzieren, mit einem Durchschnitt von 193.000 Unzen jährlich in den folgenden drei Jahren. Der Betrieb verfügt über Reserven von 1,7 Millionen Unzen Gold und abgeleitete Ressourcen von 1,3 Millionen Unzen.
- Significant mineral resources at Talbot deposit with high-grade copper, zinc, and gold content
- Expected gold production of 200,000 ounces in 2025 with competitive cash costs of $750/oz
- Strong projected average gold production of 193,000 ounces annually for next three years
- Substantial gold reserves of 1.7M oz plus 1.3M oz in inferred resources
- Strategic agreement enabling expansion of exploration activities near existing infrastructure
- None.
Insights
Hudbay's agreement with MCN enables exploration of copper-gold resources that could extend Snow Lake operations beyond current 2037 mine life.
This exploration agreement between Hudbay and Mosakahiken Cree Nation strategically advances Hudbay's resource development in the Snow Lake region. The agreement specifically enables exploration at the Talbot deposit, acquired through the 2023 Rockcliff Metals acquisition, which contains indicated resources of 2.2 million tonnes grading 2.3% copper, 1.8% zinc, and 2.1 g/t gold, plus 2.5 million tonnes of inferred resources.
The key advantage here is Talbot's proximity to Hudbay's existing processing infrastructure at Stall and New Britannia, which could reduce capital requirements if resources are eventually developed. According to the company, successful exploration campaigns could provide valuable future feed for these facilities and potentially extend Snow Lake's current mine life beyond 2037.
This agreement supports Hudbay's broader Manitoba operations, where current production guidance shows 200,000 ounces of gold expected in 2025 at cash costs of $750 per ounce, with production projected to average 193,000 ounces annually for the next three years. With 1.7 million ounces in current mineral reserves and another 1.3 million ounces in inferred resources, this agreement enables Hudbay to pursue additional resource growth through what they describe as one of their largest exploration programs in Snow Lake history.
Partnership with Mosakahiken Cree Nation establishes framework for exploration, creating jobs while reducing future development risks.
This agreement with the Mosakahiken Cree Nation (MCN) represents a structured approach to indigenous engagement that addresses both immediate exploration activities and establishes a framework for potential future development. The article notes the agreement provides "transparency, guidance and support between Hudbay and MCN throughout the exploration phase" with a "joint intent to negotiate a further agreement if a project proceeds to development."
Hudbay is already demonstrating tangible community benefits through its Mining Fundamentals Program, which included three MCN members in the 2025 graduating class who received full-time employment at the Lalor mine. Chief Grey's statement emphasizes the agreement will create "new jobs for our people" and "new economic development opportunities" while including community involvement in environmental monitoring.
From a stakeholder relations perspective, securing indigenous support during the exploration phase represents proactive risk management. Mining projects in Canada increasingly require community support for successful development, making early relationship-building critical. By establishing this partnership framework before significant capital deployment, Hudbay potentially reduces future development risks while creating a foundation for sustainable operations in the region that benefit both the company and the indigenous community.
TORONTO, April 28, 2025 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM) today announced the signing of an agreement with the Mosakahiken Cree Nation (“MCN”) on exploration activities in their traditional and ancestral territory, including at Hudbay’s Talbot deposit south of Snow Lake, Manitoba.
“The signing of the Exploration Agreement with MCN marks a significant step towards economic reconciliation and a future built on respect and collaboration. I am very proud of the way in which we are working to build our relationship with MCN by creating alignment and transparency on our projects in the region,” said Rob Carter, Vice President of Hudbay’s Manitoba Business Unit. “We continue to deepen our relationship by investing in local talent through our successful Mining Fundamentals Program, which included three members from MCN in our 2025 graduating class who received full-time employment at our Lalor mine. Together, we will continue to create opportunities and ensure a sustainable future in the Snow Lake region for generations to come.”
“I am very excited to announce that Mosakahiken Cree Nation has signed an Exploration Agreement with Hudbay. This strategic partnership will see the creation of new jobs for our people, as well as unlock new economic development opportunities, leading to a brighter future for MCN. I look forward to continuing this journey with Hudbay as we work together on environmental monitoring, new training initiatives and continued employment,” said Chief Grey, Mosakahiken Cree Nation.
The signing of this agreement represents a compelling opportunity for Hudbay to enhance future production and extend mine life at its Snow Lake operations through additional exploration activities in the region. The agreement ensures transparency, guidance and support between Hudbay and MCN throughout the exploration phase and a joint intent to negotiate a further agreement if a project proceeds to development. The acquisition of Rockcliff Metals Corp. in 2023 resulted in a significant increase in Hudbay’s Snow Lake land holdings, including the consolidation of a
Hudbay's Manitoba business is the historical cornerstone of the Company’s operational strength, underpinned by the long-life Snow Lake operations that currently have a mine life until 2037. Since 2021, the Snow Lake operations have transformed to be a primary gold producer and the operations are expected to deliver 200,000i ounces at cash costs of
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “budget”, “guidance”, “scheduled”, “estimates”, “forecasts”, “strategy”, “target”, “intends”, “objective”, “goal”, “understands”, “anticipates” and “believes” (and variations of these or similar words) and statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” “occur” or “be achieved” or “will be taken” (and variations of these or similar expressions).
All of the forward-looking information in this news release is qualified by this cautionary note. Forward-looking information in this news release includes, but is not limited to, statements regarding production and cost expectations, the possibility of upgrading mineral resources to mineral reserves and the potential to extend the mine life of the Snow Lake operations. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information.
The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information are described under the heading “Risk Factors” in the Company’s most recent annual information form for the year ended December 31, 2024. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.
Qualified Person and NI 43-101
The technical and scientific information in this news release related to the Company’s material mineral projects has been approved by Olivier Tavchandjian, P. Geo, Senior Vice President, Exploration and Technical Services. Mr. Tavchandjian is a qualified person pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources at Hudbay's material mineral properties, 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 see the technical reports for the Company’s material properties as filed by Hudbay on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused critical minerals company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States.
Hudbay’s operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the Company, which is complemented by meaningful gold production and by-product zinc, silver and molybdenum. Hudbay’s growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its existing operations.
The value Hudbay creates and the impact it has is embodied in its purpose statement: “We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities.” Hudbay’s mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations.
For further information, please contact:
Candace Brûlé
Vice President, Investor Relations, Financial Analysis and External Communications
(416) 814-4387
investor.relations@hudbay.com
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i Based on midpoint of guidance released in the news releases dated February 19, 2025 and March 27, 2025. Cash costs are non-GAAP financial performance measures with no standardized definition under IFRS. For further details on why Hudbay believes cash costs are a useful performance indicator, please refer to the Company's most recent management's discussion and analysis for the period ended December 31, 2024.
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