Hudbay President Peter Kukielski reports their 2023 exploration program is focused on high potential opportunities to expand mineralization near their operations in Peru and Manitoba. Exploration activities in Snow Lake are prioritizing step out drilling for new discoveries to support future growth with preliminary results indicating the alteration zone hosting the mineralized system at Lalor continues to down dip for two kilometers.

Hudbay started a winter drill program in Snow Lake in January with four drill rigs testing the down dip and copper extensions of the Lalor deposit  and one additional drill is testing a geographical anomaly within 400 meters of the existing Lalor underground infrastructure.

Annual gold production from Snow Lake is expected to average 110 thousand tonnes over the next three years which is a 23 percent increase from 2022 levels.

The report notes current mineral reserves estimates in Snow Lake total 18 million tonnes with approximately 2.1 million ounces of contained gold and the expected mine life of that operation has been maintained and extends until 2038.