Hudbay Minerals Raises Estimates for Manitoba Gold Mine

07:05 AM EDT, 09/28/2026 (MT Newswires) -- Hudbay Minerals (HBM) extended the probably reserved mine life of its Snow Lake operations in Manitoba, Canada by another two years to 2043, the company said Monday. The company also upped its projected 2026 to 2030 five-year average annual gold production to 185,000 ounces representing a 37% increase in total gold production, the company said. The total estimated life-of-mine gold production increased by 60% to 2.8 million ounces from 1.8 million ounces in the 2021 report, the company said. The company also updated the 2026 to 2030 five-year average gold cash costs to $821 per ounce and five-year average sustaining cash costs to $1,379 per ounce, it said. Mineral reserve estimates at Snow Lake increased to 27 million metric tons and 2.0 million ounces of gold, up 38% in tonnage from its January projections, the company said. Snow Lake mineral resource estimates increased to 21 million metric tons containing 1.5 million ounces of gold, a 26% increase in tonnage from January estimates, it said. Shares of the company were down 6% in recent premarket trading.