Hudbay Minerals (TSX:HBM,NYSE:HBM) announced an updated mine plan for its Snow Lake operations in Manitoba, extending the project’s proven and probable reserve life by two years to 2043.
The updated schedule forecasts annual production of 185,000 ounces of gold between 2026 and 2030, driven by sustained high throughput at the New Britannia mill and improved recoveries at the Stall base metals concentrator.
Over the full life-of-mine, total gold output is now expected to reach 2.8 million ounces, a 60 percent increase from the 1.8 million ounces projected in the company’s 2021 technical report.
“Transitioning this operation from a zinc-rich operation to a leading Canadian gold operation over the last five years has been transformative for Hudbay and we look forward to sustainable production in the decades ahead,” Hudbay CEO Peter Kukielski said in a statement.
Total mineral reserves at Snow Lake rose 38 percent from the January 2026 estimate, reaching 27 million tons containing 2.0 million ounces of gold.
Despite the high conversion rate, inferred mineral resources also increased 26 percent to 21 million tons containing 1.5 million ounces of gold.
The reserve growth stems primarily from successful conversion at the Lalor and 1901 deposits, increased reserves at the WIM and 3 Zone satellite deposits, and maiden reserve estimates for the Talbot and Rail properties.
Hudbay secured 100 percent ownership of the Talbot and Rail deposits through its 2023 acquisition of Rockcliff Metals, expanding its Snow Lake land package by more than 250 percent.
The Lalor mine, which achieved commercial production in 2014 and yielded its one-millionth ounce of gold last year, continues to hold an 11-year reserve life.
Meanwhile, production at the 1901 deposit remains on track for full operation in late 2027 following the completion of an exploration drift.
The updated mine plan follows Hudbay’s recent recognition by the Toronto Stock Exchange (TSX).
Earlier this month, the exchange named Hudbay to the 2026 TSX30, an annual ranking of the top 30 performing stocks over a three-year period.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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