Hudbay Extends Snow Lake Mine Life to 2043 with Increased Gold Production
News related to:Hudbay Minerals Inc · 2 min read
TORONTO, Sept. 28, 2026 /CourierPR/ -- Hudbay Minerals Inc. has announced significant enhancements to its gold production profile at the Snow Lake operations in Manitoba, Canada. The company has extended the mine life of Snow Lake by an additional two years, bringing the total reserve mine life to 2043. This extension, combined with a previous four-year extension announced in March 2026, adds six years to the existing reserve mine life.
The updated mine plan forecasts an average annual gold production of 185,000 ounces over the next five years, marking a 37% increase in total gold production from an additional 250,000 ounces produced over the same period in the 2021 technical report. The total life-of-mine gold production has increased by 60%, from 1.8 million ounces in the 2021 technical report to 2.8 million ounces.
Hudbay has also maintained strong financial performance, with gold cash costs at $821 per ounce and sustaining cash costs at $1,379 per ounce over the next five years. These costs are expected to keep the company's operating margins at industry-leading levels.
The company's mineral reserve estimates have increased to 27 million tonnes containing 2.0 million ounces of gold, a 38% increase in tonnage from the January 1, 2026, estimate. Additionally, the mineral resource estimates have risen to 21 million tonnes containing 1.5 million ounces of gold, a 26% increase in tonnage from the same date. These increases are attributed to ongoing exploration activities and a high resource-to-reserve conversion rate of 90%.
Hudbay is currently progressing well with 1901 exploration and development activities, which are expected to achieve full production in late 2027. The Stall hot tailings project is also underway and is scheduled to be commissioned in early 2028, leading to further increases in gold and silver recoveries.
The company’s Snow Lake operations, which include the Lalor gold-copper-zinc mine, the New Britannia gold mill, the Stall base metals concentrator, the 1901 zinc-gold deposit, several satellite deposits, and the former producing New Britannia gold mine currently on care and maintenance, have seen significant growth. The Lalor mine achieved a significant milestone in December 2024 with the recovery of its one millionth ounce of gold from the mine.
Hudbay has also increased its Snow Lake land package by more than 250% through the acquisition of Rockcliff Metals Corp., which included the addition of several known deposits within trucking distance of the Snow Lake processing infrastructure. The company has signed exploration agreements with the Kiciwapa Cree Nation and the Mosakahiken Cree Nation, furthering its commitment to local communities.
The Snow Lake Greenstone Belt continues to be a highly prospective region, providing significant upside potential. Future opportunities include unlocking additional reserves through continued conversion of the 1.5 million gold ounces in inferred resources, further extending the reserve mine life beyond 2043, and exploring for the next major anchor deposit in Snow Lake.