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Project:

‍Copper World & Rosemont Copper-Molybdenum-Silver project

Status:

Development

Location:

Pima County, Arizona, USA

Ownership:

100% owned by Hudbay Minerals Inc. (“Hudbay”)

Royalty:

0.135% net smelter return royalty (“NSR”) covering 132 patented claims (all of the patented claims associated with Copper World and Rosemont), 603 unpatented claims, and one parcel of fee associated land.

Nova retains a Right of First Refusal (“ROFR”) in respect to an additional 0.540% NSR covering the same area at Copper World and Rosemont.

As of December 1, 2021, Hudbay disclosed the mineral resource estimates for Copper World as:

Copper World Global Mineral Resource Estimate as at December 1, 2021(1)

      Grade
Potential Processing Method Classification Metric Tonnes CuT (%) CuSS (%) Mo (g/t) Ag (g/t)
Flotation Indicated 180,000,000 0.37 0.07 136 2.7
Inferred 91,000,000 0.36 0.05 129 3.8
Leach Indicated 92,000,000 0.34 0.27 74 3.4
Inferred 51,000,000 0.35 0.27 61 2.5
Total Indicated 272,000,000 0.36 0.13 115 2.9
Inferred 142,000,000 0.36 0.13 105 3.3

Copper World High Grade Mineral Resource Estimate as at December 1, 2021(1)

      Grade
Potential Processing Method Classification Metric Tonnes CuT (%) CuSS (%) Mo (g/t) Ag (g/t)
Flotation Indicated 48,000,000 0.68 0.14 125 4.0
Inferred 13,000,000 0.78 0.18 136 3.6
Leach Indicated 48,000,000 0.46 0.37 68 4.2
Inferred 18,000,000 0.66 0.49 50 3.7
Total Indicated 96,000,000 0.57 0.26 97 4.1
Inferred 31,000,000 0.71 0.36 86 3.7

As of January 1, 2021, Hudbay disclosed the mineral reserve and resource estimates for Rosemont as:

Rosemont Mineral Reserve Estimate as at January 1, 2021(2)

    Grade
Classification Tonnes Cu (%) Mo (g/t) Ag (g/t)
Proven 426,100,000 0.48 120 4.96
Probable 111,000,000 0.31 100 3.09
Proven & Probable 537,100,000 0.45 120 4.58

Rosemont Mineral Resource Estimate as at January 1, 2021(2)

    Grade
Classification Tonnes Cu (%) Mo (g/t) Ag (g/t)
Measured 161,300,000 0.38 90 2.72
Indicated 374,900,000 0.25 110 2.60
Measured & Indicated 536,200,000 0.29 110</strong 2.64
Inferred 62,300,000 0.30 100 1.58

Notes:

(1) Refer to the press release titled “Hudbay Announces Initial Mineral Resource Estimate at Copper World” published by Hudbay Minerals Inc. dated December 15, 2021.

(2) Refer to the Hudbay Minerals Inc. Annual Information Form for the year ended December 31, 2020.