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Copper World Complex Copper-Molybdenum-Silver project




Pima County, Arizona, USA


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


0.165% net smelter return royalty (“NSR”) covering 132 patented claims (all of the patented claims associated with Copper World Complex), 603 unpatented claims, and one parcel of fee associated land.

Nova retains a Right of First Refusal (“ROFR”) in respect to an additional 0.510% NSR covering the same area at Copper World Complex.

As of January 1, 2023, Hudbay disclosed the mineral resource estimates for Copper World as:

Copper World Complex Mineral Resource Estimates as at January 1, 2023

Copper World - Flotation          
Measured 687 0.45 0.05 138 5.1
Indicated 287 0.36 0.06 134 3.6
Inferred 210 0.36 0.05 119 3.9
Copper World - Leach          
Measured 105 0.37 0.26 n/a n/a
Indicated 94 0.35 0.26 n/a n/a
Inferred 52 0.40 0.29 n/a n/a
Total Measured + Indicated 1,173 0.41 0.09 114 3.9
Total Inferred
262 0.37 0.10 95 3.1


  1. Refer to Hudbay's Annual Information Form for the year ended December 31, 2022, dated March 30, 2023.
  2. Totals may not add up correctly due to rounding.
  3. CIM definitions were followed for the estimation of mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
  4. Mineral resources are constrained within a computer-generated pit using the Lerchs-Grossman algorithm.
  5. Estimate of the mineral resources is based on the following long-term metals prices: $3.45 per pound of copper; $11.00 per pound of molybdenum; and $20.00 per ounce of silver.
  6. Mineral resource estimates were reported using a 0.1% copper cut-off grade and an oxidation ratio lower than 50% for flotation material and a 0.1% soluble copper cut-off grade and an oxidation ratio higher than 50% for leach material.
  7. Estimate of the mineral resource does not account for marginal amounts of historical small-scale operations in the area that occurred between 1870 and 1970 and is estimated to have extracted approximately 200,000 tonnes, which is within rounding approximations of the current resource estimates.
  8. Based on 100% ownership of Copper World.