Directory

year = 2024: 99% of employees from Mexico, with 67% from Guerrero State. year = 2022: 1,108 direct employees and 2,303 contractors.

The Morelos Complex is an operating underground gold-silver-copper mine in Guerrero, Mexico, owned by Torex Gold Resources Inc. It includes the Media Luna Project, a significant expansion featuring a hybrid fleet with battery-electric vehicles. The processing plant has a capacity of 10,600 tonnes per day, producing precious metal-rich copper concentrate and gold/silver doré.

Production overview - 2025: gold 319149 oz, silver 1400000 oz, copper 36000000 lbs; 2023: gold 453778 oz.

Ore from the Morelos Complex is processed through a centralised, upgraded facility. The plant has a nameplate capacity of 10,600 tonnes per day. Recent upgrades included the addition of copper and iron-sulphide flotation circuits to handle ore from the Media Luna and Media Luna North deposits, which have higher copper levels. The primary products are a precious metal-rich copper concentrate and gold/silver doré. Ore from Media Luna is transported to the processing plant via an underground conveyor through the Guajes Tunnel.

The Media Luna project includes a hybrid fleet of 35 units from Sandvik, featuring 15 battery-electric vehicles (BEVs) for production mining and 20 conventional pieces of equipment for development. The BEV fleet includes 11 Toro™ LH518iB battery-electric loaders and four Sandvik DD422iE twin-boom battery-electric jumbos. The conventional equipment includes loaders, trucks, bolters, production drills, and a raiseborer. Torex deploys the largest battery-electric mining fleet in Latin America.

The Media Luna Project is a significant expansion of the Morelos Complex. First copper concentrate production from Media Luna was expected in the first quarter of 2025, with commercial production to follow shortly after. The development of Media Luna North is underway with first production expected by late 2026. The integration of the EPO deposit into the mine plan is also part of the expansion.

30 to 35 people during the exploration phase

The project is currently in the exploration and evaluation phase, and is not an operating mine. The purpose is to conduct underground mineral exploration and data collection to determine the economic value of the mineralization, analyze samples, and evaluate geochemical and geotechnical conditions.

Production overview - 2024: copper 1500000000 lbs, silver 183000000 oz.

Production overview - 2025: zinc 203168 t.

A new concentrator with a capacity of 800,000 tonnes per annum was completed in May 2024 and first concentrate was produced in June 2024. The plant incorporates dense media separation, milling, and flotation. A debottlenecking program was completed in August 2025, increasing the concentrator throughput capacity by 20% to 960,000 tonnes of ore per annum.

Ivanhoe Mines and its state-owned partner Gécamines signed a new joint venture agreement in late 2023 to return the mine to production. Construction of the new concentrator began in September 2022. In July 2025, a three-year offtake agreement was signed with Mercuria for up to one-third of the unallocated offtake of zinc concentrate.

over 2,000 employees

The Phase 1 concentrator began operations in late 2025. The first sale of concentrate was completed to Northam Platinum in the fourth quarter of 2025. The concentrator is ramping up and is expected to reach approximately 80% of its nameplate capacity by mid-2026. It is initially processing lower-grade development ore, with higher-grade ore to be introduced in the second quarter of 2026.

The mine uses a concentrator to process ore. The Phase 1 concentrator has a milling capacity of 770,000 tonnes per annum (ktpa). Development ore is hoisted via Shaft 1 and stockpiled on the surface. The orebody is described as high-grade, thick, and flat-lying, which is suited to large-scale, mechanised mining. The platinum-to-palladium ratio is approximately 1-to-1.

The mine's infrastructure includes multiple shafts. Shaft 1 is used for initial hoisting. Shaft 3 is expected to be operational by April 2026, increasing the mine's hoisting capacity five-fold to 5 million tonnes per annum. The larger Shaft 2 is being developed to support future expansions, with hoisting targeted from Q3 2028. The mining method is described as safe, mechanised, and highly productive bulk mining.

The mine is being developed in multiple phases. Phase 1 commenced production in Q4 2025. Phase 2 development is underway and is targeted for completion in Q4 2027. This phase includes a new 3.3-million-tonne-per-annum (Mtpa) concentrator module, which will increase total processing capacity to 4.1 Mtpa. The Phase 2 expansion is expected to increase annual production to over 450,000 ounces of platinum, palladium, rhodium, and gold (3PE+Au), plus more than 30 million pounds of nickel and copper. A Preliminary Economic Assessment (PEA) has been completed for a potential Phase 3 expansion to 10.7 Mtpa. This would further increase annual production to over 1.0 million ounces of 3PE+Au, plus approximately 22,000 tonnes of nickel and 13,000 tonnes of copper.

approximately 6,000 (as of February 2025)

Production overview - 2025: copper 388841 t; 2024: copper 437061 t.

The complex utilises underground mining and flotation processing with its Phase 1, 2, and 3 concentrators. The Phase 3 concentrator began commercial production in the third quarter of 2024. A new on-site, 500,000 tonnes-per-annum direct-to-blister copper smelter, the largest in Africa, commenced heat-up on 21 November 2025 and produced its first copper anode on 29 December 2025.

The mining fleet is undergoing electrification.

The mine plan for 2026 and 2027 has been refocused on developing long-term infrastructure to support future productivity. The company now targets annualised copper production to exceed 500,000 tonnes from 2028 onwards. A March 2026 technical report outlines a Mineral Reserve of 0.5 billion tonnes at a grade of 2.82% copper and an Indicated Mineral Resource of 1.3 billion tonnes at a grade of 2.65% copper, which supports a multi-decade mine life and a potential Phase 4 expansion. Capital expenditure guidance for 2026 is between $1.10 billion and $1.40 billion, which includes underspend from 2025. Capital expenditure guidance for 2027 is set at $750 million to $950 million.

The Lake Mackay Project is a large-scale, underexplored tenement package considered prospective for a range of deposit styles, including copper-gold-silver, nickel-cobalt-manganese, and orogenic gold. Exploration activities, including drilling, are ongoing. In May 2022, IGO and Prodigy Gold restructured their agreement, resulting in Prodigy Gold holding a majority interest in the gold tenements, while IGO retains the majority share of the base metal tenements. Recent exploration has focused on several prospects, including Phreaker (copper-gold), Arcee (gold), and Goldbug (gold). Drilling at the Phreaker prospect in 2022 and 2023 returned encouraging polymetallic results.

IGO Limited withdrew from a farm-in agreement with Antipa Minerals, effective 30 April 2025, returning 100% ownership of the 1,520 square kilometre Paterson Project to Antipa. This project surrounds Antipa's flagship Minyari Dome Project. Following the withdrawal, Antipa consolidated its landholding in the Paterson Province to approximately 4,060 square kilometres, now referred to as the Minyari Project. The project is prospective for gold and copper deposits. An upcoming 2025 drilling program will focus on priority targets.

The Copper Wolf Project is a copper-molybdenum exploration project in Arizona, USA, targeting underground bulk mineable mineralisation within a prolific porphyry copper belt. IGO Limited has consolidated 100% ownership of the central project area (~12.5km2).

Diamond drilling rigs (including larger rigs with greater technical and depth capabilities), HQ (63.5mm width) core size.

As of 30 June 2022, IGO Limited's total workforce, including employees and contractors, was 741, with 436 being direct employees.

The Nova-Bollinger deposit is a magmatic nickel-copper-cobalt deposit located in the Fraser Range. It is an underground operation that commenced commercial production in July 2017 and is expected to cease operations by late 2026, with a focus on end-of-life operational phase and subsequent closure.

Production overview - 2025: nickel 16371 t, copper 7324 t, cobalt 581 t; 2024: nickel 20806 t, copper 9922 t, cobalt 735 t.

The Nova Operation includes a processing facility that produces saleable nickel, copper, and cobalt concentrates.

Underground mining services at the Nova Operation are provided by Barminco, a subsidiary of Perenti.

The Libby Exploration Project is at an exploration and evaluation stage and is not currently an operating mine. Hecla has submitted a Plan of Operations to the U.S. Forest Service for underground exploration and evaluation activities designed to collect data to inform project engineering, environmental requirements, and overall feasibility. The U.S. Forest Service has issued a final decision notice and finding of no significant impact, allowing exploration and data collection to proceed. The proposed exploration project is expected to last for approximately 16 years, a period that includes post-reclamation monitoring.

The Rock Creek project in Sanders County, Montana, was acquired by Hecla Mining Company in 2015. It is currently on hold, with Hecla not actively seeking permits for its construction. In February 2022, the Plan of Operations was withdrawn. The project, which has faced legal challenges, has inferred resources based on a technical report summary.

Production overview - 2023: silver 148291000 oz, copper 595167.5 t.

400-600 (estimated during production)

First concentrate was produced in June 2024. 2024 production guidance is between 100,000 and 140,000 tonnes of zinc in concentrate. 2025 production was 203,168 tonnes of zinc. The 2026 production guidance for zinc is 240,000 to 290,000 tonnes.

Production overview - 2025: zinc 203168 t.

A new 800,000-tonne-per-annum concentrator was completed in May 2024. The plant uses dense media separation, milling, and flotation. A debottlenecking program increased the concentrator throughput capacity by 20% to 960,000 tonnes of ore per annum.

The mine is accessed via the existing decline and Shaft 5 (P5) is the main production shaft with a maximum hoisting capacity of 1.8 Mtpa. Mining is performed using mechanized methods.

over 650 people (as of Dec 2014), over 85% from local communities (as of May 2025) SAS

The processing strategy involves a phased construction of concentrator modules. The Phase 1 concentrator construction was completed in the third quarter of 2024. The Phase 2 expansion includes adding a 3.3 Mtpa concentrator module. The Phase 3 design is based on adding two more 3.3 Mtpa modules.

Phase 1 involves a 770,000 tonnes per annum (tpa) concentrator. Phase 2 is an expansion targeted for completion in the fourth quarter of 2027, which will increase total processing capacity to 4.1 million tonnes per annum (Mtpa). A $700 million senior project finance facility for the Phase 2 expansion has been signed. A Phase 3 expansion is outlined in a Preliminary Economic Assessment (PEA), which considers scaling up processing capacity to 10.7 Mtpa.

approximately 6,000

The Kamoa-Kakula Copper Complex is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%), and the Government of the Democratic Republic of Congo (20%). Commercial production began on July 1, 2021. An updated independent technical report with an effective date of December 31, 2025, was released on March 31, 2026. This report outlines a Mineral Reserve of 466 million tonnes of ore at a grade of 2.82% copper, containing 13.1 million tonnes of copper. The updated Indicated Mineral Resource is estimated at 1.27 billion tonnes at a grade of 2.65% copper. Following operational challenges in 2025, including seismic events and flooding, the mine plan for 2026 and 2027 has been refocused on underground development, rehabilitation, and establishing long-term infrastructure. As a result, the production guidance for 2026 has been revised to between 290,000 and 330,000 tonnes of copper anodes, and for 2027 is between 380,000 and 420,000 tonnes of copper anodes. The operation is targeting an annualised production rate of over 500,000 tonnes of copper from 2028 onwards.

Production overview - 2025: copper 388838 t; 2023: copper 393551 t.

The complex uses flotation to produce copper concentrate from its Phase 1, 2, and 3 concentrators. A new on-site, 500,000-tonne-per-annum direct-to-blister copper smelter, the largest in Africa, commenced heat-up on November 21, 2025, and produced its first copper anodes on December 29, 2025. The smelter is ramping up ahead of schedule and is expected to process the majority of the concentrate produced, significantly reducing logistics costs and providing sulphuric acid as a by-product. The complex is powered by clean, renewable hydro-generated electricity, and the first 60 MW of on-site solar power is expected to be commissioned in the second quarter of 2026.

The Phase 3 concentrator began commercial production in the third quarter of 2024. A 2023 Pre-Feasibility Study evaluates a staged increase in production capacity up to a total of 19.2 million tonnes per annum by 2030. A Preliminary Economic Assessment projects a mine life extension to 42 years, which includes the addition of four new underground mines (Kamoa 3, 4, 5 and 6). However, the focus for the next 18-24 months is on development activities to support future production rates. An optimised feasibility study is underway, with results expected in the first quarter of 2027.

The central Copper Wolf project area covers approximately 12.5 square kilometres and includes the Bobcat and Rattler prospects. The project is located within a prolific porphyry copper belt in Arizona. Historical exploration has confirmed porphyry-style mineralisation and alteration throughout much of the project area. The first diamond drill holes by the joint venture confirmed a large, mineralised porphyry copper-molybdenum system with a vertical extent of over 600 metres.

600 jobs

Rock Creek is a pre-development underground project targeting silver and copper, with an anticipated room-and-pillar mining method. The project's development has been subject to legal challenges, and Hecla has withdrawn its Plan of Operations. Inferred mineral resources were reported as of 31 December 2023.

Production overview - 2023: silver 148291000 oz, copper 656060 t.

Conventional froth flotation process producing a copper/silver-based concentrate. Initial processing includes an underground crusher, with above-ground facilities for further crushing and grinding. Tailings were planned to be stored in a tailings impoundment.

30 to 35 jobs

The Libby Exploration Project, formerly known as the Montanore project, is a significant silver and copper exploration venture operated by Hecla Mining Company. Located in Lincoln County, Montana, the project is currently in a 16-year exploration and evaluation phase to determine economic viability. The United States Forest Service (USFS) authorized exploration in October 2025, but the project faces legal challenges from environmental groups. The exploration plan involves dewatering and rehabilitating an existing 7,000-foot tunnel, which will then be extended by an additional 4,200 feet for further underground exploration and drilling. Should exploration yield positive results, a new Plan of Operations for a full-scale mine would be submitted.

If the studies are supportive, a new Plan of Operations for a full-scale mine would be submitted, triggering a separate and new permitting process.

The Kinskuch property is now a part of Dolly Varden Silver's consolidated Kitsault Valley Project, located in the "Golden Triangle" of northwestern British Columbia. The acquisition increased Dolly Varden's total land package in the area to approximately 77,000 hectares. The property is considered highly prospective and underexplored for silver, gold, and copper mineralization. The Kinskuch property is covered by a five-year Exploration Permit on both Nisga'a and Gitanyow Traditional Lands. There is no active mining, and the project is in an exploration and resource definition phase. Dolly Varden's exploration plans for the broader Kitsault Valley Project include a minimum of 35,000 metres of diamond drilling which commenced in 2025. The acquisition added the Illiance trend to Dolly Varden's holdings, which has seen limited modern exploration.

The Connaught project is an exploration-stage asset located in the Dawson mining district of west-central Yukon, Canada, approximately 65 kilometres west of Dawson City. Hecla Mining Company acquired the Connaught project in July 2023 through its acquisition of ATAC Resources Ltd. The project is part of a large land package of over 700 square miles (1,830 square kilometres) that also includes the Rackla property. Hecla has stated that the acquisition of the Connaught and Rackla projects consolidates their position in the Yukon and aligns with their strategy of acquiring significant land packages in highly prospective and tier-one mining jurisdictions. The company has noted it is not obligated to make significant expenditures over the next decade to maintain control of the land package, allowing for flexibility in the pace of exploration spending. While Hecla announced a nearly doubled exploration and pre-development budget of $55 million for 2026, the focus of this increased investment has been publicly directed towards its operations in Nevada, and at its Greens Creek (Alaska), Keno Hill (Yukon), and Lucky Friday (Idaho) mines. There have been no specific announcements from Hecla regarding a new budget or exploration program for the Connaught project since its acquisition.

approximately 512 people (as of 2024)

Greens Creek Mine is an underground operating mine located in Alaska, United States. It produces silver, gold, lead, zinc, and copper. The mine began production in 1989 and has an ore concentrating mill with a capacity of approximately 2,300 tons of ore per day. Primary mining methods include cut and fill and longhole stoping. Hecla Mining Company holds 100% ownership. A tailings facility expansion is expected to extend capacity to 2045, with a five-year surface exploration plan approved in early 2026 to potentially extend the mine's life further. As of 2024, it employed approximately 512 people.

Production overview - 2025: silver 8700000 oz, gold 59349 oz, lead 18200 t, zinc 51300 t; 2024: silver 8500000 oz, gold 55275 oz, zinc 51288 t, lead 18320 t, copper 1874 t.

The mine has an ore concentrating mill and produces approximately 2,300 tons of ore per day. The primary mining methods are cut and fill and longhole stoping. In 2024, 46% of tailings were reused as backfill.

A tailings facility expansion is expected to increase tailings capacity to 2045. A five-year surface exploration plan was approved in early 2026 to potentially extend the mine's life. Capital investment in 2026 will be partly for the expansion of its tailings facility. The U.S. Forest Service approved a five-year plan of operations for the Greens Creek Surface Exploration Project, which was expected to begin in the spring of 2026.

over 2,200 employees and contractors as of November 2025

The Platreef PGM-Nickel Mine officially opened and produced its first concentrate on 18 November 2025. The Phase 1 concentrator has a milling capacity of 770,000 tonnes per annum, processing lower-grade development ore and expected to transition to higher-grade ore in Q2 2026. Shaft 3 is scheduled to be operational by April 2026, increasing hoisting capacity to 5 Mtpa. A 5-megawatt solar power facility was completed in Q1 2025.

First concentrate produced on 18 November 2025. Initial sale of concentrate in late 2025. Phase 1 concentrator expected to operate at 80% of nameplate capacity by mid-2026. Long-hole stoping expected to commence in Q2 2026.

crushing, milling, and flotation to produce a concentrate containing platinum, palladium, rhodium, gold, nickel, and copper. Phase 1 concentrator has a milling capacity of 770,000 tonnes per annum.

battery-electric mining equipment, M2C drill rigs, 14-tonne load haul dumpers

The mine is being developed in multiple phases. Phase 2 expansion is underway, targeting completion in Q4 2027, to increase total processing capacity to 4.1 Mtpa and produce approximately 450,000 oz 3PE+Au, plus over 30 Mlbs nickel and copper. A $700 million senior project finance facility was secured for Phase 2. A future Phase 3 expansion is being evaluated to further increase processing capacity to 10.7 Mtpa, projected to more than double annual production to over 1 Moz 3PE+Au, plus approximately 22,000 tonnes nickel and 13,000 tonnes copper.

Over 6,800 full-time employees, with over 90% being Congolese nationals.

The Kamoa-Kakula Copper Complex is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the Government of the Democratic Republic of Congo (20%). Commercial production began on 1 July 2021. It is an underground copper mine in Lualaba Province, Democratic Republic of Congo, utilizing flotation to produce copper concentrate, with an on-site direct-to-blister copper smelter. The complex is powered by clean, renewable hydro-generated electricity and employs over 6,800 full-time employees.

Production overview - 2025: copper 388838 t; 2024: copper 437061 t.

The complex utilises flotation to produce copper concentrate. The total design processing capacity was increased to 14.2 million tonnes per annum with the completion of the Phase 3 concentrator. First concentrate from the Phase 3 concentrator was achieved on 10 June 2024, and it reached commercial production in August 2024. A debottlenecking program completed in February 2023 increased the processing capacity of the Phase 1 and 2 concentrators to a combined 9.2 million tonnes per year. A 500,000-tonne-per-annum on-site direct-to-blister copper smelter was constructed, with first anode production on 29 December 2025. The smelter is the largest in Africa.

The Phase 3 expansion includes two new underground mines, Kamoa 1 and Kamoa 2, and a new 5 million tonne-per-year concentrator plant. The Phase 3 concentrator was completed in May 2024, ahead of schedule. Once fully ramped up, the Phase 3 expansion is expected to increase annualised copper production to more than 600,000 tonnes. A potential Phase 4 expansion is planned for later in the decade which would increase total processing capacity to 19.2 million tonnes per annum. An updated mine plan released in March 2026 supports a ramp-up of production to over 500,000 tonnes of copper per annum from 2028 onwards.

The Connaught project is an exploration-stage asset with potential for copper-molybdenum-gold porphyry mineralisation and high-grade epithermal veins containing silver, lead, zinc, gold, and copper. It was acquired by Hecla Mining Company in 2023 through the acquisition of ATAC Resources Ltd. Historical small-scale extraction from shallow pits occurred in 1966 and 1976.