09:43 AM EDT, 03/28/2024 (MT Newswires) -- (Adds analyst comment and updates shares.)

Hudbay Minerals ( HBM ) shares were last seen up 2.1% after the company on Thursday said it expects rising copper and gold production over the next three year as it released an updated mineral reserve and resource report for its mines in Canada, the United States and Peru.

The company said it expects copper production to average 153,000 tonnes annually through 2026, 16% above 2023 output, with gold production forecast at an average 272,500 ounces per year over the period.

"We already have a resilient operating platform delivering stable copper production and complementary gold production, and we expect to continue to add to our robust production outlook by leveraging our proven track record of delivering value through exploration and development as we advance our quality pipeline of growth assets," chief executive Peter Kukielski said in a release.

Hudbay said it expects production growth over the next two years to come from Peru and its projects in Manitoba, as well as from its Copper Mountain mine in British Columbia acquired in 2023. It is also advancing permitting for its Copper World project in Arizona.

"Today's three-year production outlook provides further clarity on the company's growth outlook which relies on stabilization and improved operational performance at Copper Mountain offsetting declining production in Peru - management is expected to achieve stable operational results in coming quarters to provide comfort in longer-term outlook at the operation," National Bank Financial analyst Shane Nagle wrote.

The company's shares opened up C$0.20 to C$9.58 on the Toronto Stock Exchange.

Price: 9.57, Change: +0.19, Percent Change: +2.03