08:23 AM EDT, 03/28/2024 (MT Newswires) -- Hudbay Minerals ( HBM ) were last seen up 1% in premarket New York trading 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 to come from its projects in Peru and 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.

The company's shares were last seen up US$0.07 to US$6.99 in premarket trading. They closed up C$0.20 to C$9.38 Wednesday on the Toronto Stock Exchange.