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Q3 2025 Results Presentation November 12, 2025
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QUARTERLY EARNINGS / Q3 2025 2 TSX & NYSE: HBM Cautionary Information This presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this presentation, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “budget”, “guidance”, “scheduled”, “estimates”, “forecasts”, “strategy”, “target”, “intends”, “objective”, “goal”, “understands”, “anticipates” and “believes” (and variations of these or similar words) and statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” “occur” or “be achieved” or “will be taken” (and variations of these or similar expressions). Forward-looking information includes, but is not limited to, the consummation and timing of the JV Transaction, expectations regarding the anticipated benefits of the JV Transaction to Hudbay, Mitsubishi and the United States, the consummation and timing of the DFS, Hudbay’s expectations for the Copper World project, including its project sanctioning timelines, future spending, project economics, future production profile and life of mine plan, and the benefits, timing and consummation of the amended Wheaton Stream. All of the forward-looking information in this presentation is qualified by this cautionary note. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information include, but are not limited to, risks associated with satisfying the conditions to the closing of the JV Transaction, including the timing, receipt and any conditions associated with regulatory approvals, risks associated with reaching a definitive agreement with Wheaton in respect of the enhanced precious metals stream as well as those risks that are described under the heading “Risk Factors” in our most recent annual information form for the year ended December 31, 2024 and our management’s discussion and analysis for the three and nine months ended September 30, 2025. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this presentation or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law. This presentation contains certain financial measures which are not recognized under IFRS, such as adjusted net earnings (loss), adjusted net earnings (loss) per share, adjusted EBITDA, net debt, free cash flow, cash cost, sustaining and all-in sustaining cash cost per pound of copper produced, cash cost and sustaining cash cost per ounce of gold produced, combined unit operating costs and any ratios based on these measures. For a detailed description of each of the non-GAAP financial performance measures used in this presentation, please refer to Hudbay’s management’s discussion and analysis for the three and nine months ended September 30, 2025 available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. All amounts in this presentation are in U.S. dollars unless otherwise noted. Qualified Person and NI 43-101 The technical and scientific information in this presentation related to the Constancia mine, Snow Lake operations and Copper World project has been approved by Olivier Tavchandjian, P. Geo., Senior Vice President, Exploration and Technical Services. The technical and scientific information in this presentation related to the Copper Mountain mine has been approved by Marc-Andre Brulotte, P. Geo., Director, Global Exploration and Resource Evaluation. Messrs. Tavchandjian and Brulotte are qualified persons pursuant to NI 43-101. The mineral resource estimate in this presentation related to the Talbot project represents 100% of the mineral resources reported by Rockcliff Metals Corp. ("Rockcliff") in its 2020 NI 43-101 technical report published on SEDAR+. For additional disclosure of Rockcliff’s mineral resource estimates, please refer to the Talbot technical report available under Rockcliff’s SEDAR+ profile at www.sedarplus.ca. Mineral resources are exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. This presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. Canadian reporting requirements for disclosure of mineral properties are governed by NI 43-101. For this reason, the information contained in this presentation containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
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QUARTERLY EARNINGS / Q3 2025 3 TSX & NYSE: HBM Operating Resilience and Continued Industry-Leading Margins ON TRACK TO ACHIEVE LOW END OF CONSOLIDATED COPPER & GOLD PRODUCTION GUIDANCE DESPITE Q3 INTERRUPTIONS KEY RESULTS SUMMARY Q3 2025 Q2 2025 Q3 2024 Production1 Copper kt 24.2 30.0 31.4 Gold koz 53.6 56.3 89.1 Silver koz 730.4 815.0 985.6 Zinc kt 0.5 5.1 8.1 Cash cost2,3 $lb/Cu $0.42 ($0.02) $0.18 Sustaining cash cost2,3 $lb/Cu $2.09 $1.65 $1.71 Adj. Attributable EPS3 $/sh $0.03 $0.19 $0.13 Adj. EBITDA3 $M $143 $245 $206 Operating cash flow4 $M $70 $194 $188 Cash & cash equivalents5 $M $611 $626 $483 Net Debt / Adj. EBITDA6 LTM 0.5x 0.4x 0.7x 1. Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary product s. 2. Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by -product credits, gold cash cost, sustaining cash cost per ounce of gold produced, net of by -product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non- GAAP Financial Performance Measures” section of the the latest quarterly MD&A or news release. 3. Adjusted earnings per share - attributable to owners and adjusted EBITDA are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the “N on-GAAP Financial Performance Measures” section of the latest quarterly MD&A or news release. 4. Operating cash flow before changes in non-cash working capital. 5. Cash and cash equivalents includes short-term investments. 6. Net debt and net debt to adjusted trailing twelve month EBITDA are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the "Non- GAAP Financial Performance Measures" section of the latest quarterly MD&A or news release. ADJ. EBITDA ($M) - TRAILING TWELVE MONTHS1 $143M $0.03 Q3 2025 Adj. EPS 1,2 24kt Q3 2025 Cu Production Q3 2025 Adj. EBITDA 1 $0.42/lb Q3 2025 Cash Cost 1 1. Non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the “Non- GAAP Financial Performance Measures” section of the latest quarterly MD&A or news release. 2. Adjusted earnings per share attributable to owners. 476 648 823 932 $200 $400 $600 $800 $1,000 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Sept. 30 2025 Financial results impacted by production deferrals from two months of mandatory wildfire evacuations in Manitoba, temporary operational interruptions in Peru and delayed sales shipments in Peru valued at $60M. Reaffirmed full year 2025 consolidated production guidance with copper and gold expected to be near the low end. Further improved full year 2025 consolidated cost guidance to $0.15- $0.35/lb from $0.65-$0.85/lb and original range of $0.80-$1.00/lb. 2025 capital expenditures expected to be $35M lower than guidance.
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QUARTERLY EARNINGS / Q3 2025 4 TSX & NYSE: HBM Positive free cash flow generation in Peru and Manitoba despite operational interruptions, offset by negative free cash flow generation in BC with planned stripping activities. Repurchased and retired $13M of senior unsecured notes in Q3, with an additional $20M in October 2025. Strong leverage to higher Cu and Au prices with 38% of revenues from gold. 1,191 1,132 1,038 994 632 626 526 526 434 436 2.9x 2.3x 1.6x 1.3x 0.8x 0.7x 0.6x 0.6x 0.4x 0.5x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x - 300 600 900 1,200 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Debt ND/EBITDA Continued Execution and Further Debt Reduction WELL-POSITIONED TO FUND GROWTH INITIATIVES WITH ENHANCED BALANCE SHEET AND DIVERSIFIED CASH FLOWS 1. Non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconc iliation, please see discussion under the “Non- GAAP Financial Performance Measures” section of the latest quarterly MD&A or news release. 2. Cash and cash equivalents and available liquidity includes short term investments. 3. Free cash flow is calculated as operating cash flow before changes in non- cash working capital less sustaining capital expenditures, cash lease payments, equipment financing payments and community payments. $309M 0.5x Net Debt to Adj. EBITDA Ratio 1,3 LTM Free Cash Flow 1 STRONG FINANCIAL POSITIONFREE CASH FLOW GENERATION QUARTERLY FREE CASH FLOW & ADJ. EBITDA1,3 (15) 81 191 274 214 145 206 257 287 245 143* (25) 75 175 275 375 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 FCF ADJ. EBITDA NET DEBT & LEVERAGE RATIO (NET DEBT/ ADJ. EBITDA)1,3 $611M Q3 2025 Cash and Equivalent 2 $436M Q3 2025 Net Debt *Despite 2-month Manitoba wildfire shutdown
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QUARTERLY EARNINGS / Q3 2025 5 TSX & NYSE: HBM Peru Operations Review REAFFIRM 2025 GUIDANCE WITH STEADY Q3 OPERATING PERFORMANCE AND STRONG COST CONTROL SUMMARY OF PERU OPERATING RESULTS Q3 2025 Q2 2025 Q3 2024 Constancia ore mined1 mt 0.6 6.7 3.0 Pampacancha ore mined1 mt 4.3 0.8 1.8 Strip ratio4 1.38 1.47 2.62 Ore milled mt 7.0 7.6 8.1 Copper grade milled % 0.31 0.34 0.32 Gold grade milled g/t 0.16 0.05 0.11 Silver grade milled g/t 3.94 3.58 3.70 Molybdenum grade milled % 0.01 0.01 0.01 Copper recovery % 83.2 84.5 82.6 Gold recovery % 72.1 56.0 68.1 Silver recovery % 65.2 63.5 67.0 Molybdenum recovery % 33.9 38.7 39.0 Copper contained in concentrate kt 18.1 21.7 21.2 Gold contained in concentrate koz 26.4 7.4 20.3 Silver contained in concentrate koz 577.4 552.0 648.2 Molybdenum contained in conc. tonnes 185 375 362 Combined unit operating costs,2,3,6 $/tonne $13.03 $13.59 $12.78 Cash cost4,5 $/lb $1.30 $1.45 $1.80 Sustaining cash cost3 $/lb $2.11 $2.63 $2.78 1. Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. 2. Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. 3. Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by -product credits, are non- GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliati on, please see the discussion under the "Non-GAAP Financial Performance Measures" section of the latest quarterly MD&A or news release. 4. Strip ratio is calculated as waste mined divided by ore mined. 5. Excludes $7.3 million or $0.19 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025. 6. Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 18kt 26koz Q3 2025 Au Production Q3 2025 Cu Production $1.30/lb Q3 2025 Cash Cost 14 Continues to demonstrate steady operating performance despite facing temporary interruptions. Adjusted mine sequencing prioritizing Pampacancha mining and blending low-grade stockpile ore in mill feed in Q3. Copper production lower than prior quarter due to lower ore milled with temporary operational shutdown. Strong gold production with higher head grades from larger Pampacancha ore feed contribution. Q3 cash cost1 below low end of full year guidance of $1.35-$1.65/lb Reaffirming full year 2025 cash cost guidance range. October production of 9kt Cu and 17koz Au reflects successful restart and steady operations. 1. Non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the “Non- GAAP Financial Performance Measures” section of the latest quarterly MD&A or news release. On track to achieve 2025 production guidance range for all metals in Peru, with gold production expected to exceed the top end of the range
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QUARTERLY EARNINGS / Q3 2025 6 TSX & NYSE: HBM Manitoba Operations Review RESILIENCE DURING WILDFIRES & CONTINUED PRIORITIZATION OF GOLD AND OPERATING EFFICIENCIES SUMMARY OF SNOW LAKE OPERATING RESULTS Q3 2025 Q2 2025 Q3 2024 Ore mined kt 139.0 303.1 411.3 Combined Ore milled kt 136.7 307.1 413.9 Gold grade milled g/t 5.66 5.78 5.40 Copper grade milled % 0.70 0.63 0.91 Zinc grade milled % 1.84 1.69 2.73 Silver grade milled g/t 31.82 30.13 30.22 Gold recovery – concentrate & dore3 % 88.4 82.9 81.8 Copper recovery – concentrate % 88.4 83.3 90.4 Zinc recovery – concentrate % 21.8 98.6 71.4 Silver recovery – concentrate & dore3 % 69.7 65.9 68.0 Gold contained in conc. and doré4 koz 22.4 43.2 62.5 Copper contained in conc.4 kt 0.8 1.6 3.4 Zinc contained in conc.4 kt 0.5 5.1 8.1 Silver contained in conc. and doré4 koz 102.1 198.0 281.4 Combined unit operating costs1,2,5 C$/tonne $258 $241 $211 Gold cash cost2,6 $/oz $379 $710 $372 Gold sustaining cash cost2 $/oz $762 $1,025 $553 1. Reflects combined mine, mill and G&A costs per tonne of ore milled. 2. Combined unit cost, cash cost, sustaining cash cost per pound of copper produced, net of by -product credits, gold cash cost and sustaining cash cost per ounce of gold produced, net of by -product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non- GAAP Financial Performance Measures” section of the latest quarterly MD&A or news release. 3. Gold and silver recovery includes total recovery from concentrate and doré. 4. Metal reported in concentrate is prior to deductions associated with smelter terms. 5. Excludes $16.0 million or C$163 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025, $3.2 million or C$14 per tonne during the three months ended June 30, 2025. 6. Excludes $16.0 million or $713 per oz of overhead costs incurred during temporary suspension during the three months ended September 30, 2025, $3.2 million or $74 per tonne during the three months ended June 30, 2025. 22koz 0.8kt Q3 2025 Cu Production Q3 2025 Au Production $379 Q3 2025 Gold Cash Cost 2,6 Wildfire disruptions persisted for a majority of Q3 with mandatory evacuations in Snow Lake throughout July and August. Lalor mine prioritizing mining from gold zones over zinc zones to ensure consisted feed for New Britannia during ramp up period; strong gold grades continue to be achieved. Achieved 92% gold recoveries at the New Britannia mill and 73% gold recoveries at the Stall mill. Continuing to advance exploration platforms and haulage drift development at the 1901 deposit; full production on track for late 2027. Q3 cash cost1 of $379/oz normalized for wildfire impacts. Post-quarter one-week power outage deferred production due to shutdown and gold production now expected to be slightly below low end of guidance range for full year 2025. Reaffirmed full year 2025 cost guidance in Manitoba, despite expected lower gold and zinc production 1. Non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the “Non- GAAP Financial Performance Measures” section of the latest quarterly MD&A or news release.
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QUARTERLY EARNINGS / Q3 2025 7 TSX & NYSE: HBM British Columbia Operations Review CONTINUING TO DRIVE OPERATIONAL IMPROVEMENTS FROM ONGOING OPTIMIZATION INITIATIVES SUMMARY OF COPPER MOUNTAIN OPERATING RESULTS5 Q3 2025 Q2 2025 Q3 2024 Ore mined1 mt 1.8 2.5 3.1 Strip ratio2 mt 8.84 7.50 6.05 Ore milled mt 3.1 2.9 3.4 Copper grade milled % 0.22 0.28 0.24 Gold grade milled g/t 0.08 0.09 0.09 Silver grade milled g/t 0.78 0.97 0.73 Copper recovery % 76.6 81.0 84.1 Gold recovery % 59.2 68.2 67.3 Silver recovery % 65.5 71.8 71.2 Copper contained in conc. kt 5.2 6.6 6.7 Gold contained in conc. koz 4.8 5.7 6.3 Silver contained in conc. koz 50.8 65.0 56.0 Combined unit operating costs3,4 C$/tonne $25.02 $24.51 $15.58 Cash cost4 $/lb $3.21 $2.39 $1.81 Sustaining cash cost4 $/lb $7.43 $5.18 $5.06 1. Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. 2. Strip ratio is calculated as waste mined divided by ore mined. 3. Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. 4. Combined unit operating cost, cash cost and sustaining cash cost per pound of copper produced, net of by -product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-GAAP Financial Performance Measures” section of the latest quarterly MD&A or news release. 5. Copper Mountain mine results are stated at 100%. On April 30, 2025, Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100% 5.2kt 4.8koz Q3 2025 Au Production Q3 2025 Cu Production $3.21/lb Q3 2025 Cash Cost 4 Advancing optimization plans, including ramping up mining activities to optimize ore feed and implementing mill improvement initiatives. Q3 production impacted by lower head grades from processing stockpiled ore. Mill throughput levels benefiting from SAG2 conversion project. Initial phase completed in July demonstrated positive contribution with several days achieving 50,000 tpd mill throughput. Continue to optimize circuit with final phase of project underway in Q4 2025. Q3 cash cost1 were higher than Q2 with higher operating costs and lower production. Q4 production expected to be impacted by reduced throughput at SAG1, which together with processing low-grade stockpiles, is expected to result in copper production below 2025 guidance. 1. Non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the “Non- GAAP Financial Performance Measures” section of the latest quarterly MD&A or news release. Reaffirmed full year 2025 cost guidance in British Columbia despite expected lower copper production
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QUARTERLY EARNINGS / Q3 2025 8 TSX & NYSE: HBM Advancing Copper World Towards a Sanction Decision in 2026 SECURED JOINT VENTURE PARTNER $600M of initial cash contributions ($420M at closing and $180M within 18 months) from Mitsubishi plus future pro-rata equity capital contributions. Expected to close in late 2025 or early 2026 upon receipt of regulatory approvals and customary closing conditions. Reduces Hudbay's estimated equity contributions to ~$200M and defers first capital contribution to 2028 at the earliest. ENHANCED PRECIOUS METALS STREAMING AGREEMENT Modernize terms of $230M Wheaton Precious Metals stream agreement. Additional contingent payment of up to $70M on a future potential mill expansion. Updated ongoing gold and silver payments from fixed pricing to 15% of spot prices to allow upside price exposure. DETAILED ENGINEERING AND FEASIBILITY STUDY UNDERWAY Derisking activities underway; accelerating detailed engineering and certain long lead items. ACHIEVED KEY ELEMENTS OF THREE PRE-REQUISITES “3-P” PLAN OPTIMAL PROJECT FUNDING STRUCTURE2~$200M Remaining Hudbay Equity Contribution ~$1B Hudbay Pro Forma1 Cash Balance 1. Using Hudbay’s cash and cash equivalents of $611M as of September 30, 2025 plus $420M in initial cash earn-in contribution from the JV partner. 2. Based on the initial capital investment and the $3.75 per pound copper price used in the PFS published in September 2023 with assumptions of approximately $145M for pre-sanctioning costs, $230M from the precious metals stream, $350M from project -level financing and approximately $700M from the JV partner earn- in, matching contribution and capital contribution. 3. Phase I Capex, net of equipment financing based on the PFS published in September 2023. $1,323 $888 $145 $230 $350 $700+ ~$200 Phase I Capex Add: DFS and Pre-sanction Costs Less: WPM Stream Less: Project Level Financing Funding Requirement JV Proceeds + Capital Contribution Hudbay Capital Contribution Funding Requirement ($M) & Corresponding Illustrative IRR (%) IRR: +90% IRR: 19% 15% 50% 35% Hudbay Equity JV Proceeds + Equity Debt 3 $600M for 30% JV Interest
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QUARTERLY EARNINGS / Q3 2025 9 TSX & NYSE: HBM Snow Lake Exploration Program Executing Threefold Strategy Testing mineralized extensions at Lalor and 1901 deposit to extend mine life & increase mineral reserves and resources. 1901 Access Drift and Step-out Drilling: Development reached first zinc ore in Q2 2025. Step out drilling confirmed Cu-Au mineralization extends down plunge & 2025 follow-up drilling underway. 1. NEAR MINE – MINE LIFE EXTENSION 2. REGIONAL – PRODUCTION GROWTH Exploration across Snow Lake region land package to test for satellite deposits to increase production utilizing available processing capacity at the Stall mill. Regional Satellite Deposits: Talbot, Rail, Pen II, Watts, Zone 3 and WIM 3. GEOPHYSICS – NEW ANCHOR DISCOVERY Large modern geophysics program underway consisting of deep surface electromagnetic surveys to detect targets at depths of ~1,000m below surface. 2025 survey plans include surveying 800 km 2 area (outlined in green) 1901 Access Drift & Step-Out
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QUARTERLY EARNINGS / Q3 2025 10 TSX & NYSE: HBM 2025 Snow Lake Drilling Program: Talbot Copper-Zinc Project DRILL PROGRAM STARTED IN JULY WITH FIRST THREE HOLES ALL RETURNING POSITIVE RESULTS Talbot is a copper-zinc-gold deposit, acquired in 2023 and is 100% owned by Hudbay. Talbot’s proximity to existing processing infrastructure in Snow Lake makes it ideal additional ore feed to utilize the available processing capacity at the Stall mill. Strengthening local Indigenous partnerships through a Talbot exploration agreement signed with Mosakahiken Cree Nation in April 2025. 2025 DRILLING TARGETS 2025 TALBOT DRILLING PROGRAM Exploration underway to upgrade and expand the current resource with 4 drill rigs currently turning. Phase 1 (underway): ~10 holes anticipated to be completed by the end of 2025. Positive results from core logging on the initial 3 holes (TSL024, TSL025, TSL026) have established that typical Talbot Cu-Au mineralization continues at depth (assay results pending). Fourth rig testing an electromagnetic anomaly ~2km NW of Talbot. Testing the continuity of mineralization at depth will determine the future scope of a pre-feasibility study (“PFS”), i.e. shaft vs ramp access. Phase 2: Expected to commence in January 2026. Complete infill and extension drilling to support the PFS. Update the Rockcliff mineral resource estimate using Hudbay standard methods that have demonstrated high reserve conversion rates. *Note: Hudbay previously owned a 51% interest in the Talbot project until consolidating a 100% interest with the acquisition of Rockcliff Metals Corp. in Sept. 2023. The above resource estimate includes 100% of the Talbot mineral resources reported by Rockcliff in its 2020 NI 43- 101 technical report published on SEDAR+. Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability. Mineral resources do not include factors for mining recovery or dilution. ROCKCLIFF PREVIOUSLY DISCLOSED MINERAL RESOURCE ESTIMATE* Tonnes (Kt) Cu (%) Au (g/t) Zn (%) Ag (g/t) Talbot – Indicated Resources 2,190 2.33 2.1 1.79 36.0 Talbot – Inferred Resources 2,450 1.13 1.9 1.74 25.8
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QUARTERLY EARNINGS / Q3 2025 11 TSX & NYSE: HBM Hudbay’s Attractive, Copper Weighted Production Growth 1. Hudbay’s copper production shown for 2025 based on the midpoint guidance range from news release dated February 19, 2025, and long-term production based on average annual copper production (2026-2027 guidance midpoint) of 149kt p.a. plus Copper World first 10- year average copper production of 92kpta in Phase I of mi ne plan as disclosed in the 2023 PFS. 2. Using mid-point of three-year annual production guidance plus the Copper World first 10-year average production in Phase I of mine plan as disclosed in the 2023 PFS. Calculated using select commodity pricing ($4.25/lb Cu, $2,200/oz Au, $25.00/oz Ag, $1.25/lb Zn, and $15.00/lb Mo). COPPER WORLD DELIVERS +50% GROWTH IN CONSOLIDATED COPPER PRODUCTION ANNUAL CONSOLIDATED COPPER PRODUCTION1 HUDBAY LONG-TERM PRODUCTION PROFILE2 133 ~250 2025E Long-term Consolidated Copper Production (000 tonnes) Copper World +92kt Existing Operations GEOGRAPHIC MIX Once Copper World is in production, Hudbay will become one of the largest Americas-focused pure-play copper producers with a well-balanced and geographically diversified portfolio of assets COMMODITY MIX 32% 36% 32% Peru Canada USA 72% 18% 5% 2% 3% Copper Gold Silver Zinc Molybdenum
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QUARTERLY EARNINGS / Q3 2025 12 TSX & NYSE: HBM QUESTIONS