Earnings release
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NEWS RELEASE Hudbay’s Third Quarter 2025 Results Demonstrate Operational Resilience 2025-11-12 TORONTO, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM) released its third quarter 2025 nancial results today. All amounts are in U.S. dollars, unless otherwise noted. "This was a quarter of resilience for Hudbay as we demonstrated the strength of our operating capabilities and the bene t of our diversi ed operating platform at a time of mandatory wild re evacuations in Manitoba and temporary operational interruptions in Peru,” said Peter Kukielski, President and Chief Executive O cer. “Through our team’s continued focus on delivery and driving operating e ciencies in the face of these challenges, we expect to achieve the low end of our consolidated copper and gold production guidance ranges and we are further improving our consolidated cost guidance for 2025. During the third quarter, we continued to take steps to reduce long-term debt, reinvest in high-return growth projects and advance our strategic initiatives to build a stable and diversi ed operating platform with signi cant copper growth upside. We are delighted to have secured a premier long-term strategic partner in Mitsubishi, enabling us to unlock signi cant value in our copper growth pipeline, further solidify our nancial strength and signi cantly reduce our share of the remaining capital contributions for the development of Copper World. Hudbay's unique copper and gold diversi cation, combined with our continued focus on cost control, enable us to maintain industry-leading margins and deliver strong and stable cash ows.” Demonstrated Operating Resilience in the Third Quarter Achieved revenue of $346.8 million and adjusted EBITDAi of $142.6 million in the third quarter of 2025. Achieved consolidated copper production of 24,205 tonnes and consolidated gold production of 53,581 ounces in the third quarter, demonstrating strong operational resilience with Manitoba operations suspended for the majority of the quarter due to the wild re evacuations and temporary operational interruptions in Peru. 1
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Strong cost performance continued in the third quarter with consolidated cash costi and sustaining cash costi per pound of copper produced, net of by-product credits, of $0.42 and $2.09, respectively. Rea rmed full year 2025 consolidated production guidance for copper and gold, despite the temporary operational interruptions and production deferrals. Full-year consolidated copper and gold production is now expected to be near the low end of the guidance ranges. Further improved full year 2025 consolidated cash costi guidance range to $0.15 to $0.35 per pound, an additional improvement from the previously updated guidance range of $0.65 to $0.85 per pound, as year-to- date results are trending well below the low end of the cost ranges. Also improved full year 2025 consolidated sustaining cash cost guidance range to $1.85 to $2.25 per pound copper from the original guidance range of $2.25 to $2.65 per pound as a result of increased exposure to gold by-product credits and continued strong operating cost control. Peru operations produced 18,114 tonnes of copper and 26,380 ounces of gold in the third quarter, with copper being slightly lower than quarterly cadence expectations and gold far exceeding quarterly cadence expectations while navigating intermittent interruptions and a temporary mill suspension during the quarter. Peru cash costi per pound of copper produced, net of by-product credits, was $1.30 in the third quarter, outperforming the low-end of the cost guidance range. Full year copper production in Peru is expected to be in line with 2025 annual guidance and full year gold production is expected to exceed the top end of the guidance range. Manitoba operations produced 22,441 ounces of gold in the third quarter, lower than quarterly cadence expectations as a result of temporary production interruptions from mandatory wild re evacuations that shut down operations for the majority of the third quarter and deferred gold production. A business interruption insurance claim has been submitted to compensate for a portion of the wild re-related downtime. Manitoba cash costi per ounce of gold produced, net of by-product credits, was $379 in the third quarter. Subsequent to the quarter, due to additional unplanned down time in October as a result of winter storm power outages, some gold production has been further deferred and full year gold production in Manitoba is now expected to be slightly below the low end of the 2025 annual guidance range. British Columbia operations produced 5,249 tonnes of copper in the third quarter at a cash costi per pound of copper produced, net of by-product credits, of $3.21. While the initial phase of the conversion of the third ball mill to a second semi-autogenous grinding ("SAG") mill was completed successfully in the third quarter, there was required maintenance at the primary SAG mill at the end of September and into early October, which is expected to result in reduced mill throughput levels for the balance of 2025 and full year copper production in British Columbia is now expected to be below the low end of the 2025 annual guidance range. Third quarter net earnings attributable to owners and earnings per share attributable to owners were $222.4 million and $0.56, respectively, re ecting a pre-tax full impairment reversal of $322.3 million on Hudbay's carrying value of the Copper World project as a result of the announcement of a $600 million strategic partnership with Mitsubishi Corporation ("Mitsubishi") for a 30% minority interest in Copper World, which is 2
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expected to close in late 2025 or early 2026. After adjusting for this transaction and various other non-cash items, third quarter adjusted earningsi per share attributable to owners was $0.03. Financial results in the third quarter were impacted by the deferral of a 20,000 dry metric tonne copper concentrate shipment in Peru, valued at approximately $60 million (high gold content), from the end of September into early October due to ocean swells at the port. Cash and cash equivalents decreased by $14.4 million to $611.1 million during the third quarter and total liquidityii was $1,036.3 million as at September 30, 2025, re ecting $13.2 million of additional senior unsecured note repurchases during the third quarter. Further Debt Reduction and Balance Sheet Strength Hudbay's unique copper and gold diversi cation across its operations provides exposure to higher copper and gold prices, which together with a focus on cost control across the business, continues to expand margins and generate attractive operating cash owi. While the majority of revenues continue to be derived from copper production, revenue from gold production represented more than 38% of total revenues in the third quarter of 2025. Generated positive free cash owi in Peru and Manitoba in the third quarter of 2025 despite operational interruptions, o set by negative free cash owi in British Columbia with planned stripping activities. Consolidated free cash owi would have been positive if the excess copper concentrate inventory in Peru was sold at the end of September. Achieved adjusted EBITDAi of $142.6 million in the third quarter of 2025, resulting in annual trailing twelve- month adjusted EBITDAi of $932.3 million. Repurchased and retired an additional $13.2 million of senior unsecured notes through open market purchases at a discount to par during the third quarter, reducing total principal debt to $1.05 billion as of September 30, 2025. Subsequent to the quarter end, deleveraging e orts continued with an additional $20.0 million of open market purchases of the senior unsecured notes at a discount to par. As of November 11, 2025, approximately $328.1 million in total principal debt and gold prepayment liability reductions have been achieved since the beginning of 2024. Net debti reduced to $435.9 million as at September 30, 2025 compared to $525.7 million at December 31, 2024, a decrease of $89.8 million year-to-date. Net debt to adjusted EBITDA ratioi was 0.5x at the end of the third quarter of 2025, a further improvement from 0.6x at the end of fourth quarter of 2024. Prudently Advancing Copper World Towards a Sanction Decision in 2026 In August 2025, announced accretive $600 million Copper World joint venture transaction with Mitsubishi Corporation (“Mitsubishi”) for a 30% minority interest (“JV Transaction”). 3
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Secures a premier long-term strategic partner in Mitsubishi, one of the largest Japanese trading houses with a global mining presence and a signi cant U.S. based business. Implies a signi cant premium to consensus net asset value for Copper Worldiii. Increases levered project IRR to Hudbay to approximately 90% based on pre-feasibility study ("PFS") estimatesiv. In August 2025, agreed on terms with Wheaton Precious Metals Corp. (“Wheaton”) to amend the existing precious metals streaming agreement. In addition to the initial $230 million stream deposit, provides an additional contingent payment of up to $70 million on a future mill expansion, recognizing the long-term potential at Copper World. Ongoing payments for gold and silver amended from xed pricing to 15% of spot prices to provide upside exposure to higher precious metals prices. Successful completion of the nal key elements of Hudbay's prudent nancial strategy as part of the three prerequisites ("3-P") plan for Copper World. Hudbay's estimated share of the remaining equity capital contributions has been reduced to approximately $200 million based on PFS estimates and Hudbay's rst capital contribution has been deferred to 2028 at the earliest. Feasibility study activities for Copper World are underway with expected completion of a de nitive feasibility study ("DFS") in mid-2026. Hudbay is accelerating detailed engineering, certain long lead items and other de-risking activities in 2025 and, as announced in August 2025, has advanced $20 million in growth capital expenditures to 2025 from future years. Reinvesting in Several Additional High-return Growth Initiatives Optimization e orts at Copper Mountain have continued and are focused on executing the planned accelerated stripping program and mill throughput improvement projects. A key component, the conversion of the third ball mill to a second SAG mill ("SAG2"), remains on schedule. Completion of the initial phase on July 10, 2025 enabled the mill to achieve several days of 50,000 tonnes per day in September, the highest level achieved since Hudbay acquired the operations. Construction of the nal phase of the SAG2 project is expected to conclude in December 2025. Large exploration program in Snow Lake continues to execute the threefold strategy focused on near-mine exploration to increase near-term production and mineral reserves, testing regional satellite deposits for additional ore feed to utilize available capacity at the Stall mill, and exploring the large land package for a new anchor deposit to meaningfully extend mine life. Following the completion of the initial 1901 exploration drift some additional development ore was delivered 4
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for processing at Stall. The focus now turns to advancing exploration platforms in both base metal and gold mineralization and developing the haulage drift to con rm mining methods, establish critical infrastructure and de-risk the path towards full production in late 2027. Drilling commenced at the Talbot copper-zinc-gold deposit near Snow Lake in July with a focus on expanding the known mineralization and testing geophysical targets. Full assay results expected later this year. Continuing to advance Flin Flon tailings reprocessing opportunities through metallurgical test work and economic evaluations to assess the possibility of producing critical minerals and precious metals in an environmentally friendly manner. Continuing to enhance stakeholder engagement and advance additional metallurgical studies at the Mason copper project in Nevada. Summary of Third Quarter Results Hudbay's diversi ed asset portfolio delivered consolidated copper production of 24,205 tonnes and consolidated gold production of 53,581 ounces in the third quarter of 2025, despite temporary operational interruptions and production deferrals. Consolidated copper and gold production was lower than the second quarter of 2025 primarily due to the impact of the mandatory wild re evacuations that persisted in northern Manitoba for a majority of the third quarter, a temporary production interruption in Peru for nine days during the third quarter due to social unrest and unplanned mill downtime and processing of low-grade stockpiles at Copper Mountain during the third quarter. Consolidated silver production of 730,394 ounces and zinc production of 548 tonnes in the third quarter of 2025 were also lower than the second quarter of 2025 for the aforementioned reasons. Cash generated from operating activities of $113.5 million decreased compared to the second quarter of 2025 as a result of the temporary operational interruptions during the third quarter, as mentioned above, and lower sales volumes as a result of a delayed 20,000 dry metric tonne copper concentrate shipment in Peru with high grade gold content, valued at approximately $60 million, from the end of September into early October due to ocean swells at the port. This was partially o set by higher realized metal prices. Adjusted EBITDAi was $142.6 million in the third quarter of 2025, a decrease compared to $245.2 million in the second quarter of 2025 primarily due to the temporary operational interruptions and the lower sales volumes as a result of the delayed copper concentrate shipment in Peru, as noted above. Adjusted net earnings attributable to ownersi and adjusted net earnings per share attributable to ownersi in the third quarter of 2025 were $10.1 million and $0.03 per share, respectively, after adjusting for various non-cash items on a pre-tax basis including a $322.3 million full impairment reversal related to Hudbay's Copper World project following the announcement of the JV Transaction, $14.9 million of contingent consideration received from the previous sale of a non-core project, an $8.7 million mark-to-market revaluation loss on various instruments 5
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such as investments and share-based compensation, and a non-cash $8.8 million foreign exchange loss, among other items. This compares to adjusted net earnings attributable to ownersi and net earnings per share attributable to ownersi of $75.5 million and $0.19 per share in the second quarter of 2025. The decrease is primarily due to temporary operational interruptions in Manitoba and Peru which resulted in lower production and delayed sales volumes impacting overall gross margins and operating cash ow during the quarter. Consolidated cash cost per pound of copper produced, net of by-product creditsi, was $0.42 in the third quarter of 2025, compared to $(0.02) in the second quarter of 2025, as Hudbay continued to demonstrate industry-leading cost performance. The increase in cash cost, net of by-product credits, was a result of lower by-product credits due to lower production in Manitoba from the impact of the wild res during the third quarter, partially o set by strong gold production in Peru despite the nine-day operational interruption during the third quarter of 2025. Consolidated sustaining cash cost per pound of copper produced, net of by-product creditsi, was $2.09 in the third quarter of 2025, compared to $1.65 in the second quarter of 2025, increasing primarily due to the same factors impacting consolidated cash cost noted above. Consolidated all-in sustaining cash cost per pound of copper produced, net of by-product creditsi, was $2.78 in the third quarter of 2025, higher than the second quarter of 2025 incorporating higher corporate G&A from the revaluation of Hudbay's stock-based compensation due to relative higher share prices. As at September 30, 2025, total liquidity was $1,036.3 million, including $611.1 million in cash and cash equivalents, and undrawn availability of $425.2 million under Hudbay's revolving credit facilities. The Company's liquidity is expected to be further enhanced upon the closing of the JV Transaction, which is expected to occur in late 2025 or early 2026. Net debti at the end of the third quarter was $435.9 million, marking an $89.8 million improvement from the fourth quarter of 2024 as a result of deleveraging activities which included the repurchase and retirement of senior unsecured notes. Consolidated Financial Condition (in $ millions, except net debt to adjusted EBITDA ratio)Sep. 30, 2025Jun. 30, 2025Dec. 31, 2024 Cash and cash equivalents and short-term investments611.1 625.5 581.8Total long-term debt 1,047.0 1,059.6 1,107.5Net debt1 435.9 434.1 525.7Working capital2 (34.7) 26.8 511.3Total assets 5,916.8 5,628.6 5,487.6Equity attributable to owners of the Company3,080.5 2,863.3 2,553.2Net debt to adjusted EBITDA1 0.5 0.4 0.6 1 Net debt and net debit to adjusted EBITDA are non-GAAP nancial performance measures with no standardized de nition under IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section 6
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of this news release. 2 Working capital is determined as total current assets less total current liabilities as de ned under IFRS and disclosed on the consolidated interim nancial statements. Working capital as of September 30, 2025 was impacted by an increase in the current portion of long-term debt of $511.0 million as the 2026 Notes are now maturing within one year. Consolidated Financial Performance Three Months Ended Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Revenue $000s 346.8 536.4 485.8Cost of sales $000s 281.5 359.9 346.0Earnings before tax $000s 330.5 153.1 79.7Net earnings $000s 222.4 114.7 50.3Net earnings attributable to owners$000s 222.4 117.7 49.7Basic and diluted attributable earnings per share1 $/share0.56 0.30 0.13Adjusted earnings attributable per share1 $/share0.03 0.19 0.13Operating cash ow before change in non-cash working capital$ millions70.3 193.9 188.3Adjusted EBITDA1 $ millions142.6 245.2 206.0Free cash ow1 $ millions(15.2) 87.8 88.4 1 Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash ow are non-GAAP nancial performance measures with no standardized de nition under IFRS. For further information and a detailed reconciliation, please see discussion under the “Non-GAAP Financial Performance Measures” section of this news release. Consolidated Production and Cost Performance Three Months Ended Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Contained metal in concentrate and doré produced1 Copper tonnes24,205 29,956 31,354Gold ounces53,581 56,271 89,073Silver ounces730,394814,989985,569Zinc tonnes 548 5,130 8,069Molybdenum tonnes 185 375 362 Payable metal sold Copper tonnes18,280 30,354 27,760Gold2 ounces38,279 62,466 73,232Silver2 ounces418,418894,160663,413Zinc tonnes 3,452 2,871 8,607Molybdenum tonnes 269 427 343 Consolidated cash cost per pound of copper produced3 Cash cost $/lb 0.42 (0.02) 0.18Sustaining cash cost $/lb 2.09 1.65 1.71All-in sustaining cash cost $/lb 2.78 2.03 1.95 1 Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. 7
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2 Includes total payable gold and silver in concentrate and in doré sold. 3 Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS nancial performance measures with no standardized de nition under IFRS. For further information, please see the “Non-IFRS Financial Performance Measures” section of this news release. Peru Operations Review Peru Operations Three Months Ended Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Constancia ore mined1 tonnes564,5796,735,3163,022,931Copper % 0.25 0.34 0.36Gold g/tonne0.02 0.03 0.04Silver g/tonne1.92 3.26 3.20Molybdenum % 0.01 0.02 0.02Pampacancha ore mined1 tonnes4,260,081762,1721,777,092Copper % 0.38 0.26 0.48Gold g/tonne0.31 0.24 0.27Silver g/tonne4.87 4.59 6.23Molybdenum % 0.01 0.01 0.01 Total ore mined tonnes4,824,6607,497,4884,800,023Strip ratio3 1.38 1.47 2.62 Ore milled tonnes6,991,7447,559,0478,137,248Copper % 0.31 0.34 0.32Gold g/tonne0.16 0.05 0.11Silver g/tonne3.94 3.58 3.70Molybdenum % 0.01 0.01 0.01 Copper recovery % 83.2 84.5 82.6Gold recovery % 72.1 56.0 68.1Silver recovery % 65.2 63.5 67.0Molybdenum recovery % 33.9 38.7 39.0 Contained metal in concentrate Copper tonnes18,114 21,710 21,220Gold ounces26,380 7,366 20,331Silver ounces577,446551,979648,209Molybdenum tonnes 185 375 362 Payable metal sold Copper tonnes11,769 21,418 18,803Gold ounces9,798 9,721 9,795Silver ounces258,215616,578365,198Molybdenum tonnes 269 427 343 Combined unit operating cost2,4,6 $/tonne13.03 13.59 12.78Cash cost4,5 $/lb 1.30 1.45 1.80Sustaining cash cost4 $/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 Re ects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Re ects the deduction of expected capitalized stripping costs. 3 Strip ratio is calculated as waste mined divided by ore mined. 4 Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS nancial performance measures with no standardized de nition under IFRS. For further information, please see the “Non-IFRS Financial Performance Measures” section of this news release. 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. 8
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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. The Peru operations continued to demonstrate steady operating performance despite facing temporary interruptions as a result of social unrest in the third quarter. Country wide protests that began early in the third quarter temporarily impacted the transportation routes leading to limitations of supplies and concentrate transportation. To manage through these limitations, Hudbay adjusted mine sequencing to prioritize Pampacancha mining activities and blend low-grade stockpile ore in the mill feed. The road blockades along the transportation route reopened midway through the third quarter, allowing Hudbay to reduce site concentrate inventory levels and replenish supplies. In late September, the social unrest escalated across Peru. Along with other mines in the southern mining corridor, Hudbay’s Constancia mine was impacted by local protests and illegal blockades. The safety of all personnel is the Company’s top priority, and Hudbay suspended Constancia operations on September 22nd as a precaution to ensure the safety of personnel and allow time for Hudbay and the authorities to address the illegal protests. During the temporary downtime, Hudbay’s team at Constancia performed preventative maintenance at the mill and on certain mining equipment. Since the restart of mining activities on October 3rd and milling activities on October 5th, the Constancia operations have normalized. The Peru operations produced 18,114 tonnes of copper, 26,380 ounces of gold, 577,446 ounces of silver and 185 tonnes of molybdenum during the third quarter of 2025. Production of copper was lower than the comparative periods primarily due to lower ore milled as a result of the temporary operational shutdown. Production of gold was higher than the second quarter of 2025 due to higher head grades from a larger portion of the Pampacancha ore feed. Production of silver was higher than the second quarter of 2025 as a result of higher grades. Production of molybdenum was lower than the second quarter of 2025 due to lower ore milled and lower recoveries. Total ore mined in Peru in the third quarter of 2025 was lower than the second quarter of 2025 as a result of the temporary operational shutdown described above. However, Pampacancha ore mined signi cantly increased in the third quarter compared to the second quarter, re ecting the completion of a major stripping program in the second quarter. Mill throughput levels averaged approximately 76,000 tonnes per day in the third quarter of 2025, lower than the second quarter of 2025 due to the lower amount of ore mined and the temporary operational shutdown. Milled copper grades decreased by 9% compared to the second quarter 2025, primarily due to lower grades from ore feed from stockpiles, partially o set by higher grades from Pampacancha. Milled gold grades signi cantly increased in the third quarter of 2025 compared to the comparative periods due to a higher portion of ore feed from 9
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Pampacancha where the gold grades are meaningfully higher than in the other ore sources. The mill achieved copper recoveries of 83% in the third quarter of 2025, lower than the second quarter of 2025 due to the nature of the feed from the stockpile. Recoveries of gold and silver during the third quarter of 2025 were in line with Hudbay's metallurgical models for the ore that was being processed. Combined mine, mill and G&A unit operating costi in the third quarter of 2025 was $13.03 per tonne, 4% lower than the second quarter of 2025 as lower milling and G&A costs more than o set the impacts of higher mining costs and lower mill throughput associated with the temporary shutdown. Cash cost per pound of copper produced, net of by-product creditsi, in the third quarter of 2025 was $1.30. Cash costs decreased by 10% compared to the second quarter of 2025 due to higher gold by-product credits and lower plant maintenance cost as a planned maintenance program was completed in the second quarter of 2025. Sustaining cash cost per pound of copper produced, net of by-product creditsi, was $2.11 in the third quarter of 2025, a decrease of 20% compared to the second quarter of 2025 for the same reasons that impacted cash costs as well as from lower tailings management facility capital expenditures, timing on plant projects, and lower cash payments pertaining to community agreements. With the regional social unrest impacting transportation routes during the quarter and ocean swells impacting port shipments in late September, a 20,000 dry metric tonne copper concentrate shipment, valued at approximately $60 million as a result of the high gold content, was deferred from late September to early October, thereby reducing sales volumes in the third quarter of 2025. This shipment was subsequently sold in October and total concentrate inventory levels have since normalized. Post-quarter end, production in Peru in the month of October totaled approximately 9,200 tonnes of copper and 16,600 ounces of gold, re ecting optimal mill ore feed with strong ore contribution from Pampacancha and lower stockpiled ore being processed. Despite the impact from the temporary operational shutdown due to social unrest, Hudbay is on track to achieve its 2025 production guidance for all metals in Peru with gold production expected to exceed the top end of the 2025 guidance range. On a related note, with cash costs continuing to outperform the low end of the cash cost guidance range, Hudbay is rea rming its full year 2025 cash cost guidance range in Peru. Manitoba Operations Review Manitoba Operations Three Months Ended Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Lalor O i d 139006 303062 411295 10
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Ore mined tonnes139,006303,062411,295Gold g/tonne5.42 4.97 5.45Copper % 0.67 0.61 0.91Zinc % 1.93 2.46 2.73Silver g/tonne31.57 29.94 30.45 New Britannia Ore milled tonnes92,765 162,934191,298Gold g/tonne6.88 6.48 6.77Copper % 0.76 0.65 0.93Zinc % 1.00 1.01 1.12Silver g/tonne32.18 30.29 30.24Gold recovery1 % 91.8 89.4 90.0Copper recovery % 90.0 87.4 92.8Silver recovery1 % 78.5 78.0 79.9 Stall Concentrator Ore milled tonnes43,940 144,204222,621Gold g/tonne3.10 3.19 4.23Copper % 0.56 0.56 0.89Zinc % 3.61 4.20 4.12Silver g/tonne31.04 29.55 30.20Gold recovery % 72.6 67.9 70.5Copper recovery % 83.4 84.7 88.3Zinc recovery % 34.6 84.8 88.1Silver recovery % 50.3 51.9 57.8 Total contained metal in concentrate and doré2 Gold ounces22,441 43,235 62,468Copper tonnes 842 1,612 3,398Zinc tonnes 548 5,130 8,069Silver ounces102,132197,970281,397 Total payable metal sold Gold ounces23,118 46,932 57,238Copper tonnes 769 2,133 2,931Zinc tonnes 3,452 2,871 8,607Silver ounces112,142209,594244,974 Combined unit operating cost3,4,5 C$/tonne258 241 211Gold cash cost4,6 $/oz 379 710 372Gold sustaining cash cost4 $/oz 762 1,025 553 1 Gold and silver recovery includes total recovery from concentrate and doré. Doré includes sludge, slag and carbon nes. 2 Metal reported in concentrate is prior to deductions associated with smelter terms. 3 Re ects combined mine, mill and G&A costs per tonne of milled ore. 4 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 nancial measures with no standardized de nition under IFRS. Please see the “Non-GAAP Financial Performance Measures” section of this news release. 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 and $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 and $3.2 million or $74 per tonne during the three months ended June 30, 2025. Wild re disruptions persisted in northern Manitoba for the majority of the third quarter, leading to evacuations in the Snow Lake region throughout July and August, with a full seven-week operational shutdown and several weeks of subsequent ramp-up signi cantly impacting Hudbay’s operations. Despite these challenges, Hudbay's Manitoba business unit demonstrated continued resilience with a comprehensive restart plan that was implemented to focus 11
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on the safety of the Company’s employees and the integrity of Hudbay’s assets. There was no structural damage to Hudbay’s onsite surface infrastructure and facilities in Snow Lake. Following the lifting of mandatory evacuations, milling activities at the New Britannia mill resumed on August 26, 2025, and milling activities at Stall restarted on September 9, 2025. At Lalor, the full mining workforce returned as of August 27, 2025 and mining operations ramped up to reach normal operating capacity in the second half of September 2025. The Company submitted a business interruption insurance claim relating to the wild res and expects the claim to be resolved in 2026 and compensate for a portion of the wild re downtime. Achievements in the third quarter of 2025 included successful safeguarding of the Company’s assets and people, the orderly resumption of operations, including the exploration programs in Flin Flon and Snow Lake and achieving an average throughput of almost 2,300 tonnes per operating day at the New Britannia mill, all of which was a result of the tremendous e ort and unwavering commitment demonstrated by the on-site team. Production during the third quarter of 2025 included 22,441 ounces of gold, 842 tonnes of copper, 548 tonnes of zinc and 102,132 ounces of silver. Production of all metals in the third quarter was lower than the second quarter of 2025 as a result of the prolonged wild re evacuation period impacting the third quarter of 2025 compared to a shorter wild re evacuation period in the preceding quarter. Total ore mined at Lalor in the third quarter of 2025 was lower than the comparable periods, re ecting the impacts from the wild res. In the third quarter of 2025, gold grades increased by 9% compared to the second quarter of 2025. Copper, zinc and silver grades were in line with mine plan expectations. There was limited access to the 1901 deposit in the third quarter due to the wild res, resulting in reduced advance rates at the exploration and haulage drifts, but some additional development zinc ore was extracted during the third quarter of 2025. Notwithstanding the reduced advancement rate in the quarter, the 1901 project is on track for full production by the end of 2027 and activities over the next two years will focus on exploration, de nition drilling, orebody access, and establishing critical infrastructure. Consistent with Hudbay's strategy of allocating more Lalor ore feed to New Britannia to maximize gold recoveries, adjusting for days interrupted by wild re evacuations, the New Britannia mill operated for 40.5 days during the quarter at an average throughput of approximately 2,290 tonnes per operating day. Total ore milled at New Britannia was signi cantly lower in the quarter due to the wild re evacuation shutdown. Gold recovery in the third quarter of 2025 was a record 92% re ecting an increase compared to the second quarter of 2025 as a result of the higher gold grades. The Stall mill experienced a greater throughput impact from the wild re evacuation shutdown during the current quarter as the Lalor mine prioritized mining from gold zones over base metal zones to ensure a consistent feed to 12
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the New Britannia mill. Despite these challenges, the team at Stall focused on process optimization and enhanced gold recovery initiatives. The Stall mill achieved record gold recoveries of 73% in the third quarter of 2025, re ecting bene ts from recent recovery improvement programs. Combined mine, mill and G&A unit operating costsi in the third quarter were C$258 per tonne, higher than the second quarter of 2025 primarily due to lower total throughput partially o set by lower variable costs. Cash cost per ounce of gold produced, net of by-product creditsi, in the third quarter of 2025 was $379, decreasing compared to the second quarter of 2025 primarily due to higher by-product credits and the recovery of secondary gold products as a result of mill tank clean-outs. Sustaining cash cost per ounce of gold produced, net of by-product creditsi, in the third quarter of 2025 was $762, a 26% decrease compared to the second quarter of 2025, primarily due to the same factors a ecting cash cost, partially o set by lower sustaining capital costs. Subsequent to quarter-end, Hudbay experienced power outages due to severe winter storms, and the Snow Lake operations were shut down for approximately one week in October. While the Company was previously tracking within the 2025 guidance ranges despite the signi cant wild re impacts, it now expects to be slightly below the low end of the gold production guidance range as a result of the power outage in October and the associated ramp-up after power was restored. With cash costs during 2025 continuing to outperform the low end of the cash cost guidance range, Hudbay is rea rming its full year 2025 cash cost guidance range in Manitoba. Given the strong cash cost performance to-date in Manitoba, Hudbay will continue to prioritize primary gold production over by- product zinc production in 2025 and full year zinc production is now expected to be below the low end of the guidance range. British Columbia Operations Review British Columbia Operations1 Three Months Ended Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Ore mined2 tonnes1,815,6892,509,9693,098,863Strip ratio3 8.84 7.50 6.05 Ore milled tonnes3,087,4432,900,0083,363,176Copper % 0.22 0.28 0.24Gold g/tonne0.08 0.09 0.09Silver g/tonne0.78 0.97 0.73Copper recovery % 76.6 81.0 84.1Gold recovery % 59.2 68.2 67.3Silver recovery % 65.5 71.8 71.2 Total contained metal in concentrate Copper tonnes 5,249 6,634 6,736Gold ounces4,760 5,670 6,274Silver ounces50,816 65,040 55,963 Total payable metal sold Copper tonnes 5,742 6,803 6,026Gld 5363 5813 6199 13
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Gold ounces5,363 5,813 6,199Silver ounces48,061 67,988 53,241 Combined unit operating cost4,5 C$/tonne25.02 24.51 15.58Cash cost5 $/lb 3.21 2.39 1.81Sustaining cash cost5 $/lb 7.43 5.18 5.06 1 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%. 2 Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. 3 Strip ratio is calculated as waste mined divided by ore mined. 4 Re ects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Re ects the deduction of expected capitalized stripping costs. 5 Combined unit operating cost, cash cost and sustaining cash cost per pound of copper produced, net of by- product credits, are non-GAAP nancial performance measures with no standardized de nition under IFRS. For further information, please see the “Non-GAAP Financial Performance Measures” section of this news release. Hudbay continues its focus on advancing optimization plans at the Copper Mountain mine, including ramping up mining activities to optimize the mine ore feed to the plant and implementing site improvement initiatives that mirror Hudbay's best in-class operating practices. The British Columbia operations produced 5,249 tonnes of copper, 4,760 ounces of gold and 50,816 ounces of silver during the third quarter of 2025. Production of copper, gold and silver decreased, compared to the prior quarter primarily as a result of lower head grades from processing stockpiled ore, as described below. Total ore mined at Copper Mountain in the third quarter of 2025 was 1.8 million tonnes, a decrease of 28% compared to the second quarter of 2025, due to unplanned production loading eet issues and vertical interactions with tight mining phases, which restricted e ciencies. Planned ore stockpiles were utilized as ore feed to the mill while the mine operation team continued waste stripping activities to expose additional ore mining fronts. Mining activities continue to focus on execution of the accelerated stripping program intended to bring higher grade ore into the mine plan by 2027 and on mining e ciencies, including a signi cant improvement with blasted muck inventories and operator recruitment to e ectively utilize the available haul truck eet. As a result, total material moved is expected to increase in the coming quarters as per the mine plan. Hudbay made signi cant progress this year on the key mill improvement project to ultimately increase the nominal plant capacity to its permitted level of 50,000 tonnes per day. Completion of the initial phase of the SAG2 mill project in July and the subsequent ramp up demonstrated a positive contribution from SAG2 during the third quarter with several days achieving 50,000 tonnes per day of mill throughput in September. The operations team will continue to optimize the circuit as planned through the remainder of 2025. The nal phase of the project 14
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involves converting an interim feed arrangement to a permanent con guration and construction remains on target for completion in December 2025. In late September 2025, the primary SAG mill (“SAG1”) required unplanned maintenance due to localized damage to the feed head end shell. After repairs, SAG1 restarted operations in mid-October at a reduced rate. Under enhanced monitoring protocols, SAG1 throughput will continue to ramp up over the course of the fourth quarter. As a precautionary measure, a replacement for the feed head end shell has been ordered with delivery expected in the second quarter of 2026. Together with the completion of the nal phase of the SAG2 project, Hudbay expects mill throughput to ramp up towards 50,000 tonnes per day by mid-2026. The mill processed 3.1 million tonnes of ore during the third quarter of 2025, 6% higher than the second quarter, re ecting the completion of the rst phase of the SAG2 project. Mill throughput in the third quarter of 2025 was limited by planned and unplanned maintenance, elevated clay content, and the planned lowering of the main crushed live ore pile feeding the mill due to area constraints related to the SAG2 project. Several mill initiatives were implemented in 2025, including recovery improvements, crushing circuit chute modi cations, installation of grinding control instrumentation, and a redesigned SAG liner package. Progressive mill improvements and updated operational procedures will continue into 2026. Milled copper grades during the third quarter of 2025 were 21% lower than the second quarter due to higher proportions of ore processed from lower grade stockpiles. Copper recoveries were 77% in the third quarter of 2025, a decrease from 81% in the second quarter of 2025 due to processing of lower grade stockpile material. Milled gold grades were lower in the third quarter of 2025 resulting in lower gold recoveries of 59% in the third quarter. Combined mine, mill and G&A unit operating costsi in the third quarter of 2025 were C$25.02 per tonne milled, higher than the second quarter of 2025. The increase was due to higher milling and G&A costs, partially o set by higher ore milled and lower mining costs. Cash costi and sustaining cash costi per pound of copper produced, net of by-product credits, in the third quarter of 2025 were $3.21 and $7.43, respectively. Cash costsi were 34% higher than in the second quarter of 2025, largely due to overall higher costs, lower production and lower by-product credits. Sustaining cash costsi were 43% higher than the second quarter of 2025 due to higher cash costs and increased sustaining capital including higher capitalized stripping costs. In British Columbia, fourth quarter production is expected to be impacted by lower mill throughput due to reduced throughput at SAG1, which together with a higher portion of ore milled from low-grade stockpiles year-to-date, is expected to result in full year copper production being below the low end of the 2025 guidance range. Despite these impacts, cash costs continue to track well versus the guidance range and Hudbay is rea rming its full year 15
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2025 cash cost guidance range in British Columbia. 2025 Consolidated Production and Cost Guidance Hudbay rea rms its full year 2025 consolidated production guidance for copper and gold as the Company demonstrates resilience after overcoming recent temporary operational interruptions. While the Company expects the fourth quarter to be a strong copper and gold production quarter, full year consolidated copper and gold production is expected to be near the low end of the guidance ranges. In Peru, the fourth quarter is expected to be the strongest copper and gold production quarter this year with steady operations achieved since early October after the resolution of social protests. Peru production in the month of October totaled approximately 9,200 tonnes of copper and 16,600 ounces of gold, re ecting optimal mill ore feed with strong ore contribution from Pampacancha and lower stockpiled ore being processed. Peru full year copper production is expected to be within the guidance ranges while gold production is expected to be above the top end of the guidance range in 2025. In Manitoba, subsequent to the quarter, Hudbay experienced power outages in October due to severe winter storms and operations were shut down for approximately one week. While the Company was previously tracking within the 2025 guidance ranges despite the signi cant impacts from the wild re evacuations, it now expects to be slightly below the low end of gold production guidance range as a result of the further deferral of gold production due to these power outages and the associated ramp-up after power was restored. Given the strong cash cost performance to-date in Manitoba, Hudbay will prioritize primary gold production over by-product zinc production in 2025 and full year zinc production is now expected to be below the low end of the guidance range. In British Columbia, fourth quarter production is expected to be impacted by lower mill throughput due to reduced throughput at SAG1, which together with a higher portion of ore milled from low-grade stockpiles year-to-date, has resulted in full year copper production expectations to be below the low end of the guidance range. Hudbay is again improving its full-year 2025 consolidated cash cost guidance range to $0.15 to $0.35 per pound copper from the previously announced range of $0.65 to $0.85 per pound and the original guidance range of $0.80 to $1.00 per pound. The Company is also improving its 2025 annual consolidated sustaining cash cost guidance range to $1.85 to $2.25 per pound copper from the original guidance range of $2.25 to $2.65 per pound. This is a result of increased exposure to gold by-product credits and continued strong cost control at all operations, despite the temporary production interruptions in Manitoba and Peru. Hudbay expects total capital expenditures to be $35 million lower than 2025 guidance levels, primarily due to the deferral of certain expenditures to 2026. This includes $15 million lower sustaining capital expenditures primarily 16
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due to temporary operational interruptions in Manitoba and Peru. Growth capital expenditures are expected to be $20 million lower primarily due to spending deferrals into 2026. Resilient Operating Base Enables Continued Debt Reduction and Balance Sheet Strength Hudbay continued its prudent balance sheet management and reduced overall debt levels even with the temporary interruptions to its operations during the third quarter of 2025. During the third quarter of 2025, the Company was able to repurchase and retire an additional $13.2 million of senior unsecured notes at a discount to par, and an additional $20.0 million was repurchased subsequent to the quarter. This has contributed to approximately $328.1 million in total debt repayments and gold prepayment liability reductions since the beginning of 2024: Repurchased and retired a total of $165.8 million of senior unsecured notes in 2024 and year-to-date as of November 11, 2025. Repaid $100 million of prior drawdowns under the revolving credit facilities in 2024. Fully repaid the gold prepay facility with $62.3 million in gold deliveries in 2024 and the nal payment completed in August 2024. These deleveraging achievements have reduced total principal debt to $1.05 billion as of September 30, 2025, which together with Hudbay’s strengthened cash balance, has substantially reduced net debti to $435.9 million, compared to $625.6 million as of September 30, 2024. Hudbay’s net debt to adjusted EBITDA ratioi is 0.5x as of September 30, 2025. Prudently Advancing Copper World Towards a Sanction Decision in 2026 During the third quarter, signi cant strides were made to advance the Copper World project. On August 13, 2025, Hudbay announced the JV Transaction with Mitsubishi, securing a premier, long-term strategic partner for the development of Copper World, and agreed on terms with Wheaton to amend the precious metals streaming agreement at Copper World. The Company continues to de-risk Copper World with detailed engineering underway. Accretive JV Transaction and Secured the Premier Joint Venture Partner – Highly accretive $600 million transaction with Mitsubishi for a 30% minority joint venture interest, creating a long-term partnership with a premier strategic partner that has a global mining presence, and an established U.S.-based metals trading business. The $600 million proceeds from Mitsubishi will consist of $420 million at closing and $180 million within 18 months of closing and will be used to fund the remaining de nitive feasibility study (“DFS”) costs and pre-sanction costs in addition to project development costs for Copper World. Mitsubishi will also fund its pro-rata 30% share of future equity capital contributions. The JV Transaction is expected to close in late 2025 or early 2026 and is conditional upon receipt of certain regulatory approvals and the satisfaction of other 17
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customary closing conditions. Enhanced Wheaton Precious Metals Stream – Agreed on terms with Wheaton in August 2025 to amend the existing precious metals streaming agreement that aligns with the current development plan for Copper World. In addition to the initial $230 million stream deposit, Wheaton will provide an additional contingent payment of up to $70 million on a future mill expansion recognizing the long-term potential at Copper World. Ongoing payments for gold and silver were amended from xed pricing to 15% of spot prices to provide Hudbay with upside exposure to higher precious metals prices. Achieved Key Elements of Hudbay's Three Prerequisites (3-P) Plan – Hudbay has achieved the nal key elements of its prudent 3-P nancial strategy with the announcements of the JV Transaction and the enhanced Wheaton stream, together with the achievement of stated balance sheet targets. Before accounting for proceeds from the JV Transaction, Hudbay has already achieved more than $600 million of cash and cash equivalents and a 0.5x net debt to adjusted EBITDA ratioi as of September 30, 2025, far exceeding the stated balance sheet targets. Hudbay’s estimated share of the remaining capital contributions has been reduced to approximately $200 millionii based on PFS estimates and Hudbay's rst capital contribution has been deferred to 2028 at the earliest. Feasibility Study and Detailed Engineering Underway – Feasibility activities for Copper World are underway with expected completion of a DFS in mid-2026. Hudbay is accelerating detailed engineering, certain long lead items and other de-risking activities in 2025 and, as announced in August 2025, has advanced $20 million in growth capital expenditures to 2025 from future years. The Company expects to make a Copper World sanction decision in 2026. Exploration Update Large Snow Lake Exploration Program Continues to Execute Threefold Strategy Hudbay continues to execute the largest exploration program in Snow Lake in the Company’s history through extensive geophysical surveying and multi-phased drilling campaigns as part of Hudbay's threefold exploration strategy: Near-mine Exploration at Lalor and 1901 to Further Increase Near-term Production and Extend Mine Life – Hudbay completed the development of the initial exploration drift at the 1901 deposit earlier this year and the development of the haulage drift is underway. Positive initial step-out drilling from the exploration drift was achieved earlier this year, and during the third quarter, some additional zinc development ore was delivered for processing at Stall. Activities at 1901 over the next two years will focus on exploration, de nition drilling, orebody access, and establishing critical infrastructure for full production in late 2027. Exploration activities at 1901 will target additional step-out drilling to potentially extend the orebody and in ll drilling to convert inferred mineral resources in the gold lenses to mineral reserves. Following the improved wild re 18
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situation, underground exploration drilling at Lalor has resumed. Testing Regional Satellite Deposits to Utilize Available Processing Capacity and Increase Production – Hudbay increased its regional land package by more than 250% in 2023 through the acquisition of Rockcli Metals Corp. (“Rockcli ”), which included the addition of several known deposits located within trucking distance of the Snow Lake processing infrastructure. The deposits acquired as part of the Rockcli acquisition, together with several deposits already owned by Hudbay in Snow Lake, have created an attractive portfolio of regional deposits in Snow Lake, including the Talbot, Rail, Pen II, Watts, 3 Zone and WIM deposits. The continued strong performance from the New Britannia mill has freed up processing capacity at the Stall mill, where there is approximately 1,500 tonnes per day of available capacity which could be utilized by the regional satellite deposits to increase production and extend the life of the Snow Lake operations beyond 2037. Hudbay commenced an extensive summer drill program at the Talbot copper-zinc-gold deposit in July focused on expanding the known mineralization and testing geophysical targets. Core logging from the rst three holes con rm the continuity of the Talbot copper-gold mineralization at depth, with full assay results expected later in the year. Exploring Large Land Package for New Anchor Deposit to Signi cantly Extend Mine Life – A majority of the land claims acquired as part of the Rockcli acquisition have been untested by modern deep geophysics, which was the discovery method for the Lalor deposit. A large geophysics program is currently underway consisting of surface electromagnetic surveys using cutting edge techniques that enable the team to detect targets at depths of almost 1,000 metres below surface. The planned geophysics program in 2025 is the largest geophysics program in Hudbay’s history and includes 800 kilometres of ground electromagnetic surveys and an extensive airborne geophysics survey. The Company resumed the Snow Lake regional geophysics program following the improved wild re situation. Maria Reyna and Caballito Drill Permits Update Hudbay controls a large, contiguous block of mineral rights with the potential to host satellite mineral deposits in close proximity to the Constancia processing facility, including the past producing Caballito property and the highly prospective Maria Reyna property. The Company commenced the drill permitting process at Maria Reyna and Caballito after completing a surface rights exploration agreement with the community of Uchucarcco in August 2022. As part of the drill permitting process, environmental impact assessment (EIA) applications were approved by the government in June 2024 for Maria Reyna and September 2024 for Caballito. The remaining steps in the drill permitting process include the completion by the government of the Consulta Previa consultation process with the local community. Board & Executive Management Appointments In September 2025, Hudbay appointed Laura Tyler to its Board of Directors (the “Board”). Ms. Tyler has over 30 19
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years of extensive experience with world-class global mining companies, including a 20-year career at BHP in progressively more senior leadership roles and ultimately serving as Chief Technical O cer where she oversaw the integration of the technology function with exploration, innovation, value engineering and BHP’s Centres of Excellence. Ms. Tyler’s extensive experience in the mining industry, deep technical knowledge and operational leadership experience make her an excellent addition to the Board. In addition, the Company has promoted Candace Brûlé to Senior Vice President, Capital Markets and Corporate A airs, and Mark Gupta to Senior Vice President, Corporate Development and Strategy. In this broader role, Ms. Brûlé will retain responsibility for Investor Relations, Financial Planning & Analysis (FP&A), External Communications and Sustainability Reporting, while leading Hudbay’s Canadian government engagement e orts. Ms. Brûlé has over 18 years of experience in investor relations, corporate development and nancial communications in the mining sector. Mr. Gupta will continue to be responsible for optimizing Hudbay's portfolio of assets through acquisitions, divestitures, investments and partnerships, as well as leading the Company's corporate strategy function. Mr. Gupta has over 15 years of experience in the mining industry across investment banking, corporate development, capital planning and operations strategy. Website Links Hudbay: www.hudbay.com Management’s Discussion and Analysis: https://www.hudbayminerals.com/MDA1125 Financial Statements: https://www.hudbayminerals.com/FS1125 Conference Call and Webcast Date: Wednesday, November 12, 2025Time: 11:00 a.m. ETWebcast: www.hudbay.comDial in: 647-846-8185 or 1-833-752-3516 20
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Quali ed Person and NI 43-101 The technical and scienti c information in this news release related to all of Hudbay’s material mineral projects other than the Copper Mountain mine has been approved by Olivier Tavchandjian, P. Geo., Senior Vice President, Exploration and Technical Services. The technical and scienti c information in this news release 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 quali ed persons pursuant to NI 43 ‑ 101. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources at Hudbay's material mineral properties, as well as data veri cation procedures and a general discussion of the extent to which the estimates of scienti c and technical information may be a ected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see the technical reports for the Company’s material properties are available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Non-GAAP Financial Performance Measures Adjusted net earnings (loss) attributable to owners, adjusted net earnings (loss) per share attributable to owners, adjusted EBITDA, net debt, net debt to adjusted EBITDA, free cash ow, 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 cost and ratios based on these measures are non-GAAP performance measures. These measures do not have a meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS and are not necessarily indicative of operating pro t or cash ow from operations as determined under IFRS. Other companies may calculate these measures di erently. Management believes adjusted net earnings (loss) attributable to owners and adjusted net earnings (loss) per share attributable to owners provides an alternate measure of the Company’s performance for the current period and gives insight into its expected performance in future periods. These measures are used internally by the Company to evaluate the performance of its underlying operations and to assist with its planning and forecasting of future operating results. As such, the Company believes these measures are useful to investors in assessing the Company’s underlying performance. Hudbay provides adjusted EBITDA to help users analyze the Company’s results and to provide additional information about its ongoing cash generating potential in order to assess its capacity to service and repay debt, carry out investments and cover working capital needs. Net debt is shown because it is a performance measure used by the Company to assess its nancial position. Net debt to adjusted EBITDA is shown because it is a performance measure used by the Company to assess its nancial leverage and debt capacity. Free cash ow is shown as it provides investors and management additional information in assessing the Company's 21
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ability to generate cash ow from current operations after investing in capital to sustain the operations. Cash cost, sustaining and all-in sustaining cash cost per pound of copper produced are shown because the Company believes they help investors and management assess the performance of its operations, including the margin generated by the operations and the Company. Cash cost and sustaining cash cost per ounce of gold produced are shown because the Company believes they help investors and management assess the performance of its Manitoba operations. Combined unit cost is shown because Hudbay believes it helps investors and management assess the Company’s cost structure and margins that are not impacted by variability in by-product commodity prices. The following tables provide detailed reconciliations to the most comparable IFRS measures. Adjusted Net Earnings (Loss) Reconciliation Three Months Ended(in $ millions) Sep. 30, 2025 Jun. 30, 2025 Sep. 30, 2024 Net earnings for the period 222.4 114.7 50.3 Tax expense 108.1 38.4 29.4 Earnings before tax 330.5 153.1 79.7 Adjusting items: Mark-to-market adjustments1 8.7 6.3 5.2 Foreign exchange loss (gain) 8.8 (18.9) (3.3)Re-evaluation adjustment - environmental provision1.4 (13.8) 2.0 Manitoba cost of sales and other expenses from temporary shutdown24.2 5.3 — Peru cost of sales from temporary shutdown10.9 — — Eva Project consideration received (14.9) — — Copper World impairment reversal (322.3) — — Inventory adjustments (1.3) 3.5 1.6 Reduction of obligation to renounce ow-through share expenditures, net ofprovisions (0.8) (1.2) (2.0)(Reversal of) Write-down/loss on disposal of PP&E(0.3) 0.3 2.2 Adjusted earnings before income taxes44.9 134.6 85.4 Tax expense (108.1) (38.4) (29.4)Tax impact on adjusting items 73.3 (23.0) (5.2) Adjusted net earnings 10.1 73.2 50.8 Adjusted net earnings attributable to non-controlling interest: Net loss for the period — 3.0 (0.6)Adjusting items, including tax impact — (0.7) 0.0 Adjusted net earnings ($/share) - attributable to owners0.03 0.19 0.13 Basic weighted average number of common shares outstanding (millions)395.7 395.1 393.6 1 Includes changes in fair value of the gold prepayment liability, Canadian junior mining investments, other nancial assets and liabilities at fair value through net earnings and share-based compensation (recoveries) expenses. Also includes gains and losses on disposition of investments. Adjusted EBITDA Reconciliation 22
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Three Months Ended(in $ millions) Sep. 30, 2025 Jun. 30, 2025 Sep. 30, 2024 Net earnings for the period 222.4 114.7 50.3 Add back: Tax expense 108.1 38.4 29.4 Net nance expense 19.6 — 26.0 Other expenses 9.1 7.1 7.8 Depreciation and amortization 82.7 96.4 97.5 Amortization of deferred revenue and variable consideration adjustment(6.3) (15.4) (9.6) Adjusting items (pre-tax): Impairment reversal (322.3) — — Consideration received from Eva Copper Project(14.9) — — Re-evaluation adjustment - environmental provision1.4 (13.8) 2.0 Inventory adjustments (1.3) 3.5 1.6 Overhead costs incurred during Manitoba temporary suspension (cash)16.0 3.2 — Overhead costs incurred during Manitoba temporary suspension (cash)7.3 — — Option agreement proceeds (Marubeni)1.1 1.0 — Realized loss on non-QP hedges — (0.4) (2.1)Share-based compensation expenses1 19.7 10.5 3.1 Adjusted EBITDA 142.6 245.2 206.0 1 Share-based compensation expenses re ected in cost of sales and selling and administrative expenses. Net Debt Reconciliation (in $ millions) Sep. 30, 2025 Jun. 30, 2025 Dec. 31, 2024 Total debt 1,047.0 1,059.6 1,107.5 Less: Cash and cash equivalents (611.1) (625.5) (541.8)Less: Short-term investments — — (40.0) Net debt 435.9 434.1 525.7 (in $ millions, except net debt to adjusted EBITDA ratio) Net debt 435.9 434.1 525.7 Adjusted EBITDA (12-month period) 930.3 995.9 823.3 Net debt to adjusted EBITDA 0.5 0.4 0.6 Trailing Adjusted EBITDA Three Months Ended (in $ millions) Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sept. 30, 2024 Earnings (loss) for the period222.4 114.7 99.2 19.3 50.3 Add back: Tax expense 108.1 38.4 72.1 84.4 29.4 Net nance expense 19.6 — 14.4 34.4 26.0 Other expenses 9.1 7.1 5.2 22.1 7.8 Depreciation and amortization82.7 96.4 108.1 122.2 97.5 Amortization of deferred revenue and variable considerationadjustment (6.3) (15.4) (29.3) (26.2) (9.6)Adjusting items (pre-tax): Impairment reversal (322.3) — — — — Consideration received from Eva Copper Project(14.9) — — — — Re-evaluation adjustment - environmental provision1.4 (13.8) 12.8 2.5 2.0 Inventory adjustments (1.3) 3.5 1.2 1.3 1.6 Overhead costs incurred during Manitoba temporarysuspension (cash) 16.0 3.2 — — — Overhead costs incurred during Peru temporary suspension(cash) 7.3 — — — — Rlidl QPhd (04) (19) (42) (21) 23
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Realized loss on non-QP hedges— (0.4) (1.9) (4.2) (2.1)Option agreement proceeds (Marubeni)1.1 1.0 1.5 — — Share-based compensation expenses1 19.7 10.5 3.9 1.5 3.1 Adjusted EBITDA 142.6 245.2 287.2 257.3 206.0 LTM2 932.3 995.7 895.7 1 Share-based compensation expense re ected in cost of sales and administrative expenses. 2 LTM (last twelve months) as of September 30, 2025 and June 30, 2025. Annual consolidated results may not be calculated based on the amounts presented in this table due to rounding. Free Cash Flow Reconciliation (in $ millions) Three Months Ended Sep. 30, 2025 Jun. 30, 2025Sep. 30, 2024 Cash generated from operations 111.5 259.9 148.1 Adjusting items: Change in non-cash working capital 43.2 66.0 (40.2)Cash sustaining capital expenditures1 85.7 106.1 99.9 Free cash ow (15.2) 87.8 88.4 Cash sustaining capital expenditures1 Total sustaining capital costs 71.2 88.6 89.3 Capitalized lease and equipment nancing cash payments - operating sites14.3 13.4 10.2 Community agreement cash payments— 4.1 0.4 Cash sustaining capital expenditures1 85.5 106.1 99.9 Three Months EndedLTM2 (in $ millions) Sep. 30, 2025 Jun. 30, 2025Mar. 31, 2025 Dec. 31, 2024 Cash generated from operations113.5 259.9124.8 238.1 736.3Adjusting items: Change in non-cash working capital43.2 66.0 (38.7) 6.6 77.1Cash sustaining capital expenditures1 85.5 106.1 76.1 82.6 350.3 Free cash ow (15.2) 87.8 87.4 148.9 308.9 Cash sustaining capital expenditures1 Total sustaining capital costs71.2 88.6 62.5 71.6 293.9Capitalized lease and equipment nancing cash payments -operating sites 14.3 13.4 12.8 10.3 50.8Community agreement cash payments— 4.1 0.8 0.7 5.6 Cash sustaining capital expenditures1 85.5 106.1 76.1 82.6 350.3 1 Excludes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites. 2 LTM (last twelve months) as at September 30, 2025 24
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Copper Cash Cost Reconciliation Consolidated Three Months EndedNet pounds of copper produced1 (in thousands) Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Peru 39,934 47,863 46,782Manitoba 1,856 3,554 7,491British Columbia 11,572 14,626 14,850 Net pounds of copper produced 53,362 66,043 69,123 1 Contained copper in concentrate. Consolidated Three Months Ended Sep. 30, 2025 Jun. 30, 2025 Sep. 30, 2024 Cash cost per pound of copper produced$ millions $/lb $ millions $/lb $ millions $/lb Mining 70.2 1.32 85.8 1.30 90.7 1.31 Milling 75.8 1.42 92.6 1.40 85.1 1.23 G&A 31.8 0.59 43.1 0.66 38.0 0.55 Onsite costs 177.8 3.33 221.5 3.36 213.8 3.09 Treatment & re ning 5.3 0.10 3.3 0.05 21.2 0.31 Freight & other 14.9 0.28 20.8 0.31 24.4 0.35 Cash cost, before by-product credits198.0 3.71 245.6 3.72 259.4 3.75 By-product credits (175.8) (3.29) (247.3) (3.74) (246.7) (3.57) Cash cost, net of by-product credits22.2 0.42 (1.7) (0.02) 12.7 0.18 Consolidated Three Months Ended Sep. 30, 2025 Jun. 30, 2025 Sep. 30, 2024 Supplementary cash cost information $ millions $/lb1 $ millions $/lb1 $ millions $/lb1 By-product credits2: Zinc 9.9 0.18 7.3 0.11 24.2 0.35Gold3 134.8 2.53195.8 2.96189.1 2.73Silver3 13.9 0.26 23.4 0.35 18.3 0.27Molybdenum & other 17.2 0.32 20.8 0.32 15.1 0.22 Total by-product credits175.8 3.29247.3 3.74246.7 3.57Reconciliation to IFRS: Cash cost, net of by-product credits22.2 (1.7) 12.7 By-product credits 175.8 247.3 246.7 Treatment and re ning charges(5.3) (3.3) (21.2) Share-based compensation expense1.7 0.9 0.3 Inventory adjustments (1.3) 3.5 1.6 Past service cost — — 2.8 Change in product inventory(19.6) 11.4 1.8 Royalties 2.0 2.2 3.8 Overhead costs incurred during Manitoba temporarysuspension (cash) 16.0 3.2 — Overhead costs incurred during Peru temporarysuspension (cash) 7.3 — — Depreciation and amortization4 82.7 96.4 97.5 Cost of sales 281.5 359.9 346.0 25
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1 Per pound of copper produced. 2 By-product credits are computed as revenue per consolidated nancial statements, including amortization of deferred revenue and pricing and volume adjustments. 3 Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements. Variable consideration adjustments are cumulative adjustments to gold and silver stream deferred revenue primarily associated with the net change in mineral reserves and resources or amendments to the mine plan that would change the total expected deliverable ounces under the precious metal streaming arrangement. For the three months ended September 30, 2025 the variable consideration adjustments amounted to $nil (three months ended September 30, 2024 - $nil and June 30, 2025 - $nil). 4 Depreciation is based on concentrate sold. Peru Three Months Ended (in thousands) Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Net pounds of copper produced1 39,934 47,863 46,782 1 Contained copper in concentrate. Peru Three Months Ended Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Cash cost per pound of copper produced$ millions $/lb $ millions $/lb $ millions $/lb Mining 34.8 0.87 28.1 0.59 37.7 0.81 Milling 40.8 1.02 57.8 1.21 48.5 1.04 G&A 19.3 0.48 23.2 0.48 19.9 0.42 Onsite costs 94.9 2.37 109.1 2.28 106.1 2.27 Treatment & re ning 3.4 0.08 (0.1) (0.00) 11.4 0.24 Freight & other 9.4 0.24 12.4 0.25 14.1 0.30 Cash cost, before by-product credits107.7 2.69 121.4 2.53 131.6 2.81 By-product credits (55.5) (1.39) (51.8) (1.08) (47.2) (1.01) Cash cost, net of by-product credits52.2 1.30 69.6 1.45 84.4 1.80 26
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Peru Three Months Ended Sep. 30, 2025Jun. 30, 2025 Sep. 30, 2024 Supplementary cash cost information$ millions $/lb1 $ millions$/lb1 $ millions $/lb1 By-product credits2: Gold3 31.3 0.78 17.3 0.36 22.9 0.49Silver3 7.0 0.18 13.7 0.29 9.2 0.20Molybdenum 17.2 0.43 20.8 0.43 15.1 0.32 Total by-product credits 55.5 1.39 51.8 1.08 47.2 1.01Reconciliation to IFRS: Cash cost, net of by-product credits52.2 69.6 84.4 By-product credits 55.5 51.8 47.2 Treatment and re ning charges(3.4) 0.1 (11.4) Inventory adjustments (1.3) 1.1 0.2 Share-based compensation expenses0.2 0.2 0.1 Change in product inventory(26.9) 4.0 1.1 Royalties 1.5 1.0 2.2 Overhead costs incurred during Peru temporarysuspension (cash) 7.3 — — Depreciation and amortization4 50.0 56.0 57.2 Cost of sales5 135.1 183.8 181.0 1 Per pound of copper produced. 2 By-product credits are computed as revenue per consolidated nancial statements, including amortization of deferred revenue and pricing and volume adjustments. 3 Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements. 4 Depreciation is based on concentrate sold. 5 As per the consolidated nancial statements. British Columbia Three Months Ended (in thousands) Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Net pounds of copper produced1 11,572 14,626 14,850 1 Contained copper in concentrate. British Columbia Three Months Ended Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Cash cost per pound of copper produced$ millions $/lb $ millions $/lb $ millions $/lb Mining 19.6 1.69 24.2 1.65 12.9 0.87 Milling 29.1 2.52 21.4 1.46 19.7 1.33 G&A 7.1 0.61 6.1 0.42 5.7 0.39 Onsite costs 55.8 4.82 51.7 3.53 38.3 2.59 Treatment & re ning 1.0 0.09 2.1 0.14 3.3 0.22 Freight & other 3.0 0.26 3.3 0.24 3.1 0.20 Cash cost, before by-product credits59.8 5.17 57.1 3.91 44.7 3.01 By-product credits (22.7) (1.96) (22.2) (1.52) (17.9) (1.20) Cash cost, net of by-product credits37.1 3.21 34.9 2.39 26.8 1.81 27
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British Columbia Three Months Ended Sep. 30, 2025 Jun. 30, 2025 Sep. 30, 2024 Supplementary cash cost information$ millions $/lb1 $ millions $/lb1 $ millions $/lb1 By-product credits2: Gold 20.4 1.76 19.8 1.35 16.3 1.09Silver 2.3 0.20 2.4 0.17 1.6 0.11 Total by-product credits 22.7 1.96 22.2 1.52 17.9 1.20Reconciliation to IFRS: Cash cost, net of by-product credits37.1 34.9 26.8 By-product credits 22.7 22.2 17.9 Treatment and re ning charges(1.0) (2.1) (3.3) Share based payment 0.5 0.2 — Change in product inventory4.2 3.6 (0.5) Inventory adjustments — 1.4 — Royalties 0.5 1.2 1.6 Depreciation and amortization3 16.4 16.8 12.6 Cost of sales4 80.4 78.2 55.1 1 Per pound of copper produced. 2 By-product credits are computed as revenue per consolidated nancial statements, including amortization of deferred revenue and pricing and volume adjustments. 3 Depreciation is based on concentrate sold. 4 As per consolidated nancial statements. Sustaining and All-in Sustaining Cash Cost Reconciliation Consolidated Three Months Ended Sep. 30, 2025Jun. 30, 2025 Sep. 30, 2024 All-in sustaining cash cost per pound of copper produced$ millions$/lb$ millions $/lb $ millions$/lb Cash cost, net of by-product credits22.2 0.42 (1.7) (0.02) 12.7 0.18Cash sustaining capital expenditures87.5 1.64108.3 1.64 101.6 1.47Royalties 2.0 0.04 2.2 0.03 3.8 0.06 Sustaining cash cost, net of by-product credits111.7 2.09108.8 1.65 118.1 1.71Corporate selling and administrative expenses ®ional costs 33.0 0.62 22.1 0.33 12.8 0.18Accretion and amortization of decommissioning andcommunity agreements1 3.9 0.07 3.2 0.05 3.9 0.06 All-in sustaining cash cost, net of by-product credits148.6 2.78134.1 2.03 134.8 1.95 Reconciliation to property, plant and equipmentadditions Property, plant and equipment additions97.6 93.6 76.7 Capitalized stripping net additions43.2 53.8 49.2 Total accrued capital additions140.8 147.4 125.9 Less other non-sustaining capital costs2 69.6 58.8 36.6 Total sustaining capital costs71.2 88.6 89.3 Capitalized lease & equipment nancing cash payments -operating sites 14.3 13.4 10.2 Community agreement cash payments3 — 4.1 0.4 Accretion and amortization of decommissioning andrestoration obligations4 2.0 2.2 1.7 28
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Cash sustaining capital expenditures87.5 108.3 101.6 1 Includes accretion of decommissioning relating to non-productive sites, and accretion and amortization of community agreements capitalized to Other assets. 2 Other non-sustaining capital costs include Arizona capitalized costs, capitalized interest, capitalized exploration, right-of-use lease asset additions, equipment nancing asset additions, growth capital expenditures and reclassi cation related to capital spares. 3 Amortization for community agreements relating to current operations. 4 Includes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites. Peru Three Months Ended Sep. 30, 2025 Jun. 30, 2025Sep. 30, 2024 Sustaining cash cost per pound of copper produced$ millions$/lb$ millions$/lb$ millions$/lb Cash cost, net of by-product credits52.2 1.30 69.6 1.45 84.4 1.80Cash sustaining capital expenditures30.5 0.77 55.1 1.15 43.7 0.93Royalties 1.5 0.04 1.0 0.03 2.2 0.05 Sustaining cash cost per pound of copper produced84.2 2.11 125.7 2.63 130.3 2.78 British Columbia Three Months Ended Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Sustaining cash cost per pound of copper produced$ millions$/lb$ millions$/lb$ millions$/lb Cash cost, net of by-product credits37.1 3.21 34.9 2.39 26.8 1.81Cash sustaining capital expenditures48.4 4.18 39.6 2.71 46.6 3.14Royalties 0.5 0.04 1.2 0.08 1.6 0.11 Sustaining cash cost per pound of copper produced86.0 7.43 75.7 5.18 75.0 5.06 Gold Cash Cost and Sustaining Cash Cost Reconciliation Manitoba Three Months Ended(in thousands) Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Net ounces of gold produced1 22,441 43,235 62,468 29
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1 Contained gold in concentrate and doré. Manitoba Three Months Ended Sep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Cash cost per ounce of gold produced $millions $/oz $millions $/oz $millions $/oz Mining 15.8 704 33.5 775 40.1 642 Milling 5.9 263 13.4 310 16.9 271 G&A 5.4 241 13.8 319 12.4 198 Onsite costs 27.1 1,208 60.7 1,404 69.4 1,111 Treatment & re ning 0.9 40 1.3 30 6.5 104 Freight & other 2.5 111 5.1 118 7.2 117 Cash cost, before by-product credits30.5 1,359 67.1 1,552 83.1 1,332 By-product credits (22.0) (980) (36.4) (842) (60.0) (960) Gold cash cost, net of by-product credits8.5 379 30.7 710 23.1 372 Manitoba Three Months Ended Sep. 30, 2025 Jun. 30, 2025Sep. 30, 2024 Supplementary cash cost information$millions $/oz1 $millions $/oz1 $millions $/oz1 By-product credits2: Copper 7.4 330 21.8 504 28.2 451Zinc 9.9 441 7.3 169 24.3 389Silver 4.7 209 7.3 169 7.5 120Other — — — — — — Total by-product credits 22.0 980 36.4 842 60.0 960Reconciliation to IFRS: Cash cost, net of by-product credits8.5 30.7 23.1 By-product credits 22.0 36.4 60.0 Treatment and re ning charges(0.9) (1.3) (6.5) Inventory adjustments — 1.0 1.4 Past service cost — — 2.8 Share-based compensation expenses1.0 0.5 0.2 Change in product inventory3.1 3.8 1.2 Overhead costs incurred during temporary suspension16.0 3.2 — Depreciation and amortization3 16.3 23.6 27.7 Cost of sales4 66.0 97.9 109.9 1 Per ounce of gold produced. 2 By-product credits are computed as revenue per consolidated nancial statements, amortization of deferred revenue, pricing and volume adjustments. 3 Depreciation is based on concentrate sold. 4 As per consolidated nancial statements. 30
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Manitoba Three Months Ended Sep. 30, 2025 Jun. 30, 2025 Sep. 30, 2024 Sustaining cash cost per pound of gold produced$millions$/oz$millions$/oz $millions$/oz Gold cash cost, net of by-product credits8.5 379 30.7 710 23.1372Cash sustaining capital expenditures8.6 383 13.6 315 11.3181 Sustaining cash cost per pound of gold produced17.1 762 44.3 1,025 34.4553 Combined Unit Cost Reconciliation Peru Three Months Ended(in millions except ore tonnes milled and unit cost per tonne)Combined unit cost per tonne processedSep. 30, 2025 Jun. 30, 2025 Sep. 30, 2024 Mining 34.8 28.1 37.7 Milling 40.8 57.8 48.5 G&A1 19.3 23.2 19.9 Other G&A2 (3.8) (6.4) (2.0) Unit cost 91.1 102.7 104.1 Tonnes ore milled 6,992 7,559 8,137 Combined unit cost per tonne 13.03 13.59 12.78 Reconciliation to IFRS: Unit cost 91.1 102.7 104.1 Freight & other 9.4 12.4 14.1 Inventory adjustments (1.3) 1.1 0.2 Other G&A 3.8 6.4 2.0 Share-based compensation expenses0.2 0.2 0.1 Change in product inventory (26.9) 4.0 1.1 Royalties 1.5 1.0 2.2 Overhead costs incurred during Peru temporary suspension (cash)7.3 — — Depreciation and amortization 50.0 56.0 57.2 Cost of sales3 135.1 183.8 181.0 1 G&A as per cash cost reconciliation above. 2 Other G&A primarily includes pro t sharing costs. 3 As per consolidated nancial statements. British Columbia Three Months Ended(in millions except tonnes ore milled and unit cost per tonne)Combined unit cost per tonne processedSep. 30, 2025Jun. 30, 2025Sep. 30, 2024 Mining 19.6 24.2 12.9 Milling 29.1 21.4 19.7 G&A1 7.1 6.1 5.7 Unit cost 55.8 51.7 38.3 USD/CAD implicit exchange rate 1.38 1.38 1.35 Unit cost - C$ 77.3 71.1 52.4 Tonnes ore milled 3,087 2,900 3,363 Combined unit cost per tonne – C$ 25.02 24.51 15.58 Reconciliation to IFRS: Unit cost 55.8 51.7 38.3 Fih&h 30 33 31 31
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Freight & other 3.0 3.3 3.1 Share-based compensation expenses0.5 0.2 — Change in product inventory 4.2 3.6 (0.5)Inventory adjustments — 1.4 — Royalties 0.5 1.2 1.6 Depreciation and amortization 16.4 16.8 12.6 Cost of sales2 80.4 78.2 55.1 1 G&A as per cash cost reconciliation above 2 As per consolidated interim nancial statements. Manitoba Three Months Ended(in millions except ore tonnes milled and unit cost per tonne)Combined unit cost per tonne processedSep. 30, 2025 Jun. 30, 2025 Sep. 30, 2024 Mining 15.8 33.5 40.1 Milling 5.9 13.4 16.9 G&A1 5.4 13.8 12.4 Less: Other G&A related to pro t sharing costs(1.8) (7.2) (5.4) Unit cost 25.3 53.5 64.0 USD/CAD implicit exchange rate 1.39 1.38 1.36 Unit cost - C$ 35.3 73.9 87.4 Tonnes ore milled 136,705 307,138 413,919 Combined unit cost per tonne2- C$ 258 241 211 Reconciliation to IFRS: Unit cost 25.3 53.5 64.0 Freight & other 2.5 5.1 7.2 Other G&A related to pro t sharing 1.8 7.2 5.4 Share-based compensation expenses1.0 0.5 0.2 Inventory adjustments — 1.0 1.4 Past service cost — — 2.8 Change in product inventory 3.1 3.8 1.2 Overhead costs incurred during temporary suspension16.0 3.2 — Depreciation and amortization 16.3 23.6 27.7 Cost of sales2 66.0 97.9 109.9 1 G&A as per cash cost reconciliation above. 2 As per consolidated interim nancial statements. Forward-Looking Information This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identi ed 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). All of the forward-looking information in this news release is quali ed by this cautionary note. 32
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Forward-looking information includes, but is not limited to, statements with respect to Hudbay’s production, cost and capital and exploration expenditure guidance, including expectations with respect to full year results following temporary operational disruptions earlier in the year, Hudbay’s ability to advance and complete the optimization of the Copper Mountain mine operation including with respect to the ongoing SAG2 conversion and con guration project and with respect to the SAG1 repairs and mill ramp-up plans, the implementation of stripping strategies and the expected bene ts therefrom, the estimated timelines and pre-requisites for sanctioning the Copper World project, the consummation and timing of the JV Transaction, the satisfaction of the conditions precedent to the JV Transaction, including but not limited to receipt of regulatory approvals, expectations regarding the anticipated bene ts of the JV Transaction to Hudbay and the United States, the consummation and timing of the DFS, expectations regarding the results of any challenges to the permits for the Copper World project and the potential impact of recent policy decisions from the United States government, the expected bene ts of the sanctioning of Copper World project, and the bene ts, timing and consummation of the de nitive agreement with Wheaton in respect of the enhanced precious metals stream, the expected bene ts of Manitoba growth initiatives, including the use of the exploration drift at the 1901 deposit, and the potential utilization of excess capacity at the Stall mill, Hudbay’s future deleveraging strategies and Hudbay’s ability to deleverage and repay debt as needed, expectations regarding Hudbay’s cash balance and liquidity and related cash management strategies, expectations regarding tax synergies, expectations regarding the ability to conduct exploration work and execute on exploration programs on its properties and to advance related drill plans, including the advancement of the exploration program at Maria Reyna and Caballito and the status and anticipated timing of the related drill permit application process, expectations regarding the prospective nature of the Maria Reyna and Caballito properties, the ability to continue mining higher-grade ore in the Pampacancha pit and Hudbay’s expectations resulting therefrom, Hudbay’s evaluation and assessment of opportunities to reprocess tailings using various metallurgical technologies, the anticipated impact of brown eld and green eld growth projects on Hudbay’s performance, anticipated exploration and expansion opportunities and extension of mine life in Snow Lake and Hudbay’s ability to nd a new anchor deposit near Hudbay’s Snow Lake operations, anticipated future drill programs and exploration activities and any results expected therefrom, the enhancement of stakeholder engagement and advancement of metallurgical studies at the Mason copper project in Nevada, anticipated mine plans, anticipated metals prices and the anticipated sensitivity of Hudbay’s nancial performance to metals prices, events that may a ect Hudbay’s operations and development projects, anticipated cash ows from operations and related liquidity requirements, the ability to successfully obtain proceeds from insurance claims, the anticipated e ect of external factors on revenue, such as commodity prices, estimation of mineral reserves and resources, mine life projections, reclamation costs, economic outlook, government regulation of mining operations, and business and acquisition strategies. 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 Hudbay at the date the forward-looking information is provided, inherently are subject to signi cant risks, uncertainties, contingencies and other factors that may cause actual results and events to be 33
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materially di erent from those expressed or implied by the forward-looking information. The material factors or assumptions that Hudbay has identi ed and were applied in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: the ability to achieve production, cost and capital and exploration expenditure guidance; no signi cant interruptions to Hudbay's operations due to social or political unrest in the regions Hudbay operates, including the navigation of the complex political and social environment in Peru and the resolution of grievances raised by local communities and their residents; the ability to ramp up to full production in a timely manner following the temporary operational disruptions earlier in the year; the ability to successfully close the JV Transaction; the ability to consummate the de nitive agreement with Wheaton in respect of the enhanced precious metals stream; no interruptions to Hudbay's plans for advancing the Copper World project, including with respect to any successful challenges to the Copper World permits; Hudbay's ability to successfully advance and complete the optimization of the Copper Mountain operations, obtain required permits and develop and maintain good relations with key stakeholders; the ability to execute on its exploration plans and to advance related drill plans; the ability to advance the exploration program at the Maria Reyna and Caballito properties; the success of mining, processing, exploration and development activities; the scheduled maintenance and availability of Hudbay's processing facilities; the accuracy of geological, mining and metallurgical estimates; anticipated metals prices and the costs of production; the supply and demand for metals Hudbay produces; the supply and availability of all forms of energy and fuels at reasonable prices; no signi cant unanticipated operational or technical di culties; no signi cant interruptions to operations due to adverse e ects from extreme weather events, including forest res that have a ected and may continue to a ect the regions in which Hudbay operates; the execution of Hudbay's business and growth strategies, including the success of its strategic investments and initiatives; the availability of additional nancing, if needed; the ability to deleverage and repay debt, as needed; the ability to complete project targets on time and on budget and other events that may a ect Hudbay's ability to develop Hudbay's projects; the timing and receipt of various regulatory and governmental approvals; 34
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the availability of personnel for Hudbay's exploration, development and operational projects and ongoing employee relations; maintaining good relations with the employees at Hudbay's operations; maintaining good relations with the labour unions that represent certain of Hudbay employees in Manitoba and Peru; maintaining good relations with the communities in which Hudbay operates, including the neighbouring Indigenous communities and local governments; no signi cant unanticipated challenges with stakeholders at Hudbay's various projects; no signi cant unanticipated events or changes relating to regulatory, environmental, health and safety matters; no contests over title to Hudbay's properties, including as a result of rights or claimed rights of Indigenous peoples or challenges to the validity of Hudbay's unpatented mining claims; the timing and possible outcome of pending litigation and no signi cant unanticipated litigation; certain tax matters, including, but not limited to current tax laws and regulations, changes in taxation policies and the refund of certain value added taxes from the Canadian and Peruvian governments; and no signi cant and continuing adverse changes in general economic conditions or conditions in the nancial markets (including commodity prices and foreign exchange rates). The risks, uncertainties, contingencies and other factors that may cause actual results to di er materially from those expressed or implied by the forward-looking information may 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 de nitive agreement with Wheaton in respect of the enhanced precious metals stream, risks related to the failure to e ectively advance and complete the optimization of the Copper Mountain mine operations including with respect to the ongoing SAG2 mill conversion and con guration project and with respect to the SAG1 repairs and mill ramp-up plans, political and social risks in the regions Hudbay operates, including the complex political and social environment in Peru and potential disruptions to operations arising from community protests and grievances, risks generally associated with the mining industry and the current geopolitical environment, including future commodity prices, the potential implementation or expansion of tari s, currency and interest rate uctuations, energy and consumable prices, supply chain constraints and general cost escalation in the current in ationary environment, uncertainties related to the development and operation of Hudbay’s projects, the risk of an indicator of impairment or impairment reversal relating to a material mineral property, risks related to the Copper World project, including in relation to project delivery and nancing risks, risks related to the Lalor mine plan, including the ability to convert inferred mineral resource estimates to higher con dence categories, dependence on key personnel and employee and union relations, risks related to political or social instability, unrest or change, risks in respect of Indigenous and community relations, rights and title claims, operational risks and hazards, including the cost of maintaining and 35
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upgrading Hudbay’s tailings management facilities and any unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks (including any unanticipated signi cant interruptions to operations due to adverse e ects from extreme weather events), failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, depletion of Hudbay’s reserves, volatile nancial markets and interest rates that may a ect Hudbay’s ability to obtain additional nancing on acceptable terms, the failure to obtain required approvals or clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, Hudbay’s ability to comply with Hudbay’s pension and other post-retirement obligations, Hudbay’s ability to abide by the covenants in Hudbay’s debt instruments and other material contracts, tax refunds, hedging transactions, as well as the risks discussed under the heading “Risk Factors” in Hudbay’s most recent Annual Information Form which is available on the Company’s SEDAR+ pro le at www.sedarplus.ca and the Company’s EDGAR pro le at www.sec.gov. 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 news release or to explain any material di erence between subsequent actual events and any forward-looking information, except as required by applicable law. Note to United States Investors This news release has been prepared in accordance with the requirements of the securities laws in e ect in Canada, which may di er materially from the requirements of United States securities laws applicable to U.S. issuers. About Hudbay Hudbay (TSX, NYSE: HBM) is a copper-focused critical minerals mining company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States. Hudbay’s operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the Company, which is complemented by meaningful gold production and by-product zinc, silver and molybdenum. 36
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Hudbay’s growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its existing operations. The value Hudbay creates and the impact it has is embodied in its purpose statement: “We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities.” Hudbay’s mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and e cient operations. For further information, please contact: Candace Brûlé Senior Vice President, Capital Markets and Corporate A airs (416) 814-4387 investor.relations@hudbay.com ____________________ i Adjusted net earnings (loss) - attributable to owners and adjusted net earnings (loss) per share - attributable to owners, adjusted EBITDA, cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, cash cost, sustaining cash cost per ounce of gold produced, net of by-product credits, combined unit cost, net debt, net debt to adjusted EBITDA ratio and free cash ow are non-GAAP nancial performance measures with no standardized de nition under IFRS. For further information and a detailed reconciliation, please see the discussion under the “Non-GAAP Financial Performance Measures” section of this news release. ii Total liquidity including $611.1 million in cash and cash equivalents, and undrawn availability of $425.2 million under Hudbay's revolving credit facilities. The Company's liquidity is expected to be further enhanced upon the closing of the JV Transaction, which is expected to occur in late 2025 or early 2026. iii Average analyst consensus net asset value estimate for 100% of Copper World is approximately $1.16 billion as of August 12, 2025. iv Based on the initial capital investment and the $3.75 per pound copper price used in the PFS published on September 8, 2023 with assumptions of approximately $145 million for pre-sanctioning costs, $230 million from the precious metals stream, $350 million from project-level nancing and approximately $700 million from the joint venture partner earn-in, matching contribution and capital contribution. Source: Hudbay Minerals Inc. 37