HBM Investor presentation

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TSX & NYSE / HBM Investor Presentation SEPTEMBER 2026

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INVESTOR PRESENTATION / SEPTEMBER 2026 2 TSX & NYSE: HBM Cautionary Information This presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this presentation, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “budget”, “guidance”, “scheduled”, “estimates”, “forecasts”, “strategy”, “target”, “intends”, “objective”, “goal”, “understands”, “anticipates” and “believes” (and variations of these or similar words) and statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” “occur” or “be achieved” or “will be taken” (and variations of these or similar expressions)..All of the forward-looking information in this presentation is qualified by this cautionary note. Forward- looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information include, but are not limited to, those risks that are described under the heading “Risk Factors” in our most recent annual information form for the year ended December 31, 2025 and those risks described in our management’s discussion and analysis for the three and six months ended June 30, 2026. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this presentation or to explain any material difference between subsequent actual events and any forward- looking information, except as required by applicable law. This presentation contains certain financial measures which are not recognized under IFRS, such as adjusted net earnings (loss), adjusted net earnings (loss) per share, adjusted EBITDA, net debt, free cash flow, cash cost, sustaining and all-in sustaining cash cost per pound of copper produced, cash cost and sustaining cash cost per ounce of gold produced, combined unit operating costs and any ratios based on these measures. For a detailed description of each of the non-GAAP financial performance measures used in this presentation, please refer to Hudbay’s management’s discussion and analysis for the three and six months ended June 30, 2026 available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. All amounts in this presentation are in U.S. dollars unless otherwise noted. NI 43-101 and Qualified Persons Hudbay's mineral resource estimates in this presentation are exclusive of minerals reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. This presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. Canadian reporting requirements for disclosure of mineral properties are governed by NI 43-101. For this reason, the information contained in this presentation containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. The technical and scientific information in this presentation related to the Constancia mine, the Snow Lake operations and the Copper World project has been approved by Olivier Tavchandjian, P. Geo., Hudbay's Senior Vice President, Exploration and Technical Services. The technical and scientific information in this presentation related to the Copper Mountain mine has been approved by Marc-Andre Brulotte, P.Geo., Hudbay’s Executive Director, Global Mineral Resource Evaluation. Each of Mr. Tavchandjian and Mr. Brulotte is a qualified person pursuant to NI 43-101. Additional details on Hudbay’s the Constancia mine, the Snow Lake operations, the Copper World project and the Copper Mountain Mine are included in Hudbay's Annual Information Form for the year ended December 31, 2025, which is available on Hudbay's SEDAR+ profile at http://www.sedarplus.ca/. The technical and scientific information contained in this presentation related to the Cactus project is based on the “Cactus Project NI 43-101 Technical Report – Pre-Feasibility Study Pinal County, Casa Grande, Arizona” with an effective date of October 20, 2025 (the “Cactus PFS”), a copy of which was filed by Arizona Sonoran Copper Company Inc. (“Arizona Sonoran”) on SEDAR+. Since completing the Arizona Sonoran acquisition, Hudbay has commenced work on an updated pre-feasibility study for the Cactus project. The updated pre-feasibility study will reflect Hudbay's technical and project design assumptions for the Cactus project and is expected to be completed in the second half of 2027. With respect to the historical estimate of mineral resources at Caballito and the historical drill results for Maria Reyna, a qualified person has not independently verified this historical data or the associated quality assurance and quality control program for Hudbay and, as such, Hudbay cautions that this information should not be relied upon by investors. With respect to Hudbay’s disclosure herein, the Mason preliminary economic assessment is preliminary in nature, includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the preliminary economic assessments will be realized. Additional details on the Mason preliminary economic assessment (including assumptions underlying the mineral resource estimates) are included in Hudbay’s news release dated April 6, 2021. Additional details on the company’s material mineral projects, including a year-over-year reconciliation of reserves and resources and metal price assumptions, is included in Hudbay's Annual Information Form for the year ended December 31, 2025, which is available on SEDAR+ at http://www.sedarplus.ca/.

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INVESTOR PRESENTATION / SEPTEMBER 2026 3 TSX & NYSE: HBM Our Purpose Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities. Our planetOur communitiesOur people We care about

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TSX & NYSE: HBM 4 INVESTOR PRESENTATION / SEPTEMBER 2026 55%38% 2% 2% 3% Cu Au Ag Zn Mo $2.2B 6.5 Mt CuEq 66% 20% 8% 2%5% Diversified Mid-Tier Copper Producer REVENUE AND RESERVES BY METAL REVENUE2 RESERVES3 1. Hudbay’s copper production shown for 2025 and 2026 based on the midpoint guidance range from news release dated February 20, 2026. 2027 based on the midpoint guidance range from news release dated March 27, 2025. Medium-term target copper production beyond 2028 based on disclosed mine plans in most recent NI 43-101 Technical Reports for Constancia, Lalor and Copper Mountain as well as Copper World PFS. Cash cost guidance based on the midpoint of the improved guidance range of $(0.45) to $(0. 25) from news release dated July 29, 2026. 2. 2025 revenue as of December 31, 2025, further details available in the February 20, 2026 news release. 3. Total copper equivalent in situ reserves as per the news release dated March 27, 2026, calculated using select commodity pric ing ($4.88/lb Cu, $3,400/oz Au, $47.00/oz Ag, $1.25/lb Zn, and $20.00/lb Mo) based on long-term street consensus as of February 18, 2026. Reserves exclude Cactus project. Increasing copper production and unique gold exposure from three operations in tier-1 mining jurisdictions generating strong free cash flow with industry-leading margins. Proven operational excellence with track record of operating efficiency, delivering on guidance and value accretive project execution. Committed to sustainability by living our values and achieving our social and environmental goals. Holistic capital allocation strategy to prudently deliver growth, maintain financial flexibility and maximize risk-adjusted returns by evaluating capital for brownfield projects, greenfield projects, strategic investments and exploration, while considering debt repurchases, share buybacks and dividends. Industry-leading growth with next major copper mine and optionality from strong organic pipeline of copper development assets and highly prospective exploration. ANNUAL COPPER PRODUCTION & CASH COSTS1 Copper WorldExisting Operations118 110-138 140-184 139-173 ($0.22) ($0.35) 2025 2026E 2027E 2028E MT Target Consolidated Copper Cash Costs (US$/lb) Consolidated Copper Production (000 tonnes) Peru Manitoba British Columbia Arizona Cash Cost +70% Medium-term Growth

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TSX & NYSE: HBM 5 INVESTOR PRESENTATION / SEPTEMBER 2026 1 476 648 823 1,061 1,272 $200 $400 $600 $800 $1,000 $1,200 Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2025 Jun. 30, 2026 Delivering Strong Results with Continued Industry-Leading Margins ADJ. EBITDA ($M) - TRAILING TWELVE MONTHS1 ANOTHER QUARTER OF STEADY OPERATING PERFORMANCE FROM DIVERSIFIED ASSET BASE 1. Metal reported in concentrate is prior to deductions associated with smelter contract terms 2. Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by -product credits, gold cash cost, sustaining cash cost per ounce of gold produced, net of by -product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non- GAAP Financial Performance Measures” in the latest quarterly materials. 3. Adjusted earnings per share - attributable to owners and adjusted EBITDA are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the “N on-GAAP Financial Performance Measures” in the latest quarterly materials.. 4. Operating cash flow before changes in non-cash working capital. 5. Cash and cash equivalents includes short-term investments. As at June 30, 2026. cash and cash equivalents includes $334.5 million in cash held by Copper World LLC. And as at March 31, 2026, cash and cash equivalent includes $370.7 million in cash held by Copper World LLC. These funds are contractually restricted for the advancement of the Copper World project and are not available to the general Hudbay group. 6. Net debt and net debt to adjusted trailing twelve month EBITDA are non- GAAP financial performance measures with no standardized definition under IFRS. Please see the "Non-GAAP Financial Performance Measures" section in the latest quarterly materials. 1. Non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconc iliation, please see discussion under the “Non- GAAP Financial Performance Measures” section of the latest quarterly MD&A or news release. 2. Adjusted earnings per share attributable to owners. Reaffirmed 2026 full year production guidance for all metals with steady quarterly operating performance. Improved 2026 consolidated cash cost guidance to $(0.45) to $(0.25)/lb from original guidance of $(0.30) to $(0.10)/lb  Maintained industry-leading margins with consolidated cash costs of $(0.40)/lb in Q2. Achieved $631 million in revenue and $210 million in operating cash flow before change in non-working capital in Q2. Record trailing twelve months Adj. EBITDA1 of $1.3 billion. KEY RESULTS SUMMARY Q2 2026 Q1 2026 Q2 2025 Production1 Copper kt 28.3 27.9 30.0 Gold koz 51.2 61.7 56.3 Silver koz 845.2 787.4 815.0 Zinc kt 4.8 4.6 5.1 Cash cost2 $lb/Cu $(0.40) $(1.80) $(0.02) Sustaining cash cost2 $lb/Cu $1.39 $0.00 $1.65 Adj. Attributable EPS3 $/sh $0.28 $0.40 $0.19 Adj. EBITDA3 $M $321 $422 $245 Operating cash flow4 $M $210 $209 $194 Cash & cash equivalents5 $M $891 $1,004 $626 Net Debt / Adj. EBITDA6 LTM (0.1x) 0.0x 0.4x $0.28 Q2 2026 Adj. EPS1,2 28kt Q2 2026 Cu Production $321M Q2 2026 Adj. EBITDA 1 $(0.40)/lb Q2 2026 Cash Cost 1

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TSX & NYSE: HBM 6 INVESTOR PRESENTATION / SEPTEMBER 2026 1,191 1,132 1,038 994 632 626 526 526 434 436 440 (81) Net Cash 2.9x 2.3x 1.6x 1.3x 0.8x 0.7x 0.6x 0.6x 0.4x 0.5x 0.4x 0.0x -0.1x -0.5x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x (100) 150 400 650 900 1,150 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Debt ND/EBITDA 145 206 257 287 245 143* 386 422 321 (25) 75 175 275 375 475 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 FCF ADJ. EBITDA Consolidated free cash flow of $101.8 million driven by Manitoba and Peru, while optimization efforts in British Columbia continue to bring the operations closer to positive cash flow generation. Net cash position of $80.5 million, lowering the net debt to adjusted EBITDA leverage ratio to (0.1)x. Continued Significant Free Cash Flow Generation WELL-POSITIONED TO FUND HIGH-RETURN GROWTH INITIATIVES TO UNLOCK FURTHER VALUE 1. Non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconc iliation, please see discussion under the “Non-GAAP Financial Performance Measures” section of the latest quarterly MD&A or news release. 2. As at June 30, 2026 cash and cash equivalents includes $334.5 million in cash held by Copper World LLC. These funds are contr actually restricted solely for the advancement of the Copper World project and are not available to the general Hudbay group. 3. Free cash flow is calculated as operating cash flow before changes in non- cash working capital less sustaining capital expenditures, cash lease payments, equipment financing payments and community payments. STRONG FINANCIAL POSITIONGENERATING FREE CASH FLOW QUARTERLY FREE CASH FLOW & ADJ. EBITDA1,3 NET DEBT & LEVERAGE RATIO (NET DEBT/ ADJ. EBITDA)1 (0.1)x Net Debt to Adj. EBITDA Ratio1 $413M LTM Free Cash Flow 1 $891M Q2 2026 Cash and Equivalent 2 $(81)M Q2 2026 Net Debt * Despite 2-month Manitoba wildfire shutdown

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TSX & NYSE: HBM 7 INVESTOR PRESENTATION / SEPTEMBER 2026 Diversified Portfolio of Long-Life Assets in Tier 1 Jurisdictions COPPER MOUNTAIN British Columbia, Canada OPERATING MINE  +20 year mine life  Open Pit  ~45kt annual Cu production  Growth: New Ingerbelle AgCu Au SNOW LAKE Manitoba, Canada OPERATING MINE  +16 year mine life  Underground  ~190koz annual Au production  Growth: Snow Lake Satellites Cu AgAu Zn CONSTANCIA Cusco, Peru OPERATING MINE  +15 year mine life  Open Pit  ~85kt annual Cu production  Growth: Maria Reyna/Caballito Au AgCu Mo COPPER WORLD Arizona, USA NEAR TERM DEVELOPMENT PROJECT (2026 SANCTION)  +20 year mine life  Open Pit  92kt annual Cu production1  Growth: Copper World Phase II MASON Nevada, USA PEA DEVELOPMENT PROJECT  +27 year mine life  Open Pit  139kt annual Cu production3 AuCu Mo Ag AgCu Mo 147kt Cu 2026 - 2028E Avg. Production 243koz Au +500kt Cu p.a. Potential with U.S. Growth Projects4 Note: Producing assets based on the average of the midpoint of 2026, 2027 and 2028 guidance as of March 27, 2026. 1. Copper World production displays first 10-year average copper production of 92kt in Phase I of mine plan as disclosed in the 2023 PFS. 2. Cactus production displays first 10-year average copper production of 103kt as disclosed in Arizona Sonoran’s Cactus PFS. Please refer to the Cautionary Information on Slide 2 for a description of Hudbay’s plans to update the Cactus PFS. 3. Mason production displays first 10-year average copper production of 139kt as disclosed in the 2021 PEA. 4. More than 500kt calculated using current copper production plus the estimated production from the three US growth assets show n above. OPERATING MINE DEVELOPMENT PROJECT Au CACTUS Arizona, USA PFS DEVELOPMENT PROJECT  +20 year mine life  Open Pit  103kt annual Cu production2 Cu

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TSX & NYSE: HBM 8 INVESTOR PRESENTATION / SEPTEMBER 2026 0 100 200 300 400 500 600 Teck First Quantum Lundin Capstone Hudbay Sandfire Ero Trekor Nexa 29 Metals Copper (kt) Sandfire Trekor Ero Capstone Lundin First Quantum Freeport Teck Atalaya ($2.00) -- $2.00 $4.00 0% 25% 50% 75% 100% Attractive Copper Positioning SIGNIFICANT COPPER PRODUCTION AT FIRST QUARTILE CASH COSTS MEANINGFUL COPPER PRODUCTION1 LEADING LOW-COST PROFILE 2026E COPPER C1 CASH COSTS2 1. 2026 Copper production estimate based on Factset consensus as of August 5, 2026. Hudbay’s copper production shown for 2026 based on the midpoint of 2026 copper guidance as disclosed on March 27, 2026. 2. Wood Mackenzie’s 2026 by-product C1 copper cash cost curve (Q4 2025 dataset dated March 2026), compared to Hudbay 2026 midpoint guidance range based on news release dated July 29, 2026. Wood Mackenzie’s costing methodology may be different than reported by Hudbay or its peers in their public disclosure. For further details regarding Hudbay’s actual cash costs and pric e sensitivity, refer to Hudbay’s most recent MD&A. 3. Represents the increase in 2026 expected operating cash flow before change in non- cash working capital assuming a 10% change in a base of $4.75 per pound copper, $3,850 per ounce gold, gold sensitivity also includes the impact of silver price of $42.00/ oz and 1.37 CAD/USD foreign exchange rate and the mid-point of annual guidance ranges. Based on 10% increase in copper prices would increase operating cash flow by $98M and gold prices would increase operating cash flow by $74M. For more information, please refer to the Outlook section of the Management’s Discussion and Analysis for the three and twelve months ended December 31, 2025. 4. Hudbay copper equivalent production shown for illustrative purposes. Calculated using the Q4 2025 quarter average LME prices for each metal excluding molybdenum. For further details refer to Hudbay’s most recent MD&A. Well-positioned versus peers with meaningful copper production and complementary gold exposure. Leading cash cost position expected to deliver significant near-term free cash flow. ~$100M increase in cash flow and EBITDA for 10% change in annual copper price3 ~$75M increase in cash flow and EBITDA for 10% change in annual gold price3 Copper Equivalent Production4

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INVESTOR PRESENTATION / SEPTEMBER 2026 9 TSX & NYSE: HBM Hudbay Investment Thesis INCREASING COPPER PRODUCTION AND UNIQUE GOLD EXPOSURE from three operations in tier-1 mining jurisdictions generating strong free cash flow with industry-leading margins. PROVEN OPERATIONAL EXCELLENCE with track record of operating efficiency, delivering on guidance and value accretive project execution. INDUSTRY-LEADING GROWTH WITH LONG-TERM OPTIONALITY and optionality from strong organic pipeline of copper development assets and highly prospective exploration. HOLISTIC CAPITAL ALLOCATION STRATEGY to prudently deliver growth, maintain financial flexibility and maximize risk-adjusted returns by evaluating capital for brownfield projects, greenfield projects, strategic investments and exploration, while considering debt repurchases, share buybacks and dividends. COMMITTED TO SUSTAINABILITY by living our values and achieving our social and environmental goals +70% Achieved (0.1)x Net Debt / EBITDA in Q2 20261 118kt Cu generating 268koz Au generating +$380M in free cash flow at industry-low cash costs in 2025 On track to achieve 2030 Scope 1 and Scope 2 GHG emissions reduction targets Over $891M Cash and cash equivalents2 as of June 30, 2026 expected increase in copper production with Copper World, and further upside through development of Cactus and exploration for new anchor deposits in Peru and Manitoba 11th consecutive year achieving annual consolidated copper production guidance 5th consecutive year achieving annual consolidated gold production guidance Metrics include non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconci liation, please see discussion under the “Non-GAAP Financial Performance Measures” section of the latest quarterly MD&A or news release. 1. Net debt and net debt to adjusted trailing twelve month EBITDA are non- GAAP financial performance measures with no standardized definition under IFRS. 2. As at June 30, 2026 cash and cash equivalents includes $334.5 million in cash held by Copper World LLC. These funds are contractually restricted solely for the advancement of the Copper World project and are not available to the general Hudbay group.

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TSX & NYSE: HBM PERU LONG LIFE, LOW COST COPPER MINE WITH SIGNIFICANT EXPLORATION POTENTIAL 10 INVESTOR PRESENTATION / SEPTEMBER 2026

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TSX & NYSE: HBM 11 INVESTOR PRESENTATION / SEPTEMBER 2026 Constancia CONSTANCIA COPPER PRODUCTION PROFILE1 LONG LIFE, LOW-COST COPPER MINE IN PERU KEY HIGHLIGHTS 100%-owned, low cost, long life copper mine that has been in production since 2014. Constancia is one of the lowest cost open pit copper mine in South America2. After acquiring the greenfield project in 2011, Hudbay completed best in class permitting, construction, commissioning and ramp up within three years. Developed constructive partnerships with local communities. Advancing opportunities to further enhance mill throughput starting in H2 2026. Potential to add long-term value through nearby satellite exploration deposits. 15 YEARS Mine Life Cu-Au-Mo Porphyry Deposit 90k tpd Nameplate Mill Capacity 85kt 2025A Cu Production 75koz 2025A Au Production $1.08/lb 2025A Cash Cost 1. 2026 guidance ranges as disclosed in news release dated February 20, 2026, and 2027 and 2028 copper production guidance range based on news release dated March 27, 2026. 2. Based on total mine site costs including mining, processing and general and administrative costs on a per tonne basis. Sourced from Wood Mackenzie and includes primary copper, open pit sulphide mines in South America. Wood Mackenzie’s costing methodology may be different than the methodology reported by Hudbay or its peers in their public disclosure. 73 78 89 101 99 85 75-90 80-100 80-100$1.45 $1.54 $1.58 $1.07 $1.18 $1.08 $1.70 - 2.10 $(0.50) $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 0 25 50 75 100 125 150 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E LT Growth Cash Costs ($/lb) Copper (kt) + Additional throughput + Maria Reyna + Caballito

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INVESTOR PRESENTATION / SEPTEMBER 2026 12 TSX & NYSE: HBM 60 70 80 90 100 2016 2017 - 2024 Avg. 2025 Approved Permit Avg. Tonnes per Day (000s) $14.0 $14.4 $14.6 $16.9 $18.2 $19.0 $19.0 $19.0 $23.2 $23.3 $23.7 $23.8 $26.5 $36.1 $68.3 $10.7 $14.6 $16.2 $18.7 $19.2 $24.3 Chapada Sierra Gorda Radomiro Tomic Toromocho Constancia Andacollo Antamina Quebrada Blanca Los Pelambres Antapaccay Cuajone Quellaveco Centinela Sossego Collahuasi Salobo Las Bambas Cerro Corona Ministro Hales El Soldado Antas 2025 Mine Site Cost (US$/tonne milled) Large Scale Base Metal Producers & State-Owned Enterprises Senior, Intermediates & other Constancia Operational Excellence Throughput Expansion  Mill consistently operates above design capacity with strong culture of continuous improvement.  Constancia exceeding its design capacity of 76,000 tpd since 2017.  Advancing the installation of pebble crushers to increase mill throughput starting in H2 2026.  In June 2026, operating permit expanded annual mill capacity to 34 Mtpa. Cost Efficiency  Steady low unit operating costs have positioned Constancia as one of the lowest cost open pit copper mine in South America. Recognized as safest open pit operation in Peru during National Mining Safety Contest for performance in 2025. CONSTANCIA THROUGHPUT1 LOW-COST SOUTH AMERICA OPEN PIT COPPER MINE2 +10% Above Nameplate +10% Expansion beyond avg. 93k tpd permit 1. 2017 – 2023 Avg. refers to an average of the quarterly average daily throughput per tonnes. Nameplate capacity refers to the 76, 000 tpd designed capacity when built and approved permit refers to the average of 93,000 tpd daily throughput within the 34Mt annual permitted ore milled. 2. Wood Mackenzie Q4 2025 dataset. Includes primary copper, open pit sulphide mines in South America only. Operating costs include mining, processing and general and administrative expenditures on a per tonne basis. Wood Mackenzie’s costing methodology may be different than the methodology reported by Hudbay or its peers in their public disclosure. Nameplate Design CONTINUOUS OPERATIONAL IMPROVEMENTS AT CONSTANCIA HAVE INCREASED THROUGHPUT, ENHANCED EFFICIENCIES AND REDUCED COSTS

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INVESTOR PRESENTATION / SEPTEMBER 2026 13 TSX & NYSE: HBM Constancia Exploration Potential SEVERAL OPPORTUNITIES EXIST ON HUBDAY’S EXTENSIVE LAND PACKAGE IN PERU Constancia Pampacancha Caballito Maria Reyna 5 km Antapaccay Constancia & Pampacancha 3.3Mt Cu DELINEATED TO-DATE 1.1Mt Cu MINED TO-DATE Tintaya Lima Matarani Port Constancia Geophysics indicate several nearby exploration targets within trucking distance of Constancia’s infrastructure - Maria Reyna and Caballito have large- scale potential. PERU Note: Overview maps are not to scale.

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INVESTOR PRESENTATION / SEPTEMBER 2026 14 TSX & NYSE: HBM Constancia Priority Satellite Targets EXPLORATION PERMITTING PROGRESSING WITH GOVERNMENT “CONSULTA PREVIA” UNDERWAY MARIA REYNA CABALLITO Mitsui mined high-grade copper at Caballito until the early 1990s; hand samples collected in the old open pit confirm mineralization was sulfide rich with chalcopyrite and bornite. Resources estimated in 1990: 91Mt with 2.3% Cu1. Artisanal mining activity focused on high grade magnetite skarn bodies and hydrothermal breccia. Artisanal production average mining grade of 2-6% Cu. Cu Oxides Cu Sulfides Cu Oxides Cu Sulfides Three types of mineralization at Maria Reyna. Magnetite skarns and hydrothermal breccia host the highest-grade zones Old Mitsui open pit located behind waste rock pile. Waste rock pile to be sampled as Mitsui operated at a high cut-off grade 1. Source: USGS -MRDS.

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INVESTOR PRESENTATION / SEPTEMBER 2026 TSX & NYSE: HBM CANADA NEARLY 100 YEARS OF DIVERSIFIED COPPER & GOLD OPERATIONS 15

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TSX & NYSE: HBM 16 INVESTOR PRESENTATION / SEPTEMBER 2026 70 100 146 187 214 173 180-220 170-210 160-200 $727 $606 $549 $500-800 0 200 400 600 800 1000 0 50 100 150 200 250 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E LT Growth Cash Costs (S/oz) Gold (koz) SNOW LAKE GOLD PRODUCTION PROFILE1 KEY HIGHLIGHTS 100%-owned Lalor mine in Snow Lake produces gold ore for the New Britannia mill and base metal ore for the Stall concentrator. New Britannia mill commenced production in late 2021 resulting in increased annual gold production to over 180,000 ounces. New Britannia is operating at more than 2,000 tpd, significantly exceeding its original design capacity of 1,500 tpd. Lalor is operating at 4,500 tpd, significantly exceeding the original design capacity of 3,300 tpd. 16 YEARS Mine Life Au-Zn-Cu VMS Deposits 5.8k tpd Nameplate Mill Capacity 173koz 2025A Au Production 9kt 2025A Cu Production $549/oz 2025A Cash Cost 1. 2026 guidance ranges as disclosed in news release dated February 20, 2026, and 2027 and 2028 gold production guidance range based on news release dated March 27, 2026. Cash costs for Snow Lake are only beyond 2023 as prior period reported cash costs including the past producing Flin Flon operations until mid- 2022. The nearby 1901 deposit is scheduled to commence production in late 2027, increasing the total mine production rate to 5,000 tpd in Snow Lake and providing additional base metal and gold production. Successful use of battery-electric vehicles (BEV) underground at Lalor, with intentions to expand future fleet. Potential for further mine life extension from satellite deposits. ’24 Midpoint + 1901 Deposit + Lalor Deep + Talbot + Regional exploration + Flin Flon Tailings Snow Lake LOW-COST GOLD OPERATION WITH MEANINGFUL BASE METAL PRODUCTION

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INVESTOR PRESENTATION / SEPTEMBER 2026 17 TSX & NYSE: HBM 500 1000 1500 2000 2500 2021 2022 2023 2024 2025 Approved Permit Avg. Tonnes per Day (000s) New Britannia Mill Refurbishment Driving Higher Returns  2015: Acquired New Britannia for $12M as potential gold processing solution for Lalor high grade gold ore  2020: Construction commenced for $115M project; Sanctioned at $1,500/oz Au prices and projected 19% IRR for 1,500tpd nameplate capacity  2020: Financed with $115M gold prepay during COVID – forward sale of 25% of future gold production for 2 years (~4% of reserves)1  2021: Project completed on time, but over-budget  2024: Gold prepay fully repaid; Full exposure to prevailing gold prices with ~2M ounces of Au reserves and 1.3M ounces of Inferred; IRR improved to 36%2  2025: Consistent operate mill +50% above nameplate average tonnes per day. After 3 years of operations, investment is achieving even higher returns:  New Britannia currently operating at more than 2,000 tpd, significantly exceeding its design capacity of 1,500 tpd  Project payback was achieved after 2.5 years  Recently received permit approval to increase production up to 2,500 tpd TIMELY STRATEGIC CAPITAL ALLOCATION AND STRONG OPERATIONAL EXECUTION TO MAXIMIZE RETURNS RESULTS OF HIGH GROWTH INITIATIVE +36% Internal Rate of Return (IRR)2 2.5 Year Project Payback Achieved $115M Financing Fully Repaid NEW BRITANNIA THROUGHPUT1 With ~2 million ounces of gold in current mineral reserves and another 1.3 million ounces in inferred mineral resources, New Britannia will continue to unlock significant value Nameplate Design +50% Above Nameplate * New Britannia throughput impacted by ramp up period associated with 2- month wildfire evacuations in the summer and winter stor m power outages in October. 1. For information on New Britannia operating metrics including throughput and recoveries, please refer to the detailed results disclosed by Hudbay in the quarterly news release or MD&A for each reporting period. 2. Internal Rate of Return (unlevered) after adjusting for higher production rates, stronger gold prices and current capital and operating costs. 90% Gold Recoveries 2025*

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INVESTOR PRESENTATION / SEPTEMBER 2026 18 TSX & NYSE: HBM Snow Lake Cost Performance HIGHEST MARGIN CANADIAN GOLD MINE LARGE-SCALE (>150koz) CANADIAN GOLD MINES Higher Margin Lower Margin Source: Company public filings as of March 31, 2026. Note: Includes Canadian gold mines which produced or are expecting to produce more than 150 koz of gold in 2025. 1. Based on calendar year 2025 consolidated gold production and all-in sustaining costs on a by-product basis; reflects actual results; all -in sustaining costs calculated as the sum of cash costs and sustaining capital costs divided by gold production where not explicitly provided in company public filings. Each c ompany may calculate cash costs, sustaining cash costs and all-in sustaining cash costs differently. 173 193 313 345 643 493 693 376 197 290 250 237 153 400 224 235 231 Operator Au Prod.1 (koz) $875 $891 $972 $1,101 $1,148 $1,196 $1,205 $1,257 $1,302 $1,331 $1,473 $1,606 $1,633 $1,636 $1,824 $1,895 $2,020 Snow Lake Blackwater Macassa LaRonde Malartic Meadowbank Detour Meliadine Lamaque Rainy River Island District Musselwhite Young Davidson Cote Greenstone Porcupine Brucejack All-In Sustaining Costs (US$/oz)1 ~80% AISC Margin at current gold prices

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INVESTOR PRESENTATION / SEPTEMBER 2026 19 TSX & NYSE: HBM Snow Lake Mine Life Extension & Potential Reserve Expansion 1.9M OZ OF GOLD RESERVES & 1.3M OZ OF GOLD INFERRED RESOURCES IN SNOW LAKE Exhaust raise Shaft 835mL 910mL 955mL 985mL Shaft bottom 0m 100m 250m 500m LEGEND Existing development and mined out stopes Planned development Base Metal Stopes Reserves Inferred Gold & Copper – Gold Stopes Reserves Inferred Zone 27 Zone 17 LALOR MINE LIFE EXTENDED BY FOUR YEARS 1901 PROGRESSING TOWARDS COMMERCIAL PRODUCTION  Development reached first zinc ore in Q2’25.  Establishing critical infrastructure to progress toward full production in late 2027.  Once in operation, will add ~500tpd of ore mined.  Expected six year mine life based on current reserves. Stringent methodology constraining the resource within a stope optimization envelope is expected to lead to higher resource to reserve conversion. Total reserves of 16.5 Mt at 3.2g/t Au, 2.4% Zn, and 0.5% Cu and total inferred resources of 4.6 Mt at 4.0g/t Au, 1.2% Cu, and 0.8% Zn at Lalor and 1901.

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INVESTOR PRESENTATION / SEPTEMBER 2026 20 TSX & NYSE: HBM Snow Lake Regional Satellite Deposits EXPLORE REGIONAL LAND PACKAGE TO TEST SATELLITE DEPOSITS TO INCREASE PRODUCTION THROUGH UTILIZING AVAILABLE PROCESSING CAPACITY SATELLITE DEPOSITS OF INTEREST TALBOT  Satellite VMS deposit located in trucking distance of Snow Lake  2.2Mt indicated resource of 2.3% Cu, 1.8% Zn & 2.1 g/t Au  Current exploration drilling with 8 drill rigs ZnCu Au NEW BRITANNIA  Former producing gold mine, acquired with New Britannia gold mill in 2021  Significant mineral resources remain with 2.7Mt inferred resource of 4.5g/t Au Au RAIL  2024 drill program yielded new intersections of high-grade Cu-Au mineralization  Assessing economic potential Cu Au 3 ZONE  ~700kt reserves of 4.2g/t Au deposit located 3 km from New Britannia mill  Expected to come into production after Lalor Au WIM  ~2.5Mt reserves of 1.6g/t Au & 1.6% Cu  Cu-Au rich deposit located 15 km from New Britannia mill AuCu WATTS  Cu-Zn rich deposit near powerline and 100 km from Stall mill  Drilled in 2019 extended known Cu mineralization ZnCu PEN II  Near surface, high-grade Zn deposit with intersected mineralization down-dip from Hudbay deposit Zn LALOR DOWN PLUNGE  Alternative zone that hosts Lalor mineralization continues down dip over 2 km from the edge of Lens 27 (Cu-Au zone) Cu Au 1901  Step out drilling confirmed Cu-Au mineralization extends down plunge  Ongoing exploration to define gold potential ZnCu Au

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INVESTOR PRESENTATION / SEPTEMBER 2026 21 TSX & NYSE: HBM Snow Lake Geophysics Exploration Program Large modern geophysics program underway consisting of deep surface electromagnetic surveys Cutting edge technique enable team to detect targets at depths of ~1,000m below surface. Acquired land claims as part of Rockcliff acquisition in 2023 have been untested by modern deep geophysics. This was the discovery method for the Lalor deposit. 2026 SURVEY PLANS Program includes 600 km ground electromagnetics survey and an extensive airborne geophysics survey. HUDBAY HAS A RICH HISTORY OF EXPLORATION AND DISCOVERY IN MANITOBA, DISCOVERING AND OPERATING 29 MINES IN THE REGION DEEP ELECTROMAGNETIC SURVEYS IN SEARCH OF NEW ANCHOR DISCOVERIES Limited modern geophysics conducted on highly prospective ground in the Snow Lake Camp Deposits of Interest Hudbay Land claims Mine 2026 Survey Area 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Flexar Birch Lake Mandy North Star Cuprus Schist Lake Ghost & Lost Osborne White Lake Coronation Spruce Rod Dickstone Photo Konuto Westarm 3 Zone Stall Lake Anderson Chisel Pit Centennial 1901 Reed Callinan WIM Chisel Trout Lake 777 Chisel U/G Lalor Flin Flon Reserve Tonnage (Mt) Initial Reserves Added Reserves Potential to add additional reserves

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TSX & NYSE: HBM 22 INVESTOR PRESENTATION / SEPTEMBER 2026 Copper Mountain COPPER MOUNTAIN PRODUCTION PROFILE 1,2 LONG LIFE COPPER MINE WITH OPTIONALITY KEY HIGHLIGHTS Copper Mountain mine is a conventional open pit with a 50,000 tpd plant capacity. Hudbay acquired 75% ownership in June 2023 and completed the consolidation of the remaining 25% ownership in April 2025. Recent operating performance demonstrates the successful implementation of Hudbay’s optimization initiatives with improvements in mill throughput and mill availability. 20 YEARS Mine Life Cu-Au-Ag Porphyry Deposit 50k tpd Nameplate Mill Capacity 48kt 2026-2028E Avg. Cu Production1 35koz 2026-2028E Avg. Au Production1 $1.84/lb Life of Mine Cash Costs2 1. 2026 copper and gold production guidance ranges based on full year production results as disclosed in news release dated February 20, 2026, and 2027 and 2028 production guidance based on news release dated March 27, 2026. Three- year average of guidance range midpoint. 2. 2022 actual production reported by CMMC, Cash cost guidance not provided beyond 2026, based on guidance disclosed in news release dated February 20,2026. Mill optimization initiatives underway to increase mill throughput to its permitted limit of 50,000 tonnes per day in Q3 2026. New Ingerbelle expansion permit received in February 2026, adding copper and gold production and mine life extension. Significant upside potential for reserve conversion and extending mine life. Hudbay Acquisition 24 26 24 25-35 50-70 50 -60 $3.54 $2.74 $3.06 $1.50 – 2.50 $0.00 $1.50 $3.00 $4.50 0 15 30 45 60 2022A 2024 2025 2026E 2027E 2028E LT Growth Copper Cash Cost ($/lb) Copper (kt) + Inferred Conversion

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INVESTOR PRESENTATION / SEPTEMBER 2026 23 TSX & NYSE: HBM 13.2 15.8 21.4 21.8 25.4 30.1 0 5 10 15 20 25 30 CMMC 2022 Avg. H2 2023 2024 2025 Q1 2026 Q2 2026 Quarterly Material Moved *(Mt) Copper Mountain Optimization MATERIAL MOVED1 ON TRACK TO CREATE LONG-TERM VALUE THROUGH OPTIMIZATION Source: 2023 - 2026 performance based on results disclosed by Hudbay quarterly MD&A and news releases. 2022 performance is based on Copper Mountain Mining Corp. (“CMMC”) previous quarterly disclosure. 1 Material moved represents total tonnes moved during the quarter, including ore material, waste material and other in- pit materi al moved. Hudbay Acquisition OPTIMIZATION INITIATIVES 34,814 34,891 34,677 30,190 34,204 39,737 10,000 20,000 30,000 40,000 50,000 CMMC 2022 Avg. H2 2023 2024 2025 Q1 2026 Q2 2026 Avg. Daily Mill Throughput (tpd) Hudbay Acquisition ACHIEVED OPTIMIZATION TARGETMILL THROUGHPUT SAG2 Conversion OPTIMIZATION POTENTIAL  Accelerated stripping to access higher grades Fleet ramp-up plan, remobilized idle haul trucks and added additional equipment Executing 3-year campaign with expanded fleet to access higher-grade ore in H2 2026  Improved mill throughput and recoveries Second SAG mill commercialized in May; ramping throughput to 50,000 tpd in H2 2026 Mill recoveries have improved with changes to the flotation reagents and replacement of key pumps. Further improvement expected with more consistent ore feed grade Accessing higher grades and increasing mill throughput to drive production

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INVESTOR PRESENTATION / SEPTEMBER 2026 24 TSX & NYSE: HBM New Ingerbelle EXTENDING COPPER MOUNTAIN MINE LIFE AND ENHANCING COPPER AND GOLD GRADES  Key Milestones & Permitting Celebrated official groundbreaking in June 2026. Received amended Mines Act and Environmental Management Act permits in February 2026. Refreshed Participation Agreements with the Upper and Lower Similkameen Indian Bands in February 2026.  Mine Life & Production Profile Extends Copper Mountain mine life by +10 years (permitted mine life extended beyond 2040). Adds an additional 165.5 Mt of ore reserves. Features higher-grade ore with a ~3x lower strip ratio. Enhances LOM production: ~750kt Cu, ~900koz Au, and ~5.5Moz Ag. Potential to unlock future resource conversion and mine life extension.  Progress & Capital Spend Increased growth capital expenditure by $30M to $115M in 2026 for infrastructure development, with a similar level of additional cost expected in 2027. Advancing access roads, haul road, and Similkameen River bridge construction. Executing a targeted resource-to-reserve conversion drilling program. Enhance production profile and extend mine life Secures more than 800 local jobs Delivers continued, long-term economic benefits to the local region

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TSX & NYSE: HBM UNITED STATES LARGE UNDEVELOPED COPPER DEVELOPMENT ASSETS TO PRODUCE MADE IN AMERICA COPPER 25 INVESTOR PRESENTATION / SEPTEMBER 2026

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TSX & NYSE: HBM 26 INVESTOR PRESENTATION / SEPTEMBER 2026 KEY HIGHLIGHTS 20 YEARS Mine Life 85kt Annual Cu Production 0.54% 2P Reserve Cu Grade $1.47/lb Cu Cash Cost $1.1B NPV 8% 19% IRR1 1.2Bt M&I Tonnage $372M Avg. Annual EBITDA $1.3B Initial Growth Capex 1 ATTRACTIVE ECONOMICS AT CONSERVATIVE $3.75CU PRICE ASSUMPTIONS1 LONG LIFE PRODUCTION 1. Based on Phase I of mine plan as disclosed in the 2023 PFS. NPV and IRR assuming a copper price of $3.75/lb. For further information please refer to Hudbay’s news release dated September 8, 2023, announcing the PFS results. Tonnes shown are metric tonnes. Copper World Project HIGHEST GRADE OPEN PIT COPPER PROJECT IN AMERICAS PHASE I FOOTPRINT ON PRIVATE LAND COPPER PRICE SENSITIVITY ($B) 93 88 82 80 87 109 96 96 96 96 70 $2.01 $2.20 $2.38 $2.42 $1.85 $1.71 $1.84 $1.86 $1.74 $1.72 $1.68$1.68 $1.83 $2.07 $1.89 $1.48 $1.18 $1.34 $1.44 $1.28 $1.35 $1.45 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 0 50 100 1 2 3 4 5 6 7 8 9 10 11-20 Avg. Cu Ktonne Year Copper World Production (Ktonne Cu) Sustaining Cash Cost (US$ / lb Cu) Cash Cost (US$ / lb Cu) + Phase II Upside Avg. $1.81 Avg. $1.47 Fully permitted project expected to increase Cu production by +50%. PFS demonstrates strong project economics, 85,000t Cu annual production over 20-year mine life. Designed to produce “Made in America” copper cathode to contribute to domestic U.S. supply chain and reduce GHG emissions. PRODUCTION PROFILE (PFS) $0.5 $0.8 $1.0 $1.3 $1.5 $0.8 $1.1 $1.4 $1.7 $2.0 $3.50/lb $3.75/lb $4.00/lb $4.25/lb $4.50/lb NPV 10% NPV 8%

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INVESTOR PRESENTATION / SEPTEMBER 2026 27 TSX & NYSE: HBM Significant Investment in U.S. Critical Minerals INVESTING IN U.S. CRITICAL MINERALS INFRASTRUCTURE & SIGNIFICANT JOB CREATION Copper World represents one of the largest investments in southern Arizona's history.  Direct initial investment of $1.5B1. Copper World will be a significant contributor to U.S. job creation.  Project construction is expected to create more than 1,000 jobs and utilize U.S. union labour for project construction with letters of commitment currently in place with 7 unions.  Expected to create more than 400 direct jobs and up to 3,000 indirect jobs in Arizona once in production. Permitted concentrate leach facility to produce “Made in America” copper cathode to contribute to domestic U.S. supply chain and strengthen manufacturing capacity and national and energy security.  Concentrate leach facility reduces the operation's total energy consumption by 10% and total scope 1, 2, and 3 GHG emissions by 14% through eliminating overseas shipping, smelting and refining. “MADE IN AMERICA” COPPER CATHODE TO SUPPORT DOMESTIC U.S. COPPER CONSUMPTION +400 Direct jobs expected to be created in Arizona up to 3,000+$850M In U.S. tax contributions Indirect jobs expected to be created in Arizona U.S. COPPER BENCHMARKING – ANNUAL PRODUCTION (KT CU)2 +$1.5B1 Direct capital investment in U.S critical minerals supply chain For further information please refer to Hudbay’s news release dated September 8, 2023, announcing the PFS results. Tonnes shown are metric tonnes. 1. Total initial capital expenditures before the impact of equipment financing. 2. Source from company public filings, Wood Mackenzie, Capital IQ SNL Metals & Mining asset screening tool based on U.S. primary copper assets with reported reserves. Production shown on 2024 annual basis. Copper World production based on Phase I average annual copper production for first 10 years in oper ation as disclosed in the 2023 PFS. 318 123 113 92 75 66 60 58 57 48 46 30 Morenci Bingham Canyon Safford Copper World Sierrita Bagdad Chino Robinson Pinto Valley Mission Ray Continental Copper World will be one of the largest open-pit copper mines in the U.S.2

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INVESTOR PRESENTATION / SEPTEMBER 2026 28 TSX & NYSE: HBM $600M Strategic Investment from Mitsubishi Corporation HIGHLY ACCRETIVE JOINT VENTURE TRANSACTION WITH PREMIER PARTNER TO FUND COPPER WORLD PROJECT • $420M cash contribution received at closing2 • $180M cash contribution due within 18-months from closing • Future Pro-rata Contribution: 30% of remaining capital contributions • Mitsubishi acquires 30% minority JV interest in Copper World for $600M cash contribution • Significant implied premium to consensus NAV1 TRANSACTION OVERVIEW FURTHER DERISKS THE ADVANCEMENT OF COPPER WORLD +90% Levered Project IRR to Hudbay $600M for 30% Interest 30% Joint Venture (“JV”) Ownership Overview Consideration ✓ REALIZES ATTRACTIVE VALUE FOR COPPER WORLD SECURES PREMIER LONG-TERM STRATEGIC PARTNER PROVIDES FURTHER FINANCIAL FLEXIBIILTY TO HUDBAY FACILITATES MAJOR INVESTMENT IN U.S. CRITICAL MINERALS Copper World is one step closer to delivering “Made in America” copper to strengthen the U.S. critical minerals supply chain. Highly accretive transaction provides external validation for the robustness and value of the project. Mitsubishi boasts an impressive track record of co-developing major copper projects globally. Maintains balance sheet flexibility and defers Hudbay’s first capital contribution to 2028 at the earliest. 1. Average analyst consensus net asset value (NAV) estimate for 100% of Copper World is approximately $1.16 billion as of August 12, 2025. 2. Hudbay announced the closing of the $600 million strategic investment from Mitsubishi, with initial contribution of approximatel y $420 million in cash to Copper World LLC as disclosed in the news release dated January 12, 2026. ✓ ✓ ✓ Mitsubishi aligned on completion of Definitive Feasibility Study (“DFS”) and project timelines Partnership endorses Hudbay’s technical capabilities 70% • Successful closing of JV transaction in January 2026 • Initial contribution of ~$420M proceeds made to Copper World LLC Transaction Closing2

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INVESTOR PRESENTATION / SEPTEMBER 2026 29 TSX & NYSE: HBM Prudent Copper World Financing Plan SIGNIFICANT FINANCIAL FLEXIBILITY WITH OPTIMAL FUNDING STRUCTURE, ROBUST BALANCE SHEET AND CASH FLOWS +90% Levered Project IRR to Hudbay ~$200M Remaining Hudbay Equity Contribution ~$1B Hudbay Post-closing1 Cash Balance 15% 50% 35% Hudbay Equity JV Proceeds + Equity Debt + Stream SECURED JOINT VENTURE PARTNER $600M of initial cash contributions ($420M at closing and $180M within 18 months) from Mitsubishi plus future pro-rata equity capital contributions. Closed January 2026 upon receipt of regulatory approvals and customary closing conditions. Reduces Hudbay's estimated equity contributions to ~$200M and defers first capital contribution to 2028 at the earliest. ENHANCED PRECIOUS METALS STREAMING AGREEMENT2 Modernize terms of $230M Wheaton Precious Metals stream agreement. Additional contingent payment of up to $70M on a future potential mill expansion. Updated ongoing gold and silver payments from fixed pricing to 15% of spot prices to allow upside price exposure. DETAILED ENGINEERING AND FEASIBILITY STUDY UNDERWAY Derisking activities underway; accelerating detailed engineering and certain long lead items. 1. Reflects post closing year-end 2025 cash and net debt equivalents including approximately $420 million of cash at the Copper Wor ld LLC level received as part of the recent closing of the joint venture transaction, which is designated for exclusive use by the Copper World joint venture. 2. For further information regarding the terms agreed to with Wheaton Precious Metals Corp. to enhance and amend the existing pr ecious metals streaming agreement, please see Hudbay’s August 13, 2025 news release. 3. Based on the 2023 PFS initial capital investment of $1,490M, including $1,323 capital requirement and $167M in equipment financi ng, at the $3.75 per pound copper price used in the PFS published in September 2023. With assumptions of approximately $145M for pre- sanctioning costs, $230M from the precious metals stream, $350M from project-level financing and approximately $700M from the JV partner earn-in, matching contribution and capital contribution. $1,323 $888 $167 $145 $230 $350 $700 ~$200 Phase I Capex Add: DFS and Pre- sanction Costs Less: WPM Stream Less: Project Level Financing Funding Requirement JV Proceeds + Capital Contribution Hudbay Capital Contribution Funding Requirement ($M) & Corresponding Illustrative IRR (%) Equipment Financing Total PFS Capex (2023): $1,490 IRR: +90% IRR: 19% OPTIMAL PROJECT FUNDING STRUCTURE3

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INVESTOR PRESENTATION / SEPTEMBER 2026 30 TSX & NYSE: HBM Copper World PFS Highlights SUMMARY OF 2023 PFS KEY METRICS Valuation Metrics (Unlevered)1 (at $3.75/lb Cu) Units Phase I Net present value @ 8% (after-tax) $ millions $1,100 Net present value @ 10% (after-tax) $ millions $771 Internal rate of return (after-tax) % 19.2% Payback period # years 5.9 Project Metrics Growth capital – initial $ millions $1,323 Construction length – initial plant # years 2.5 Growth capital – conc leach facility (year 4) $ millions $367 Construction length – conc leach facility # years 1.0 Operating Metrics Year 1-10 Year 11-20 Phase I Copper production (annual avg.)2 000 tonnes 92.3 77.5 85.3 EBITDA (annual avg.)3 $ millions $404 $339 $372 Sustaining capital (annual avg.) $ millions $33.9 $19.4 $27.1 Cash cost4 $/lb Cu $1.53 $1.39 $1.47 Sustaining cash cost4 $/lb Cu $1.95 $1.62 $1.81 1. Calculated assuming the following commodity prices: copper price of $3.75 per pound, copper cathode premium of $0.02 per pound ( net of cathode freight charges), gold stream price of $450 per ounce, silver stream price of $3.90 per ounce and molybdenum price of $12.00 per pound. Reflects the terms of the existing Wheaton Precious Metals stream, including an upfront deposit of $230 million in the first year of P hase I construction in exchange for the delivery of 100% of gold and silver produced. Also reflects the cost and other commodity price assumptions at the time of the PFS. 2. Copper production includes copper contained in concentrate sold and copper cathode produced from the concentrate leach facili ty. Average annual copper production excludes partial year of production in year 20. 3. EBITDA is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information, please r efer to the company's most recent Management's Discussion and Analysis. 4. Cash cost and sustaining cash cost exclude the cost of purchasing external concentrate, which may vary in price and or potent ially be replaced with additional internal feed. By-product credits calculated using amortization of deferred revenue for gold and silver stream sales as per the company’s approach in its quarterly financial reporting. By-product credits also include the revenue from the sale of excess acid produced at a price of $145 per tonne. Sustaining cash cost includes sustaining capital expenditures and royalties. Cash cost and sustaining cash cost are non -GAAP financial performance measures with no standardized definition under IFRS. For further details on why Hudbay believes cash costs are a useful performance indicator, please refer to the company's Management's Discussion and Analysis. For further information please refer to Hudbay’s news release dated September 8, 2023, announcing the PFS results. Tonnes shown are metric tonnes. * Based on Phase I of mine plan as disclosed in the 2023 PFS. Resource shown inclusive of reserves. Initial capital expenditures shown net of equipment financing PHASE I PFS – LARGE SCALE, HIGH-GRADE COPPER PROJECT WITH ATTRACTIVE ECONOMICS Phase I Phase II Private Land Perimeter East Pit Broadtop Butte Pit West Pit Peach Elgin Pit Large Reserve Base with Meaningful Resource Upside on a Significant Land Package: 385Mt reserves support 20 years of Phase I mine life, which is only ~30% of the ~1.2Bt of M&I resources* Low Capex, Low Complexity Project: Low capital intensity of under $13,000/t with conventional open pit truck and shovel operation and copper flotation process at a ~1,600 masl Phase II to Unlock Further Value: Opportunity to expand mining activities onto federal land to extend mine life and further enhances economics

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TSX & NYSE: HBM 31 INVESTOR PRESENTATION / SEPTEMBER 2026 Cactus Overview The Cactus PFS and the technical and scientific information in this presentation related to the Cactus project do not reflect Hudbay's technical or project design assumptions for the Cactus project. Based on Arizona Sonoran’s Cactus PFS. All tonnes displayed on a metric basis. Please refer to the Cautionary Information on Slide 2 for a description of Hudbay’s plans to update the Cactus PFS. KEY INFRASTRUCTURE IN PLACE Water Industrial Area Roads / RailPower Onsite permitted water access, with water rights secured to 2070 Existing 69KV line available onsite, with opportunity to utilize cleaner options Easily accessible from roads (Hwy I-10) and rail (Southern Pacific) Industrial zoning on private land, with access to skilled labour CACTUS IS A LONG-LIFE LOW-COST COPPER DEVELOPMENT PROJECT IN A PROLIFIC MINING JURISDICTION PROJECT HIGHLIGHTS Located in Tier 1 jurisdiction on private land, de-risking permitting and land status  Fully permitted under 2021 PEA; permit amendments for updated PFS ongoing Past producing brownfield site with key infrastructure in place Large, high-grade copper porphyry deposit supports long mine life Operation that envisions conventional open pit mining and heap leaching to produce "Made in America" copper cathode Positioned as one of the next large-scale U.S. copper mines with +100ktpa of production MINERAL RESERVE AND RESOURCE ESTIMATES1,2 Mineral Resources are inclusive of Mineral Reserves Tonnes (Mt) Grade CuT3 (%) Contained CuT3 (Mlbs) Proven 58 0.79 1,019 Probable 407 0.48 4,285 TOTAL RESERVES 465 0.52 5,304 Measured 119 0.80 2,104 Indicated 918 0.44 8,891 TOTAL MEASURED & INDICATED 1,037 0.48 10,995 INFERRED 212 0.37 1,708 Note: All tonnes shown are metric tonnes. 1. Based on Arizona Sonoran’s Cactus PFS Technical Report. For further details on the Cactus Project, refer to the Cactus PFS available on Arizona Sonoran’s website and on www.sedarplus.ca. The PFS does not reflect Hudbay's technical or project design assumptions and should not be construed as such. Please refer to the Cautionary Information on Slide 2 for a description of Hudbay’s plans to update the Cactus PFS. 2. Mineral Reserve Estimate effective date, September 17, 2025. Mineral Resource Estimate effective date, September 16, 2025. 3. “CuT” represents total copper content. COMPLETED ACQUISITION OF ARIZONA SONORAN

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32 INVESTOR PRESENTATION / SEPTEMBER 2026 TSX & NYSE: HBM Creates Attractive Copper District in Arizona CONSOLIDATES TWO HIGH-QUALITY PROJECTS IN ARIZONA, THE "COPPER STATE" Acquisition completed in the second quarter of 2026 Cactus to have no impact on Copper World’s development timeline; Copper World on track for 2026 sanctioning Skilled team at Copper World and comprehensive regional knowledge will be applied to the future development of Cactus:  Replicate development and permitting success at Cactus  Redeploy trained Copper World construction team to Cactus  Realize project efficiencies and cost savings  Supplement ASCU’s strong local relationships Hudbay’s 2026 priorities in Arizona include sanctioning Copper World and initiating PFS activities at Cactus Safford Tucson Phoenix Morenci Miami Pinto Valley Resolution Ray Gunnison Hermosa Sierrita Mission Silver Bell Florence 0 25km 50km CACTUS N Santa Cruz Port of Guaymas (Mexico) MINE / PROJECT CITY RAIL ROAD AQUIFER PORT POWERLINE COPPER WORLD Copper Creek CACTUS COMPARISON TO COPPER WORLD CACTUS1 COPPER WORLD2 STAGE OF DEVELOPMENT Updated PFS underway PFS expected in H2 2027 DFS underway Sanctioning expected in 2026 PERMITTING 2021 PEA fully permitted Amendments in progress Fully permitted RESERVE TONNAGE 465Mt 385Mt RESERVE GRADE 0.52% CuT 0.54% CuT % OF M&I RESOURCES MINED ~45% ~30% AVG ANNUAL PRODUCTION (Y1 – Y10) 103kt Cu 92kt Cu 1. Based on Arizona Sonoran’s Cactus PFS. All tonnes displayed on a metric basis. Please refer to the Cautionary Information on Slide 2 for a description of Hudbay’s plans to update the Cactus PFS. 2. Based on Phase I of mine plan as disclosed in the 2023 PFS. For further information please refer to Hudbay’s news release dat ed September 8, 2023, announcing the PFS results. All tonnes displayed on a metric basis.

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INVESTOR PRESENTATION / SEPTEMBER 2026 33 TSX & NYSE: HBM Scarcity of Quality Copper Oxide Projects CACTUS IS THE HIGHEST-GRADE UNDEVELOPED OPEN-PIT COPPER OXIDE PROJECT IN THE WORLD Source: Wood Mackenize, S&P CIQ Pro Note: Cactus metrics as per the Cactus 2025 PFS. Cactus production based on first 10- year average. Please refer to the Cautionary Information on Slide 2 for a description of Hudbay’s plans to update the Cactus PFS. 1. Cactus deposit is comprised of oxide, enriched and primary sulphide ore (all were leached in the 2025 PFS). 2. Metrics based on standalone 2023 PFS released by Filo Corp. The 2026 PEA released by BHP/Lundin Mining has mineable resource grade of 0.24% Cu and average production of 31ktpa Cu (over the first 25-years) for the Filo Oxides included in the Vicuña project. 265 86 58 37 8 Total Global Copper Projects With Reserves Open Pit Scale (>30 ktpa) SXEW COPPER PROJECT BREAKDOWN 8 open-pit copper oxide projects of scale with reserves globally COPPER RESERVE GRADE BENCHMARKING (%) & AVG. ANNUAL PRODUCTION (KT) 0.52% 0.51% 0.45% 0.42% 0.39% 0.37% 0.27% 0.25% Cactus Trapiche Los Azules Marimaca Vicuña (Oxides) Tia Maria El Arco (Oxides) El Pilar LOM Avg. Annual Cu Production 103Kt 61Kt 148Kt 43Kt 96Kt 30Kt 34Kt 1 67Kt 2

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INVESTOR PRESENTATION / SEPTEMBER 2026 34 TSX & NYSE: HBM COPPER PRODUCTION (KT CU)1 3rd Largest Copper District In North America CREATION OF A HIGH-QUALITY COPPER DISTRICT Source: Wood Mackenzie and company public disclosure. 1. Includes current operating mines and permitted projects part of districts producing greater than 75ktpa Cu. Unless otherwise noted, district production capacity represents 2030E. 2. Copper World based on first 10-year average copper production of 92kt in Phase I of mine plan as disclosed in the 2023 PFS plus incremental production from Phase II based on average annual copper production disclosed in the Copper World 2022 PEA. Cactus production displays first 10-year average copper production of 103kt as disclosed in Arizona Sonoran’s Cactus PFS. Please refer to the Cautionary Information on Slide 2 for a description of Hudbay’s plans to update the Cactus PFS. 500 495 226 182 126 105 88 80 76 Grupo Mexico Sonora Freeport Arizona Arizona Business Bingham Canyon Asarco Highland Valley Copper Pumpkin Hollow Red Chris Freeport New Mexico 2 Copper World Cactus Copper World Phase II Buenavista La Caridad Ray Mission Silver Bell Chino Tyrone WoodMac assumes open pit in operation WoodMac assumes block cave in operation Pro forma

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TSX & NYSE: HBM 35 INVESTOR PRESENTATION / SEPTEMBER 2026 Acquired in 2018, Mason is 100%-owned by Hudbay and is located in the prolific Yerington Copper District of Nevada, with excellent infrastructure in place including road access and nearby rail and power. In 2019 and 2020, Hudbay consolidated adjacent lands near Mason, offering optimization and exploration upside. Robust PEA released in 2021, demonstrating strong project economics for 27-year mine life. Since 2021, Hudbay completed a geophysical program and additional drilling, while continuing to focus on ongoing social engagement. Recently initiated pre-feasibility study activities, and study expected to be completed in H2 2027. KEY HIGHLIGHTS 27 YEARS Mine Life 2.2Bt M&I Tonnage $1.76/lb Cu Sustaining Cash Cost 112 kt Annual Cu Production $1,191M / 18% NPV / IRR1 0.29% M&I Cu Grade 1. Mason on a 100% basis and based on 2021 preliminary economic assessment released April 6, 2021. Economic results highlighted are at a 10% discount rate and a long-term $3.50/lb Cu price. Tonnes shown are metric tonnes. 2. Mason average first 10 years of production based on Mason 2021 PEA study; Copper World Phase I based on average first 10 years of production as per Copper World Phase I 2023 PFS study. Copper World Phase II based on total copper cathode production for Copper World 2022 PEA study for illustrative purposes only, as the 2023 PFS supersedes the 2022 PEA. Peers based on 2024 production. Sourced from company public filings as of February 2026. MASON ECONOMICS1 $773 $1,191 $2,019 $3.25 $3.50 $4.00 After-Tax NPV 10% (US$M) 15% 18% 23% $3.25 $3.50 $4.00 Unlevered IRR (%) POTENTIAL TO BE THE 3rd LARGEST CU MINE IN THE U.S.2 Mason Project LARGE OPEN PIT COPPER PROJECT WITH SIGNIFICANT LAND PACKAGE 261 152 139 123 111 103 92 84 66 64 55 53 50 50 Morenci Bingham Canyon Mason Copper World Phase II Safford Cactus Copper World Phase I Sierrita Bagdad Chino Pinto Valley Mission Continental Robinson Source: Company public filings, Capital IQ, SNL Metals & Mining asset screening tool based on U.S. primary copper assets with reported reserves. Production and cash costs shown on 2023 basis. Company filings used where available. Cash costs shown on a by-product basis including royalties. Copper World based on first 10-year average copper production and cash costs in Phase I of mine plan as disclosed in the 2023 PFS. Cactus production based on first 10- year average copper production of 103kt and cash cost bas ed on LOM average of US$1.34/lb as disclosed in Arizona Sonoran’s Cactus PFS. Please refer to the Cautionary Information on Slide 2 for a description of Hudbay’s plans to update the Cactus PF S.

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TSX & NYSE: HBM INVESTMENT THESIS 36 INVESTOR PRESENTATION / SEPTEMBER 2026

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INVESTOR PRESENTATION / SEPTEMBER 2026 37 TSX & NYSE: HBM Robust Copper Market Outlook STRONG LONG-TERM COPPER MARKET FUNDAMENTALS WITH SIGNIFICANT SUPPLY SHORTAGE GROWING DEMAND FOR “GREEN COPPER” 1. Source: Wood Mackenzie, Global Copper Investment Horizon Outlook (Q4 2025 dataset) 2. Supply gap in 2041 assuming supply contribution of anticipated Base Case Production and Probable Projects Declining Copper Grades No Significant Projects Sanctioned in Past 3-Years Protracted Permitting Timelines Capital Inflation & Increasing Social Costs Lack of New Discoveries of Copper Deposits Global De-carbonization & Transition to Renewable Energy Electrification of Vehicles Artificial Intelligence Data Centres Industrialization & Urban Development Deglobalization of Supply Chain 0 5 10 15 20 25 30 35 40 45 2020 2025 2030 2035 2040 2045 2050 Copper Production / Demand (Mt) Base Case Operating Mines Capacity Probable Projects Possible Projects Primary Demand +10Mt Supply Gap2 GLOBAL COPPER SUPPLY AND DEMAND1 Copper markets are increasingly dependent on execution of early-stage development projects DECLINING FUTURE COPPER SUPPLY

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INVESTOR PRESENTATION / SEPTEMBER 2026 38 TSX & NYSE: HBM Challenges of Supply Prediction The analysis below compares the projected global copper production estimated by Wood Mackenzie, inclusive of development and expansion projects, as of 2020 Q4 to the latest 2025 Q4 estimates and 2020-2025 production actuals to understand how the market has changed following production shortfalls at operating mines and delays in executing upon expansion and development projects. 1. Source: Wood Mackenzie, Base Metals Markets Tool as of Q4 2020 and Q4 2025; includes production from mines only. The market has a history of optimistic projections for new production  Suggesting the gap may be larger - 5 10 15 20 25 30 35 40 45 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Copper Production (Mt) Historic Estimates (2020 Q4) Actual Production & Current Estimates (2025 Q4) 2020-2025 came below projections by ~20Mt (15%) N5Y projections have been significantly reduced vs. initial estimates (~31Mt or ~17%) Project pipeline continues to be pushed into future despite a historic inability to deliver

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INVESTOR PRESENTATION / SEPTEMBER 2026 39 TSX & NYSE: HBM Project Production (ktpa Cu)1 Production Start Timeline Likelihood Reko Diq (Pakistan) 359 2028 Cobre Restart (Panama) 306 2027 Duolong (Tibet) 304 2029 Baimskaya (Russia) 247 2029 Escondida OGP 2 (Chile) 236 2032 Timok Exp. (Serbia) 199 2027 Wafi - Golpu (PNG) 167 2032 Elang (Indonesia) 166 2031 Ak Sug (Russia) Intergeo 125 2028 Cristalino Deposit (Brazil) 96 2035 Copper World (Arizona) 922 2029 Los Bronces Mill 90 2028 Bagdad Exp. (Arizona) 87 2029 Zafranal (Peru) 76 2030 Mutanda Sulphides (DRC) 76 2028 A Look at Copper Pipeline Assumptions PROBABLE AND POSSIBLE PIPELINE FACES SIMILAR CHALLENGES TO MEET SUPPLY PREDICTIONS Greenfield / Brownfield Source: Wood Mackenzie (“WoodMac”) Base Metals Markets Tool as of Q2 2026; includes production from mines only. Brownfield project production based on incremental production relative to run- rate at existing operating mine. 1. Average LOM annual production sourced from Wood Mackenzie. 2. First ten-years average production. Mason average first 10 years of production based on Mason 2021 PEA study; Copper World Phase I based on average first 10 years of production as per Copper World Phase I 2023 PFS study. 3. Based on Arizona Sonoran’s Cactus PFS. Please refer to the Cautionary Information on Slide 2 for a description of Hudbay’s pl ans to update the Cactus PFS. ✓ Achievable ? XUnknown Unlikely PROBABLE PROJECTS (>75 KTPA CU1) POSSIBLE PROJECTS (LARGEST CONTRIBUTORS1) Project Production (ktpa Cu)1 Production Start Timeline Likelihood NuevaUnión (Chile) 197 2033 Timok Exp. P2 (Serbia) 196 2032 MARA (Argentina) 196 2031 Frieda River (PNG) 193 2035 San Enrique (Chile) 191 2040 Panantza (Ecuador) 190 2031 Sierrita Exp. (Arizona) 190 2031 Aynak (Afghanistan) 185 2029 Michiquillay (Peru) 182 2032 Cactus (Arizona) 103 3 2029 Mason (Nevada) 139 2 2032 Project Production (ktpa Cu)1 Production Start Timeline Likelihood Resolution (Arizona) 461 2033 Hu’u (Indonesia) 325 2032 Collahuasi Line 4 (Chile) 324 2033 Los Pelambres P2 (Chile) 324 2036 El Abra Sulph. (Chile) 299 2033 La Granja (Peru) 293 2033 Morenci Exp. (Arizona) 288 2030 El Pachon (Argentina) 270 2034 Qulong Ph.3 (China) 263 2030 Taca Taca (Argentina) 231 2030 Expected into next decade ~3.3 Mtpa of the ~7.6 Mtpa sourced from the projects identified above is unlikely to meet estimated timelines The vast majority of copper supply is unlikely to meet forecasted timelines ? ? ? ? ✓ X ✓ ? ✓ X X X ✓ ✓ ? X X X ? ? ? ? ✓ ? ? X X X X ? ? ? X X X X Expected after Copper World

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INVESTOR PRESENTATION / SEPTEMBER 2026 40 TSX & NYSE: HBM Prudent Capital Allocation COPPER WORLD AND CACTUS REPRESENTS THE NEXT GENERATION OF LOW CAPITAL COPPER DEVELOPMENT Source: Company public filings, S&P as of August 7, 2026. 1. Comprised of select greenfield and brownfield, open pit, porphyry projects with reserves located in the Americas, with LOM av erage Cu production of +65kt and select recent mine builds. 2. Based on the Cactus PFS. For further details on the Cactus Project, refer to the Cactus PFS available on Arizona Sonoran's website and on www.sedarplus.ca. The PFS does not reflect Hudbay's technical or project design assumptions and should not be construed as such. 3. Copper Mountain current investment includes initial acquisition costs, as well as all growth capital and capitalized stripping invested through 2023, 2024, and 2025, compared to average 3-year production guidance range mid-point, based on guidance range for 2025 from news release dated February 19, 2025, and 2026 and 2027 production guidance range from news release dated March 27, 2025. Accounts for 100% Copper Mountain production. AA+ AA+ A A AAA BBB- AAA BBB- B- BBB- B- BBB- B- B- BBB A A A A A AAA AA+ B- Lower Capital Higher Capital 1 Credit Rating Country $17.5 $18.0 $19.5 $25.0 $38.2 $38.3 $10.9 $33.3 $44.6 $15.6 $16.0 $16.7 $18.2 $21.4 $22.7 $23.9 $25.1 $28.0 $28.8 $34.0 $35.4 $39.1 $56.9 Cactus Copper World Vizcachitas Nueva Union Copper Mountain Cobre Panama (2019) Yellowhead Constancia (2014) Los Azules Zafranal Warintza Quellaveco (2022) Taca Taca El Pachon El Arco Centinela 2nd Conc. Santo Domingo Costa Fuego QB2 (2023) Los Pelambres Phase I (2023) Casino Bagdad Expansion Vicuña Capital Intensity ($000s/tonne Cu) Greenfield Projects Brownfield Projects Completed Greenfield Completed Brownfield 2 3 * Initial Acquisition Investment ($12.1k)

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INVESTOR PRESENTATION / SEPTEMBER 2026 41 TSX & NYSE: HBM Proven Developer and Operator HUDBAY HAS ~100 YEARS OF MINE DISCOVERY, DEVELOPMENT AND OPERATING EXPERTISE 1. Net Debt to Adjusted EBITDA calculation based on most recent company public filings available as July 29, 2026. Adjusted EBIT DA is based on trailing twelve months for each period. 2. June 30, 2026 cash and cash equivalents includes $334.5 million in cash held by Copper World LLC. These funds are contractual ly restricted solely for the advancement of the Copper World project and are not available to the general Hudbay group. VALUE CREATION THROUGH EXPLORATION Consistent growth through discovery of new deposits + track record of mine life extensions PRUDENT CAPITAL ALLOCATOR Outperformed leverage target of 1.2x (-0.1x as at Q2 2026)1 Strong financial position (~$891M in cash2) New Britannia, Copper Mountain & Copper World low capital intensity & high return Doubled dividend in 2026 “3-P” framework ensures capital discipline ENVIRONMENTAL SOCIAL AND GOVERNANCE All operations in the bottom half of the greenhouse gas curve Recognized as the gold standard for community relations in Peru 40% community employment at the Constancia mine; 16% Indigenous employment in Manitoba Committed to sustainability and environmental stewardship5 World-class management and operating team with proven mine building experience BEST-IN-CLASS MINE BUILDING EXPERIENCE Constancia - Recognized as gold standard for mine building and ramp-up Developed 29 mines in the Flin Flon Belt and Snow Lake Belt in Manitoba Hudbay best-in-class operating team focused on continuous optimization OPERATIONAL EXCELLENCE & IMPROVEMENTS CULTURE Constancia throughput and recovery optimizations New Britannia successful refurbishment and operation well above design throughput Copper Mountain operational turnaround High-grade Pampacancha deposit near Constancia 777 and Lalor discoveries (1990’s and 2000’s) Flin Flon (1910’s), Chisel Basin (1950’s), Trout Lake (1970’s) 1 2 3 4

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42 INVESTOR PRESENTATION / SEPTEMBER 2026 TSX & NYSE: HBM Holistic Capital Allocation Framework CONTINUED FINANCIAL DISCIPLINE IN DELIVERING GROWTH AND MAXIMIZING LONG-TERM RISK-ADJUSTED RETURNS Transformation Discipline Over the last three years, Hudbay achieved a significant transformation, moving from overleveraged and capital constrained, to a position of strength that maximizes long-term sustainable returns Hudbay implemented this framework to provide transparency and continued discipline for decisions across brownfield, greenfield, strategic investments, and exploration. Rigorous Risk Assessment Accretive Financial Metrics Accountable Investment Governance Growth and Diversification Preserving Strong Balance Sheet Holistic Capital Allocation Sensitivity analysis and quality risks Project specific characteristics Consider risk-adjusted returns Optimize mine life Deleveraging focus Low cost of capital ND/EBITDA < 1.0x NAVPS Capital intensity CF yield IRR ROIC CuEq resource/sh Expanding production to 400kt CuEq target Annual budgeting & strategic planning Executive committee & board approval Integrated project tollgate process Post-project reviews

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INVESTOR PRESENTATION / SEPTEMBER 2026 43 TSX & NYSE: HBM Key Objectives for 2026 CONTINUED OPERATIONAL EXCELLENCE AND PRUDENT CAPITAL ALLOCATION TO DELIVER HIGH-RETURN GROWTH  Demonstrate continued operational excellence  Increase mill throughput at Constancia in 2026 with the implementation of two pebble crushers.  Continue mill throughput improvements at New Britannia and recovery enhancements at the Stall mill, while advancing 1901 deposit toward full production by the end of 2027.  Deliver higher mill throughput at Copper Mountain of 50,000 tpd in H2 2026 with ramp up of SAG mill projects.  Advance attractive organic growth opportunities  Complete Copper World DFS with final investment decision (FID) later in 2026.  Progress New Ingerbelle permitting and development activities to add production and mine life extension at Copper Mountain.  Advance economic evaluations of regional satellite properties in Snow Lake, including the Talbot copper-gold-zinc deposit and the New Britanna gold deposit to further optimize the mine plan and extend mine life.  Execute extensive Snow Lake exploration to look for new anchor to meaningfully extend mine life.  Initiate pre-feasibility study at Mason to de-risk large U.S. copper growth project.  Advance Flin Flon tailings reprocessing opportunities through pre-feasibility analysis.  Prepare for Maria Reyna and Caballito exploration program to provide significant long-term upside potential in Peru.  Implement Capital Allocation Framework  Reduce total debt outstanding and maintain significant financial flexibility throughout Copper World project build.  Source the most efficient project level financing for Copper World as part of the Company’s prudent financial plan for developing the project.  Evaluate all types of capital redeployment opportunities, including reinvestments & shareholder returns to generate the best risk-adjusted returns. 1 2 3 1H 2026 2H 2026  Continue deleveraging and financial discipline  Progress New Ingerbelle permitting activities at Copper Mountain  Complete Copper World DFS activities in mid-year  Copper World sanctioning decision  Deliver on mill throughput increases at Constancia and Copper Mountain  Execute Snow Lake exploration to unlock further growth

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TSX & NYSE: HBM 44 INVESTOR PRESENTATION / SEPTEMBER 2026 Industry-Leading Copper Exposure with Significant Long-term Growth OUTSIZED GROWTH IN CONSOLIDATED COPPER PRODUCTION SUPPORTED BY STABLE GOLD PRODUCTION 1. Hudbay’s copper production shown for 2025 full year production results for the period ended December 31, 2025, from news release dated February 20, 2026. Hudbay's 2026 – 2028 average production based on midpoint of guidance, from news release dated March 27, 2026. Copper World Phase I based on first 10- year average copper production in Phase I of mine plan as disclosed in the 2023 PFS. Cactus based on first 10-year average copper production as disclosed in Arizona Sonoran’s Cactus PFS. Please refer to the Cautionary Information on Slide 2 for a description of Hudbay’s plans to update the Cactus PFS. Mason production based on first 10- year average copper production as disclosed in the 2021 PEA. Copper World Phase II for illustrative purposes only and represents delta between Phase II average annual copper production for Copper World 2022 PEA and first 10- year average copper production in Phase I of mine plan as disclosed in the 2023 PFS. All tonnages presented in metric tonnes. 2. Copper equivalent calculations based on long-term consensus commodity pricing ($4.88/lb Cu, $3,400/oz Au, $47.00/oz Ag, $1.25/lb Zn, and $20.00/lb Mo). LONG-TERM PRODUCTION PROFILE1,2ANNUAL CONSOLIDATED COPPER PRODUCTION (KT)1 COPPER GOLD OTHER 81% 13% 5% +620kt CuEq 118 147 +500 92 103 31 139 2025 2026 - 2028 Avg. Copper World Medium-Term Target Cactus Copper World Phase 2 Mason Long-term Target Long-Term ~250 +24% Medium-Term

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TSX & NYSE: HBM APPENDIX 45 INVESTOR PRESENTATION / SEPTEMBER 2026

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INVESTOR PRESENTATION / SEPTEMBER 2026 46 TSX & NYSE: HBM World-Class Management Team A CORPORATE WARREN FLANNERY VP & HEAD, ARIZONA BUSINESS UNIT PETER KUKIELSKI CEO More than 30 years of sector experience in base metals, precious metals and bulk materials across the globe, including leadership positions at Nevsun, Anemka, ArcelorMittal, Teck and Noranda. OLIVIER TAVCHANDJIAN SVP, EXPLORATION AND TECHNICAL SERVICES Over 30 years of mineral industry experience. As SVP, he is responsible for the exploration strategy to create value through increasing the mineral reserves and resources and technical aspects of the company. PATRICK DONNELLY SVP, LEGAL & ORGANIZATIONAL EFFECTIVENESS Over 20 years of corporate & securities law experience, he joined in 2008 with expanding responsibilities over his tenure; responsible for all legal and HR matters. JAVIER DEL RIO SVP & HEAD, HUDBAY USA Over 30 years of corporate and operational experience in open-pit, underground and expansion initiatives. Most recently he led our Peru business unit and is now responsible for our growing U.S. business unit. EUGENE LEI PRESIDENT & CFO Over 25 years of global mining finance, investment banking and corporate development experience. Provides strategic financial and capital markets leadership, with responsibilities for finance, investor relations, corporate affairs, treasury and financial planning, and ERM. ANDRE LAUZON COO Over 30 years of experience, holding leadership roles at Vale. Leads international operating teams & responsible for business development, technical services, exploration and CSR. SEBASTIEN FORTIN VP & HEAD, BRITISH COLUMBIA BUSINESS UNIT JOHN O’SHAUGHNESSY VP & HEAD, MANITOBA BUSINESS UNIT ROBERT CARTER SVP, CANADA – INCOMING COO Over 25 years of mining industry experience in technical, operational and senior leadership roles. Responsible for the strategic oversight of Hudbay’s business activities in Manitoba and British Columbia. CANDACE BRULE SVP, CAPITAL MARKETS & CORPORATE AFFAIRS Over 15 years of capital markets, corporate development and investor relations experience in the mining sector. Responsible for leading the investor and external communications activities as well as financial planning and analysis, Canadian government relations and corporate sustainability reporting. MARK GUPTA SVP, CORPORATE DEVELOPMENT & STRATEGY Over 15 years of investment banking and corporate development experience, including Business Development at BHP. Responsible for leading the corporate strategy and optimizing Hudbay’s portfolio of assets through acquisition, divestitures, investments and partnerships. AUDRA WALSH VP & HEAD, SOUTH AMERICA BUSINESS UNIT HEAD OF BUSINESS UNITS

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INVESTOR PRESENTATION / SEPTEMBER 2026 47 TSX & NYSE: HBM Board of Directors THOMAS SCHULZ DIRECTOR Thomas has over 25 years of executive leadership experience, including his current role as CEO of Bilfinger SE, and past roles at FLSmidth and Sandvik. He has significant board experience, including Norsk Hydro, Boart Longyear Group and Konecranes, and holds a PhD in mineral mining and quarrying. PETER KUKIELSKI CEO Peter has more than 30 years of experience within the base & precious metals and bulk materials sectors, having overseen operations across the globe. GEORGE LAFOND DIRECTOR George has held many leadership positions in business, education and social development. He is known for achieving strategic initiatives leading to First Nations engagement and is a citizen of the Saskatchewan Muskeg Lake Cree Nation. CARIN KNICKEL DIRECTOR Carin has over 30 years’ experience in the energy industry, holding senior operating, planning & business development positions throughout her career in the US & Europe DAVID SMITH CHAIR David more than 30 years of financial and executive leadership experience. He has had a career on both the finance and the supply sides of business within the mining sector, with extensive international exposure. JEANE HULL DIRECTOR Jeane has over 35 years of operational leadership and engineering experience, most notably holding the positions of Executive Vice President and Chief Technical Officer of Peabody Energy Corporation and Chief Operating Officer for Kennecott Utah Copper Mine, a subsidiary of Rio Tinto plc. PAULA ROGERS DIRECTOR Paula has over 25 years of experience working for Canadian-based international public companies in the areas of corporate governance, treasury, mergers and acquisitions, financial reporting and tax. COLIN OSBORNE DIRECTOR Colin is President, Samuel Son and Co., one of North America’s largest commodity metals supply chain & has over 30 years’ experience in capital-intensive metals, mining and industrial manufacturing businesses. A CORPORATE JOHN ARMSTRONG DIRECTOR John has a long career as a strategic advisor, including CEO of Versamet Royalties and spent many years with BMO Financial Group. He has experience in investment banking strategy, execution across various industry verticals, as well as delivering corporate finance and advisory solutions to clients. LAURA TYLER DIRECTOR Laura has over 35 years global experience in the mining sector, most notably as Chief Technical Officer and Asset President for BHP and most recently as CEO for Adriatic Metals plc. She has held numerous operational and technical leadership roles, including various engineering, planning, geotech and geology roles.

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TSX & NYSE: HBM 48 INVESTOR PRESENTATION / SEPTEMBER 2026 3-Year Production Outlook COPPER PRODUCTION GROWTH WITH STABLE COMPLEMENTARY GOLD EXPOSURE A CORPORATE CONTAINED METAL IN CONCENTRATE AND DORE1 2026 Guidance 2027 Production 2028 Guidance PERU Copper tonnes 75,000 - 90,000 80,000 - 100,000 80,000 - 100,000 Gold ounces 15,000 - 20,000 17,000 - 21,000 17,000 - 21,000 Silver ounces 1,900,000 - 2,400,000 1,200,000 - 1,400,000 2,000,000 - 2,500,000 Molybdenum tonnes 900 - 1,100 1,100 - 1,400 500 - 700 MANITOBA Gold ounces 180,000 - 220,000 170,000 - 210,000 160,000 - 200,000 Zinc tonnes 16,000 - 21,000 16,000 - 21,000 29,000 - 36,000 Copper tonnes 10,000 - 13,000 10,000 - 14,000 9,000 - 13,000 Silver ounces 800,000 – 1,000,000 950,000 - 1,200,000 1,000,000 - 1,300,000 BRITISH COLUMBIA Copper tonnes 25,000 - 35,000 50,000 - 70,000 50,000 - 60,000 Gold ounces 22,000 - 32,000 26,000 - 38,000 38,000 - 52,000 Silver ounces 200,000 - 290,000 500,000 - 660,000 420,000 - 580,000 TOTAL Copper tonnes 110,000 - 138,000 140,000 - 184,000 139,000 - 173,000 Gold ounces 217,000 - 272,000 213,000 - 269,000 215,000 - 273,000 Zinc tonnes 16,000 - 21,000 16,000 - 21,000 29,000 - 36,000 Silver ounces 2,900,000 - 3,690,000 2,650,000 - 3,260,000 3,420,000 - 4,380,000 Molybdenum tonnes 900 - 1,100 1,100 - 1,400 500 - 700 1. Metal reported in concentrate and doré is prior to refining losses or deductions associated with smelter terms and includes other secondary products. Consolidated copper production growth of 24% over next three years supported by B.C. mill throughput ramp up in H2 2026 and higher grades in 2027 following completion of accelerated stripping program, and from Peru higher expected throughput starting in H2 2026. Stable gold production reflecting continued strong production in Manitoba and contributions from B.C. New Ingerbelle project in 2028.

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TSX & NYSE: HBM 49 INVESTOR PRESENTATION / SEPTEMBER 2026 2026 Cost Guidance A CORPORATE GENERATIONAL INVESTMENTS IN OPERATING PORTFOLIO AND ATTRACTIVE GROWTH PROJECTS 1. Capital expenditures excludes capitalized costs not considered to be sustaining or growth capital expenditures. 2. 2026 Canadian capital expenditures guidance is converted into U.S. dollars using an exchange rate of 1.37 C$/US$ (2025 - 1.35 C$/US$). 3. Sustaining capital guidance excludes right-of-use lease, equipment financing additions, community agreements & non- cash capitalized stripping. 4. Includes capitalized stripping costs and development costs. 5. Copper World growth capital shown on a 100% basis. With the announcement of the JV Transaction in August 2025, Hudbay acceler ated detailed engineering, long lead items and other de- risking activities by advancing $20 million in growth capital expenditures to 2025 from future years, updating total 2025 Copper World joint venture growth spending guidance to $110 million compared to the original 2 025 guidance of $90 million. Approximately $35 million of the 2025 updated growth spending was deferred to 2026. 6. Cash cost and sustaining cash cost per pound of copper produced, net of by -product credits, and cash cost per ounce of gold produced, net of by -product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For fur ther information, please see the “Non-GAAP Financial Performance Measures” section of this presentation. 7. Peru cash cost, net of by-product credits, per pound of copper produced assumes by -product credits are calculated using the gold and silver deferred revenue drawdown rates for the streamed ounces in Peru in effect on December 31, 2025 and the following c ommodity price for unstreamed production in 2026: $3,850 per ounce gold and $20.00 per pound molybdenum. Peru exploration expenditures exclude appr oximately $6 million of non-cash amortization of community agreements for exploration properties for 2026 (2025 - $5 million). 8. Manitoba cash cost, net of by-product credits, per ounce of gold assumes by -product credits are calculated using the following c ommodity prices for 2026: $4.75 per pound copper, $42.00 per ounce silver, $1.30 per pound zinc and an exchange rate of 1.37 C$/US$. Manitoba exploration partially funded by approximately $20 million in Canadian Exploration Expense flow -through financing proceeds for 2026 (2025 - $10 million). 9. British Columbia cash cost, net of by-product credits, per pound of copper assumes by -product credits are calculated using the f ollowing commodity price assumptions for 2026: $3,850 per ounce gold, $42.00 per ounce silver and an exchange rate of 1.37 C$/US $. 10.Includes cash sustaining capital expenditures, including payments on capitalized leases and equipment financing, payments on certain long-term community agreements, royalties as well as accretion and amortization for expected decommissioning activities for producing assets. 11.Improved full year 2026 consolidated copper cash cost guidance range of $(0.45) to $(0.25) per pound from prior guidance of $(0. 30) to $(0.10) per pound. Similarly, full year 2025 consolidated copper cash cost guidance range improved to $0.15 to $0.35 per pound from original guidance range of $0.80 to $1.00 per pound. Improved full year 2025 consolidated sustaining copper cash cost guidance range to $1.85 to $2.25 per pound from the original guidance range of $2.25 to $2.65 per pound. EXPLORATION EXPENDITURES ($M) 2026 Guidance Year ended Dec. 31, 2025 2025 Guidance Peru7 15 15.9 19 Manitoba8 50 33.0 30 British Columbia 20 7.7 1 Total exploration expenditures 85 56.6 50 Capitalized spending (25) (15.6) (10) Total exploration expense 60 41.0 40 CASH COSTS BY BUSINESS UNIT 6 Peru copper cash cost ($/lb)7 1.70 - 2.10 1.08 1.35 - 1.65 Manitoba gold cash cost ($/oz)8 500 - 800 549 650 - 850 British Columbia copper cash cost ($/lb)9 1.50 - 2.50 3.06 2.45 - 3.45 CONSOLIDATED CASH COSTS6 Consolidated copper cash cost ($/lb) (0.45) – (0.25)11 Original (0.30) – (0.10) (0.22) 0.15 - 0.35 11 Original 0.80 – 1.00 Consolidated sustaining copper cash cost ($/lb) 10 1.70 - 2.10 1.30 1.85 – 2.25 11 Original 2.25 - 2.65 CAPITAL EXPENDITURES1,2 ($M) 2026 Guidance Year ended Dec. 31, 2025 2025 Guidance SUSTAINING CAPITAL3 Peru4 140 137.0 170 Manitoba 105 45.7 60 British Columbia – sustaining capital 60 33.7 50 British Columbia – capitalized stripping 130 97.7 85 Total sustaining capital 435 314.1 365 GROWTH CAPITAL Peru 40 4.7 25 Manitoba 15 7.4 15 British Columbia 115 64.2 75 Total growth capital - excl. Copper World JV 170 76.3 115 Capitalized exploration 25 15.6 10 Copper World joint venture5 135 71.5 110

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INVESTOR PRESENTATION / SEPTEMBER 2026 50 TSX & NYSE: HBM Prudent Balance Sheet Management SIGNIFICANT FINANCIAL FLEXIBILITY AND INDUSTRY-LEADING FINANCIAL POSITION LONG-TERM DEBT STRUCTURE PROVIDES SIGNIFICANT FLEXIBILITY Callable starting in April 2024 6.125% due Apr. 2029 A CORPORATE STRONG FINANCIAL POSITION ($ millions) Jun. 30, 20264 Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2023 Cash and Equivalents $891 $569 $582 $250 Revolver Availability $154 $425 $426 $324 Available Liquidity $1,045 $994 $1,008 $574 Net Debt $(81) $440 $526 $1,038 Net Debt / Adj. EBITDA1 (0.1)x 0.4x 0.6x 1.6x HIGH YIELD CREDIT BENCHMARK3 1. Adjusted EBITDA is based on trailing twelve months for each period. Net Debt to Adjusted EBITDA calculation based on most rec ent company public filings available as of May 1, 2026. Adjusted EBITDA is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the “Non- GAAP Financial Performance Measures” section of the latest quarterly MD&A or news release. 2. Includes all open market purchases and retirement of 2029 notes made as of May 1, 2026. 3. Bloomberg data as of August 7, 2026 close representing high yield credit current Yield- To-Worse (%) and ratings compared to Bloomberg Mining Index YTW. 4. Cash and cash equivalents which excludes $49.8 million in U.S. municipal bond proceeds that is classified as restricted cash, while it includes $334.5 million in cash held by Copper World LLC. These funds are contractually restricted solely for the advancement of the Copper World project and are not available to the general Hudbay group. SUBSTANTIAL DEBT REDUCTION $1,045M Total Liquidity4 (0.1)x Q2 2026 Net Debt to Adj. EBITDA1 RATINGS Moody B1 B1 B1 WR* B3 S&P BB- BB- B+ B B+ Fitch BB- BB- B+ B B- DBRS BBB - - - - $542 2025 2026 2027 2028 2029 Bought back $58M of ’292 $600M >$1B Net Debt Reduction Since 2023 5.22% 6.39% 5.61% 6.60% 6.09% Mining Index, 6.55% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% HBM 6.125% 2029s CS 6.75% 2033 ERO 6.5% 2030 FM 8% 2033s TKO 8.25% 2030 *Moody's rating for First Quantum Minerals (FM) is Withdrawn (WR).

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INVESTOR PRESENTATION / SEPTEMBER 2026 51 TSX & NYSE: HBM Our People, Our Community, Our Planet EMBRACING DIVERSITY AND PROVIDING A HEALTH & SAFE WORKPLACE All operations are required to be certified to ISO 45001, an internationally accepted standard for occupational health and safety management systems. Promotes an inclusive workplace and embraces diverse backgrounds: • 99% of Constancia mine employees are Peruvian, with 21% from the local communities • Indigenous employment of 17% in Manitoba and 13% in British Columbia • 21% overall female employment A SUSTAINABILITY PRIORITIZE MEANINGFUL CONNECTIONS WITH COMMUNITIES Understanding needs, assessing potential impacts and maintaining open dialogue, to create the foundation for long-term partnerships that support mutual growth and shared success. Hudbay conducts annual self-assessments aligned with the Mining Association of Canada’s (MAC) Towards Sustainable Mining (TSM) Indigenous and Community Relationships Protocol, achieving an A rating or higher across the following categories: • Safety and Health – All business units achieved AA or higher • Indigenous and Community Relations – Peru achieved all AAA ratings, B.C. achieved 2 AAA, and Manitoba achieved 3 AA ratings • Tailing Management – Peru and B.C. achieved AA ratings for all indicators, with Manitoba receiving five A ratings • Biodiversity Conservation Management – All business units achieved AAA rating across all indicators, with the exception of one AA rating for B.C. • Water Stewardship – Each business unit achieved at least one AAA ratings, Peru achieving four, Manitoba achieving two and B.C. achieving one • Climate Change – All business units achieved A or higher COMMITTED TO ADVANCING ENVIRONMENTALLY RESPONSIBLE MINING We track our use of resources and integrate eco- efficiency considerations into investment decisions and business planning processes. Our Biodiversity Conservation Standard aims to preserve healthy ecosystems and biodiversity throughout the mine lifecycle, aligned with the TSM Biodiversity Conservation Management Protocol and the IFC Ecosystem Services Performance Standard. Hudbay’s climate change targets include 2030 GHG emissions reduction targets specific to each business unit and are focused on those areas where the Company believes it can achieve the biggest impact. CASE STUDY: LOCAL BUSINESS SET-UP WITH 35% OF CONSTANCIA’S CONCENTRATE NOW TRUCKED BY COMMUNITIES In 2021, Hudbay invited the communities of Chilloroya and Uchucarcco to participate in tender for transport of Constancia’s concentrate to the port of Matarani. Hudbay assisted in raising the standards of the Chilloroya company to that of a Tier 1 supplier. In early 2022, the Chilloroya company started moving concentrate with a fleet of 21 trucks; the community of Uchucarcco followed a few months later with a fleet. 1 Baseline year of 2022 for operations owned at inception of Hudbay’s climate change strategy and first full year of operations for assets acquired since 2022. 2 Site-level GHG reporting may vary from these targets as we use internationally accepted emissions factors for the data shown i n this report and for corporate purposes. Kilometre results from each business unit may vary depending on the amount of uphill versus downhill hauling and other areas of material movement during mining operations. 3 Includes baseline year data for Snow Lake operations only and excludes impact of Flin Flon operations in Manitoba, which were closed in 2022. CLIMATE CHANGE TARGETS Business Unit 1 2030 GHG Emissions Reduction Target2 Peru (2022 baseline) 99% reduction in Scope 2 GHG emissions intensity (tonnes of Scope 2 emissions per kilotonne of ore processed) Snow Lake3 (2022 baseline) 25% reduction in Scope 1 GHG emissions intensity (tonnes of Scope 1 emissions per kilometre) British Columbia (2024 baseline) 5% reduction in Scope 1 GHG emissions intensity (tonnes of Scope 1 emissions per kilometre)

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INVESTOR PRESENTATION / SEPTEMBER 2026 52 TSX & NYSE: HBM South America Business Unit AREQUIPA Cusco CUSCO Matarani Imata Arequipa Cerro Verde TACNA 100km0 Las Bambas Yauri Tintaya Antapaccay CONSTANCIA & PERU Lima Matarani Port Constancia Trujillo Llaguen A PERU MINE MILL TOWN RAIL ROAD PORT

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INVESTOR PRESENTATION / SEPTEMBER 2026 53 TSX & NYSE: HBM Constancia Mine Plan 15-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY Source: March 2021 Constancia operations 43-101 technical report and company’s updated guidance announced on March 27, 2026. Tot als may not add up correctly due to rounding and mine plan changes reflected in near -term guidance. 1. After the impact of capitalized stripping and development costs. 2. Cash cost and sustaining cash cost are non-GAAP financial performance measures with no standardized definition under IFRS. For f urther details on why Hudbay believes cash costs are a useful performance indicator, please refer to the company's most recent Management's Discussion and Analysis. Peru cash cost, net of by -product credits, per pound of produced assumes by -product credits are calculated using the gold and silver deferred revenue drawdown rates for the streamed ounces in Peru in effect on Decem ber 31, 2025 and the following commodity prices for unstreamed production in 2026: $3,850 per ounce gold and $20.00 per pound mol ybdenum. 3. Peru production and cash cost guidance for 2026 as disclosed in news release dated February 20, 2026. See “Disclaimer Regardi ng Preliminary Financial Information” for further information. Guidance range for 2027 and 2028 production based on news release dated March 27, 2026. Cash cost guidance not provided beyond 2026.. CONSTANCIA OPERATIONS 2023A 2024A 2025A 20263 20273 20283 CONTAINED METAL IN CONCENTRATE Cu Production (000s tonnes) 100 99 85 75 – 90 80 – 100 80 – 100 Au Production (000s ounces) 114 98 74 15 – 20 17 – 21 17 – 21 Ag Production (000s ounces) 2,505 2,708 2,415 1,900 – 2,400 1,200 – 1,400 2,000 – 2,500 Mo Production (000s tonnes) 1.6 1.3 1.3 0.9 – 1.1 1.1 – 1.4 0.5 – 0.7 CAPITAL EXPENDITURES Sustaining Capital1 ($M) $132 $124 $137 $140 Growth Project Capital ($M) $12 $2 $5 $40 COPPER CASH COSTS Cash Cost, net of by-product credits2 ($/lb Cu) $1.07 $1.18 $1.08 $1.70 – 2.10 Sustaining Cash Cost, net of by-product credits2 ($/lb Cu) $1.81 $1.86 Mine plan for Constancia operations extends mine life to 2040 reflecting higher mill throughput contributions. A PERU

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INVESTOR PRESENTATION / SEPTEMBER 2026 54 TSX & NYSE: HBM Llaguen Project COPPER PIPELINE PROJECT IN A FAVOURABLE LOCATION 100% owned by Hudbay. The Llaguen project is in La Libertad region in northwestern Peru. Accessible by road, 62km from the Salaverry port and 40km from the Trujillo Nueva electric substation. Hosts shallow mineralization over a 1.3km strike length, with higher grade mineralization located close to surface that has the potential to be mined earlier in the mine life. SECTIONAL VIEW OF PROJECT MINERAL RESOURCE ESTIMATE AS AT JANUARY 1, 2026 Category Metric Tonnes Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CuEq (%) Indicated Global (>= 0.14% Cu) 271,000,000 0.33 218 0.033 2.04 0.42 Including Indicated High-grade (>= 0.30% Cu) 113,000,000 0.49 261 0.046 2.73 0.60 Inferred Global (>= 0.14% Cu) 83,000,000 0.24 127 0.024 1.47 0.30 Including Inferred High-grade (>= 0.30% Cu) 16,000,000 0.45 141 0.038 2.60 0.52 Total Waste 314,000,000 Strip Ratio (x) 0.9 A PERU

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INVESTOR PRESENTATION / SEPTEMBER 2026 55 TSX & NYSE: HBM Manitoba Business Unit MANITOBA SASKATCHEWAN Lalor Mine ~4,500 tpd New Britannia Gold Mill 2,000 tpd capacity 0 5km Stall Base Metal Mill 3,800 tpd capacity Snow Lake MANITOBA Winnipeg * Mining activities in Flin Flon were completed in June 2022; Flin Flon mill on care and maintenance with the potential to be restarted if there are future discoveries in the region. A MANITOBA Lalor Mine Snow Lake Flin Flon Base Metal Mill* care & maintenance (6,000 tpd capacity) Flin Flon MINE MILL TOWN RAIL ROAD Flin Flon Snow Lake

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INVESTOR PRESENTATION / SEPTEMBER 2026 56 TSX & NYSE: HBM Snow Lake Mine Plan 16-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY SNOW LAKE OPERATIONS1 2023A 2024A 2025A 20263 20273 20283 CONTAINED METAL IN CONCENTRATE AND DORÉ Au Production (000s ounces) 187 214 173 180 – 220 170 – 210 160 – 200 Ag Production (000s ounces) 852 995 800 800 – 1,000 950 – 1,200 1,000 – 1,300 Cu Production (000s tonnes) 12 13 9 10 – 13 10 – 14 9 – 13 Zn Production (000s tonnes) 35 33 18 16 – 21 16 – 21 29 – 36 CAPITAL EXPENDITURES2 Sustaining Capital ($M) $56 $46 $46 $105 Growth Project Capital ($M)5 $14 $7 $7 $15 GOLD CASH COSTS Cash Cost, net of by-product credits4 ($/oz Au) $727 $606 $549 $500 – 800 Sustaining Cash Cost, net of by-product credits4 ($/oz Au) $1,077 $868 Source: March 2021 Snow Lake operations 43-101 technical report and company’s updated guidance announced on March 27, 2026. Updated annual mineral reserve estimates extended Snow Lake’s mine life by four years to 2041. Totals may not add up correctly due t o rounding and mine plan changes reflected in near-term guidance. 1. Includes production and costs for Lalor, 1901, WIM and 3 Zone. 2. 2025 Canadian capital expenditures guidance is converted into U.S. dollars using an exchange rate of 1.35 C$/US$. Sustaining capital guidance excludes right-of-use lease additions and additions as a result of equipment financing arrangements and non- cash deferred stripping. 3. Manitoba production and cash cost guidance for 2026 as disclosed in news release dated February 20, 2026. See “Disclaimer Regard ing Preliminary Financial Information” for further information. Guidance range for 2027 and 2028 production based on news rel ease dated March 27, 2026. Cash cost guidance not provided beyond 2026. 4. Manitoba cash cost, net of by-product credits, per ounce of gold assumes by -product credits are calculated using the following c ommodity prices for 2026: $4.75 per pound copper, $42.00 per ounce silver, $1.30 per pound zinc and an exchange rate of 1.37 C$/US$. 5. 2025 Manitoba growth capital partially funded by approximately $5 million in Canadian Development Expense flow -through financing proceeds (2024 - $3 million). A MANITOBA Mine plan optimizes processing capacity in Snow Lake to extend mine life by four years to 2041.

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INVESTOR PRESENTATION / SEPTEMBER 2026 57 TSX & NYSE: HBM Electrowinning (EW) / Refining Leaching/CIP Cu Concentrate Dewatering Flotation Snow Lake Process Gold/Silver Doré (via pipeline) Tails Tails to Stall Mill (via pipeline) Zinc Concentrate Copper Concentrate Zn Concentrate Dewatering Tails to Anderson TIA or Lalor Paste Plant Cu conc.Cu conc. to New Britannia A MANITOBA Lalor Crushed Ore Grinding Zn Concentrate Dewatering Flotation Grinding 2,300 tpd ~2,200 tpd Cyanide Destruction Process NEW BRITANNIA MILL 4,500 tpd STALL MILL (3,600 tpd capacity)

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INVESTOR PRESENTATION / SEPTEMBER 2026 58 TSX & NYSE: HBM 0.9 1.1 1.7 2.2 2.3 2.4 2.1 1.9 1.7 1.9 0.9 1.4 2.1 2.7 2.9 3.2 3.1 3.1 3.1 3.5 2011 2017 2018 2019 2020 2021 2022 2023 2024 2025 Additional Resources (million ounces) Reserves Produced-to-date Snow Lake Growth Over Time OVER 3.5M OUNCES OF GOLD HAS BEEN IDENTIFIED AS RESERVES / PRODUCED TO DATE 61% increase from infill and exploration drilling 47% increase from further drilling and inclusion of improved New Britannia gold recoveries 32% increase from inclusion of satellite gold deposits and infill & exploration drilling 9% increase from resource conversion 7% increase from resource conversion ~1.3M oz of gold Inferred Material +250% Increase identified reserves / produced gold from initial reserve estimate A MANITOBA 7% increase with mine life extension

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INVESTOR PRESENTATION / SEPTEMBER 2026 59 TSX & NYSE: HBM 1901 Development & Exploration Drift ADVANCING ACCESS TO THE 1901 DEPOSIT FOR EXPLORATION AND FUTURE MINE DEVELOPMENT The 1901 deposit was discovered in 2019 and is located within 1,000 metres of the Lalor underground ramp. Pre-feasibility studies in 2021 resulted in a mineral reserve and resource estimate with base metal and gold lenses. 2024 ACCESS DRIFT DEVELOPMENT  Initiated the development of an adjacent haulage drift to de-risk planned full production in 2027.  2024 step out drilling confirmed Cu-Au mineralization extends down plunge. Additional exploration drilling planned for 2025 to potentially extend orebody geometry and convert inferred. 2025 DEVELOPMENT PROGRESS  Development reached first zinc ore in H1 2025 & delivered development ore in H2 2025  Underground infrastructure established to enable exploration drilling throughout 2026 and prepare for full production by the end of 2027 1901 MINERALIZED LENSES EXPLORATION STEP OUT DRILLING1 LOOKING NORTH WEST Lithology displayed with barrels representing Cu Assays Step out drilling - 5 holes all intersected copper-gold mineralization, including • 3.2m of 8.3 g/t Au and 1.8% Cu • 2.5m of 4.4 g/t Au and 14.3% Cu Prior drilling intersected several high-grade gold intercepts, including 5.5m of 114.3 g/t Au 1. For further information on drill holes mineralization intersect for NUX0004, NUX0005, NUX0006, NUX0007, NUX0008, NUX0009, and NUX0010, please refer to the company’s news releases dated March 27, 2025. A MANITOBA

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INVESTOR PRESENTATION / SEPTEMBER 2026 60 TSX & NYSE: HBM Talbot Copper-Gold-Zinc Project DRILL PROGRAM STARTED IN JULY WITH POSITIVE RESULTS INDICATING THE FOOTPRINT HAS DOUBLED Talbot is a copper-gold-zinc deposit and is 100% owned by Hudbay. Talbot’s proximity to existing processing infrastructure in Snow Lake makes it ideal additional ore feed to utilize the available processing capacity. Strengthened local Indigenous partnerships through a Talbot exploration agreement signed with Mosakahiken Cree Nation in April 2025. 2025 & 2026 DRILLING TARGETS TALBOT DRILLING PROGRAM 2025 Drilling: 6 initial holes (in yellow) to test continuity of the deposit, all yielding positive results with 4 returning mineralized intercepts (in red) with economic potential.  Testing the continuation of the mineralization at depth has doubled the footprint of the orebody.  Positive results from core logging on TLS035 (in green) indicating the presence of a thick sulfide zone at depth. Assay pending.  Testing the continuity of mineralization at depth will determine the future scope of a PFS including shaft vs. ramp access and best location for a future exploration shaft. 2026 Drilling: (underway) Update the Rockcliff mineral resource estimate using Hudbay standard methods that have demonstrated high reserve conversion rates. Exploration underway to upgrade and expand the current resource with 8 drill rigs currently turning. Source: Talbot drilling results disclosed in news release on February 20, 2026. 100% of the Talbot mineral resources previous ly reported by Rockcliff Metals Corp. in its 2020 NI 43- 101 technical report published on SEDAR. Hudbay previously owned a 51% interest in the Talbot project until consolidating a 100% interest with the acquisition of Rockcliff in Sept. 2023 1. True widths are estimated based on drill angle and intercept geometry of mineralization. True widths are estimated based on dril l angle and intercept geometry of mineralization. 2. All copper, zinc, gold and silver values are uncut. 3. Copper equivalent (“CuEq”) grade calculated using the following long-term commodity price assumptions: $4.40 per pound copper, $2,800 per ounce gold, $32.00 per ounce silver, and $1.25 per pound zinc, Using the combined recoveries of New Britannia and Stall mills of 89% copper, 89% gold, 81% silver and 84% zinc. Hole ID From (m) To (m) Intercept (m)1 Est. true width (m)1 Cu (%) 2 Au (g/t) 2 Ag (g/t) 2 Zn (%) 2 CuEq (%)3 TLS024 1556.0 1567.5 11.5 10.4 2.4 1.8 55.1 0.8 4.2 TLS025 Top 1435.3 1449.5 14.2 13.2 1.2 0.8 17.8 0.5 2.0 TLS025 Bottom 1459.0 1465.0 6.0 5.6 2.0 0.7 16.9 0.5 2.6 TLS026 1265.5 1273.4 7.8 7.1 1.4 0.9 18.4 0.3 2.2 TLS027W02 1252.8 1271.5 18.8 16.3 1.4 0.8 18.9 1.3 2.4 A MANITOBA

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INVESTOR PRESENTATION / SEPTEMBER 2026 61 TSX & NYSE: HBM Flin Flon Growth Opportunities GROWTH POTENTIAL THROUGH TAILINGS REPROCESSING OPPORTUNITY AND EXPLORATION PARTNERSHIP MILL TAILINGS REPROCESSING Opportunity to reprocess Flin Flon tailings where more than 100Mt of tailings have been deposited over 90 years. Potential for additional metal production while reducing long-term reclamation liabilities by reducing acid-generating tailings. 2022 drilling indicated higher zinc, copper and silver grades than historical records Additional work underway to determine reprocessing methodology and economic viability. Opportunity to reprocess the tailings from the hydrometallurgical zinc facility where high grade gold and critical minerals tailings were deposited for more than 25 years. Drilling completed in 2023 and advancing preliminary economic studies for the potential development of Tailing Reprocessing Facility utilizing existing infrastructure. Potential products include copper, zinc, gold and silver doré, as well as molten elemental sulfur, gallium and germanium. ZINC PLANT TAILINGS REPROCESSING EXPLORATION PARTNERSHIP WITH MARUBENI & JOGMEC Zinc Plant Tailings Mill Tailings In March 2024, signed 5-year option agreement with Marubeni focused on three projects within trucking distance of Hudbay’s processing facilities in Flin Flon. Marubeni will fund up to C$12M in exploration activities carried out by Hudbay. In January 2026, signed amended agreement with Japan Organization for Metals and Energy Security (“JOGMEC”) and Marubeni, giving JOGMEC the option to acquire 10% interest through funding at least C$6M in exploration expenditure over the next three years. All three properties host past producing mines with attractive copper and gold grades and remain highly prospective for further mineral discoveries. A MANITOBA

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INVESTOR PRESENTATION / SEPTEMBER 2026 62 TSX & NYSE: HBM British Columbia Business Unit NEW AFTON MINE HIGHLAND VALLEY COPPER MINE 0 20km Kamloops Kelowna COPPER MOUNTAIN MINE Princeton BRITISH COLUMBIA Vancouver Copper Mountain A BRITISH COLUMBIA MINE TOWN ROAD

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INVESTOR PRESENTATION / SEPTEMBER 2026 63 TSX & NYSE: HBM Copper Mountain Mine Plan 20-YEAR MINE PLAN BASED ON PROJECT AND PROBABLE RESERVES ONLY COPPER MOUNTAIN OPERATIONS 2024A 2025A 20265 20275 20285 LOM Total* CONTAINED METAL IN CONCENTRATE Cu Production (000s tonnes) 26 24 25 – 35 50 – 70 50 – 60 783 Au Production (000s ounces) 20 20 22 – 32 26 – 38 38 – 52 935 Ag Production (000s ounces) 280 253 200 – 290 500 – 660 420 – 580 5,590 CAPITAL EXPENDITURES (US $M) Sustaining Capital, after capitalized stripping1,4 $123 $131 $190 $59 $48 $1,106 Growth Project Capital $8 $64 $115 - - $126 COPPER CASH COSTS (US$/LB CU) Cash Cost, net of by-product credits3 $2.74 $3.06 $1.50 - $2.50 $1.90 $1.36 $1.84 Sustaining Cash Cost, net of by-product credits (excl. discretionary stripping)3,4 $5.29 $6.12 $2.74 $2.45 $2.13 $2.53 *Source: December 2023 Copper Mountain mine operations 43- 101 technical report and company’s updated guidance announced on March 27, 2026.Totals may not add up correctly due to rounding. “LOM” refers to life- of-mine total based on technical report mine lif e until 2043. 1. Sustaining capital includes capitalized stripping. 2. Discretionary capitalized stripping based on 2023 43-101 technical report. Relates to a portion of accelerated stripping activit ies over 2024-2026 to access higher grade ore. Could be reduced or deferred to a later date based on further geotechnical evaluation and other considerations. 3. British Columbia cash cost, net of by-product credits, per pound of copper assumes by -product credits are calculated using the f ollowing commodity price assumptions for 2026: $3,850 per ounce gold, $42.00 per ounce silver and an exchange rate of 1.37 C$/US $. 4. Sustaining capital guidance includes capitalized stripping and discretionary stripping; while it excludes right -of-use lease additions and additions as a result of equipment financing arrangements and non- cash deferred stripping. Cash costs and sustaining cash costs are non- GAAP financial performance measures. For further details on cash costs please refer to MD&A for the period ended December 31, 2025. 5. British Columbia production and cash cost guidance for 2026 as disclosed in news release dated February 20, 2026. See “Disclaime r Regarding Preliminary Financial Information” for further information. Guidance range for 2027 and 2028 production based on news release dated March 27, 2026. Cash cost guidance not provided beyond 2026. Cash cost, sustaining cash cost, and sustaining capital for 2 027 and 2028 based on December 2023 Copper Mountain mine operations 43- 101 technical report. Copper Mountain operations reflects mine optimization initiatives and expected mine life extended two years to 2045. A BRITISH COLUMBIA

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INVESTOR PRESENTATION / SEPTEMBER 2026 64 TSX & NYSE: HBM Copper World Arizona – U.S. Business Unit COPPER WORLD IS A LARGE SCALE, HIGH-GRADE OPEN PIT COPPER PROJECT WITH ATTRACTIVE ECONOMICS Tucson Phoenix Morenci Miami Pinto Valley Resolution Gunnison Hermosa Sierrita Mission Silver Bell COPPER WORLD Ray Florence 0 25km 50km Safford Maps are not to scale CACTUS Santa Cruz Port of Guaymas (Mexico) ARIZONA, U.S. Phoenix Tucson A ARIZONA

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INVESTOR PRESENTATION / SEPTEMBER 2026 65 TSX & NYSE: HBM 41 50 50 53 55 64 66 84 92 103 111 152 261 Ray Robinson Continental Mission Pinto Valley Chino Bagdad Sierrita Copper World Cactus Safford Bingham Canyon Morenci U.S. Open Pit Copper Benchmarking THE ARIZONA BUSINESS WILL COMPRISE TWO OF THE HIGHEST GRADE AND LOWEST COST OPEN-PIT COPPER ASSETS IN THE UNITED STATES ANNUAL PRODUCTION (KT CU) RESERVE GRADE (% CU) CASH COSTS (US$/LB CU) $3.01 $2.89 $2.79 $2.62 $2.51 $2.50 $2.47 $2.41 $2.29 $2.27 $2.16 $1.53 $1.34 Mission Ray Pinto Valley Safford Morenci Bagdad Chino Sierrita Bingham Canyon Continental Robinson Copper World Cactus Largest Annual Production in the U.S. Not held by a Major Highest-Grade Open Pit Copper Assets in the U.S. Cost Bases Compare Favourably to Operating Mines Source: Company public filings, Capital IQ, SNL Metals & Mining asset screening tool based on U.S. primary copper assets with reported reserves. Actual 2023 production and cash cost shown, company filings used where available. Cash costs shown on a by-product basis including royalties. Copper World based on first 10-year average copper production and cash costs in Phase I of mine plan as disclosed in the 2023 PFS. Cactus production based on first 10- year average copper production of 103kt and cash cost bas ed on LOM average of US$1.34/lb as disclosed in Arizona Sonoran’s Cactus PFS. Please refer to the Cautionary Information on Slide 2 for a description of Hudbay’s plans to update the Cactus PF S. 0.23% 0.23% 0.32% 0.35% 0.35% 0.37% 0.40% 0.41% 0.41% 0.44% 0.49% 0.52% 0.54% Sierrita Morenci Pinto Valley Bagdad Continental Bingham Canyon Safford Robinson Mission Chino Ray Cactus Copper World A ARIZONA

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INVESTOR PRESENTATION / SEPTEMBER 2026 66 TSX & NYSE: HBM Copper World Project Overview LARGE SCALE, FULLY-PERMITTED OPEN PIT COPPER PROJECT IN THE U.S. WITH ATTRACTIVE ECONOMICS PROJECT HIGHLIGHTS Large Scale, High-Quality Copper Project • 385Mt reserves support 20 years of Phase I mine life, which is only ~30% of the 1.2Bt of M&I resources1 • Expected to produce ~92ktpa Cu (first 10 years avg.) with a peer leading low LOM cash costs (US$1.47/lb Cu) • Designed to produce "Made in America" copper cathode to contribute to domestic U.S. supply chain and reduce GHG emissions • Initial capex of $1.3B1 • Low capital intensity of under $13,000/t2 • Conventional open pit truck and shovel operation and copper flotation process at a ~1,600 masl Low Capex, Low Complexity Project Large Reserve Base with Meaningful Resource Upside on a Significant Land Package • Technical team with a proven track record for mine building and operational excellence Experienced Developer and Operator • Opportunity to expand mining activities onto federal land to extend mine life and further enhance economics with signficant upside potential Phase II to Unlock Further Value 1. Based on Phase I of mine plan as disclosed in the 2023 PFS. Resource shown inclusive of reserves. Initial capital expenditures shown net of equipment financing. 2. Calculated using initial capital cost estimates net of the precious metal stream proceeds divided by average annual copper pr oduction. For further information please refer to Hudbay’s news release dated September 8, 2023, announcing the PFS results. Tonnes shown are metric tonnes. *“stpd” = short tons per day 2023 PFS – PHASE I 2022 PEA – PHASE I MINE LIFE 20-YEAR STATE AND LOCAL PERMITTING 16-YEAR STATE AND LOCAL PERMITTING Total Production 1.6Mt Cu 1.4Mt Cu Avg. Annual Production 85kt (92kt in first 10 years) 86kt Avg. Mill Head Grade 0.54% 0.47% Sulfide Concentrator Capacity 60k stpd* 60k stpd* (Add’l ~20k stpd oxide leach) Concentrate Leach Facility 50% capacity Starting in year 5 100% capacity Starting in year 1 Project Capex $1.3B $1.9B A ARIZONA

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INVESTOR PRESENTATION / SEPTEMBER 2026 67 TSX & NYSE: HBM Mitsubishi Corporation: Premier Strategic Partner LARGEST JAPANESE TRADING HOUSE & EXPERIENCED JV PARTNER AT WORLD-CLASS COPPER MINES Mitsubishi (~$80B market cap) is a globally integrated trading and investment company that develops and operates businesses across multiple industries. As one of the largest Japan’s major trading houses, it is the premier strategic partner of choice with current investments in five of the top twenty copper mines globally 1.  Targeting equity copper production of over 400kt beyond 2030. Wholly-owned U.S. subsidiary, Mitsubishi Corp. (Americas), operates across various business sectors, including mineral resources, oil & gas, real estate, mobility, food, power, etc.  Manages the company’s strategic investments with approximately $9 billion in total assets and trading businesses in North America. LARGEST MINES GLOBALLY BY 2024A COPPER PRODUCTION (kt Cu)1 Anglo Sur (Los Bronces, Soldado) Santiago Region, Chile Initial Investment: 2011 Operating Mine • 20.4% asset interest • ~200ktpa Cu Quellaveco Moquegua Region, Peru Initial Investment: 2012 Operating Mine • 40% asset interest • ~300ktpa Cu Antamina Ancash Region, Peru Initial Investment: 1999 Operating Mine • 10% asset interest • ~400ktpa Cu Los Pelambres Coquimbo Region, Chile Initial Investment: 1997 Operating Mine • 5% asset interest • ~300ktpa Cu Escondida Antofagasta Region, Chile Initial Investment: 1988 Operating Mine • 8.25% asset interest • +1Mtpa Cu • World’s #1 Cu mine Copper Investments Development Project • 30% asset interest • ~92ktpa Cu 2 Represents latest addition to Mitsubishi's world-class portfolio of large and high- quality copper assets Copper World Pima County, Arizona, U.S. Initial Investment: 2025 Copper World represents Mitsubishi Corporation’s first major copper investment since 2018 Source: Corporate disclosure; FactSet as of August 2025. Production figures are shown on a 100% consolidated basis. Listed assets include primary copper investments. 1. Based on mines with reported actual copper production for 2024. 2. Based on Phase I average annual copper production for first 10 years in operation as disclosed in the 2023 PFS. Includes copper contained in concentrate sold and copper cathode produced from the concentrate leach facility. Mitsubishi has minority stakes in some of the largest and highest- quality copper assets globally through partnerships with the largest global diversified miners 1,241 816 559 437 433 431 412 356 323 320 318 306 289 270 254 249 246 231 221 Escondida Grasberg Collahuasi Kamoa-Kakula Buenavista Cerro Verde Antamina El Teniente Las Bambas Los Pelambres Morenci Quellaveco Chuquicamata Radomiro Tomic Spence Toquepala SICOMINES Trident - Sentinel Anglo SurLos Bronces Mitsubishi Corporation Investments A ARIZONA

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INVESTOR PRESENTATION / SEPTEMBER 2026 68 TSX & NYSE: HBM EAST PIT CROSS SECTION (A-A’) Copper World Reserves and Resources RESERVES REPRESENT 30% OF M&I RESOURCES, OFFERING ROBUST EXPANSION AND MINE LIFE EXTENSION POTENTIAL NI 43-101 compliant Reserve and Resource statement supported by extensive drilling totalling 355,371 meters  PFS mine plan and reserve and resource statement independently reviewed and validated by leading mining consultant WSP Reserves only account for 30% of M&I Resources  83% of Reserves are classified as Proven Private Land Perimeter Source: 2023 PFS. For further information please refer to Hudbay’s news release dated September 8, 2023, announcing the PFS results. RESERVE AND RESOURCE BASE Significant resources lie outside of the PFS reserve pits with future opportunity to unlock in Phase II, particularly in the East Pit A ARIZONA

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INVESTOR PRESENTATION / SEPTEMBER 2026 69 TSX & NYSE: HBM $0.6 $0.8 $0.9 $0.9 $1.1$0.9 $1.1 $1.2 $1.3 $1.5 No Cu Leach Plant Flotation Only for LOM Cu Leach Plant (50% Capacity) in Year 5 Cu Leach Plant (50% Capacity) in Year 1 Cu Leach Plant (100% Capacity) in Year 5 Cu Leach Plant (100% Capacity) in Year 1 NPV 10% NPV 8% Designed to Reduce Energy Consumption and GHG Emissions “MADE IN AMERICA” COPPER CATHODE TO SUPPORT DOMESTIC U.S. COPPER CONSUMPTION 0.0 5.0 10.0 15.0 20.0 25.0 30.0 0 50 100 150 200 250 300 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Project Year Diesel - Flotation Only Power - Flotation Only Albion Reduction - Full Plant Day 1 Albion Reduction - PFS Copper World copper cathode expected to be sold to domestic U.S. customers. Onsite cathode production reduces the operation's total energy consumption, GHG emissions and sulfur (SO2) emissions by eliminating overseas shipping, smelting and refining. Many local benefits, including over $850M in U.S. taxes, more than 400 direct jobs and up to 3,000 indirect jobs in Arizona. GHG EMISSIONS (CO2e KT) ↓10% lower energy consumption, including 30% decline related to downstream processing ↓14% reduction in total scope 1, 2 & 3 GHG emissions A ARIZONA CONCENTRATE LEACH FACILITY SENSITIVITY ($B) Base Case

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INVESTOR PRESENTATION / SEPTEMBER 2026 70 TSX & NYSE: HBM Nevada – U.S. Business Unit TOWN Road HUDBAY MINERAL CLAIMS HUDBAY PRIVATE LAND CLAIMS POWER LINE RAIL MINE / DEPOSIT Yerington Blue Hill MASON Yerington Mine (Historic) Lyon County Douglas County 0 5km Mason MacArthur Pumpkin Hollow Power Plant Mason Valley Mines (Historic) NEVADA, U.S. A NEVADA MASON PROJECT HAS THE POTENTIAL TO BE THE 3RD LARGEST COPPER MINE IN THE U.S. Reno Mason Project Las Vegas

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INVESTOR PRESENTATION / SEPTEMBER 2026 71 TSX & NYSE: HBM Peru Mineral Reserves (AS AT JANUARY 1, 2026) MINERAL RESERVE ESTIMATES1,2,3,4,5 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Proven 458,800,000 0.243 75 0.036 2.39 Probable 28,300,000 0.193 68 0.034 1.98 CONSTANCIA – TOTAL PROVEN AND PROBABLE 487,100,000 0.240 74 0.036 2.37 PAMPACANCHA6 Proven 900,000 0.216 128 0.307 3.57 Probable - - - - - PAMPACANCHA - TOTAL PROVEN AND PROBABLE 900,000 0.216 128 0.307 3.57 TOTAL MINERAL RESERVES 488,000,000 0.240 74 0.036 2.37 Note: totals may not add up correctly due to rounding. 1. Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability. 2. Mineral reserves are estimated using a minimum NSR cut -off of $7.30 per tonne at Pampacancha, $7.30 per tonne at Constancia and assuming metallurgical recoveries (applied by ore type) of 85.29% for copper on average for the life of mine. 3. Mineral resource estimates are based on resource pit design and do not include factors for mining recovery or dilution. 4. The open pit mineral resources are estimated using a minimum NSR cut -off of $7.30 per tonne and assuming metallurgical recoveries (applied by ore type) of 84.6% for copper on average for the life of mine, while the underground inferred resources at Cons tancia Norte are based on a 0.65% copper cut-off grade. 5. Long-term metal prices of $4.40 per pound copper, $17.00 per pound molybdenum, $2,800 per ounce gold and $32.00 per ounce silver were used to confirm the economic viability of the mineral reserve estimates and to estimate mineral resources. 6. There are no additional mineral resources left at Pampacancha where mining activities have been completed in 2025. A RESERVES & RESOURCES

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INVESTOR PRESENTATION / SEPTEMBER 2026 72 TSX & NYSE: HBM Peru Mineral Resources (AS AT JANUARY 1, 2026) MINERAL RESOURCE ESTIMATES1,2,3,4,5 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Measured 106,300,000 0.232 74 0.036 2.36 Indicated 70,400,000 0.222 87 0.032 2.00 Inferred – Open Pit 27,700,000 0.271 71 0.049 2.54 Inferred – Underground 6,500,000 1.200 69 0.140 8.62 PAMPACANCHA Inferred - - - - - TOTAL MEASURED AND INDICATED 176,700,000 0.228 79 0.034 2.22 TOTAL INFERRED 34,200,000 0.447 71 0.067 3.70 A RESERVES & RESOURCES Note: totals may not add up correctly due to rounding. 1. Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability. 2. Mineral reserves are estimated using a minimum NSR cut -off of $7.30 per tonne at Pampacancha, $7.30 per tonne at Constancia and assuming metallurgical recoveries (applied by ore type) of 85.29% for copper on average for the life of mine. 3. Mineral resource estimates are based on resource pit design and do not include factors for mining recovery or dilution. 4. The open pit mineral resources are estimated using a minimum NSR cut -off of $7.30 per tonne and assuming metallurgical recoveries (applied by ore type) of 84.6% for copper on average for the life of mine, while the underground inferred resources at Cons tancia Norte are based on a 0.65% copper cut-off grade. 5. Long-term metal prices of $4.40 per pound copper, $17.00 per pound molybdenum, $2,800 per ounce gold and $32.00 per ounce silver were used to confirm the economic viability of the mineral reserve estimates and to estimate mineral resources.

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INVESTOR PRESENTATION / SEPTEMBER 2026 73 TSX & NYSE: HBM Snow Lake Reserves – Lalor Mine & 1901 Deposit (AS AT JANUARY 1, 2026) MINERAL RESERVE ESTIMATES1,2,3,4,5,6,7 CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) Gold Zone Reserves Proven Lalor 4,800,000 4.28 0.70 0.51 27.0 1901 - - - - - Probable Lalor 4,900,000 3.41 0.27 0.87 16.8 1901 - - - - - Total Proven and Probable – Gold 9,800,000 3.84 0.48 0.69 21.8 Base Metal Zone Reserves Proven Lalor 4,400,000 2.42 4.36 0.36 27.7 1901 900,000 2.25 7.60 0.27 24.0 Probable Lalor 600,000 1.50 4.11 0.34 25.1 1901 700,000 1.67 8.23 0.22 28.5 Total Proven and Probable – Base Metal 6,700,000 2.22 5.20 0.33 27.0 PROVEN AND PROBABLE – LALOR 14,800,000 3.31 1.80 0.58 23.7 PROVEN AND PROBABLE – 1901 1,600,000 1.99 7.89 0.24 26.0 TOTAL PROVEN & PROBABLE (GOLD AND BASE METAL) 16,500,000 3.18 2.40 0.54 23.9 Note: totals may not add up correctly due to rounding. 1. Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability. 2. Lalor mineral reserves and resources are estimated using a NSR cut -off ranging from C$161 to C$185 per tonne, assuming a long hole mining method and depending on mill destination. 3. Individual stope gold grades at Lalor and 1901 were capped at 10 grams per tonne. 4. 1901 mineral reserves and resources are estimated using a minimum NSR cut -off of C$199 per tonne. 5. Mineral resources do not include factors for mining recovery or dilution. 6. Base metal mineral resources are estimated based on the assumption that they would be processed at the Stall concentrator whi le gold mineral resources are estimated based on the assumption that they would be processed at the New Britannia concentrator. 7. Long-term metal prices of $2,800 per ounce gold, $1.25 per pound zinc, $4.40 per pound copper and $32.00 per ounce silver with an exchange rate of 1.33 C$/US$ were used to confirm the economic viability of the mineral reserve estimates and to estimate m ineral resources. A RESERVES & RESOURCES

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INVESTOR PRESENTATION / SEPTEMBER 2026 74 TSX & NYSE: HBM Snow Lake Resources – Lalor Mine & 1901 Deposit (AS AT JANUARY 1, 2026) MINERAL RESOURCE ESTIMATES1,2,3,4,5,6,7 CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) Gold Zone Resources Inferred Lalor 1,400,000 4.64 0.21 2.48 15.4 1901 2,700,000 4.20 0.65 0.58 16.3 Total Inferred – Gold 4,100,000 4.35 0.50 1.24 16.0 Base Metal Zone Resources Inferred Lalor 400,000 1.42 1.74 1.28 18.3 1901 100,000 1.23 8.12 0.13 38.1 Total Inferred – Base Metal 500,000 1.37 3.39 0.98 23.4 TOTAL INFERRED – Lalor 1,800,000 3.95 0.53 2.22 16.0 TOTAL INFERRED – 1901 2,800,000 4.06 1.01 0.56 17.3 TOTAL INFERRED (GOLD AND BASE METAL) 4,600,000 4.02 0.82 1.21 16.8 A RESERVES & RESOURCES Note: totals may not add up correctly due to rounding. 1. Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability. 2. Lalor mineral reserves and resources are estimated using a NSR cut -off ranging from C$161 to C$185 per tonne, assuming a long hole mining method and depending on mill destination. 3. Individual stope gold grades at Lalor and 1901 were capped at 10 grams per tonne. 4. 1901 mineral reserves and resources are estimated using a minimum NSR cut -off of C$199 per tonne. 5. Mineral resources do not include factors for mining recovery or dilution. 6. Base metal mineral resources are estimated based on the assumption that they would be processed at the Stall concentrator whi le gold mineral resources are estimated based on the assumption that they would be processed at the New Britannia concentrator. 7. Long-term metal prices of $2,800 per ounce gold, $1.25 per pound zinc, $4.40 per pound copper and $32.00 per ounce silver with an exchange rate of 1.33 C$/US$ were used to confirm the economic viability of the mineral reserve estimates and to estimate m ineral resources.

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INVESTOR PRESENTATION / SEPTEMBER 2026 75 TSX & NYSE: HBM Snow Lake Reserves & Resources – Other Gold (AS AT JANUARY 1, 2026) GOLD MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5,6,7 CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) Probable Reserves WIM Probable 2,450,000 1.6 0.25 1.63 6.3 3 Zone Probable 660,000 4.2 - - - TOTAL PROBABLE (GOLD) 3,110,000 2.2 0.20 1.28 5.0 Inferred Resources Birch Inferred 570,000 4.4 - - - New Britannia Inferred 2,750,000 4.5 - - - TOTAL BIRCH + NEW BRITANNIA INFERRED (GOLD) 3,320,000 4.5 - - - Note: totals may not add up correctly due to rounding. 1. Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability. 2. WIM mineral reserves assume processing recoveries of 98% for copper, 88% for gold, and 70% for silver based on processing thr ough New Britannia's flotation and tails leach circuits. 3. 3 Zone mineral reserves assume processing recoveries of 85% for gold based on processing through New Britannia's leach circui t. 4. Long-term metal prices of $1,700 per ounce gold, $1.25 per pound zinc, $4.00 per pound copper and $23.00 per ounce silver with an exchange rate of 1.33 C$/US$ were used to confirm the economic viability of the mineral reserve estimates. 5. Mineral resources do not include factors for mining recovery or dilution. 6. Gold mineral resources are estimated based on the assumption that they would be processed at the New Britannia concentrator. 7. New Britannia mineral resource estimates have been reported at a minimum true width of 1.5 metres and with a cut-off grade varying from 2 grams per tonne (at the lower part of New Britannia) to 3.5 grams per tonne (at the upper part of New Britannia).. A RESERVES & RESOURCES

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INVESTOR PRESENTATION / SEPTEMBER 2026 76 TSX & NYSE: HBM BASE METAL MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5,6,7 CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) Indicated Resources Pen II Indicated 470,000 0.3 8.89 0.49 6.8 Talbot* Indicated 2,190,000 2.1 1.79 2.33 36.0 TOTAL INDICATED (BASE METALS) 2,660,000 1.8 3.04 2.01 30.9 Inferred Resources Watts Inferred 3,150,000 1.0 2.58 2.34 31.0 Pen II Inferred 130,000 0.3 9.81 0.37 6.8 Talbot* Inferred 2,450,000 1.9 1.74 1.13 25.8 TOTAL INFERRED (BASE METALS) 5,730,000 1.3 2.39 1.78 28.3 Note: totals may not add up correctly due to rounding. 1. Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability. 2. Mineral resources do not include factors for mining recovery or dilution. 3. Base metal mineral resources are estimated based on the assumption that they would be processed at the Stall concentrator. 4. Watts and Pen II mineral resources were initially estimated using metal price assumptions that vary marginally over the assum ptions used to estimate mineral resources at Lalor. In the Qualified Person’s opinion, the combined impact of these small variat ions does not have any impact on the mineral resource estimates. 5. Watts mineral resources are estimated using a minimum NSR cut -off of C$150 per tonne, assuming processing recoveries of 90% for copper, 80% for zinc, 70% for gold and 70% for silver. 6. Pen II mineral resources are estimated using a minimum NSR cut -off of C$75 per tonne. 7. The above resource estimates table includes 100% of the Talbot mineral resources reported by Rockcliff Metals Corp. in its 2020 NI 43-101 technical report published on SEDAR+. Snow Lake Reserves & Resources – Other Base Metals (AS AT JANUARY 1, 2026) A RESERVES & RESOURCES

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INVESTOR PRESENTATION / SEPTEMBER 2026 77 TSX & NYSE: HBM B.C. Mineral Reserves & Resources (AS AT JANUARY 1, 2026) MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5 TONNES Cu (%) Au (g/t) Ag (g/t) Reserves Proven 159,000,000 0.251 0.111 0.71 Probable 186,000,000 0.260 0.133 0.60 TOTAL PROVEN AND PROBABLE 345,000,000 0.256 0.123 0.65 Resources Measured 35,000,000 0.226 0.086 0.83 Indicated 87,000,000 0.203 0.101 0.72 TOTAL MEASURED AND INDICATED 122,000,000 0.210 0.097 0.75 INFERRED 347,000,000 0.235 0.124 0.57 Note: totals may not add up correctly due to rounding. 1. Mineral resource estimates are exclusive of mineral reserves. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. Mineral reserves and resources include Copper Mountain and New Ingerbelle deposits. 2. Mineral reserves are estimated using a 0.1% copper cut -off grade and assuming metallurgical recoveries (applied by ore type) of 87% for copper for New Ingerbelle, 85% copper for Copper Mountain, 70% for gold for New Ingerbelle, 65% for gold for Copper Mountain and 70% for silver for both deposits throughout the life of mine. 3. Long term metal prices of $4.40 per pound copper, $2,800 per ounce gold and $32.00 per ounce silver were used to confirm the economic viability of the mineral reserve estimates and to estimate mineral resources. 4. Mineral resource estimate tonnes and grades constrained to a Lerch Grossman revenue factor 1 pit shell, post mining depletion. 5. Mineral resources are estimated using 0.1% copper cut -off grade. A RESERVES & RESOURCES

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INVESTOR PRESENTATION / SEPTEMBER 2026 78 TSX & NYSE: HBM Copper World Mineral Reserves & Resources (AS AT JANUARY 1, 2026) MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5,6,7,8 TONNES Cu (%) Soluble Cu Grade (%) Mo (g/t) Au (g/t) Ag (g/t) RESERVES Proven reserves 319,000,000 0.54 0.11 110 0.03 5.7 Probable reserves 66,000,000 0.52 0.14 96 0.02 4.3 Total proven and probable reserves 385,000,000 0.54 0.12 108 0.02 5.4 RESOURCES Flotation Measured resources 424,000,000 0.39 0.04 150 0.02 4.1 Indicated resources 191,000,000 0.36 0.06 125 0.02 3.5 Total measured and indicated resources – Flotation 615,000,000 0.38 0.05 142 0.02 3.9 Inferred resources 192,000,000 0.35 0.07 117 0.01 3.1 Leach Measured resources 159,000,000 0.28 0.20 - - - Indicated resources 70,000,000 0.26 0.20 - - - Total measured and indicated resources – Leach 229,000,000 0.27 0.20 - - - Inferred resources 83,000,000 0.26 0.19 - - - TOTAL MEASURED AND INDICATED 844,000,000 0.35 0.09 104 0.01 2.9 TOTAL INFERRED 275,000,000 0.32 0.11 82 0.01 2.2 Note: totals may not add up correctly due to rounding. 1. Mineral resource estimates are exclusive of mineral reserves. CIM definitions were followed for the estimation of mineral res ources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 2. Long term metal prices of $4.00 per pound copper, $12.00 per pound molybdenum, $1,700 per ounce gold and $23.00 per ounce sil ver were used to confirm the economic viability of the mineral reserve estimates. 3. Mineral reserve estimates are limited to the portion of the measured and indicated resource estimates scheduled for milling and included in the financial model of the Copper World PFS. 4. Long-term metals prices of $3.75 per pound copper, $12.00 per pound molybdenum, $1,650 per ounce gold and $22.00 per ounce silver were used to estimate mineral resources. 5. Mineral resources are constrained within a computer-generated pit using the Lerchs-Grossman algorithm. 6. Mineral resource estimates were reported using a 0.1% copper cut -off grade and an oxidation ratio lower than 50% for flotation m aterial and a 0.1% soluble copper cut-off grade and an oxidation ratio higher than 50% for leach material. 7. Estimate of the mineral reserve does not account for marginal amounts of historical small -scale operations in the area that occurred between 1870 and 1970 and is estimated to have extracted approximately 200,000 tonnes, which is within rounding approxim ations of the current reserve estimates. 8. Mineral reserve and resource estimates are presented on a 100% basis. Hudbay holds a 70% interest in the Copper World project following the completion of the Copper World joint venture transaction with Mitsubishi in January 2026. A RESERVES & RESOURCES

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INVESTOR PRESENTATION / SEPTEMBER 2026 79 TSX & NYSE: HBM Mason Mineral Resources (AS AT JANUARY 1, 2026) MINERAL RESOURCE ESTIMATES1,2,3,4,5 TONNES Cu (%) Mo (g/t) Au(g/t) Ag (g/t) Mason Measured 1,417,000,000 0.29 59 0.031 0.66 Indicated 801,000,000 0.30 80 0.025 0.57 TOTAL MEASURED AND INDICATED 2,219,000,000 0.29 67 0.029 0.63 Mason Inferred 237,000,000 0.24 78 0.033 0.73 Note: totals may not add up correctly due to rounding. 1. Mineral resource estimates that are not mineral reserves do not have demonstrated economic viability. 2. Mineral resource estimates do not include factors for mining recovery or dilution. 3. Metal prices of $NS3.10 per pound copper, $11.00 per pound molybdenum, $1,500 per ounce gold, and $18.00 per ounce silver wer e used to estimate mineral resources. 4. Mineral resources are estimated using a minimum R cut -off of $6.25 per tonne. 5. Mineral resources are based on resource pit designs containing measured, indicated, and inferred mineral resources. A RESERVES & RESOURCES

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INVESTOR PRESENTATION / SEPTEMBER 2026 80 TSX & NYSE: HBM Llaguen Mineral Resources (AS AT JANUARY 1, 2026) MINERAL RESOURCE ESTIMATES1,2,3,4,5,6 TONNES Cu (%) Mo (g/t) Au(g/t) Ag (g/t) CuEq (%) Indicated Global (≥ 0.14% Cu) 271,000,000 0.33 218 0.033 2.04 0.42 Including Indicated High-grade (≥ 0.30% Cu) 113,000,000 0.49 261 0.046 2.73 0.60 Inferred Global (≥ 0.14% Cu) 83,000,000 0.24 127 0.024 1.47 0.30 Including Inferred High-grade (≥ 0.30% Cu) 16,000,000 0.45 141 0.038 2.60 0.52 Note: totals may not add up correctly due to rounding. 1. CIM definitions were followed for the estimation of mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 2. Mineral resources are reported within an economic envelope defined by a pit shell optimization algorithm. This pit shell is defi ned by a revenue factor of 0.33 assuming operating costs adjusted from Hudbay’s Constancia open pit operation. 3. Long-term metal prices of $3.60 per pound copper, $11.00 per pound molybdenum, $1,650 per ounce gold and $22.00 per ounce silver were used for the estimation of mineral resources. 4. Metal recovery estimates assume that this mineralization would be processed at a combination of facilities, including copper and molybdenum flotation. 5. Copper-equivalent (“CuEq”) grade is calculated assuming 85% copper recovery, 80% molybdenum recovery, 60% gold recovery and 60% silver recovery. 6. Specific gravity measurements were estimated by industry standard laboratory measurements. A RESERVES & RESOURCES

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