Hudbay Minerals (HBM) investor relations material

Gold and asset updates

• Announced a 60% increase in life of mine gold assets at Snow Lake, supporting steady production of 185,000 ounces per year for at least five years and adding $1 billion in value compared to the 2021 plan.

• Highlighted further upside potential at Snow Lake, especially from the Britannia Gold Project, with exploration planned to assess resource connectivity.

• Gold now provides significant free cash flow, supporting investment and sustainable dividends, and is seen as a core portfolio asset.

• Ongoing opportunities in the camp are expected to continue driving cash flows and shareholder returns.

Copper World and project pipeline

• Copper World definitive feasibility study and final investment decision are expected within weeks, with construction completion targeted for Q3 2029 and full production in 2030.

• Capital cost estimates have risen due to inflation, tariffs, and steel prices, but higher copper prices and project robustness are expected to deliver a 20%+ IRR.

• Expansion of the concentrator is being considered early to avoid future disruptions, supported by a $70 million payment from a partner if completed in the first five years.

• Project milestones to watch are the final investment decision and construction completion.

Sequencing and growth strategy

• Project sequencing remains unchanged: Copper World first, followed by Cactus (final investment decision in 2028, production in 2031), then Mason, with each project leveraging the workforce from the previous one.

• Combined, these U.S. projects are expected to deliver 350,000 annual tons of copper by the mid-2030s, with total group production reaching 500,000 tons including Canada and Peru.