Hudbay Minerals (HBM) investor relations material

Strategic positioning and growth outlook

• Positioned as a diversified mid-tier copper producer with significant gold exposure and operations in Peru, Canada, and the U.S., targeting a 70% increase in medium-term copper production and over 100% long-term growth, supported by a robust pipeline of development projects and exploration assets.

• Maintains industry-leading margins with Q2 2026 consolidated copper cash costs at $(0.40)/lb and trailing twelve months adjusted EBITDA of $1.3 billion, reaffirming full-year production guidance for all metals.

• Strong financial position with $891M in cash, net debt to adjusted EBITDA at (0.1)x, and consistent free cash flow generation, enabling funding for high-return growth initiatives and capital flexibility.

• Holistic capital allocation strategy prioritizes prudent growth, financial flexibility, and risk-adjusted returns, balancing investments in brownfield and greenfield projects, exploration, and shareholder returns.

• Committed to sustainability, with progress toward 2030 GHG emissions reduction targets and strong community engagement, including high local and Indigenous employment rates.

Asset portfolio and operational highlights

• Constancia in Peru is a long-life, low-cost copper mine with ongoing throughput expansions and recognized for operational excellence and safety; exploration targets like Maria Reyna and Caballito offer further upside.

• Snow Lake in Manitoba is a high-margin gold operation with meaningful base metal output, extended mine life to 2041, and ongoing expansion through the 1901 deposit and regional satellite exploration.

• Copper Mountain in British Columbia has a 20-year mine plan, recent throughput optimizations, and mine life extension via the New Ingerbelle expansion, with significant reserve conversion potential.

• U.S. growth pipeline includes Copper World (fully permitted, 20-year mine life, 85kt annual Cu production, $1.1B NPV8%) and Cactus (updated PFS underway, 103kt annual Cu production), consolidating a major copper district in Arizona.

• Mason project in Nevada offers 27-year mine life and potential to be the third largest copper mine in the U.S., with pre-feasibility study completion targeted for H2 2027.

Project development, partnerships, and financial initiatives

• Copper World project secured a $600M strategic investment from Mitsubishi for a 30% JV interest, providing external validation, financial flexibility, and deferring major capital outlays until 2028.

• Enhanced precious metals streaming agreement with Wheaton Precious Metals modernizes terms and provides up to $230M in funding, with contingent payments tied to future expansions.

• Capital intensity for Copper World and Cactus is among the lowest in the Americas, supporting high-return, low-risk project development.

• Key 2026 objectives include sanctioning Copper World, advancing New Ingerbelle and Mason studies, increasing throughput at Constancia and Copper Mountain, and executing extensive exploration at Snow Lake.

• Maintains a strong balance sheet with over $1B in net debt reduction since 2023, $1,045M in liquidity, and a disciplined approach to capital allocation and debt management.