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 tier-1 jurisdictions, targeting a 70% increase in medium-term copper production and over 100% long-term growth, supported by a robust pipeline of organic copper development assets and exploration projects.

• Maintains industry-leading margins with consolidated copper cash costs of $(0.40)/lb in Q2 2026 and improved full-year 2026 guidance to $(0.45)–$(0.25)/lb, generating strong free cash flow and a net debt/EBITDA ratio of (0.1)x.

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

• Committed to sustainability, with progress toward 2030 Scope 1 and 2 GHG emissions reduction targets and strong community engagement, including high local and Indigenous employment rates.

Asset portfolio and operational performance

• Operates long-life mines in Peru (Constancia), Manitoba (Snow Lake), and British Columbia (Copper Mountain), with development projects in Arizona (Copper World, Cactus) and Nevada (Mason), collectively targeting over 500kt annual copper production with significant gold by-product.

• Constancia mine in Peru is a low-cost, long-life operation with a 15-year mine plan, ongoing throughput expansion, and recognized for safety and community relations.

• Snow Lake in Manitoba is a high-margin gold operation with meaningful base metal output, extended mine life to 2041, and ongoing exploration for further resource conversion and satellite deposit development.

• Copper Mountain in British Columbia has a 20-year mine plan, recent operational improvements, and mine life extension through the New Ingerbelle expansion.

U.S. growth projects and financing

• Copper World is a fully permitted, high-grade open pit copper project in Arizona, expected to increase copper production by 50%, with Phase I targeting 85kt annual copper at $1.47/lb cash cost and strong project economics (NPV8% $1.1B, 19% IRR at $3.75/lb Cu).

• Cactus project, also in Arizona, is a long-life, low-cost copper development asset with a 103kt annual copper production target and the highest-grade undeveloped open-pit copper oxide project globally.

• Mason project in Nevada is advancing toward pre-feasibility, with potential to be the third-largest copper mine in the U.S., targeting 112kt annual copper over a 27-year mine life.

• Secured a $600M strategic investment from Mitsubishi Corporation for a 30% JV interest in Copper World, providing external validation, financial flexibility, and deferring major capital contributions.

• Enhanced precious metals streaming agreement and optimal project funding structure further strengthen the balance sheet and reduce equity funding requirements.