Hudbay Minerals (HBM) investor relations material

Operating performance and financial position

• Q2 2026 copper production was 28.3 kt, adjusted EBITDA $321M, adjusted attributable EPS $0.28 and operating cash flow before non-cash working-capital changes $210M.

• Q2 consolidated copper cash cost was $(0.40)/lb; FY 2026 guidance improved to $(0.45)–$(0.25)/lb from $(0.30)–$(0.10)/lb, with full-year production guidance reaffirmed.

• Trailing 12-month adjusted EBITDA reached a record $1.3B; Q2 cash and equivalents were $891M, net cash was $80.5M and net debt/adjusted EBITDA was (0.1)x.

• LTM free cash flow was $413M; Q2 consolidated free cash flow was $101.8M, driven by Manitoba and Peru, while British Columbia optimization continued.

Production platform and growth pipeline

• Copper production was 118 kt in 2025; the outlook indicates 24% growth over three years and a 70% medium-term increase, supported by operating improvements and new projects.

• Three operating regions provide exposure to copper, gold and other metals; the portfolio includes Constancia in Peru, Snow Lake in Manitoba and Copper Mountain in British Columbia.

• Copper World, Cactus and Mason underpin U.S. growth optionality; the presentation cites potential production above 500 kt of copper per year with U.S. growth projects.

• Long-term production ambitions include a 400 kt CuEq target; Copper World is expected to lift copper output, with further potential from Cactus, Mason and exploration.

Operating assets and exploration

• Constancia has a 15-year mine life, 90 kt/day nameplate mill capacity and 2025 production of 85 kt copper and 75 koz gold; throughput initiatives, including pebble crushers, are advancing from H2 2026.

• Snow Lake's updated mine plan extends operations to 2043; reserves total 27.0 Mt, with 12.3 Mt of inferred resources at Snow Lake and 8.3 Mt inferred at the Britannia Gold Project.

• New Britannia is operating above 2,000 tpd versus 1,500 tpd design capacity; the project achieved payback in 2.5 years and has a stated 36% IRR after operating improvements.

• Copper Mountain optimization targets 50,000 tpd mill throughput in H2 2026; New Ingerbelle is expected to extend mine life by more than 10 years and add 165.5 Mt of ore reserves.

• Snow Lake satellite deposits, Peru targets Maria Reyna and Caballito, and deep geophysics in Manitoba offer further resource conversion and discovery opportunities.