Hudbay Minerals (HBM) Investor presentation summary

Financial performance and transformation

• Achieved record annual revenue of $2.2B and adjusted EBITDA of $1.1B in 2025, with strong free cash flow generation and a net debt/EBITDA ratio of 0.0x post-2025.

• Outperformed consolidated cash cost guidance, with 2025 copper cash cost at $(0.22)/lb and sustaining cash cost at $1.85–2.25/lb.

• Reduced long-term debt by $185M since 2024 and maintained a robust cash position of $992M after the Copper World JV closing.

• Market capitalization increased by $6.7B year-over-year to $9.8B.

• Maintained strong financial flexibility to fund growth, with significant liquidity and prudent balance sheet management.

Operational excellence and production

• Delivered stable copper production (118kt in 2025) and unique gold exposure (268koz in 2025) from three operations in tier-1 jurisdictions.

• Achieved copper and gold production guidance for the 11th and 5th consecutive years, respectively.

• Maintained industry-leading low cash costs and strong operational efficiency across all sites.

• Advanced mill improvement projects in Peru and British Columbia, and achieved record performance at New Britannia.

• Optimization at Copper Mountain and Snow Lake increased throughput and extended mine life.

Growth projects and portfolio

• Copper World project, fully permitted Phase I, expected to increase copper production by over 50% and deliver 85kt annual Cu at $1.47/lb cash cost.

• Secured $600M strategic investment from Mitsubishi for a 30% JV interest in Copper World, reducing remaining equity contribution to ~$200M and increasing project IRR to 90%.

• Mason project in Nevada offers potential to be the third largest copper mine in the U.S., with a 27-year mine life and robust economics.

• Extensive exploration pipeline in Peru, Manitoba, and British Columbia, including Maria Reyna, Caballito, and Talbot projects.

• Ongoing feasibility and expansion studies at key assets, including New Ingerbelle and Flin Flon tailings reprocessing.