Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Q2 2026 Earnings Presentation
13 slides from Hudbay Minerals's earnings presentation, Jul 29, 2026
Slide 1: Q2 2026 Results Presentation
TSX & NYSE / HBM Q2 2026 Results Presentation July 29, 2026
Slide 2: Cautionary Information
Cautionary Information 2 This presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this presentation, other than statements of current and historical fact, is forward-looking information. Of
Slide 3: Delivering Strong Results with Continued Industry-Leading Margins
Delivering Strong Results with Continued Industry-Leading Margins 3 ANOTHER QUARTER OF STEADY OPERATING PERFORMANCE FROM DIVERSIFIED ASSET BASE KEY RESULTS SUMMARY $321M $0.28 28kt $(0.40)/lb Q2 2026 Q1 2026 Q2 2025 Q2 2026 Q2 2026 Q2 2026 Cu Q2 2026 Adj. EBITDA1 Adj. EPS 1,2 Production Cash Cost1 P
Slide 4: Continued Significant Free Cash Flow Generation
Continued Significant Free Cash Flow Generation 4 WELL-POSITIONED TO FUND HIGH-RETURN GROWTH INITIATIVES TO UNLOCK FURTHER VALUE $413M $891M $(81)M (0.1)x Consolidated free cash flow of $101.8 million driven by Manitoba and Peru, while optimization efforts in British Columbia continue to bring the o
Slide 5: Peru Operations Review
Peru Operations Review 5 STEADY OPERATING AND COST PERFORMANCE DRIVEN BY CONTINUED OPTIMIZATION AND EFFICIENCIES SUMMARY OF PERU OPERATING RESULTS 19.4kt 5.3koz $1.66/lb Q2 2026 Q1 2026 Q2 2025 Q2 2026 Q2 2026 Q2 2026 Constancia ore mined1 mt 11.0 10.7 6.7 Cu Production Au Production Cash Cost5 Pamp
Slide 6: Manitoba Operations Review
Manitoba Operations Review 6 NAVIGATING SHORT-TERM OPERATIONAL HURDLES TO POSITION FOR A STRONG H2 2026 SUMMARY OF SNOW LAKE OPERATING RESULTS 40.3koz 2.4kt $776 Q2 2026 Q1 2026 Q2 2025 Q2 2026 Q2 2026 Q2 2026 Ore mined1 kt 321.7 350.0 303.1 Au Production Cu Production Gold Cash Cost5 Combined Ore m
Slide 7: British Columbia Operations Review
British Columbia Operations Review 7 CONTINUING TO EXECUTE MULTI-YEAR OPTIMIZATION PLAN WITH HIGHER MILL THROUGHPUT EXPECTED IN H2 2026 SUMMARY OF COPPER MOUNTAIN OPERATING RESULTS5 6.5kt 5.6koz $3.22/lb Q2 2026 Q1 2026 Q2 2025 Q2 2026 Q2 2026 Q2 2026 Ore mined1 mt 3.3 2.9 2.5 Cu Production Au Produ
Slide 8: Copper Mountain Optimization
Copper Mountain Optimization 8 ON TRACK TO CREATE LONG-TERM VALUE THROUGH OPTIMIZATION MATERIAL MOVED1 30 Quarterly Material Moved 25 20 Hudbay Acquisition OPTIMIZATION INITIATIVES *(Mt) 15 30.1 21.4 21.8 25.4 Accelerated stripping to access higher grades 10 13.2 15.8 Fleet ramp-up plan, remobiliz
Slide 9: New Ingerbelle
New Ingerbelle 9 EXTENDING COPPER MOUNTAIN MINE LIFE AND ENHANCING COPPER AND GOLD GRADES EXPANSION PROJECT UNDERWAY Enhance Mining Operations Enhances LOM production: ~750kt Cu, ~900koz Au, and ~5.5Moz Ag Features higher-grade ore with a ~3x lower strip ratio Extend Copper Mountain mine life by +
Slide 10: Diversified Portfolio of Long-Life Assets in Tier Jurisdictions
Diversified Portfolio of Long-Life Assets in Tier 1 Jurisdictions 10 OPERATING MINE DEVELOPMENT PROJECT Cu Au Ag Cu Mo Ag Au NEAR TERM DEVELOPMENT OPERATING MINE PROJECT (2026 SANCTION) +20 year mine life +20 year mine life Open Pit Open Pit COPPER MOUNTAIN ~45kt annual Cu production COPPE
Slide 11: Creates Attractive Copper District in Arizona
Creates Attractive Copper District in Arizona 11 CONSOLIDATES TWO HIGH-QUALITY PROJECTS IN ARIZONA, THE "COPPER STATE" Acquisition completed in the second quarter of 2026 Cactus to have no impact on Copper World’s development timeline; Copper World on N track for 2026 sanctioning Skilled team at Cop
Slide 12: Scarcity of Quality Copper Oxide Projects
Scarcity of Quality Copper Oxide Projects 12 CACTUS IS THE HIGHEST-GRADE UNDEVELOPED OPEN-PIT COPPER OXIDE PROJECT IN THE WORLD COPPER PROJECT BREAKDOWN COPPER RESERVE GRADE BENCHMARKING (%) & AVG. ANNUAL PRODUCTION (KT) LOM Avg. Annual Cu Production 1 265 103Kt 61Kt 0.52% 0.51% 148Kt 43Kt 0.45% 2 6
Slide 13: Industry-Leading Copper Exposure with Significant Long-term Growth
Industry-Leading Copper Exposure with Significant Long-term Growth 13 OUTSIZED GROWTH IN CONSOLIDATED COPPER PRODUCTION SUPPORTED BY STABLE GOLD PRODUCTION ANNUAL CONSOLIDATED COPPER PRODUCTION (KT)1 LONG-TERM PRODUCTION PROFILE1,2 +500 5% 139 13% 31 +620kt 103 CuEq ~250 92 +24% 81% QUARTERLY EARNIN