Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Investor Presentation (June 2025)
77 slides from Hudbay Minerals's investor presentation, June 2025
Slide 1: Investor Presentation June 2025
INVESTOR PRESENTATION JUNE 2025
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: Our Purpose
Our Purpose 3 We care about INVESTOR PRESENTATION / JUNE 2025 Our people Our communities Our planet Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities. TSX & NYSE: HBM
Slide 4: Diversified Mid-Tier Copper Producer
Diversified Mid-Tier Copper Producer 4 ANNUAL COPPER PRODUCTION & CASH COSTS1,2 REVENUE AND RESERVES BY METAL $0.86 $0.90 $0.80 REVENUE3 RESERVES4 Copper World $0.46 3% 5% 2% 3% 6% Consolidated Copper Cash 5% 138-184 Production (000 tonnes) Consolidated Copper Costs (US$/lb) 138 117-149 117-158 Cu 1
Slide 5: Q1 2025 Operational Excellence
Q1 2025 Operational Excellence 5 DELIVERING STABLE COPPER PRODUCTION, STRONG GOLD PRODUCTION AND INDUSTRY-LEADING MARGINS KEY RESULTS SUMMARY $287M $87M 31kt ($0.45)/lb Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q1 2025 Free Q1 2025 Cu Q1 2025 Production1 Adj. EBITDA1 Cash Flow2 Production Cash Cost1 Copper kt
Slide 6: Transformed Balance Sheet
Transformed Balance Sheet 6 SIGNIFICANT FINANCIAL FLEXIBILITY AND INDUSTRY-LEADING FINANCIAL POSITION SUBSTANTIAL DEBT REDUCTION IN 2024 NET DEBT TO ADJUSTED EBITDA3 5.0x +$350M $245M $400M 4.0x DEC. 31, 2022 Announced “3-P” Deleveraging Initiative Free Cash Flow1 Permanent Debt Oversubscribed 3.0x
Slide 7: Diversified Portfolio in Tier Jurisdictions
Diversified Portfolio in Tier 1 Jurisdictions 7 OPERATING MINE DEVELOPMENT / EXPLORATION PROJECT Cu Au Ag Cu Mo Au Ag PEA DEVELOPMENT OPERATING MINE PROJECT +19 year mine life +27 year mine life COPPER MOUNTAIN Open pit MASON Open pit British Columbia, Canada ~40kt annual Cu production Nev
Slide 8: Attractive Copper Positioning
Attractive Copper Positioning 8 SIGNIFICANT COPPER PRODUCTION AT FIRST QUARTILE CASH COSTS MEANINGFUL COPPER PRODUCTION LEADING LOW-COST PROFILE 2025E COPPER PRODUCTION1 2025E COPPER C1 CASH COSTS2 600 $4.00 +$100M increase in cash flow and EBITDA for +$56M increase in cash flow and EBITDA for 500 1
Slide 9: Hudbay Leading Copper Exposure
Hudbay Leading Copper Exposure 9 SUSTAINED GROWTH IN COPPER RESOURCES PER SHARE DRIVES INDUSTRY LEADING COPPER PRICE OPTIONALITY SIGNIFICANT GROWTH IN COPPER RESOURCES PER SHARE1 HIGHEST COPPER NAV SENSITIVITY VERSUS PEERS2 NAV SENSITIVITY TO 10% CHANGE IN COPPER PRICE 200 +9% CAGR and +$141% growth
Slide 10: Hudbay Investment Thesis
Hudbay Investment Thesis 10 Produced STABLE COPPER PRODUCTION with three operations in tier-1 mining jurisdictions generating 138kt Cu generating significant free cash flow with industry-leading margins +$350M in free cash flow at industry-low cash costs in 2024 STRONG BALANCE SHEET WITH UNIQUE GOLD
Slide 11: Peru
11 INVESTOR PRESENTATION / JUNE 2025 PERU LONG LIFE, LOW COST COPPER MINE WITH SIGNIFICANT EXPLORATION POTENTIAL TSX & NYSE: HBM
Slide 12: Constancia Key Highlights
Constancia KEY HIGHLIGHTS1 12 LONG LIFE, LOW-COST COPPER MINE IN PERU 17 YEARS Mine Life Cu-Au-Mo Porphyry Deposit 100%-owned, low cost, long life copper mine that has been in production since 2014. Constancia is one of the lowest cost open pit copper mine in South America2. 90k tpd After acquiring
Slide 13: Constancia Operational Excellence
Constancia Operational Excellence 13 Continuous operational improvements at Constancia have increased throughput, enhanced efficiencies and reduced costs Throughput Expansion CONSTANCIA THROUGHPUT1 +10% Expansion beyond Mill consistently operates above design capacity with strong culture of contin
Slide 14: Constancia Exploration Potential
Constancia Exploration Potential 14 SEVERAL OPPORTUNITIES EXIST ON HUBDAY’S EXTENSIVE LAND PACKAGE IN PERU Maria Reyna Caballito Constancia & Pampacancha 3.3Mt Cu DELINEATED TO-DATE Constancia 1.0Mt Cu MINED TO-DATE Pampacancha INVESTOR PRESENTATION / JUNE 2025 PERU Tintaya Lima Constancia Antapacca
Slide 15: Constancia Priority Satellite Targets
Constancia Priority Satellite Targets 15 EXPLORATION PERMITTING ACTIVITIES WELL UNDERWAY MARIA REYNA CABALLITO Artisanal mining activity focused on high grade magnetite skarn bodies and hydrothermal breccia. Mitsui mined high-grade copper at Caballito until the early 1990s; hand samples collected in
Slide 16: Canada
16 INVESTOR PRESENTATION / JUNE 2025 CANADA NEARLY 100 YEARS OF DIVERSIFIED COPPER & GOLD OPERATIONS TSX & NYSE: HBM
Slide 17: Snow Lake Key Highlights
Snow Lake KEY HIGHLIGHTS 17 LOW-COST GOLD OPERATION WITH MEANINGFUL BASE METAL PRODUCTION 13 YEARS Mine Life1 Au-Zn-Cu VMS Deposits 100%-owned Lalor mine in Snow Lake produces gold ore New Britannia operating at more than 2,000 tpd, for the newly refurbished New Britannia mill and base metal ore for
Slide 18: Snow Lake Cost Performance
Snow Lake Cost Performance 18 HIGHEST MARGIN CANADIAN GOLD MINE IN 2024 LARGE-SCALE (>150koz) CANADIAN GOLD MINES Higher Margin Lower Margin $1,620 ~70% ASIC Margin at current gold prices $1,500 $1,510 $1,475 $1,370 '24 All-In Sustaining Costs (US$/oz)1 $1,230 $1,239 $1,250 $1,222 $1,194 $1,127 $1,1
Slide 19: New Britannia Mill Refurbishment
New Britannia Mill Refurbishment Driving Higher Returns 19 TIMELY STRATEGIC CAPITAL ALLOCATION AND STRONG OPERATIONAL EXECUTION TO MAXIMIZE RETURNS 2015: Acquired New Britannia for $12M as potential gold processing solution for Lalor RESULTS OF HIGH GROWTH INITIATIVE high grade gold ore 2020: Co
Slide 20: Lalor Mine Life Extension
Lalor Mine Life Extension 20 1.7M OZ OF GOLD RESERVES & 1.3M OZ OF GOLD INFERRED RESOURCES WITH FURTHER EXTENSION POTENTIAL LALOR MINE LIFE EXTENSION LALOR NEAR MINE 0m 100m 250m 500m Exhaust raise Shaft 835mL 910mL 955mL 985mL Shaft bottom LEGEND INVESTOR PRESENTATION / JUNE 2025 Existing developme
Slide 21: Snow Lake Exploration Program
Snow Lake Exploration Program 21 1. NEAR MINE – MINE LIFE EXTENSION 2. REGIONAL – PRODUCTION GROWTH 3. GEOPHYSICS – NEW ANCHOR DISCOVERY Testing mineralized extensions at Lalor and 1901 deposit to Exploration across Snow Lake region land Large modern geophysics program underway consisting extend min
Slide 22: Copper Mountain Key Highlights
Copper Mountain KEY HIGHLIGHTS 22 LONG LIFE COPPER MINE WITH OPTIONALITY 19 YEARS Mine Life Cu-Au-Ag Porphry Deposit Copper Mountain mine is a conventional open pit with a Exceeded the targeted $10 million in annualized corporate 45,000 tpd plant capacity. Hudbay acquired 75% ownership synergies and
Slide 23: Copper Mountain Optimization
Copper Mountain Optimization 23 ON TRACK TO CREATE LONG-TERM VALUE THROUGH OPTIMIZATION MATERIAL MOVED* MILL AVAILABILITY 95% 25 Mill Availability (%) 90% Quarterly Material 20 Moved *(Mt) Hudbay Acquisition Hudbay Acquisition 15 85% 92% 10 21.4 15.8 80% 85% 85% 13.2 5 75% 0 CMMC 2022 Avg. H2 2023 2
Slide 24: United States
24 INVESTOR PRESENTATION / JUNE 2025 UNITED STATES LARGE UNDEVELOPED COPPER DEVELOPMENT ASSETS TO PRODUCE MADE IN AMERICA COPPER TSX & NYSE: HBM
Slide 25: Copper World Project Key Highlights
Copper World Project KEY HIGHLIGHTS 25 HIGHEST GRADE OPEN PIT COPPER PROJECT IN AMERICAS ATTRACTIVE ECONOMICS AT CONSERVATIVE $3.75CU PRICE ASSUMPTIONS1 $1.1B 19% PHASE I FOOTPRINT ON PRIVATE LAND COPPER PRICE SENSITIVITY ($B) NPV 8% IRR1 Fully permitted project expected to increase $2.0 Cu producti
Slide 26: Copper World Robust Economics
Copper World Robust Economics 26 PHASE I PFS – SIMPLIFIED FLOWSHEET AND EXTENDED MINE LIFE TO 20 YEARS SUMMARY OF 2023 PFS KEY METRICS COPPER WORLD FUNDING REQUIREMENT (at $3.75/lb Cu) IRR: Valuation Metrics (Unlevered)1 Units Phase I Net present value @ 8% (after-tax) $ millions $1,100 ~19% Net pre
Slide 27: Prudently Advancing Copper World
Prudently Advancing Copper World 27 FULLY PERMITTED U.S. COPPER PROJECT COMPLETED UNDERWAY TO COME In late 2022, Hudbay unveiled a prudent financial plan with three 2022 2023 2024 2025 2026 key prerequisites to be achieved OBJECTIVE for a potential project sanctioning. PLAN PERMITS APP AQP ✓ ✓ (May
Slide 28: U.S. Open Pit Copper Benchmarking
U.S. Open Pit Copper Benchmarking 28 WILL BE ONE OF THE LARGEST OPEN PIT COPPER MINES IN THE U.S. WITH LOW CASH COSTS ANNUAL PRODUCTION (KT CU) RESERVE GRADE (% CU) CASH COSTS (US$/LB CU) Morenci 261 Copper World 0.54% Copper World $1.53 Bingham Canyon 152 Ray 0.49% Robinson $2.16 Safford 111 Chino
Slide 29: Copper World Project Highlights
Copper World Project Highlights 29 LARGE SCALE, HIGH-GRADE OPEN PIT WITH ATTRACTIVE ECONOMICS LARGE RESERVE BASE WITH MEANINGFUL RESOURCE UPSIDE ON A SIGNIFICANT LAND PACKAGE 385Mt reserves support 20 years of Phase I mine life, which is only ~30% of the ~1.2Bt of Private Land M&I resources1 Perimet
Slide 30: Mason Project Key Highlights
Mason Project KEY HIGHLIGHTS 30 LARGE OPEN PIT COPPER PROJECT WITH SIGNIFICANT LAND PACKAGE 27 YEARS Mine Life 2.2Bt M&I Tonnage Acquired in 2018, Mason is MASON ECONOMICS1 100%-owned by Hudbay and is 0.29% located in the prolific Yerington After-Tax NPV 10% (US$M) Unlevered IRR (%) M&I Cu Grade Cop
Slide 31: Investment Thesis
31 INVESTOR PRESENTATION / JUNE 2025 INVESTMENT THESIS TSX & NYSE: HBM
Slide 32: Robust Copper Market Outlook
Robust Copper Market Outlook 32 STRONG LONG-TERM COPPER MARKET FUNDAMENTALS WITH SIGNIFICANT SHORTAGE SUPPLY Declining Copper Grades GLOBAL COPPER SUPPLY AND DEMAND1 No Significant Projects Sanctioned in Past 3-Years Copper markets are increasingly Protracted Permitting Timelines dependent on execut
Slide 33: Challenges of Supply Prediction
Challenges of Supply Prediction 33 The analysis below compares the projected global copper production estimated by Wood Mackenzie, inclusive of development and expansion projects, as of 2020 Q3 to the latest 2024 Q3 estimates and 2020-2023 production actuals to understand how the market has changed
Slide 34: A Look at Copper Pipeline Assumptions
A Look at Copper Pipeline Assumptions 34 PROBABLE AND POSSIBLE PIPELINE FACES SIMILAR CHALLENGES TO MEET SUPPLY PREDICTIONS PROBABLE PROJECTS (>75 KTPA CU1) POSSIBLE PROJECTS (LARGEST CONTRIBUTORS1) Production Production Timeline Production Production Timeline Production Production Timeline Project
Slide 35: Prudent Capital Allocation
Prudent Capital Allocation 35 COPPER WORLD REPRESENTS THE NEXT GENERATION OF LOW CAPITAL COPPER DEVELOPMENT Lower Capital Greenfield Projects Brownfield Projects Higher Capital Completed Greenfield Completed Brownfield $38.2 $38.3 $39.1 Capital Intensity ($000s/tonne Cu)1,2 $33.3 $34.0 $34.3 $28.8 $
Slide 36: Proven Developer and Operator
Proven Developer and Operator 36 HUDBAY HAS ~100 YEARS OF MINE DISCOVERY, DEVELOPMENT AND OPERATING EXPERTISE VALUE CREATION THROUGH EXPLORATION High-grade Pampacancha deposit near Constancia 1 Consistent growth through discovery of new 777 and Lalor discoveries (1990’s and 2000’s) deposits + track
Slide 37: Several Near-Term Catalysts
Several Near-Term Catalysts 37 FOCUS ON DELIVERING MANY NEAR-TERM GROWTH INITIATIVES ACROSS THE PORTFOLIO TO GENERATE SIGNIFICANT VALUE FOR STAKEHOLDERS COPPER WORLD MANITOBA ✓ Secure joint venture partnership ✓ New Britannia further optimization ✓ Complete definitive feasibility study ✓ Snow Lake r
Slide 38: Appendix
INVESTOR PRESENTATION / JUNE 2025 APPENDIX TSX & NYSE: HBM 38
Slide 39: World-Class Management Team
World-Class Management Team 39 PETER KUKIELSKI EUGENE LEI ANDRE LAUZON PRESIDENT & CEO CFO COO More than 30 years of sector Over 20 years of global mining investment Over 30 years of experience, holding experience in base metals, precious banking, finance and corporate development leadership roles a
Slide 40: Board of Directors
Board of Directors 40 DAVID SMITH PETER KUKIELSKI JOHN ARMSTRONG CHAIR PRESIDENT & CEO DIRECTOR John has a long career as a strategic advisor, David more than 30 years of financial Peter has more than 30 years of including CEO of Versamet Royalties and spent and executive leadership experience. expe
Slide 41: 3-Year Production Outlook
3-Year Production Outlook 41 STABLE COPPER PRODUCTION WITH STRONG COMPLEMENTARY GOLD EXPOSURE 144kt 253koz 88kt 193koz 44kt 3-Year Avg. Cu 3-Year Avg. Au 3-Year Avg. Cu 3-Year Avg. Au 3-Year Avg. Cu Consolidated Production Consolidated Production Peru Production Manitoba Production B.C. Production C
Slide 42: 2025 Cost Guidance
2025 Cost Guidance 42 CAPITAL EXPENDITURES1 ($M) EXPLORATION EXPENDITURES ($M) SUSTAINING CAPITAL2 2025 Guidance 2024 Actuals 2025 Guidance 2024 Actuals Peru3 170 124 Peru4 19 20 Manitoba 60 46 Manitoba5 30 26 British Columbia3 135 123 British Columbia5 1 2 Arizona and other - 2 Total sustaining cap
Slide 43: Prudent Balance Sheet Management
Prudent Balance Sheet Management 43 ONLY DEBT OUTSTANDING CONSISTS OF LONG-TERM SENIOR UNSECURED BONDS LONG-TERM DEBT STRUCTURE PROVIDES SIGNIFICANT FLEXIBILITY BOND RATINGS Moody’s B1 4.5% due Apr. 2026 S&P B+ Fitch BB- Callable starting in April 2023 6.125% due Callable starting in April 2024 Apr.
Slide 44: Our People, Our Community, Our Planet
Our People, Our Community, Our Planet 44 EMBRACING DIVERSITY AND PROVIDING PRIORITIZE MEANINGFUL COMMITTED TO ADVANCING A HEALTH & SAFE WORKPLACE CONNECTIONS WITH COMMUNITIES ENVIRONMENTALLY RESPONSIBLE MINING All operations are required to be certified to ISO Understanding needs, assessing potentia
Slide 45: South America Business Unit
South America Business Unit 45 Cusco CUSCO MINE Las Bambas MILL TOWN CONSTANCIA RAIL ROAD Yauri PORT Tintaya Antapaccay Llaguen Trujillo INVESTOR PRESENTATION / JUNE 2025 PERU AREQUIPA Imata Lima Constancia Arequipa Cerro Verde & Matarani Matarani Port 0 TACNA 100km P E R U TSX & NYSE: HBM A
Slide 46: Constancia Mine Plan
Constancia Mine Plan 46 17-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY Mine plan for Constancia operations reflects higher copper and gold production into 2025 with the higher grades from the Pampacancha deposit and extended mine life to 2041 with the conversion of mineral resources to
Slide 47: Maria Reyna Historical Drill Results
Maria Reyna Historical Drill Results 47 A summary of the historical drill results from Maria Reyna is contained in the table below, however a qualified person has not independently verified this historical data or the quality assurance and quality control program that was applied during the executio
Slide 48: Llaguen Project
Llaguen Project 48 COPPER PIPELINE PROJECT IN A FAVOURABLE LOCATION SECTIONAL VIEW OF PROJECT 100% owned by Hudbay. The Llaguen project is in La Libertad region in northwestern Peru. Accessible by road, 62km from the Salaverry port and 40km from the Trujillo Nueva electric substation. Hosts shallow
Slide 49: Manitoba Business Unit
Manitoba Business Unit New Britannia Gold Mill 49 2,000 tpd capacity Snow Lake Lalor Mine ~4,500 tpd Stall Base Metal Mill 3,800 tpd capacity MINE MILL TOWN RAIL MANITOBA ROAD 0 5km Lalor Flin Flon SASKATCHEWAN MANITOBA INVESTOR PRESENTATION / JUNE 2025 Snow Lake Lalor Mine Flin Flon Winnipeg Flin F
Slide 50: Snow Lake Mine Plan
Snow Lake Mine Plan 50 13-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY Mine plan optimizes processing capacity in Snow Lake to maximize the NPV of the operations. SNOW LAKE OPERATIONS1 2023A 2024A 20253 20263 20273 2028-2037 Avg. CONTAINED METAL IN CONCENTRATE AND DORÉ Au Production (00
Slide 51: Snow Lake Process - 2025
Snow Lake Process - 2025 51 2,500 tpd Lalor Crushed ~2,000 tpd Ore STALL MILL NEW BRITANNIA MILL Grinding Grinding Cu conc. to New Britannia Cu conc. Flotation Flotation (via pipeline) Tails Cyanide INVESTOR PRESENTATION / JUNE 2025 Leaching/CIP Destruction Process Tails to Zn Zn Concentrate Concent
Slide 52: Snow Lake Growth Over Time
Snow Lake Growth Over Time 52 OVER 3.0M OUNCES OF GOLD HAS BEEN IDENTIFIED AS RESERVES / PRODUCED TO DATE +250% Increase identified reserves / produced gold from initial reserve estimate Reserves Produced-to-date 32% increase from 9% increase from Inferred inclusion of satellite resource 7% increase
Slide 53: Lalor Northwest Drilling
Lalor Northwest Drilling 53 FOLLOW UP DRILLING CONFIRMS NEW DISCOVERY NORTHWEST OF THE LALOR DEPOSIT INTERSECTED SIGNIFICANT LALOR SECTION VIEW WITH LALOR NORTHWEST COPPER-GOLD MINERALIZATION LOCATED ~400M FROM UNDERGROUND INFRASTRUCTURE 2024 drilling intersections helped establish Lalor Northwest g
Slide 54: 1901 Development & Exploration Drift
1901 Development & Exploration Drift 54 ADVANCING ACCESS TO THE 1901 DEPOSIT FOR EXPLORATION AND FUTURE MINE DEVELOPMENT The 1901 deposit was discovered in 2019 and is located within 1,000 metres of the Lalor EXPLORATION STEP OUT DRILLING1 underground ramp. Pre-feasibility studies in 2021 resulted i
Slide 55: Flin Flon Growth Opportunities
Flin Flon Growth Opportunities 55 GROWTH POTENTIAL THROUGH TAILINGS REPROCESSING OPPORTUNITY AND EXPLORATION PARTNERSHIP MILL TAILINGS REPROCESSING ZINC PLANT TAILINGS REPROCESSING Opportunity to reprocess Flin Flon tailings where Opportunity to reprocess the tailings from the more than 100Mt of tai
Slide 56: Flin Flon Closure Cost Plan
Flin Flon Closure Cost Plan 56 75% OF CLOSURE AND RECLAMATION COSTS ARE TO BE INCURRED AFTER 20371 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2122 $23M in tailings stability $13M inFlindemolition costs between the close of Flon and 2
Slide 57: British Columbia Business Unit
British Columbia Business Unit 57 MINE TOWN ROAD Kamloops NEW AFTON MINE BRITISH COLUMBIA HIGHLAND VALLEY COPPER MINE Kelowna INVESTOR PRESENTATION / JUNE 2025 Princeton C O L U M B I A COPPER MOUNTAIN MINE Copper Mountain 0 20km Vancouver B R I T I S H TSX & NYSE: HBM A
Slide 58: Copper Mountain Mine Plan
Copper Mountain Mine Plan 58 19-YEAR MINE PLAN BASED ON PROJECT AND PROBABLE RESERVES ONLY Updated mine plan for Copper Mountain operations reflects mine stabilization plan advancements and increased mine productivity. COPPER MOUNTAIN OPERATIONS 2024A 20255 20265 20275 2028-2043 Avg.* LOM Total* CON
Slide 59: Copper Mountain Value Creation
Copper Mountain Value Creation 59 IMPROVING RELIABILITY AND OPTIMIZING OPERATIONS TO DRIVE SUSTAINABLE LONG-TERM VALUE STABILIZATION OPTIMIZATION Exceeded $10 million annual Accessing higher grades and corporate synergies target increasing mill throughput to drive Mining Processing Value Creation hi
Slide 60: Arizona - U.S. Business Unit
Arizona – U.S. Business Unit 60 COPPER WORLD IS A LARGE SCALE, HIGH-GRADE OPEN PIT COPPER PROJECT WITH ATTRACTIVE ECONOMICS Miami Pinto Valley Phoenix Resolution Ray Morenci Safford Florence ARIZONA, U.S. Cactus Santa Cruz INVESTOR PRESENTATION / JUNE 2025 Silver Bell Tucson Gunnison Phoenix Mission
Slide 61: Copper World 2023 PFS
Copper World 2023 PFS 61 SIMPLIFIED PROJECT DESIGN SIMPLIFIED MINE PLAN consists of four open pits and is now optimized solely on the flotation of both copper sulfides and oxides. SIMPLIFIED PROCESSING FLOW SHEET includes conventional sulfide flotation concentrator with copper concentrate as final p
Slide 62: Designed to Reduce Energy Consumption
Designed to Reduce Energy Consumption and GHG Emissions 62 “MADE IN AMERICA” COPPER CATHODE TO SUPPORT DOMESTIC U.S. COPPER CONSUMPTION CONCENTRATE LEACH FACILITY SENSITIVITY ($B) ↓10% ↓14% NPV 10% NPV 8% $1.5 lower energy reduction in total Base Case $1.3 $1.2 consumption, including scope 1, 2 & 3
Slide 63: Copper World Reserves and Resources
Copper World Reserves and Resources 63 RESERVES REPRESENT 30% OF M&I RESOURCES, OFFERING ROBUST EXPANSION AND MINE LIFE EXTENSION POTENTIAL RESERVE AND RESOURCE BASE NI 43-101 compliant Reserve and Resource statement supported by extensive drilling totalling 355,371 meters PFS mine plan and reserv
Slide 64: Copper World Positioning
Copper World Positioning 64 ONE OF THE BEST UNDEVELOPED COPPER PROJECT – CAPITAL LIGHT, LOW COMPLEXITY High Financial Risk $4.0 El Arco Nueva Union Casino Taca Taca $3.0 Josemaria Vizcachitas Santo Domingo CAPEX (US$B) $2.0 Filo del Sol (Oxides) Copper World INVESTOR PRESENTATION / JUNE 2025 $1.0 Ye
Slide 65: Scarcity of Permitted Copper Projects
Scarcity of Permitted Copper Projects 65 COPPER WORLD IS THE HIGHEST QUALITY, PERMITTED DEVELOPMENT PROJECT IN A STABLE JURISDICTION Best in peer set GLOBAL COPPER PROJECT BREAKDOWN PROJECT BENCHMARKING 263 Company | Project Copper World2 Santo Domingo Zafranal (100%) (100%) (80%) Technical Stage PF
Slide 66: Nevada - U.S. Business Unit
Nevada – U.S. Business Unit 66 MASON PROJECT HAS THE POTENTIAL TO BE THE 3RD LARGEST COPPER MINE IN THE U.S. Power Plant Lyon County Douglas County NEVADA, U.S. MacArthur Reno Mason Yerington Mine Project Blue Hill (Historic) INVESTOR PRESENTATION / JUNE 2025 MASON Yerington Mason TOWN Las Vegas Roa
Slide 67: Peru Mineral Reserves
Peru Mineral Reserves (AS AT JANUARY 1, 2025) 67 MINERAL RESERVE ESTIMATES1,2,3,4,5 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Proven 443,200,000 0.252 80 0.037 2.59 Probable 64,800,000 0.205 73 0.036 1.78 CONSTANCIA – TOTAL PROVEN AND PROBABLE 508,000,000 0.246 79 0.037 2.49 PAMPACANCHA Pr
Slide 68: Peru Mineral Resources
Peru Mineral Resources (AS AT JANUARY 1, 2025) 68 MINERAL RESOURCE ESTIMATES1,2,3,4,5 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Measured 92,700,000 0.211 57 0.039 2.24 Indicated 86,900,000 0.222 83 0.039 2.24 Inferred – Open Pit 33,700,000 0.247 69 0.056 2.75 Inferred – Underground 6,500,0
Slide 69: Snow Lake Reserves - Lalor Mine & 1901
Snow Lake Reserves – Lalor Mine & 1901 Deposit (AS AT JANUARY 1, 2025) 69 MINERAL RESERVE ESTIMATES1,2,3,4,5,6,7 CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) Proven Lalor 3,250,000 5.3 0.72 0.62 32.6 1901 102,000 2.8 1.33 1.00 19.2 Gold Zone Reserves Probable Lalor 3,701,000 4.3 0.32 1.02 24.5 19
Slide 70: Snow Lake Resources - Lalor Mine & 1901
Snow Lake Resources – Lalor Mine & 1901 Deposit (AS AT JANUARY 1, 2025) 70 MINERAL RESOURCE ESTIMATES1,2,3,4,5,6,7,8 CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) Inferred Lalor 1,953,000 4.3 0.26 2.36 14.8 Gold Zone Resources 1901 1,587,000 5.5 0.30 0.85 16.6 Total Inferred – Gold 3,540,000 4.8 0
Slide 71: Snow Lake Reserves & Resources - Other Gold
Snow Lake Reserves & Resources – Other Gold (AS AT JANUARY 1, 2025) 71 GOLD MINERAL RESERVE AND RESOURCE CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) ESTIMATES1,2,3,4,5,6,7 Probable Reserves WIM Probable 2,450,000 1.6 0.25 1.63 6.3 3 Zone Probable 660,000 4.2 - - - TOTAL PROBABLE (GOLD) 3,110,000
Slide 72: Snow Lake Reserves & Resources - Other Base Metals
Snow Lake Reserves & Resources – Other Base Metals (AS AT JANUARY 1, 2025) 72 BASE METAL MINERAL RESERVE AND RESOURCE CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) ESTIMATES1,2,3,4,5,6 Indicated Resources Pen II Indicated 470,000 0.3 8.89 0.49 6.8 Talbot* Indicated 2,190,000 2.1 1.79 2.33 36.0 TOT
Slide 73: B.C. Mineral Reserves & Resources
B.C. Mineral Reserves & Resources (AS AT JANUARY 1, 2025) 73 MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5,6 TONNES Cu (%) Au (g/t) Ag (g/t) Reserves Proven 172,900,000 0.269 0.124 0.72 Probable 173,100,000 0.222 0.109 0.62 TOTAL PROVEN AND PROBABLE 346,000,000 0.245 0.116 0.67 Resources Measured
Slide 74: Copper World Mineral Reserves & Resources
Copper World Mineral Reserves & Resources (AS AT JANUARY 1, 2025) 74 Soluble Cu MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5,6 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) Grade (%) RESERVES Proven reserves 319,400,000 0.54 0.11 110 0.03 5.7 Probable reserves 65,700,000 0.52 0.14 96 0.02 4.3 Total pr
Slide 75: Mason Mineral Resources
Mason Mineral Resources (AS AT JANUARY 1, 2025) 75 MINERAL RESOURCE ESTIMATES1,2,3,4,5 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) Measured 1,417,000,000 0.29 59 0.031 0.66 Mason Indicated 801,000,000 0.30 80 0.025 0.57 TOTAL MEASURED AND INDICATED 2,219,000,000 0.29 67 0.029 0.63 Mason Inferred 237,00
Slide 76: Llaguen Mineral Resources
Llaguen Mineral Resources (AS AT JANUARY 1, 2025) 76 MINERAL RESOURCE ESTIMATES1,2,3,4,5,6 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CuEq (%) Indicated Global (≥ 0.14% Cu) 271,000,000 0.33 218 0.033 2.04 0.42 Including Indicated High-grade (≥ 0.30% Cu) 113,000,000 0.49 291 0.046 2.73 0.60 Inferred Gl
Slide 77: Additional Information
Additional Information 77 The reserve and resource estimates included in this presentation were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Reso