Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Investor Presentation (February 2026)
78 slides from Hudbay Minerals's investor presentation, February 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION FEBRUARY 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: Our Purpose
Our Purpose 3 We care about INVESTOR PRESENTATION / FEBRUARY 2026 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 REVENUE AND RESERVES BY METAL REVENUE2 RESERVES3 Copper World 3% 5% 2% 2%2% 6% Consolidated Copper Cash Production (000 tonnes) Consolidated Copper 138-184 Costs (US$/lb) 110-138 118 Cu Au 15% Existing Operations 6.0 Mt 38
Slide 5: Strong Q4 Results Driven by Resilient Operating Performance
Strong Q4 Results Driven by Resilient Operating Performance 5 STABLE PRODUCTION AND INDUSTRY-LEADING COSTS DRIVE RECORD REVENUE AND EBITDA1 KEY RESULTS SUMMARY $386M $0.22 33kt ($0.63)/lb Q4 2025 Q3 2025 Q4 2024 Q4 2025 Q4 2025 Q4 2025 Cu Q4 2025 Adj. EBITDA1 Adj. EPS 1,2 Production Cash Cost1 Produ
Slide 6: Record Free Cash Flow Generation and Financial Flexibility
Record Free Cash Flow Generation and Financial Flexibility 6 FINANCIAL TRANSFORMATION FROM DIVERSIFIED CASH FLOWS AND PRUDENT BALANCE SHEET MANAGEMENT Significant free cash flow generation in Peru and Manitoba and $388M $440M $992M 0.0x optimization efforts underway in British Columbia achieve posit
Slide 7: 2025 Year in Review
2025 Year in Review 7 THIRD CONSECUTIVE YEAR OF RECORD FINANCIAL PERFORMANCE Current Year Ago Change Achieved record annual revenue of $2.2B and adjusted EBITDA of $1.1B1 Market 11th consecutive year achieving annual consolidated copper production guidance3 Capitalization $9.8B $3.1B +$6.7B 5t
Slide 8: Diversified Portfolio of Long-Life Assets in Tier Jurisdictions
Diversified Portfolio of Long-Life Assets in Tier 1 Jurisdictions 8 OPERATING MINE DEVELOPMENT / EXPLORATION PROJECT Cu Au Ag Cu Mo Ag Au PERMITTED OPERATING MINE DEVELOPMENT PROJECT +19 year mine life +20 year mine life COPPER MOUNTAIN Open pit COPPER WORLD Open Pit British Columbia, Canada
Slide 9: Attractive Copper Positioning
Attractive Copper Positioning 9 SIGNIFICANT COPPER PRODUCTION AT FIRST QUARTILE CASH COSTS MEANINGFUL COPPER PRODUCTION1 LEADING LOW-COST PROFILE 500 2025E COPPER C1 CASH COSTS2 $4.00 400 ~$100M increase in cash flow and EBITDA for ~$75M increase in cash flow and EBITDA for 10% change in annual copp
Slide 10: Hudbay Leading Copper Exposure
Hudbay Leading Copper Exposure 10 SUSTAINED GROWTH IN COPPER RESOURCES PER SHARE DRIVES INDUSTRY LEADING COPPER PRICE OPTIONALITY SIGNIFICANT GROWTH IN COPPER RESOURCES PER SHARE1 HIGHEST COPPER & GOLD NAV SENSITIVITY VERSUS PEERS2 NAV SENSITIVITY TO 10% CHANGE IN COMMODITY PRICES Manitoba Peru Brit
Slide 11: Hudbay Investment Thesis
Hudbay Investment Thesis 11 STABLE COPPER PRODUCTION AND UNIQUE GOLD EXPOSURE from three operations in tier-1 mining jurisdictions generating strong free cash flow 118kt Cu generating 268koz Au generating with industry-leading margins. +$380M in free cash flow at industry-low cash costs in 2025 PROV
Slide 12: Peru
12 INVESTOR PRESENTATION / FEBRUARY 2026 PERU LONG LIFE, LOW COST COPPER MINE WITH SIGNIFICANT EXPLORATION POTENTIAL TSX & NYSE: HBM
Slide 13: Constancia Key Highlights
Constancia KEY HIGHLIGHTS 13 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 t
Slide 14: Constancia Operational Excellence
Constancia Operational Excellence 14 CONTINUOUS OPERATIONAL IMPROVEMENTS AT CONSTANCIA HAVE INCREASED THROUGHPUT, ENHANCED EFFICIENCIES AND REDUCED COSTS Throughput Expansion CONSTANCIA THROUGHPUT1 100 +10% Mill consistently operates above design capacity with strong culture of continuous Expansio
Slide 15: Constancia Exploration Potential
Constancia Exploration Potential 15 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 / FEBRUARY 2026 PERU Tintaya Lima Constancia Antap
Slide 16: Constancia Priority Satellite Targets
Constancia Priority Satellite Targets 16 EXPLORATION PERMITTING PROGRESSING WITH GOVERNMENT “CONSULTA PREVIA” 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 19
Slide 17: Canada
17 INVESTOR PRESENTATION / FEBRUARY 2026 CANADA NEARLY 100 YEARS OF DIVERSIFIED COPPER & GOLD OPERATIONS TSX & NYSE: HBM
Slide 18: Snow Lake Key Highlights
Snow Lake KEY HIGHLIGHTS 18 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, significantly for the newly refurbished New Britannia mill and base
Slide 19: Lalor Mine Life Extension
Lalor Mine Life Extension 19 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 INVESTOR PRESENTATION / FEBRUARY 2026 LEGEND Existing devel
Slide 20: New Britannia Mill Refurbishment Driving Higher Returns
New Britannia Mill Refurbishment Driving Higher Returns 20 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 21: Snow Lake Cost Performance
Snow Lake Cost Performance 21 HIGHEST MARGIN CANADIAN GOLD MINE LARGE-SCALE (>150koz) CANADIAN GOLD MINES Higher Margin Lower Margin $1,824 $1,895 $2,020 ~80% ASIC Margin at current gold prices $1,633 $1,636 $1,650 $1,473 All-In Sustaining Costs (US$/oz)1 $1,300 $1,302 $1,257 $1,196 $1,205 $1,148 $1
Slide 22: Snow Lake Exploration Program Executing Threefold Strategy
Snow Lake Exploration Program Executing Threefold Strategy 22 1. NEAR MINE – MINE LIFE EXTENSION 2. REGIONAL – PRODUCTION GROWTH 3. GEOPHYSICS – NEW ANCHOR DISCOVERY Testing mineralized extensions at Lalor and 1901 Exploration across Snow Lake region land package to test Large modern geophysics prog
Slide 23: Copper Mountain Key Highlights
Copper Mountain KEY HIGHLIGHTS 23 LONG LIFE COPPER MINE WITH OPTIONALITY 19 YEARS Mine Life Cu-Au-Ag Porphyry Deposit Copper Mountain mine is a conventional open pit with a Mill optimization initiatives underway to increase mill 45,000 tpd plant capacity. Hudbay acquired 75% ownership throughput to
Slide 24: Copper Mountain Optimization
Copper Mountain Optimization 24 ON TRACK TO CREATE LONG-TERM VALUE THROUGH OPTIMIZATION MATERIAL MOVED1 25 Quarterly Material Moved *(Mt) OPTIMIZATION INITIATIVES 20 Hudbay Acquisition 15 Accessing higher grades and increasing mill throughput to drive production 10 21.4 21.8 15.8 Accelerated strip
Slide 25: New Ingerbelle Project
New Ingerbelle Project 25 EXTENDING COPPER MOUNTAIN MINE LIFE AND ENHANCED COPPER AND GOLD GRADES Received expansion permits and refreshed community participation agreement Major milestone received the amended Mines Act and Environmental Management Act permits through the coordinated authorizations
Slide 26: United States
26 INVESTOR PRESENTATION / FEBRUARY 2026 UNITED STATES LARGE UNDEVELOPED COPPER DEVELOPMENT ASSETS TO PRODUCE MADE IN AMERICA COPPER TSX & NYSE: HBM
Slide 27: Copper World Project Key Highlights
Copper World Project KEY HIGHLIGHTS 27 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 28: Significant Investment in U.S. Critical Minerals
Significant Investment in U.S. Critical Minerals 28 “MADE IN AMERICA” COPPER CATHODE TO SUPPORT DOMESTIC U.S. COPPER CONSUMPTION INVESTING IN U.S. CRITICAL MINERALS INFRASTRUCTURE & SIGNIFICANT JOB CREATION Copper World represents one of the largest +$1.5B1 +$850M +400 up to 3,000 investments in sou
Slide 29: $600M Strategic Investment from Mitsubishi Corporation
$600M Strategic Investment from Mitsubishi Corporation 29 HIGHLY ACCRETIVE JOINT VENTURE TRANSACTION WITH PREMIER PARTNER TO FUND COPPER WORLD PROJECT TRANSACTION OVERVIEW FURTHER DERISKS THE ADVANCEMENT OF COPPER WORLD Joint Venture (“JV”) ✓ REALIZES ATTRACTIVE ✓ PROVIDES FURTHER $600M +90% Ownersh
Slide 30: Reduces Hudbay's Remaining Equity Contribution to ~$200M
Reduces Hudbay’s Remaining Equity Contribution to ~$200M 30 FINANCIAL FLEXIBILITY WITH PRUDENT FINANCING PLAN AND STRENGTHENED BALANCE SHEET +90% ~$1B ~$200M OPTIMAL PROJECT FUNDING STRUCTURE2 Hudbay Equity Levered Project Hudbay Post-closing1 Remaining Hudbay JV Proceeds + Equity IRR to Hudbay Cash
Slide 31: Copper World PFS Highlights
Copper World PFS Highlights 31 PHASE I PFS – LARGE SCALE, HIGH-GRADE COPPER PROJECT WITH ATTRACTIVE ECONOMICS Large Reserve Base with Meaningful Resource Upside on a Significant Land Package: 385Mt reserves support 20 years of Phase I mine life, which is only ~30% of the ~1.2Bt of M&I resources* Low
Slide 32: Mason Project Key Highlights
Mason Project KEY HIGHLIGHTS 32 LARGE OPEN PIT COPPER PROJECT WITH SIGNIFICANT LAND PACKAGE 27 YEARS Mine Life 2.2Bt M&I Tonnage Acquired in 2018, Mason is MASON ECONOMICS1 100%-owned by Hudbay and is 0.29% located in the prolific Yerington After-Tax NPV 10% (US$M) Unlevered IRR (%) M&I Cu Grade Cop
Slide 33: Investment Thesis
INVESTOR PRESENTATION / FEBRUARY 2026 THESIS INVESTMENT TSX & NYSE: HBM 33
Slide 34: Robust Copper Market Outlook
Robust Copper Market Outlook 34 STRONG LONG-TERM COPPER MARKET FUNDAMENTALS WITH SIGNIFICANT SHORTAGE SUPPLY GLOBAL COPPER SUPPLY AND DEMAND1 Declining Copper Grades No Significant Projects Sanctioned in Past 3-Years Copper markets are increasingly dependent on execution of early Base Case Operating
Slide 35: Challenges of Supply Prediction
Challenges of Supply Prediction 35 The analysis below compares the projected global copper production estimated by Wood Mackenzie, inclusive of development and expansion projects, as of 2020 Q4 to the latest 2025 Q4 estimates and 2020-2025 production actuals to understand how the market has changed
Slide 36: A Look at Copper Pipeline Assumptions
A Look at Copper Pipeline Assumptions 36 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 37: Prudent Capital Allocation
Prudent Capital Allocation 37 COPPER WORLD REPRESENTS THE NEXT GENERATION OF LOW CAPITAL COPPER DEVELOPMENT Lower Capital Higher Capital Greenfield Projects Brownfield Projects Completed Greenfield Completed Brownfield $56.9 $39.1 $38.3 Capital Intensity ($000s/tonne Cu)1,2,3 $38.2 $34.3 $35.4 $33.3
Slide 38: Proven Developer and Operator
Proven Developer and Operator 38 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 39: Holistic Capital Allocation Framework
Holistic Capital Allocation Framework 39 CONTINUED FINANCIAL DISCIPLINE IN DELIVERING GROWTH AND MAXIMIZING LONG-TERM RISK-ADJUSTED RETURNS Over past three years, Hudbay achieved a significant financial transformation moving from overleveraged and capital constrained to a preferred position enabling
Slide 40: Key Objectives for 2026
Key Objectives for 2026 40 CONTINUED OPERATIONAL EXCELLENCE AND PRUDENT CAPITAL ALLOCATION TO DELIVER HIGH-RETURN GROWTH 1H 2026 2H 2026 Continue deleveraging and financial discipline Copper World sanctioning decision Progress New Ingerbelle permitting activities at Copper Mountain Deliver o
Slide 41: Hudbay's Attractive, Copper Weighted Production Growth
Hudbay’s Attractive, Copper Weighted Production Growth 41 COPPER WORLD DELIVERS +50% GROWTH IN CONSOLIDATED COPPER PRODUCTION ANNUAL CONSOLIDATED COPPER PRODUCTION1 HUDBAY LONG-TERM PRODUCTION PROFILE2 GEOGRAPHIC MIX COMMODITY MIX ~250 2% 3% Copper Production (000 tonnes) Consolidated Copper World +
Slide 42: Appendix
INVESTOR PRESENTATION / FEBRUARY 2026 APPENDIX TSX & NYSE: HBM 42
Slide 43: World-Class Management Team
World-Class Management Team 43 PETER KUKIELSKI EUGENE LEI ANDRE LAUZON PRESIDENT & CEO CFO COO More than 30 years of sector Over 25 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 44: Board of Directors
Board of Directors 44 DAVID SMITH PETER KUKIELSKI JOHN ARMSTRONG CHAIR PRESIDENT & CEO DIRECTOR David more than 30 years of financial Peter has more than 30 years of John has a long career as a strategic advisor, and executive leadership experience. experience within the base & precious including CE
Slide 45: 2026 Production Outlook
2026 Production Outlook 45 STABLE COPPER PRODUCTION WITH STRONG COMPLEMENTARY GOLD EXPOSURE CONTAINED METAL IN CONCENTRATE AND DORE1 2026 Guidance 2025 Production3 2025 Guidance PERU Copper Tonnes 75,000 - 90,000 85,155 80,000 - 97,000 Gold Ounces 15,000 - 20,000 74,480 49,000 - 60,000 Silver Ounces
Slide 46: 2026 Cost Guidance
2026 Cost Guidance 46 GENERATIONAL INVESTMENTS IN OPERATING PORTFOLIO AND ATTRACTIVE GROWTH PROJECTS CAPITAL EXPENDITURES1,2 ($M) EXPLORATION EXPENDITURES ($M) 2026 Year ended 2025 2026 Year ended 2025 Guidance Dec. 31, 2025 Guidance Guidance Dec. 31, 2025 Guidance SUSTAINING CAPITAL3 Peru7 15 15.9
Slide 47: Prudent Balance Sheet Management
Prudent Balance Sheet Management 47 SIGNIFICANT FINANCIAL FLEXIBILITY AND INDUSTRY-LEADING FINANCIAL POSITION SUBSTANTIAL DEBT REDUCTION HIGH YIELD CREDIT BENCHMARK3 6.5% $1,417M +$330M 0.0x 5.96% 6.0% 5.71% Post-closing Total debt repayment Post-closing Mining Index, 5.51% Total Liquidity since Jan
Slide 48: Our People, Our Community, Our Planet
Our People, Our Community, Our Planet 48 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 49: South America Business Unit
South America Business Unit 49 Cusco CUSCO MINE Las Bambas MILL TOWN CONSTANCIA RAIL ROAD Yauri PORT Tintaya Antapaccay Llaguen Trujillo INVESTOR PRESENTATION / FEBRUARY 2026 PERU AREQUIPA Imata Lima Constancia Arequipa Cerro Verde & Matarani Matarani Port 0 TACNA 100km P E R U TSX & NYSE: HBM A
Slide 50: Constancia Mine Plan
Constancia Mine Plan 50 17-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY Mine plan for Constancia operations reflects extended mine life to 2041 with the conversion of mineral resources to mineral reserves. CONSTANCIA OPERATIONS 2023A 2024A 2025A 20263 20273 2028-2037 Avg. CONTAINED META
Slide 51: Llaguen Project
Llaguen Project 51 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 52: Manitoba Business Unit
Manitoba Business Unit New Britannia Gold Mill 52 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 Snow Lake Flin INVESTOR PRESENTATION / FEBRUARY 2026 Flon SASKATCHEWAN MANITOBA Snow Lake Lalor Mine Flin Flon Winnipe
Slide 53: Snow Lake Mine Plan
Snow Lake Mine Plan 53 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 2025A 20263 20273 2028-2037 Avg. CONTAINED METAL IN CONCENTRATE AND DORÉ Au Production (00
Slide 54: Snow Lake Process - 2025
Snow Lake Process - 2025 54 4,500 tpd 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) INVESTOR PRESENTATION / FEBRUARY 2026 Tails Cyanide Leaching/CIP Destruction Process Tails to Zn Zn Conce
Slide 55: Snow Lake Growth Over Time
Snow Lake Growth Over Time 55 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 56: 1901 Development & Exploration Drift
1901 Development & Exploration Drift 56 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 57: Talbot Copper-Gold-Zinc Project
Talbot Copper-Gold-Zinc Project 57 DRILL PROGRAM STARTED IN JULY WITH POSITIVE RESULTS INDICATING THE FOOTPRINT HAS DOUBLED Talbot is a copper-gold-zinc deposit and is 100% owned by Hudbay. 2025 & 2026 DRILLING TARGETS Talbot’s proximity to existing processing infrastructure in Snow Lake makes it id
Slide 58: Flin Flon Growth Opportunities
Flin Flon Growth Opportunities 58 GROWTH POTENTIAL THROUGH TAILINGS REPROCESSING OPPORTUNITY AND EXPLORATION PARTNERSHIP ZINC PLANT TAILINGS REPROCESSING MILL TAILINGS REPROCESSING Opportunity to reprocess the tailings from the Opportunity to reprocess Flin Flon tailings where hydrometallurgical zin
Slide 59: British Columbia Business Unit
British Columbia Business Unit 59 MINE TOWN ROAD Kamloops NEW AFTON MINE BRITISH COLUMBIA HIGHLAND VALLEY COPPER MINE INVESTOR PRESENTATION / FEBRUARY 2026 Kelowna 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 60: Copper Mountain Mine Plan
Copper Mountain Mine Plan 60 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 2025A 20265 20275 2028-2043 Avg.* LOM Total* CON
Slide 61: Arizona – U.S. Business Unit
Arizona – U.S. Business Unit 61 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 / FEBRUARY 2026 Silver Bell Tucson Gunnison Phoenix Mis
Slide 62: U.S. Open Pit Copper Benchmarking
U.S. Open Pit Copper Benchmarking 62 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 63: Copper World Project Overview
Copper World Project Overview 63 LARGE SCALE, FULLY-PERMITTED OPEN PIT COPPER PROJECT IN THE U.S. WITH ATTRACTIVE ECONOMICS PROJECT HIGHLIGHTS Large Reserve Base with Meaningful Resource Upside • 385Mt reserves support 20 years of Phase I mine life, which is only ~30% of the 1.2Bt of M&I resources1
Slide 64: Mitsubishi Corporation: Premier Strategic Partner
Mitsubishi Corporation: Premier Strategic Partner 64 LARGEST JAPANESE TRADING HOUSE & EXPERIENCED JV PARTNER AT WORLD-CLASS COPPER MINES Mitsubishi (~$80B market cap) is a globally integrated trading and investment company that develops and operates LARGEST MINES GLOBALLY BY 2024A COPPER PRODUCTION
Slide 65: Copper World Reserves and Resources
Copper World Reserves and Resources 65 RESERVES REPRESENT 30% OF M&I RESOURCES, OFFERING ROBUST EXPANSION AND MINE LIFE EXTENSION POTENTIAL RESERVE AND RESOURCE BASE NI 43-101 compliant Reserve and Resource statement supported by extensive drilling totalling 355,371 meters Significant resources lie
Slide 66: Designed to Reduce Energy Consumption and GHG Emissions
Designed to Reduce Energy Consumption and GHG Emissions 66 “MADE IN AMERICA” COPPER CATHODE TO SUPPORT DOMESTIC U.S. COPPER CONSUMPTION CONCENTRATE LEACH FACILITY SENSITIVITY ($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 67: Nevada – U.S. Business Unit
Nevada – U.S. Business Unit 67 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 INVESTOR PRESENTATION / FEBRUARY 2026 Mason Yerington Mine Project Blue Hill (Historic) MASON Yerington Mason TOWN Las Vegas
Slide 68: Peru Mineral Reserves
Peru Mineral Reserves (AS AT JANUARY 1, 2025) 68 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 69: Peru Mineral Resources
Peru Mineral Resources (AS AT JANUARY 1, 2025) 69 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 70: Snow Lake Reserves – Lalor Mine & 1901 Deposit
Snow Lake Reserves – Lalor Mine & 1901 Deposit (AS AT JANUARY 1, 2025) 70 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 71: Snow Lake Resources – Lalor Mine & 1901 Deposit
Snow Lake Resources – Lalor Mine & 1901 Deposit (AS AT JANUARY 1, 2025) 71 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 72: Snow Lake Reserves & Resources – Other Gold
Snow Lake Reserves & Resources – Other Gold (AS AT JANUARY 1, 2025) 72 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 73: Snow Lake Reserves & Resources – Other Base Metals
Snow Lake Reserves & Resources – Other Base Metals (AS AT JANUARY 1, 2025) 73 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 74: B.C. Mineral Reserves & Resources
B.C. Mineral Reserves & Resources (AS AT JANUARY 1, 2025) 74 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 75: Copper World Mineral Reserves & Resources
Copper World Mineral Reserves & Resources (AS AT JANUARY 1, 2025) 75 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 76: Mason Mineral Resources
Mason Mineral Resources (AS AT JANUARY 1, 2025) 76 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 77: Llaguen Mineral Resources
Llaguen Mineral Resources (AS AT JANUARY 1, 2025) 77 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 78: Additional Information
Additional Information 78 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
Hudbay Minerals — Investor Presentation (February 2026) on 6ix