Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Q1 2026 Earnings Presentation
33 slides from Hudbay Minerals's earnings presentation, May 1, 2026
Slide 1: Hudbay Announces First Quarter 2026 Results and Delivers Record Quarterly Revenue and Adjusted EBITDA
TSX, NYSE – HBM 2026 No. 10 Hudbay Announces First Quarter 2026 Results and Delivers Record Quarterly Revenue and Adjusted EBITDA Toronto, Ontario, May 1, 2026 – Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM) released its first quarter 2026 financial results today. All amounts are
Slide 2: Continued Strong Financial Discipline and Prudent Balance Sheet Management
TSX, NYSE – HBM 2026 No. 10 After adjusting for various non-cash items on a pre-tax basis, first quarter adjusted earningsi per share attributable to owners was $0.40. ● Cash and cash equivalents were $1,003.8 million and total liquidityii was $1,429.0 million at the end of the first quarter of 2026
Slide 3: Summary of First Quarter Results
TSX, NYSE – HBM 2026 No. 10 Summary of First Quarter Results Hudbay's diversified asset portfolio delivered consolidated copper production of 27,929 tonnes and consolidated gold production of 61,700 ounces in the first quarter of 2026. Consolidated copper and gold production was lower than the fourt
Slide 4: Consolidated Financial Condition
TSX, NYSE – HBM 2026 No. 10 On April 1, 2026, Hudbay repaid the outstanding aggregate principal amount of $472.5 million of its 2026 senior unsecured notes (the "2026 Notes") on maturity using a combination of cash on hand and a $272.0 million draw on its low-cost revolving credit facilities. After
Slide 5: Consolidated Production and Cost Performance
TSX, NYSE – HBM 2026 No. 10 Consolidated Production and Cost Performance Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Contained metal in concentrate and doré produced1 Copper tonnes 27,929 33,069 30,958 Gold ounces 61,700 84,298 73,784 Silver ounces 787,449 1,002,985 919,775 Zinc ton
Slide 6: Peru Operations Review
TSX, NYSE – HBM 2026 No. 10 Peru Operations Review Peru Operations Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Constancia ore mined1 tonnes 10,701,375 5,610,915 8,628,279 Copper % 0.29 0.31 0.28 Gold g/tonne 0.03 0.03 0.03 Silver g/tonne 3.11 3.27 3.14 Molybdenum % 0.01 0.01 0.02 Pa
Slide 7: Peru Operations Review
TSX, NYSE – HBM 2026 No. 10 The Peru operations continued to demonstrate steady operating performance with production and costs in line with expectations after the depletion of Pampacancha at the end of 2025. The Company continues to advance the installation of pebble crushers at Constancia to incre
Slide 8: Manitoba Operations Review
TSX, NYSE – HBM 2026 No. 10 Manitoba Operations Review Manitoba Operations Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Lalor Ore mined1 tonnes 349,980 353,819 384,234 Gold g/tonne 4.72 5.51 5.46 Copper % 0.80 0.82 0.95 Zinc % 2.10 2.55 2.42 Silver g/tonne 26.22 29.52 31.23 New Brita
Slide 9: Manitoba Operations Review
TSX, NYSE – HBM 2026 No. 10 The Manitoba operations demonstrated strong operational agility in mitigating lower equipment utilization and labour availability at the Lalor mine, while continuing to prioritize gold ore feed for the New Britannia mill. This strategy successfully maintained strong gold
Slide 10: British Columbia Operations Review
TSX, NYSE – HBM 2026 No. 10 British Columbia Operations Review British Columbia Operations1 Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Ore mined2 tonnes 2,916,152 2,395,166 2,648,094 Strip ratio3 7.06 7.18 6.73 Ore milled tonnes 3,078,342 2,268,405 2,760,986 Copper % 0.20 0.26 0.33
Slide 11: British Columbia Operations Review
TSX, NYSE – HBM 2026 No. 10 Total ore mined at Copper Mountain in the first quarter of 2026 was 2.9 million tonnes, an increase 22% compared to the fourth quarter of 2025. Mining activities continue to focus on improving operating routines towards defining a positive step change in performance of th
Slide 12: Continued Free Cash Flow Generation Driven by Expanding Operating Margins; Emerging External Cost Pressures
TSX, NYSE – HBM 2026 No. 10 Continued Free Cash Flow Generation Driven by Expanding Operating Margins; Emerging External Cost Pressures Insulated by Diversified Copper and Gold Exposure Hudbay has delivered several quarters of significant free cash flow generation as a result of steady operating per
Slide 13: Annual Reserve and Resource Update and Three-Year Production Guidance
TSX, NYSE – HBM 2026 No. 10 Annual Reserve and Resource Update and Three-Year Production Guidance Hudbay provided its annual mineral reserve and resource update and issued new three-year production guidance on March 27, 2026. In Peru, current mineral reserve estimates total 488 million tonnes at 0.2
Slide 14: Contained Metal in Concentrate and Doré Guidance
TSX, NYSE – HBM 2026 No. 10 Contained Metal in Concentrate and Doré1 2026 Guidance 2027 Guidance 2028 Guidance Peru Copper tonnes 75,000 - 90,000 80,000 - 100,000 80,000 - 100,000 Gold ounces 15,000 - 20,000 17,000 - 21,000 17,000 - 21,000 Silver ounces 1,900,000 - 2,400,000 1,200,000 - 1,400,000 2,
Slide 15: Talbot Drilling Confirms Resource Expansion Potential
TSX, NYSE – HBM 2026 No. 10 to detect targets at depths of almost 1,000 metres below surface. The planned geophysics program includes 600 kilometres of ground electromagnetic surveys and an extensive airborne geophysics survey in 2026. Talbot Drilling Confirms Resource Expansion Potential Talbot is
Slide 16: Website Links
TSX, NYSE – HBM 2026 No. 10 Website Links Hudbay: www.hudbay.com Management’s Discussion and Analysis: https://www.hudbayminerals.com/MDA526 Financial Statements: https://www.hudbayminerals.com/FS526 Conference Call and Webcast Date: Friday, May 1, 2026 Time: 11:00 a.m. ET Webcast: www.hudbay.com Di
Slide 17: Non-GAAP Financial Performance Measures
TSX, NYSE – HBM 2026 No. 10 Non-GAAP Financial Performance Measures Adjusted net earnings (loss) attributable to owners, adjusted net earnings (loss) per share attributable to owners, adjusted EBITDA, net debt, net debt to adjusted EBITDA, free cash flow, cash cost, sustaining and all-in sustaining
Slide 18: Adjusted Net Earnings (Loss) Reconciliation
TSX, NYSE – HBM 2026 No. 10 Adjusted Net Earnings (Loss) Reconciliation Three Months Ended (in $ millions) Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Net earnings for the period 191.5 128.0 99.2 Tax expense 147.5 129.1 72.1 Earnings before tax 339.0 257.1 171.3 Adjusting items: Mark-to-market adjustm
Slide 19: Adjusted EBITDA Reconciliation
TSX, NYSE – HBM 2026 No. 10 Adjusted EBITDA Reconciliation Three Months Ended (in $ millions) Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Net earnings for the period 191.5 128.0 99.2 Add back: Tax expense 147.5 129.1 72.1 Other (income) expenses (33.8) (14.6) 14.4 Other operating expenses 10.1 (13.6)
Slide 20: Net Debt Reconciliation
TSX, NYSE – HBM 2026 No. 10 Net Debt Reconciliation (in $ millions) Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Total debt 1,009.4 1,008.6 1,108.7 Less: Cash and cash equivalents1 (1,003.8) (568.9) (562.6) Less: Short-term investments — — (20.0) Net debt 5.6 439.7 526.1 (in $ millions, except net debt
Slide 21: Free Cash Flow Reconciliation
TSX, NYSE – HBM 2026 No. 10 Free Cash Flow Reconciliation (in $ millions) Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Cash generated from operations 211.3 209.4 124.8 Adjusting items: Change in non-cash working capital 2.6 (127.5) (38.7) Cash sustaining capital expenditures1 106.4 1
Slide 22: Copper Cash Cost Reconciliation
TSX, NYSE – HBM 2026 No. 10 Copper Cash Cost Reconciliation Consolidated Three Months Ended Net pounds of copper produced1 (in thousands) Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Peru 45,356 55,199 44,738 Manitoba 5,589 7,333 7,648 British Columbia 10,628 10,373 15,864 Net pounds of copper produced
Slide 23: Peru
TSX, NYSE – HBM 2026 No. 10 Peru Three Months Ended (in thousands) Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Net pounds of copper produced1 45,356 55,199 44,738 1 Contained copper in concentrate. Peru Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Cash cost per pound of copper produced
Slide 24: British Columbia
TSX, NYSE – HBM 2026 No. 10 British Columbia Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Cash cost per pound of copper produced $ millions $/lb $ millions $/lb $ millions $/lb Mining 16.2 1.53 26.3 2.54 21.9 1.38 Milling 31.5 2.96 28.3 2.73 21.8 1.37 G&A 8.4 0.79 9.5 0.91 6.3 0.40 O
Slide 25: Sustaining and All-in Sustaining Cash Cost Reconciliation
TSX, NYSE – HBM 2026 No. 10 Sustaining and All-in Sustaining Cash Cost Reconciliation Consolidated Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 All-in sustaining cash cost per pound of copper produced $ millions $/lb $ millions $/lb $ millions $/lb Cash cost, net of by-product credit
Slide 26: Peru
TSX, NYSE – HBM 2026 No. 10 Peru Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Sustaining cash cost per pound of copper produced $ millions $/lb $ millions $/lb $ millions $/lb Cash cost, net of by-product credits 31.8 0.70 31.2 0.57 49.6 1.11 Cash sustaining capital expenditures 31.3
Slide 27: Manitoba
TSX, NYSE – HBM 2026 No. 10 Manitoba Three Months Ended Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Supplementary cash cost information $millions $/oz1 $millions $/oz1 $millions $/oz1 By-product credits2: Copper 34.4 720 22.1 466 32.3 535 Zinc 12.4 260 12.2 257 13.8 228 Silver 15.7 329 10.8 228 8.3 13
Slide 28: Combined Unit Cost Reconciliation
TSX, NYSE – HBM 2026 No. 10 Combined Unit Cost Reconciliation Peru Three Months Ended (in millions except ore tonnes milled and unit cost per tonne) Combined unit cost per tonne processed Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Mining 34.5 37.6 31.0 Milling 43.4 52.0 44.4 G&A1 33.2 47.8 22.5 Other
Slide 29: Manitoba
TSX, NYSE – HBM 2026 No. 10 Manitoba Three Months Ended (in millions except ore tonnes milled and unit cost per tonne) Combined unit cost per tonne processed Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025 Mining 42.3 39.3 38.3 Milling 16.3 16.2 14.4 G&A 1 20.0 16.1 14.8 Less: Other G&A related to profit
Slide 30: Forward-Looking Information
TSX, NYSE – HBM 2026 No. 10 Forward-Looking Information This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this news release, other than statements of current and historical fact, is
Slide 31: TSX, NYSE – HBM 2026 No. 10
TSX, NYSE – HBM 2026 No. 10 ● the ability to consummate the definitive agreement with Wheaton in respect of the enhanced precious metals stream at Copper World; ● no interruptions to Hudbay's plans for advancing the Copper World project, including with respect to any successful challenges to the Cop
Slide 32: TSX, NYSE – HBM 2026 No. 10
TSX, NYSE – HBM 2026 No. 10 plan, including the ability to convert inferred mineral resource estimates to higher confidence categories, dependence on key personnel and employee and union relations, risks related to political or social instability, unrest or change, risks in respect of Indigenous and
Slide 33: TSX, NYSE – HBM 2026 No. 10
TSX, NYSE – HBM 2026 No. 10 ____________________ i Adjusted net earnings - attributable to owners and adjusted net earnings per share - attributable to owners, adjusted EBITDA, cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, cash