Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Investor Presentation (April 2020)
70 slides from Hudbay Minerals's investor presentation, April 2020
Slide 1: Investor Presentation April 2020
I N V E S T O R P R E S E N TAT I O N April 2020
Slide 2: Cautionary Information
CAUTIONARY INFORMATION 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. Oft
Slide 3: Diversified Mid-Tier Copper Producer
DIVERSIFIED MID-TIER COPPER PRODUCER About Hudbay TSX, NYSE, BVL Symbol HBM Long Life & Mining Friendly Jurisdictions Market Capitalization1 C$0.7 billion Low Cost & Shares Outstanding 261 million Operational Excellence MANITOBA 777 Available Liquidity2 $0.82 billion Lalor Free Cash Flow & WIM & 3 Z
Slide 4: The Hudbay Advantage
THE HUDBAY ADVANTAGE About Hudbay Long Life & Mining Friendly Long life assets located in mining friendly jurisdictions Jurisdictions Low Cost & Operational Proven track record of operational excellence and low cost mines Excellence Free Cash Flow & Prudent Capital Focused on free cash flow generati
Slide 5: Long Life Assets Located in Mining Friendly Regions
LONG LIFE ASSETS LOCATED IN MINING FRIENDLY REGIONS 2 Past Production Reserve Life1 M&I Resource Life Inferred Resource Life 3 About Hudbay 4 Long Life & Rosemont 19 11 1 Mining Friendly Jurisdictions Constancia 5 17 5 2 Low Cost & Snow Lake 5 8 18 9 Operational Excellence 777 16 2.5 0.3 Free Cash F
Slide 6: Proven Track Record of Operational Excellence & Low Cost Mines
PROVEN TRACK RECORD OF OPERATIONAL EXCELLENCE & LOW COST MINES About Hudbay • Proven track record of achieving or exceeding copper production guidance every year Long Life & for the past 5 years Mining Friendly Jurisdictions • Hudbay is well-positioned on the cash cost curve Low Cost & Operational •
Slide 7: Leading Operating Cost Performance
LEADING OPERATING COST PERFORMANCE CONSTANCIA ONE OF THE LOWEST COST COPPER MINES IN SOUTH AMERICA About Hudbay • Continuous operational improvements at Constancia have driven costs down, while Long Life & Mining Friendly increasing efficiencies and productivity Jurisdictions Low Cost & LOWEST COST
Slide 8: Focused on Free Cash Flow Generation & Prudent Capital Allocation
FOCUSED ON FREE CASH FLOW GENERATION & PRUDENT CAPITAL ALLOCATION About Hudbay • Generated significant EBITDA and positive free cash flow during the volatile copper price environment over the last several years due to un-hedged production and stable low-cost profile Long Life & Mining Friendly • Pru
Slide 9: Prudent Capital Allocation
PRUDENT CAPITAL ALLOCATION LEVERAGING EXPERTISE THAT WAS DEMONSTRATED THROUGH BEST IN CLASS About Hudbay DELIVERY OF CONSTANCIA Long Life & • Successfully constructed Constancia (Peru), Lalor (Canada) and Reed (Canada) mines Mining Friendly simultaneously during 2012-2014 Jurisdictions PAMPACANCHA N
Slide 10: World-Class Management Team with Proven Mining Industry Experience
WORLD-CLASS MANAGEMENT TEAM WITH PROVEN MINING INDUSTRY EXPERIENCE About Hudbay DISPROPORTIONATELY TALENTED MANAGEMENT TEAM FOR HUDBAY’S SIZE Long Life & Mining Friendly PETER KUKIELSKI, PRESIDENT & CEO CASHEL MEAGHER, SVP & COO Jurisdictions • Peter was appointed President & CEO in January 2020 • C
Slide 11: Best in Class Mine Development & Adding Value Through Exploration
PROVEN MINING INDUSTRY EXPERIENCE BEST IN CLASS MINE DEVELOPMENT & ADDING VALUE THROUGH EXPLORATION About Hudbay • Constancia’s development and mine ramp- CONSTANCIA (2009-2020)2 Caballito, Kusiorcco Long Life & Mining Friendly up was best in class Production Reserves & Maria Reyna Jurisdictions • H
Slide 12: Strong Environmental, Social & Governance Performance
STRONG ENVIRONMENTAL, SOCIAL & GOVERNANCE (“ESG”) PERFORMANCE About Hudbay INDUSTRY LEADER IN RESPONSIBLE MINING ENVIRONMENT SOCIAL IMPACT HEALTH & SAFETY GOVERNANCE Long Life & Mining Friendly Jurisdictions ü Declining energy and GHG ü Positive impact on ü Constancia has the best ü Board refreshed
Slide 13: Copper-Focused with Diversified Organic Growth Pipeline
COPPER-FOCUSED WITH DIVERSIFIED ORGANIC GROWTH PIPELINE About Hudbay HUDBAY’S REVENUE BREAKDOWN BY TYPE1 • Hudbay’s primary source of revenue is from copper • Hudbay offers diversification from its growing gold Long Life & 2% exposure Mining Friendly 18% Jurisdictions Cu • Strong fundamentals for co
Slide 14: Diversified Organic Growth Pipeline
DIVERSIFIED ORGANIC GROWTH PIPELINE COPPER PRODUCTION GROWTH WITH INCREASING EXPOSURE TO GOLD About Hudbay Long Life & Mining Friendly Cu Au1 Zn Jurisdictions (koz (kt) (kt) Au-Ag) Low Cost & Operational +68% 320 Excellence +20% Free Cash Flow & Prudent Capital 140 Allocation 137 235 140 125 123 119
Slide 15: Precious Metals Exposure (Revenue)
PRECIOUS METALS EXPOSURE (REVENUE) COPPER FOCUSED WITH COUNTERCYCLICAL PRECIOUS METALS EXPOSURE About Hudbay HUDBAY COMMODITY EXPOSURE Long Life & Mining Friendly 2% Jurisdictions 18% PRECIOUS METALS EXPOSURE VS. PEERS3 Low Cost & Cu Operational Zn 33% 32% Excellence 20191 58% Au + Ag 21% Mo Free Ca
Slide 16: Execution of Strategy
EXECUTION OF STRATEGY LEVERAGING HUDBAY’S KEY COMPETITIVE ADVANTAGES FOR VALUE CREATION About Hudbay Long Life & Mining Friendly Jurisdictions LOW RISK, HIGH RETURN SHORT-TERM PRIORITIES Low Cost & Operational ESG Excellence Excellence • Deliver free cash flow from Pampacancha Successful Exploration
Slide 17: Leading Organic Growth Pipeline
LEADING ORGANIC GROWTH PIPELINE HUDBAY HAS BUILT A DIVERSIFIED PORTFOLIO FOCUSED ON COPPER & GOLD GROWTH About Hudbay • Through robust exploration and disciplined M&A, Hudbay has built a diversified portfolio of operating mines Long Life & and an extensive development pipeline Mining Friendly • Hudb
Slide 18: Appendix
APPENDIX
Slide 19: Numerous Organic Growth Opportunities Exist
NUMEROUS ORGANIC GROWTH OPPORTUNITIES EXIST About Hudbay Upgrading Lalor inferred resources to reserves ü Q1 2020 Long Life & Inferred resource estimate for Lens 17 at Lalor ü Q1 2020 Mining Friendly Upgrading WIM and New Britannia resources to reserves ü Q1 2020 MANITOBA Jurisdictions Initial infer
Slide 20: Board of Directors
BOARD OF DIRECTORS About Hudbay STEPHEN A. LANG, CHAIR PETER KUKIELSKI, PRESIDENT & CEO Long Life & • Stephen has over 40 years of experience in the • Peter has more than 30 years of experience within Mining Friendly mining industry, including engineering, development the base & precious metals and
Slide 21: Scarcity of Copper Assets
SCARCITY OF COPPER ASSETS • There are very few undeveloped copper projects of scale in Hudbay’s preferred jurisdictions About Hudbay • Hudbay owns 2 of the top 20 greenfield projects in Rosemont and Mason Long Life & Mining Friendly • Many of the remaining projects have material impediments to devel
Slide 22: Per Share Accretion
PER SHARE ACCRETION • Focused on NAV per share and reserve and resource per share accretion About Hudbay Long Life & Mining Friendly Jurisdictions HUDBAY RESERVE GROWTH PER SHARE1 HUDBAY RESOURCE GROWTH PER SHARE1 Low Cost & Manitoba Peru Arizona Nevada Other Manitoba Peru Arizona Nevada Other Opera
Slide 23: South America Business Unit
SOUTH AMERICA BUSINESS UNIT MINE About Hudbay TOWN Cusco RAILROAD CUSCO Long Life & ROAD Mining Friendly Jurisdictions Las Bambas Low Cost & Operational Excellence CONSTANCIA PERU Free Cash Flow & Yauri Prudent Capital Tintaya Allocation Antapaccay Experienced Management Lima Team Strong ESG AREQUIP
Slide 24: Constancia Mine
CONSTANCIA MINE LOW-COST, LONG-LIFE COPPER MINE IN PERU About Hudbay • Began production at end of 2014 Location Chumbivilcas, Peru Long Life & Mining Friendly • Developed and maintain meaningful partnerships with Ownership 100% Jurisdictions the local communities Type of deposit Porphyry copper- mol
Slide 25: Constancia Optimization
CONSTANCIA OPTIMIZATION SEEING RESULTS FROM CONTINUOUS OPTIMIZATION INITIATIVES About Hudbay • Increasing throughput and quarterly trend in copper recoveries Long Life & Mining Friendly • Continued integration of an automated, advance process control system Jurisdictions • Flotation improvements – o
Slide 26: Constancia Regional Potential
CONSTANCIA REGIONAL POTENTIAL About Hudbay • Since 2012, executed over 90 social MINERAL PROPERTIES WITHIN TRUCKING DISTANCE OF agreements with local governments CONSTANCIA PROCESSING FACILITY Long Life & and communities, maintaining our Mining Friendly social license to operate 0 5,000 10,000 Juris
Slide 27: Potential Constancia Pit Extension
POTENTIAL CONSTANCIA PIT EXTENSION 2019 DRILLING PROGRAM Hole ID From To Intercept1 Cu2,3 Au2,3 Ag2,3 About Hudbay (m) (m) (m) (%) (g/t) (g/t) CO-19-306 368.0 408.6 40.6 0.52 0.79 17.89 Long Life & • Completed seven holes within CO-19-307 42.0 62.0 20.0 0.20 0.03 3.55 Mining Friendly 300m of the edg
Slide 28: Constancia Mine Plan Summary
CONSTANCIA MINE PLAN SUMMARY MINE PLAN SUMMARY About Hudbay Technical report projections shown here assume mining at Pampacancha begins in Q4 2019, whereas mining is not expected to begin until 2020 2019E 2020E 2021E 2022E 2023-2036E LOM Avg.1 Long Life & Ore mined million tonnes 37.7 34.0 27.6 28.6
Slide 29: Maria Reyna Historical Drill Results
MARIA REYNA HISTORICAL DRILL RESULTS A summary of the historical drill results from Maria Reyna is contained in the table below, however a qualified person has not About Hudbay independently verified this historical data or the quality assurance and quality control program that was applied during th
Slide 30: Manitoba Business Unit
MANITOBA BUSINESS UNIT About Hudbay New Britannia Gold Mill 1,500 tpd capacity Long Life & Mining Friendly Snow Lake Jurisdictions Low Cost & Stall Base Metal Mill 3,800 tpd capacity Operational LALOR MINE ~4,500 tpd Excellence Free Cash Flow & Prudent Capital LALOR 777 Allocation 0 5km Experienced
Slide 31: Manitoba Flow Chart - 2019
MANITOBA FLOW CHART - 2019 TWO MINES FEEDING TWO OPERATING MILLS AND ZINC PLANT About Hudbay ORE CONCENTRATE/METAL Long Life & Mining Friendly ~4,000 tpd Jurisdictions d Flin Flon Mill p Low Cost & ~3,000 tpd 00t Copper Operational ,0 Concentrate Excellence ~3 (6,000 tpd capacity) ked 777 Mine ruc F
Slide 32: Manitoba Flow Chart - 2023
MANITOBA FLOW CHART - 2023 ONE MINE FEEDING TWO OPERATING MILLS About Hudbay ORE CONCENTRATE/METAL Long Life & Mining Friendly Care & Maintenance Jurisdictions Flin Flon Mill Low Cost & Copper Operational Reserve Exhausted Concentrate Excellence (6,000 tpd capacity) 777 Mine Free Cash Flow & Zinc Pr
Slide 33: Lalor Mine
LALOR MINE PRODUCING LOW-COST GOLD-ZINC MINE WITH SIGNIFICANT UPSIDE POTENTIAL About Hudbay • Strong ramp-up of ore production; expanded 4,500tpd mine plan Long Life & Mining Friendly • New mine plan more than doubles annual gold production with Jurisdictions the refurbishment of New Britannia gold
Slide 34: Snow Lake Gold Strategy
SNOW LAKE GOLD STRATEGY About Hudbay PHASE 1: Repositioning PHASE 2: Optimization PHASE 3: Historical Work Lalor as a Gold Mine & Execution Expansion Potential Long Life & Mining Friendly Jurisdictions ü 2008 & 2009 – Au zone and ü 2018 – Completion of ü 2020 – Optimized mine • Potential to increase
Slide 35: Snow Lake Processing Logistics
SNOW LAKE PROCESSING LOGISTICS About Hudbay LALOR MINE 2020 10 years 2030 Source Ore Long Life & Mining Friendly SATELLITE GOLD DEPOSITS Jurisdictions 2030 8 years 2037 (WIM, 3 ZONE) Low Cost & Operational Processing Excellence STALL BASE METAL MILL Location 2020 10 years 2030 (WITH GOLD BY-PRODUCT)
Slide 36: Positioning of Snow Lake Gold
POSITIONING OF SNOW LAKE GOLD GROWING GOLD PRODUCTION AT FIRST QUARTILE CASH COST AND AISC About Hudbay 2020 CASH COST1 (US$/oz Au) 2020 AISC1 (US$/oz Au) $3,000 $3,000 Long Life & Mining Friendly $2,500 $2,500 Jurisdictions $2,000 $2,000 $1,500 $1,500 Low Cost & Operational Snow Lake Gold LOM $1,00
Slide 37: Snow Lake Gold Growth Over Time
SNOW LAKE GOLD GROWTH OVER TIME OVER 2.7 MM OUNCES OF GOLD HAS BEEN IDENTIFIED AS RESERVES / About Hudbay PRODUCED TO DATE Long Life & Mining Friendly Jurisdictions 300% INCREASE IN IDENTIFIED RESERVES / PRODUCED GOLD FROM INITIAL RESERVE ESTIMATE Low Cost & m e fro ite Operational s ll Inferred c r
Slide 38: Lalor Mine Life Extension
LALOR MINE LIFE EXTENSION HIGH RESOURCE-TO-RESERVE CONVERSION POTENTIAL About Hudbay • Proven and probable reserves mine plan provides 10+ year mine life Long Life & Mining Friendly • Inferred resources estimation methodology expected to lead to higher resource to Jurisdictions reserve conversion fa
Slide 39: Lalor In-Mine Gold Exploration Targets
LALOR IN-MINE GOLD EXPLORATION TARGETS LENS 17 COPPER-GOLD RICH LENS NOT CURRENTLY IN MINE PLAN About Hudbay Long Life & • Both Lens 17 and 27 are open down 3D VIEW OF LENS 17 AND LENS 27 AT LALOR Mining Friendly Jurisdictions plunge GOLD LENSES Low Cost & • Further exploration / delineation could B
Slide 40: Snow Lake Gold Regional Potential
SNOW LAKE GOLD REGIONAL POTENTIAL About Hudbay • Hudbay has a large prospective land MINERAL PROPERTIES IN THE SNOW LAKE REGION Long Life & package in the Snow Lake belt with Mining Friendly significant gold exploration potential Jurisdictions • WIM (15km from New Britannia mill) is a MINE copper-go
Slide 41: Snow Lake Regional Potential - 1901 Deposit
SNOW LAKE REGIONAL POTENTIAL - 1901 DEPOSIT POTENTIAL FOR INCREMENTAL PRODUCTION IN SNOW LAKE About Hudbay • Located near existing infrastructure and is 100% Long Life & Mining Friendly owned by Hudbay Jurisdictions • Initial resource estimate 6 months from discovery Low Cost & in February 2019 Oper
Slide 42: Snow Lake Regional Potential - 1901 Deposit
SNOW LAKE REGIONAL POTENTIAL - 1901 DEPOSIT SIGNIFICANT GOLD MINERALIZATION NOT YET IN RESOURCE ESTIMATE About Hudbay Long Life & • Drilling in the 1901 deposit has also Mining Friendly Jurisdictions identified several high-grade gold and copper-gold zones Low Cost & Operational Excellence • Drillin
Slide 43: Snow Lake Mine Plan Summary
SNOW LAKE MINE PLAN SUMMARY MINE PLAN SUMMARY LOM 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E About Hudbay Total1 LALOR BASE METAL ORE Long Life & Ore mined 000 tonnes 1,575 1,506 1,035 997 1,035 1,035 1,035 738 521 518 176 10,170 Mining Friendly Ore mined tpd 4,351 4,160 2,859
Slide 44: Snow Lake Mine Plan Summary (Cont'd)
SNOW LAKE MINE PLAN SUMMARY (CONT’D) MINE PLAN SUMMARY LOM 2030E 2031E 2032E 2033E 2034E 2055E 2036E 2037E About Hudbay Total1 WIM ORE Long Life & Ore mined 000 tonnes 104 414 438 438 401 316 288 49 2,448 Mining Friendly Ore mined tpd 286 1,133 1,200 1,200 1,100 867 788 134 - Jurisdictions Copper gr
Slide 45: Snow Lake Mine Plan Summary (Cont'd)
SNOW LAKE MINE PLAN SUMMARY (CONT’D) PRODUCTION SUMMARY LOM 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E About Hudbay Total LALOR MINE PRODUCTION Long Life & Copper 000 tonnes 8 9 9 10 10 9 9 8 11 11 97 Mining Friendly Jurisdictions Zinc 000 tonnes 81 74 55 52 43 48 54 32 23 20 492 Go
Slide 46: Snow Lake Mine Plan Summary - Capex Summary
SNOW LAKE MINE PLAN SUMMARY (CONT’D) CAPEX SUMMARY 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E About Hudbay CAPITAL EXPENDITURES Long Life & SUSTAINING CAPITAL: Mining Friendly Jurisdictions Lalor Sustaining Capital C$ millions $102 $111 $98 $58 $53 $39 $18 $11 $2 $2 Total Sustaining
Slide 47: Snow Lake Mine Plan Summary - Cash Costs
SNOW LAKE MINE PLAN SUMMARY (CONT’D) CASH COSTS SUMMARY About Hudbay 2022-29 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E Avg. Long Life & Mining Friendly GOLD CASH COSTS Jurisdictions Gold Production1 Oz (000s) 74 102 158 151 136 154 192 139 146 146 153 Cash Costs US$/lb ($95) $151 $
Slide 48: 777 Mine
777 MINE STEADY, LOW-COST PRODUCTION About Hudbay • Maximizing cash flow to end of mine life Long Life & Mining Friendly • Plan to keep processing assets on care and maintenance Jurisdictions after mine closure to maintain regional optionality Low Cost & Location Flin Flon, Manitoba Operational Exce
Slide 49: Manitoba Optimization
MANITOBA OPTIMIZATION BENEFITS OF IMPROVEMENT INITIATIVES About Hudbay • Continued high tonnage out of 777 due to implementation of management systems Long Life & Mining Friendly Jurisdictions • Combined unit costs stabilizing at a lower level following the ramp-up of Lalor in H1 2019 Low Cost & Ope
Slide 50: Manitoba Regional Mines and Discoveries
MANITOBA REGIONAL MINES AND DISCOVERIES About Hudbay • Hudbay has a long history of delivering additional tonnage beyond the initial reserves in the Flin Flon and Snow Lake VMS camps Long Life & Mining Friendly Jurisdictions RESERVES IN THE FLIN FLON AND SNOW LAKE CAMP (MILLION TONNES) Flin Flon 62.
Slide 51: Arizona Business Unit
ARIZONA BUSINESS UNIT About Hudbay Long Life & Mining Friendly Miami Jurisdictions Pinto Valley Phoenix Resolution Low Cost & Operational ARIZONA, US Ray Morenci Excellence Florence Safford Free Cash Flow & Prudent Capital Allocation Experienced Management Team Silver Bell Strong ESG Phoenix Tucson
Slide 52: Rosemont Project
ROSEMONT PROJECT HIGH-QUALITY PROJECT WITH WELL-ESTABLISHED INFRASTRUCTURE About Hudbay • 19-year mine life generating 15.5% after-tax unlevered project IRR at Location Tucson, Arizona $3.00/lb Cu Long Life & Copper-molybdenum Type of deposit Mining Friendly • Years 1-10 avg. annual production of 12
Slide 53: Rosemont Positioning
ROSEMONT POSITIONING ROSEMONT ECONOMICS1 About Hudbay • Strong project returns at $3.00/lb Cu and After-Tax NPV8% (US$M) Unlevered IRR (%) significant leverage to the copper price Long Life & $1,448 Mining Friendly Jurisdictions • Further upside to base case returns due to $1,115 21.2% ongoing proje
Slide 54: Rosemont Project History
ROSEMONT PROJECT HISTORY 2007 & 2008 2009 2010 2011 2012 2013 About Hudbay Mine Plan of Operations filed Arizona State Mine Inspector, Mine Safety and Health EPA Hazardous Waste ADEQ Aquifer Protection ADEQ Class II Air Permit Long Life & with U.S. Forest Service (July Arizona Mined Land Administrat
Slide 55: Rosemont Mine Plan Summary
ROSEMONT MINE PLAN SUMMARY MINE PLAN SUMMARY About Hudbay Units Year 1- 10 Avg. Year 11- 19 Avg. LOM Avg. / Total Total material moved1 million tons 132 47 1,747 Long Life & Mining Friendly Strip ratio waste:ore 2.5 1.0 2.0 Jurisdictions Ore milled million tons 32 30 592 Copper grade milled2 % Cu 0.
Slide 56: Mason Project
MASON PROJECT MASON – NEVADA, USA About Hudbay • Hudbay acquired the Mason property in December 2018 Long Life & Mining Friendly • Mason is located approximately 85km southeast of Elko Jurisdictions Reno, Nevada in the prolific Yerington Copper District Reno • Close to the former producing Yerington
Slide 57: 2020 Guidance
2020 GUIDANCE PRODUCTION AND UNIT COST About Hudbay CONTAINED METAL IN CONCENTRATE1 2020 GUIDANCE 2019 ACTUAL 2019 GUIDANCE Long Life & Mining Friendly MANITOBA Jurisdictions Copper tonnes 18,000 – 22,000 23,354 22,000 – 25,000 Low Cost & Zinc tonnes 105,000 – 125,000 119,106 100,000 – 115,000 Opera
Slide 58: 3-Year Production Outlook
3-YEAR PRODUCTION OUTLOOK GROWING COPPER AND GOLD PRODUCTION About Hudbay Long Life & Mining Friendly CONTAINED METAL IN CONCENTRATE1 2020 GUIDANCE 2021 GUIDANCE 2022 GUIDANCE Jurisdictions MANITOBA2 Low Cost & Copper tonnes 18,000 – 22,000 19,000 – 23,000 13,000 – 15,000 Operational Zinc tonnes 105
Slide 59: 2020 Guidance - Capital Expenditures
2020 GUIDANCE CAPITAL EXPENDITURES1 About Hudbay $ MILLIONS 2020 GUIDANCE 2019 ACTUAL 2019 GUIDANCE SUSTAINING CAPITAL Long Life & Manitoba2 100 126.3 100 Mining Friendly Jurisdictions Peru3 100 84.9 95 TOTAL SUSTAINING CAPITAL 200 211.2 195 Low Cost & GROWTH CAPITAL Operational Excellence Manitoba
Slide 60: Peru Mineral Reserves
PERU MINERAL RESERVES AS AT JANUARY 1, 20201 About Hudbay Long Life & Mining Friendly CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) Jurisdictions CONSTANCIA1 Low Cost & Operational Proven 408,800,000 0.28 85 0.035 2.76 Excellence Probable 77,500,000 0.27 70 0.044 3.58 Free Cash Flow & Prudent Ca
Slide 61: Peru Mineral Resources
PERU MINERAL RESOURCES AS AT JANUARY 1, 20201 About Hudbay Long Life & CATEGORY TONNES Cu (%) Mo (g/t) Ag (g/t) Au (g/t) Mining Friendly Jurisdictions CONSTANCIA Low Cost & Operational Measured 122,700,000 0.18 55 1.77 0.028 Excellence Indicated 154,300,000 0.20 65 1,87 0.033 Free Cash Flow & Pruden
Slide 62: Snow Lake Reserves & Resources
SNOW LAKE RESERVES & RESOURCES AS AT JANUARY 1, 20201 About Hudbay Long Life & Mining Friendly PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Jurisdictions Proven 7,276,000 0.57 6.27 2.42 29 Base Metal Zone Low Cost & Probable 1,739,000 0.60 4.15 3.83 31 Operational Proven 1,748,000 1.37 1
Slide 63: Snow Lake Reserves & Resources (Cont'd)
SNOW LAKE RESERVES & RESOURCES (CONT’D) AS AT JANUARY 1, 20201 About Hudbay Long Life & Mining Friendly PROPERTY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Jurisdictions PEN II 469,000 0.49 8.89 0.4 6.8 Low Cost & Total Indicated (Base Metals) 469,000 0.49 8.89 0.4 6.8 Operational Excellence 1901 2,065,
Slide 64: Flin Flon Reserves & Resources
FLIN FLON RESERVES & RESOURCES AS AT JANUARY 1, 20201 About Hudbay Long Life & PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Mining Friendly Jurisdictions Proven 2,122,000 1.44 4.55 2.01 27 777 Reserves Low Cost & Probable 459,000 1.11 4.11 1.75 26 Operational Excellence Total 777 Mineral
Slide 65: Rosemont Reserves & Resources
ROSEMONT RESERVES & RESOURCES AS AT JANUARY 1, 2020 About Hudbay Long Life & MINERAL RESERVES1 Mining Friendly Jurisdictions CATEGORY TONNES Cu (%) Mo (%) Ag (g/t) Proven 426,100,000 0.48 0.012 4.96 Low Cost & Operational Probable 111,000,000 0.31 0.010 3.09 Excellence Total 2P Reserves 537,100,000
Slide 66: Mason Reserves & Resources
MASON RESERVES & RESOURCES1 AS AT MARCH 3, 2017 About Hudbay Long Life & PROJECT RESOURCE ESTIMATES Mining Friendly Jurisdictions CATEGORY TONNES Cu (%) Au (g/t) Ag (g/t) Mo (%) Low Cost & Measured & Indicated 1,400,000,000 0.32 0.03 0.65 0.006 Operational Excellence Inferred 623,000,000 0.29 0.03 0
Slide 67: Additional Information - Reserves & Resources
ADDITIONAL INFORMATION – RESERVES & RESOURCES About Hudbay 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 Pe
Slide 68: Additional Information - Reserves & Resources (Cont'd)
ADDITIONAL INFORMATION – RESERVES & RESOURCES (CONT’D) 1. Mineral reserves and resources calculated using metal prices of $3.10 per pound copper, $11.00 per pound molybdenum, $17.00 per ounce silver and $1,375 per ounce gold. The Constancia and Pampacancha About Hudbay reserve pits consist of operat
Slide 69: Additional Information - Drilling Results
ADDITIONAL INFORMATION – DRILLING RESULTS SUPPLEMENTAL INFORMATION TO THE CONSTANCIA DRILL RESULTS NORTH OF THE PIT About Hudbay Long Life & From (m) To (m) Azimuth at Dip at Core Mining Friendly Hole ID Easting Northing Elevation Easting Northing Elevation Intercept Intercept Size Jurisdictions CO-
Slide 70: For More Information Contact
For More Information Contact: Candace Brûlé, Director, Investor Relations 416.814.4387 | candace.brule@hudbay.com