Slide 1: 2021 Technical Review
2021 TECHNICAL REVIEW April 6, 2021
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. Ofte
Slide 3: Hudbay's 2021 Business & Technical Review
HUDBAY’S 2021 BUSINESS & TECHNICAL REVIEW BUSINESS REVIEW (1:00-2:30pm ET) Constancia Mine Plan • Overview of business strategy & copper market • Operational overview including updated mine plans for Constancia & Snow Lake and an update on exploration activities Snow Lake • Financial and balance she
Slide 4: Hudbay's 2021 Technical Review - Agenda
HUDBAY’S 2021 TECHNICAL REVIEW - AGENDA Constancia Mine Plan 1 Constancia Updated Mine Plan & Upside Opportunities Snow Lake Mine Plan 2 Snow Lake Updated Mine Plan & Upside Opportunities Arizona Exploration 3 Arizona Exploration Update Update 4 Mason PEA Overview Mason PEA Overview 5 Appendix Appen
Slide 5: Hudbay's Operational & Technical Team
HUDBAY’S OPERATIONAL & TECHNICAL TEAM PRESENTERS Constancia Mine Plan CASHEL MEAGHER SVP & COO • Extensive background in exploration, resource and reserve estimation, engineering Snow Lake studies and operations Mine Plan OLIVIER TAVCHANDJIAN PETER AMELUNXEN VP EXPL. & GEOLOGY VP TECHNICAL SERVICES
Slide 6: Constancia Updated Mine Plan & Upside Opportunities
Constancia Mine Plan 1 Constancia Updated Mine Plan & Upside Opportunities Snow Lake Mine Plan Arizona Exploration Update Mason PEA Overview CASHEL MEAGHER JAVIER DEL RIO PETER AMELUNXEN OLIVIER TAVCHANDJIAN Appendix SVP & COO VP SOUTH AMERICA B.U. VP TECHNICAL SERVICES VP EXPL. & GEOLOGY 6
Slide 7: Constancia Production Profile
CONSTANCIA PRODUCTION PROFILE HIGH-GRADE PAMPACANCHA TO GROW COPPER AND GOLD PRODUCTION • Revised Constancia mine plan and 3-year production guidance incorporates the commencement of mining at Constancia Pampacancha in 2021 which brings higher copper and gold grades over the 2022 to 2025 period Mine
Slide 8: Constancia 2021 Mine Plan
CONSTANCIA 2021 MINE PLAN 17-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY Constancia • Updated mine plan for Constancia operations reflects an increase in copper and gold production from 2022 to Mine Plan 2025 as the higher grades from the Pampacancha deposit enter the mine plan 2021-20
Slide 9: General Site Overview
GENERAL SITE OVERVIEW Caballito Constancia Mine Plan Constancia Snow Lake Pit Mine Plan Mill Location Arizona Waste Rock Exploration Facility Update Pampacancha Deposit Mason PEA Overview Tailings Management Facility Appendix 9
Slide 10: Tailings Dam Raise
TAILINGS DAM RAISE • Construction of the dike to reach elevation 4120m in 2021 from the elevation 4110.2m in 2020 and downstream valley raise to elevation 4107m from 4077m (average of 4068.75W and 4084.5E) in 2020 Constancia Mine Plan • Construction in 2022 moved ahead in the downstream embankment (
Slide 11: Copper Concentrate Transport to Port
COPPER CONCENTRATE TRANSPORT TO PORT MOST OF THE ROUTE SHARED WITH OTHER LARGE COPPER MINES IN THE REGION • We believe we have one of the best logistics team in Peru; proactively manages through social Constancia challenges along the transportation route to minimize impact to Constancia Mine Plan Co
Slide 12: Constancia Mill Flowsheet
CONSTANCIA MILL FLOWSHEET Constancia Mine Plan Snow Lake Mine Plan Arizona Exploration Update Mason PEA Overview Appendix 12
Slide 13: Optimization and Continuous Improvement
OPTIMIZATION AND CONTINUOUS IMPROVEMENT Constancia Mine Plan • Bulk Ore Sorting Enterprise Geometallurgy, • 2020-2021 Geometallurgy program ore sorting Advanced Process Snow Lake Mine Plan • Advanced process control integration Control & Automation • New data historian (OSISOFT™ Pi) Bottleneck mappi
Slide 14: Geometallurgy
GEOMETALLURGY PRODUCTION FORECASTING AND OPTIMIZATION Pampacancha Copper Recovery [Std Reagents, Roughing] 100 Constancia 95 Mine Plan • Geometallurgical studies allow us to 90 Recovery [%] • Improve the confidence of our production forecasts 85 80 • Make informed decisions about plant configuration
Slide 15: Sensor-Based Ore Sorting
SENSOR-BASED ORE SORTING SUCCESSFUL PHASE 2 TRIAL Constancia Mine Plan • Sensor-based ore sorting (XRF, XRT, PGNAA, etc.) can be done at two scales: Snow Lake • Bulk –sorting ore at the shovel or loader post- Mine Plan blast • Particle – refers to sorting crushed material on a conveyor Arizona Explo
Slide 16: Recovery Uplift Project
RECOVERY UPLIFT PROJECT HIGH RETURN, LOW CAPITAL INVESTMENT OPPORTUNITY Mill Pump Upgrades $56M NPV8% Constancia 90 1,600 Mine Plan Rougher Concentrate flow [m3/h] 88 87.90 88.27 88.45 88.53 88.49 1,400 +90% IRR Recovery [%] 87.25 1,200 86 86.19 1,000 84.46 84 800 Snow Lake 83.44 Mine Plan 82 82.08
Slide 17: Recovery Optimization Project
RECOVERY OPTIMIZATION PROJECT REGRIND AND CLEANER CIRCUIT DEBOTTLENECKING Constancia • Rougher concentrate flow Mine Plan needs to be increased from 800 m3/h to ~1,200 m3/h • Froth Crowders in Snow Lake Roughers Mine Plan • Increase concentrate pumping • Increase regrind cyclone capacity Arizona • I
Slide 18: Reserves & Resources Overview
RESERVES & RESOURCES OVERVIEW CONSTANCIA RECONCILIATION • Added 33Mt at 0.48% Cu Constancia Mine Plan and 0.115 g/t Au to Constancia reserves primarily related to the Snow Lake integration of exploration Mine Plan success at Constancia North Arizona Exploration Update • No changes to the Pampacancha
Slide 19: Constancia North
CONSTANCIA NORTH CONSTANCIA NORTH DRILLING HAS EXTENDED THE RESERVE PIT TO THE NORTH Constancia • Shallow porphyry and skarn mineralization intersected in the 2019-2020 drilling at Constancia Mine Plan North has contributed to an extension of the Constancia reserve pit by approximately 300m where th
Slide 20: Constancia North
CONSTANCIA NORTH CONSTANCIA NORTH DRILLING HAS ALSO EXTENDED THE RESOURCE PIT SHELL Constancia • In addition to the extension of the reserve pit, high grade mineralization with economic potential Mine Plan has also been extended to the north, which has contributed to an improvement of the head grade
Slide 21: Constancia North
CONSTANCIA NORTH UNDERGROUND POTENTIAL TO BE FURTHER INVESTIGATED Constancia • There is an additional opportunity to include more resources and/or improve the life of mine plan Mine Plan by mining some of the steeply dipping/narrower high-grade skarn mineralization as a satellite underground operati
Slide 22: Constancia Regional Potential
CONSTANCIA REGIONAL POTENTIAL MINERAL PROPERTIES WITHIN TRUCKING DISTANCE OF CONSTANCIA INFRASTRUCTURE Distance to Constancia Property Process Description Mine Plan Plant 0 5,000 10,000 Meters • Community surface rights Quehuincha North Target agreement completed Maria Reyna Pampacancha 5 km • Consu
Slide 23: 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 independently verified this historical data or the quality assurance and quality control program that was applied during the execution o
Slide 24: Exploration Permitting Timeline
EXPLORATION PERMITTING TIMELINE DRIVEN BY COMMUNITY RELATIONS AND PERMITTING • It can take up to 18 months to obtain drill permits Constancia Mine Plan Snow Lake Mine Plan Arizona Exploration Update Mason PEA Overview Appendix 24
Slide 25: Quehuincha North: Skarn Target
QUEHUINCHA NORTH: SKARN TARGET • Quehuincha North target is located 3km north of the Kusiorcco area Constancia Mine Plan • Field work was conducted to follow up on coincidence of aeromagnetic and radiometric anomalies • Mapping shows copper mineralization in skarn extending Snow Lake for almost 2 km
Slide 26: Llaguen Project
LLAGUEN PROJECT GREENFIELD EXPLORATION Constancia • Located near existing Mine Plan infrastructure • Located near available workforce; 56km northeast Snow Lake Mine Plan of Trujillo, the third largest city in Peru • Mineralization drilled by Arizona Exploration Vale in 2006-2008 and is Update open t
Slide 27: Llaguen Project
LLAGUEN PROJECT HISTORICAL VALE DRILL RESULTS INTERSECTED MINERALIZATION • Vale drilled 23 holes totaling 10,834 metres Constancia Mine Plan • Results include 186.6 metres at 0.43% Cu A summary of the historical drill results from Llguen is contained in the table below, however a qualified person ha
Slide 28: Snow Lake Updated Mine Plan & Upside Opportunities
Constancia Mine Plan 2 Snow Lake Updated Mine Plan & Upside Opportunities Snow Lake Mine Plan Arizona Exploration Update Mason PEA Overview CASHEL MEAGHER ROB ASSABGUI OLIVIER TAVCHANDJIAN PETER AMELUNXEN Appendix SVP & COO VP MANITOBA B.U. VP EXPL. & GEOLOGY VP TECHNICAL SERVICES 28
Slide 29: Manitoba Production Profile
MANITOBA PRODUCTION PROFILE ADVANCING SNOW LAKE GOLD STRATEGY TO SIGNIFICANTLY GROW GOLD PRODUCTION • On track to achieve early gold production in Q3 2021; successful conversion of resources to reserves; Constancia optimizing Lalor’s mine throughput to 5,300tpd starting in 2023; positive impact from
Slide 30: Snow Lake 2021 Mine Plan
SNOW LAKE 2021 MINE PLAN 17-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY • Mine plan enhancements optimize processing capacity of the Snow Lake operations to maximize the NPV of Constancia the operations. As a result, the production of gold, copper and silver are expected to increase by
Slide 31: Snow Lake Updated Mine Plan
SNOW LAKE UPDATED MINE PLAN STALL RECOVERY IMPROVEMENT PROGRAM • Significantly higher Cu, Au & Ag recoveries starting in 2023; capital of $19M (C$24M) Constancia C$70M NPV8% Mine Plan in 2022 +60% IRR • Upgraded flowsheet includes installation of Jameson cells to increase copper rougher and cleaner
Slide 32: Snow Lake Updated Mine Plan
SNOW LAKE UPDATED MINE PLAN 1901 DEPOSIT ADDED TO MINE PLAN Constancia • Zinc-rich zones at the 1901 deposit to supplement production from Lalor and take advantage Mine Plan of the available processing capacity at the Stall mill • Addition of 1.58 million tonnes of reserves at a grade of 7.9% zinc S
Slide 33: Manitoba Regional Mines and Discoveries
MANITOBA REGIONAL MINES AND DISCOVERIES • Hudbay has a long history of delivering additional tonnage beyond the initial reserves in the Snow Lake and Flin Flon VMS camps Constancia Mine Plan RESERVES IN THE FLIN FLON AND SNOW LAKE CAMP (MILLION TONNES) Flin Flon 62.5 Mt Lalor Chisel U/G Snow Lake 77
Slide 34: Flin Flon Transition
FLIN FLON TRANSITION TRANSITION PLANNING FROM FLIN FLON TO SNOW LAKE AHEAD OF CLOSURE Constancia Mine Plan • The zinc plant closure is expected ahead of 777 mine, as early as April 2022 • 777 mine and Flin Flon mill final ore production is expected in June 2022 • The transition plan highlights inclu
Slide 35: Snow Lake Process Flow Chart - 2023
SNOW LAKE PROCESS FLOW CHART - 2023 Lalor Crushed Ore Constancia Mine Plan Stall Mill New Britannia Mill1 Snow Lake Mine Plan Grinding Grinding Arizona Exploration Flotation Flotation Update tails Cyanide Tails to Zn Concentrate Cu Concentrate Leaching/CIP Destruction Anderson TIA Dewatering Dewater
Slide 36: 3D Visualization of Snow Lake – Lalor & 1901
3D VISUALIZATION OF SNOW LAKE – LALOR & 1901 Constancia Mine Plan Snow Lake Mine Plan Please refer to accompanying VRIFY Arizona Exploration 3D presentation for Snow Lake Update Mason PEA Overview Appendix 36
Slide 37: Snow Lake Gold Mineral Reserves
SNOW LAKE GOLD MINERAL RESERVES WIM AND 3 ZONE PROVIDE ADDITIONAL NEW BRITANNIA MILL FEED Constancia Mine Plan • WIM is located 15km north of New Britannia. The site is accessible by a winter road Snow Lake Mine Plan that will be upgraded 27 Lens • 3 Zone is located 3km north of New Britannia. There
Slide 38: WIM: Copper-Gold Deposit
WIM: COPPER-GOLD DEPOSIT MINERALIZATION STARTS FROM SURFACE Constancia • To be developed via an underground ramp • Expected to start producing once Lalor and 1901 are near end of their mine life. In the Mine Plan current Snow Lake mine plan, WIM is expected to be in production from 2030 to 2037 Snow
Slide 39: 3 Zone: Ramp-Access Gold Deposit
3 ZONE: RAMP-ACCESS GOLD DEPOSIT SATELLITE ZONE OF THE FORMER NEW BRITANNIA MINE Constancia • Upper part of 3 Zone was mined for a short period during the New Britannia mill start-up in Mine Plan 1995 prior to the New Britannia mine being commissioned • In the current Snow Lake mine plan, 3 Zone is
Slide 40: Snow Lake Processing Logistics
SNOW LAKE PROCESSING LOGISTICS LALOR MINE 2021 11 years 2031 Source Ore Constancia 1901 DEPOSIT 2026 6 years 2031 Mine Plan SATELLITE GOLD DEPOSITS 2030 8 years 2037 (WIM, 3 ZONE) Snow Lake Mine Plan Processing STALL BASE METAL MILL Location 2021 11 years 2031 (WITH GOLD BY-PRODUCT) Arizona NEW BRIT
Slide 41: Lalor & 1901 Reserves & Resources Changes
LALOR & 1901 RESERVES & RESOURCES CHANGES ADDING RESERVES ACROSS ALL METAL TYPES • Resource to reserve Constancia Mine Plan conversion more than offset 2020 mining depletion with a net gain on tonnes and for all Snow Lake metals, including the addition Mine Plan of 226koz of gold in reserves • Hudba
Slide 42: Canadian VMS Gold Mining Complexes
CANADIAN VMS GOLD MINING COMPLEXES MULTIPLE COMPLEXES HAVE PRODUCED SEVERAL MILLION GOLD OUNCES Constancia Snow Lake Gold is one of the newest Canadian Past producing complexes are now being Mine Plan underground VMS gold mining complexes redeveloped for additional gold production SNOW LAKE GOLD1 LA
Slide 43: Snow Lake Gold Comparison to LaRonde Complex Depth
SNOW LAKE GOLD COMPARISON TO LARONDE COMPLEX DEPTH LARONDE COMPLEX CROSS SECTION Constancia -0m Mine Plan Snow Lake Gold Camp has significant potential to grow based on other older VMS camps statistics Snow Lake Lalor has only had 10 years of Mine Plan - 1,000 m post-production exploration Deepest r
Slide 44: Lalor Mine Life Extension
LALOR MINE LIFE EXTENSION 11-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY • Inferred resources estimated using stringent methodology that constrains the resource Constancia Mine Plan within a stope optimization envelope • Expected to lead to a higher resource to reserve conversion facto
Slide 45: Future Snow Lake Upside Opportunities
FUTURE SNOW LAKE UPSIDE OPPORTUNITIES LALOR IN-MINE GOLD & BASE METAL EXPLORATION Constancia • Recent drilling continue to support resource to reserve conversion and to extend known Mine Plan lenses. The visual examples presented below include: • Potential extension of lens 32 (base metal) and poten
Slide 46: Future Snow Lake Upside Opportunities
FUTURE SNOW LAKE UPSIDE OPPORTUNITIES 1901 AU AND CU-AU EXPLORATION POTENTIAL • 2020 resource update was successful in defining a new gold-rich inferred resource estimate Constancia with a significant increase in gold resources: 122koz in M&I and 137koz in inferred, compared Mine Plan to 58koz previ
Slide 47: Future Snow Lake Upside Opportunities
FUTURE SNOW LAKE UPSIDE OPPORTUNITIES OTHER BASE METAL OPPORTUNITIES • Indicated and inferred mineral resource estimates at Watts, Pen II and Talbot provide additional opportunities Constancia to extend the operating life of the Stall mill beyond 2031 and to continue to operate Stall at higher throu
Slide 48: Future Snow Lake Upside Opportunities
FUTURE SNOW LAKE UPSIDE OPPORTUNITIES FUTURE MILL PROCESSING PROJECTS • As the Lalor mine matures and additional satellites ore sources are identified to supplement Constancia Mine Plan feed to Stall and New Britannia, metallurgical projects are advancing to match the configuration of the mills to t
Slide 49: Arizona Exploration Update
Constancia Mine Plan 3 Arizona Exploration Update Snow Lake Mine Plan Arizona Exploration Update Mason PEA Overview CASHEL MEAGHER ANDRE LAUZON OLIVIER TAVCHANDJIAN Appendix SVP & COO VP ARIZON B.U. VP EXPL. & GEOLOGY 49
Slide 50: Arizona Business Unit
ARIZONA BUSINESS UNIT Constancia Mine Plan Miami Pinto Valley Phoenix Resolution ARIZONA, US Snow Lake Ray Morenci Mine Plan Florence Safford Arizona Exploration Update Silver Bell Tucson Mason PEA Phoenix Overview Gunnison Tucson Mission Sierrita MINE ROSEMONT Appendix TOWN ROSEMONT RAILROAD ROAD T
Slide 51: Rosemont Project History
ROSEMONT PROJECT HISTORY 2007 & 2008 2009 & 2010 2011 2012 2013 2014 Constancia Rosemont Mine Plan of Operations filed Arizona State Mine Inspector, EPA Hazardous Waste ADEQ Aquifer Protection ADEQ Class II Air Permit Hudbay Acquires the with U.S. Forest Service (July Arizona Mined Land Identificati
Slide 52: 3D Visualization of Copper World
3D VISUALIZATION OF COPPER WORLD LOCATED ADJACENT TO THE ROSEMONT DEPOSIT Constancia Mine Plan Snow Lake Mine Plan Please refer to accompanying VRIFY Arizona Exploration 3D presentation for Copper World Update Mason PEA Overview Appendix 52
Slide 53: Copper World Drill Core Photos
COPPER WORLD DRILL CORE PHOTOS HIGH GRADE SULPHIDE AND OXIDE MINERALIZATION Constancia • Sulphide mineralization at • Oxide mineralization at the • Sulphide mineralization at Mine Plan Broad Top Butte hole #11 backbone fault near Broad Top Peach hole #35A (1.6% Cu (6.5% Cu from 687 to 704ft Butte ho
Slide 54: Copper World Next Steps
COPPER WORLD NEXT STEPS INITIATED A LARGER EXPLORATION DRILL PROGRAM IN 2021 Constancia • Significant positive results from 2020 drilling has warranted a larger follow-up drill program Mine Plan in 2021 • 2021 drill program consists of 70,000ft of drilling using six drill rigs; goal is to understand
Slide 55: Mason PEA Overview
Constancia Mine Plan 4 Mason PEA Overview Snow Lake Mine Plan Arizona Exploration Update Mason PEA Overview CASHEL MEAGHER OLIVIER TAVCHANDJIAN Appendix SVP & COO VP EXPL. & GEOLOGY 55
Slide 56: Nevada Business Unit
NEVADA BUSINESS UNIT Constancia Mine Plan Power Plant NEVADA Lyon County Snow Lake Douglas County Mine Plan MacArthur Reno MASON PROJECT Arizona Exploration Yerington Update Blue Hill Mine (Historic) MASON Yerington TOWN Mason PEA Las Vegas Road Overview Mason HUDBAY MINERAL CLAIMS HUDBAY PRIVATE LA
Slide 57: Mason Is a Scarce Asset
MASON IS A SCARCE ASSET • There are very few undeveloped copper projects of scale in preferred jurisdictions • Hudbay owns 2 of the top 10 greenfield projects in Mason and Rosemont Constancia • Mason is at an earlier stage than Rosemont but presents a valuable longer-term opportunity in Hudbay’s Min
Slide 58: Mason Production Profile
MASON PRODUCTION PROFILE LOM PRODUCTION PROFILE Production (kt Cu) Cash Cost (US$ / lb Cu) AISC (US$ / lb Cu) Constancia $2.30 $1.72 $1.86 $1.73 $1.76 $1.81 $1.85 $1.83 $1.98 $1.98 $1.87 $1.87 $1.86 $1.91 $1.67 $1.51 $1.39 $1.43 $1.28 $1.40 $1.54 $1.64 $1.70 $1.82 $1.97 $2.27 $2.79 Mine Plan Snow La
Slide 59: Mason PEA Summary
MASON PEA SUMMARY $3,000 40% • 27 year mine life with approximately 139 ktpa $2,500 After-Tax NPV10% (US$M) Unlevered IRR (%) Cu production over first ten years of operation $2,019 30% $2,000 23% Constancia • While Mason is at earlier-stage than Mine Plan 18% Rosemont, it has the potential to more t
Slide 60: Mason Development Strategy
MASON DEVELOPMENT STRATEGY LOW-COST CONSOLIDATION & OPTIMIZATION OF THE MASON PROJECT Constancia Mine Plan Mason Acquisition Toe hold $2M investment in Mason Resources for 14% Acquisition Cost Identified the potential of the ownership large-scale Mason deposit Acquired remaining 86% for $15M $17
Slide 61: Mason Resource Model
MASON RESOURCE MODEL UPDATED BY HUDBAY USING THE MODELING PROCEDURES OF CONSTANCIA Constancia • Honors actual plunge of mineralization in grade interpolation Mine Plan • Corrected for over-smoothing of high grade core of the deposit by kriging interpolant (expected effect of grade interpolation when
Slide 62: Mason Resource Model
MASON RESOURCE MODEL UPDATED BY HUDBAY USING THE MODELING PROCEDURES OF CONSTANCIA Constancia • Used same classification criteria than at Constancia resulting in large volume classified as measured and Mine Plan indicated • Hudbay’s classification takes into account drill density, grade variability
Slide 63: Mason Resource Estimates
MASON RESOURCE ESTIMATES FIRST RESOURCE MODEL COMPILED BY HUDBAY INCREASES M&I Constancia • Resource classification criteria calibrated on historical performance at Constancia, control of Mine Plan grade over-smoothing in the central zone of the deposit, and the use of a lower cut-off grade • Measur
Slide 64: Mason Regional Upside Potential
MASON REGIONAL UPSIDE POTENTIAL MASON VALLEY PRIVATE PATENTED CLAIMS IN HISTORICAL CU DISTRICT Constancia • Over 200Mlb of Cu grading 1.5% to 6.2% was produced from high grade Cu skarn zones from the small- Mine Plan scale Bluestone, Malachite, Mason Valley, McConnell and Western Nevada mines • 100%
Slide 65: Mason Regional Upside Potential
MASON REGIONAL UPSIDE POTENTIAL HISTORIC DRILLING AND PRODUCTION RECORDS INDICATE MINERALIZATION IS HIGH GRADE AND STARTS AT OR NEAR SURFACE Constancia Mine Plan • The Mason Valley property consists of several past-producing mines. These images show two former underground mines and visual copper min
Slide 66: Mason Valley Exploration Targets
MASON VALLEY EXPLORATION TARGETS EXAMPLE OF THE BLUESTONE PROSPECT • Largest surface expression of historical mining with several adits still accessible today that Hudbay had to Constancia Mine Plan fence and secure since acquisition in 2019 • The mine produced 75Mlbs of copper grading 1.50% to 3.50
Slide 67: Mason Valuation Compared to Peers
MASON VALUATION COMPARED TO PEERS MASON IS UNDERVALUED COMPARED TO PROJECTS OF SIMILAR SCALE AND STAGE Constancia Mine Plan $1.0 $0.9 $0.8 $0.8 $0.8 $0.8 $0.7 $0.7 $0.6 $0.6 Snow Lake Adjusted $0.6 Mine Plan $0.5 $0.3 $0.3 $0.3 Market ? $0.3 $0.4 $0.3 Value1 $0.2 $0.1 (US$B) $0.0 Mason NuevaUnion Ta
Slide 68: Appendix
PENDIX HEM TMX Bnyse —
Slide 69: Peru Mineral Reserves
PERU MINERAL RESERVES AS AT JANUARY 1, 2021 Constancia Mine Plan CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Snow Lake Proven 436,500,000 0.29 83 0.041 2.88 Mine Plan Probable 56,100,000 0.25 69 0.045 3.09 Arizona Total Proven and Probable 492,600,000 0.29 82 0.042 2.90 Exploration
Slide 70: Peru Mineral Resources
PERU MINERAL RESOURCES AS AT JANUARY 1, 2021 Constancia Mine Plan CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Snow Lake Measured 125,200,000 0.22 65 0.038 2.11 Mine Plan Indicated 118,300,000 0.22 65 0.037 2.05 Inferred 46,600,000 0.30 73 0.054 2.72 Arizona Exploration PAMPACANCHA U
Slide 71: Snow Lake Reserves & Resources
SNOW LAKE RESERVES & RESOURCES AS AT JANUARY 1, 2021 PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Constancia Proven Lalor 6,860,000 0.50 5.79 2.6 29 Mine Plan Base Metal Zone 1901 890,000 0.40 6.61 2.0 28 Probable Lalor 1,190,000 0.64 4.32 3.2 32 1901 690,000 0.25 9.49 1.4 30 Snow Lake M
Slide 72: Snow Lake Reserves & Resources (Cont'd)
SNOW LAKE RESERVES & RESOURCES (CONT’D) AS AT JANUARY 1, 2021 Constancia Mine Plan PROPERTY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) PEN II Indicated 470,000 8.89 0.3 0.49 7 Talbot Indicated 2,190,000 1.79 2.1 2.33 36 Snow Lake Mine Plan Total Indicated (Base Metals) 2,660,000 3.04 1.8 2.01 31 Watts R
Slide 73: Flin Flon Reserves & Resources
FLIN FLON RESERVES & RESOURCES AS AT JANUARY 1, 2021 Constancia Mine Plan PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Proven 1,125,000 1.59 5.09 2.23 31 777 Reserves Probable 399,000 1.11 4.46 1.86 30 Snow Lake Mine Plan Total 777 Mineral Reserve 1,524,000 1.46 4.93 2.13 31 Measured 120
Slide 74: Rosemont and Mason Reserves & Resources
ROSEMONT AND MASON RESERVES & RESOURCES ROSEMONT AS AT JANUARY 1, 2021 MINERAL RESERVES CATEGORY TONNES Cu (%) Mo (%) Ag (g/t) Constancia Mine Plan Proven 426,100,000 0.48 0.012 4.96 Probable 111,000,000 0.31 0.010 3.09 Total 2P Reserves 537,100,000 0.45 0.012 4.58 Snow Lake Mine Plan MINERAL RESOUR
Slide 75: Additional Information – Reserves & Resources
ADDITIONAL INFORMATION – RESERVES & RESOURCES 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 Stand
Slide 76: Additional Information – Llaguen
ADDITIONAL INFORMATION – LLAGUEN VALE HISTORICAL DRILL HOLE INFORMATION Constancia Mine Plan From To Azimuth at Dip at Core Hole ID Easting Northing Elevation Easting Northing Elevation intercept intercept Size LL-06-001 748,956.8 9,146,263.8 2,184.8 748,956.8 9,146,296.8 2,127.6 0 -60 HQ LL-06-002
Slide 77: For More Information Contact
For More Information Contact: Candace Brûlé Director, Investor Relations 416.814.4387 | candace.brule@hudbay.com