Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Q3 2025 Earnings Presentation
12 slides from Hudbay Minerals's earnings presentation, Nov 12, 2025
Slide 1: Q3 2025 Results Presentation
Q3 2025 Results Presentation November 12, 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: Operating Resilience and Continued Industry-Leading Margins
Operating Resilience and Continued Industry-Leading Margins 3 ON TRACK TO ACHIEVE LOW END OF CONSOLIDATED COPPER & GOLD PRODUCTION GUIDANCE DESPITE Q3 INTERRUPTIONS KEY RESULTS SUMMARY $143M $0.03 24kt $0.42/lb Q3 2025 Q2 2025 Q3 2024 Q3 2025 Q3 2025 Q3 2025 Cu Q3 2025 Adj. EBITDA1 Adj. EPS 1,2 Prod
Slide 4: Continued Execution and Further Debt Reduction
Continued Execution and Further Debt Reduction 4 WELL-POSITIONED TO FUND GROWTH INITIATIVES WITH ENHANCED BALANCE SHEET AND DIVERSIFIED CASH FLOWS Positive free cash flow generation in Peru and Manitoba despite operational $309M $611M $436M 0.5x interruptions, offset by negative free cash flow gener
Slide 5: Peru Operations Review
Peru Operations Review 5 REAFFIRM 2025 GUIDANCE WITH STEADY Q3 OPERATING PERFORMANCE AND STRONG COST CONTROL SUMMARY OF PERU OPERATING RESULTS 18kt 26koz $1.30/lb Q3 2025 Q2 2025 Q3 2024 Q3 2025 Q3 2025 Q3 2025 Constancia ore mined1 mt 0.6 6.7 3.0 Cu Production Au Production Cash Cost14 Pampacancha
Slide 6: Manitoba Operations Review
Manitoba Operations Review 6 RESILIENCE DURING WILDFIRES & CONTINUED PRIORITIZATION OF GOLD AND OPERATING EFFICIENCIES SUMMARY OF SNOW LAKE OPERATING RESULTS 22koz 0.8kt $379 Q3 2025 Q2 2025 Q3 2024 Q3 2025 Q3 2025 Q3 2025 Ore mined kt 139.0 303.1 411.3 Au Production Cu Production Gold Cash Cost2,6
Slide 7: British Columbia Operations Review
British Columbia Operations Review 7 CONTINUING TO DRIVE OPERATIONAL IMPROVEMENTS FROM ONGOING OPTIMIZATION INITIATIVES SUMMARY OF COPPER MOUNTAIN OPERATING RESULTS5 5.2kt 4.8koz $3.21/lb Q3 2025 Q2 2025 Q3 2024 Q3 2025 Q3 2025 Q3 2025 Ore mined1 mt 1.8 2.5 3.1 Cu Production Au Production Cash Cost4
Slide 8: Advancing Copper World Towards a Sanction Decision in 2026
Advancing Copper World Towards a Sanction Decision in 2026 8 ACHIEVED KEY ELEMENTS OF THREE PRE-REQUISITES “3-P” PLAN $600M ~$1B ~$200M OPTIMAL PROJECT FUNDING STRUCTURE2 Hudbay Equity Hudbay Pro Forma1 Remaining Hudbay JV Proceeds + Equity for 30% JV Interest Cash Balance Equity Contribution Debt 1
Slide 9: Snow Lake Exploration Program Executing Threefold Strategy
Snow Lake Exploration Program Executing Threefold Strategy 9 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 progr
Slide 10: 2025 Snow Lake Drilling Program: Talbot Copper-Zinc Project
2025 Snow Lake Drilling Program: Talbot Copper-Zinc Project 10 DRILL PROGRAM STARTED IN JULY WITH FIRST THREE HOLES ALL RETURNING POSITIVE RESULTS ROCKCLIFF PREVIOUSLY DISCLOSED 2025 DRILLING TARGETS Tonnes (Kt) Cu (%) Au (g/t) Zn (%) Ag (g/t) MINERAL RESOURCE ESTIMATE* Talbot – Indicated Resources
Slide 11: Hudbay's Attractive, Copper Weighted Production Growth
Hudbay’s Attractive, Copper Weighted Production Growth 11 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 12: Questions
QUARTERLY EARNINGS / Q3 2025 QUESTIONS TSX & NYSE: HBM 12