Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — UBS 2026 Global Materials Conference
80 slides from Hudbay Minerals's conference presentation, September 2026
Slide 1: Investor Presentation
TSX & NYSE / HBM Investor Presentation SEPTEMBER 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 / SEPTEMBER 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 +70% Medium-term Growth REVENUE2 RESERVES3 3% 2% 5% 2% 2% Copper World Consolidated Copper Cash Production (000 tonnes) Consolidated Copper 8% Costs (US$/lb) 140-184 139-173 Cu 118 110-138 Au
Slide 5: Delivering Strong Results with Continued Industry-Leading Margins
Delivering Strong Results with Continued Industry-Leading Margins 5 ANOTHER QUARTER OF STEADY OPERATING PERFORMANCE FROM DIVERSIFIED ASSET BASE KEY RESULTS SUMMARY $321M $0.28 28kt $(0.40)/lb Q2 2026 Q1 2026 Q2 2025 Q2 2026 Q2 2026 Q2 2026 Cu Q2 2026 Adj. EBITDA1 Adj. EPS1,2 Production Cash Cost1 Pr
Slide 6: Continued Significant Free Cash Flow Generation
Continued Significant Free Cash Flow Generation 6 WELL-POSITIONED TO FUND HIGH-RETURN GROWTH INITIATIVES TO UNLOCK FURTHER VALUE $413M $891M $(81)M (0.1)x Consolidated free cash flow of $101.8 million driven by Manitoba and Peru, while optimization efforts in British Columbia continue to bring the o
Slide 7: Diversified Portfolio of Long-Life Assets in Tier Jurisdictions
Diversified Portfolio of Long-Life Assets in Tier 1 Jurisdictions 7 OPERATING MINE DEVELOPMENT PROJECT Cu Au Ag Cu Mo Ag Au NEAR TERM DEVELOPMENT OPERATING MINE PROJECT (2026 SANCTION) +20 year mine life +20 year mine life Open Pit Open Pit COPPER MOUNTAIN ~45kt annual Cu production COPPER
Slide 8: Attractive Copper Positioning
Attractive Copper Positioning 8 SIGNIFICANT COPPER PRODUCTION AT FIRST QUARTILE CASH COSTS MEANINGFUL COPPER PRODUCTION1 LEADING LOW-COST PROFILE 2026E COPPER C1 CASH COSTS2 600 $4.00 ~$100M increase in cash flow and EBITDA for ~$75M increase in cash flow and EBITDA for 500 10% change in annual copp
Slide 9: Hudbay Investment Thesis
Hudbay Investment Thesis 9 INCREASING 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 P
Slide 10: PERU
10 INVESTOR PRESENTATION / SEPTEMBER 2026 PERU LONG LIFE, LOW COST COPPER MINE WITH SIGNIFICANT EXPLORATION POTENTIAL TSX & NYSE: HBM
Slide 11: Constancia Key Highlights
Constancia KEY HIGHLIGHTS 11 LONG LIFE, LOW-COST COPPER MINE IN PERU 15 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 12: Constancia Operational Excellence
Constancia Operational Excellence 12 CONTINUOUS OPERATIONAL IMPROVEMENTS AT CONSTANCIA HAVE INCREASED THROUGHPUT, ENHANCED EFFICIENCIES AND REDUCED COSTS Throughput Expansion CONSTANCIA THROUGHPUT1 Mill consistently operates above design capacity with strong culture of 100 continuous improvement.
Slide 13: Constancia Exploration Potential
Constancia Exploration Potential 13 SEVERAL OPPORTUNITIES EXIST ON HUBDAY’S EXTENSIVE LAND PACKAGE IN PERU Maria Reyna Caballito Constancia & Pampacancha 3.3Mt Cu DELINEATED TO-DATE Constancia 1.1Mt Cu INVESTOR PRESENTATION / SEPTEMBER 2026 MINED TO-DATE Pampacancha PERU Tintaya Lima Constancia Anta
Slide 14: Constancia Priority Satellite Targets
Constancia Priority Satellite Targets 14 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 15: CANADA
15 INVESTOR PRESENTATION / SEPTEMBER 2026 CANADA NEARLY 100 YEARS OF DIVERSIFIED COPPER & GOLD OPERATIONS TSX & NYSE: HBM
Slide 16: Snow Lake Key Highlights
Snow Lake KEY HIGHLIGHTS 16 LOW-COST GOLD OPERATION WITH MEANINGFUL BASE METAL PRODUCTION 16 YEARS Mine Life Au-Zn-Cu VMS Deposits 100%-owned Lalor mine in Snow Lake produces gold ore The nearby 1901 deposit is scheduled to commence production for the New Britannia mill and base metal ore for the St
Slide 17: New Britannia Mill Refurbishment Driving Higher Returns
New Britannia Mill Refurbishment Driving Higher Returns 17 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 18: Snow Lake Cost Performance
Snow Lake Cost Performance 18 HIGHEST MARGIN CANADIAN GOLD MINE LARGE-SCALE (>150koz) CANADIAN GOLD MINES Higher Margin Lower Margin $2,020 ~80% AISC Margin at current gold prices $1,824 $1,895 $1,633 $1,636 $1,606 $1,473 All-In Sustaining Costs (US$/oz)1 $1,331 $1,302 $1,257 $1,196 $1,205 $1,148 $1
Slide 19: Snow Lake Mine Life Extension & Potential Reserve Expansion
Snow Lake Mine Life Extension & Potential Reserve Expansion 19 1.9M OZ OF GOLD RESERVES & 1.3M OZ OF GOLD INFERRED RESOURCES IN SNOW LAKE Stringent methodology constraining the resource within a stope optimization envelope is expected to lead to higher resource to reserve conversion. Total reserves
Slide 20: Snow Lake Regional Satellite Deposits
Snow Lake Regional Satellite Deposits 20 EXPLORE REGIONAL LAND PACKAGE TO TEST SATELLITE DEPOSITS TO INCREASE PRODUCTION THROUGH UTILIZING AVAILABLE PROCESSING CAPACITY SATELLITE DEPOSITS OF INTEREST LALOR DOWN PLUNGE Cu Au RAIL Cu Au 2024 drill program yielded new intersections of Alternative z
Slide 21: Snow Lake Geophysics Exploration Program
Snow Lake Geophysics Exploration Program 21 DEEP ELECTROMAGNETIC SURVEYS IN SEARCH OF NEW ANCHOR DISCOVERIES Large modern geophysics program underway consisting of deep surface electromagnetic surveys Limited modern geophysics conducted on highly prospective ground in the Snow Lake Camp Cutting edge
Slide 22: Copper Mountain Key Highlights
Copper Mountain KEY HIGHLIGHTS 22 LONG LIFE COPPER MINE WITH OPTIONALITY 20 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 50,000 tpd plant capacity. throughput to its permitted limit of 50,000
Slide 23: Copper Mountain Optimization
Copper Mountain Optimization 23 ON TRACK TO CREATE LONG-TERM VALUE THROUGH OPTIMIZATION MATERIAL MOVED1 30 Quarterly Material Moved 25 20 Hudbay Acquisition OPTIMIZATION INITIATIVES *(Mt) 15 30.1 Accessing higher grades and increasing mill 25.4 10 21.4 21.8 throughput to drive production 15.8 13.2 5
Slide 24: New Ingerbelle
New Ingerbelle 24 EXTENDING COPPER MOUNTAIN MINE LIFE AND ENHANCING COPPER AND GOLD GRADES Key Milestones & Permitting Enhance production profile and extend mine life Celebrated official groundbreaking in June 2026. Secures more than 800 local jobs Received amended Mines Act and Environmental Mana
Slide 25: UNITED STATES
25 INVESTOR PRESENTATION / SEPTEMBER 2026 UNITED STATES LARGE UNDEVELOPED COPPER DEVELOPMENT ASSETS TO PRODUCE MADE IN AMERICA COPPER TSX & NYSE: HBM
Slide 26: Copper World Project Key Highlights
Copper World Project KEY HIGHLIGHTS 26 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 27: Significant Investment in U.S. Critical Minerals
Significant Investment in U.S. Critical Minerals 27 “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 28: $600M Strategic Investment from Mitsubishi Corporation
$600M Strategic Investment from Mitsubishi Corporation 28 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 29: Prudent Copper World Financing Plan
Prudent Copper World Financing Plan 29 SIGNIFICANT FINANCIAL FLEXIBILITY WITH OPTIMAL FUNDING STRUCTURE, ROBUST BALANCE SHEET AND CASH FLOWS +90% ~$1B ~$200M OPTIMAL PROJECT FUNDING STRUCTURE3 Hudbay Equity Levered Project Hudbay Post-closing1 Remaining Hudbay JV Proceeds + Equity IRR to Hudbay Cash
Slide 30: Copper World PFS Highlights
Copper World PFS Highlights 30 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 31: Cactus Overview
Cactus Overview 31 CACTUS IS A LONG-LIFE LOW-COST COPPER DEVELOPMENT PROJECT IN A PROLIFIC MINING JURISDICTION MINERAL RESERVE AND RESOURCE ESTIMATES1,2 COMPLETED ACQUISITION OF ARIZONA SONORAN Mineral Resources are Tonnes Grade Contained PROJECT HIGHLIGHTS inclusive of Mineral Reserves (Mt) CuT3 (%
Slide 32: Creates Attractive Copper District in Arizona
Creates Attractive Copper District in Arizona 32 CONSOLIDATES TWO HIGH-QUALITY PROJECTS IN ARIZONA, THE "COPPER STATE" Acquisition completed in the second quarter of 2026 Cactus to have no impact on Copper World’s development timeline; Copper World on N track for 2026 sanctioning Skilled team at Cop
Slide 33: Scarcity of Quality Copper Oxide Projects
Scarcity of Quality Copper Oxide Projects 33 CACTUS IS THE HIGHEST-GRADE UNDEVELOPED OPEN-PIT COPPER OXIDE PROJECT IN THE WORLD COPPER PROJECT BREAKDOWN COPPER RESERVE GRADE BENCHMARKING (%) & AVG. ANNUAL PRODUCTION (KT) LOM Avg. Annual Cu Production 1 265 103Kt 61Kt 0.52% 0.51% 148Kt 43Kt 0.45% 2 6
Slide 34: 3rd Largest Copper District In North America
3rd Largest Copper District In North America 34 CREATION OF A HIGH-QUALITY COPPER DISTRICT COPPER PRODUCTION (KT CU)1 500 495 226 182 126 INVESTOR PRESENTATION / SEPTEMBER 2026 105 88 80 76 2 Grupo Mexico Freeport Arizona Bingham Asarco Highland Valley Pumpkin Red Chris Freeport Sonora Arizona Busin
Slide 35: Mason Project Key Highlights
Mason Project KEY HIGHLIGHTS 35 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 36: INVESTMENT THESIS
INVESTOR PRESENTATION / SEPTEMBER 2026 THESIS INVESTMENT TSX & NYSE: HBM 36
Slide 37: Robust Copper Market Outlook
Robust Copper Market Outlook 37 STRONG LONG-TERM COPPER MARKET FUNDAMENTALS WITH SIGNIFICANT SUPPLY SHORTAGE DECLINING FUTURE COPPER SUPPLY GLOBAL COPPER SUPPLY AND DEMAND1 Declining Copper Grades Copper markets are increasingly No Significant Projects Sanctioned in Past 3-Years dependent on executi
Slide 38: Challenges of Supply Prediction
Challenges of Supply Prediction 38 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 39: A Look at Copper Pipeline Assumptions
A Look at Copper Pipeline Assumptions 39 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 Project Production Production Timeline
Slide 40: Prudent Capital Allocation
Prudent Capital Allocation 40 COPPER WORLD AND CACTUS REPRESENTS THE NEXT GENERATION OF LOW CAPITAL COPPER DEVELOPMENT Lower Capital Greenfield Projects Brownfield Projects Higher Capital Completed Greenfield Completed Brownfield $44.6 $56.9 $38.3 $39.1 $38.2 $35.4 1 Capital Intensity ($000s/tonne C
Slide 41: Proven Developer and Operator
Proven Developer and Operator 41 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 42: Holistic Capital Allocation Framework
Holistic Capital Allocation Framework 42 CONTINUED FINANCIAL DISCIPLINE IN DELIVERING GROWTH AND MAXIMIZING LONG-TERM RISK-ADJUSTED RETURNS Transformation ND/EBITDA < 1.0x Consider risk-adjusted returns Over the last three years, Hudbay achieved a significant transformation, moving from overleverage
Slide 43: Key Objectives for 2026
Key Objectives for 2026 43 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 44: Industry-Leading Copper Exposure with Significant Long-term Growth
Industry-Leading Copper Exposure with Significant Long-term Growth 44 OUTSIZED GROWTH IN CONSOLIDATED COPPER PRODUCTION SUPPORTED BY STABLE GOLD PRODUCTION ANNUAL CONSOLIDATED COPPER PRODUCTION (KT)1 LONG-TERM PRODUCTION PROFILE1,2 +500 5% 139 13% 31 +620kt 103 CuEq INVESTOR PRESENTATION / SEPTEMBER
Slide 45: APPENDIX
INVESTOR PRESENTATION / SEPTEMBER 2026 APPENDIX TSX & NYSE: HBM 45
Slide 46: World-Class Management Team
World-Class Management Team 46 PETER KUKIELSKI EUGENE LEI ANDRE LAUZON CEO PRESIDENT & CFO COO More than 30 years of sector experience Over 25 years of global mining finance, investment Over 30 years of experience, holding in base metals, precious metals and bulk banking and corporate development ex
Slide 47: Board of Directors
Board of Directors 47 DAVID SMITH PETER KUKIELSKI JOHN ARMSTRONG CHAIR CEO DIRECTOR David more than 30 years of financial and Peter has more than 30 years of John has a long career as a strategic advisor, executive leadership experience. He has had experience within the base & precious including CEO
Slide 48: 3-Year Production Outlook
3-Year Production Outlook 48 COPPER PRODUCTION GROWTH WITH STABLE COMPLEMENTARY GOLD EXPOSURE Consolidated copper production growth of 24% over next three years supported by B.C. mill throughput ramp up in H2 2026 and higher grades in 2027 following completion of accelerated stripping program, and f
Slide 49: 2026 Cost Guidance
2026 Cost Guidance 49 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 50: Prudent Balance Sheet Management
Prudent Balance Sheet Management 50 SIGNIFICANT FINANCIAL FLEXIBILITY AND INDUSTRY-LEADING FINANCIAL POSITION SUBSTANTIAL DEBT REDUCTION HIGH YIELD CREDIT BENCHMARK3 7.0% >$1B $1,045M (0.1)x 6.5% 6.39% 6.60% Mining Index, 6.55% 6.09% Net Debt Reduction Total Liquidity4 Q2 2026 Net Debt 6.0% Since 20
Slide 51: Our People, Our Community, Our Planet
Our People, Our Community, Our Planet 51 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 Understanding needs, assessing potential im
Slide 52: South America Business Unit
South America Business Unit 52 Cusco CUSCO MINE Las Bambas MILL TOWN CONSTANCIA RAIL ROAD Yauri PORT Tintaya Antapaccay Llaguen INVESTOR PRESENTATION / SEPTEMBER 2026 Trujillo PERU AREQUIPA Imata Lima Constancia Arequipa Cerro Verde & Matarani Matarani Port 0 TACNA 100km P E R U TSX & NYSE: HBM A
Slide 53: Constancia Mine Plan
Constancia Mine Plan 53 15-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY Mine plan for Constancia operations extends mine life to 2040 reflecting higher mill throughput contributions. CONSTANCIA OPERATIONS 2023A 2024A 2025A 20263 20273 20283 CONTAINED METAL IN CONCENTRATE Cu Production (
Slide 54: Llaguen Project
Llaguen Project 54 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 55: Manitoba Business Unit
Manitoba Business Unit New Britannia Gold Mill 55 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 INVESTOR PRESENTATION / SEPTEMBER 2026 Flin Flon SASKATCHEWAN MANITOBA Snow Lake Lalor Mine Flin Flon Winnip
Slide 56: Snow Lake Mine Plan
Snow Lake Mine Plan 56 16-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY Mine plan optimizes processing capacity in Snow Lake to extend mine life by four years to 2041. SNOW LAKE OPERATIONS1 2023A 2024A 2025A 20263 20273 20283 CONTAINED METAL IN CONCENTRATE AND DORÉ Au Production (000s ou
Slide 57: Snow Lake Process
Snow Lake Process 57 4,500 tpd 2,300 tpd Lalor Crushed ~2,200 tpd Ore STALL MILL NEW BRITANNIA MILL (3,600 tpd capacity) Grinding Grinding Cu conc. to New Britannia Cu conc. Flotation Flotation (via pipeline) INVESTOR PRESENTATION / SEPTEMBER 2026 Tails Cyanide Leaching/CIP Destruction Process Tails
Slide 58: Snow Lake Growth Over Time
Snow Lake Growth Over Time 58 OVER 3.5M 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 7% increase 7% increase Inferred 47% increase inclusion of satellite
Slide 59: 1901 Development & Exploration Drift
1901 Development & Exploration Drift 59 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 60: Talbot Copper-Gold-Zinc Project
Talbot Copper-Gold-Zinc Project 60 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 61: Flin Flon Growth Opportunities
Flin Flon Growth Opportunities 61 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 62: British Columbia Business Unit
British Columbia Business Unit 62 MINE TOWN ROAD Kamloops NEW AFTON MINE BRITISH COLUMBIA HIGHLAND VALLEY COPPER MINE INVESTOR PRESENTATION / SEPTEMBER 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 63: Copper Mountain Mine Plan
Copper Mountain Mine Plan 63 20-YEAR MINE PLAN BASED ON PROJECT AND PROBABLE RESERVES ONLY Copper Mountain operations reflects mine optimization initiatives and expected mine life extended two years to 2045. COPPER MOUNTAIN OPERATIONS 2024A 2025A 20265 20275 20285 LOM Total* CONTAINED METAL IN CONCE
Slide 64: Arizona – U.S. Business Unit
Arizona – U.S. Business Unit 64 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 INVESTOR PRESENTATION / SEPTEMBER 2026 Santa Cruz Silver Bell Tucson Gunnison Phoenix Mi
Slide 65: U.S. Open Pit Copper Benchmarking
U.S. Open Pit Copper Benchmarking 65 THE ARIZONA BUSINESS WILL COMPRISE TWO OF THE HIGHEST GRADE AND LOWEST COST OPEN-PIT COPPER ASSETS IN THE UNITED STATES ANNUAL PRODUCTION (KT CU) RESERVE GRADE (% CU) CASH COSTS (US$/LB CU) Morenci 261 Copper World 0.54% Cactus $1.34 Bingham Canyon 152 Cactus 0.5
Slide 66: Copper World Project Overview
Copper World Project Overview 66 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 67: Mitsubishi Corporation: Premier Strategic Partner
Mitsubishi Corporation: Premier Strategic Partner 67 LARGEST JAPANESE TRADING HOUSE & EXPERIENCED JV PARTNER AT WORLD-CLASS COPPER MINES Mitsubishi (~$80B market cap) is a globally integrated trading and investment company that develops and operates LARGEST MINES GLOBALLY BY 2024A COPPER PRODUCTION
Slide 68: Copper World Reserves and Resources
Copper World Reserves and Resources 68 RESERVES REPRESENT 30% OF M&I RESOURCES, OFFERING ROBUST EXPANSION AND MINE LIFE EXTENSION POTENTIAL RESERVE AND RESOURCE BASE NI 43-101 compliant Reserve and Resource statement supported by extensive drilling totalling 355,371 meters Significant resources lie
Slide 69: Designed to Reduce Energy Consumption and GHG Emissions
Designed to Reduce Energy Consumption and GHG Emissions 69 “MADE IN AMERICA” COPPER CATHODE TO SUPPORT DOMESTIC U.S. COPPER CONSUMPTION CONCENTRATE LEACH FACILITY SENSITIVITY ($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 70: Nevada – U.S. Business Unit
Nevada – U.S. Business Unit 70 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 / SEPTEMBER 2026 Mason Yerington Mine Project Blue Hill (Historic) MASON Yerington Mason TOWN Las Vega
Slide 71: Peru Mineral Reserves
Peru Mineral Reserves (AS AT JANUARY 1, 2026) 71 MINERAL RESERVE ESTIMATES1,2,3,4,5 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Proven 458,800,000 0.243 75 0.036 2.39 Probable 28,300,000 0.193 68 0.034 1.98 CONSTANCIA – TOTAL PROVEN AND PROBABLE 487,100,000 0.240 74 0.036 2.37 PAMPACANCHA6 P
Slide 72: Peru Mineral Resources
Peru Mineral Resources (AS AT JANUARY 1, 2026) 72 MINERAL RESOURCE ESTIMATES1,2,3,4,5 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Measured 106,300,000 0.232 74 0.036 2.36 Indicated 70,400,000 0.222 87 0.032 2.00 Inferred – Open Pit 27,700,000 0.271 71 0.049 2.54 Inferred – Underground 6,500,
Slide 73: Snow Lake Reserves – Lalor Mine & 1901 Deposit
Snow Lake Reserves – Lalor Mine & 1901 Deposit (AS AT JANUARY 1, 2026) 73 MINERAL RESERVE ESTIMATES1,2,3,4,5,6,7 CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) Proven Lalor 4,800,000 4.28 0.70 0.51 27.0 1901 - - - - - Gold Zone Reserves Probable Lalor 4,900,000 3.41 0.27 0.87 16.8 1901 - - - - - To
Slide 74: Snow Lake Resources – Lalor Mine & 1901 Deposit
Snow Lake Resources – Lalor Mine & 1901 Deposit (AS AT JANUARY 1, 2026) 74 MINERAL RESOURCE ESTIMATES1,2,3,4,5,6,7 CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) Inferred Lalor 1,400,000 4.64 0.21 2.48 15.4 Gold Zone Resources 1901 2,700,000 4.20 0.65 0.58 16.3 Total Inferred – Gold 4,100,000 4.35
Slide 75: Snow Lake Reserves & Resources – Other Gold
Snow Lake Reserves & Resources – Other Gold (AS AT JANUARY 1, 2026) 75 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 76: Snow Lake Reserves & Resources – Other Base Metals
Snow Lake Reserves & Resources – Other Base Metals (AS AT JANUARY 1, 2026) 76 BASE METAL MINERAL RESERVE AND RESOURCE CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) ESTIMATES1,2,3,4,5,6,7 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 T
Slide 77: B.C. Mineral Reserves & Resources
B.C. Mineral Reserves & Resources (AS AT JANUARY 1, 2026) 77 MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5 TONNES Cu (%) Au (g/t) Ag (g/t) Reserves Proven 159,000,000 0.251 0.111 0.71 Probable 186,000,000 0.260 0.133 0.60 TOTAL PROVEN AND PROBABLE 345,000,000 0.256 0.123 0.65 Resources Measured 35
Slide 78: Copper World Mineral Reserves & Resources
Copper World Mineral Reserves & Resources (AS AT JANUARY 1, 2026) 78 Soluble Cu MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5,6,7,8 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) Grade (%) RESERVES Proven reserves 319,000,000 0.54 0.11 110 0.03 5.7 Probable reserves 66,000,000 0.52 0.14 96 0.02 4.3 Tota
Slide 79: Mason Mineral Resources
Mason Mineral Resources (AS AT JANUARY 1, 2026) 79 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 80: Llaguen Mineral Resources
Llaguen Mineral Resources (AS AT JANUARY 1, 2026) 80 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 0.49 261 0.046 2.73 0.60 Inferred Gl
Hudbay Minerals — UBS 2026 Global Materials Conference on 6ix