Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Goldman Sachs 2026 Global Metal & Mining Conference
85 slides from Hudbay Minerals's conference presentation, Oct 21, 2026
Slide 1: Investor Presentation
TSX & NYSE / HBM Investor Presentation OCTOBER 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 / OCTOBER 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 500 $4.00 ~$100M increase in cash flow and EBITDA for ~$75M increase in cash flow and EBITDA for 10% change in annual copper p
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 / OCTOBER 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 MINED TO-DATE Pampacancha INVESTOR PRESENTATION / OCTOBER 2026 PERU Tintaya Lima Constancia Antapa
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 / OCTOBER 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 18 YEARS Mine Life Au-Zn-Cu-Ag VMS Deposits 100%-owned Lalor mine in Snow Lake produces gold ore Lalor is operating at 4,500 tpd, significantly exceeding the for the New Britannia mill and base metal ore for th
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 2.0M OZ OF GOLD RESERVES & 1.5M OZ OF GOLD INFERRED RESOURCES IN SNOW LAKE Extended mine life to 2043, extending remaining mine life two additional years, and together with the four-year extension announced earlier this year, represents
Slide 20: Continues Mine Life Extension & Resource Conversion
Continues Mine Life Extension & Resource Conversion 20 SNOW LAKE LOM GOLD PRODUCTION HAS INCREASED SIGNIFICANTLY SINCE THE 2012 TECHNICAL REPORT Production - Actuals and 2026 Technical Report Production - 2021 Technical Report Production - 2012 Technical Report Production Target 214 201 187 186 183
Slide 21: Snow Lake Regional Satellite Deposits
Snow Lake Regional Satellite Deposits 21 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 Lalor mineralization potential continues 5 km 1.5Mt reserves
Slide 22: Britannia Gold Project
Britannia Gold Project 22 MULTIPLE TARGETS ARE BEING DEVELOPED DOWN-PLUNGE AND ALONG STRIKE FROM KNOWN MINERALIZATION All the deposits remain open MINERALIZED CORRIDOR SPANS FIVE MAJOR DEPOSITS at depth, with high-grade ore 568 koz Au (inferred) shoots tracking in predictable 858 koz Au (produced 19
Slide 23: Copper Mountain Key Highlights
Copper Mountain KEY HIGHLIGHTS 23 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 24: Copper Mountain Optimization
Copper Mountain Optimization 24 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 25: New Ingerbelle
New Ingerbelle 25 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 26: United States
26 INVESTOR PRESENTATION / OCTOBER 2026 UNITED STATES LARGE UNDEVELOPED COPPER DEVELOPMENT ASSETS TO PRODUCE MADE IN AMERICA COPPER TSX & NYSE: HBM
Slide 27: Copper World Project Key Highlights
Copper World Project KEY HIGHLIGHTS 27 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 28: Significant Investment in U.S. Critical Minerals
Significant Investment in U.S. Critical Minerals 28 “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 29: $600M Strategic Investment from Mitsubishi Corporation
$600M Strategic Investment from Mitsubishi Corporation 29 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 30: Prudent Copper World Financing Plan
Prudent Copper World Financing Plan 30 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 31: Copper World PFS Highlights
Copper World PFS Highlights 31 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 32: Cactus Overview
Cactus Overview 32 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 33: Creates Attractive Copper District in Arizona
Creates Attractive Copper District in Arizona 33 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 34: Scarcity of Quality Copper Oxide Projects
Scarcity of Quality Copper Oxide Projects 34 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 35: 3rd Largest Copper District In North America
3rd Largest Copper District In North America 35 CREATION OF A HIGH-QUALITY COPPER DISTRICT COPPER PRODUCTION (KT CU)1 500 495 226 182 126 105 INVESTOR PRESENTATION / OCTOBER 2026 88 80 76 2 Grupo Mexico Freeport Arizona Bingham Asarco Highland Valley Pumpkin Red Chris Freeport Sonora Arizona Busines
Slide 36: Mason Project Key Highlights
Mason Project KEY HIGHLIGHTS 36 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 37: Investment Thesis
INVESTOR PRESENTATION / OCTOBER 2026 THESIS INVESTMENT TSX & NYSE: HBM 37
Slide 38: Robust Copper Market Outlook
Robust Copper Market Outlook 38 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 39: Challenges of Supply Prediction
Challenges of Supply Prediction 39 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 40: A Look at Copper Pipeline Assumptions
A Look at Copper Pipeline Assumptions 40 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 41: Prudent Capital Allocation
Prudent Capital Allocation 41 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 42: Proven Developer and Operator
Proven Developer and Operator 42 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 43: Holistic Capital Allocation Framework
Holistic Capital Allocation Framework 43 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 44: Key Objectives for 2026
Key Objectives for 2026 44 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 45: Industry-Leading Copper Exposure with Significant Long-term Growth
Industry-Leading Copper Exposure with Significant Long-term Growth 45 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 ~250 INVESTOR PRESENTATION / OCTO
Slide 46: Appendix
INVESTOR PRESENTATION / OCTOBER 2026 APPENDIX TSX & NYSE: HBM 46
Slide 47: World-Class Management Team
World-Class Management Team 47 PETER KUKIELSKI EUGENE LEI ROBERT CARTER CEO PRESIDENT & CFO COO More than 30 years of sector experience Over 25 years of global mining finance, Over 29 years of mining industry experience in in base metals, precious metals and bulk investment banking and corporate dev
Slide 48: Board of Directors
Board of Directors 48 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 49: 3-Year Production Outlook
3-Year Production Outlook 49 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 50: 2026 Cost Guidance
2026 Cost Guidance 50 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 51: Prudent Balance Sheet Management
Prudent Balance Sheet Management 51 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 52: Our People, Our Community, Our Planet
Our People, Our Community, Our Planet 52 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 53: South America Business Unit
South America Business Unit 53 Cusco CUSCO MINE Las Bambas MILL TOWN CONSTANCIA RAIL ROAD Yauri PORT Tintaya Antapaccay Llaguen Trujillo INVESTOR PRESENTATION / OCTOBER 2026 PERU AREQUIPA Imata Lima Constancia Arequipa Cerro Verde & Matarani Matarani Port 0 TACNA 100km P E R U TSX & NYSE: HBM A
Slide 54: Constancia Mine Plan
Constancia Mine Plan 54 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 55: Llaguen Project
Llaguen Project 55 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 56: Manitoba Business Unit
Manitoba Business Unit New Britannia Gold Mill 56 2,500 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 Flin INVESTOR PRESENTATION / OCTOBER 2026 Flon SASKATCHEWAN MANITOBA Snow Lake Lalor Mine Flin Flon Winnipeg
Slide 57: Snow Lake Mine Plan
Snow Lake Mine Plan 57 18-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY MINE PLAN OPTIMIZES PROCESSING CAPACITY IN SNOW LAKE TO EXTEND MINE LIFE TO 2043 Average Average LOM SNOW LAKE OPERATIONS 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031-2035 2036-2040 Total1 CONTAINED METAL IN CONCEN
Slide 58: VMS Mines & Projects Grade Benchmarking
VMS Mines & Projects Grade Benchmarking 58 HUDBAY HOLDS SOME OF THE HIGHEST-GRADE VMS MINES AND PROJECTS IN NORTH AMERICA 4.68% Reserve Grade (AuEq g/t) Reserve Grade (CuEq %) 4.30% 4.25% 4.18% 4.46 3.87% 4.09 4.04 3.98 3.69 3.00% 2.71% 2.68% 2.66% 2.57% 2.56% 2.85 2.25% 2.58 2.55 2.54 2.45 2.44 2.1
Slide 59: Snow Lake Process
Snow Lake Process 59 4,500 tpd 2,300 tpd Lalor & 1901 ~2,200 tpd Crushed Ore STALL MILL NEW BRITANNIA MILL (3,800 tpd capacity) (2,500 tpd capacity) Grinding Grinding Cu conc. to New Britannia Cu conc. Flotation Flotation (via pipeline) INVESTOR PRESENTATION / OCTOBER 2026 Tails Cyanide Leaching/CIP
Slide 60: Snow Lake Processing Logistics
Snow Lake Processing Logistics 60 LALOR / 1901 MINE 2026 12 years 2037 Source SATELLITE GOLD DEPOSITS 2030 14 years 2043 Ore (3 ZONE, RAIL, TALBOT, WIM) 5,000 TPD TARGET MINING RATE STALL BASE METAL MILL Processing 2026 12 years 2037 Location (WITH GOLD BY-PRODUCT) NEW BRITANNIA GOLD MILL 2026 18 ye
Slide 61: Snow Lake Growth Over Time
Snow Lake Growth Over Time 61 OVER 3.5M OUNCES OF GOLD HAS BEEN IDENTIFIED AS RESERVES / PRODUCED TO DATE +300% INCREASE IN GOLD RESERVES SINCE 2012 Reserves Produced-to-date 8% increase 32% increase from 7% increase with mine life Inferred 47% increase inclusion of satellite 9% increase from resour
Slide 62: Exploration Opportunities – Lalor Extension
Exploration Opportunities – Lalor Extension 62 SIGNIFICANT POTENTIAL TO CONVERT INFERRED AND FURTHER DISCOVERY OREBODY EXTENSIONS LATERALLY AND AT DEPTH Pathfinder drilling from surface is used to guide development of underground exploration drifts. As they are progressively developed, underground p
Slide 63: Exploration Opportunities – 1901 Development & Exploration
Exploration Opportunities – 1901 Development & Exploration 63 ADVANCING 1901 DEPOSIT EXPLORATION TO CREATE ADDITIONAL VALUE THROUGH FUTURE DEVELOPMENT The 1901 deposit was discovered in 2019 and is located within 1,000 metres of the Lalor underground ramp. Pre-feasibility studies in 2021 resulted in
Slide 64: Exploration Opportunities – Talbot Copper-Gold-Zinc
Exploration Opportunities – Talbot Copper-Gold-Zinc 64 ADDED TALBOT TO RESERVES FOLLOWING SUCCESSFUL 2025 & 2026 DRILLING PROGRAM Talbot is a copper-gold-zinc deposit and is 100% owned by Hudbay. RESERVE AND RESOURCE CLASSIFICATION Talbot’s proximity to existing processing infrastructure in Snow Lak
Slide 65: Exploration Opportunities – Snow Lake Geophysics Program
Exploration Opportunities – Snow Lake Geophysics Program 65 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 C
Slide 66: Flin Flon Tailings Reprocessing
Flin Flon Tailings Reprocessing 66 OPPORTUNITY TO REPROCESS FLIN FLON TAILINGS WHERE MORE THAN 100MT OF TAILINGS HAVE BEEN DEPOSITED OVER 90 YEARS Mill Tailings Reprocessing (FFT) Potential for additional metal production while reducing reclamation liabilities. 2022 drilling indicated higher Zn,
Slide 67: British Columbia Business Unit
British Columbia Business Unit 67 MINE TOWN ROAD Kamloops NEW AFTON MINE BRITISH COLUMBIA HIGHLAND VALLEY COPPER MINE INVESTOR PRESENTATION / OCTOBER 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 68: Copper Mountain Mine Plan
Copper Mountain Mine Plan 68 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 69: Arizona – U.S. Business Unit
Arizona – U.S. Business Unit 69 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 Santa Cruz INVESTOR PRESENTATION / OCTOBER 2026 Silver Bell Tucson Gunnison Phoenix Miss
Slide 70: U.S. Open Pit Copper Benchmarking
U.S. Open Pit Copper Benchmarking 70 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 71: Copper World Project Overview
Copper World Project Overview 71 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 72: Mitsubishi Corporation: Premier Strategic Partner
Mitsubishi Corporation: Premier Strategic Partner 72 LARGEST JAPANESE TRADING HOUSE & EXPERIENCED JV PARTNER AT WORLD-CLASS COPPER MINES Mitsubishi (~$80B market cap) is a globally integrated trading and investment company that develops and operates LARGEST MINES GLOBALLY BY 2024A COPPER PRODUCTION
Slide 73: Copper World Reserves and Resources
Copper World Reserves and Resources 73 RESERVES REPRESENT 30% OF M&I RESOURCES, OFFERING ROBUST EXPANSION AND MINE LIFE EXTENSION POTENTIAL RESERVE AND RESOURCE BASE NI 43-101 compliant Reserve and Resource statement supported by extensive drilling totalling 355,371 meters Significant resources lie
Slide 74: Designed to Reduce Energy Consumption and GHG Emissions
Designed to Reduce Energy Consumption and GHG Emissions 74 “MADE IN AMERICA” COPPER CATHODE TO SUPPORT DOMESTIC U.S. COPPER CONSUMPTION CONCENTRATE LEACH FACILITY SENSITIVITY ($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 75: Nevada – U.S. Business Unit
Nevada – U.S. Business Unit 75 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 / OCTOBER 2026 Mason Yerington Mine Project Blue Hill (Historic) MASON Yerington Mason TOWN Las Vegas
Slide 76: Peru Mineral Reserves
Peru Mineral Reserves (AS AT JANUARY 1, 2026) 76 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 77: Peru Mineral Resources
Peru Mineral Resources (AS AT JANUARY 1, 2026) 77 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 78: Snow Lake Reserves
Snow Lake Reserves (AS AT SEPTEMBER 1, 2026) 78 MINERAL RESERVE ESTIMATES1,2,3,4,5,6 CATEGORY K TONNES Au (g/t) Cu (%) Zn (%) Ag (g/t) Proven Lalor 4,700 3.78 0.43 0.70 21.8 Probable Lalor 5,900 3.20 0.87 0.27 14.6 1901 300 2.66 0.75 0.68 15.2 Gold Zone Reserves WIM 3,700 1.17 1.29 0.21 5.1 Probable
Slide 79: Snow Lake Reserves
Snow Lake Reserves (AS AT SEPTEMBER 1, 2026) 79 MINERAL RESERVE ESTIMATES1,2,3,4,5,6 CATEGORY K TONNES Au (g/t) Cu (%) Zn (%) Ag (g/t) Total Gold and Base Metal Reserves Proven and Probable Lalor 16,400 2.92 0.55 1.76 20.5 1901 1,600 1.89 0.38 6.08 22.8 Talbot 2,700 1.46 1.92 1.14 26.5 WIM 3,700 1.1
Slide 80: Snow Lake Resources – Gold Zone & Base Metals
Snow Lake Resources – Gold Zone & Base Metals (AS AT SEPTEMBER 1, 2026) 80 MINERAL RESOURCE ESTIMATES1,2,3,4,5,6 CATEGORY K TONNES Au (g/t) Cu (%) Zn (%) Ag (g/t) Inferred Lalor 1,500 3.38 1.90 0.19 12.4 1901 3,300 2.87 0.94 0.49 10.2 Gold Zone Resources WIM 1,100 1.44 0.70 0.25 3.4 Total Inferred –
Slide 81: Snow Lake Resources – Britannia Gold Project
Snow Lake Resources – Britannia Gold Project (AS AT SEPTEMBER 1, 2026) 81 MINERAL RESOURCE ESTIMATES1,2,3,4,5,6 CATEGORY K TONNES Au (g/t) Cu (%) Zn (%) Ag (g/t) Inferred Upper Britannia 3,200 2.83 - - - Lower Britannia 2,500 3.44 - - - Britannia Gold Project Resources Boundary 1,400 2.23 - - - Birc
Slide 82: B.C. Mineral Reserves & Resources
B.C. Mineral Reserves & Resources (AS AT JANUARY 1, 2026) 82 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 83: Copper World Mineral Reserves & Resources
Copper World Mineral Reserves & Resources (AS AT JANUARY 1, 2026) 83 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 84: Mason Mineral Resources
Mason Mineral Resources (AS AT JANUARY 1, 2026) 84 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 85: Llaguen Mineral Resources
Llaguen Mineral Resources (AS AT JANUARY 1, 2026) 85 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 — Goldman Sachs 2026 Global Metal & Mining Conference on 6ix