Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Goldman Sachs Credit and Leveraged Finance Conference (May 2021)
67 slides from Hudbay Minerals's conference presentation, May 2021
Slide 1: Investor Presentation
I N V E S T O R P R E S E N TAT I O N May 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: Diversified Mid-Tier Copper Producer
DIVERSIFIED MID-TIER COPPER PRODUCER TSX, NYSE, BVL Symbol HBM About Hudbay Market Capitalization1 C$2.9 billion Strong ESG Shares Outstanding2 261 million Principles Available Liquidity3 $605 million Long Life & Debt Outstanding4 $1.2 billion Mining Friendly 20205 20226 Jurisdictions MANITOBA 2% 9%
Slide 4: The Hudbay Competitive Advantage
THE HUDBAY COMPETITIVE ADVANTAGE About Hudbay Strong ESG Principles 1 Strong Environmental, Social and Governance (“ESG”) principles Long Life & Mining Friendly Jurisdictions 2 Long life assets located in mining friendly jurisdictions Low Cost & Operational Excellence 3 Proven track record of operat
Slide 5: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY MUTUAL RESPECT, TRUST AND CONTINUOUS DIALOGUE About Hudbay Strong ESG • By living our values, we build strong relationships with our employees, host communities and Principles governments, making us a better partner and a better company Long Life & Mining Friendly Our
Slide 6: Strong ESG Performance
STRONG ESG PERFORMANCE INDUSTRY LEADER IN RESPONSIBLE MINING About Hudbay ENVIRONMENT SOCIAL IMPACT HEALTH & SAFETY GOVERNANCE Strong ESG Principles Renewable sources account Manitoba COVID-19 relief Constancia first mine in Peru We support the Catalyst for more than 50% of total donations:
Slide 7: Long Life Assets Located in Mining Friendly Regions
LONG LIFE ASSETS LOCATED IN MINING FRIENDLY REGIONS 1 2 3 Past Production Reserve Life M&I Resource Life Inferred Resource Life About Hudbay 4 Constancia 6 17 5 1 Strong ESG Principles Snow Lake 4 9 17 1 8 Long Life & Mining Friendly Rosemont 5 19 11 1 Jurisdictions 777 17 1.5 Low Cost & Operational
Slide 8: 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 over the last five years Strong ESG Principles • Hudbay is well-positioned on the cash cost curve Long Life & Mining Friendly • Focus on cost control
Slide 9: Constancia Mine Overview
CONSTANCIA MINE OVERVIEW CONTINUOUS OPTIMIZATION INITIATIVES About Hudbay • Successfully increased throughput beyond original design capacity • Continued integration of an automated, advanced process control system Strong ESG • Flotation improvements – optimizing water recovery in the tailings thick
Slide 10: Manitoba Operations
MANITOBA OPERATIONS LALOR DELIVERED ON 2020 GUIDANCE About Hudbay • The Lalor mine and Stall mill both achieved record quarterly and annual production in 2020 as 777 employees and equipment were redeployed to Lalor during the 777 shaft repair period Strong ESG • Mining of Lalor gold zones underway i
Slide 11: Prudent Capital Allocation
PRUDENT CAPITAL ALLOCATION LEVERAGING EXPERTISE THAT WAS DEMONSTRATED THROUGH BEST IN CLASS About Hudbay DELIVERY OF CONSTANCIA AND LALOR Strong ESG • High return investments substantially complete with production growth expected in the second Principles half of 2021 Long Life & PAMPACANCHA NEW BRIT
Slide 12: Focused on Free Cash Flow Generation & Prudent Balance Sheet Management
FOCUSED ON FREE CASH FLOW GENERATION & PRUDENT BALANCE SHEET MANAGEMENT About Hudbay • Generated ~$2.2B of EBITDA and ~$650M of free cash flow over the last five years and during the volatile copper price environment due to un-hedged production and stable low-cost profile Strong ESG Principles • Pru
Slide 13: Ample Liquidity & Long-Dated Debt Profile
AMPLE LIQUIDITY & LONG-DATED DEBT PROFILE RECENT TRANSACTIONS DEMONSTRATE PRUDENT BALANCE SHEET MANAGEMENT About Hudbay • May 2020 – entered into a gold forward sale and prepay transaction, generating $115M in cash proceeds Strong ESG to prefund entire capital budget at the time for New Britannia go
Slide 14: Proven Mining Industry Experience
PROVEN MINING INDUSTRY EXPERIENCE CONSTANCIA’S LEADING MINE DEVELOPMENT & OPERATING COST PERFORMANCE About Hudbay RAMP-UP FROM FIRST PRODUCTION TO COMMERCIAL Strong ESG • Constancia’s project development and PRODUCTION WAS 3X FASTER THAN THE PEER AVERAGE Principles mine ramp-up was best in class 57
Slide 15: Proven Mining Industry Experience
PROVEN MINING INDUSTRY EXPERIENCE SUCCESSFUL EXECUTION OF SNOW LAKE GOLD STRATEGY About Hudbay PHASE 1: Repositioning PHASE 2: Optimization PHASE 3: Strong ESG Historical Work Lalor as a Gold Mine & Execution Expansion Potential Principles Long Life & 2008 & 2009 – Au zone and 2018 – Completion
Slide 16: Proven Mining Industry Experience
PROVEN MINING INDUSTRY EXPERIENCE SIGNIFICANTLY ADDING VALUE THROUGH EXPLORATION About Hudbay CONSTANCIA COPPER PRODUCTION PROFILE1 Strong ESG Contained Copper in Concentrate (kt) Production - Norsemont 2011 Technical Report Production - Actuals and 2021 Technical Report Principles Caballito, Kusior
Slide 17: Robust Copper Market Fundamentals
ROBUST COPPER MARKET FUNDAMENTALS COPPER IS A KEY ELEMENT IN MOVING TOWARD A GREENER, MORE SUSTAINABLE About Hudbay FUTURE Strong ESG Principles LONG-TERM SUPPLY AND DEMAND FUNDAMENTALS Electrification of Vehicles • Cu demand from EVs expected to increase by Mt Long Life & ~10x over 2020 levels by 2
Slide 18: Constructive Outlook for Copper and Gold
CONSTRUCTIVE OUTLOOK FOR COPPER AND GOLD About Hudbay • Copper prices have rallied to record highs with projections exceeding $4.50/lb, driven in part by recovery in demand combined with supply disruptions Strong ESG Principles • Long term copper fundamentals remain robust with new end use applicati
Slide 19: Growing Production Outlook
GROWING PRODUCTION OUTLOOK COPPER PRODUCTION GROWTH WITH INCREASING EXPOSURE TO GOLD About Hudbay Strong ESG Principles Long Life & Cu +46% Au +154% 318 Mining Friendly (kt) (koz) Jurisdictions 139 280 130 265 Low Cost & 123 Operational Excellence 102 95 203 Free Cash Flow & Prudent Capital Allocati
Slide 20: Leading Organic Growth Pipeline
LEADING ORGANIC GROWTH PIPELINE HUDBAY HAS BUILT A DIVERSIFIED PORTFOLIO FOCUSED ON COPPER & GOLD GROWTH About Hudbay THROUGH EXPLORATION AND M&A, WHILE DIVESTING NON-CORE ASSETS Strong ESG Principles RESOURCE FEASIBILITY STUDY EXPLORATION PRODUCTION Long Life & DEFINITION COMPLETE Mining Friendly J
Slide 21: Robust Copper Development Pipeline
ROBUST COPPER DEVELOPMENT PIPELINE POTENTIAL TO GROW MEDIUM-TO-LONG-TERM COPPER PRODUCTION PROFILE About Hudbay THROUGH PROJECTS AT VARIOUS STAGES OF DEVELOPMENT AND EXPLORATION ROSEMONT COPPER WORLD MASON Strong ESG Arizona Arizona Nevada Principles Permitting/Development Exploration Drilling Under
Slide 22: Exploration Initiatives Near Hudbay Operations
EXPLORATION INITIATIVES NEAR HUDBAY OPERATIONS EXPLORATION OPPORTUNITIES IN BOTH PERU AND SNOW LAKE About Hudbay PERU REGIONAL EXPLORATION SNOW LAKE REGIONAL EXPLORATION Strong ESG Principles Long Life & Mining Friendly Jurisdictions Low Cost & Operational Excellence Free Cash Flow & Prudent Capital
Slide 23: Sustainable Value Creation
SUSTAINABLE VALUE CREATION • We intend to sustainably grow Hudbay through exploration and development of our robust project About Hudbay pipeline, as well as through the acquisition of other properties that fit our stringent strategic criteria for value creation Strong ESG Principles 2021 KEY OBJECT
Slide 24: Near-Term Catalysts
NEAR-TERM CATALYSTS NUMEROUS ORGANIC GROWTH OPPORTUNITIES EXIST About Hudbay Advance 3rd phase of Snow Lake gold strategy with updated mine plan Q1 2021 MANITOBA Strong ESG Principles New Britannia gold plant ramp-up and first production Q3 2021 Long Life & New Britannia copper flotation circuit r
Slide 25: Appendix
PENDIX HEM TMX Bnyse —
Slide 26: 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 Strong ESG Principles PETER KUKIELSKI CASHEL MEAGHER STEVE DOUGLAS PRESIDENT & CEO SVP & COO SVP & CFO Long Life & • More than 30 years of sector • Extensive
Slide 27: Board of Directors
BOARD OF DIRECTORS About Hudbay STEPHEN A. LANG, CHAIR PETER KUKIELSKI, PRESIDENT & CEO Strong ESG • Stephen has over 40 years of experience in the • Peter has more than 30 years of experience within Principles mining industry, including engineering, development the base & precious metals and bulk m
Slide 28: South America Business Unit
SOUTH AMERICA BUSINESS UNIT MINE About Hudbay Cusco TOWN RAILROAD CUSCO Strong ESG ROAD Principles Las Bambas Long Life & Mining Friendly Jurisdictions CONSTANCIA Low Cost & PERU Yauri Operational Excellence Tintaya Antapaccay Free Cash Flow & Prudent Capital Allocation Lima Experienced Imata Manage
Slide 29: Constancia Production Profile
CONSTANCIA PRODUCTION PROFILE About Hudbay • Incorporates higher grades from Pampacancha from 2022 to 2025 and the new Constancia North reserves to extend the medium-term production profile Strong ESG Principles • Average annual copper production increases to 102,000 tonnes over the next 8 years at
Slide 30: Constancia 2021 Mine Plan
CONSTANCIA 2021 MINE PLAN 17-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY About Hudbay • Updated mine plan for Constancia operations reflects an increase in copper and gold production from 2022 to Strong ESG 2025 as the higher grades from the Pampacancha deposit enter the mine plan Prin
Slide 31: Constancia Regional Potential
CONSTANCIA REGIONAL POTENTIAL MINERAL PROPERTIES WITHIN TRUCKING DISTANCE OF CONSTANCIA INFRASTRUCTURE About Hudbay Distance to Strong ESG Property Description Process Plant Principles • Community surface rights Quehuincha North Target Long Life & agreement completed Maria Reyna Mining Friendly Pamp
Slide 32: Constancia Regional Potential
CONSTANCIA REGIONAL POTENTIAL LARGE SCALE POTENTIAL IN NEARBY EXPLORATION TARGETS About Hudbay • Geophysics indicate nearby exploration targets may be of similar scale to known large Strong ESG Principles copper deposits in the region Long Life & Quehuincha Mining Friendly North Jurisdictions Maria
Slide 33: Constancia Regional Exploration
CONSTANCIA REGIONAL EXPLORATION CONSTANCIA NORTH HAS THE POTENTIAL TO FURTHER ADD TO RESERVES About Hudbay • Cu porphyry and high-grade skarn Strong ESG mineralization extended the Principles Constancia reserve pit by ~300m 2020 resource pit shell Long Life & • In addition, Constancia North 2021 res
Slide 34: Llaguen Project
LLAGUEN PROJECT GREENFIELD EXPLORATION About Hudbay Strong ESG • Located near existing Principles infrastructure Long Life & • Located near available Mining Friendly workforce; 56km northeast of Jurisdictions Trujillo, the third largest city Low Cost & in Peru Operational Excellence • Mineralization
Slide 35: Manitoba Business Unit
MANITOBA BUSINESS UNIT About Hudbay New Britannia Gold Mill 1,500 tpd capacity Strong ESG Principles Snow Lake Long Life & Stall Base Metal Mill Mining Friendly LALOR MINE 3,800 tpd capacity Jurisdictions ~4,500 tpd Low Cost & Operational Excellence 777 LALOR 0 5km Free Cash Flow & Prudent Capital A
Slide 36: Manitoba Flow Chart - 2021
MANITOBA FLOW CHART - 2021 TWO MINES FEEDING TWO OPERATING MILLS AND ZINC PLANT About Hudbay ORE CONCENTRATE/METAL Strong ESG Principles Copper Long Life & Flin Flon Mill Concentrate Mining Friendly Jurisdictions ~2,800 tpd (6,000 tpd capacity) Zinc Concentrate Low Cost & 777 Mine Operational Excell
Slide 37: Snow Lake Gold Growth Over Time
SNOW LAKE GOLD GROWTH OVER TIME OVER 2.9 MM OUNCES OF GOLD HAS BEEN IDENTIFIED AS RESERVES / About Hudbay PRODUCED TO DATE Strong ESG Principles +300% INCREASE IN IDENTIFIED RESERVES / PRODUCED GOLD FROM INITIAL RESERVE ESTIMATE Long Life & Cumulative Production Reserves Mining Friendly Jurisdiction
Slide 38: Snow Lake Gold Production Profile
SNOW LAKE GOLD PRODUCTION PROFILE About Hudbay • Incorporates early production of gold at New Britannia in 2021 in addition to several near-to- medium term optimization initiatives: Strong ESG Principles • Increasing Lalor’s mining rate to 5,300 tpd starting in 2023 after the 777 mine closes Long Li
Slide 39: Snow Lake 2021 Mine Plan
SNOW LAKE 2021 MINE PLAN 17-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY About Hudbay • Mine plan enhancements optimize processing capacity of the Snow Lake operations to maximize the NPV of Strong ESG the operations. As a result, the production of gold, copper and silver are expected t
Slide 40: Snow Lake Process Flow Chart - 2023
SNOW LAKE PROCESS FLOW CHART - 2023 About Hudbay Lalor Crushed Ore Strong ESG Principles Stall Mill New Britannia Mill1 Long Life & Mining Friendly Jurisdictions Grinding Grinding Low Cost & Operational Excellence Free Cash Flow & Flotation Flotation Prudent Capital Allocation tails Cyanide Tails to
Slide 41: Snow Lake Processing Logistics
SNOW LAKE PROCESSING LOGISTICS LALOR MINE 2021 11 years 2031 About Hudbay Source Ore Strong ESG 1901 DEPOSIT 2026 6 years 2031 Principles SATELLITE GOLD DEPOSITS Long Life & 2030 8 years 2037 (WIM, 3 ZONE) Mining Friendly Jurisdictions Processing STALL BASE METAL MILL Location Low Cost & 2021 11 yea
Slide 42: Lalor Mine Life Extension
LALOR MINE LIFE EXTENSION 11-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY About Hudbay • Inferred resources estimated using stringent methodology that constrains the resource Strong ESG within a stope optimization envelope Principles • Expected to lead to a higher resource to reserve co
Slide 43: Future Snow Lake Upside Opportunities
FUTURE SNOW LAKE UPSIDE OPPORTUNITIES LALOR IN-MINE GOLD & BASE METAL EXPLORATION About Hudbay Strong ESG • Recent drilling continue to support resource to reserve conversion and to extend known Principles lenses. The visual examples presented below include: Long Life & • Potential extension of lens
Slide 44: Future Snow Lake Upside Opportunities
FUTURE SNOW LAKE UPSIDE OPPORTUNITIES 1901 AU AND CU-AU EXPLORATION POTENTIAL About Hudbay • 2020 resource update was successful in defining a new gold-rich inferred resource estimate with a significant increase in gold resources: 122koz in M&I and 137koz in inferred, compared Strong ESG Principles
Slide 45: Snow Lake Gold Regional Potential
SNOW LAKE GOLD REGIONAL POTENTIAL LARGE PROSPECTIVE LAND PACKAGE IN THE SNOW LAKE BELT WITH About Hudbay SIGNIFICANT GOLD AND BASE METAL EXPLORATION POTENTIAL Strong ESG Asset Metal Type Reserves & Resources1 MINERAL PROPERTIES IN THE SNOW LAKE REGION Principles Probable – 2,448kt @ 1.63% 40kt Cu; M
Slide 46: 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 Snow Lake and Flin Flon VMS camps Strong ESG Principles RESERVES IN THE FLIN FLON AND SNOW LAKE CAMP (MILLION TONNES) Flin Flon 62.5 Mt Long Life & Lal
Slide 47: 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 10 greenfield projects in Mason and Rosemont Strong ESG • Mason is at an earlier stage than Rosemont but presents a valuable longer-term opp
Slide 48: Arizona Business Unit
ARIZONA BUSINESS UNIT About Hudbay Strong ESG Principles Miami Pinto Valley Phoenix Resolution Long Life & ARIZONA, US Mining Friendly Jurisdictions Ray Morenci Florence Low Cost & Safford Operational Excellence Free Cash Flow & Prudent Capital Allocation Silver Bell Experienced Tucson Management Ph
Slide 49: Rosemont Project
ROSEMONT PROJECT COPPER PRODUCTION PROFILE1 Copper Production (kt in con) About Hudbay 180 $4.00 147 148 137 Copper Production Copper C1 Cash Costs 134 133 128 117 122 $3.00 Strong ESG 120 104 (kt in con) (US$/lb, net) 97 Principles $2.00 60 $1.39 $1.37 $1.06 $1.09 $1.20 $1.19 $1.02 $1.12 $1.01 $1.1
Slide 50: Rosemont Project History
ROSEMONT PROJECT HISTORY 2007 & 2008 2009 & 2010 2011 2012 2013 2014 About Hudbay Rosemont Mine Plan of Operations filed Arizona State Mine Inspector, EPA Hazardous Waste ADEQ Aquifer Protection ADEQ Class II Air Permit Hudbay Acquires the Strong ESG with U.S. Forest Service (July Arizona Mined Land
Slide 51: Rosemont & Copper World
ROSEMONT & COPPER WORLD SIGNIFICANT NEW DISCOVERY AT PROPERTIES ADJACENT TO ROSEMONT About Hudbay Strong ESG • All intersections are on Hudbay’s wholly- Principles own private land Long Life & • Historical mining district with more than Mining Friendly 20 small underground mines Jurisdictions • Init
Slide 52: Copper World Exploration
COPPER WORLD EXPLORATION SIGNIFICANT NEW DISCOVERY AT PROPERTIES ADJACENT TO ROSEMONT About Hudbay • Exploration work began by compiling and validating Strong ESG historical data on our private land claims and refining Principles the geological model • Review suggested the potential for both copper
Slide 53: Nevada – Mason Project Location
NEVADA – MASON PROJECT LOCATION About Hudbay Strong ESG Power Plant Principles NEVADA Long Life & Lyon County Mining Friendly Douglas County Jurisdictions MacArthur Low Cost & Reno Operational Excellence MASON PROJECT Free Cash Flow & Yerington Blue Hill Mine Prudent Capital (Historic) Allocation MA
Slide 54: Mason Project Overview
MASON PROJECT OVERVIEW PROMISING EXPLORATION POTENTIAL About Hudbay • Mason remains open in several directions • High-grade regional skarn targets with potential to increase grades Strong ESG early in the mine life Principles • Several un-tested IP anomalies and potential to add additional oxide mat
Slide 55: 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 (%) About Hudbay Cu production over first ten years of operation $2,019 30% $2,000 23% Strong ESG • While Mason is at earlier-stage than 18% Principles Rosemont, it has the poten
Slide 56: Mason Development Strategy
MASON DEVELOPMENT STRATEGY About Hudbay LOW-COST CONSOLIDATION & OPTIMIZATION OF THE MASON PROJECT Strong ESG Mason Acquisition Toe hold $2M investment in Mason Resources for 14% Acquisition Cost Principles ownership Identified the potential of the large-scale Mason deposit Acquired remaining 86
Slide 57: Mason Regional Upside Potential
MASON REGIONAL UPSIDE POTENTIAL MASON VALLEY PRIVATE PATENTED CLAIMS IN HISTORICAL CU DISTRICT About Hudbay • Over 200Mlb of Cu grading 1.5% to 6.2% was produced from high grade Cu skarn zones from the small- Strong ESG Principles scale Bluestone, Malachite, Mason Valley, McConnell and Western Nevad
Slide 58: 3-Year Production Outlook
3-YEAR PRODUCTION OUTLOOK GROWING COPPER AND GOLD PRODUCTION About Hudbay CONTAINED METAL IN CONCENTRATE1 2021 GUIDANCE 2022 GUIDANCE 2023 GUIDANCE Strong ESG Principles PERU Copper tonnes 72,000 - 88,000 95,000 - 120,000 105,000 - 130,000 Long Life & Mining Friendly Gold ounces 40,000 - 50,000 85,0
Slide 59: 2021 Cost Guidance
2021 COST GUIDANCE • Growth capital expenditures reflect remaining project capital for Pampacancha and New Britannia About Hudbay • Higher exploration and unit operating costs expected in 2021 Strong ESG Principles • Introduced consolidated cash cost and sustaining cash costs guidance in 2021 Long L
Slide 60: Peru Mineral Reserves
PERU MINERAL RESERVES AS AT JANUARY 1, 2021 About Hudbay Strong ESG CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) Principles Long Life & CONSTANCIA Mining Friendly Jurisdictions Proven 436,500,000 0.29 83 0.041 2.88 Low Cost & Probable 56,100,000 0.25 69 0.045 3.09 Operational Excellence Total P
Slide 61: Peru Mineral Resources
PERU MINERAL RESOURCES AS AT JANUARY 1, 2021 About Hudbay Strong ESG CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) Principles CONSTANCIA Long Life & Mining Friendly Measured 125,200,000 0.22 65 0.038 2.11 Jurisdictions Indicated 118,300,000 0.22 65 0.037 2.05 Low Cost & Operational Excellence In
Slide 62: Snow Lake Reserves & Resources
SNOW LAKE RESERVES & RESOURCES AS AT JANUARY 1, 2021 About Hudbay PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Strong ESG Proven Lalor 6,860,000 0.50 5.79 2.6 29 Base Metal Zone Principles 1901 890,000 0.40 6.61 2.0 28 Probable Lalor 1,190,000 0.64 4.32 3.2 32 Long Life & Mining Friendly
Slide 63: Snow Lake Reserves & Resources (Cont'd)
SNOW LAKE RESERVES & RESOURCES (CONT’D) AS AT JANUARY 1, 2021 About Hudbay Strong ESG PROPERTY TONNES Cu (%) Zn (%) Au (%) Ag (g/t) Principles PEN II Indicated 470,000 0.49 8.89 0.3 7 Long Life & Mining Friendly Talbot1 Indicated 2,190,000 2.33 1.79 2.1 36 Jurisdictions Total Indicated (Base Metals)
Slide 64: Flin Flon Reserves & Resources
FLIN FLON RESERVES & RESOURCES AS AT JANUARY 1, 2021 About Hudbay Strong ESG PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Principles Proven 1,125,000 1.59 5.09 2.23 31 Long Life & 777 Reserves Mining Friendly Probable 399,000 1.11 4.46 1.86 30 Jurisdictions Total 777 Mineral Reserve 1,52
Slide 65: Rosemont and Mason Reserves & Resources
ROSEMONT AND MASON RESERVES & RESOURCES ROSEMONT AS AT JANUARY 1, 2021 About Hudbay MINERAL RESERVES CATEGORY TONNES Cu (%) Mo (%) Ag (g/t) Strong ESG Proven 426,100,000 0.48 0.012 4.96 Principles Probable 111,000,000 0.31 0.010 3.09 Long Life & Total 2P Reserves 537,100,000 0.45 0.012 4.58 Mining F
Slide 66: 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 67: For More Information Contact
For More Information Contact: Candace Brûlé Director, Investor Relations 416.814.4387 | candace.brule@hudbay.com
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