Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Investor Presentation (April 2025)
81 slides from Hudbay Minerals's investor presentation, April 2025
Slide 1: Investor Presentation April 2025
I N V E S T O R P R E S E N TAT I O N APRIL 2025
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: Our Purpose
OUR PURPOSE H' DBAY We about our people our our planet Hudbay provides the metals the world needs. We work sustainably, transform lives and create better Futures For communities.
Slide 4: Diversified Mid-Tier Copper Producer
DIVERSIFIED MID-TIER COPPER PRODUCER ANNUAL COPPER PRODUCTION & CASH COSTS1,2 REVENUE AND RESERVES BY METAL + Copper $0.86 $0.80 $0.90 World (92kt) Revenue3 Reserves4 $0.74 169 3% 3% 5% 2% Consolidated Copper Cash $0.46 138-184 4% Production (000 tonnes) 6% Consolidated Copper 132 138 117-149 117-15
Slide 5: Operational Excellence
OPERATIONAL EXCELLENCE OPERATING PLATFORM DELIVERS STRONG PRODUCTION AND STEADY COST CONTROL IN 2024 KEY RESULTS SUMMARY $823M $357M 138kt $0.46/lb Q4 2024 Q3 2024 2024 2023 2024 Adj. EBITDA1 2024 Free Cash Flow2 2024 Cu Production 2024 Cash Cost Production1,2 Copper kt 43.3 31.4 137.9 131.7 Achie
Slide 6: Transformed Balance Sheet
TRANSFORMED BALANCE SHEET SIGNIFICANT FINANCIAL FLEXIBIILTY AND INDUSTRY-LEADING FINANCIAL POSITION SUBSTANTIAL DEBT REDUCTION IN 2024 5.0x Dec. 31 2022 Announced “3-P” 4.0x Deleveraging Initiative $83M $100M $62M 3.0x Buy Back of Senior Repayments Under Gold Prepay Facility 2.0x 3.8 Net Debt to Adj
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Slide 8: Diversified Portfolio in Tier-1 Jurisdictions
DIVERSIFIED PORTFOLIO IN TIER 1 JURISDICTIONS COPPER MOUNTAIN MASON Operating Mine PEA Development Project +19 year mine life +27 year mine life Open pit Open pit ~40kt annual Cu production 112kt annual Cu production British Columbia, Canada Cu Au Ag Nevada, USA Cu Mo Au Ag SNOW LAKE COPPER WORLD Op
Slide 9: Constancia
CONSTANCIA LONG LIFE, LOW-COST COPPER MINE IN PERU 17 YEARS Cu-Au-Mo 90k tpd MINE LIFE PORPHYRY DEPOSIT NAMEPLATE MILL PERMIT CAPACITY 99kt 98koz $1.18/lb 2024A 2024A 2024A CU PRODUCTION AU PRODUCTION CASH COSTS CONSTANCIA COPPER PRODUCTION PROFILE1 150 $2.00 $1.54 $1.58 $1.35- 125 $1.65 100%-owned,
Slide 10: Constancia Operational Excellence
CONSTANCIA OPERATIONAL EXCELLENCE Continuous operational improvements at Constancia have increased throughput, enhanced efficiencies and reduced costs CONSTANCIA THROUGHPUT1 +10% Throughput Expansion expansion beyond avg. 90k tpd permit Avg. Tonnes per Day (000s) Mill consistently operates above d
Slide 11: Snow Lake
SNOW LAKE LOW-COST GOLD OPERATION WITH MEANINGFUL BASE METAL PRODUCTION 13 YEARS Au-Zn-Cu 5.3k tpd MINE LIFE1 VMS DEPOSITS NAMEPLATE MILL CAPACITY 214koz 33kt $606/oz 2024A AU 2024A ZN 2024A PRODUCTION PRODUCTION CASH COSTS SNOW LAKE GOLD PRODUCTION PROFILE2 250 $1,000 214 ’24 Midpoint* 180-220 200
Slide 12: New Britannia Driving Higher Returns
NEW BRITANNIA DRIVING HIGHER RETURNS NEW BRITANNIA MILL REFURBISHMENT PROJECT DEMONSTRATES SUCCESSFUL CAPITAL ALLOCATION TO MAXIMIZE RISK ADJUSTED RETURNS Hudbay acquired New Britannia in 2015 for $12M as a potential gold processing solution for high-grade Lalor Au and Cu-Au ore, providing for addit
Slide 13: Snow Lake Cost Performance
SNOW LAKE COST PERFORMANCE HIGHEST MARGIN GOLD MINE IN CANADA IN 2024 Higher Margin Large-scale (>150 koz) Canadian Gold Mines Lower Margin '24 All-In Sustaining Costs (US$/oz)1 $1,620 ~70% AISC margin at current gold prices $1,475 $1,500 $1,510 $1,370 $1,230 $1,239 $1,250 $1,222 $1,194 $1,127 $1,14
Slide 14: Copper Mountain
COPPER MOUNTAIN LONG LIFE COPPER MINE WITH OPTIONALITY 19 YEARS Cu-Au-Ag 45k tpd MINE LIFE PORPHYRY NAMEPLATE MILL DEPOSIT CAPACITY 44kt 29koz $1.84/lb 2025-2027E AVG. 2025-2027E AVG. LIFE OF MINE CU PRODUCTION1 AU PRODUCTION1 CASH COSTS2 COPPER MOUNTAIN PRODUCTION PROFILE1,2 75 $6.00 50-70 Copper C
Slide 15: Copper Mountain Optimization
COPPER MOUNTAIN OPTIMIZATION ON TRACK TO CREATE LONG-TERM VALUE THROUGH OPTIMIZATION MATERIAL MOVED* MILL AVAILABILITY 95% Quarterly Material Moved *(Mt) 25 Mill Availability (%) 20 90% 15 85% 92% Acquisition Acquisition 10 21.4 Hudbay 15.8 Hudbay 13.2 80% 85% 85% 5 0 75% CMMC 2022 Avg. H2 2023 2024
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Slide 17: Robust Copper Market Outlook
ROBUST COPPER MARKET OUTLOOK STRONG LONG-TERM COPPER MARKET FUNDAMENTALS WITH SIGNIFICANT SHORTAGE OF SUPPLY Declining Copper Grades GLOBAL COPPER SUPPLY AND DEMAND Base Case Operating No Significant Projects Sanctioned in Past 3-Years (Mt)1 Mines Capacity Market is increasingly dependent on executi
Slide 18: Challenges of Supply Prediction
CHALLENGES OF SUPPLY PREDICTION The analysis below compares the projected global copper production estimated by Wood Mackenzie, inclusive of development and expansion projects, as of 2020 Q3 to the latest 2024 Q3 estimates and 2020-2023 production actuals to understand how the market has changed fol
Slide 19: A Look at Copper Pipeline Assumptions
A LOOK AT COPPER PIPELINE ASSUMPTIONS 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 Production Production Timeline Project Pro
Slide 20: Attractive Copper Positioning
ATTRACTIVE COPPER POSITIONING SIGNIFICANT COPPER PRODUCTION AT FIRST QUARTILE CASH COSTS MEANINGFUL COPPER PRODUCTION LEADING LOW-COST PROFILE 2025E COPPER PRODUCTION1 2025E COPPER C1 CASH COSTS2 600 +$100M increase in cash flow and EBITDA +$56M increase in cash flow and EBITDA for for 10% change in
Slide 21: Hudbay Leading Copper Exposure
HUDBAY LEADING COPPER EXPOSURE SUSTAINED GROWTH IN COPPER RESOURCES PER SHARE DRIVES INDUSTRY LEADING COPPER PRICE OPTIONALITY SIGNIFICANT GROWTH IN COPPER RESOURCES PER SHARE1 HIGHEST COPPER NAV SENSITIVITY VERSUS PEERS2 (NAV SENSITIVITY TO 10% CHANGE IN COPPER PRICE) 50% +9% CAGR and +$141% growth
Slide 22: Prudent Capital Allocation
PRUDENT CAPITAL ALLOCATION COPPER WORLD REPRESENTS THE NEXT GENERATION OF LOW CAPITAL COPPER DEVELOPMENT Completed Greenfield Completed Brownfield Lower Capital Higher Capital Capital Intensity ($000s/tonne Cu)1,2 Country Rating Aaa Aaa Aaa Ca A2 A2 Baa3 Baa1 Baa1 Ca Baa1 Ca Baa2 A2 A2 Aaa A2 A2 Aaa
Slide 23: Copper World Project
COPPER WORLD PROJECT HIGHEST GRADE OPEN PIT COPPER PROJECT IN THE AMERICAS PHASE I FOOTPRINT REQUIRES STATE AND LOCAL PERMITS ONLY ATTRACTIVE ECONOMICS AT CONSERVATIVE $3.75 CU Private Land PRICE ASSUMPTIONS1 Perimeter $1.1B 19% 1.2Bt NPV8% IRR1 M&I TONNAGE $372M $1.3B AVG. ANNUAL INITIAL GROWTH EBI
Slide 24: U.S. Open Pit Copper Benchmarking
U.S. OPEN PIT COPPER BENCHMARKING WILL BE ONE OF THE LARGEST OPEN PIT COPPER MINES IN THE U.S. WITH THE LOWEST CASH COSTS ANNUAL PRODUCTION (KT CU) RESERVE GRADE (% CU) CASH COSTS (US$/LB CU) Morenci 261 Copper World 0.54% Copper World $1.53 Bingham Canyon 152 Ray 0.49% Robinson $2.16 Safford 111 Ch
Slide 25: Potential Sanctioning Decision
PRUDENTLY ADVANCING COPPER WORLD DISCIPLINED THREE PREREQUISITES (“3-P”) PLAN FOR SANCTIONING COPPER WORLD Completed Underway To Come In late 2022, Hudbay unveiled a Objective 2022 2023 2025 prudent financial plan with three 2024 2026 PLAN PERMITS key prerequisites to be achieved Updated ✓ MLRP ✓ Up
Slide 26: Mason Project
MASON PROJECT LARGE OPEN PIT COPPER PROJECT WITH SIGNIFICANT LAND PACKAGE 2.2Bt $1.76/lb 27 YEARS M&I TONNAGE CU SUSTAINING CASH COST MINE LIFE 0.29% 112kt $1,191M / 18% M&I CU GRADE ANNUAL CU PRODUCTION NPV / IRR 1 MASON ECONOMICS1 After-Tax NPV10% (US$M) Unlevered IRR (%) $2,019 23% 18% $1,191 15%
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Slide 28: Constancia Exploration Potential
CONSTANCIA EXPLORATION POTENTIAL SEVERAL OPPORTUNITIES EXIST ON HUDBAY’S EXTENSIVE LAND PACKAGE IN PERU CONSTANCIA SATELLITE EXPLORATION TARGETS Maria Reyna Constancia & Caballito Pampacancha 3.3Mt Cu Constancia DELINEATED TO-DATE 1.0Mt Cu MINED TO-DATE PERU Pampacancha Lima Tintaya Constancia Matar
Slide 29: Constancia Priority Satellite Targets
CONSTANCIA PRIORITY SATELLITE TARGETS EXPLORATION PERMITTING ACTIVITIES WELL UNDERWAY MARIA REYNA CABALLITO Artisanal mining activity focused on high grade magnetite skarn bodies and Mitsui mined high-grade copper at Caballito until the early 1990s; hand samples hydrothermal breccia. collected in th
Slide 30: Lalor Mine Life Extension
LALOR MINE LIFE EXTENSION 1.7M OZ OF GOLD RESERVES AND 1.3M OZ OF GOLD INFERRED RESOURCES WITH FURTHER EXTENSION POTENTIAL LALOR MINE LIFE EXTENSION LALOR NEAR MINE 0m 100m 250m 500m Lalor Northwest Exhaust raise 2024 drilling Shaft Lalor deep 2024 drilling 835mL 910mL 955mL 985mL Shaft bottom LEGEN
Slide 31: Snow Lake Exploration Program
SNOW LAKE EXPLORATION PROGRAM 1) NEAR MINE – MINE LIFE EXTENSION Testing mineralized extensions at Lalor and 1901 deposit to extend mine life & increase mineral reserves and resources. Lalor Northwest Drilling Near Lalor Northwest Drilling: 2024 follow-up drilling confirmed Au-Cu discovery 400m fr
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Slide 33: Commitment to Sustainability
COMMITMENT TO SUSTAINABILITY REDUCING CARBON FOOTPRINT WATER AND BIODIVERSITY STEWARDSHIP Operations are well-positioned in the lower half of the Restoring ecosystems by progressively rehabilitating global GHG emissions curve for copper mines affected areas Pursuing improvements Committed to conserv
Slide 34: Social Impact & Our People
SOCIAL IMPACT & OUR PEOPLE EMBRACING DIVERSITY AND PROVIDING A HEALTHY & SAFE WORKPLACE • Constancia’s “Hatun Warmi” program expands opportunities for women in mining. • All operations are required to be certified to ISO 45001, an internationally accepted standard for occupational health and safety
Slide 35: Environmental Stewardship
ENVIRONMENTAL STEWARDSHIP DEVELOPING, OPERATING AND RECLAIMING MINES IN A MANNER THAT DEMONSTRATES OUR COMMITMENT TO ENVIRONMENTAL STEWARDSHIP COMMITTED TO FURTHER IMPROVE ON OUR LOW-CARBON FOOTPRINT PROGRESS TOWARDS ACHIEVING GHG TARGETS More than 50% of current total energy consumption is from ren
Slide 36: Investment
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Slide 37: Hudbay Investment Thesis
HUDBAY INVESTMENT THESIS STABLE COPPER PRODUCTION with three operations in tier-1 mining jurisdictions generating Produced 137kt Cu generating+$350M in free cash flow at industry-low cash costs in 2024 significant free cash flow with industry-leading margins STRONGEST BALANCE SHEET Achieved0.6x Net
Slide 38: Several Near-Term Catalysts
SEVERAL NEAR-TERM CATALYSTS FOCUSED ON DELIVERING MANY NEAR-TERM GROWTH INITIATIVES ACROSS THE PORTFOLIO TO GENERATE SIGNIFICANT VALUE FOR STAKEHOLDERS COPPER WORLD MANITOBA Secure joint venture partnership New Britannia further optimization Complete definitive feasibility study Snow Lake re
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Slide 40: World-Class Management Team
WORLD-CLASS MANAGEMENT TEAM PETER KUKIELSKI EUGENE LEI ANDRE LAUZON PRESIDENT & CEO CFO COO More than 30 years of sector experience in Over 20 years of global mining investment Over 30 years of experience, holding base metals, precious metals and bulk banking, finance and corporate development leade
Slide 41: Board of Directors
BOARD OF DIRECTORS DAVID SMITH PETER KUKIELSKI CHAIR PRESIDENT & CEO David more than 30 years of financial and Peter has more than 30 years of experience executive leadership experience. He has within the base & precious metals and bulk had a career on both the finance and the materials sectors, hav
Slide 42: Production Guidance
PRODUCTION GUIDANCE 3-YEAR PRODUCTION OUTLOOK Contained Metal in Concentrate and Dore1 2025 Guidance 2026 Guidance 2027 Guidance PERU Copper tonnes 80,000 - 97,000 76,000 - 100,000 76,000 - 100,000 Gold ounces 49,000 - 60,000 16,000 - 21,000 17,000 - 23,000 Silver ounces 2,475,000 - 3,025,000 1,610,
Slide 43: 2025 Cost Guidance
2025 COST GUIDANCE CAPITAL EXPENDITURES1 ($M) EXPLORATION EXPENDITURES ($M) SUSTAINING CAPITAL2 2025 Guidance 2024 Actuals 2025 Guidance 2024 Actuals Peru3 170 124 Peru4 19 20 Manitoba5 30 26 Manitoba 60 46 British Columbia5 1 2 British Columbia3 135 123 Arizona and other - 2 Total sustaining capita
Slide 44: Prudent Balance Sheet Management
PRUDENT BALANCE SHEET MANAGEMENT ONLY DEBT OUTSTANDING CONSISTS OF LONG-TERM SENIOR UNSECURED BONDS LONG-TERM DEBT STRUCTURE PROVIDES SIGNIFICANT FLEXIBILITY Bond Ratings Callable starting in April 2023 Moody’s B1 S&P B 4.5% due Callable starting in April 2024 Apr. 2026 Fitch BB- 6.125% due Apr. 202
Slide 45: South America Business Unit
SOUTH AMERICA BUSINESS UNIT Cusco CUSCO Las Bambas CONSTANCIA PERU Yauri LLAGUEN Trujillo Tintaya Antapaccay Lima AREQUIPA Imata CONSTANCIA Arequipa MINE Cerro Verde MOQUEGUA & TOWN RAIL Matarani ROAD 0 100km Appendix: PERU TACNA 45
Slide 46: Constancia Mine Plan
CONSTANCIA MINE PLAN 17-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY Updated mine plan for Constancia operations reflects higher copper and gold production into 2025 with the higher grades from the Pampacancha deposit and extended mine life to 2041 with the conversion of mineral resourc
Slide 47: 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 48: Llaguen Project
LLAGUEN PROJECT COPPER PIPELINE PROJECT IN A FAVOURABLE LOCATION MINERAL RESOURCE ESTIMATE AS AT JANUARY 1, 2025 Category Metric 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 113,000,000 0.49 261 0
Slide 49: Manitoba Business Unit
MANITOBA BUSINESS UNIT New Britannia Gold Mill 1,800 tpd capacity Snow Lake Stall Base Metal Mill LALOR MINE 3,800 tpd capacity ~4,500 tpd LALOR 0 5km MANITOBA SASKATCHEWAN Winnipeg Snow Lake LALOR MINE MINE Flin Flon MILL TOWN Flin Flon Base Metal Mill* RAIL care & maintenance (6,000 tpd capacity)
Slide 50: Snow Lake Mine Plan
SNOW LAKE MINE PLAN 13-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY Mine plan optimizes processing capacity in Snow Lake to maximize the NPV of the operations. 2028-2037 SNOW LAKE OPERATIONS1 2023A 2024A 20253 20263 20273 Avg. CONTAINED METAL IN CONCENTRATE AND DORÉ Au Production (000s
Slide 51: Snow Lake Process – 2025
SNOW LAKE PROCESS – 2025 Lalor Lalor Crushed Crushed Ore Ore Stall Mill New Britannia Mill Grinding Grinding Flotation Flotation Tails to Tails Cyanide Zn Concentrate Cu Concentrate Anderson TIA or Leaching/CIP Destruction Dewatering Dewatering Lalor Paste Plant Process Electrowinning Tails to Stall
Slide 52: Snow Lake Growth Over Time
SNOW LAKE GROWTH OVER TIME OVER 3.0M OUNCES OF GOLD HAS BEEN IDENTIFIED AS RESERVES / PRODUCED TO DATE +250% INCREASE IN IDENTIFIED RESERVES / PRODUCED GOLD FROM INITIAL RESERVE ESTIMATE 7% increase from Reserves 32% increase from 9% increase from resource Inferred Produced to-date inclusion of sate
Slide 53: Lalor Northwest Drilling
LALOR NORTHWEST DRILLING FOLLOW UP DRILLING CONFIRMS NEW DISCOVERY NORTHWEST OF THE LALOR DEPOSIT Lalor Section View with Lalor Northwest - Located ~400m from Underground Infrastructure Intersected Significant Copper-Gold Lalor Northwest Mineralized Mineralization Intercepts 2024 drilling intersec
Slide 54: 1901 Development & Exploration Drift
1901 DEVELOPMENT & EXPLORATION DRIFT ADVANCING ACCESS TO THE 1901 DEPOSIT FOR EXPLORATION AND FUTURE MINE DEVELOPMENT The 1901 deposit was discovered in 2019 and is located within EXPLORATION STEP OUT DRILLING1 1,000 metres of the Lalor underground ramp. Pre-feasibility studies in 2021 resulted in a
Slide 55: Flin Flon Growth Opportunities
FLIN FLON GROWTH OPPORTUNITIES GROWTH POTENTIAL THROUGH TAILINGS REPROCESSING OPPORTUNITY AND EXPLORATION PARTNERSHIP MILL TAILINGS REPROCESSING Opportunity to reprocess Flin Flon tailings where more than 100Mt of tailings have been deposited over 90 years. Potential for additional metal production
Slide 56: Flin Flon Closure Cost Plan
FLIN FLON CLOSURE COST PLAN 75% OF CLOSURE AND RECLAMATION COSTS ARE TO BE INCURRED AFTER 2037 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2122 $23M in tailings stability $13M in demolition costs between the close of Flin Flon and 203
Slide 57: British Columbia Business Unit
BRITISH COLUMBIA BUSINESS UNIT Kamloops NEW AFTON MINE HIGHLAND VALLEY COPPER MINE Kelowna COPPER MOUNTAIN Princeton COPPER MOUNTAIN Vancouver MINE MINE 0 20km TOWN ROAD Appendix: BRITISH COLUMBIA 57
Slide 58: Copper Mountain Mine Plan
COPPER MOUNTAIN MINE PLAN 19-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY Updated mine plan for Copper Mountain operations reflects mine stabilization plan advancements and increased mine productivity. 2028-2043 COPPER MOUNTAIN OPERATIONS 2024A 20255 20265 20275 LOM Total* Avg.* CONTAIN
Slide 59: Copper Mountain Technical Report
COPPER MOUNTAIN TECHNICAL REPORT Steady-state Operations Stabilization & Optimization Plans 19 years 50k tpd Improving reliability and driving sustainable long-term value: 1. Increased mining activities Mine Life Permitted mill capacity Fleet ramp-up plan to remobilize idle haul trucks, 28 trucks re
Slide 60: Arizona Business Unit
ARIZONA BUSINESS UNIT Miami Pinto Valley Phoenix Resolution Ray ARIZONA, US Morenci Florence Cactus Safford Santa Cruz Silver Bell Tucson Phoenix Gunnison Tucson Mission Sierrita COPPER WORLD COPPER WORLD Maps are not to scale Hermosa 0 25km 50km Port of Guaymas (Mexico) Appendix: ARIZONA 60
Slide 61: Copper World PFS Highlights
COPPER WORLD PFS HIGHLIGHTS LARGE SCALE, HIGH-GRADE OPEN PIT WITH ATTRACTIVE ECONOMICS & SIGNIFICANT UPSIDE 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 resources1 Land p
Slide 62: Copper World 2023 PFS
COPPER WORLD 2023 PFS SIMPLIFIED PROJECT DESIGN Simplified mine plan consists of four open pits and is now optimized solely on the flotation of both copper sulfides and oxides. Simplified processing flow sheet includes conventional sulfide flotation concentrator with copper concentrate as final prod
Slide 63: Copper World Phase I PFS
COPPER WORLD PHASE I PFS ENHANCED PROJECT ECONOMICS, SIMPLIFIED FLOWSHEET AND EXTENDED MINE LIFE TO 20 YEARS Annual Cu production of 92kt over the first 10 years at $1.53/lb COPPER PRICE SENSITIVITY ($M) cash costs and $1.95/lb sustaining cash costs. NPV 10% NPV 8% 2,006 1,710 Life-of-mine Cu produc
Slide 64: Copper World Funding Requirement
COPPER WORLD FUNDING REQUIREMENT JOINT VENTURE REDUCES HUDBAY’S FUNDING REQUIREMENT AND ENHANCES RETURNS IRR: ~19% Corresponding Illustrative IRR (%) Funding Requirement ($M) & IRR: ~25% IRR: +35% Appendix: ARIZONA Source: Company public filings, analyst research Note: IRR based on Copper World PFS
Slide 65: Copper World Robust Economics
COPPER WORLD ROBUST ECONOMICS SUMMARY OF KEY METRICS Phase I - 20 year mine life (at $3.75/lb Cu) • Cu production avg. 85 kt p.a. Valuation Metrics (Unlevered)1 Units Phase I • Cash costs of $1.47/lb and sustaining Net present value @ 8% (after-tax) $ millions $1,100 cash cost of $1.81/lb. Net prese
Slide 66: Copper World Phase I Production Profile
COPPER WORLD PHASE I PRODUCTION PROFILE Phase I Average Annual Production: 85kt Cu Cash Costs: $1.47/lb Cu Sustaining Cash Costs: $1.81/lb Cu Appendix: ARIZONA For further information please refer to Hudbay’s news release dated September 8, 2023, announcing the PFS results. Tonnes shown are metric t
Slide 67: GHG Emissions
DESIGNED TO REDUCE ENERGY CONSUMPTION AND GHG EMISSIONS MADE IN AMERICA” COPPER CATHODE TO SUPPORT DOMESTIC U.S. COPPER CONSUMPTION ↓10% ↓14% lower energy consumption, reduction in total scope including 30% decline related 1, 2 & 3 GHG emissions to downstream processing • Copper World copper cathode
Slide 68: Copper World Positioning
COPPER WORLD POSITIONING ONE OF THE BEST UNDEVELOPED COPPER PROJECTS – CAPITAL LIGHT, LOW COMPLEXITY Source: Company public filings; Street research. Appendix: ARIZONA Note: Peer set comprised of greenfield, open pit, porphyry projects with reserves located in the Americas, with LOM average Cu produ
Slide 69: Nevada – Mason Project
NEVADA – MASON PROJECT Power Plant Lyon County Douglas County NEVADA MacArthur Reno Yerington Blue Hill Mine (Historic) MASON PROJECT MASON Yerington Mason TOWN Las Vegas Road HUDBAY MINERAL CLAIMS Pumpkin Hollow HUDBAY PRIVATE LAND CLAIMS Mason POWER LINE Valley Mines RAIL (Historic) MINE / DEPOSIT
Slide 70: Exploration Cannot Solve the Supply Gap
EXPLORATION CANNOT SOLVE THE SUPPLY GAP S&P STUDIED 136 MINES OVER 20 YEARS & IT TAKES AN AVERAGE OF 16 YEARS FROM DISCOVERY TO PRODUCTION Russian and Indonesian mines take the longest to start up1 16.3 years Lead times continue to trend upward: ~18 years for mines coming online in 2020-2023 vs. ~13
Slide 71: Peru Mineral Reserves
PERU MINERAL RESERVES (AS AT JANUARY 1, 2025) MINERAL RESERVE ESTIMATES1,2,3,4,5 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Proven 443,200,000 0.252 80 0.037 2.59 Probable 64,800,000 0.205 73 0.036 1.78 CONSTANCIA – TOTAL PROVEN AND PROBABLE 508,000,000 0.246 79 0.037 2.49 PAMPACANCHA Prove
Slide 72: Peru Mineral Resources
PERU MINERAL RESOURCES (AS AT JANUARY 1, 2025) MINERAL RESOURCE ESTIMATES1,2,3,4,5 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Measured 92,700,000 0.211 57 0.039 2.24 Indicated 86,900,000 0.222 83 0.039 2.24 Inferred – Open Pit 33,700,000 0.247 69 0.056 2.75 Inferred – Underground 6,500,000
Slide 73: Snow Lake Reserves – Lalor Mine & 1901 Deposit
SNOW LAKE RESERVES – LALOR MINE & 1901 DEPOSIT (AS AT JANUARY 1, 2025) MINERAL RESERVE CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) ESTIMATES1,2,3,4,5,6,7 Gold Zone Reserves Proven Lalor 3,250,000 5.3 0.72 0.62 32.6 1901 102,000 2.8 1.33 1.00 19.2 Probable Lalor 3,701,000 4.3 0.32 1.02 24.5 1901
Slide 74: Snow Lake Resources – Lalor Mine & 1901 Deposit
SNOW LAKE RESOURCES – LALOR MINE & 1901 DEPOSIT (AS AT JANUARY 1, 2025) MINERAL RESOURCE CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) ESTIMATES1,2,3,4,5,6,7,8 Gold Zone Resources Inferred Lalor 1,953,000 4.3 0.26 2.36 14.8 1901 1,587,000 5.5 0.30 0.85 16.6 Total Inferred – Gold 3,540,000 4.8 0.28
Slide 75: Snow Lake Reserves & Resources – Other Gold
SNOW LAKE RESERVES & RESOURCES – OTHER GOLD (AS AT JANUARY 1, 2025) 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 2.
Slide 76: Snow Lake Reserves & Resources – Other Base Metals
SNOW LAKE RESERVES & RESOURCES – OTHER BASE METALS (AS AT JANUARY 1, 2025) BASE METAL MINERAL RESERVE AND RESOURCE CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) ESTIMATES1,2,3,4,5,6 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 TOTAL
Slide 77: BC Mineral Reserves & Resources
BC MINERAL RESERVES & RESOURCES (AS AT JANUARY 1, 2025) MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5,6 TONNES Cu (%) Au (g/t) Ag (g/t) Reserves Proven 172,900,000 0.269 0.124 0.72 Probable 173,100,000 0.222 0.109 0.62 TOTAL PROVEN AND PROBABLE 346,000,000 0.245 0.116 0.67 Resources Measured 31,90
Slide 78: Copper World Mineral Reserves & Resources
COPPER WORLD MINERAL RESERVES & RESOURCES (AS AT JANUARY 1, 2025) Soluble Cu MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5,6 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) Grade (%) RESERVES Proven reserves 319,400,000 0.54 0.11 110 0.03 5.7 Probable reserves 65,700,000 0.52 0.14 96 0.02 4.3 Total prove
Slide 79: Llaguen Mineral Resources
LLAGUEN MINERAL RESOURCES (AS AT JANUARY 1, 2025) MINERAL RESOURCE ESTIMATES1,2,3,4,5,6 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CuEq (%) Indicated Global 271,000,000 0.33 218 0.033 2.04 0.42 (≥ 0.14% Cu) Including Indicated High-grade 113,000,000 0.49 291 0.046 2.73 0.60 (≥ 0.30% Cu) Inferred Globa
Slide 80: Mason Mineral Resources
MASON MINERAL RESOURCES (AS AT JANUARY 1, 2025) 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 237,000,00
Slide 81: Additional Information
ADDITIONAL INFORMATION 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 Standards on Mineral Resourc