Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Technical Presentation (February 2025)
69 slides from Hudbay Minerals's technical presentation, Feb 27, 2025
Slide 1: Copper World Site Visit Presentation
COPPER WORLD SITE VISIT PRESENTATION February 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: Site Visit Schedule
SITE VISIT SCHEDULE Management Presentation 1. Copper World Introduction 5. Economics & Financing Strategy 2. History of Copper World 6. AT SITE – Tour Stops 3. Mining Overview 7. AT SITE – Stakeholder Engagement 4. Processing Overview Site Tour Agenda 8:00 am Hudbay management presentations 10:15 a
Slide 4: Hudbay Site Tour Participants
HUDBAY SITE TOUR PARTICIPANTS CORPORATE TEAM PETER KUKIELSKI ANDRE LAUZON MARK GUPTA SARA PEARSON PRESIDENT & CEO COO VP, CORPORATE MANAGER, DEVELOPMENT INVESTOR RELATIONS EUGENE LEI OLIVIER TAVCHANDJIAN CANDACE BRULE CFO SVP EXPLORATION AND VP, INVESTOR TECHNICAL SERVICES RELATIONS COPPER WORLD TEA
Slide 5: 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 3% 3% 169 2% 4% Consolidated Copper Cash $0.46 4% Production (000 tonnes) 134-168 153 6% Consolidated Copper 150 kt 132 138 117
Slide 6: 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% +11% CAGR and +$189% growt
Slide 7: 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
Slide 8: Diversified Mid-Tier Copper Producer
DIVERSIFIED MID-TIER COPPER PRODUCER A PORTFOLIO OF CRITICAL MINERALS ASSETS IN TIER-1 JURISDICTIONS WITH A 100 YEAR HISTORY COPPER MOUNTAIN COPPER WORLD Operating Mine Permitted Development Project +20 year mine life +20 year mine life Open pit Open pit ~40kt annual Cu production 92kt annual Cu pro
Slide 9: Copper World: Overview
COPPER WORLD:OVERVIEW H'DBAY
Slide 10: Copper World Highlights
COPPER WORLD HIGHLIGHTS Large Scale, 2023 PFS envisions a 20-year mine life producing 92ktpa Cu over the first 10 years at cash cost of US$1.53/lb, resulting in US$1.1B NPV8% and 19% IRR at US$3.75/lb Cu (increasing to US$1.7B NPV8% and 25.5% IRR at High-Quality US$4.25/lb Cu) Copper Project Opportu
Slide 11: Copper World Project Phase I
COPPER WORLD PROJECT PHASE I HIGHEST GRADE OPEN PIT COPPER PROJECT IN THE AMERICAS PFS HIGHLIGHTS1 ATTRACTIVE ECONOMICS $1.1B 19% 20 YEAR NPV8% IRR MINE LIFE $372M $1.3B AVG. ANNUAL EBITDA INITIAL GROWTH CAPEX LONG LIFE PRODUCTION 1.2Bt 0.54% Fully permitted project expected to increase Hudbay Cu pr
Slide 12: Located in Copper Mining District
LOCATED IN COPPER MINING DISTRICT 1 Miami Pinto Valley Phoenix Resolution Ray ARIZONA, US Morenci Florence Cactus Safford Santa Cruz Silver Bell Tucson Phoenix Gunnison Tucson Mission Sierrita COPPER WORLD COPPER WORLD Maps are not to scale Hermosa 0 25km 50km Port of Guaymas (Mexico) Source: Compan
Slide 13: U.S. Open Pit Copper Benchmarking
U.S. OPEN PIT COPPER BENCHMARKING WILL BE ONE OF THE LARGEST OPEN PIT COPPER MINES IN THE U.S. WITH THE LOWEST CASH COSTS ANNUAL PRODUCTION (KT CU) RESERVE GRADE (% CU) CASH COSTS (US$/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 14: Capital Light, Low Complexity
CAPITAL LIGHT, LOW COMPLEXITY COPPER WORLD IS ONE OF THE BEST UNDEVELOPED COPPER PROJECTS Source: Company public filings; Street research. Note: Peer set comprised of greenfield, open pit, porphyry projects with reserves located in the Americas, with LOM average Cu production of +60ktpa. Santo Domin
Slide 15: Constancia's Best In-Class Mine Development
CONSTANCIA’S BEST IN-CLASS MINE DEVELOPMENT DEMONSTRATES WORLD-CLASS MINE BUILDING AND OPERATING EXPERTISE AVG. CAPITAL INCREASE %1 FIRST TO COMMERCIAL PROD.2 CONSTANCIA THROUGHPUT (KTPD)1 Industry leading One of fastest mine +10% expansion beyond capital cost control developments reaching +14% abov
Slide 16: Proven Developer and Operator
PROVEN DEVELOPER AND OPERATOR HUDBAY HAS ~100 YEARS OF MINE DISCOVERY, DEVELOPMENT AND OPERATING EXPERTISE 1 Value Creation Through Exploration Consistent growth through discovery of new deposits + track record of mine life extensions High-grade Pampacancha deposit near Constancia 777 and Lalor
Slide 17: Project History
PROJECT HISTORY. = H'DBAY_ ~ eee ——
Slide 18: Historic Copper Mining District
HISTORIC COPPER MINING DISTRICT RICH HISTORY OF MINING IN THE HELVETIA REGION 1874 - 1969 OVERVIEW OF HELVETIA REGION AND LARAMIDE BELT HISTORICAL MINES ON PROJECT PROPERTY Ore Treated Copper Prod. Mine Years (short tonnes) (short tonnes) Project located in Helvetia region, within world-class Bulldo
Slide 19: District Geology
DISTRICT GEOLOGY COPPER WORLD IS LOCATED IN A MINERAL-RICH DISTRICT Project deposits sit within the northern block of the Santa Rita Mountains in southern Arizona Northern block is dominated by Precambrian granite with slices of Paleozoic and Mesozoic sediments on the eastern and northern sides Bloc
Slide 20: Copper World History
COPPER WORLD HISTORY August 2019 Construction suspended & appeal (2007 – 2014) (2014 – 2019) process initiated Approach to Rosemont development Acquired Augusta in 2014 assuming ownership centered around pursuing a large NPV of the project project with the federal permitting process Technical work a
Slide 21: Drilling History
DRILLING HISTORY CONFIDENCE AND KNOWLEDGE OF OREBODY GIVEN EXTENSIVE DRILLING HISTORY DRILL HOLES OVERVIEW Copper World resource mineralization is supported by the extensive drilling program conducted by Hudbay Initial drilling, sampling and metallurgical testing focused on the East Deposit in 2014
Slide 22: Historical Development Strategy
HISTORICAL DEVELOPMENT STRATEGY PROGRESSION TOWARDS SANCTIONING DECISION IN 2026 EXPLORATION STATE DFS INITIAL COPPER DRILLING & PURCHASE PEA PFS PERMITTING & & JOINT VENTURE WORLD RESOURCE ADDITIONAL PRIVATE LAND FINANCING STRATEGY PARTNERSHIP Identification of historic 310 holes used to define
Slide 23: Reserves and Resources
RESERVES AND RESOURCES 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 PFS mine plan and reserve and resource sta
Slide 24: Mineral Reserve and Resource Estimates
MINERAL RESERVE AND RESOURCE ESTIMATES COPPER WORLD HAS OVER 1.2BT OF TOTAL RESOURCES Soluble Cu RESERVES Tonnes (M) Cu (%) Mo (g/t) Au (g/t) Ag (g/t) Resources confirmed Grade (%) by extensive drilling Proven reserves 319 0.54 0.11 110 0.03 5.7 program Probable reserves 66 0.52 0.14 96 0.02 4.3 Ups
Slide 25: Mining Overview
MINING OVERVIEW
Slide 26: 2023 PFS vs. 2022 PEA
2023 PFS VS. 2022 PEA 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 27: Optimized Mineral Extraction Sequence
OPTIMIZED MINERAL EXTRACTION SEQUENCE THIRTEEN MINE PHASES ACROSS FOUR PITS DURING 20-YEAR MINE LIFE MINERAL EXTRACTION BY PHASE Ore CuT Waste Total Phase Strip Ratio (Mt) (%) (Mt) (Mt) Phase 01 67 0.60 149 216 2.2 West East Pit Phase 02 77 0.49 133 211 1.7 Phase 03 84 0.49 229 312 2.7 Peach-Elgin P
Slide 28: Material Movement Schedule
MATERIAL MOVEMENT SCHEDULE 1,265MT OF MATERIAL MOVED AT A LOW LOM AVERAGE STRIP RATIO OF 1.82 MATERIAL MOVEMENT, STRIP RATIO AND ORE SOURCE BY PIT COMMENTARY Mining schedule designed to extract 2.01 1.59 1.54 1.08 2.44 2.49 3.15 3.19 2.78 2.89 2.54 2.20 2.20 1.97 1.02 0.71 0.13 0.02 0.01 0.01 – high
Slide 29: Production and Cost Profile
PRODUCTION AND COST PROFILE MEANINGFUL PRODUCTION AND LOW COSTS ACROSS SIGNIFICANT MINE LIFE Phase I Average Annual Production: 85kt Cu Cash Costs: $1.47/lb Cu Sustaining Cash Costs: $1.81/lb Cu For further information please refer to Hudbay’s news release dated September 8, 2023, announcing the PFS
Slide 30: Mining Equipment Schedule
MINING EQUIPMENT SCHEDULE COPPER WORLD IS A CONVENTIONAL OPEN PIT TRUCK AND SHOVEL OPERATION Hydraulic Shovels LOADING AND HAULING EQUIPMENT SCHEDULE Simple and conventional open pit truck and shovel operation Two 12-hour shifts per day, 365 days per year operation Truck operation with bench heights
Slide 31: Tailings Storage Facility Overview
TAILINGS STORAGE FACILITY OVERVIEW LAYOUT OPTIMIZED BASED ON PRIVATE LAND CONSTRAINTS Phase I FOR WASTE AND TAILINGS CAPACITY Three TSFs to receive tailings from processing plant at 60,000 tons/day with a total capacity of 440 million tons Capacity Current private land package allows for 1,070Mt of
Slide 32: Significant Exploration Upside
SIGNIFICANT EXPLORATION UPSIDE PROSPECTIVITY OF ENTIRE UNPATENTED MINERAL CLAIM PACKAGE YET TO BE FULLY EXPLORED EXPLORATION TARGETS IP CROSS-SECTION THROUGH ANOMALY (LOOKING NORTH) IP coverage to be expanded (currently covers only 25% of the entire Known Sulphide & Oxide Mineralization at Broadtop
Slide 33: Processing Overview
PROCESSING OVERVIEW H'DBAY_ ~ eee ——
Slide 34: Process Plant Design and Layout
PROCESS PLANT DESIGN AND LAYOUT CONVENTIONAL CRUSHING, GRINDING AND FLOTATION CIRCUIT PLANT OVERVIEW PROCESSING PLANT LAYOUT Concentrator capacity of 60kstpd will process sulfide and oxide mineralization through a conventional crushing, grinding and flotation circuit Single gyratory crusher operatin
Slide 35: Detailed Flotation Flowsheet
DETAILED FLOTATION FLOWSHEET SULFIDE CONCENTRATOR From Mine Already purchased and in storage Already purchased and in storage Primary Gyratory Coarse Ore 2x Bulk Crusher Sandvik Stockpile Scavenger CG850 1,440 Conditioner Jameson HP B8500/12 Ball Mill 2x Bulk SAG Mill Bulk Regrind Mill 20' x 40.7' S
Slide 36: Albion Process
ALBION PROCESS PROVEN TECHNOLOGY WHICH PRESENTS AN OPPORTUNITY TO PRODUCE DOMESTIC COPPER CATHODE Copper World will initially be constructed using a traditional flotation circuit Albion process facility expected to be fully installed by Year 5, will allow Copper World to produce "Made in America" co
Slide 37: Leaching Process Flowsheet
LEACHING PROCESS FLOWSHEET ALBION CONCENTRATE LEACHING PROCESS Leaching Process Sulfur / Acid Plant Sulfur Concentrate Albion Filter Leach Molten Copper UFG IsaMill Sulfur Sulfur Filter Tanks Concentrate Leach Feed Flotation Repulp Tank Tank Sulfur Concentrate Screw Sulfur Storage Tank Conveyor Melt
Slide 38: "Made in America" Copper Cathode
“MADE IN AMERICA” COPPER CATHODE SUPPORT DOMESTIC U.S. COPPER CONSUMPTION & REDUCE ENERGY 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 expected to be sold entirely
Slide 39: Economics & Financing Strategy
ECONOMICS & FINANCING STRATEGY
Slide 40: 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 41: 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 42: 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 43: Scarcity of Permitted Copper Projects
SCARCITY OF PERMITTED COPPER PROJECTS COPPER WORLD IS THE HIGHEST QUALITY, PERMITTED DEVELOPMENT PROJECT IN A STABLE 1 JURISDICTION GLOBAL COPPER PROJECT BREAKDOWN PROJECT BENCHMARKING Company | Project Copper World2 Santo Domingo Zafranal 263 (100%) (100%) (80%) Technical Stage PFS (2023) FS (2024)
Slide 44: 2023 PFS Initial Capital
2023 PFS INITIAL CAPITAL LOW INITIAL CAPITAL REQUIREMENT RELATIVE TO THE INDUSTRY Initial capex of US$1,093mm1 for construction of Initial Capital Details – EPCM (US$mm) concentrator, mine site, and mining equipment purchases Metric Cu Concentrator Sitewide $22 Conservative 20% contingency used Mini
Slide 45: Initial Capital Cost Comparison
INITIAL CAPITAL COST COMPARISON A SIMILAR SIZED PROJECT IN THE ANDES WOULD COST ~US$0.9BN MORE THAN COPPER WORLD DUE TO INFRASTRUCTURE REQUIREMENTS & ALTITUDE RELATED COMPLEXITIES Copper World’s Initial Capex Factors contributing to higher initial capital is ~US$0.9bn lower than requirements at comp
Slide 46: 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 ($000s/tonne Cu)1,2 Country Rating Aaa Aaa Aaa Ca A2 A2 Baa3 Baa1 Baa1 Ca Baa1 Ca Baa2 A2 A2 Aaa A2 A2 Aaa
Slide 47: Robust Economics with Significant Upside
ROBUST ECONOMICS WITH SIGNIFICANT UPSIDE ENHANCED PROJECT ECONOMICS, SIMPLIFIED FLOWSHEET AND EXTENDED MINE LIFE TO 20 YEARS Private Land Perimeter COPPER PRICE SENSITIVITY ($M) NPV 10% NPV 8% 2,006 1,710 Base Case 1,409 1,100 1,540 786 1,289 463 1,033 771 503 227 $3.25/lb $3.50/lb $3.75/lb $4.00/lb
Slide 48: Copper World Funding Requirement
COPPER WORLD FUNDING REQUIREMENT JOINT VENTURE REDUCES HUDBAY’S FUNDING REQUIREMENT AND ENHANCES RETURNS IRR: ~19% Corresponding Illustrative IRR (%) Funding Requirement ($M) & IRR: ~25% IRR: +35% Source: For further information please refer to Hudbay’s news release dated September 8, 2023, announci
Slide 49: Other Financing Considerations
OTHER FINANCING CONSIDERATIONS COPPER WORLD TO BENEFIT FROM SEVERAL SOURCES OF LOW-COST FUNDING Potential Sources of Project Financing ✓ Traditional Project Financing ✓ U.S. Municipal Bonds (Tax Exempt Bonds) ✓ Project-Level Unsecured Debt with Corporate Guarantee ✓ Bank Term Loan ✓ U.S. Government
Slide 50: 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 51: Questions?
QUESTIONS?
Slide 52: Tour Stops
TOUR STOPS Site Tour Locations TSF-1 1. Core Shack 2. Peach-Elgin Pit 3. TSF1 Overlook #3 #2 4. Gunsight Pass West Peach Pit 5. East Pit #1 Elgin Plant Broad Top Presentation & Core Viewing Stockpile #4 Bob Comer speaking on TSF-2 Stakeholder Engagement (permitting, regulatory, etc.) #5 Technical te
Slide 53: Stop 2 – Peach-Elgin Pit
STOP 2 – PEACH-ELGIN PIT COMMENTS • Key Items • Peach – Elgin Pit • Total Tons – 86,000,000 • Ore Tons – 27,000,000 • Tailing Storage Facility – 2 • Storage Capacity Tons – 139,000,000 • Process Plant Location • Tons per Day – 60,000 • Old Helvetia Town Site You are here
Slide 54: Stop 3 – Tailings Storage Facility 1
STOP 3 – TAILINGS STORAGE FACILITY 1 COMMENTS • Key Items • Tailing Storage Facility – 1 • Storage Capacity Tons – 231,000,000 • Tailing Storage Facility – N • Storage Capacity Tons – 70,000,000 • Cimber Mine (Neighbor) • State land Purchases • 160 Acres + 40 Acres • Closest Town (Corona de Tucson)
Slide 55: Stop 4 – Gunsight Pass
STOP 4 – GUNSIGHT PASS COMMENTS • Key Items • West Pit • Storage Capacity Tons – 231,000,000 • Haul Road Orientation • Broad Top Pit • Total Tons – 158,500,000 • Ore Tons – 78,000,000 • Highway 83 You are here
Slide 56: Stop 5 – East Pit
STOP 5 –EAST PIT COMMENTS • Key Items • East Pit • Total Tons – 1,015,900,000 • Ore Tons – 332,000,000 • Phase 2 • Peach Tons – 136,886,382 • East Pit Tons – 796,660,849 • Total Tons – 933,547,231 You are here
Slide 57: Mining in Arizona
MINING-IN ARIZONA=” H’DBAY.
Slide 58: State Permitting Approved
STATE PERMITTING APPROVED COPPER WORLD HAS RECEIVED ALL KEY STATE PERMITS TO ADVANCE CONSTRUCTION ACTIVITIES Air Quality Aquifer Protection Mined Land “Bypass” Floodplain Use STATE Permit Permit Reclamation Plan Right of Way Permit (“AQP”) (“APP”) (“MLRP”) (“ROW”) (“FUP”) Level / County / Pima State
Slide 59: Mining in the U.S. & Arizona
MINING IN THE U.S. & ARIZONA COPPER WORLD SITUATED IN A TIER 1 JURISDICTION, ARIZONA IS KNOWN AS THE COPPER STATE UNITED STATES ESTABLISHED MINING JURISDICTION CONDUCIVE POLITICAL LANDSCAPE 5th largest producer of copper globally in 2023 Domestic production of energy transition metals including copp
Slide 60: The U.S. Is a Favorable Regime for Mining
THE U.S. IS A FAVORABLE REGIME FOR MINING COPPER WORLD IS A FULLY PERMITTED PROJECT IN THE MOST ATTRACTIVE COUNTRY FOR MINING INVESTMENT OVERVIEW OF ROYALTIES AND TAXES BY MINING COUNTRIES EFFECTIVE TAX RATE2 The following is an illustrative analysis of the effective tax rate of a project with ident
Slide 61: Appendix
APPENDIX
Slide 62: 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 63: Capital Costs
CAPITAL COSTS GROWTH CAPITAL DETAILS - EPCM METRIC UNIT Cu Concentrator Cu Leach Total Sitewide $M $22 $0 $22 Phase I Growth Capital: $1.3 billion Mining Primary Crushing $M $M $34 $31 $0 $0 $34 $31 Sulfide Plant $M $270 $0 $270 Deferral of concentrate leach construction to year 4 Molybdenum plant $
Slide 64: Operating Costs
OPERATING COSTS OPERATING COST DETAILS - MINING Mining costs based on a bottom-up approach and METRIC UNIT Total utilizing budget quotes from different suppliers, Hudbay Labor $M $773 Maintenance $M $877 operations experience, and labor costs within the region Fuel $M $781 Power $M $18 Site visits c
Slide 65: Sustaining Capital
SUSTAINING CAPITAL SUSTAINING CAPITAL OF $542MM OVER 20 YEARS ANNUAL SUSTAINING CAPITAL SPEND1 (US$MM) COMMENTARY Sustaining Capital Deferred Stripping Total sustaining capex of US$542mm $117 split between mining, processing, $112 administration Total deferred stripping of US$362mm in addition to ot
Slide 66: Price Deck and Marketing Assumptions
PRICE DECK AND MARKETING ASSUMPTIONS Source: 2023 PFS. For further information please refer to Hudbay’s news release dated September 8, 2023, announcing the PFS results. 66
Slide 67: Phase 1 Physicals
PFS Phase 1: PHYSICALS Unit TOTAL Y-03 Y-02 Y-01 Y01 Y02 Y03 Y04 Y05 Y06 Y07 Y08 Y09 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20 PHASE 1 Material Moved Pre-strip Resources mined Mtonne 426.0 - - 18.1 27.4 33.8 42.8 25.3 25.0 20.7 21.1 22.9 23.1 21.4 19.9 19.9 19.9 17.1 15.3 15.3 12.6 14.4 9.8 - Wast
Slide 68: Phase 1 Unit Costs
PFS UNIT COSTS Unit TOTAL Mining ($/tonne material moved excluding pre-strip) Y-03 Y-02 Y-01 Y01 Y02 Y03 Y04 Y05 Y06 Y07 Y08 Y09 Y10 Y11 Y12 Y13 Y14 Y15 Y16 Y17 Y18 Y19 Y20 PHASE 1 Mining $/tonne 2.48 - - - 1.80 1.74 1.85 2.02 2.23 2.30 2.29 2.29 2.30 2.60 2.93 2.83 3.03 3.57 3.76 4.24 4.20 4.13 3.7
Slide 69: 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
Hudbay Minerals — Technical Presentation (February 2025) on 6ix