Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — CIBC 26th Annual Western Institutional Investor Conference (January 2023)
71 slides from Hudbay Minerals's conference presentation, January 2023
Slide 1: Investor Presentation January 2023
INVESTOR PRESENTATION January 2023
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: H' DBAY
H' DBAY
Slide 4: Revenue and Resources by Metal
REVENUE AND RESOURCES BY METAL Revenue1 Resources2 DIVERSIFIED MID-TIER 9% 2% 1% 7% COPPER PRODUCER 4% Cu Au 7% 4% 16.9Mt ~20% year-over-year growth in $1.8B Ag 25% Zn CuEq.2 60% copper production and ~30% Mo growth in gold production in 81% 2022 Existing operations offer ANNUAL COPPER PRODUCTION &
Slide 5: Copper Demand Drivers
COPPER DEMAND DRIVERS GROWING DEMAND FOR “GREEN” COPPER Global De-carbonization Copper is one of the most heavily utilized metals in renewable energy systems and is the least carbon- intensive Electrification of Vehicles EVs require nearly 4x more copper than a conventional gas vehicle EV production
Slide 6: Copper Supply Gap
COPPER SUPPLY GAP GLOBAL COPPER MINES AND PROJECTS UNABLE TO MEET LONG-TERM DEMAND EXPECTATIONS Mt Base Case Production Capability Declining Copper Grades 35 Probable Projects Global copper resources continue to be Primary Demand depleted and the average mined copper grade 30 has declined by more th
Slide 7: Hudbay Copper Growth Pipeline
HUDBAY COPPER GROWTH PIPELINE LEADING FREE CASH FLOW GROWTH AND SIGNIFICANT COPPER RESOURCE OPTIONALITY Meaningful near-term free cash flow growth with high quality organic pipeline offering significant long-term growth LEADING NEAR-TERM FREE CASH FLOW YIELDS SIGNIFICANT GROWTH IN COPPER RESOURCES P
Slide 8: H' DBAY
H' DBAY
Slide 9: Copper Quality Assets Sustainability
Peru Constancia – 17 year mine life Exploration Properties 100% ownership Maria Reyna Open pit long-life copper/molybdenum mine Caballito 90k tpd concentrator processes Constancia and Pampacancha ore Kusiorcco Annual average Cu and Au production 1 of 105kt and 60koz, respectively Llaguen Pampacancha
Slide 10: South America Business Unit
Cusco SOUTH AMERICA CUSCO BUSINESS UNIT Las Bambas CONSTANCIA Yauri PERU Tintaya Antapaccay LLAGUEN Trujillo MINE Lima TOWN AREQUIPA Imata RAIL ROAD CONSTANCIA Arequipa Cerro Verde MOQUEGUA & Peru Economic Risk Business Political Risk Commercial Risk Financing Risk Matarani Environment Risk BB2 Medi
Slide 11: Constancia Mine
CONSTANCIA MINE 17 YEARS Cu-Mo 86k tpd MINE LIFE PORPHYRY DEPOSIT MILL CAPACITY 105kt 60koz $1.15/lb 7-YEAR AVG. 7-YEAR AVG. 7-YEAR AVG. CU PRODUCTION1 AU PRODUCTION1 CASH COSTS1 CONSTANCIA COPPER PRODUCTION PROFILE2 140 $1.75 122 124 120 $1.47 $1.50 102 Cash Costs ($/lb) 100 $1.45 $1.28 LONG LIFE,
Slide 12: Peru Exploration Potential
PERU EXPLORATION POTENTIAL SEVERAL OPPORTUNITIES EXIST ON HUDBAY’S EXTENSIVE LAND PACKAGE IN PERU CONSTANCIA SATELLITE EXPLORATION TARGETS Maria Reyna Caballito Constancia & Constancia Pampacancha Leviatan 3.3Mt Cu DELINEATED TO-DATE Pampacancha 1.0Mt Cu MINED TO-DATE PERU Paquitas Tintaya Lima Cons
Slide 13: Constancia Satellite Exploration Targets
CONSTANCIA SATELLITE EXPLORATION TARGETS EXPLORATION ACTIVITES COMMENCED IN AUGUST 2022 AFTER SIGNING OF COMMUNITY AGREEMENT MARIA REYNA CABALLITO Artisanal mining Three types of mineralization at Maria Reyna. Mitsui mined high-grade copper at Caballito until the early 1990s; Magnetite skarns and hy
Slide 14: Manitoba Business Unit
New Britannia Gold Mill MANITOBA BUSINESS UNIT 1,500 tpd capacity Snow Lake Stall Base Metal Mill 3,800 tpd capacity MINE LALOR MINE ~4,650 tpd MILL TOWN RAIL ROAD LALOR 0 5km SASKATCHEWAN MANITOBA Winnipeg Snow Lake LALOR MINE Flin Flon Canada Economic Risk Business Flin Flon Base Metal Mill* Polit
Slide 15: Snow Lake Operations
SNOW LAKE OPERATIONS 17 YEARS Au-Zn-Cu 5.3k tpd MINE LIFE1 VMS DEPOSITS TOTAL MILL CAPACITY 150-185koz 50-70kt 12-16kt 2022E AU PRODUCTION 2022E ZN PRODUCTION 2022E CU PRODUCTION MANITOBA GOLD PRODUCTION PROFILE2 200 185 178 168 Cash Costs ($/oz) LOW-COST GOLD OPERATION WITH MEANINGFUL BASE METAL 15
Slide 16: Snow Lake Exploration Potential
SNOW LAKE EXPLORATION POTENTIAL LALOR IN-MINE EXTENSION POTENTIAL AND REGIONAL UPSIDE EXPLORATION OPPORTUNITIES Snow Lake deposits contain 1.7 million ounces of gold in inferred resources Lalor and 1901 inferred resources estimated using stringent methodology constraining the resource within a stope
Slide 17: Arizona Business Unit
ARIZONA BUSINESS UNIT Miami Pinto Valley Phoenix Resolution ARIZONA, US Ray Morenci Florence Safford MINE TOWN RAIL ROAD Silver Bell Phoenix Tucson Tucson Gunnison Mission COPPER WORLD COMPLEX Sierrita COPPER WORLD COMPLEX United States Economic Risk Business Political Risk Commercial Risk Financing
Slide 18: Copper World Complex
1.2Bt $1.15/lb 44 YEARS M&I TONNAGE CU CASH CASH COST1 MINE LIFE COPPER WORLD COMPLEX 0.41% 86kt $1,296M / 18% M&I CU GRADE ANNUAL CU PRODUCTION1 NPV10% / IRR2 COPPER WORLD ECONOMICS LOM After-Tax NPV10% (US$M) Phase I After-Tax NPV10% (US$M) $1,903 $1,193 $1,296 $741 $990 $513 $3.25 $3.50 $4.00 $3.
Slide 19: Copper World Complex
COPPER WORLD COMPLEX PRIVATE LAND PACKAGE TO SUPPORT A 16 YEAR MINE LIFE EXECUTION OF ALTERNATIVE STRATEGY SINCE AUGUST 2019 Conducted Internal Study on Private-only Plan at East in 2019 Discovered New Mineralization on Patented Mining Claims Initiated a drill program in 2020 in support of a private
Slide 20: Three Prerequisites for Copper World Sanctioning
THREE PREREQUISITES FOR COPPER WORLD SANCTIONING PRUDENT FINANCING STRATEGY TO DRIVE INVESTMENT DECISION TO PROJECT SANCTION Hudbay is entering a period of significant near-term free cash flow generation over the next several years after the completion of our brownfields reinvestments program in Per
Slide 21: Nevada Mason Project
NEVADA MASON PROJECT Power Plant Lyon County NEVADA Douglas County MacArthur Reno MASON PROJECT Yerington Blue Hill Mine (Historic) TOWN MASON Yerington Road HUDBAY MINERAL CLAIMS HUDBAY PRIVATE LAND CLAIMS POWER LINE Mason RAIL Las Vegas MINE / DEPOSIT Pumpkin Hollow Mason Valley Mines United State
Slide 22: Mason Project
2.2Bt $1.76/lb 27 YEARS MASON PROJECT 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% $773 $3.25 $3.50 $4.00 $3.25 $3.50 $4.00 LARGE OPEN PIT COP
Slide 23: ESG
SEE a Pine ESG H' DBAY
Slide 24: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY MUTUAL RESPECT, TRUST AND CONTINUOUS DIALOGUE By living our values, we build strong relationships with our employees, host communities and governments, making us a better partner and a better company Our Values are: Dignity & Respect: Caring: We treat our stakeholders
Slide 25: Environment
ENVIRONMENT WE AIM TO DEVELOP, OPERATE AND CLOSE MINES IN A MANNER THAT DEMONSTRATES OUR COMMITMENT TO ENVIRONMENTAL STEWARDSHIP LEADING EMISSIONS RANKING More than 50% of our total energy consumption is from renewable sources t CO2e/t Rank CuEq Committed to further improve on our low-carbon footpri
Slide 26: 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 manag
Slide 27: Governance
GOVERNANCE WE RECOGNIZE THE TREMENDOUS OPPORTUNITY THAT WE HAVE TO POSITIVELY CONTRIBUTE LOCALLY AND GLOBALLY TO A MORE SUSTAINABLE WORLD Focused on increased disclosure transparency Data mapped to GRI, SASB and TCFD Disclosure provided through CDP Climate, Water and Forests questionnaires 10/11 Boa
Slide 28: Sustainable Value Creation
SUSTAINABLE VALUE CREATION WE ALLOCATE RISK-ADJUSTED CAPITAL TO CREATE VALUE ACROSS EVERY STAGE OF THE MINING LIFECYCLE ACHIEVED MANY OF OUR 2022 VALUE-CREATING OBJECTIVES Successful Proven Mine Exploration Development DELIVER meaningful copper and gold production growth to generate positive cash fl
Slide 29: Growing Production and EBITDA Outlook
GROWING PRODUCTION AND EBITDA OUTLOOK ENTERING A PERIOD OF SIGNIFICANT PRODUCTION AND EBITDA GROWTH Completed ~$250M brownfield investment program in 2021 and now at an inflection point in terms of meaningful copper and gold production growth, which is expected to lead to significant growth in EBITD
Slide 30: Near-Term Catalysts
NEAR-TERM CATALYSTS NUMEROUS ORGANIC GROWTH OPPORTUNITIES EXIST New Britannia gold mill ramp-up and optimization ✓ 2022 MANITOBA Incorporate ongoing drilling results into updated Snow Lake mineral reserves and resources Q1 2023 Advance Lalor mine ramp up activities for higher ore throughout 2023 Com
Slide 31: Slide 31
Slide 32: Leading Organic Growth Pipeline
LEADING ORGANIC GROWTH PIPELINE HUDBAY HAS BUILT A DIVERSIFIED PORTFOLIO FOCUSED ON GROWTH THROUGH EXPLORATION AND M&A, WHILE DIVESTING NON-CORE ASSETS RESOURCE FEASIBILITY STUDY EXPLORATION PRODUCTION DEFINITION COMPLETE Constancia Norte Constancia Mine evaluating underground potential Cu-Mo-Au-Ag
Slide 33: World-Class Management Team
WORLD-CLASS MANAGEMENT TEAM PETER KUKIELSKI PRESIDENT & CEO PROVEN MINING INDUSTRY EXPERIENCE More than 30 years of sector experience in base metals, precious metals and bulk materials across the globe, including leadership positions at Nevsun, Anemka, ArcelorMittal, Teck and Noranda ANDRE LAUZON EU
Slide 34: Board of Directors
BOARD OF STEPHEN A. LANG CHAIR PETER KUKIELSKI PRESIDENT & CEO DIRECTORS Stephen has over 40 years of experience in the mining industry, including engineering, development and production at gold, Peter has more than 30 years of experience within the base & precious metals and bulk materials sectors,
Slide 35: Ample Liquidity & Long-Dated Debt Profile
AMPLE LIQUIDITY & LONG-DATED DEBT PROFILE PRUDENT BALANCE SHEET MANAGEMENT LONG-TERM DEBT STRUCTURE PROVIDES SIGNIFICANT FLEXIBILITY Cash and Equivalents1 $286 million 4.5% Revolver Availability2 $369 million due 2026 Callable starting in 2023 (October 2025 Maturity) Available Liquidity $655 million
Slide 36: Copper Cash Cost Curve
COPPER CASH COST CURVE LEADING LOW-COST PROFILE (2023E Copper AISC1) 1. Wood Mackenzie’s 2023 by-product C1 + sustaining capex copper cost curve (Q3 2022 dataset dated November 2022). Wood Mackenzie’s costing methodology may be different than the methodology reported by Hudbay or its peers in their
Slide 37: Global Greenhouse Gas Emissions Curve
GOLBAL GREENHOUSE GAS EMISSIONS CURVE HUDBAY’S OPERATIONS ARE WELL-POSITIONED ON THE SCOPE 1 & SCOPE 2 EMISSIONS CURVE Hudbay’s operations are favourably positioned in the 1st and 2nd quartile of the global greenhouse gas (“GHG”) emissions curve for copper operations Curve shows a total of 282 opera
Slide 38: Emissions Reduction Roadmap to 2030
EMISSIONS REDUCTION ROADMAP TO 2030 MULTIPLE PATHWAYS TO ACHIEVE A 50% REDUCTION IN EMISSIONS BY 2030 GHG REDUCTION OPPORTUNITIES Continued focus on operating efficiencies to reduce emissions intensity 300 Evaluating existing and new technologies as they are advanced to become commercially available
Slide 39: 3-Year Production Outlook
3-YEAR PRODUCTION OUTLOOK GROWING COPPER AND GOLD PRODUCTION CONTAINED METAL IN CONCENTRATE AND DORE1 2022 GUIDANCE 2023 GUIDANCE 2024 GUIDANCE PERU Copper tonnes 89,000 - 115,000 110,000 - 134,000 111,000 - 136,000 Gold ounces 70,000 - 90,000 100,000 - 125,000 110,000 - 135,000 Silver ounces 1,620,
Slide 40: 2022 Cost Guidance
2022 COST GUIDANCE On November 2, 2022, Hudbay announced discretionary cost reductions totaling $30M for 2022, including approximately $20M of growth capital in Peru and Manitoba and the balance relating to reductions in Arizona growth capex, exploration and evaluation expenses CAPITAL EXPENDITURE G
Slide 41: Focused on Positive Cash Flow Generation
FOCUSED ON POSITIVE CASH FLOW GENERATION DISCIPLINED CAPITAL ALLOCATION WITH NEAR-TERM DISCRETIONARY SPEND REDUCTIONS Short-term pullback in copper prices provides more conviction on strong long-term copper supply and demand fundamentals Recent inflationary pressures on input prices in a period of d
Slide 42: 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 from 2022 to 2025 as the higher grades from the Pampacancha deposit enter the mine plan 2021A 2022 2023 2024 2025 2026 2027 2028 20
Slide 43: Constancia Norte Underground
CONSTANCIA NORTE UNDERGROUND POSITIVE SCOPING STUDY ADDED HIGH-GRADE INFERRED RESOURCES AT CONSTANCIA 2021 scoping study resulted in the addition of 6.5Mt at 1.2% Cu in inferred mineral resources defined in two high-grade skarn lenses (North Skarn and South Skarn) located below the open pit in the C
Slide 44: 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 45: Llaguen Project
LLAGUEN PROJECT ADDING A NEW PROJECT TO OUR COPPER GROWTH PIPELINE OVERVIEW MINERAL RESOURCE ESTIMATE AS AT NOVEMBER 1, 2022 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 113,000,00
Slide 46: Snow Lake Gold Strategy
SNOW LAKE GOLD STRATEGY PHASE 1: Repositioning PHASE 2: Optimization PHASE 3: Historical Work Lalor as a Gold Mine & Execution Expansion Potential ✓2008 & 2009 – Au zone and Cu- ✓2018 – Completion of tradeoff ✓2020 – Optimized mine plan with ✓2021 – Further optimized mine plan with Au zone identifie
Slide 47: Snow Lake Mine Plan
SNOW LAKE MINE PLAN 17-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 and reflects the first full year of production at the New Britannia gold mill in 2022 2021 2022 2023 2024 2025 2026 2027 2028-20
Slide 48: Snow Lake Process
SNOW LAKE PROCESS Lalor Crushed Ore Stall Mill New Britannia Mill Grinding Grinding Flotation Flotation Tails to Tails Zn Concentrate Cu Concentrate Cyanide Destruction Anderson TIA or Leaching/CIP Dewatering Dewatering Process Lalor Paste Plant Electrowinning Tails to Stall Mill (EW)/Refining (via
Slide 49: Snow Lake Processing Logistics
SNOW LAKE PROCESSING LOGISTICS LALOR MINE 2022 10 years 2031 Source Ore 1901 DEPOSIT 2026 6 years 2031 SATELLITE GOLD DEPOSITS 2031 8 years 2038 (WIM, 3 ZONE) Processing STALL BASE METAL MILL Location 2022 10 years 2031 (WITH GOLD BY-PRODUCT) NEW BRITANNIA GOLD MILL 2022 17 years 2038 (WITH COPPER B
Slide 50: Snow Lake Growth Over Time
SNOW LAKE GROWTH OVER TIME OVER 3.2M OUNCES OF GOLD HAS BEEN IDENTIFIED AS RESERVES / PRODUCED TO DATE +350% INCREASE IN IDENTIFIED RESERVES / PRODUCED GOLD FROM INITIAL RESERVE ESTIMATE Cumulative Production Reserves 9% increase from 7% increase from 32% increase from resource conversion resource c
Slide 51: Snow Lake Exploration Potential
SNOW LAKE EXPLORATION POTENTIAL LARGE PROSPECTIVE LAND PACKAGE IN THE SNOW LAKE BELT WITH SIGNIFICANT UPSIDE POTENTIAL MINE MILL Asset Metal Type TOWN • Deposit starts from surface PROJECT WIM WIM Cu-Au • Located 15km from New Britannia mill RAILROAD • 40kt Cu and 126k oz Au in reserves Osborne Lake
Slide 52: 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 53: Copper World Complex
COPPER WORLD COMPLEX COPPER WORLD 2021 INITIAL RESOURCE ESTIMATES: SIGNIFICANT HIGH-GRADE PORTION CLOSE TO SURFACE Resources comprise both sulphides and oxides with a majority on private land claims Several deposits contain higher grade mineralization, often starting at or very near surface with pot
Slide 54: Copper World Complex
COPPER WORLD COMPLEX EAST DEPOSIT 2022 REVISED RESOURCE ESTIMATES RESULT IN HIGHER GRADES Upper plate East Deposit revised using Constancia’s resource methodology East Deposit 2022 resource model based on same data as in 2017 but methodology differs on three aspects: East Deposit 2022 Grade shell Ho
Slide 55: Copper World Complex
COPPER WORLD COMPLEX PHASE I CONSTRAINED BY LAND AVAILABLE TO OPERATE WITHOUT FEDERAL PERMIT REQUIREMENTS During Phase I, land available Phase I Phase I + II to dispose tailings (TSF), Material Mined Material Mined waste rocks (WRF) and heap leach pads (HLP) does not exceed 1,070Mt More resources co
Slide 56: Copper World Project Upside Opportunities
COPPER WORLD PROJECT UPSIDE OPPORTUNITIES EVALUATING MANY OPPORTUNITIES TO FLEX THE SCOPE & TIMING OF THE PROJECT Expanding private land Phase I Acquire additional land to unlock the full potential of mining on private land / extend beyond 16 years Operating opportunities to further enhance project
Slide 57: Copper World Complex Mine Plan
COPPER WORLD COMPLEX MINE PLAN PHASE I 16-YEAR MINE LIFE; PHASE II EXTENDS MINE LIFE TO 44 YEARS PEA contemplates a two-phased mine plan with the first phase reflecting a standalone operation with processing infrastructure on Hudbay’s private land and mining occurring on patented mining claims COPPE
Slide 58: Copper World Complex Mine Plan (Continued)
COPPER WORLD COMPLEX MINE PLAN (CONTINUED) PHASE I 16-YEAR MINE LIFE; PHASE II EXTENDS MINE LIFE TO 44 YEARS PEA contemplates a two-phased mine plan with the first phase reflecting a standalone operation with processing infrastructure on Hudbay’s private land and mining occurring on patented mining
Slide 59: Copper World Complex Mine Plan by Deposit
COPPER WORLD COMPLEX MINE PLAN BY DEPOSIT Peach Elgin West Broadtop Bolsa East 100% Peach, Elgin, West and East deposit 90% Broadtop deposits contribute Phase I Phase II contributes 100% ~90% of mined production for 80% the first five years (-1 to 4) 70% % Mined Production 60% ~50% of mined producti
Slide 60: Copper World Robust Economics
COPPER WORLD METRIC SUMMARY OF KEY METRICS (at $3.50lb Cu) UNIT Phase I Phase II LOM ROBUST ECONOMICS Valuation Metrics (Unlevered) Net present value @ 8% (after-tax) 1 $ millions $1,097 $947 $2,044 Net present value @ 10% (after-tax) $ millions $741 $555 $1,296 Phase I - 16 year mine life Internal
Slide 61: Copper World Early Site Works & Exploration
COPPER WORLD EARLY SITE WORKS & EXPLORATION PROJECT DE-RISKING ACTIVITIES Initial grading and clearing activities commenced in April 2022 Drill rigs continue to turn at site conducting infill drilling in support of future feasibility studies Phase I land clearing in proposed tailings areas, May 2022
Slide 62: Copper World De-Risking Initiatives
COPPER WORLD DE-RISKING INITIATIVES PHASE I PRE-FEASIBILITY STUDY AND PERMITS EXPECTED IN 2023 Received first state-level permit, Mined Land Reclamation Plan (MLRP), in October 2021, and subsequent amendment received in July 2022 Advance pre-feasibility study and state-level permits for Phase I in H
Slide 63: Peru Mineral Reserves (as at January 1, 2022)
PERU MINERAL RESERVES (AS AT JANUARY 1, 2022) CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Proven 426,200,000 0.29 82 0.042 2.90 Probable 56,800,000 0.24 69 0.043 3.06 TOTAL PROVEN AND PROBABLE 483,000,000 0.28 80 0.042 2.92 PAMPACANCHA Proven 36,400,000 0.65 177 0.368 5.26 Probable
Slide 64: Peru Mineral Resources (as at January 1, 2022)
PERU MINERAL RESOURCES (AS AT JANUARY 1, 2022) CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Measured 123,800,000 0.22 64 0.038 2.07 Indicated 118,200,000 0.22 65 0.037 2.08 Inferred – Open Pit 51,000,000 0.30 77 0.054 2.69 Inferred – Underground 6,490,000 1.20 69 0.137 8.62 PAMPACANC
Slide 65: Snow Lake Reserves & Resources – Lalor & 1901
SNOW LAKE RESERVES & RESOURCES – LALOR & 1901 (AS AT JANUARY 1, 2022) PROPERTY CATEGORY TONNES Zn (%) Au (g/t) Cu (%) Ag (g/t) Proven Lalor 6,420,000 5.57 2.6 0.47 29.5 Base Metal Zone 1901 1,260,000 8.00 2.2 0.32 24.7 Probable Lalor 1,300,000 4.02 3.2 0.50 32.4 1901 380,000 10.01 0.7 0.29 31.0 Tota
Slide 66: Snow Lake Reserves & Resources – Other Gold
SNOW LAKE RESERVES & RESOURCES – OTHER GOLD (AS AT JANUARY 1, 2022) PROPERTY CATEGORY TONNES Zn (%) Au (g/t) Cu (%) Ag (g/t) WIM Probable 2,450,000 0.25 1.6 1.63 6.3 Probable 660,000 - 4.2 - - 3 Zone TOTAL WIM + 3 ZONE PROBABLE (GOLD) 3,110,000 0.20 2.2 1.28 5.0 Inferred 570,000 - 4.4 - - Birch New
Slide 67: Snow Lake Reserves & Resources – Other Base Metals
SNOW LAKE RESERVES & RESOURCES – OTHER BASE METALS (AS AT JANUARY 1, 2022) PROPERTY CATEGORY TONNES Zn (%) Au (g/t) Cu (%) Ag (g/t) PEN II Indicated 470,000 8.89 0.3 0.49 7 Talbot1 Indicated 2,190,000 1.79 2.1 2.33 36 TOTAL INDICATED (BASE METALS) 2,660,000 3.04 1.8 2.01 31 Watts River Inferred 3,15
Slide 68: Copper World Complex Mineral Resources
COPPER WORLD COMPLEX MINERAL RESOURCES (AS AT MAY 1, 2022) Cu Grade Soluble Cu PROPERTY CATEGORY TONNES Mo (g/t) Ag (g/t) (%) Grade (%) Measured 687,000,000 0.45 0.05 138 5.1 Indicated 287,000,000 0.36 0.06 134 3.6 Flotation Total M&I 973,000,000 0.42 0.05 137 4.6 Inferred 210,000,000 0.36 0.05 119
Slide 69: Mason Mineral Resources
MASON MINERAL RESOURCES (AS AT JANUARY 1, 2022) PROPERTY CATEGORY 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 MASON MEASURED AND INDICATED 2,219,000,000 0.29 67 0.029 0.63 Mason Inferred 237,000,000 0.24 78 0
Slide 70: Additional Reserves & Resources Information
ADDITIONAL RESERVES & RESOURCES 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 Standar
Slide 71: For more information contact
For more information contact: Candace Brûlé Vice President, Investor Relations 416.814.4387 | candace.brule@hudbay.com
Hudbay Minerals — CIBC 26th Annual Western Institutional Investor Conference (January 2023) on 6ix