Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — NBF 2026 Canadian Leveraged Finance Conference
80 slides from Hudbay Minerals's conference presentation, April 2026
Slide 1: Investor Presentation April 2026
INVESTOR PRESENTATION APRIL 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 / APRIL 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: Strong Q4 Results Driven by Resilient Operating Performance
Strong Q4 Results Driven by Resilient Operating Performance 5 STABLE PRODUCTION AND INDUSTRY-LEADING COSTS DRIVE RECORD REVENUE AND EBITDA1 KEY RESULTS SUMMARY $386M $0.22 33kt ($0.63)/lb Q4 2025 Q3 2025 Q4 2024 Q4 2025 Q4 2025 Q4 2025 Cu Q4 2025 Adj. EBITDA1 Adj. EPS 1,2 Production Cash Cost1 Produ
Slide 6: Record Free Cash Flow Generation and Financial Flexibility
Record Free Cash Flow Generation and Financial Flexibility 6 FINANCIAL TRANSFORMATION FROM DIVERSIFIED CASH FLOWS AND PRUDENT BALANCE SHEET MANAGEMENT Significant free cash flow generation in Peru and Manitoba and $388M $440M $992M 0.0x optimization efforts underway in British Columbia achieve posit
Slide 7: 2025 Year in Review
2025 Year in Review 7 THIRD CONSECUTIVE YEAR OF RECORD FINANCIAL PERFORMANCE Current Year Ago Change Achieved record annual revenue of $2.2B and adjusted EBITDA of $1.1B1 Market 11th consecutive year achieving annual consolidated copper production guidance3 Capitalization $7.9B $3.2B +$4.7B 5t
Slide 8: Diversified Portfolio of Long-Life Assets in Tier Jurisdictions
Diversified Portfolio of Long-Life Assets in Tier 1 Jurisdictions 8 OPERATING MINE DEVELOPMENT PROJECT Cu Au Ag Cu Mo Ag Au NEAR TERM DEVELOPMENT OPERATING MINE PROJECT (2026 SANCTION) +21 year mine life +20 year mine life Open Pit Open Pit COPPER MOUNTAIN ~45kt annual Cu production COPPER
Slide 9: Attractive Copper Positioning
Attractive Copper Positioning 9 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 10: Hudbay Investment Thesis
Hudbay Investment Thesis 10 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
Slide 11: Peru
11 INVESTOR PRESENTATION / APRIL 2026 PERU LONG LIFE, LOW COST COPPER MINE WITH SIGNIFICANT EXPLORATION POTENTIAL TSX & NYSE: HBM
Slide 12: Constancia Key Highlights
Constancia KEY HIGHLIGHTS 12 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 13: Constancia Operational Excellence
Constancia Operational Excellence 13 CONTINUOUS OPERATIONAL IMPROVEMENTS AT CONSTANCIA HAVE INCREASED THROUGHPUT, ENHANCED EFFICIENCIES AND REDUCED COSTS Throughput Expansion CONSTANCIA THROUGHPUT1 100 +10% Mill consistently operates above design capacity with strong culture of continuous Expansio
Slide 14: Constancia Exploration Potential
Constancia Exploration Potential 14 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 / APRIL 2026 PERU Tintaya Lima Constancia Antapacc
Slide 15: Constancia Priority Satellite Targets
Constancia Priority Satellite Targets 15 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 16: Canada
16 INVESTOR PRESENTATION / APRIL 2026 CANADA NEARLY 100 YEARS OF DIVERSIFIED COPPER & GOLD OPERATIONS TSX & NYSE: HBM
Slide 17: Snow Lake Key Highlights
Snow Lake KEY HIGHLIGHTS 17 LOW-COST GOLD OPERATION WITH MEANINGFUL BASE METAL PRODUCTION 16 YEARS Mine Life1 Au-Zn-Cu VMS Deposits 100%-owned Lalor mine in Snow Lake produces gold ore New Britannia operating at more than 2,000 tpd, significantly for the newly refurbished New Britannia mill and base
Slide 18: Lalor Mine Life Extension
Lalor Mine Life Extension 18 1.9M OZ OF GOLD RESERVES & 1.3M OZ OF GOLD INFERRED RESOURCES WITH FURTHER EXTENSION POTENTIAL LALOR MINE LIFE EXTENSION LALOR NEAR MINE 0m 100m 250m 500m Exhaust raise Shaft 835mL 910mL 955mL 985mL Shaft bottom LEGEND INVESTOR PRESENTATION / APRIL 2026 Existing developm
Slide 19: New Britannia Mill Refurbishment Driving Higher Returns
New Britannia Mill Refurbishment Driving Higher Returns 19 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 20: Snow Lake Cost Performance
Snow Lake Cost Performance 20 HIGHEST MARGIN CANADIAN GOLD MINE LARGE-SCALE (>150koz) CANADIAN GOLD MINES Higher Margin Lower Margin $2,020 ~80% AISC Margin at current gold prices $1,636 $1,824 $1,895 $1,606 $1,633 $1,473 All-In Sustaining Costs (US$/oz)1 $1,302 $1,300 $1,257 $1,196 $1,205 $1,148 $1
Slide 21: Snow Lake Exploration Program Executing Threefold Strategy
Snow Lake Exploration Program Executing Threefold Strategy 21 1. NEAR MINE – MINE LIFE EXTENSION 2. REGIONAL – PRODUCTION GROWTH 3. GEOPHYSICS – NEW ANCHOR DISCOVERY Testing mineralized extensions at Lalor and Exploration across land package to test for satellite deposits to increase Large modern ge
Slide 22: Copper Mountain Key Highlights
Copper Mountain KEY HIGHLIGHTS 22 LONG LIFE COPPER MINE WITH OPTIONALITY 21 YEARS Mine Life Cu-Au-Ag Porphyry Deposit Copper Mountain mine is a conventional open pit with a Implementing optimization plans to further enhance 45,000 tpd plant capacity. Hudbay acquired 75% ownership operations to reach
Slide 23: Copper Mountain Optimization
Copper Mountain Optimization 23 ON TRACK TO CREATE LONG-TERM VALUE THROUGH OPTIMIZATION MATERIAL MOVED1 25 Quarterly Material Moved *(Mt) OPTIMIZATION INITIATIVES 20 Hudbay Acquisition Accessing higher grades and increasing mill 15 throughput to drive production 10 21.4 21.8 15.8 Accelerated strip
Slide 24: New Ingerbelle Project
New Ingerbelle Project 24 EXTENDING COPPER MOUNTAIN MINE LIFE AND ENHANCED COPPER AND GOLD GRADES Received expansion permits and refreshed community participation agreement Major milestone received the amended Mines Act and Environmental Management Act permits through the coordinated authorizations
Slide 25: United States
25 INVESTOR PRESENTATION / APRIL 2026 UNITED STATES LARGE UNDEVELOPED COPPER DEVELOPMENT ASSETS TO PRODUCE MADE IN AMERICA COPPER TSX & NYSE: HBM
Slide 26: Copper World Project Key Highlights
Copper World Project KEY HIGHLIGHTS 26 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 27: Significant Investment in U.S. Critical Minerals
Significant Investment in U.S. Critical Minerals 27 “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 28: $600M Strategic Investment from Mitsubishi Corporation
$600M Strategic Investment from Mitsubishi Corporation 28 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 29: Reduces Hudbay's Remaining Equity Contribution to ~$200M
Reduces Hudbay’s Remaining Equity Contribution to ~$200M 29 FINANCIAL FLEXIBILITY WITH PRUDENT FINANCING PLAN AND STRENGTHENED BALANCE SHEET +90% ~$1B ~$200M OPTIMAL PROJECT FUNDING STRUCTURE2 Hudbay Equity Levered Project Hudbay Post-closing1 Remaining Hudbay JV Proceeds + Equity IRR to Hudbay Cash
Slide 30: Copper World PFS Highlights
Copper World PFS Highlights 30 PHASE I PFS – LARGE SCALE, HIGH-GRADE COPPER PROJECT WITH ATTRACTIVE ECONOMICS Large Reserve Base with Meaningful Resource Upside on a Significant Land Package: 385Mt reserves support 20 years of Phase I mine life, which is only ~30% of the ~1.2Bt of M&I resources* Low
Slide 31: Mason Project Key Highlights
Mason Project KEY HIGHLIGHTS 31 LARGE OPEN PIT COPPER PROJECT WITH SIGNIFICANT LAND PACKAGE 27 YEARS Mine Life 2.2Bt M&I Tonnage Acquired in 2018, Mason is MASON ECONOMICS1 100%-owned by Hudbay and is 0.29% located in the prolific Yerington After-Tax NPV 10% (US$M) Unlevered IRR (%) M&I Cu Grade Cop
Slide 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 PENDING 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 expected to be 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 Skil
Slide 34: 3rd Largest Copper District In North America
3rd Largest Copper District In North America 34 CREATION OF A HIGH-QUALITY COPPER DISTRICT COPPER PRODUCTION (KT CU)1 500 495 226 182 126 105 88 80 INVESTOR PRESENTATION / APRIL 2026 76 2 Grupo Mexico Freeport Arizona Bingham Asarco Highland Valley Pumpkin Red Chris Freeport Sonora Arizona Business
Slide 35: On-Strategy Acquisition to Create Third Largest Copper District
35 ON-STRATEGY ACQUISITION TO CREATE THE THIRD LARGEST COPPER DISTRICT IN NORTH AMERICA High-Quality Significant Strengthens Development Operating Robust Financial Competitive Asset Efficiencies Position to Advantage in and Regional Advance U.S. Synergies Portfolio Establishes Enhances Major Copper
Slide 36: Investment Thesis
INVESTOR PRESENTATION / FEBRUARY 2026 THESIS INVESTMENT TSX & NYSE: HBM 36
Slide 37: Robust Copper Market Outlook
Robust Copper Market Outlook 37 STRONG LONG-TERM COPPER MARKET FUNDAMENTALS WITH SIGNIFICANT SHORTAGE SUPPLY GLOBAL COPPER SUPPLY AND DEMAND1 Declining Copper Grades No Significant Projects Sanctioned in Past 3-Years Copper markets are increasingly dependent on execution of early Base Case Operating
Slide 38: Challenges of Supply Prediction
Challenges of Supply Prediction 38 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 39: A Look at Copper Pipeline Assumptions
A Look at Copper Pipeline Assumptions 39 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
Slide 40: Prudent Capital Allocation
Prudent Capital Allocation 40 COPPER WORLD AND CACTUS REPRESENTS THE NEXT GENERATION OF LOW CAPITAL COPPER DEVELOPMENT Greenfield Projects Brownfield Projects Lower Capital Higher Capital Completed Greenfield Completed Brownfield $56.9 1 Capital Intensity ($000s/tonne Cu) $38.2 $38.3 $39.1 $34.3 $35
Slide 41: Proven Developer and Operator
Proven Developer and Operator 41 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 42: Holistic Capital Allocation Framework
Holistic Capital Allocation Framework 42 CONTINUED FINANCIAL DISCIPLINE IN DELIVERING GROWTH AND MAXIMIZING LONG-TERM RISK-ADJUSTED RETURNS Over past three years, Hudbay achieved a significant financial transformation moving from overleveraged and capital constrained to a preferred position enabling
Slide 43: Key Objectives for 2026
Key Objectives for 2026 43 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 44: Industry Leading Copper Exposure with Significant Long-term Growth
Industry Leading Copper Exposure with Significant Long-term Growth 44 OUTSIZED GROWTH IN CONSOLIDATED COPPER PRODUCTION DRIVEN BY HUDBAY'S U.S. PLATFORM ANNUAL CONSOLIDATED COPPER PRODUCTION (KT)1 PRO FORMA LONG-TERM PRODUCTION1,2 +500 5% 139 13% 31 +620kt 103 CuEq ~250 92 INVESTOR PRESENTATION / AP
Slide 45: Appendix
INVESTOR PRESENTATION / APRIL 2026 APPENDIX TSX & NYSE: HBM 45
Slide 46: World-Class Management Team
World-Class Management Team 46 PETER KUKIELSKI EUGENE LEI ANDRE LAUZON PRESIDENT & CEO CFO COO More than 30 years of sector Over 25 years of global mining investment Over 30 years of experience, holding experience in base metals, precious banking, finance and corporate development leadership roles a
Slide 47: Board of Directors
Board of Directors 47 DAVID SMITH PETER KUKIELSKI JOHN ARMSTRONG CHAIR PRESIDENT & CEO DIRECTOR David more than 30 years of financial Peter has more than 30 years of John has a long career as a strategic advisor, and executive leadership experience. experience within the base & precious including CE
Slide 48: 3-Year Production Outlook
3-Year Production Outlook 48 STABLE COPPER PRODUCTION WITH STRONG COMPLEMENTARY GOLD EXPOSURE CONTAINED METAL IN CONCENTRATE AND DORE1 2026 Guidance 2027 Production 2028 Guidance PERU Copper Tonnes 75,000 - 90,000 80,000 - 100,000 80,000 - 100,000 Gold Ounces 15,000 - 20,000 17,000 - 21,000 17,000 -
Slide 49: 2026 Cost Guidance
2026 Cost Guidance 49 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 50: Prudent Balance Sheet Management
Prudent Balance Sheet Management 50 SIGNIFICANT FINANCIAL FLEXIBILITY AND INDUSTRY-LEADING FINANCIAL POSITION SUBSTANTIAL DEBT REDUCTION HIGH YIELD CREDIT BENCHMARK3 7.5% $1,417M +$330M 0.0x 7.0% 6.76% Mining Index, 6.75% 6.72% 6.75% 7.06% Post-closing Total debt repayment Post-closing 6.5% 6.22% To
Slide 51: Our People, Our Community, Our Planet
Our People, Our Community, Our Planet 51 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 ISO Understanding needs, assessing potentia
Slide 52: South America Business Unit
South America Business Unit 52 Cusco CUSCO MINE Las Bambas MILL TOWN CONSTANCIA RAIL ROAD Yauri PORT Tintaya Antapaccay Llaguen Trujillo INVESTOR PRESENTATION / APRIL 2026 PERU AREQUIPA Imata Lima Constancia Arequipa Cerro Verde & Matarani Matarani Port 0 TACNA 100km P E R U TSX & NYSE: HBM A
Slide 53: Constancia Mine Plan
Constancia Mine Plan 53 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 54: Llaguen Project
Llaguen Project 54 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 55: Manitoba Business Unit
Manitoba Business Unit New Britannia Gold Mill 55 2,000 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 Flon SASKATCHEWAN MANITOBA INVESTOR PRESENTATION / APRIL 2026 Snow Lake Lalor Mine Flin Flon Winnipeg F
Slide 56: Snow Lake Mine Plan
Snow Lake Mine Plan 56 16-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY Mine plan optimizes processing capacity in Snow Lake to extend mine life by four years to 2041. SNOW LAKE OPERATIONS1 2023A 2024A 2025A 20263 20273 20283 CONTAINED METAL IN CONCENTRATE AND DORÉ Au Production (000s ou
Slide 57: Snow Lake Process
Snow Lake Process 57 4,500 tpd 2,500 tpd Lalor Crushed ~2,200 tpd Ore STALL MILL NEW BRITANNIA MILL Grinding Grinding Cu conc. to New Britannia Cu conc. Flotation Flotation (via pipeline) Tails Cyanide INVESTOR PRESENTATION / APRIL 2026 Leaching/CIP Destruction Process Tails to Zn Zn Concentrate Con
Slide 58: Snow Lake Growth Over Time
Snow Lake Growth Over Time 58 OVER 3.5M OUNCES OF GOLD HAS BEEN IDENTIFIED AS RESERVES / PRODUCED TO DATE +250% Increase identified reserves / produced gold from initial reserve estimate Reserves Produced-to-date 32% increase from 7% increase 7% increase Inferred 47% increase inclusion of satellite
Slide 59: 1901 Development & Exploration Drift
1901 Development & Exploration Drift 59 ADVANCING ACCESS TO THE 1901 DEPOSIT FOR EXPLORATION AND FUTURE MINE DEVELOPMENT The 1901 deposit was discovered in 2019 and is located within 1,000 metres of the Lalor EXPLORATION STEP OUT DRILLING1 underground ramp. Pre-feasibility studies in 2021 resulted i
Slide 60: Talbot Copper-Gold-Zinc Project
Talbot Copper-Gold-Zinc Project 60 DRILL PROGRAM STARTED IN JULY WITH POSITIVE RESULTS INDICATING THE FOOTPRINT HAS DOUBLED Talbot is a copper-gold-zinc deposit and is 100% owned by Hudbay. 2025 & 2026 DRILLING TARGETS Talbot’s proximity to existing processing infrastructure in Snow Lake makes it id
Slide 61: Flin Flon Growth Opportunities
Flin Flon Growth Opportunities 61 GROWTH POTENTIAL THROUGH TAILINGS REPROCESSING OPPORTUNITY AND EXPLORATION PARTNERSHIP ZINC PLANT TAILINGS REPROCESSING MILL TAILINGS REPROCESSING Opportunity to reprocess the tailings from the Opportunity to reprocess Flin Flon tailings where hydrometallurgical zin
Slide 62: British Columbia Business Unit
British Columbia Business Unit 62 MINE TOWN ROAD Kamloops NEW AFTON MINE BRITISH COLUMBIA HIGHLAND VALLEY COPPER MINE Kelowna INVESTOR PRESENTATION / APRIL 2026 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 63: Copper Mountain Mine Plan
Copper Mountain Mine Plan 63 21-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 64: Arizona – U.S. Business Unit
Arizona – U.S. Business Unit 64 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 / APRIL 2026 Silver Bell Tucson Gunnison Phoenix Missio
Slide 65: U.S. Open Pit Copper Benchmarking
U.S. Open Pit Copper Benchmarking 65 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 66: Copper World Project Overview
Copper World Project Overview 66 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 67: Mitsubishi Corporation: Premier Strategic Partner
Mitsubishi Corporation: Premier Strategic Partner 67 LARGEST JAPANESE TRADING HOUSE & EXPERIENCED JV PARTNER AT WORLD-CLASS COPPER MINES Mitsubishi (~$80B market cap) is a globally integrated trading and investment company that develops and operates LARGEST MINES GLOBALLY BY 2024A COPPER PRODUCTION
Slide 68: Copper World Reserves and Resources
Copper World Reserves and Resources 68 RESERVES REPRESENT 30% OF M&I RESOURCES, OFFERING ROBUST EXPANSION AND MINE LIFE EXTENSION POTENTIAL RESERVE AND RESOURCE BASE NI 43-101 compliant Reserve and Resource statement supported by extensive drilling totalling 355,371 meters Significant resources lie
Slide 69: Designed to Reduce Energy Consumption and GHG Emissions
Designed to Reduce Energy Consumption and GHG Emissions 69 “MADE IN AMERICA” COPPER CATHODE TO SUPPORT DOMESTIC U.S. COPPER CONSUMPTION CONCENTRATE LEACH FACILITY SENSITIVITY ($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 70: Nevada – U.S. Business Unit
Nevada – U.S. Business Unit 70 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 Mason Yerington Mine Project Blue Hill (Historic) INVESTOR PRESENTATION / APRIL 2026 MASON Yerington Mason TOWN Las Vegas Ro
Slide 71: Peru Mineral Reserves
Peru Mineral Reserves (AS AT JANUARY 1, 2026) 71 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 72: Peru Mineral Resources
Peru Mineral Resources (AS AT JANUARY 1, 2026) 72 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 73: Snow Lake Reserves – Lalor Mine & 1901 Deposit
Snow Lake Reserves – Lalor Mine & 1901 Deposit (AS AT JANUARY 1, 2026) 73 MINERAL RESERVE ESTIMATES1,2,3,4,5,6,7 CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) Proven Lalor 4,800,000 4.28 0.70 0.51 27.0 1901 - - - - - Gold Zone Reserves Probable Lalor 4,900,000 3.41 0.27 0.87 16.8 1901 - - - - - To
Slide 74: Snow Lake Resources – Lalor Mine & 1901 Deposit
Snow Lake Resources – Lalor Mine & 1901 Deposit (AS AT JANUARY 1, 2026) 74 MINERAL RESOURCE ESTIMATES1,2,3,4,5,6,7 CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) Inferred Lalor 1,400,000 4.64 0.21 2.48 15.4 Gold Zone Resources 1901 2,700,000 4.20 0.65 0.58 16.3 Total Inferred – Gold 4,100,000 4.35
Slide 75: Snow Lake Reserves & Resources – Other Gold
Snow Lake Reserves & Resources – Other Gold (AS AT JANUARY 1, 2026) 75 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
Slide 76: Snow Lake Reserves & Resources – Other Base Metals
Snow Lake Reserves & Resources – Other Base Metals (AS AT JANUARY 1, 2026) 76 BASE METAL MINERAL RESERVE AND RESOURCE CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) ESTIMATES1,2,3,4,5,6,7 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 T
Slide 77: B.C. Mineral Reserves & Resources
B.C. Mineral Reserves & Resources (AS AT JANUARY 1, 2026) 77 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 78: Copper World Mineral Reserves & Resources
Copper World Mineral Reserves & Resources (AS AT JANUARY 1, 2026) 78 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 79: Mason Mineral Resources
Mason Mineral Resources (AS AT JANUARY 1, 2026) 79 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 80: Llaguen Mineral Resources
Llaguen Mineral Resources (AS AT JANUARY 1, 2026) 80 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 — NBF 2026 Canadian Leveraged Finance Conference on 6ix