Slide 1: Snow Lake Site Tour Presentation
1 TSX & NYSE / HBM Snow Lake Site Tour Presentation October 2026
Slide 2: Land acknowledgement and Orange Shirt Day
2 Hudbay respectfully acknowledges that our operations are located on the traditional territories and Treaty lands of the Swampy Cree, Woodland Cree, Anishinaabe, Oji-Cree, and Dene Nations, and the National Homeland of the Red River Métis. We respect the inherent rights and deep connection these Na
Slide 3: Site Visit Schedule
Site Visit Schedule 3 Management Presentation – Wednesday evening Site Tour Agenda – Thursday, October 1st TIME ACTIVITY NOTES 1. Snow Lake Overview 6:00 AM Breakfast Northern Room 2. Manitoba Operating Strategy 6:45 AM Depart Vic Inn for Lalor Mine 3. Mining Methods Drive to Snow Lake 2.5hr drive 4
Slide 4: Site Visit Safety Overview
Site Visit Safety Overview 4 MANITOBA BUSINESS UNIT (MBU) VISITOR SAFETY EXPECTATIONS 1. Personal Protection & Orientation ● Fit Testing & PPE Setup: Qualitative fit testing will be conducted. Standard PPE (hard hats, safety glasses, steel-toe boots, gloves, and high-visibility gear) will be provide
Slide 5: Lalor Mine - Designated Tour Stops
Lalor Mine - Designated Tour Stops 5 SPLIT INTO 4 PRIMARY STATIONS STATION: BEV OBSERVATION MANITOBA SITE TOUR / OCTOBER 2026 STATION: 910 MAINTENANCE SHOP STATION: ROADHEADER DEVELOPMENT TRIAL STATION: 910 REFUGE STATION TSX & NYSE: HBM
Slide 6: New Britannia Mill
New Britannia Mill 6 SPLIT INTO 4 PRIMARY STATIONS FLOTATION SART NEW BRITANNIA MILL CYANIDE LEACHING MANITOBA SITE TOUR / OCTOBER 2026 ORE BIN AND FEEDER TSX & NYSE: HBM
Slide 7: About Hudbay
About Hudbay the Gold Standard " Copper
Slide 8: Cautionary Information
Cautionary Information 8 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 9: Hudbay Site Tour Participants
Hudbay Site Tour Participants 9 CORPORATE TEAM PETER KUKIELSKI EUGENE LEI ROBERT CARTER CEO PRESIDENT & CFO COO CANDACE BRULE MARK GUPTA OLIVIER TAVCHANDJIAN SVP, CAPITAL MARKETS & SVP, CORPORATE SVP, EXPLORATION AND CORPORATE AFFAIRS DEVELOPMENT & STRATEGY TECHNICAL SERVICES MANITOBA SITE TOUR / OC
Slide 10: Hudbay Site Tour Participants
Hudbay Site Tour Participants 10 MANITOBA BUSINESS UNIT (MBU) TEAM JOHN CONOR BLAYNEY RICK FILION CAITLIN GEOGHEGAN O’SHAUGHNESSY GENERAL MANAGER OF GENERAL MANAGER, MANAGER OF VP & HEAD, MANITOBA PROJECTS, MBU LALOR MINE, MBU PROCESSING, MBU BUSINESS UNIT CHANTAL VENTURI ASHTON CRONE STACEY STOCKHA
Slide 11: Our Purpose
Our Purpose 11 We care about MANITOBA SITE TOUR / OCTOBER 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 12: Diversified Mid-Tier Copper Producer
Diversified Mid-Tier Copper Producer 12 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 13: Diversified Portfolio of Long-Life Assets in Tier Jurisdictions
Diversified Portfolio of Long-Life Assets in Tier 1 Jurisdictions 13 OPERATING MINE DEVELOPMENT PROJECT Cu Au Ag Cu Mo Ag Au NEAR TERM DEVELOPMENT OPERATING MINE PROJECT (2026 SANCTION) +20 year mine life +20 year mine life Open Pit Open Pit COPPER MOUNTAIN ~45kt annual Cu production COPPE
Slide 14: Attractive Copper Positioning
Attractive Copper Positioning 14 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
Slide 15: Proven Developer and Operator
Proven Developer and Operator 15 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 16: Delivering Strong Results with Continued Industry-Leading Margins
Delivering Strong Results with Continued Industry-Leading Margins 16 ANOTHER QUARTER OF STEADY OPERATING PERFORMANCE FROM DIVERSIFIED ASSET BASE KEY RESULTS SUMMARY $321M $0.28 28kt $(0.40)/lb Q2 2026 Q1 2026 Q2 2025 Q2 2026 Q2 2026 Q2 2026 Cu Q2 2026 Adj. EBITDA1 Adj. EPS1,2 Production Cash Cost1 P
Slide 17: Continued Significant Free Cash Flow Generation
Continued Significant Free Cash Flow Generation 17 WELL-POSITIONED TO FUND HIGH-RETURN GROWTH INITIATIVES TO UNLOCK FURTHER VALUE $413M $891M $(81)M (0.1)x Consolidated free cash flow of $101.8 million driven by Manitoba and Peru, while optimization efforts in British Columbia continue to bring the
Slide 18: Holistic Capital Allocation Framework
Holistic Capital Allocation Framework 18 CONTINUED FINANCIAL DISCIPLINE IN DELIVERING GROWTH AND MAXIMIZING LONG-TERM RISK-ADJUSTED RETURNS Transformation ND/EBITDA < 1.0x Consider risk-adjusted returns Over the last three years, Hudbay achieved a significant transformation, moving from overleverage
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 $1,824 $1,895 $1,633 $1,636 $1,606 $1,473 All-In Sustaining Costs (US$/oz)1 $1,331 $1,302 $1,257 $1,196 $1,205 $1,148 $1
Slide 21: Industry-Leading Copper Exposure with Significant Long-term Growth
Industry-Leading Copper Exposure with Significant Long-term Growth 21 OUTSIZED GROWTH IN CONSOLIDATED COPPER PRODUCTION SUPPORTED BY STABLE GOLD PRODUCTION ANNUAL CONSOLIDATED COPPER PRODUCTION (KT)1 LONG-TERM PRODUCTION PROFILE1,2 +500 5% 139 13% 31 +620kt 103 CuEq ~250 92 MANITOBA SITE TOUR / OCTO
Slide 22: Snow Lake Overview
22 MANITOBA SITE TOUR / OCTOBER 2026 Snow Lake Overview TSX & NYSE: HBM
Slide 23: Manitoba Business Unit New Britannia Gold Mill
Manitoba Business Unit New Britannia Gold Mill 23 2,500 tpd capacity 99 YEARS OF OPERATING HISTORY IN MANITOBA 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 MANITOBA SITE TOUR / OCTOBER 2026
Slide 24: Lalor Discovery to Initial Optimization
Lalor Discovery to Initial Optimization 24 TWO DECADES OF PROVEN EXECUTION & SUSTAINABLE GROWTH 2019 2012-2014 NEW MINE PLAN 2007 INITIAL PRODUCTION 2017-2018 Achieved nominal 4,500tpd mining rate 2022-2023 DISCOVERY Complete Phase 1 in 2012 OPTIMIZATION Released new Lalor mine NEW BRITANNIA LIVE In
Slide 25: Snow Lake Key Highlights
Snow Lake KEY HIGHLIGHTS 25 LOW-COST GOLD OPERATION WITH MEANINGFUL BASE METAL PRODUCTION 18 YEARS Mine Life Au-Cu-Zn-Ag VMS1 Deposits 100%-owned Lalor mine in Snow Lake produces gold ore for Lalor operates between 4,000 to 4,500 tpd, significantly the New Britannia mill and base metal ore for the S
Slide 26: VMS Mines & Projects Grade Benchmarking
VMS* Mines & Projects Grade Benchmarking1 26 Hudbay holds some of the highest-grade VMS mines and projects in North America 4.68% Reserve Grade (AuEq g/t) Reserve Grade (CuEq %) 4.30% 4.25% 4.18% 4.46 3.87% 4.09 4.04 3.98 3.69 3.00% 2.71% 2.68% 2.66% 2.57% 2.56% 2.85 2.25% 2.58 2.55 2.54 2.45 2.44 2
Slide 27: Snow Lake Growth Over Time
Snow Lake Growth Over Time 27 OVER 3.5M OUNCES OF GOLD HAS BEEN IDENTIFIED AS RESERVES / PRODUCED TO DATE ~300% INCREASE IN GOLD RESERVES SINCE 2012 Reserves Produced-to-date 8% increase 32% increase from 7% increase with mine life Inferred 47% increase inclusion of satellite 9% increase Material fr
Slide 28: Manitoba Operating Strategy
28 MANITOBA SITE TOUR / OCTOBER 2026 Manitoba Operating Strategy TSX & NYSE: HBM
Slide 29: Snow Lake Gold Strategy
Snow Lake Gold Strategy 29 PHASED APPROACH TO LONG-TERM VALUE CREATION 1. Current Operations 2. Optimization & Execution 3. Expansion Potential (2026 Update) Enhanced Mine Plan Key Enablers Future Upside Extended high-margin production from People strategy of bringing in talent while we Optimi
Slide 30: Snow Lake Mine Life Extension & Potential Reserve Expansion
Snow Lake Mine Life Extension & Potential Reserve Expansion 30 2.0M OZ OF GOLD RESERVES & 1.5M OZ OF GOLD INFERRED RESOURCES Extended mine life to 2043, extending remaining mine life two additional years, and together with the four year extension announced earlier this year, represents a total of si
Slide 31: Enhanced Gold Production Profile Unlocks 60% Addt'l Gold Ounces
Enhanced Gold Production Profile Unlocks 60% Addt’l Gold Ounces 31 MAINTAIN ANNUAL GOLD PRODUCTION OF MORE THAN 180,000 OUNCES FOR THE BALANCE OF THE DECADE 2026 UPDATED GOLD PRODUCTION PROFILE +37% increase in gold production over Production - 2026 Technical Report Production - 2021 Technical Repor
Slide 32: 100-Year History of Discovery and Development
100-Year History of Discovery and Development 32 90% RESOURCE-TO-RESERVE CONVERSION RATE CREATES CONFIDENCE IN OUR CONSERVATIVE LIFE-OF-MINE PLAN RESERVES IN THE FLIN FLON AND SNOW LAKE CAMP (MILLION TONNES) Hudbay has converted Flin Flon approximately 90% of inferred 777 ANCHOR Trout Lake DEPOSITS
Slide 33: Snow Lake Regional Satellite Deposits
Snow Lake Regional Satellite Deposits 33 EXPLORE REGIONAL LAND PACKAGE TO TEST SATELLITE DEPOSITS TO INCREASE PRODUCTION THROUGH UTILIZING AVAILABLE PROCESSING CAPACITY SATELLITE DEPOSITS OF INTEREST LALOR DOWN PLUNGE Cu Au RAIL Cu Au Lalor mineralization potential continues 5 km 1.5Mt reserves
Slide 34: Home Safe Everyday
Home Safe Everyday 34 ROAD MAP TO INTERDEPENDENT SAFETY CULTURE Empowering our workforce through visible leadership, active risk awareness, and shared accountability to ensure everyone returns Home Safe Every Day. Home Safe Everyday is caring for people at the core of everything we do. Our Home Safe
Slide 35: Mining Methods & Production Schedule
35 Mining Methods & Production Schedule MANITOBA SITE TOUR / OCTOBER 2026 TSX & NYSE: HBM
Slide 36: Safety Strategy
Safety Strategy 36 OUR FOCUS CONTINUES TO BE ON BUILDING CAPACITY WITHIN LINE MANAGEMENT. WE ARE ENSURING THAT CRITICAL CONTROL VERIFICATIONS ARE UTILIZED EFFECTIVELY SO THAT TASKS ARE COMPLETED SAFELY AND ALL EMPLOYEES GO HOME SAFE EVERY DAY. Conducting a minimum of one Life-Saving Rule audit for e
Slide 37: Lalor Mine 2026 LOM Production
Lalor Mine 2026 LOM Production 37 LONGITUDINAL OF LALOR MINE SHOWING THE DISTRIBUTION OF BASE METAL, GOLD, AND COPPER-GOLD STOPES BASED ON 2026 MINERAL RESERVE AND RESOURCE ESTIMATE Next mining phases at Lalor include 27 Lens & 17 Lens MANITOBA SITE TOUR / OCTOBER 2026 17 LENS 27 LENS TSX & NYSE: HB
Slide 38: Lalor Mining Methods
Lalor Mining Methods 38 COMPLEXITY OF STACKED LENSES AND ORE TYPES TRANSVERSE LH FRONT (27 LENS) Early in mine life, more selective methods were used to allow geological evaluation and to better understand the ore. Post Pillar Cut and Fill (PPCF) and longitudinal retreat open stoping. Primary method
Slide 39: Lalor Future Mining Fronts – 27Lens
Lalor Future Mining Fronts – 27Lens 39 NEXT SECTION OF UNDERGROUND PROGRESSION MANITOBA SITE TOUR / OCTOBER 2026 TSX & NYSE: HBM
Slide 40: Lalor Future Mining Fronts – 17Lens
Lalor Future Mining Fronts – 17Lens 40 NEXT SECTION OF UNDERGROUND PROGRESSION MANITOBA SITE TOUR / OCTOBER 2026 TSX & NYSE: HBM
Slide 41: 1901 Deposit – Future Development & Mining Plan
1901 Deposit – Future Development & Mining Plan 41 RESERVES EXPANSION IN UPDATED SEPTEMBER 2026 MINERAL RESERVE AND RESOURCE ESTIMATE DEVELOPMENT MINING Accessed via Existing Lalor Underground Infrastructure. Primary methods are variations of Mechanized Cut & Fill Twin access design – Haulage Access
Slide 42: Highly Integrated Production Scheduling & Planning
Highly Integrated Production Scheduling & Planning 42 ANNUAL LOM PLANS INTEGRATED INTO DAILY OPERATIONS TO ENABLE ACCURACY & CONSISTENT EXECUTION 2021-2024 2025 2026 Lalor Mine is fully integrated from Annual/LOM plans down to weekly/shift MANITOBA SITE TOUR / OCTOBER 2026 plans and live data report
Slide 43: Live Production and Control Room
Live Production and Control Room 43 MONITORING SHIFT PERFORMANCE IN REAL TIME Monitor performance of the shift compared to the agreed upon daily targets in real time. Coordinators see the shift unfold and can reduce potential bottlenecks with direct priorities to all departments in the mine. MANITOB
Slide 44: Mobilaris Onboard – Navigation System for Underground
Mobilaris Onboard – Navigation System for Underground 44 CHANGING THE UNDERGROUND MINING WORLD Key System Capabilities Onboard Operator Interface ■ Fleet Navigation: Now installed on 87 pieces of equipment acting as an active underground navigation system. ■ Traffic Awareness: Shows incoming traffic
Slide 45: Lalor Underground Automation
Lalor Underground Automation 45 AUTOMATE MINING, AMPLIFY SAFETY AND PRODUCTIVITY LHD Tele-Remote/Automation Mucking Longhole Tele-Remote/Automation Drilling ■ Two LHD stations where one operator can run up to 6 ■ One drill station where an operator can run up to 6 LHD’s. Longhole Drills. ■ Supports
Slide 46: Lalor 910ML Maintenance Shop
Lalor 910ML Maintenance Shop 46 FIT FOR PURPOSE MAINTENANCE SHOP ENABLING OPERATIONS ABILITY TO COMPLETE REBUILDS Capacity & Scale 64,000 square feet in size Services +180 pieces of underground equipment Bays & Storage 8 work bays, plus wash bay and welding bay Warehouse plus kitting/staging
Slide 47: Lalor 910ML Maintenance Shop
Lalor 910ML Maintenance Shop 47 MANITOBA SITE TOUR / OCTOBER 2026 TSX & NYSE: HBM
Slide 48: Continuous Improvement – Constraining Process
Continuous Improvement – Constraining Process 48 IDENTIFY SYSTEM CONSTRAINTS AND SEQUENCING IMPROVEMENT OPPORTUNITIES TO INCREASE EFFICIENCY Overview Use in Continuous Improvement ■ Uses a statistical value stream map to ■ Normalizes metrics to “equivalent gold identify systemic constraints at the o
Slide 49: Continuous Improvement – Employee Engagement
Continuous Improvement – Employee Engagement 49 A CULTURE OF EMPLOYEE ENGAGEMENT DRIVES OPERATIONAL EFFICIENCY Why We Engage: Building a CI Culture The Employee-Driven CI Lifecycle At Lalor, employee engagement is not just a metric—it is our We leverage a structured, iterative engagement lifecycle t
Slide 50: Continuous Improvement – Blast Clearance Optimization
Continuous Improvement – Blast Clearance Optimization 50 PROJECT TO REDUCE IDLE TIME AND REDUCE WORKING TIME REQUIREMENTS Project Summary To decrease harmful gas exposure during the blast clearing process to increase effective working time and reducing idle time by: ■ Notifying teams: Alerting blast
Slide 51: Processing & Recovery Methods
51 MANITOBA SITE TOUR / OCTOBER 2026 Processing & Recovery Methods TSX & NYSE: HBM
Slide 52: Current Snow Lake Process
Current Snow Lake Process 52 4,500 tpd 2,300 tpd Lalor & 1901 ~2,200 tpd Crushed Ore STALL MILL NEW BRITANNIA MILL (3,800 tpd capacity) (2,500 tpd capacity) Grinding Grinding Cu conc. to New Britannia Cu conc. Flotation Flotation (via pipeline) Tails Cyanide MANITOBA SITE TOUR / OCTOBER 2026 Leachin
Slide 53: Snow Lake Processing Logistics
Snow Lake Processing Logistics 53 LALOR / 1901 MINE 2026 12 years 2037 Source SATELLITE GOLD DEPOSITS 2030 14 years 2043 Ore (3 ZONE, RAIL, TALBOT, WIM) 5,000 TPD TARGET MINING RATE STALL BASE METAL MILL Processing 2026 12 years 2037 Location (WITH GOLD BY-PRODUCT) NEW BRITANNIA GOLD MILL 2026 18 ye
Slide 54: Snow Lake Material Flow Map
Snow Lake Material Flow Map 54 Lalor gold ore is processed at the New Britannia mill and base metal ore processed at the Stall mill. Birch Lake New Britannia TDF A pipeline corridor connects New Mill & Britannia Gold Project Pipeline Britannia and the Stall mills to Lalor Mine System transport taili
Slide 55: Stall External Crusher
Stall External Crusher 55 Mobilized in 2021 with the commissioning of the New Britannia Mill to deconstrain mine to mill feed, while derisk Stall & New Britannia internal crushing infrastructure. In 2024, crusher was bought out leading to full ownership and accountability, leading to greater operati
Slide 56: New Britannia Mill – Site Layout
New Britannia Mill – Site Layout 56 Building contains flotation, FLOTATION thickening and dewatering processes, and SART concentrate shed. NEW BRITANNIA MILL CYANIDE LEACHING MANITOBA SITE TOUR / OCTOBER 2026 ORE BIN AND FEEDER TSX & NYSE: HBM
Slide 57: New Britannia Mill – Flow Sheet
New Britannia Mill – Flow Sheet 57 MANITOBA SITE TOUR / OCTOBER 2026 TSX & NYSE: HBM
Slide 58: New Britannia Mill – Processing Description
New Britannia Mill – Processing Description 58 Run-of-mine Lalor high-grade gold ore is crushed at Stall mill and trucked to New Britannia. Ore processed in a flotation circuit first to recover copper as a concentrate. The concentrate contains a significant fraction of the gold. The tails of the flo
Slide 59: New Britannia Mill – Copper Flotation Circuit
New Britannia Mill – Copper Flotation Circuit 59 CONTINUED SUCCESS THROUGH INNOVATION First-of-its-kind circuit based on entirely on modern pneumatic (Jameson Cell) flotation technology. Compact, low-cost layout with minimal maintenance or moving parts. Three counter-current roughing stages with o
Slide 60: Stall Mill – Flow Sheet
Stall Mill – Flow Sheet 60 MANITOBA SITE TOUR / OCTOBER 2026 TSX & NYSE: HBM
Slide 61: Stall Mill – Processing Description
Stall Mill – Processing Description 61 REVISED FLOWSHEET FOLLOWING 2023 STALL RECOVERY IMPROVEMENT PROJECT Grinding and classification – Original Stall Rod and Ball Mills were fitted with new cyclone clusters to achieve improved classification. Chisel Rod Mill has been turned off due to low throughp
Slide 62: Stall Mill – Recovery Improvement Program
Stall Mill – Recovery Improvement Program 62 NEW JAMESON FLOTATION CELLS 2023 IMPROVEMENT PROJECT SCOPE PLANT ADDITIONS AND ENHANCEMENTS Jameson Flotation cells were modularized and installed within existing facility to provide improved retention time and talc removal to promote gold recovery and zi
Slide 63: Operational Improvement Initiatives
63 MANITOBA SITE TOUR / OCTOBER 2026 Operational Improvement Initiatives TSX & NYSE: HBM
Slide 64: Summary of Operational Improvement Initiatives
Summary of Operational Improvement Initiatives 64 1. MINING KEY INITIATIVES 2. MILLS KEY INITIATIVES Total Material Movement – New Britannia Mill Capacity – Enhancement Path to 5,000 tpd to reach 2,500tpd permitted capacity Operating Efficiency – Stall Mill Gold Recovery – Improve gold Inventory s
Slide 65: Mining Initiatives – Accelerate Underground Development
Mining Initiatives – Accelerate Underground Development 65 KEY INITIATIVES TO ACHIEVE TARGET BY IMPROVING EFFICIENCY OF UNDERGROUND DEVELOPMENT WORK Ref Initiative Target benefits Comments Status F Re-assignment of 1901 Increased workforce strategic working Workers being assigned to required tas
Slide 66: Mining Initiatives – Ore Hoisting Target of 5,000 tpd
Mining Initiatives – Ore Hoisting Target of 5,000 tpd 66 KEY INITIATIVES TO ACHIEVE TARGET BY IMPROVING EFFICIENCY OF ORE HOISTING Ref Initiative Target benefits Comments Status F Control room operator Short Interval Control to improve in shift Standardized operating manual for a sustained On tr
Slide 67: Mining Initiatives – Roadheader Trial
Mining Initiatives – Roadheader Trial 67 Sandvik 621 Continuous Mining (Roadheader) began underground testing in September 2026. Roadheader unit aims to deliver additional ore in Lower 10 lens while removing reliance on cyclical drilling and blasting. Lalor engineering has completed numerous testwor
Slide 68: Journey To Electrification
Journey To Electrification 68 REPLACING DIESEL POWERED WITH BATTERY ELECTRIC EQUIPMENT Employee Health & Safety Reduced dust generation (no exhaust hitting ground) Reduced heat signature (decreased operator fatigue) Reduce underground thermal events Reliability, Availability & Costs Reduced
Slide 69: Lalor Mine Underground Electrification Strategy
Lalor Mine Underground Electrification Strategy 69 FLEET TRANSFORMATION & HIGH-POWER INFRASTRUCTURE 1. Battery Fleet Strategy 2. 1000ML Swap Bay 3. 480KW Smart Charging Shift Operational Challenge Infrastructure & Safety Liquid-Cooled Charger ~4h battery life adapted for ~10h 10-Tonne Overhead Cra
Slide 70: Electrification Initiatives – Underground Communication Upgrades
Electrification Initiatives – Underground Communication Upgrades 70 IMPROVING CONNECTIVITY TO IMPROVE BATTERY LIFE & DECREASE CHARGING TIME Current WIFI Challenges LTE Features & Benefits Inaccurate Location Tracking Safety & Collision Avoidance Current WIFI system does not permit the Supports criti
Slide 71: Milling Initiatives – New Britannia Mill Key Highlights
Milling Initiatives – New Britannia Mill KEY HIGHLIGHTS 71 STEPS TO REACH 2,500TPD THROUGHPUT RATE Recent Improvements: Increased mill feed to New Britannia since NEW BRITANNIA MILLING RATE (avg. tpd) refurbishment in 2021 2500 Stabilized copper and gold Avg. Tonnes per Day 2000 recovery and cos
Slide 72: Milling Initiatives – Stall Mill Initiatives
Milling Initiatives – Stall Mill Initiatives 72 FURTHER INCREASES IN GOLD RECOVERY AT STALL 2023 Stall Recovery STALL AU RECOVERY UPLIFT STALL GRIND SIZE IMPROVEMENT Improvement project: 6.8 1.5 5.0 2.4 Mill Grind Size Au Recovery -8.0 Objective achieved through (µm) (%) progressive improvement 58
Slide 73: Milling Initiatives – New Britannia SART Plant
Milling Initiatives – New Britannia SART Plant 73 IMPROVING COST EFFICIENCIES THROUGH LEADING TECHNOLOGY 3D MODELLING OF NEW SART BUILDING Hudbay is progressing with the design and construction of a SART Plant at the New Britannia Concentrator. SART aims to recover 50% of Cyanide used in Gold Leachi
Slide 74: Milling Initiatives – Stall Hot Tailings Leaching
Milling Initiatives – Stall Hot Tailings Leaching 74 CONTINUED PROGRESS THROUGH BROWNFIELD EXPANSION EXISTING NEW BRITANNIA CYANIDE LEACH TANKS Stall Hot Tailings Project aims to recover additional gold and silver through expansion of cyanide leaching and carbon infrastructure at New Britannia. Proj
Slide 75: Milling Initiatives – Stall Hot Tailings Leaching
Milling Initiatives – Stall Hot Tailings Leaching 75 PROPOSED NEW BRITANNIA SITE PLAN FOR HOT TAILINGS LEACHING EXPANSION MANITOBA SITE TOUR / OCTOBER 2026 TSX & NYSE: HBM
Slide 76: Future Snow Lake Process
Future Snow Lake Process 76 ENHANCED CAPACITY THROUGH IMPLEMENTING FUTURE MILLING IMPROVEMENT INITIATIVES Lalor Crushed Ore 5,000 tpd Stall Mill New Britannia Mill 2,500 - Lalor & 1901 3000 tpd ~2,500 tpd Crushed Ore Dredged Tailings Grinding Grinding Copper Cu Flotation Copper and Flotation Copper
Slide 77: Sustainability & Indigenous Engagement
77 MANITOBA SITE TOUR / OCTOBER 2026 Sustainability & Indigenous Engagement TSX & NYSE: HBM
Slide 78: Our Approach to Sustainability
Our Approach to Sustainability 78 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 Dignity & Respect: Caring: We treat each other in ways that We sus
Slide 79: Sustainability in our Manitoba Business Unit
Sustainability in our Manitoba Business Unit 79 We have permitted and operated mines in Manitoba for CASE STUDY: Lalor Electrification 100 years. Annual MBU Environmental Strategy successfully Electricity in the MBU is primarily renewable. To lower carbon emissions, we are continually looking for wa
Slide 80: Reed Mine Site Reclamation
Reed Mine Site Reclamation 80 VALUE GENERATION THROUGH ENVIRONMENTAL STEWARDSHIP 2.1Mt mined from Reed Mine between 2013 and 2018. Our Reed mine closed in 2018. We applied best practices to All major closure activities completed, with final monitoring and achieve positive closure outcomes to ensure
Slide 81: Asset Defense – 2025 Wildfires
Asset Defense – 2025 Wildfires 81 LALOR MINE SITE - RESILIENCE UNDER EXTREME CONDITIONS Active perimeter defense held the intense wildfire at the property boundary, resulting in zero structural damage across all core assets. MANITOBA SITE TOUR / OCTOBER 2026 TSX & NYSE: HBM
Slide 82: Asset Defense – 2025 Wildfires
Asset Defense – 2025 Wildfires 82 RESILIENCE UNDER EXTREME CONDITIONS 100% ASSET DEFENSE RAPID GRID & DEWATERING ~$2.5M COMMUNITY & (Zero Structural Damage) RESTORATION INDIGENOUS RELIEF 400,000-ha firefront held at the Rebuilt burnt 25kV line structures with Spearheaded $1.25M mining perimeter fenc
Slide 83: Anchoring Communities
Anchoring Communities 83 Hudbay Aquatic Centre (Flin Flon): Cornerstone partner for the newly opened modern indoor aquatic complex, restoring vital year-round recreational infrastructure after a six-year community void. Children’s Hospital of Manitoba: Dedicated funding for local healthcare initiati
Slide 84: Regional Impacts at a Glance
Regional Impacts at a Glance 84 1,200 1.6 Mt Budgeted Annual Ore to be mined in 2026 Direct Employees in 2026 Stable throughput feeding regional processing Active long-term workforce partner in Manitoba. MANITOBA infrastructure. Snow Lake $100M CAD Flin Flon $700M CAD Provincial Mining Taxes in 2025
Slide 85: Progressive Indigenous & Community Relations and Partnerships
85 Progressive Indigenous & Community Relations and Partnerships Our Commitment Current Partnerships Strategic Outlook We secure our social Exploration Agreements Impact Benefit Agreements (IBAs) license by shifting from Signed: Kiciwapa Cree Nation(KCN), Mosakahiken Cree Development of satellite de
Slide 86: Updated Snow Lake Mine Plan and Exploration Opportunity
86 Updated Snow Lake Mine Plan and Exploration Opportunity MANITOBA SITE TOUR / OCTOBER 2026 TSX & NYSE: HBM
Slide 87: Overview of MRMR and Exploration
Overview of MRMR and Exploration 87 Hudbay controls 414,000 hectares of mineral rights, extending approximately 200 km East-West across the Flin-Flon – Snow Lake Greenstone Belt (the Greenstone Belt) in northern Manitoba and Saskatchewan. The Greenstone Belt hosts numerous past-producing and 2 activ
Slide 88: Dominant Position in the Flin-Flon – Snow Lake Greenstone Belt
Dominant Position in the Flin-Flon – Snow Lake Greenstone Belt 88 EXPLORING AN AREA EQUIVALENT TO A 1 KM SWATH ACROSS THE TRANS-CANADA HIGHWAY FROM TORONTO TO VANCOUVER 414,000-hectare tenement package (shown in light red). Extensive greenstone belt like other major production centers in the Canadia
Slide 89: Hudbay's Historical High Resource-to-Reserve Conversion
Hudbay’s Historical High Resource-to-Reserve Conversion 89 STRONG TRACK RECORD OF RESERVE GROWTH FROM EXPLORATION AND RESOURCE CONVERSION Production in the Greenstone Belt has been anchored by the development of a CONVERSION RATIO1 series of four very large VMS “anchor” deposits. Jan. 2022 – Sept. 2
Slide 90: Ongoing Replacement of Mineral Reserves
Ongoing Replacement of Mineral Reserves 90 ~15 MT IN RESOURCE CONVERSION HAS MORE THAN OFFSET MINED DEPLETION SINCE THE 2021 TECHNICAL REPORT RESERVES (MT)1 Mined depletion at Lalor/1901 has been further offset by infill drilling Lalor / 1901 Satellite Deposits and development, and near-mine 8.4 (0.
Slide 91: Mine Life Extension
Mine Life Extension 91 SNOW LAKE LOM GOLD PRODUCTION HAS INCREASED SIGNIFICANTLY SINCE THE 2012 TECHNICAL REPORT Production - Actuals and 2026 Technical Report Production - 2021 Technical Report Production - 2012 Technical Report Production Target 214 201 187 186 183 Production target 181 173 176 17
Slide 92: Updated Snow Lake Mineral Reserves & Mineral Resources
92 MANITOBA SITE TOUR / OCTOBER 2026 Updated Snow Lake Mineral Reserves & Mineral Resources TSX & NYSE: HBM
Slide 93: Mineral Reserve and Mineral Resources Overview
Mineral Reserve and Mineral Resources Overview 93 LALOR AND 1901 COMPRISE 2/3 OF TOTAL RESERVE TONNAGE, WHICH IS SUPPLEMENTED LATER IN THE MINE LIFE BY SATELLITE DEPOSIT ORE SNOW LAKE PRODUCTION BY DEPOSIT HISTORIC AND PLANNED GOLD EQUIVALENT (AU EQ) BUILDUP OF 2P RESERVES BY DEPOSIT (MT) 300,000 30
Slide 94: Reserves & Resources – Lalor Deposit
Reserves & Resources – Lalor Deposit 94 CONTINUE TO EXTEND MINE LIFE THROUGH INFERRED CONVERSION AND DOWN PLUNGE DEVELOPMENT Lalor Mt g/t Au % Cu % Zn g/t Ag Series of 21 stacked lenses of VMS mineralization ranging Gold Lenses in thickness from 2-36 m. 2P Reserves 10.6 3.46 0.67 0.46 17.8 Includes
Slide 95: Reserves & Resources – 1901 Deposit
Reserves & Resources – 1901 Deposit 95 ADVANCING 1901 DEPOSIT EXPLORATION TO CREATE ADDITIONAL VALUE THROUGH FUTURE DEVELOPMENT 1901 Mt g/t Au % Cu % Zn g/t Ag Series of 9 stacked lenses of VMS mineralization ranging in Gold Lenses thickness from 2-28 m. 2P Reserves 0.3 2.66 0.75 0.68 15.2 Includes
Slide 96: Reserves & Resources – Talbot Deposit
Reserves & Resources – Talbot Deposit 96 Talbot Mt g/t Au % Cu % Zn g/t Ag Grade distribution generates continuous reserve 150 m along strike, 650 m along plunge, and 9.5 m thick. 2P Reserves 2.7 1.46 1.92 1.14 26.5 Inferred Resources 0.9 2.23 1.52 1.17 29.7 Exploration target identified to depth of
Slide 97: Reserves & Resources – Rail Deposit
Reserves & Resources – Rail Deposit 97 Rail Mt g/t Au % Cu % Zn g/t Ag Continuous strike length of 800 m. 2P Reserves 1.5 0.53 1.96 0.55 5.6 Consistent, narrow lens of mineralization with an average Inferred Resources 0.7 1.03 3.29 0.55 8.9 thickness of 1-2 m. RESERVE AND RESOURCE CLASSIFICATION RES
Slide 98: Reserves & Resources – WIM Deposit
Reserves & Resources – WIM Deposit 98 WIM Mt g/t Au % Cu % Zn g/t Ag Mineralization dips at 50 degrees to a depth of 870m. 2P Reserves 3.7 1.17 1.29 0.21 5.1 Mineralization thickness of 2 to 20 m. Inferred Resources 1.1 1.44 0.70 0.25 3.4 Separate inferred zone 1 km away along strike of the main zon
Slide 99: Reserves & Resources – 3 Zone Deposit
Reserves & Resources – 3 Zone Deposit 99 3 Zone Mt g/t Au % Cu % Zn g/t Ag Historical mining during 1990s for recommissioning of New Britannia mill. 2P Reserves 1.2 2.81 — — — Inferred Resources — — — — — Two stacked lenses dipping 40 degrees with average mineable widths of 4-5 m. RESERVE AND RESOUR
Slide 100: Tailings Reprocessing Opportunity
100 MANITOBA SITE TOUR / OCTOBER 2026 Tailings Reprocessing Opportunity TSX & NYSE: HBM
Slide 101: Tailings Reprocessing – Unlocking Canada's Critical Minerals Potential
101 Tailings Reprocessing – Unlocking Canada’s Critical Minerals Potential POTENTIAL FOR INCREMENTAL CRITICAL MINERALS PRODUCTION FROM PAST PRODUCING OPERATIONS Hudbay is advancing prefeasibility studies on the potential to reprocess Snow Lake and Flin Flon tailings. Flowsheet optimization is a key
Slide 102: Flin Flon Tailings Reprocessing
Flin Flon Tailings Reprocessing 102 OPPORTUNITY TO REPROCESS FLIN FLON TAILINGS WHERE MORE THAN 100MT OF TAILINGS HAVE BEEN DEPOSITED OVER 90 YEARS Mill Tailings Reprocessing (FFT) Potential for additional metal production while reducing reclamation liabilities. 2022 drilling indicated higher Zn
Slide 103: Anderson Tailings Reprocessing Key Highlights
Anderson Tailings Reprocessing KEY HIGHLIGHTS 103 VALUE GENERATION THROUGH ENVIRONMENTAL STEWARDSHIP Dredging trial ongoing to prove safe operability Processing pathway ADDITIONAL LEACH FEED GENERATION mirrors Hot Tailings Leaching 20-30 Mt at 0.8-1.0 g/t Au based on historical records from mi
Slide 104: Exploration Upside Opportunities
104 MANITOBA SITE TOUR / OCTOBER 2026 Exploration Upside Opportunities TSX & NYSE: HBM
Slide 105: Snow Lake Regional Satellite Deposits
Snow Lake Regional Satellite Deposits 105 EXPLORE REGIONAL LAND PACKAGE TO TEST SATELLITE DEPOSITS TO INCREASE PRODUCTION THROUGH UTILIZING AVAILABLE PROCESSING CAPACITY SATELLITE DEPOSITS OF INTEREST LALOR DOWN PLUNGE Cu Au RAIL Cu Au Lalor mineralization potential continues 5 km 1.5Mt reserves
Slide 106: Exploration Strategy
Exploration Strategy 106 A SYSTEMATIC APPROACH TO EXPLORATION THAT SUPPORTS HIGHER-ORDER BUSINESS OBJECTIVES Strategic objective: Deliver the resource growth required to enhance value and extend the life of Hudbay’s Manitoba operations. Key initiatives: 1. Infill drilling of existing resources: Impr
Slide 107: Full Potential of the Flin Flon – Snow Lake Greenstone Belt
Full Potential of the Flin Flon – Snow Lake Greenstone Belt 107 SYSTEMATIC APPROACH TO BELT-SCALE EXPLORATION TO DISCOVER THE NEXT VMS AND/OR OROGENIC GOLD ANCHOR DEPOSITS Juvenile volcanic arc rocks (light green) are highly prospective for VMS deposits (yet underexplored Regional exploration below
Slide 108: Exploration Opportunities – Lalor/1901 Extension
Exploration Opportunities – Lalor/1901 Extension 108 SIGNIFICANT POTENTIAL TO CONVERT INFERRED AND FURTHER DISCOVER OREBODY EXTENSIONS LATERALLY AND AT DEPTH Pathfinder drilling from surface is used to guide development of underground exploration drifts. As they are progressively developed, undergro
Slide 109: Exploration Opportunities – Britannia Gold Project
Exploration Opportunities – Britannia Gold Project 109 MULTIPLE TARGETS ARE BEING DEVELOPED DOWN-PLUNGE AND ALONG STRIKE FROM KNOWN MINERALIZATION All the deposits remain open MINERALIZED CORRIDOR SPANS FIVE MAJOR DEPOSITS at depth, with high-grade 568 koz Au (inferred) 108 koz Au ore shoots trackin
Slide 110: Hudbay Exploration in the Flin Flon – Snow Lake Greenstone Belt
Hudbay Exploration in the Flin Flon – Snow Lake Greenstone Belt 110 MANITOBA SITE TOUR / OCTOBER 2026 TSX & NYSE: HBM
Slide 111: Appendix
MANITOBA SITE TOUR / OCTOBER 2026 Appendix TSX & NYSE: HBM 111
Slide 112: Snow Lake Mine Plan Summary
Snow Lake Mine Plan Summary 112 MINE PLAN SUMMARY1,3 Average Average LOM 2026E 2027E 2028E 2029E 2030E 2031-2035 2036-20404 Total ORE MINED Ore mined 000 tonnes 1,512 1,702 1,742 1,749 1,996 2,114 1,275 27,963 Gold grade g/t Au 4.67 3.97 3.59 3.53 3.03 2.07 1.58 2.41 Copper grade % Cu 0.78 0.69 0.77
Slide 113: Snow Lake Production & Cost Profile
Snow Lake Production & Cost Profile 113 PRODUCTION SUMMARY1 Average Average 2026E 2027E 2028E 2029E 2030E 2031-2035 2036-2040 LOM Total1 PRODUCTION Gold 000 ounces 201 186 183 181 176 126 57 1,931 Copper 000 tonnes 11 11 12 14 12 11 12 209 Zinc 000 tonnes 18 28 19 26 22 31 11 325 Silver 000 ounces 9
Slide 114: Snow Lake Mining & Milling Grades
Snow Lake Mining & Milling Grades 114 Snow Lake Ore Mined Lalor 1901 Talbot Rail WIM 3 Zone Year Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%) Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%) Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%) Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%) Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%) Tonnes A
Slide 115: Snow Lake Processing Infrastructure
Snow Lake Processing Infrastructure 115 Stall Recovery New Britannia Recovery Lalor 1901 Talbot Rail Lalor 1901 Talbot WIM 3 Zone Year Year Cu Au Ag Zn Cu Au Ag Zn Cu Au Ag Zn Cu Au Ag Zn Cu Au Ag Cu Au Ag Cu Au Ag Cu Au Ag Au 2027 85% 74% 63% 86% 65% 74% 63% 91% - - - - - - - - 2027 93% 91% 84% 94%
Slide 116: Snow Lake Reserves (as of September 1, 2026)
Snow Lake Reserves (AS OF SEPTEMBER 1, 2026) 116 MINERAL RESERVE ESTIMATES1,2,3,4,5,6 CATEGORY K TONNES Au (g/t) Cu (%) Zn (%) Ag (g/t) Proven Lalor 4,700 3.78 0.43 0.70 21.8 Probable Lalor 5,900 3.20 0.87 0.27 14.6 1901 300 2.66 0.75 0.68 15.2 Gold Zone Reserves WIM 3,700 1.17 1.29 0.21 5.1 Probabl
Slide 117: Snow Lake Reserves (as of September 1, 2026)
Snow Lake Reserves (AS OF SEPTEMBER 1, 2026) 117 MINERAL RESERVE ESTIMATES1,2,3,4,5,6 CATEGORY K TONNES Au (g/t) Cu (%) Zn (%) Ag (g/t) Total Gold and Base Metal Reserves Proven and Probable Lalor 16,400 2.92 0.55 1.76 20.5 1901 1,600 1.89 0.38 6.08 22.8 Talbot 2,700 1.46 1.92 1.14 26.5 WIM 3,700 1.
Slide 118: Snow Lake Resources – Gold Zone & Base Metal
Snow Lake Resources – Gold Zone & Base Metal (AS OF SEPTEMBER 1, 2026) 118 MINERAL RESOURCE ESTIMATES1,2,3,4,5,6 CATEGORY K TONNES Au (g/t) Cu (%) Zn (%) Ag (g/t) Inferred Lalor 1,500 3.38 1.90 0.19 12.4 1901 3,300 2.87 0.94 0.49 10.2 Gold Zone Resources WIM 1,100 1.44 0.70 0.25 3.4 Total Inferred –
Slide 119: Snow Lake Resources – Britannia Gold Project
Snow Lake Resources – Britannia Gold Project (AS OF SEPTEMBER 1, 2026) 119 MINERAL RESOURCE ESTIMATES1,2,3,4,5,6 CATEGORY K TONNES Au (g/t) Cu (%) Zn (%) Ag (g/t) Inferred Upper Britannia 3,200 2.83 - - - Lower Britannia 2,500 3.44 - - - Britannia Gold Project Resources Boundary 1,400 2.23 - - - Bir