Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — Goldman Sachs 2026 Global Metal & Mining Conference
16 slides from Hudbay Minerals's conference presentation, Oct 21, 2026
Slide 1: Copper World: Advancing Next Major U.S. Copper Mine
1 INVESTOR PRESENTATION / OCTOBER 2026 COPPER WORLD ADVANCING NEXT MAJOR U.S. COPPER MINE TOWARDS FIRST PRODUCTION IN 2029 OCTOBER 21, 2026 TSX & NYSE: HBM
Slide 2: Copper World Project Key Highlights
Copper World Project KEY HIGHLIGHTS 2 HIGHEST GRADE GREENFIELD OPEN PIT COPPER PROJECT IN THE AMERICAS BASE CASE EXTENSION CASE ECONOMICS1 ECONOMICS2 $1.2B $2.5B NPV 8% NPV 8% APPROVED PROJECT CONSTRUCTION COPPER PRICE SENSITIVITY ($B) 17% 19% 4.7 Base Case NPV 8% Extension NPV 8% 4.0 IRR IRR Fully
Slide 3: Copper World Project Overview
Copper World Project Overview 3 LARGE SCALE, FULLY-PERMITTED OPEN PIT COPPER PROJECT IN THE U.S. WITH ATTRACTIVE ECONOMICS PROJECT HIGHLIGHTS1 • Doubling Hudbay’s annual copper production with 102,000 tonnes avg. annual production over first 10 years; First production projected in One of Largest Ope
Slide 4: Capital Intensity Benchmarking
Capital Intensity Benchmarking 4 COPPER WORLD MAINTAINS ATTRACTIVE CAPITAL INTENSITY WHEN COMPARED TO PEER PROJECTS AND RECENTLY COMPLETED BUILDS Lower Capital Brownfield Project Greenfield Project Completed Greenfield Completed Brownfield Higher Capital $56.9 $44.6 Capital Intensity ($000/tonne Cu)
Slide 5: DFS – Base Case Summary
Copper World DFS – Base Case Summary 5 2026 DFS KEY METRICS – BASE CASE (at $5.00/lb LT Cu) Valuation Metrics (Unlevered)1 Units Base Case Net present value @ 8% (after-tax) $ millions $1,241 Internal rate of return (after-tax) % 16.8% Payback period # years 5.4 Project Metrics Growth capital – init
Slide 6: DFS – Extension Case Summary
Copper World DFS – Extension Case Summary 6 2026 DFS KEY METRICS – EXTENSION CASE (at $5.00/lb LT Cu) Valuation Metrics (Unlevered)1 Units Extension Case Net present value @ 8% (after-tax) $ millions $2,510 Internal rate of return (after-tax) % 18.8% Payback period7 # years 5.4 Project Metrics Growt
Slide 7: Prudent Copper World Financing Plan
Prudent Copper World Financing Plan 7 SIGNIFICANT FINANCIAL FLEXIBILITY WITH IDEAL FUNDING STRUCTURE, ROBUST BALANCE SHEET AND CASH FLOWS 32% | 44% +$1B ~$500M IDEAL PROJECT FUNDING STRUCTURE3,5 Hudbay Hudbay Total Hudbay Capital IRR4: Hudbay Equity & Capital Mitsubishi Equity & Capital 23% Project
Slide 8: Hudbay Arizona – 3rd Largest Copper District In North America
Hudbay Arizona – 3rd Largest Copper District In North America 8 ESTABLISHING A NEW COPPER DISTRICT COPPER PRODUCTION (KT CU)1 560 483 225 174 122 INVESTOR PRESENTATION / OCTOBER 2026 98 84 74 Freeport Arizona Grupo Mexico Arizona 2 Bingham Canyon Asarco Highland Valley Pumpkin Freeport Sonora Busine
Slide 9: U.S. Open Pit Copper Benchmarking
U.S. Open Pit Copper Benchmarking 9 COPPER WORLD WILL BE ONE OF THE LARGEST PRODUCING MINES IN THE U.S. WITH INDUSTRY-LEADING CASH COSTS ANNUAL PRODUCTION (KT CU)1 CASH COSTS (US$/LB CU) 225 $3.72 $3.43 $3.29 $2.80 $2.61 $2.49 $2.54 $2.36 130 $2.19 125 1 122 $1.88 $1.58 INVESTOR PRESENTATION / OCTOB
Slide 10: Low-Risk Copper Growth Project
Low-Risk Copper Growth Project 10 CAPITAL LIGHT, LOW ELEVATION AND WITH MEANINGFUL PRODUCTION $12.0 Financial Risk Higher Vicuña Vicuña Phase I $6.0 capex of $7.1bn is shown; total capex Capex (US$bn) Taca Taca is US$18.1bn El Arco Warintza INVESTOR PRESENTATION / OCTOBER 2026 NuevaUnion $3.0 Casino
Slide 11: Significant Investment in U.S. Critical Minerals
Significant Investment in U.S. Critical Minerals 11 ARIZONA COPPER MADE FOR DOMESTIC U.S. COPPER CONSUMPTION INVESTING IN U.S. CRITICAL MINERALS INFRASTRUCTURE & SIGNIFICANT JOB CREATION +$2.1B1 +$1.1B +500 up to 3,000 Copper World represents one of the largest investments in southern Arizona's hist
Slide 12: A Simplified Constancia
Copper World – A Simplified Constancia 12 COPPER WORLD IS LOGISTICALLY EASIER TO EXECUTE WITH SIMILAR FEATURES TO CONSTANCIA Superior / Less Complex than Constancia Constancia Copper World (Base Case) LOCATION Remote high Andes (Peru) ~50km from Tucson (U.S.) ELEVATION >4,000 masl ~1,600 masl
Slide 13: Mitsubishi Corporation: Premier Strategic Partner
Mitsubishi Corporation: Premier Strategic Partner 13 LARGEST JAPANESE TRADING HOUSE & EXPERIENCED JV PARTNER AT WORLD-CLASS COPPER MINES Mitsubishi (~$80B market cap), one of the largest LARGEST MINES GLOBALLY BY 2024A COPPER PRODUCTION (kt Cu)1 Japan’s major trading houses, it is the premier 1,241
Slide 14: Attractive Copper District in Arizona
Attractive Copper District in Arizona 14 TWO HIGH-QUALITY PROJECTS IN ARIZONA, THE "COPPER STATE" Skilled team at Copper World and comprehensive regional knowledge will be applied to the future development of Cactus: N Replicate success with private land projects at Cactus. Leverage the project
Slide 15: Industry-Leading Copper Exposure with Significant Long-term Growth
Industry-Leading Copper Exposure with Significant Long-term Growth 15 OUTSIZED GROWTH IN CONSOLIDATED COPPER PRODUCTION SUPPORTED BY STABLE GOLD PRODUCTION ANNUAL CONSOLIDATED COPPER PRODUCTION (KT)1 LONG-TERM PRODUCTION PROFILE1,2 +500 139 5% 13% 36 103 +620kt CuEq ~250 INVESTOR PRESENTATION / OCTO
Slide 16: Mineral Reserves & Resources (as at August 1, 2026)
Copper World Mineral Reserves & Resources (AS AT AUGUST 1, 2026) 16 MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5,6 TONNES (MILLIONS) Cu (%) Mo (g/t) Au (g/t) Ag (g/t) RESERVES Proven reserves 330 0.47 105 0.024 5.25 Probable reserves 60 0.46 94 0.018 4.14 Total proven and probable reserves 390 0.
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