Hudbay Minerals Inc · TSX:HBM
Hudbay Minerals — NBF Dubai Mining Summit 2025
79 slides from Hudbay Minerals's conference presentation, Nov 20, 2025
Slide 1: Investor Presentation November 2025
INVESTOR PRESENTATION NOVEMBER 2025
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 / NOVEMBER 2025 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 COSTS1,2 REVENUE AND RESERVES BY METAL $0.86 $0.80 REVENUE3 RESERVES4 Copper World $0.46 3% 5% 2% 3% 6% Consolidated Copper Cash $0.25 5% 138-184 Production (000 tonnes) Consolidated Copper Costs (US$/lb) 138 117-149 117-158 Cu 1
Slide 5: Operating Resilience and Continued Industry-Leading Margins
Operating Resilience and Continued Industry-Leading Margins 5 ON TRACK TO ACHIEVE LOW END OF CONSOLIDATED COPPER & GOLD PRODUCTION GUIDANCE DESPITE Q3 INTERRUPTIONS KEY RESULTS SUMMARY $143M $0.03 24kt $0.42/lb Q3 2025 Q2 2025 Q3 2024 Q3 2025 Q3 2025 Q3 2025 Cu Q3 2025 Adj. EBITDA1 Adj. EPS 1,2 Prod
Slide 6: Continued Execution and Further Debt Reduction
Continued Execution and Further Debt Reduction 6 WELL-POSITIONED TO FUND GROWTH INITIATIVES WITH ENHANCED BALANCE SHEET AND DIVERSIFIED CASH FLOWS Positive free cash flow generation in Peru and Manitoba despite operational $309M $611M $436M 0.5x interruptions, offset by negative free cash flow gener
Slide 7: Diversified Portfolio in Tier Jurisdictions
Diversified Portfolio in Tier 1 Jurisdictions 7 OPERATING MINE DEVELOPMENT / EXPLORATION PROJECT Cu Au Ag Cu Mo Ag Au PERMITTED OPERATING MINE DEVELOPMENT PROJECT +19 year mine life +20 year mine life COPPER MOUNTAIN Open pit COPPER WORLD Open Pit British Columbia, Canada ~40kt annual Cu p
Slide 8: Attractive Copper Positioning
Attractive Copper Positioning 8 SIGNIFICANT COPPER PRODUCTION AT FIRST QUARTILE CASH COSTS MEANINGFUL COPPER PRODUCTION LEADING LOW-COST PROFILE 2025E COPPER C1 CASH COSTS2 500 $4.00 +$100M increase in cash flow and EBITDA for +$56M increase in cash flow and EBITDA for 400 10% change in annual coppe
Slide 9: Hudbay Leading Copper Exposure
Hudbay Leading Copper Exposure 9 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 Manitoba Peru British Columbia Arizona Nevada NAV SENSITIVITY TO 10% CHANGE
Slide 10: Hudbay Investment Thesis
Hudbay Investment Thesis 10 Produced STABLE COPPER PRODUCTION with three operations in tier-1 mining jurisdictions generating 138kt Cu generating significant free cash flow with industry-leading margins +$350M in free cash flow at industry-low cash costs in 2024 STRONG BALANCE SHEET WITH UNIQUE GOLD
Slide 11: Peru
11 INVESTOR PRESENTATION / NOVEMBER 2025 PERU LONG LIFE, LOW COST COPPER MINE WITH SIGNIFICANT EXPLORATION POTENTIAL TSX & NYSE: HBM
Slide 12: Constancia Key Highlights
Constancia KEY HIGHLIGHTS1 12 LONG LIFE, LOW-COST COPPER MINE IN PERU 17 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
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 +10% Expansion beyond Mill consistently operates above design capacity with strong culture of contin
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 1.0Mt Cu MINED TO-DATE Pampacancha INVESTOR PRESENTATION / NOVEMBER 2025 PERU Tintaya Lima Constancia Antap
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 / NOVEMBER 2025 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 13 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: Snow Lake Cost Performance
Snow Lake Cost Performance 18 HIGHEST MARGIN CANADIAN GOLD MINE IN 2024 LARGE-SCALE (>150koz) CANADIAN GOLD MINES Higher Margin Lower Margin $1,620 ~70% ASIC Margin at current gold prices $1,500 $1,510 $1,475 $1,370 '24 All-In Sustaining Costs (US$/oz)1 $1,230 $1,239 $1,250 $1,222 $1,194 $1,127 $1,1
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: Lalor Mine Life Extension
Lalor Mine Life Extension 20 1.7M 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 INVESTOR PRESENTATION / NOVEMBER 2025 LEGEND Existing devel
Slide 21: Snow Lake Exploration Program
Snow Lake Exploration Program 21 1. NEAR MINE – MINE LIFE EXTENSION 2. REGIONAL – PRODUCTION GROWTH 3. GEOPHYSICS – NEW ANCHOR DISCOVERY Testing mineralized extensions at Lalor and 1901 Exploration across Snow Lake region land package to test Large modern geophysics program underway consisting depos
Slide 22: Copper Mountain Key Highlights
Copper Mountain KEY HIGHLIGHTS 22 LONG LIFE COPPER MINE WITH OPTIONALITY 19 YEARS Mine Life Cu-Au-Ag Porphyry Deposit Copper Mountain mine is a conventional open pit with a Mill optimization initiatives underway to increase mill 45,000 tpd plant capacity. Hudbay acquired 75% ownership throughput to
Slide 23: Copper Mountain Optimization
Copper Mountain Optimization 23 ON TRACK TO CREATE LONG-TERM VALUE THROUGH OPTIMIZATION MATERIAL MOVED1 MILL AVAILABILITY 95% 25 Mill Availability (%) 90% Quarterly Material 20 Moved *(Mt) Hudbay Acquisition Hudbay Acquisition 15 85% 92% 10 21.4 15.8 80% 85% 85% 13.2 5 75% 0 CMMC 2022 Avg. H2 2023 2
Slide 24: United States
24 INVESTOR PRESENTATION / NOVEMBER 2025 UNITED STATES LARGE UNDEVELOPED COPPER DEVELOPMENT ASSETS TO PRODUCE MADE IN AMERICA COPPER TSX & NYSE: HBM
Slide 25: Copper World Project Key Highlights
Copper World Project KEY HIGHLIGHTS 25 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 26: Significant Investment in U.S. Critical Minerals
Significant Investment in U.S. Critical Minerals 26 “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 27: $600M Strategic Investment from Mitsubishi Corporation
$600M Strategic Investment from Mitsubishi Corporation 27 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”) $600M +90% Ownership ✓ REALIZES ATTRACTIVE ✓ PROVIDES FURTH
Slide 28: Reduces Hudbay's Remaining Equity Contribution to ~$200M
Reduces Hudbay’s Remaining Equity Contribution to ~$200M 28 FINANCIAL FLEXIBILITY WITH PRUDENT FINANCING PLAN AND STRENGTHENED BALANCE SHEET +90% ~$1B ~$200M OPTIMAL PROJECT FUNDING STRUCTURE2 Hudbay Equity Levered Project Hudbay Pro Forma1 Remaining Hudbay JV Proceeds + Equity IRR to Hudbay Cash Ba
Slide 29: Copper World PFS Highlights
Copper World PFS Highlights 29 PHASE I PFS – LARGE SCALE, HIGH-GRADE COPPER PROJECT WITH ATTRACTIVE ECONOMICS Large Reserve Base with Meaningful Resource Upside on a Significant Land Package: 385Mt reserves support 20 years of Phase I mine life, which is only ~30% of the ~1.2Bt of M&I resources* Low
Slide 30: Mason Project Key Highlights
Mason Project KEY HIGHLIGHTS 30 LARGE OPEN PIT COPPER PROJECT WITH SIGNIFICANT LAND PACKAGE 27 YEARS Mine Life 2.2Bt M&I Tonnage Acquired in 2018, Mason is MASON ECONOMICS1 100%-owned by Hudbay and is 0.29% located in the prolific Yerington After-Tax NPV 10% (US$M) Unlevered IRR (%) M&I Cu Grade Cop
Slide 31: Investment Thesis
INVESTOR PRESENTATION / NOVEMBER 2025 THESIS INVESTMENT TSX & NYSE: HBM 31
Slide 32: Robust Copper Market Outlook
Robust Copper Market Outlook 32 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- Protracted Permitt
Slide 33: Challenges of Supply Prediction
Challenges of Supply Prediction 33 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 2025 Q3 estimates and 2020-2024 production actuals to understand how the market has changed
Slide 34: A Look at Copper Pipeline Assumptions
A Look at Copper Pipeline Assumptions 34 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 35: Prudent Capital Allocation
Prudent Capital Allocation 35 COPPER WORLD REPRESENTS THE NEXT GENERATION OF LOW CAPITAL COPPER DEVELOPMENT Lower Capital Higher Capital Completed Greenfield Completed Brownfield Greenfield Projects Brownfield Projects $43.5 $42.0 Capital Intensity ($000s/tonne Cu)1,2,3 $38.2 $38.3 $39.1 $33.3 $34.0
Slide 36: Proven Developer and Operator
Proven Developer and Operator 36 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 37: Several Near-Term Catalysts
Several Near-Term Catalysts 37 FOCUS ON DELIVERING MANY NEAR-TERM GROWTH INITIATIVES ACROSS THE PORTFOLIO TO GENERATE SIGNIFICANT VALUE FOR STAKEHOLDERS COPPER WORLD MANITOBA ✓ Close JV transaction in late 2025 or early 2026 ✓ New Britannia further optimization ✓ Complete definitive feasibility stud
Slide 38: Hudbay's Attractive, Copper Weighted Production Growth
Hudbay’s Attractive, Copper Weighted Production Growth 38 COPPER WORLD DELIVERS +50% GROWTH IN CONSOLIDATED COPPER PRODUCTION ANNUAL CONSOLIDATED COPPER PRODUCTION1 HUDBAY LONG-TERM PRODUCTION PROFILE2 GEOGRAPHIC MIX COMMODITY MIX ~250 2% 3% Copper Production (000 tonnes) Consolidated Copper World +
Slide 39: Appendix
INVESTOR PRESENTATION / NOVEMBER 2025 APPENDIX TSX & NYSE: HBM 39
Slide 40: World-Class Management Team
World-Class Management Team 40 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 41: Board of Directors
Board of Directors 41 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 42: 3-Year Production Outlook
3-Year Production Outlook 42 STABLE COPPER PRODUCTION WITH STRONG COMPLEMENTARY GOLD EXPOSURE 144kt 253koz 88kt 193koz 44kt 3-Year Avg. Cu 3-Year Avg. Au 3-Year Avg. Cu 3-Year Avg. Au 3-Year Avg. Cu Consolidated Production Consolidated Production Peru Production Manitoba Production B.C. Production C
Slide 43: 2025 Cost Guidance
2025 Cost Guidance 43 CAPITAL EXPENDITURES1 ($M) EXPLORATION EXPENDITURES ($M) SUSTAINING CAPITAL 2025 Guidance2 2024 Actuals 2025 Guidance 2024 Actuals Peru3 170 124 Peru4 19 20 Manitoba 60 46 Manitoba5 30 26 British Columbia3 135 123 British Columbia5 1 2 Arizona and other - 2 Total sustaining cap
Slide 44: Prudent Balance Sheet Management
Prudent Balance Sheet Management 44 SIGNIFICANT FINANCIAL FLEXIBILITY AND INDUSTRY-LEADING FINANCIAL POSITION SUBSTANTIAL DEBT REDUCTION HIGH YIELD CREDIT BENCHMARK3 7.0% $1,036M ~$330M 0.5x 6.58% 6.5% 6.29% Total Liquidity Total debt repayment Net Debt to 6.05% Mining Index, since Jan. 2024 Adj. EB
Slide 45: Our People, Our Community, Our Planet
Our People, Our Community, Our Planet 45 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 46: South America Business Unit
South America Business Unit 46 Cusco CUSCO MINE Las Bambas MILL TOWN CONSTANCIA RAIL ROAD Yauri PORT Tintaya Antapaccay Llaguen INVESTOR PRESENTATION / NOVEMBER 2025 Trujillo PERU AREQUIPA Imata Lima Constancia Arequipa Cerro Verde & Matarani Matarani Port 0 TACNA 100km P E R U TSX & NYSE: HBM A
Slide 47: Constancia Mine Plan
Constancia Mine Plan 47 17-YEAR MINE PLAN BASED ON PROVEN AND PROBABLE RESERVES ONLY Mine plan for Constancia operations reflects higher copper and gold production into 2025 with the higher grades from the Pampacancha deposit and extended mine life to 2041 with the conversion of mineral resources to
Slide 48: Llaguen Project
Llaguen Project 48 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 49: Manitoba Business Unit
Manitoba Business Unit New Britannia Gold Mill 49 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 INVESTOR PRESENTATION / NOVEMBER 2025 Flon SASKATCHEWAN MANITOBA Snow Lake Lalor Mine Flin Flon Winnipe
Slide 50: Snow Lake Mine Plan
Snow Lake Mine Plan 50 13-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. SNOW LAKE OPERATIONS1 2023A 2024A 20253 20263 20273 2028-2037 Avg. CONTAINED METAL IN CONCENTRATE AND DORÉ Au Production (00
Slide 51: Snow Lake Process - 2025
Snow Lake Process - 2025 51 4,500 tpd 2,500 tpd Lalor Crushed ~2,000 tpd Ore STALL MILL NEW BRITANNIA MILL Grinding Grinding Cu conc. to New Britannia Cu conc. Flotation Flotation (via pipeline) INVESTOR PRESENTATION / NOVEMBER 2025 Tails Cyanide Leaching/CIP Destruction Process Tails to Zn Zn Conce
Slide 52: Snow Lake Growth Over Time
Snow Lake Growth Over Time 52 OVER 3.0M 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 9% increase from Inferred inclusion of satellite resource 7% increase
Slide 53: 1901 Development & Exploration Drift
1901 Development & Exploration Drift 53 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 54: Talbot Copper-Zinc Project
Talbot Copper-Zinc Project 54 DRILL PROGRAM STARTED IN JULY WITH FIRST THREE HOLES ALL RETURNING POSITIVE RESULTS ROCKCLIFF PREVIOUSLY DISCLOSED 2025 DRILLING TARGETS Tonnes (Kt) Cu (%) Au (g/t) Zn (%) Ag (g/t) MINERAL RESOURCE ESTIMATE* Talbot – Indicated Resources 2,190 2.33 2.1 1.79 36.0 Talbot –
Slide 55: Flin Flon Growth Opportunities
Flin Flon Growth Opportunities 55 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 56: Flin Flon Closure Cost Plan
Flin Flon Closure Cost Plan 56 75% OF CLOSURE AND RECLAMATION COSTS ARE TO BE INCURRED AFTER 20371 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 inFlindemolition costs between the close of Flon and 2
Slide 57: British Columbia Business Unit
British Columbia Business Unit 57 MINE TOWN ROAD Kamloops NEW AFTON MINE BRITISH COLUMBIA HIGHLAND VALLEY COPPER MINE INVESTOR PRESENTATION / NOVEMBER 2025 Kelowna 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 58: Copper Mountain Mine Plan
Copper Mountain Mine Plan 58 19-YEAR MINE PLAN BASED ON PROJECT AND PROBABLE RESERVES ONLY Updated mine plan for Copper Mountain operations reflects mine stabilization plan advancements and increased mine productivity. COPPER MOUNTAIN OPERATIONS 2024A 20255 20265 20275 2028-2043 Avg.* LOM Total* CON
Slide 59: Copper Mountain Value Creation
Copper Mountain Value Creation 59 IMPROVING RELIABILITY AND OPTIMIZING OPERATIONS TO DRIVE SUSTAINABLE LONG-TERM VALUE STABILIZATION OPTIMIZATION Exceeded $10 million annual Accessing higher grades and corporate synergies target increasing mill throughput to drive Mining Processing Value Creation hi
Slide 60: Arizona – U.S. Business Unit
Arizona – U.S. Business Unit 60 COPPER WORLD IS A LARGE SCALE, HIGH-GRADE OPEN PIT COPPER PROJECT WITH ATTRACTIVE ECONOMICS Miami Pinto Valley Phoenix Resolution Ray Morenci Safford Florence ARIZONA, U.S. Cactus Santa Cruz INVESTOR PRESENTATION / NOVEMBER 2025 Silver Bell Tucson Gunnison Phoenix Mis
Slide 61: Copper World Project Overview
Copper World Project Overview 61 LARGE SCALE, FULLY-PERMITTED OPEN PIT COPPER PROJECT IN THE U.S. WITH ATTRACTIVE ECONOMICS PROJECT HIGHLIGHTS Large Reserve Base with Meaningful Resource Upside • 385Mt reserves support 20 years of Phase I mine life, which is only ~30% of the 1.2Bt of M&I resources1
Slide 62: Achieved "3-P" Plan for Copper World
Achieved “3-P” Plan for Copper World 62 FULLY PERMITTED U.S. COPPER PROJECT WITH PRUDENT FINANCING IN PLACE COMPLETED TO COME In late 2022, Hudbay unveiled a prudent financial plan with three 2022 2023 2024 2025 2026 key prerequisites to be achieved OBJECTIVE for a potential project sanctioning. PLA
Slide 63: Copper World Reserves and Resources
Copper World Reserves and Resources 63 RESERVES REPRESENT 30% OF M&I RESOURCES, OFFERING ROBUST EXPANSION AND MINE LIFE EXTENSION POTENTIAL RESERVE AND RESOURCE BASE NI 43-101 compliant Reserve and Resource statement supported by extensive drilling totalling 355,371 meters PFS mine plan and reserv
Slide 64: Designed to Reduce Energy Consumption and GHG Emissions
Designed to Reduce Energy Consumption and GHG Emissions 64 “MADE IN AMERICA” COPPER CATHODE TO SUPPORT DOMESTIC U.S. COPPER CONSUMPTION CONCENTRATE LEACH FACILITY SENSITIVITY ($B) ↓10% ↓14% NPV 10% NPV 8% $1.5 lower energy reduction in total Base Case $1.3 $1.2 consumption, including scope 1, 2 & 3
Slide 65: U.S. Open Pit Copper Benchmarking
U.S. Open Pit Copper Benchmarking 65 WILL BE ONE OF THE LARGEST OPEN PIT COPPER MINES IN THE U.S. WITH LOW CASH COSTS ANNUAL PRODUCTION (KT CU) RESERVE GRADE (% CU) CASH COSTS (US$/LB CU) Morenci 261 Copper World 0.54% Copper World $1.53 Bingham Canyon 152 Ray 0.49% Robinson $2.16 Safford 111 Chino
Slide 66: Scarcity of Permitted Copper Projects
Scarcity of Permitted Copper Projects 66 COPPER WORLD IS THE HIGHEST QUALITY, PERMITTED DEVELOPMENT PROJECT IN A STABLE JURISDICTION Best in peer set GLOBAL COPPER PROJECT BREAKDOWN PROJECT BENCHMARKING 263 Company | Project Copper World2 Santo Domingo Zafranal (100%) (100%) (80%) Technical Stage PF
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: Nevada – U.S. Business Unit
Nevada – U.S. Business Unit 68 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 INVESTOR PRESENTATION / NOVEMBER 2025 Mason Yerington Mine Project Blue Hill (Historic) MASON Yerington Mason TOWN Las Vegas
Slide 69: Peru Mineral Reserves
Peru Mineral Reserves (AS AT JANUARY 1, 2025) 69 MINERAL RESERVE ESTIMATES1,2,3,4,5 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Proven 443,200,000 0.252 80 0.037 2.59 Probable 64,800,000 0.205 73 0.036 1.78 CONSTANCIA – TOTAL PROVEN AND PROBABLE 508,000,000 0.246 79 0.037 2.49 PAMPACANCHA Pr
Slide 70: Peru Mineral Resources
Peru Mineral Resources (AS AT JANUARY 1, 2025) 70 MINERAL RESOURCE ESTIMATES1,2,3,4,5 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) CONSTANCIA Measured 92,700,000 0.211 57 0.039 2.24 Indicated 86,900,000 0.222 83 0.039 2.24 Inferred – Open Pit 33,700,000 0.247 69 0.056 2.75 Inferred – Underground 6,500,0
Slide 71: Snow Lake Reserves – Lalor Mine & 1901 Deposit
Snow Lake Reserves – Lalor Mine & 1901 Deposit (AS AT JANUARY 1, 2025) 71 MINERAL RESERVE ESTIMATES1,2,3,4,5,6,7 CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) Proven Lalor 3,250,000 5.3 0.72 0.62 32.6 1901 102,000 2.8 1.33 1.00 19.2 Gold Zone Reserves Probable Lalor 3,701,000 4.3 0.32 1.02 24.5 19
Slide 72: Snow Lake Resources – Lalor Mine & 1901 Deposit
Snow Lake Resources – Lalor Mine & 1901 Deposit (AS AT JANUARY 1, 2025) 72 MINERAL RESOURCE ESTIMATES1,2,3,4,5,6,7,8 CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) Inferred Lalor 1,953,000 4.3 0.26 2.36 14.8 Gold Zone Resources 1901 1,587,000 5.5 0.30 0.85 16.6 Total Inferred – Gold 3,540,000 4.8 0
Slide 73: Snow Lake Reserves & Resources – Other Gold
Snow Lake Reserves & Resources – Other Gold (AS AT JANUARY 1, 2025) 73 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 74: Snow Lake Reserves & Resources – Other Base Metals
Snow Lake Reserves & Resources – Other Base Metals (AS AT JANUARY 1, 2025) 74 BASE METAL MINERAL RESERVE AND RESOURCE CATEGORY TONNES Au (g/t) Zn (%) Cu (%) Ag (g/t) ESTIMATES1,2,3,4,5,6 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 TOT
Slide 75: B.C. Mineral Reserves & Resources
B.C. Mineral Reserves & Resources (AS AT JANUARY 1, 2025) 75 MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5,6 TONNES Cu (%) Au (g/t) Ag (g/t) Reserves Proven 172,900,000 0.269 0.124 0.72 Probable 173,100,000 0.222 0.109 0.62 TOTAL PROVEN AND PROBABLE 346,000,000 0.245 0.116 0.67 Resources Measured
Slide 76: Copper World Mineral Reserves & Resources
Copper World Mineral Reserves & Resources (AS AT JANUARY 1, 2025) 76 Soluble Cu MINERAL RESERVE AND RESOURCE ESTIMATES1,2,3,4,5,6 TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t) Grade (%) RESERVES Proven reserves 319,400,000 0.54 0.11 110 0.03 5.7 Probable reserves 65,700,000 0.52 0.14 96 0.02 4.3 Total pr
Slide 77: Mason Mineral Resources
Mason Mineral Resources (AS AT JANUARY 1, 2025) 77 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 78: Llaguen Mineral Resources
Llaguen Mineral Resources (AS AT JANUARY 1, 2025) 78 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 0.49 291 0.046 2.73 0.60 Inferred Gl
Slide 79: Additional Information
Additional Information 79 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 Reso