Hudbay Minerals (HBM) Investor presentation summary

Strategic positioning and growth outlook

• Positioned as a diversified mid-tier copper producer with significant gold exposure and operations in Peru, Manitoba, and British Columbia, plus a robust U.S. growth pipeline including Copper World, Cactus, and Mason projects.

• Achieved record quarterly revenue and EBITDA in Q1 2026, with strong free cash flow and industry-leading margins, supported by low cash costs and operational excellence.

• Maintains a strong balance sheet with $1B in cash, 0.0x net debt/EBITDA, and disciplined capital allocation, enabling funding for growth initiatives and shareholder returns.

• Strategic $600M investment from Mitsubishi for a 30% stake in Copper World, reducing equity requirements and validating project value.

• On track to deliver a 70% increase in copper production in the medium term, with long-term optionality from organic growth and exploration.

Operational performance and asset base

• Constancia in Peru is a long-life, low-cost copper mine with ongoing throughput expansions and significant nearby exploration potential.

• Snow Lake in Manitoba is a high-margin gold operation with extended mine life, ongoing production growth, and regional exploration to unlock further value.

• Copper Mountain in British Columbia has a 20-year mine plan, recent operational improvements, and mine life extension through the New Ingerbelle expansion.

• U.S. assets include Copper World (fully permitted, high-grade, low-cost, 20-year mine life), Cactus (pending acquisition, +100ktpa copper), and Mason (potential to be the 3rd largest U.S. copper mine).

Financial and sustainability highlights

• Q1 2026 results: $757M revenue, $422M adjusted EBITDA, $209M operating cash flow, and $1B cash balance.

• Industry-leading low cash costs and strong leverage to copper and gold prices, with ~40% of revenues from gold.

• Committed to sustainability, with ISO 45001 certification, strong community engagement, and 2030 GHG reduction targets across all business units.

• All operations in the bottom half of the greenhouse gas curve, with recognized leadership in community relations and environmental stewardship.