Hudbay Minerals (HBM) Investor presentation summary

Strategic positioning and growth

• Achieved record annual revenue of $2.2B and adjusted EBITDA of $1.1B in 2025, with significant free cash flow and a strong balance sheet.

• Copper production is set to increase by over 50% with the Copper World project, supported by a robust pipeline of U.S. growth assets and exploration.

• The company maintains a diversified portfolio of long-life assets in tier-1 jurisdictions, including Peru, Canada, and the U.S., with major projects like Constancia, Snow Lake, Copper Mountain, Copper World, Cactus, and Mason.

• Strategic partnership with Mitsubishi Corporation brings a $600M investment for a 30% stake in Copper World, reducing the company's equity contribution and increasing project IRR to 90%.

• Holistic capital allocation framework supports prudent growth, financial flexibility, and maximized risk-adjusted returns, including dividends, buybacks, and debt reduction.

Operational and financial performance

• Achieved 11 consecutive years of meeting copper production guidance and 5 years for gold, with industry-leading low cash costs and strong operational efficiency.

• Q4 2025 saw $733M in revenue, $386M adjusted EBITDA, and $337M operating cash flow, despite operational challenges.

• Net debt reduced to $20M by year-end 2025, with a net debt/EBITDA ratio of 0.0x post-Copper World JV closing.

• Maintains significant financial flexibility with $992M in cash and equivalents post-JV, and a track record of prudent balance sheet management.

• Outperformed twice-improved cash cost guidance, with consolidated copper cash costs at $(0.22)/lb in 2025.

Asset highlights and development pipeline

• Constancia (Peru): 15-year mine life, 2025 production of 85kt Cu at $1.08/lb cash cost, with ongoing mill throughput expansion and satellite exploration potential.

• Snow Lake (Manitoba): 16-year mine life, 2025 gold production of 173koz at $549/oz cash cost, with mine life extension from the 1901 deposit and regional exploration.

• Copper Mountain (British Columbia): 21-year mine life, 2026-2028 average production of 48kt Cu, optimization initiatives underway, and New Ingerbelle expansion permitted.

• Copper World (Arizona): Fully permitted, 20-year mine life, 85kt annual Cu production at $1.47/lb cash cost, with significant U.S. supply chain and job creation benefits.

• Cactus (Arizona): Pending acquisition, 15-year mine life, 103kt annual Cu production, positioned as a future large-scale U.S. copper mine.

• Mason (Nevada): 27-year mine life, 112kt annual Cu production, robust economics with $1.76/lb sustaining cash cost.