2021 business review

April 6, 2021

2021 BUSINESS REVIEW

CAUTIONARY INFORMATION

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. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “budget”, “guidance”,

“scheduled”, “estimates”, “forecasts”, “strategy”, “target”, “intends”, “objective”, “goal”, “understands”, “anticipates” and “believes” (and variations of these or similar words) and statements that certain actions,

events or results “may”, “could”, “would”, “should”, “might” “occur” or “be achieved” or “will be taken” (and variations of these or similar expressions). All of the forward-looking information in this presentation

is qualified by this cautionary note.

Forward-looking information includes, but is not limited to, production, cost and capital and exploration expenditure guidance and factors that may have an effect on such guidance, anticipated production and

costs at the company’s mines and processing facilities based on recently updated mine plans, expectations regarding the timing of mining activities at the Pampacancha deposit, the anticipated timing, cost

and benefits of developing the Rosemont project and the outcome of litigation challenging Rosemont's permits, expectations regarding the Copper World exploration program, expectations regarding the

Lalor gold strategy, including the refurbishment, commissioning and ramp-up of the New Britannia mill and the expectations regarding the mine plan for the 1901 deposit, increasing the mining rate at Lalor

and optimizing the Stall and New Britannia mills (including the cost of, and anticipated benefits from, the Stall mill recovery improvement project), the possibility of converting inferred mineral resource

estimates to higher confidence categories, expectations regarding the preliminary economic assessment of the Mason project, the potential and the company’s anticipated plans for advancing its mining

properties surrounding Constancia and elsewhere in Peru, anticipated mine plans, anticipated metals prices and the anticipated sensitivity of the company’s financial performance to metals prices, events that

may affect its operations and development projects, anticipated cash flows from operations and related liquidity requirements, the anticipated effect of external factors on revenue, such as commodity prices,

estimation of mineral reserves and resources, mine life projections, reclamation costs, economic outlook, government regulation of mining operations, and business and acquisition strategies. Forward-

looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while

considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and

events to be materially different from those expressed or implied by the forward-looking information.

The material factors or assumptions that Hudbay identified and were applied by the company in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but

are not limited to, the company’s ability to continue to operate safely and at full capacity during the COVID-19 pandemic; the availability, global supply and effectiveness of COVID-19 vaccines; the company’s

ability to achieve production and unit cost guidance; no significant interruptions to the company’s operations or significant delays to its development projects in Manitoba and Peru due to the COVID-19

pandemic; the timing of development and production activities on the Pampacancha deposit; the successful completion of the New Britannia project on budget and on schedule; the successful outcome of the

Rosemont litigation; the successful renegotiation of collective agreements with the labour unions that represent certain of our employees in Manitoba and Peru; the success of mining, processing, exploration

and development activities; the accuracy of geological, mining and metallurgical estimates; anticipated metals prices; the supply and demand for metals Hudbay produces; the availability of additional

financing, if needed; maintaining good relations with the communities in which the company operates, including the neighbouring Indigenous communities and local governments; no significant unanticipated

litigation; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices and foreign exchange rates).

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited

to, those discussed under the heading “Risk Factors” in Hudbay’s annual information form for the year ended December 31, 2020. Should one or more risk, uncertainty, contingency or other factor materialize

or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on

forward-looking information. The company does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between

subsequent actual events and any forward-looking information, except as required by applicable law.

This presentation contains certain financial measures which are not recognized under IFRS, such as Adjusted net earnings (loss), adjusted net earnings (loss) per share, Adjusted EBITDA, net debt, cash

cost, sustaining and all-in sustaining cash cost per pound of copper produced, cash cost and sustaining cash cost per pound of zinc produced and combined unit cost and zinc plant unit cost. For a detailed

description of each of the non-IFRS financial performance measures used in this presentation, please refer to page 53 of Hudbay’s management’s discussion and analysis for the year ended December 31,

2020 available on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

2

HUDBAY’S 2021 BUSINESS & TECHNICAL REVIEW

3

BUSINESS REVIEW (1:00-2:30pm ET)

• Overview of business strategy & copper market

• Operational overview including updated mine plans for Constancia & Snow Lake and an update on

exploration activities

• Financial and balance sheet discussion

• ESG initiatives

Break 2:30-3:00pm ET

TECHNICAL REVIEW (3:00-5:00pm ET)

• Detailed review of updated Constancia mine plan incorporating expected higher copper and gold

production from Pampacancha, new reserves at Constancia North and exploration and upside

opportunities

• Detailed review of updated Snow Lake mine plan incorporating an expected increase in Lalor’s

production rate, the results from the 1901 prefeasibility study, the Stall recovery improvement

study and exploration and upside opportunities

• Overview of significant Copper World discovery on wholly-owned private land near Rosemont in

Arizona

• Detailed review of Hudbay’s preliminary economic study on the Mason copper project in Nevada

Appendix

Corporate Update

Strategy Overview

Operational Update

R&R and Exploration Update

Financial & Balance Sheet Overview

ESG Initiatives

HUDBAY’S 2021 BUSINESS REVIEW - AGENDA

Corporate Update – Peter Kukielski

Strategy Overview & Copper Market Update – Eugene Lei

Operational Update – Cashel Meagher

Reserves, Resources & Exploration Update – Olivier Tavchandjian

Financial & Balance Sheet Overview – Steve Douglas

ESG Initiatives – David Clarry, Javier Del Rio, Rob Assabgui, Andre Lauzon

4

1

2

3

4

5

6

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

Appendix7

TODAY’S SPEAKERS

5

PETER KUKIELSKIPRESIDENT & CEO• More than 30 years of sector

experience in base metals, precious metals and bulk materials across the globe

CASHEL MEAGHERSVP & COO• Extensive background in

exploration, resource and reserve estimation, engineering studies and operations

STEVE DOUGLASSVP & CFO• Over 25 years of financial

experience, key role in financial reporting, capital markets, treasury and taxation.

EUGENE LEISVP CORP. DEV. & STRATEGY• Over 18 years of global

mining investment banking and corporate development experience

OLIVIER TAVCHANDJIANVP EXPL. & GEOLOGY• Over 25 years of

experience in reserve and resource estimation and reporting, exploration and mine planning

JAVIER DEL RIOVP SOUTH AMERICA B.U.• Responsible for strategic and

operational performance in Peru and ensure corporate standards are met in Peru

DAVID CLARRYVP, CSR• Develops, implements, monitors,

and accounts for corporate standards of health, safety, the environment & community relations

ANDRE LAUZONVP ARIZONA B.U.• Responsible for strategic

initiatives and for identifying growth opportunities in the western United States

ROB ASSABGUIVP MANITOBA B.U.• Over 30 years of sector

experience and provides strategic and operational leadership in Manitoba

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

DISPROPORTIONATELY TALENTED MANAGEMENT TEAM FOR HUDBAY’S SIZE

PETER AMELUNXENVP TECHNICAL SERVICES• Responsible for managing

internal and external project review, due diligence processes, project & operational governance

Corporate Update

6

1

PETER KUKIELSKI

PRESIDENT & CEO

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

TSX, NYSE, BVL Symbol HBM

Market Capitalization1 C$2.5 billion

Shares Outstanding2 261 million

Available Liquidity3 $724 million

Debt Outstanding4 $1.2 billion

DIVERSIFIED MID-TIER COPPER PRODUCER

• Vision is to become a top-tier operator of long-life, low cost

mines in the Americas

• Mission is to create sustainable value through the acquisition,

development and operation of high-quality assets in

jurisdictions that support responsible mining

• Primary producer of copper, gold, silver, and zinc

• Operations located in Peru and Manitoba, Canada

• Built a leading portfolio of growth assets in Canada, United

States, Peru and Chile

Mason

Exploration

Constancia

Pampacancha

Exploration

Exploration

777

Lalor

WIM, 3 Zone & 1901

Exploration

Rosemont

Exploration

1. Based on Hudbay’s TSX closing share price on April 5, 2021.

2. Basic shares outstanding as at December 31, 2020.

3. Liquidity includes cash and cash equivalents of $439M as at December 31, 2020, availability under the $400M credit facilities less $115M in committed LCs.

4. Face value of long-term debt outstanding as at December 31, 2020.

5. Revenue for the full year ended December 31, 2020. Gold and silver revenues include deferred revenue and cash payments applicable to precious metals stream sales.

6. Revenue calculated from median of Hudbay production guidance and select commodity pricing ($3.50 / lb Cu, $1,800 / oz Au, $25.00 / oz Ag, $1.00 / lb Zn, and $10.00 / lb Mo).7

NEVADA

PERU

CHILE

MANITOBA

ARIZONA

Operations

Development

Exploration

RE

VE

NU

E B

Y

ME

TA

L

$1.1B

20205 20216

53%

24%

6%

15%2%

Cu Au Ag Zn Mo

$1.5B50%

19%

6%

23%

2%

Cu Au Ag Zn Mo

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

LONG LIFE ASSETS LOCATED IN MINING FRIENDLY REGIONS

8

1 2

4

5

3

1. Reserve and resource life as of March 29, 2021. 777 mine reserves are expected to be depleted in 2022 and have been adjusted here to show mine life as of January 1, 2021. Reserve and resource life is updated annually with reserves and resources reporting.

2. Contained M&I CuEq metal (exclusive of reserves) divided by 2020 CuEq production rate. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

3. Contained Inferred CuEq metal (exclusive of reserves and M&I) divided by 2020 CuEq production rate. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

4. Lalor mineral resources include indicated and inferred resources identified at Snow Lake, New Britannia, Wim, Pen II and 1901 Deposit; Constancia based on 2019 production due to COVID-19 interruption in 2020.

5. Rosemont contained CuEq metal reserves and resources divided by annual LOM CuEq production rate as disclosed in NI 43-101 Technical Report on the Rosemont Project dated March 30, 2017.

6. S&P’s sovereign credit ratings via Bloomberg as of April 1, 2021

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

6

9

17

17

17

19

1.5

5

1

11

1

8

1

Constancia

Snow Lake

Rosemont

777

Past Production Reserve Life M&I Resource Life Inferred Resource Life

4

LOCATED IN INVESTMENT GRADE COUNTRIES6

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AAA

AA+AA AA- A+

AA-

BBB+

Canada U.S.

ChilePeru

PROVEN TRACK RECORD OF OPERATIONAL EXCELLENCE &

LOW COST MINES

• Proven track record of achieving or exceeding copper production guidance over the last five years

• Hudbay is well-positioned on the cash cost curve

• Focus on cost control and continuous improvement initiatives maintains low cost profile

9

C1 CASH COSTS2 (US$/lb Cu)

1. Revised 2020 Guidance following 8-week government mandated shutdown in Peru.

2. Source: Wood Mackenzie’s 2020 by-product C1 cash cost curve (dataset dated Q1 2021). Wood Mackenzie’s costing methodology may be different than the methodology reported by Hudbay or its peers in their public disclosure. For details regarding Hudbay’s actual cash costs, refer to Hudbay’s management’s discussion and analysis for the three months and full year ended December 31, 2020.

CONSOLIDATED COPPER PRODUCTION AND GUIDANCE

(20) (15) (10) (5) 0 5 10 15 20

2016

2017

2018

2019

2020

+/- kt from Midpoint of Guidance

Guidance Outperform

Actual Production

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

First QuantumTurquoise Hill

Lundin

Oz Minerals

Capstone

Imperial

AntofagastaHudbay

($2.00)

($1.00)

$0.00

$1.00

$2.00

$3.00

0% 25% 50% 75% 100%

1

PROVEN MINING INDUSTRY EXPERIENCE

10

1. Production calculated as tonnes mined multiplied by grades mined (i.e. assumes 100% recovery). The following metals price assumptions were applied to reserves for purposes of calculating copper equivalent: $3.00/lb Cu, $1.00/lb Zn, $1,260/oz Au and $18.00/oz Ag. Does not include impact of precious metal streams, as applicable.

2. Constancia reserve at bid date from NI 43-101 Definitive Feasibility Study Technical Report on the Constancia mine filed by Norsemont Mining, dated September 28, 2009.

ADDING VALUE THROUGH EXPLORATION

• Hudbay has been successful in significantly increasing the known reserves at both of its flagship

operations

• Constancia mine reserves have more than doubled since the acquisition in 2011

• Lalor in Snow Lake was an in-house geophysical discovery on Hudbay's wholly-owned land and reserves

have grown by 155% through successful conversion and extension

CONSTANCIA (2009-2021)1 SNOW LAKE (2010-2021)1

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

0.0

1.0

2.0

3.0

4.0

Reserve at Bid Date Production to Date +Current Reserve

Co

pp

er

Eq

uiv

ale

nt

(Mt)

Production Reserves

Caballito,

Kusiorcco

& Maria Reyna

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Initial Reserve Production to Date +Current Reserve

Go

ld E

qu

ivale

nt

(Mo

z)

Production Reserves

1901, 3 Zone,

Birch, Pen II,

Watts, WIM &

New Britannia

RAMP-UP FROM FIRST PRODUCTION TO COMMERCIAL

PRODUCTION WAS 3X FASTER THAN THE PEER AVERAGE

5 Months

17 Months

57 Months

Constancia PeerAverage

PeerMax

PROVEN MINING INDUSTRY EXPERIENCE

11

1. 1st production commenced December 23, 2014, commercial production achieved April 30, 2015.

2. Wood Mackenzie Q4 2020 dataset; primary copper, open pit sulphide mines in South America. Operating costs include mining, pro cessing and general and administrative expenditures on a per tonne basis. Wood Mackenzie’s costing methodology may be different than the methodology reported by Hudbay or its peers in their public disclosure. For details regarding Hudbay’s actual cash costs, refer to Hudbay’s management’s discussion and analysis for the three months and full year ended December 31, 2020.

1

LEADING MINE DEVELOPMENT & OPERATING COST PERFORMANCE

• Constancia’s project development and

mine ramp-up was best in class

• Continuous operational improvements at

Constancia have driven costs down, while

increasing efficiencies and productivity

LOWEST COST OPEN PIT COPPER MINES IN SOUTH AMERICA (2021)2

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

$6.90$8.93 $9.14 $9.88 $9.97 $10.62 $11.31 $11.81 $12.40

$13.35 $13.37 $13.82 $14.14 $14.50 $14.82 $15.26$16.64 $16.85

$18.13$20.26

$23.96

$0

$10

$20

$30

Ch

ap

ad

a

Co

ns

tan

cia

Se

rro

te

To

rom

oc

ho

Co

bre

Pan

am

a

Mir

ad

or

Sie

rra G

ord

a

Cu

ajo

ne

Rad

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s P

ela

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Pit

Min

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osts

(U

S$/t

mille

d)

12

125

215

285

300

2020 2021 2022 2023

95

112

136

143

2020 2021 2022 2023

Source: Actual 2020 production and 3-year guidance issued March 29, 2021.

1. Calculated using the mid-point of production guidance ranges.

Au(koz)

Cu(kt)

CONSOLIDATED 3-YEAR PRODUCTION OUTLOOK

GROWING COPPER AND GOLD PRODUCTION

• Consolidated copper and gold production expected to increase by 36% and 125%1, respectively, over 2020

levels as the Pampacancha and New Britannia growth projects are brought online beginning in 2021

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

STRONG ENVIRONMENTAL, SOCIAL & GOVERNANCE (“ESG”) PERFORMANCE

13

INDUSTRY LEADER IN RESPONSIBLE MINING

ENVIRONMENT

GHG emissions declined

further in 2019 (1.8%)

In 2019, overall water

consumption declined by 9%

Manitoba received 2019

Toward Sustainable Mining

Leadership Award

Tailings facilities rated “AA”

in Manitoba and “AA” in Peru

according to TSM’s tailings

management protocol

SOCIAL IMPACT

Manitoba COVID-19 relief

donations: together with our

partners, donated funds to

various charities supporting local

families

Peru COVID-19 relief donations:

biomedical equipment and

supplies to regional hospitals,

and >59 tonnes of basic

necessities to seven rural

communities in Chumbivilcas

Positive impact on surrounding

communities in Manitoba

through successfully

discovering, operating and

reclaiming over 25 mines in the

last 90 years

Government of Canada’s

Employment Equity

Achievement Award in Manitoba

Initiated “Hudbay Reduce”

campaign in Peru, resulting in a

68% reduction in plastic

generation

HEALTH & SAFETY

Constancia has the best

safety track record out of the

Peruvian copper mining

companies

Improved our current 3-year

average lost time accident

severity to 7.0

3-year total recordable injury

frequency average relatively

flat at 3.8

GOVERNANCE

Board refreshed in 2019 with

5 out of 10 new directors

3 female Board Directors

Moody’s governance rating

of GA1 2020, the highest in

the 4-tier structure

Ranked 7th among mining

companies in the Board

Games; ranked 1st among

base metal companies and

the only base metal company

in top 100

Source: Bloomberg, February 2021 Source: Ministry of Energy and Mines; LTA=Lost time accident

8178

7271

5952

#1(HBM)

#2 #3 #4 #5 #6

Base Metal Mining Company Rankings in Globe & Mail 2020

Board Games

12 13

5843 37

259242

#1(HBM)

#2 #3 #4 #5 #6 #7

2015-2019 Safety Record of Peruvian Copper Mining

Companies

Million hours worked w/out LTA # of LTAs

0

500

1000Peer GHG Emissions (2019)

GHG/Revenue Peer Average

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

THE HUDBAY COMPETITIVE ADVANTAGE

Long life assets located in mining friendly jurisdictions

Proven track record of operational excellence and low cost mines

Focused on free cash flow generation and prudent capital allocation

World-class management team with proven mining industry experience

Copper-focused with meaningful gold exposure in organic growth pipeline

Strong Environmental, Social and Governance (“ESG”) performance

Copper-focused with diversified organic growth pipeline14

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

Strategy Overview & Copper Market Update

15

2

EUGENE LEI

SVP, CORPORATE

DEVELOPMENT &

STRATEGY

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

HUDBAY’S STRINGENT STRATEGIC CRITERIA

16

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

POTENTIAL PROCESS

GEOGRAPHY QUALITY

FINANCIALOPERATORSHIP

Selective opportunities for

incremental growth potential

through exploration, development

and optimization

Robust due diligence and capital

allocation process to create risk-

adjusted value

Select investment grade countries in

the Americas with strong rule of law

consistent with our ESG principles

Investments and acquisitions accretive to

Hudbay on a per share basis with robust

project IRRs

Creating value through leading efficient

project development and operational

excellence

Focused on long-life, low-cost assets to

capture peak cyclicality while generating

cash flow through price cycles

COMMODITYPrimary focus on copper with appreciation

for polymetallic exposure and counter-

cyclical nature of gold

SUSTAINABLE VALUE CREATION BY LEVERAGING OUR KEY COMPETITIVE ADVANTAGES

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

2019 2020 2021 2022 2023 2024 2025

OUR CONSTRUCTIVE OUTLOOK FOR COPPER

17

• We believe copper has the best long-term supply/demand fundamentals and the greatest

opportunities for sustained risk-adjusted returns

• Copper prices have rallied to multi-year highs and exceeded $4.00/lb, driven in part by recovery in demand

combined with supply disruptions

• Long term copper fundamentals remain robust with new end use applications (e.g. EV-driven demand),

longer lead times to develop projects and a lack of of large, high-grade copper projects available

HISTORICAL COPPER PRICE & FORWARD CURVE (US$/LB CU) 1

Source: FactSet and Wood Mackenzie Copper Long-Term Outlook Q4 2020.

1. Prices for 2021E and beyond refer to December 31 contract settlement costs of metals futures curves as sourced from FactSet as at February 19, 2021.

2021E 2022E 2023E 2024E 2025EAppendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

LONG-TERM SUPPLY AND DEMAND FUNDAMENTALS

0

5

10

15

20

25

30

35

2015 2020 2025 2030 2035 2040

Base Case Production Capability Probable Projects Primary Demand

Mt

COPPER AND THE GREEN ECONOMY

18

COPPER IS A KEY ELEMENT IN MOVING TOWARD A GREENER, MORE SUSTAINABLE

FUTURE

1. CRU Copper Long-term Outlook and Copper Market Outlook.

Electrification of Vehicles

• Cu demand from EVs expected to exceed demand

from fuel-powered vehicles by 20351

De-carbonization of Global Economy

• Intense social and political push towards renewable

energy sources and zero-emission targets to

increase demand for Cu

Fundamental to Urbanization

• Cu remains without practical substitute to the

industrialization of economies, especially in regards

to infrastructure to support a “greener” future

Scarcity of Cu Projects of Scale

• New Cu discoveries of scale have become less

frequent, especially in Tier 1 jurisdictions

Protracted Timelines to Development

• Even in the current constructive Cu price

environment, lead times to advance projects to

construction remain lengthy

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2020 2035

GLOBAL EV & CHARGERS COPPER DEMAND

(000 TONNES)1

10x

COPPER PROJECT PIPELINE REMAINS CHALLENGED

19

• The pipeline of copper development projects is considerably thinner today compared to the last up-cycle in

copper

• There are fewer projects and those that remain are smaller in scale - approximately 50% reduction in

production capability versus 2008 - and have lower head grades

PROBABLE COPPER PROJECT PIPELINE

Source: Wood Mackenzie probable project pipeline Q1 2021

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

0.0

1.0

2.0

3.0

4.0

5.0

202

1

202

2

202

3

202

4

202

5

202

6

202

7

202

8

202

9

Cop

pe

r p

rod

uctio

n (

kt/a

)

0.0

1.0

2.0

3.0

4.0

5.0

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

Cop

pe

r p

rod

uctio

n (

kt/a

)

2008 2021• 60 projects

• 78 ktpa average size

• 4.5 mtpa production capacity (T + 8Y)

• 38 projects

• 56 ktpa average size

• 2.1 mtpa production capacity (T + 8Y)

PROJECT TIMELINE TO PRODUCTION

20

• Even in the current constructive copper price environment, there is significant lead time before a project can be

brought into construction before the significant supply gap expands in 2025

• On average, it takes ~10 years from the start of feasibility work until first production is achieved

Source: Company filings, Wood Mackenzie

1995 2000 2005 2010 2015 2020 2025

Timok

Kamoa-Kakula

Kapulo

Sentinel

Bystrinskoe

Udokan

Sierra Gorda

QB2

Lalor

Jabal Sayid

Mt. Milligan

Mina Ministro Hales

Caserones

Constancia

Pumkin Hollow

Rosemont

Aktogay (Mill)

Bozshakol

Miheevskoye

Las Bambas

Mina Justa

Toromocho

Antuoya

Bisha

Oyu Tolgoi (Phase 1)

Red Chris

Rio Blanco

Boleo

Cobre Panama

Quellaveco

Feasibility/Permitting Construction

Construction in Progress

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

HUDBAY COPPER GROWTH PER SHARE OVER TIME

21

THROUGH LEVERAGING OF CORE COMPETENCIES AND EFFECTIVE EXPLORATION

HUDBAY HAS DRIVEN A SIGNIFICANT INCREASE IN COPPER RESOURCE GROWTH

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

0

30

60

90

120

150

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Co

pp

er

Eq

uiv

ale

nt

(Cu

Eq

lb

s/ sh

are

)

Manitoba Peru Arizona Nevada Other

COPPER EQUIVALENT M&I RESOURCES PER SHARE

Source: Hudbay filings

Note: Excludes depletion from production.

• Over the past decade, we have built a world class asset base by employing a consistent long-term growth

strategy

PRODUCTION GROWTH OVER TIME

22

THE INCREASE IN COPPER RESOURCE GROWTH HAS TRANSLATED INTO PRODUCTION

INCREASES THROUGH PROJECT DEVELOPMENT AND EXECUTION

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

Source: Hudbay filings

Note: Midpoint of guidance shown for 2021 - 2023 and technical reports used for 2024.

Cu(kt)

Au(koz)

+236%+156%

54

95102

123130

139

2011 2020 2021 2022 2023 2024

95

125

203

265280

318

2011 2020 2021 2022 2023 2024

RELATIVE COST POSITIONING

23

CONSTANCIA AND SNOW LAKE GOLD ARE POSITIONED IN THE FIRST QUARTILE OF

CASH COSTS FOR PRIMARY COPPER AND PRIMARY GOLD MINES RESPECTIVELY

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

Source: Hudbay filings, SNL, Wood Mackenzie

Note: Only primary copper and gold mines shown in cost curves; technical report cash costs shown for Constancia and Snow Lake Gold.

2023 COPPER COST CURVE 2023 GOLD COST CURVE

Constancia

($1.00)

($0.50)

--

$0.50

$1.00

$1.50

$2.00

$2.50

2023E

C1 C

ash C

ost

(US

$ /

lb C

u)

Q1 Q2 Q3 Q4

Snow Lake Gold

($1,000)

($500)

--

$500

$1,000

$1,500

$2,000

$2,500

2023E

C1 C

ash C

ost

(US

$ /

oz A

u)

Q1 Q2 Q3 Q4

Bubble

Size Legend:

100 kt Cu 2023 production

HUDBAY’S RELATIVE GROWTH PROFILE

24

HUDBAY HAS ONE OF THE HIGHEST COMBINED GROWTH PROFILES IN COPPER AT

ATTRACTIVE C1 COSTS WITH MEANINGFUL SCALE

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

Source: Hudbay filings, Wood Mackenzie

Note: Hudbay production is based on midpoint of guidance; excludes unfunded development projects; Primary copper producers included in cost curve; Atalaya change in copper production (10%).

Q2

Ch

an

ge i

n C

op

per

Pro

du

cti

on

(2021 –

20

23

)

Q1Q4

Highest Growth

at Lowest Cost

2023 C1 Cash Cost (US$ / lb Cu)

Turquoise Hill

Lundin

First Quantum

Antofagasta

Atalaya

Ero Copper

Capstone

Copper Mountain

Taseko

Hudbay

(10%)

(5%)

–

5%

10%

15%

20%

25%

30%

–$0.50$1.00$1.50$2.00$2.50

Q3

LEADING ORGANIC GROWTH PIPELINEHUDBAY HAS BUILT A DIVERSIFIED PORTFOLIO FOCUSED ON COPPER & GOLD GROWTH

THROUGH EXPLORATION AND M&A, WHILE DIVESTING NON-CORE ASSETS

25

Constancia North

reserves incorporated into mine plan

PRODUCTIONFEASIBILITY STUDY

COMPLETE

RESOURCE

DEFINITIONEXPLORATION

Quehuincha North

drilling initiated in February 2021

South America

Llaguen

drilling expected in 2021

Manitoba United States

Maria Reyna, Caballito & Kusiorcco

Leviatan & Paquitas

Chile Exploration Land Package

Pampacancha Deposit

mining start expected in Q2 2021

Constancia Mine

Cu-Mo-Au-Ag

777 Mine

Zn-Cu-Au-Ag

Lalor Mine

Au-Zn-Cu-Ag

New Britannia Gold Mill Refurbishment

completion expected mid-2021

Rosemont Project

permitting appeals decision expected in 2021Copper World

announced March 2021Mason Project

PEA announced April 2021

1901 Deposit

zinc reserves incorporated into mine plan;

gold inferred remains upside potential

Manitoba Exploration Land Package

Lalor open at depth, regional properties

Mason Regional Exploration

WIM & 3 Zone Deposits

New Britannia, Watts, Pen II & Talbot

Deposits

Lalor In-mine Exploration

gold inferred conversion

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

SUSTAINABLE VALUE CREATION

26

Successful

Exploration

ESG

Excellence

Proven Mine

Development

World Class

Efficient

Operations

Capital

Allocation

and

Risk-

Adjusted

Returns

CONSTANCIA - Low Cost and Long Life

Continuous Optimization of Throughput & Recoveries Maria Reyna & Caballito Exploration

Executing on Pampacancha Ore Sorting

Constancia North & Quehuincha North Exploration Mill Expansion

Longer Term

MANITOBA - Mining District with Gold Upside

Ongoing Stall Mill Recovery Optimization Stall Tails Gold Extraction

Refurbishing New Britannia Gold Mill New Britannia Mill Expansion

Expanding Lalor Mine Throughput Snow Lake Mine Life Extension

Delineating Lalor Gold, 1901 & Snow Lake Resource Snow Lake Value Optimization

ROSEMONT - High Quality Copper Project

Advancing Appeal Towards Decision Mine Development

Pursuing Mine Plan Optimization Potential Joint Venture Partnership

Helvetia Exploration

GREENFIELD EXPLORATION - Copper Optionality

Advancing Mason Optimization & PEA Nevada Regional Exploration

Grassroots Manitoba Base Metal & Gold Exploration Chile Grassroots Exploration

Grassroots Llaguen Exploration

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

• We intend to sustainably grow Hudbay through exploration and development of our robust project

pipeline, as well as through the acquisition of other properties that fit our stringent strategic criteria

for value creation

Operational Update

27

3

CASHEL MEAGHER

SVP & COO

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

CONSTANCIA LOCATION

28

MINE

TOWN

RAILROAD

ROAD

Lima

PERU

CONSTANCIA

AREQUIPA

Cusco

CUSCO

Matarani

Imata

Arequipa

Cerro Verde

MOQUEGUA

TACNA 100km0

Las Bambas

Yauri

Tintaya

Antapaccay

CONSTANCIA

&

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

80.1%

80.6%

81.2%

82.1%

80.7%

79.7%

85.0%

84.8%

86.2%

84.7%

86.0%

85.6%

84.3%

76.6%

83.3%

85.3%

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

Technical Report Average

79

86 86 86

60

80

100

2017A 2018A 2019A 2020A

Co

nsta

ncia

Mill

Th

rou

gh

pu

t R

ate

(ktp

d)

LOW-COST, LONG-LIFE COPPER MINE IN PERU

• 100%-owned, production commenced in 2014

• On-site processing plant producing copper and molybdenum

concentrate end products

• Developed and maintaining meaningful partnerships with local

communities

• Potential to add value through nearby satellite deposits such as

Pampacancha, which is expected to start production in 2021

CONSTANCIA MINE OVERVIEW

COPPER RECOVERIES

PLANT THROUGHPUT

CONTINUOUS OPTIMIZATION INITIATIVES

• Increasing throughput and quarterly trend in copper recoveries

• Continued integration of an automated, advanced process control system

• Flotation improvements – optimizing water recovery in the tailings thickener and the installation of enhanced equipment in the rougher circuit

102 KT8-YEAR AVG.

CU PRODUCTION1

17 YEARSMINE LIFE

58 KOZ8-YEAR AVG.

AU PRODUCTION1

$1.18/LB8-YEAR AVG.

CASH COSTS1

86KTPDMILL CAPACITY

CU-MOPORPHYRY DEPOSIT

291. Annual average over the period 2021 to 2028 using Constancia’s updated mine plan announced March 29, 2021.

2. Excludes period during temporary mine suspension from March 20 to May 17, 2020.

Tuning of advance

process control system

Processing of stockpile

ore after temporary

government mandated

mine suspension

2

76ktpd

(original

design

capacity)

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

CONSTANCIA PRODUCTION PROFILE

30

CONSTANCIA UPDATED MINE PLAN

80

108117

128

91 95 91106

$1.37

$0.97$0.80 $0.74

$1.48 $1.47$1.37

$1.27

2021 2022 2023 2024 2025 2026 2027 2028

Production (kt Cu) Cash Cost (US$ / lb Cu)

Average production of >100 kt

Cu at $1.15 / lb Cu cash cost

Additional 9 years

of mine life based

on reserves only

• Incorporates higher grades from Pampacancha from 2022 to 2025 and the new Constancia North

reserves to extend the medium-term production profile

• Average annual copper production increases to 102,000 tonnes over the next 8 years at an

average cash cost of $1.15/lb

• Total copper and gold production increases by 12% and 9%, respectively, compared to the same

period in the previous mine plan1

1. Calculated using 2019 to 2036 production from Hudbay’s previous NI 43-101 technical report for Constancia, dated March 26, 2018, compared to 2021 to 2037 production from the updated mine plan plus 2019 and 2020 actual production to

allow for the two mine plans to be comparable based on the timing of Pampacancha.

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

MINE

MILL

TOWN

RAILROAD

ROAD

MANITOBA BUSINESS UNIT

31

Winnipeg

777LALOR

LALOR MINE~4,500 tpd

New Britannia Gold Mill1,500 tpd capacity

0 5km

Stall Base Metal Mill3,800 tpd capacity

Flin Flon

LALOR MINEM

AN

ITO

BA

SA

SK

AT

CH

EW

AN

0 50km

Snow Lake

Snow Lake

Flin Flon Base Metal Mill6,000 tpd capacity

777 MINE~3,000 tpd

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

50%

55%

60%

65%

0.0

1.5

3.0

4.5

2016 2017 2018 2019 2020

Ore Throughput ('000's tpd) Gold Recovery (%)

LOW-COST DISTRICT WITH GOLD UPSIDE

Lalor and Snow Lake Operations (100%-owned)

• Planned expanded ore production to 5,300 tpd at Lalor in 2023

• New mine plan increase annual gold production to over 180,000

ounces with the refurbishment of New Britannia gold mill

• 1901 deposit to be mined starting in 2026; potential for further mine

life extension from satellite deposits

777 Mine (100%-owned)

• Maximizing cash flow to end of mine life; processing assets to be put

on care and maintenance after mine closure to maintain optionality

MANITOBA OPERATIONS

STALL MILL THROUGHPUT AND GOLD RECOVERIES

LALOR DELIVERED ON 2020 GUIDANCE

• The Lalor mine and Stall mill both achieved record quarterly and annual production in 2020 as 777 employees and equipment were redeployed to Lalor during the 777 shaft repair period

• Early mining of Lalor gold zones underway in preparation for New Britannia mill restart

• Stall mill tonnes processed have improved over time due to increased plant runtime from enhanced maintenance programs

• Underground development at Lalor in gold rich lenses 25 and 27 advancing ahead of schedule in preparation of mid-2021 start-up of New Britannia Mill

20-24 KT2021E CU PRODUCTION

17 / 1.5 YEARSSNOW LAKE/ 777

MINE LIFE1

150-165 KOZ2021E AU PRODUCTION

3.8 / 6.0 KTPDSTALL MILL / FLIN FLON

CONCENTRATOR CAPACITY

VMSDEPOSITS

32

LALOR MINE TONNAGE (KTPD)

96-107 KT2021E ZN PRODUCTION

1. Snow Lake mine life based on Lalor mine providing ore feed through to 2031, with WIM and 3 Zone deposits subsequently providing ore feed to 2037. Reserve life as of January 2021; 777 resources are expected to be depleted in 2022. Reserve life is updated annually with Reserves and Resources reporting.

3.0

3.5 3.5

4.24.5

2.0

3.0

4.0

5.0

2016 2017 2018 2019 2020

3.3ktpd

(original

design

capacity)

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

SNOW LAKE GOLD STRATEGY

33

PHASE 3:

Expansion Potential

PHASE 2: Optimization

& Execution

2008 & 2009 – Au zone and

Cu-Au zone identified

2012 – Initial gold zone

reserve defined

2015 – New Britannia mill

acquired for ~$10M

2017 – Plans to expand Lalor

to 4,500 tpd

2018 – Infill drilling, test

mining of Au zone

2020 – Optimized mine plan with

annual production of >150 koz2 at

1st quartile cash cost & AISC2

2020 - Integration of satellite gold

deposits WIM and 3 Zone into the

mine plan

• Q3 2021 – commissioning and

ramp up of New Britannia for

early gold

• Q4 2021 – commissioning and

ramp up of Cu flotation at New

Britannia

Implementing optimized

recoveries and throughput at Stall

Expanding Lalor to 5,300 tpd

1901 reserves added to the Snow

Lake mine plan starting in 2026

• Further exploration to extend

Lalor, 1901 and regional deposits

• Future potential to expand New

Britannia mill

Historical WorkPHASE 1: Repositioning

Lalor as a Gold Mine

2018 – Completion of tradeoff

studies and New Britannia mill

refurbishment announced

2019 – 65% increase in Lalor

gold reserves

2019 – Initial mine plan for

processing gold ore with

annual production of ~140

koz1

1. Mine plan released in February 2019. Average annual gold production over the five-year period from 2022 to 2026.2. Revised mine plan announced on March 30, 2020. Average annual gold production over the eight-year period from 2022 to 2029 is 152,768 ounces. Snow Lake Gold LOM cash cost and AISC compared to 2020 cash cost and AISC from S&P

Global’s 2020 production costs by product dataset (dated March 2020). 3. New Britannia Mill has historically produced in excess of 2,000tpd.

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

SNOW LAKE GOLD PRODUCTION PROFILE

34

SNOW LAKE GOLD UPDATED MINE PLAN

Source: Hudbay 2021 Annual Reserve and Resource Update news release

Note: For details regarding Hudbay’s costs, refer to Hudbay’s 2021 Annual Information Form.

159 174 190 191208

184162

($275)

$361 $434 $440

$393 $454

$382

2021 2022 2023 2024 2025 2026 2027

Production (koz Au) Cash Cost (US$ / oz)

Average production of >180 koz

Au at $326 / oz Au cash cost

Additional 10 years

of mine life based

on reserves only

• Incorporates early production of gold at New Britannia in 2021 in addition to several near-to-

medium term optimization initiatives:

• Increasing Lalor’s mining rate to 5,300 tpd starting in 2023 after the 777 mine closes

• Adding 1901 zinc-rich reserves to the mine plan to take advantage of future spare capacity at Stall

• Increased copper and precious metal recoveries at the Stall mill starting in 2023

• Higher throughput at Stall (3,800 tpd versus 3,500tpd previously)

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

NEW BRITANNIA REFURBISHMENT PROGRESS

35

ON TRACK FOR EARLY GOLD PRODUCTION IN EARLY Q3 2021

Flotation Building – Looking North West, stairs and

compressor February 2021

Newly Installed Acid Wash and Strip

Vessel and Structural February 2021

Leach, incoming and interconnecting piping

February 2021

1. At cash costs and sustaining cash costs, net of by-product credits, of approximately $480 and $655 per ounce, respectively, during the first eight years of the gold plant's operation.

GOLD

PLANT

COPPER

FLOTATION

CIRCUIT

Q1 2021 Q2 2021 Q3 2021 Q4 2021

Refurbishment activities

Commissioning & ramp-up

Commissioning & ramp-up

Construction activities

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

HIGH-QUALITY PROJECT WITH WELL-ESTABLISHED INFRASTRUCTURE

• Once in production, Rosemont is expected to be the 3rd largest copper production mine in the U.S.

• 19-year mine life generating 15.5% after-tax unlevered project IRR at $3.00/lb Cu; significant resource upside within district

• On July 31, 2019, the U.S. District Court issued an unprecedented ruling where it vacated the U.S. Forest Service’s issuance of the Final Record of Decision, suspending construction work at Rosemont. Hudbay and the U.S. Government have appealed the decision to the U.S. 9th Circuit Court of Appeals while Hudbay evaluates next steps for the project

ROSEMONT PROJECT

$769 / 15.5%NPV / IRR

19 YEARSMINE LIFE

127 KTFIRST 10-YRS CU

PRODUCTION1

$1.14/LBFIRST 10-YRS CU

CASH COST1

$1.9BCAPEX

CU-MO-AGPORPHYRY

36

COPPER PRODUCTION PROFILE1

97

134 133117

137147

128

148

104

122

$1.39$1.06 $1.09 $1.20 $1.19

$1.02 $1.12 $1.01

$1.37$1.11

$0.00

$1.00

$2.00

$3.00

$4.00

0

60

120

180

1 2 3 4 5 6 7 8 9 10

Co

pp

er

C1 C

as

h C

os

ts

(US

$/l

b, n

et)

Co

pp

er

Pro

du

cti

on

(k

t in

co

n)

Copper Production (kt in con)

ROSEMONT ECONOMICS1

$769

$1,115

$1,448

15.5%18.5%

21.2%

$3.00 $3.25 $3.50 $3.00 $3.25 $3.50

After-Tax NPV8% (US$M) Unlevered IRR (%)

Copper Price (US$/lb) Copper Price (US$/lb)

1. Rosemont on a 100% basis and based on Rosemont March 2017 feasibility study, average first 10 years of production. Rosemont IRR is unlevered after-tax IRR on project basis (100%). Tonnes shown are metric tonnes.

2. Morenci copper production is on a 100% basis. Copper production from Ray and Mission mines was sourced from Wood Mackenzie (Q1 2020 dataset).

US COPPER MINE PRODUCTION (KT)1,2

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

494

200

127104 100 83 75 65 56 50

Morenci BinghamCanyon

Rosemont Bagdad Chino Sierrita Ray PintoValley

Mission Safford

ROSEMONT & COPPER WORLD

37

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

SIGNIFICANT NEW DISCOVERY AT PROPERTIES ADJACENT TO ROSEMONT

• All intersections are on Hudbay’s wholly-

own private land

• Historical mining district with more than

20 small underground mines

• Initial 2020 drill program expanded from

15,000ft to 40,000ft after early

encouraging intersections of

mineralization at shallower depths than

at Rosemont

• This is the first time the region is being

explored as a zone of continuous

mineralization

• Potential to host at least 4 economic

deposits with a relatively low strip ratio;

may be a viable open-pit operation

separate or additive to Rosemont

MASON PROJECT OVERVIEW

38

HIGH-QUALITY OPEN PIT COPPER PROJECT

WITH SIGNIFICANT BY-PRODUCT PRODUCTION

• Acquired by Hudbay in 2018 and located approximately 75km

southeast of Reno, Nevada in the prolific Yerington Copper District

• Excellent infrastructure is in place already including road access

and nearby rail and power

• In 2019 and 2020, Hudbay consolidated adjacent lands near Mason,

including the Mason Valley and Bronco Creek properties, offering

optimization and exploration upside potential

100%OWNERSHIP

13,820HALAND PACKAGE

0.29%M&I CU GRADE

2.2BTM&I TONNAGE

BLOCK MODEL

PROMISING EXPLORATION POTENTIAL

• Mason remains open in several directions

• High-grade regional skarn targets with potential to increase grades early in the mine life

• Several un-tested IP anomalies and potential to add additional oxide material

CATEGORY TONNES Cu (%)

MASON

M&I 2,219,000,000 0.29

Inferred 237,000,000 0.24

PEA RESULTS

$1.76 / LB CU SUSTAINING CASH COST

112 KTPA CU ANNUAL COPPER PRODUCTION

$519MNPV10%

14%IRR

Source: Hudbay Mason PEA news release dated April 6, 2021.Note: PEA results shown at $3.10 copper price.

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

MASON DEVELOPMENT STRATEGY

39

Mason Acquisition

Identified the potential of the large-scale Mason deposit

Toe hold $2M investment in Mason Resources for 14%

ownership

Acquired remaining 86% for $15M

LOW-COST CONSOLIDATION & OPTIMIZATION OF THE MASON PROJECT

High-Grade Upside

Acquired potential high-grade ore sources

Consolidated 5 historical high-grade mines (Mason

Valley Properties) located south of the Mason pit

• Potential to improve upfront cash flow with

introduction of high-grade material

PEA

Robust PEA completed by Hudbay

PEA outlining $519 mm NPV10% and 14% IRR at $3.10 / lb Cu

Hudbay’s first resource model increased M&I to 2.2Bt

Mine plan of 1.1Bt is ~98% from M&I with high reserve

conversion potential

Acquisition Cost

$17M

Mason NPV

$519MWith opportunities to

increase NPV

Source: Hudbay Mason PEA news release date April 6, 2021.Note: PEA results shown at $3.10 copper price.

Land Acquisition

Consolidated rights to properties for infrastructure

Option agreement executed with Bronco Creek for

Roulette property

Provides key land for project infrastructure

Optimization

Pursuing optimization initiatives• Compiling and interpreting historical data to identify

targets for first drilling campaignAppendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

Reserves, Resources & Exploration Update

40

4

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

OLIVIER TAVCHANDJIAN

VP EXPLORATION &

GEOLOGY

SUCCESSFULLY ADDING VALUE THROUGH EXPLORATION

1. Red bars from NI 43-101 Technical Report on the Constancia mine filed by Norsemont Mining, dated September 28, 2009; assumes first year of production starting in 2015. White bars are actual Constancia production for years 2015-2020; years 2021-2037

from NI 43-101 Technical Report on the Constancia Mine dated January 1, 2021.

2. Blue bars from NI 43-101 Technical Report on the Lalor mine, dated March 30, 2012; assumes first year of production starting in 2012. White bars are actual Lalor production for years 2012-2020; years 2021-2037 from Snow Lake Mine Plan dated January 1,

2021. 41

CONSTANCIA COPPER PRODUCTION PROFILE1

SNOW LAKE GOLD PRODUCTION PROFILE2

Contained Gold (koz)

Contained Copper in Concentrate (kt)

112

21

42 45 45 51

95112 115

160

190 191208

184162

54 54 54 54 54 54 54 54 54 54

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

Production - 2012 Technical Report Production - Actuals 2021 Snow Lake Mine Plan

135 133122 122

114

7380

108117

128

91 95 91

106

68 68 68 68 68 68 68 68 68

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037

Production - Norsemont 2011 Technical Report Production - Actuals and 2021 Technical Report (Hudbay)

Appendix

Corporate Update

Strategy Overview

Operational Update



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EXPLORATION FOCUS

42

CANADA

PROPERTY OWNERSHIP

LAND

SURFACE

(HA)

MANITOBA / SASKATCHEWAN

Goose Lake 100% Owned 397,242

Harmin-Fenton 100% Owned 7,368

Chisel Basin 100% Owned 3,762

Elbow Lake 100% Owned 3,328

Watts River 100% Owned 1,282

Other Manitoba - 97212

Other

Saskatchewan- 89,379

TOTAL 599,573

PERU

PROPERTY OWNERSHIP

LAND

SURFACE

(HA)

Llaguen Optioned 8,900

Maria Reyna Optioned 5,850

Kusiorcco 100% Owned 3,962

Pampa

Esperanza

Option

Negotiation3,862

Tingo 100% Owned 800

Caballito

ANKA

Optioned

Optioned

120

6,600

Other - 152,656

TOTAL 182,750

CHILE

PROPERTY OWNERSHIP

LAND

SURFACE

(HA)

UndercalicheOption

Negotiation20,102

Trilco 100% Owned 8,604

San Antonio 100% Owned 1,531

TOTAL 30,237

OVER 835,000 HECTARES OF OWNED OR OPTIONED MINERAL PROPERTIES

UNITED STATES

PROPERTY OWNERSHIP

LAND

SURFACE

(HA)

Mason & MVC 100% Owned 13,820

Rosemont 100% Owned 8,215

Lordsburg 100% Owned 1,917

TOTAL 23,952

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TIMELINE OF SIGNIFICANT EXPLORATION DISCOVERIES

43

1914 2019

Original Flin

Flon Discovery

Lalor Cu-Au

& Au Zone

2011

777

2007 2008 - 2009 2021

Over 25 Flin Flon area deposits

1915 - 2006

LalorPampacancha

1901

Copper World

Constancia North

Caballito

Maria Reyna

Mason Valley

Llaguen

HUDBAY HAS A RICH HISTORY OF EXPLORATION SUCCESS WITH NUMBEROUS

DISCOVERIES DATING BACK TO 1915 ACROSS MULTIPLE JURISDICTIONS

Canada Peru United States

2020

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2021 ANNUAL RESERVE AND RESOURCE UPDATE

• More than replaced tonnes mined at both Constancia and Lalor

• Extended mine life at Constancia at higher average grade

• Supported higher throughput of Lalor’s production without reduction in mine life

• Added ~170,000 tonnes of contained Cu to total reserves

• Added ~360,000 ounces of contained Au to total reserves

• Initial 1.6Mt of mineral reserve estimates for the 1901 deposit only 2 years after discovery

• Inferred mineral resource additions more than offset resource to reserve conversion in

Snow Lake with a net gain of 1.8Mt containing 260,000 ounces of gold

• Overall reduction in mineral resource estimates tonnage at Constancia but reduction in

tonnes was offset by increase in grade in all categories: resource estimates have a

higher likelihood of conversion to reserves at Constancia

• Remodeling and revision of economic evaluation at Mason resulted in a significant

increase in mineral resource estimates with a higher component of measured and

indicated resources using the same criteria as at Constancia

• Mason measured and indicated mineral resources increased to 2.2Bt from 1.4Bt previously

44

Appendix

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SUCCESSFUL YEAR TO GROW OUR RESOURCE AND RESERVE INVENTORY

CONSTANCIA REGIONAL POTENTIAL

45

K/Th radiometric data indicative of potassic alteration

associated with a mineralizing porphyry system

0 5,000 10,000

Meters

Kusiorcco Target

Acquired 2018

Acquired 2018

Acquired 2011

LEGEND

Process

Plant

Constancia Pit

Pampacancha Pit

Caballito

Target

Maria Reyna

Target

Pampacancha

Constancia

Caballito

Maria Reyna &

Kusiorcco

2.5km

Quehuincha North Target

Acquired 2020

Leviatan

Target

Paquitas Target

Property

Distance to

Process

Plant

Description

Pampacancha 5 km

• Community surface rights

agreement completed

• Consulta Previa process

completed

• Mining expected to start in 2021

Quehuincha

North11 km

• Community exploration

agreement completed

• Consulta Previa process

completed & drill permits

received

• Drilling initiated in Feb 2021

Paquitas &

Leviatan~10 km

• Community exploration

agreement completed

• Consulta Previa and drill permit

application processes underway

Maria Reyna &

Caballito5-10 km

• Negotiating community

agreement

• Caballito is a former copper

oxide mine (>5%)

• Maria Reyna is a prospective

copper skarn-porphyry

(historical drilling includes 160m

@ 1.0% CuEq from surface)

Kusiorcco 7 km

• Exploration agreement

discussions with communities

are pending

MINERAL PROPERTIES WITHIN TRUCKING DISTANCE OF CONSTANCIA INFRASTRUCTURE

Appendix

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Quehuincha

North

SNOW LAKE GOLD REGIONAL POTENTIAL

46

0 20km

3 Zone/Birch

Lalor

1901Pen II

Stall

New Britannia

WIM

Watts

Snow Lake

MINE

MILL

TOWN

PROJECT

RAILROAD

ROAD

Power Line

Osborne Lake

LARGE PROSPECTIVE LAND PACKAGE IN THE SNOW LAKE BELT WITH

SIGNIFICANT GOLD AND BASE METAL EXPLORATION POTENTIAL

MINERAL PROPERTIES IN THE SNOW LAKE REGIONAsset Metal Type Reserves & Resources1

WIM Cu-AuProbable – 2,448kt @ 1.63%

Cu; 1.6g/t Au

40kt Cu;

126koz Au

Pen II ZnIndicated – 469kt @ 8.89% Zn

Inferred – 132kt @ 9.81% Zn

42kt Zn

13kt Zn

1901 Zn-Au

Base Metal Zone

Proven – 890kt @ 6.61% Zn;

2.0g/t Au

Probable – 690kt @ 9.49% Zn;

1.4g/t Au

Inferred – 310 @ 6.44 Zn;

2.0g/t Au

Gold Zone

Inferred – 480kt @ 6.7g/t Au

59kt Zn;

57koz Au

65kt Zn;

31koz Au

20kt Zn;

20koz Au

103koz Au

Watts Cu-Zn-Au Inferred – 3,153kt @ 2.34%

Cu; 2.58% Zn; 1.0g/t Au

74kt Cu; 81kt

Zn; 101koz Au

New

Britannia2 AuProbable – 662kt @ 4.2g/t Au

Inferred – 3,322kt @ 4.5g/t Au

89koz Au

479koz Au

Talbot3 Cu-Zn-Au

Indicated – 2,194kt @ 2.33%

Cu; 1.79% Zn; 2.06g/t Au

Inferred – 2,445kt @ 1.13%

Cu; 1.74% Zn; 1.87g/t Au

51kt Cu; 39kt

Zn; 145koz Au

28kt Cu; 42kt

Zn; 147koz Au

1. For further information refer to detailed reserves and resources slides in this presentation.2. New Britannia is comprised of 3 Zone, Birch and New Britannia deposits.

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3. Includes 100% of the Talbot mineral resources reported by Rockcliff Metals Corp. in its 2020 NI 43-101 technical report and Hudbay currently owns a 51% interest in the project.

COPPER WORLD EXPLORATION

47

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SIGNIFICANT NEW DISCOVERY AT PROPERTIES ADJACENT TO ROSEMONT

• Exploration work began by compiling and validating

historical data on our private land claims and refining

the geological model

• Review suggested the potential for both copper

sulphide and oxide mineralization in skarns and

porphyries near surface in several areas

• 70,000ft follow-up drill program initiated in 2021 and

has doubled the number of drill rigs at site; focus on

understanding the full extent of the mineralization

which remains open along strike

The Copper World deposits have mineralization located closer to surface than Rosemont and remain

open at depth. For further information on intercept length, grade and dip, please reference the assay

results tables in the news release date March 29, 2021.

Broad Top Butte Drill Hole Highlights

• #011 intersected 440 feet of 1.38% copper, including 70 feet of 4.2%

copper

• #012 intersected 246 feet of 0.70% copper starting at surface• #023 intersected 300 feet of 0.91% copper

Peach and Elgin Drill Hole Highlights

• #035A intersected 500 feet of 0.82% copper starting at surface• #037 intersected 600 feet of 0.40% copper starting at surface• #048 intersected 280 feet of 0.46% copper starting at surface• #051 intersected 140 feet of 1.01% copper starting at surface• #062 intersected 300 feet of 0.64% copper starting at surface

Financial and Balance Sheet Overview

48

5

STEVE DOUGLAS

SVP & CFO

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FOCUSED ON FREE CASH FLOW GENERATION & PRUDENT BALANCE SHEET MANAGEMENT

• Generated ~$2.2B of EBITDA and ~$650M of free cash flow over the last five years and during

the volatile copper price environment due to un-hedged production and stable low-cost profile

• Prudent balance sheet management; next phase of growth focused on low capital, high return

brownfield projects with short paybacks on our invested capital

49

1. Adjusted EBITDA is profit or loss before net finance expense/income, tax expense/recoveries, depreciation and amortization of property, plant and equipment and deferred revenue, as well as certain other adjustments. We calculate Adjusted EBITDA by removing the impact of non-cash items and financing costs that are not associated with measuring the underlying performance of our operations. Free cash flow is calculated as operating cash flow before non-cash working capital less sustaining capital expenditures and less interest paid. Adjusted EBITDA and free cash flow are non-IFRS performance measures with no standardized definition under IFRS.

2. Consensus EBITDA and copper prices sourced from Bloomberg as of February 17, 2021.

ADJUSTED EBITDA, CAPEX, FREE CASH FLOW1

($M)Consensus Estimates 2

$423

$575 $555

$359

$307

$555

$664

$83

$295 $274

$22

($26)

$2.21

$2.82 $2.93 $2.73 $2.86 $3.40 $3.30

2016 2017 2018 2019 2020 2021E 2022E

Adj EBITDA Free Cash Flow Realized Copper PriceAppendix

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Consensus EBITDA

PRUDENT CAPITAL ALLOCATION

50

PAMPACANCHA

~160% CuEq GRADE INCREASE ¹

NEW BRITANNIA

GOLD RECOVERY AT 93% FROM 53%

• Engineering 99% complete, project procurement

99% complete, construction 73% complete2

• Low-risk mill refurbishment

• Increases Lalor’s annual gold production to over

180,000 ounces

FU

TU

RE

• Additional drilling at Lalor, 1901 Deposit and

other known deposits for further growth

potential

1. Copper equivalent grade calculated based on January 1, 2020. Constancia Mineral Reserves statement and using the following lo ng-term metal prices: $3.00 per pound of copper; $11.00 per pound of molybdenum; $18.00 per ounce of silver;

and $1,260 per ounce of gold.

2. As of February 2021.

LEVERAGING EXPERTISE THAT WAS DEMONSTRATED THROUGH BEST IN CLASS

DELIVERY OF CONSTANCIA

• Successfully constructed Constancia (Peru), Lalor (Canada) and Reed (Canada) mines

simultaneously during 2012-2014

• Satellite deposit located ~7 km by road from

processing facilities

• High-grade copper and gold mineralization

• Completed Consulta Previa in December 2020

• Production expected to commence in Q2 2021

• Prospective ~22,500 hectare regional land package

within trucking distance of Constancia processing

facilityAppendix

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ENHANCED LIQUIDITY & LONG-DATED DEBT PROFILE

51

2023 20262021 20292024 20252022 2027 2028

LONG-TERM DEBT STRUCTURE PROVIDES SIGNIFICANT FLEXIBILITY1

1.As at December 31, 2020.

2.Revolver availability as of December 31, 2020 includes availability under the $400M credit facilities less $115M in committed LCs.

3.Total long-term debt outstanding as at December 31, 2020.

Cash and Equivalents1 $439 million

Revolver Availability2 $285 million

Available Liquidity $724 million

Long-Term Debt Outstanding3 $1.2 billion

$600 $600

Callable starting in 20234.5%

due 2026

Callable starting in 20246.125%

due 2029

RECENT TRANSACTIONS DEMONSTRATE PRUDENT BALANCE SHEET MANAGEMENT

• May 2020 – entered into a gold forward sale and prepay transaction, generating $115M in cash proceeds to prefund entire

capital budget at the time for New Britannia gold mill refurbishment

• August 2020 – restructured credit facilities to right-size the facility and amend covenants to further enhance financial flexibility

• September 2020 – completed an offering of $600M of 6.125%

senior unsecured notes due 2029 to redeem entire $400M tranche of

7.250% due 2023

• Reduced interest rate by over 1%; added 6 years to the maturity

• March 2021 – completed offering of $600M 4.50% senior unsecured

notes due 2026 to refinance existing $600M 7.625% notes due 2025

• Reduced interest rate by over 3%

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ESG Initiatives

52

6

Appendix

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JAVIER DEL RIO

VP SOUTH AMERICA B.U.

DAVID CLARRY

VP CORPORATE SOCIAL

RESPONSIBILITY

ROB ASSABGUI

VP MANITOBA B.U.

ANDRE LAUZON

VP ARIZONA B.U.

OUR APPROACH TO SUSTAINABILITY

53

MUTUAL RESPECT, TRUST AND CONTINUOUS DIALOGUE

• By living our values, we build strong relationships with our host communities and governments,

making us a better partner and a better company

Our Values are:

Dignity & Respect: we treat each other in ways

that bring out the very best in each of us

Caring: we sustain and contribute to the well-being

of people and the environment in which we operate

Openness: we speak freely and listen with care

about opportunities, issues and concerns

Trustworthiness: we can count on each other to

do the right thing, and we follow through on our

commitments

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ENVIRONMENTAL INITIATIVES

• Tailings Commitments – aligned with Global Tailings Standard

• Maintain at least level A in each indicator of the TSM tailings protocol (Canadian and

Peru operations currently both AA), and

• Ensure tailings facilities are constructed following the Canadian Dam Safety Guidelines

• Climate – GHG

• ~50% of 2019 energy consumption was from

renewable sources

• Developing roadmap to 2030 target of 50%

reduction in global emissions

• Sustainability Commitments

• Achieving at least A level on all TSM indicators

at all operations

• Eco-efficiency indicators added to our capital

approval process

54

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WE AIM TO DEVELOP, OPERATE AND CLOSE MINES IN A MANNER THAT

DEMONSTRATES OUR COMMITMENT TO ENVIRONMENTAL STEWARDSHIP

SOCIAL / COMMUNITY INITIATIVES

• Human Rights Policy – commitment to following the

Voluntary Principles on Security and Human Rights• Focus on security through relationships and good risk

understanding and mitigation

• UN codes of conduct for law enforcement and use of force

• Local employment and procurement standard • $60 million of procurement in local communities in 2019

• MBU workforce 15% Indigenous / Constancia workforce 40% of Constancia mining operators are members of local communities

• Peru land acquisition follows IFC standards

• Community investment standard • Use of partnerships to maximize community benefit and

sustainability

• Maintaining operations safely through pandemic • Over 40,000 COVID-19 tests administered by Hudbay

• Extensive collaboration with health authorities on safety measures

55

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HUDBAY’S GOAL IS TO HAVE A POSITIVE IMPACT AND HELP LOCAL COMMUNITIES

NEAR OUR OPERATIONS THRIVE THROUGHOUT THE LIFE OF A MINE


ESG RATINGS / PERFORMANCE

• In MSCI and Sustainalytics rankings, Hudbay is positioned in the top quartile of mining companies

• Hudbay submits CDP questionnaires for Climate; Water; Forests (biodiversity)

56

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OUR MAIN OBJECTIVE IS TO PROVIDE TRANSPARENCY

CDP Questionnaire Hudbay context

Climate

Focusing on improving our understanding of reduction

paths

Pursue reduction opportunities as economics allow

Water No operations in water stressed regions

Forests/Biodiversity Focus on contributing to healthy local ecosystems

SUSTAINABILITY IN OUR PERU BUSINESS UNIT

57

• Safety is of the utmost importance and we are proud of our leading safety track record in Peru

• We’ve provided over $90 million in social investment since we started operating at Constancia,

directly impacting the communities through investments in healthcare, infrastructure, agricultural

development, education and environment

• We are focused on hiring locally and having a direct economic impact on our nearby communities

CASE STUDY: Preserving Biodiversity

At our Constancia operation in Peru, annual biodiversity action

plans detail the objectives and activities we undertake to

achieve no net loss of biodiversity, and leave the overall

ecosystems and biodiversity of the area in a better condition

than before mining took place.

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58

SOCIAL INVESTMENT BREAKDOWNHUDBAY PERU HAS FIVE SOCIAL DEVELOPMENT AREAS

Appendix

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90 M

PERU GOVERNMENT AND COMMUNITY INSTITUTIONS

• Hudbay Peru works with all levels of Government and Communities to develop stable

operations and to maximize the impact of our social investment in our area of influence and

beyond

Level Applicable Area Election Frequency Next Election

National-Presidential PeruEvery 5 years April 11, 2021

National-Congress PeruEvery 5 years April 11, 2021

Regional Cusco

Every 4 years 2022Provincial Chumbivilcas

District Chamaca, Livitaca & Velille,

Local Community Chilloroya, UchucarccoEvery 2 years 2022

•Ministry of Energy & Mines

•Ministry of Labor

• Mult-level coordination:

59

•Ministry of Health: partner in health social

projects and mitigation of COVID-19

•Ministry of Interior: security issues and

coordination with the National Police

•Ministry of Economy and Finance:

Investment promotionAppendix

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SUSTAINABILITY IN OUR MANITOBA BUSINESS UNIT

60

• We have operated mines in Manitoba for over 90 years, successfully reclaiming 20 mines

• The electricity used to run our processing plants is primarily renewable

• Partnered with the Northern Manitoba Sector Council to increase recruitment of indigenous

employees

• Upgrading tailings facilities to the best industry standards to ensure future stability of the

infrastructure in Flin Flon and Snow Lake

CASE STUDY: Ensuring a Lasting Legacy

Our Reed mine closed in 2018. We applied best practices to

achieve positive closure outcomes to ensure all waste and

contaminated material had been removed before revegetating

the area. This includes preparing the land in a way that will

promote natural germination to perpetuate in the area.Appendix

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SUSTAINABILITY IN OUR ARIZONA BUSINESS UNIT

61

• Supporting future “green” economic growth and innovation may require access to mineral

resources closer to home

• President Biden promised a $2 trillion green energy and infrastructure plan when he took office.

He has also ordered reviews of critical supply chains to reduce the US’s dependence on rival

nations

• Having assets in Canada and US represent an opportunity in environment of scarce regional and

global supply amidst growing demand

CASE STUDY: A Catalyst for Prosperity

In a fast-changing world in which copper is THE primary metal

required to transmit electricity from battery storage to and

throughout electrical applications, we foresee a material increase

in copper demand. Having assets in Canada and US represent

an opportunity in environment of scarce regional and global

supply amidst growing demand.Appendix

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0

200

400

600

800

1,000

1,200

1,400

1,600

US Canada & Mexico

Supply Consumption

1. 2020 data sourced from CRU Copper Long-term Outlook and Copper

Market Outlook.

NORTH AMERICA COPPER CONSUMPTION AND

SUPPLY (000 TONNES)1

In Closing

62

PETER KUKIELSKI

PRESIDENT & CEO

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2021 KEY OBJECTIVES

63

• FOCUS on operational efficiencies, maintain low-costs of production to continue to generate positive cash flow and strong returns on invested capital

• EXECUTE development and commence mining activities at the high-grade Pampacanchasatellite deposit

• DELIVER the refurbishment of the New Britannia gold mill to significantly increase gold production from Lalor

• PROGRESS the third phase of our Snow Lake gold strategy

• ADVANCE the appeals process and alternative options to unlock value at Rosemont

• MAINTAIN Constancia's industry-leading efficiency metrics

• DRILL regional copper exploration targets near Constancia, in northern Peru, and at Rosemont while continuing to advance exploration programs in the Snow Lake region, Peru and Nevada

• SUPPORT Hudbay’s workforce, their families and the communities in which the company operates through continuing to make health and safety a priority and providing ongoing COVID-19 support consistent with our ESG principles

• EVALUATE exploration, organic growth and acquisition opportunities that meet our stringent strategic criteria; allocate capital to pursue those opportunities that create sustainable valueAppendix

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APPENDIX

PERU MINERAL RESERVES

CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t)

CONSTANCIA

Proven 436,500,000 0.29 83 0.041 2.88

Probable 56,100,000 0.25 69 0.045 3.09

Total Proven and Probable 492,600,000 0.29 82 0.042 2.90

PAMPACANCHA

Proven 32,400,000 0.59 178 0.368 4.48

Probable 7,500,000 0.62 173 0.325 5.75

Total Proven and Probable 39,900,000 0.60 177 0.360 4.72

Total Mineral Reserves 532,500,000 0.31 89 0.066 3.04

AS AT JANUARY 1, 2021

65

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PERU MINERAL RESOURCES


CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t)

CONSTANCIA

Measured 125,200,000 0.22 65 0.038 2.11

Indicated 118,300,000 0.22 65 0.037 2.05

Inferred 46,600,000 0.30 73 0.054 2.72

PAMPACANCHA

Measured 11,400,000 0.41 101 0.245 4.95

Indicated 6,000,000 0.35 84 0.285 5.16

Inferred 10,100,000 0.14 143 0.233 3.86

Total Measured and Indicated 260,900,000 0.23 67 0.052 2.27

Total Inferred 56,700,000 0.27 86 0.086 2.92

66

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PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t)

Base Metal ZoneProven Lalor 6,860,000 0.50 5.79 2.6 29

1901 890,000 0.40 6.61 2.0 28

Probable Lalor 1,190,000 0.64 4.32 3.2 32

Gold Zone

1901 690,000 0.25 9.49 1.4 30

Proven Lalor 3,950,000 0.60 1.03 5.2 28

Probable Lalor 3,630,000 1.16 0.53 5.7 28

Total Lalor + 1901 Proven & Probable 17,200,000 0.66 3.68 3.8 29

Base Metal Zone Resources Inferred Lalor 590,000 0.31 3.48 2.8 55

Inferred 1901 310,000 0.85 6.44 2.0 25

Gold Zone Resources Inferred Lalor 5,610,000 1.17 0.35 4.6 26

Inferred 1901 480,000 0.72 0.55 6.7 37

Total Lalor + 1901 Inferred 6,990,000 1.05 0.89 4.5 29

WIM Probable 2,450,000 1.63 0.25 1.6 6.3

3 Zone Probable 660,000 - - 4.2 -

Total WIM + 3 Zone Probable (Gold) 3,110,000 1.28 0.20 2.2 5.0

Birch Inferred 570,000 - - 4.4 -

New Britannia Inferred 2,750,000 - - 4.5 -

Total WIM + 3 Zone Inferred (Gold) 3,320,000 - - 4.5 -

SNOW LAKE RESERVES & RESOURCESAS AT JANUARY 1, 2021

67

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SNOW LAKE RESERVES & RESOURCES (CONT’D)


PROPERTY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t)

PEN II Indicated 470,000 8.89 0.3 0.49 7

Talbot1 Indicated 2,190,000 1.79 2.1 2.33 36

Total Indicated (Base Metals) 2,660,000 3.04 1.8 2.01 31

Watts River Inferred 3,150,000 2.58 1.0 2.34 31

PEN II Inferred 130,000 9.81 0.3 0.37 7

Talbot1 Inferred 2,450,000 1.74 1.9 1.13 26

Total Inferred (Base Metals) 5,730,000 2.39 1.3 1.78 28

68

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1. The above resource estimates table includes 100% of the Talbot mineral resources reported by Rockcliff Metals Corp. in its 2020 NI 43-101 technical report published on SEDAR. Hudbay currently owns a 51% interest in the Talbot project.

FLIN FLON RESERVES & RESOURCES


PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t)

777 ReservesProven 1,125,000 1.59 5.09 2.23 31

Probable 399,000 1.11 4.46 1.86 30

Total 777 Mineral Reserve 1,524,000 1.46 4.93 2.13 31

777 ResourcesMeasured 120,000 1.21 7.12 2.31 39

Indicated 90,000 1.77 4.83 1.61 31

Total 777 Measured & Indicated Resource 210,000 1.45 6.13 2.01 35

777 Resources Inferred - - - - -

69

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ROSEMONT AND MASON RESERVES & RESOURCESROSEMONT AS AT JANUARY 1, 2021MINERAL RESERVES

CATEGORY TONNES Cu (%) Mo (%) Ag (g/t)

Proven 426,100,000 0.48 0.012 4.96

Probable 111,000,000 0.31 0.010 3.09

Total 2P Reserves 537,100,000 0.45 0.012 4.58

MINERAL RESOURCES

CATEGORY TONNES Cu (%) Mo (%) Ag (g/t)

Measured 161,300,000 0.38 0.009 2.72

Indicated 374,900,000 0.25 0.011 2.60

Total Measured & Indicated 536,200,000 0.29 0.011 2.64

Inferred 62,300,000 0.30 0.010 1.58

70

MASON AS AT JANUARY 1, 2021PROJECT RESOURCE ESTIMATES

CATEGORY TONNES Cu (%) Au (g/t) Ag (g/t) Mo (g/t)

Measured & Indicated 2,219,000,000 0.29 0.029 0.63 67

Inferred 237,000,000 0.24 0.033 0.73 78

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ADDITIONAL INFORMATION – RESERVES & RESOURCES

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 Resources and Reserves: Definitions and Guidelines.

The mineral resource estimates in this presentation are exclusive of mineral reserves. Mineral resources that are not mineral reserves

do not have demonstrated economic viability.

The scientific and technical information contained in this presentation related to the Rosemont project has been approved by Cashel

Meagher, P.Geo., Hudbay’s Senior Vice President and Chief Operating Officer. The scientific and technical information contained in

this news release related to all other material mineral projects has been approved by Olivier Tavchandjian, P. Geo, Hudbay’s Vice-

President, Exploration and Geology. Messrs. Meagher and Tavchandjian are qualified persons pursuant to NI 43 101.

Additional details on the company’s material mineral projects, including a year-over-year reconciliation of reserves and resources and

metal price assumptions, is included in Hudbay's Annual Information Form for the year ended December 31, 2020 (the “AIF”), which is

available on SEDAR at www.sedar.com.

The Mason preliminary economic assessment is preliminary in nature, includes inferred resources that are considered too speculative

to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no

certainty the preliminary economic assessment will be realized.

Additional details on Copper World and the Mason preliminary economic assessment (including, in the case of Mason, assumptions

underlying the mineral resource estimate) are included in Hudbay’s news releases dated March 29, 2021 and April 6, 2021,

respectively.

This presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from

the requirements of United States securities laws. Canadian reporting requirements for disclosure of mineral properties are governed

by NI 43-101. For this reason, information contained in this presentation containing descriptions of the Company’s mineral deposits

may not be comparable to similar information made public by United States companies subject to the reporting and disclosure

requirements under the United States federal securities laws and the rules and regulations thereunder.

71

Appendix

Corporate Update

Strategy Overview

Operational Update



ESG Initiatives

For More Informat ion Contact :

Candace Brûlé

Director, Investor Relations

416.814.4387 | [email protected]

2021 business review

Documents