2021 business review
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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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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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on
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nd
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St
Vin
cen
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nd
th
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ren
ad
ines
Sw
azila
nd
Ta
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tan
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An
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la
Arg
en
tina
Co
ng
o
Gab
on
Mali
Moza
mb
ique
Re
pu
blic
of th
e C
on
go
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Lan
ka
Za
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Cu
ba
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s
Be
lize
Su
rin
am
e
Ve
ne
zue
la
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
$30
Ch
ap
ad
a
Co
ns
tan
cia
Se
rro
te
To
rom
oc
ho
Co
bre
Pan
am
a
Mir
ad
or
Sie
rra G
ord
a
Cu
ajo
ne
Rad
om
iro
To
mic
Lo
s P
ela
mb
res
An
tap
accay
So
sseg
o
Sa
lob
o
Cen
tin
ela
La
s B
am
ba
s
An
tam
ina
Min
a M
inis
tro
Hale
s
Co
llah
ua
si
Sp
en
ce
Cerr
o C
oro
na
El
So
lda
doT
ota
l O
pen
Pit
Min
esit
e C
osts
(U
S$/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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
Strategy Overview & Copper Market Update
15
2
EUGENE LEI
SVP, CORPORATE
DEVELOPMENT &
STRATEGY
Appendix
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
HUDBAY’S STRINGENT STRATEGIC CRITERIA
16
Appendix
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
Reserves, Resources & Exploration Update
40
4
Appendix
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
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
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Appendix
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Appendix
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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.
Appendix
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Appendix
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Appendix
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Corporate Update
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R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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%
Appendix
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Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
ESG Initiatives
52
6
Appendix
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Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Appendix
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Appendix
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Appendix
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
ESG Initiatives
HUDBAY’S GOAL IS TO HAVE A POSITIVE IMPACT AND HELP LOCAL COMMUNITIES
NEAR OUR OPERATIONS THRIVE THROUGHOUT THE LIFE OF A MINE
Financial & Balance Sheet Overview
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
Appendix
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Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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.
Appendix
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ESG Initiatives
58
SOCIAL INVESTMENT BREAKDOWNHUDBAY PERU HAS FIVE SOCIAL DEVELOPMENT AREAS
Appendix
Corporate Update
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Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Appendix
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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
Corporate Update
Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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
Appendix
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Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
PERU MINERAL RESOURCES
AS AT JANUARY 1, 2021
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
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Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
SNOW LAKE RESERVES & RESOURCES (CONT’D)
AS AT JANUARY 1, 2021
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
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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
AS AT JANUARY 1, 2021
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 - - - - -
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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
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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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Strategy Overview
Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
ESG Initiatives
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.
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Operational Update
R&R and Exploration Update
Financial & Balance Sheet Overview
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For More Informat ion Contact :
Candace Brûlé
Director, Investor Relations
416.814.4387 | candace.brule@hudbay.com
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