Hudbay Minerals provides annual reserve, resource update

Affirmed 2025 production guidance and issued new 2026 and 2027 production guidance, demonstrating strong copper and gold production from Hudbay’s stable operating platform with three long-life operations in tier-one mining jurisdictions in the Americas. Consolidated copper production is expected to average 144,000i tonnes per year over the next three years, maintaining stable production levels from 2024. Consolidated copper production of 161,000i tonnes is expected in 2027, representing a 17% increase from 2024 and reflects the benefits from the completion of the optimization efforts at Copper Mountain. Strong complementary gold exposure with consolidated gold production expected to average 253,000i ounces per year over the next three years, reflecting continued strong production in Manitoba and a contribution from Pampacancha high grade gold zones in Peru in 2025. Constancia’s expected mine life maintained until 2041 with stable average annual copper production of over 88,000i tonnes expected over the next three years, in spite of the depletion of Pampacancha in late 2025. Snow Lake’s expected mine life optimized to 2037 with average annual gold production of over 193,000i ounces expected over the next three years and higher mill throughput rates at New Britannia driving higher life-of-mine gold production. Copper Mountain’s expected mine life maintained until 2043 with average annual copper production of 44,000 tonnes expected over the next three years, including 60,000i tonnes in 2027, a 127% increase from 2024. Announcing accretive transaction to consolidate a 100% interest in Copper Mountain, further increasing Hudbay’s exposure to a long-life, high-quality copper asset in a tier-1 mining jurisdiction, and results in a 200% increase in attributable copper production from Copper Mountain in 2027 compared to 2024. Large exploration program in Snow Lake continues to execute threefold strategy focused on near-mine exploration to increase near-term production and mineral reserves, testing regional satellite deposits for additional ore feed to utilize available capacity at the Stall mill, and exploring the large land package for a potential new anchor deposit to meaningfully extend mine life. Positive initial step out drilling from the exploration drift at the 1901 deposit intersected significant copper-gold mineralization, including 14.3% copper over 2.5 metres and 8.3 grams per tonne gold over 3.2 metres. Follow up drilling at Lalor Northwest continued to intersect copper-gold mineralization, including 16.4 grams per tonne gold over 3.7 metres and 2.6% copper over 3.5 metres. Exploration activities in Peru in 2025 focused on advancing drill permitting for highly prospective satellite properties near Constancia. Feasibility studies are underway at the fully permitted Copper World project in Arizona and minority joint venture partnership process commenced. “Our updated mineral reserve estimates and three-year production outlook demonstrate Hudbay’s stable copper and gold production profile from our high-quality asset base of long-life mines located in attractive mining regions in the Americas,” said Peter Kukielski, CEO. “This solid foundation is further enhanced by robust exploration efforts at all our assets to drive production growth and significant mine life extension. We will continue to deliver meaningful free cash flow generation from our diversified operating platform, which together with our strengthened balance sheet, will allow us to advance our unique copper growth pipeline and unlock significant value for stakeholders.”