Hudbay Minerals Inc.

As 2024 draws to a close, we take a moment to celebrate the remarkable achievements across Hudbay’s operations. This year, we reached significant production, operational, and sustainability goals, positioning us for continued growth. Our unwavering focus on safety, environmental responsibility, and innovation has been central to our success.   Looking forward to 2025, we are excited about the opportunities that lie ahead. We extend our heartfelt thanks to all our employees for their dedication and invaluable contributions, as well as our partners and the communities we work alongside for their continued support and collaboration.

Our Copper World team recently met with a group of firms in the various construction trades, for an in-depth briefing on our Copper World project. At Hudbay, we prioritize transparency and open communication with our stakeholders. We firmly believe that strong partnerships with the communities we operate in, and with local organizations, are essential to the success of our projects.

As outlined in our Q3 2024 results, we are thrilled to see that Hudbay’s New Britannia Mill is consistently exceeding expectations, demonstrating remarkable operational excellence. Currently operating at over 2,000 tonnes per day, we have secured a permit to increase production to 2,500 tonnes per day, which will further enhance our efficiency.   With impressive recoveries of 90% gold, 93% copper, and 80% silver achieved in Q3 2024, and a strong financial position following the early repayment of our gold prepay financing, our team’s dedication to continuous improvement is paying off. This positions Hudbay for sustained growth and strong returns. We are proud of our progress and excited about the future of New Britannia and our operations in Manitoba.

At Hudbay, we prioritize inclusive partnerships with local communities. “Through continuous dialogue and respect for their development goals, we’ve established strong relationships with 10 communities around our Constancia mine in Peru,” stated Aurora Gamarra, Superintendent of Community Relations at Hudbay Peru, in her interview with Revista Rumbo Minero. Our approach includes social responsibility agreements, integrating local businesses into our supply chain, and facilitating knowledge transfer. This collaborative model drives sustainable growth and delivers mutual benefits for Hudbay and our partner communities.   Learn more about our community engagement efforts in Peru here: https://lnkd.in/gxnCd5N4

This week, Hudbay released our Q3 2024 results, showcasing record gold production in Manitoba and robust cost control across the business. We’re pleased to reaffirm our full-year 2024 production guidance while further improving our cost outlook.    - In Manitoba, our optimized operating platform delivered record gold production, with the New Britannia mill achieving its highest quarterly throughput rates. - In Peru, we completed planned stripping activities at Pampacancha, positioning us for higher copper and gold grades in Q4. - In British Columbia, copper recoveries reached a record high of 84% as our stabilization and optimization efforts continue to drive positive outcomes.   Hudbay’s diversified portfolio continues to generate strong free cash flow, capitalizing on rising metal prices. With key projects like Copper World, the Snow Lake exploration, and the 1901 deposit, along with a strong balance sheet, we are well-positioned to unlock significant value and enhance our copper and gold exposure.   Read the full release: https://lnkd.in/etdXDuuk

Hudbay recently sat down with The Northern Miner to discuss our progress on the Copper World project in Arizona. Our President and CEO, Peter Kukielski, shared valuable insights into how this project will position Hudbay as a key copper supplier in the U.S.    Senior Vice-President of the U.S. Business Unit Javier Del Rio, ICD.D also emphasized the project's anticipated benefits to the local economy and operating in Arizona's mining-friendly environment.   We are proud to be at the forefront of this transformational initiative and look forward to the positive changes it will bring.    Read more about our vision and plans in the full article: https://shorturl.at/ZdZOW.

Recently, Hudbay welcomed the Town of Sahuarita at our Copper World project site in Arizona. The tour was an excellent opportunity to discuss the project’s potential contributions to the local economy and reaffirm our commitment to environmental standards, highlighting our focus on transparency and responsible mining. We are currently working towards obtaining an Air Quality Permit, a critical milestone in meeting the project’s prerequisites for sanctioning. Thank you to the Town of Sahuarita for their visit and ongoing engagement. We look forward to continuing our collaborative efforts as we work together to meet America’s growing copper demand.

In a recent interview with Investment Reports, Hudbay's President and CEO, Peter Kukielski, shared insights on Hudbay’s strategic position in the copper industry. As Kukielski noted, "Copper is, without a doubt, the most essential metal for the future of the global economy, especially as we move toward a more electrified and sustainable world."   Highlights from the interview include: - Hudbay's strong operating base with annual production of 150,000 tonnes of copper and 300,000 ounces of gold from three long-life mines in tier-1 jurisdictions - Progression on Copper Mountain (Canada) stabilization initiatives - Robust development pipeline including strategic growth project Copper World (U.S.) and;  - High-potential exploration properties in key areas   We remain focused on creating sustainable value through responsible mining practices, aligning with global sustainability trends. Hudbay provides the metals the world needs through working sustainably, transforming lives and creating a better future for the communities in which we operate. To learn more about our sustainable operations and community engagement, please visit: https://shorturl.at/np6iw Read the full Investment Reports interview here: https://lnkd.in/eR8RsK3M

Hudbay’s SVP and CFO, Eugene Lei, will be speaking at the Bloomberg Canadian Finance Conference on Wednesday, October 16.   He will share the stage with other industry veterans to discuss the importance of responsible mining practices in shaping a sustainable future, address the industry's essential role in the clean energy transition, and provide insights on how critical metals support innovation across various sectors.   This is an event you won’t want to miss! Register now: https://bit.ly/3XBS7Um

On September 14, 2024, Hudbay’s Lalor Mine opened its doors for a special Family Day event, bringing together around 300 participants, including employees and their loved ones. This unique experience allowed attendees to explore the mine firsthand, featuring a journey 910 meters underground, enhanced by lighting in the cage that created a truly memorable descent.   Participants also had the opportunity to take part in the “tag in” process and tour the Mobilaris and remote operator rooms.   Hudbay values the chance to connect with the communities we serve. Thank you to everyone who contributed to the success of the event!