Hudbay Minerals Inc. Q4 FY2025 earnings call

• 2025 was transformative with record revenues, adjusted EBITDA, free cash flow. Diversified platform resilient. Secured Mitsubishi as partner for Copper World. Deleveraged balance sheet ahead of schedule. - Q4 underscored operational excellence. Peru had strong finish, Manitoba normalized post-wildfire, BC advanced optimization plan. - Introduced quarterly dividend of $0.01 per share, annual increase of 100%.

Peru: Produced 25,000 tonnes of copper, 33,000 ounces of gold, 731,000 ounces of silver and 325 tonnes of molybdenum in Q4. Fourth quarter cash costs $0.57 per pound of copper. Full year cash costs outperformed low end of guidance range. Manitoba: Produced 47,000 ounces of gold, 3,000 tonnes of copper, 6,000 tonnes of zinc and 214,000 ounces of silver in Q4. Full year production lower than prior year. Manitoba Gold cash costs in Q4 $705 per ounce, full year $549 per ounce. British Columbia: Produced 4,700 tonnes of copper, 4,000 ounces of gold and 57,000 ounces of silver in Q4. Fourth quarter milled copper grades 18% higher than prior quarter. Cash costs and sustaining cash costs higher than prior quarter but business unit achieved full year cash cost guidance range. Revenue contribution: Majority from copper, but gold revenue growing with 41% in Q4.

• 2026 consolidated copper production expected to increase 5% to 124,000 tonnes, gold production expected to decrease 9% to 244,500 ounces. - 2026 consolidated cash costs expected to be negative $0.30 to negative $0.10 per pound, sustaining cash cost $1.70 to $2.10 per pound. - Capital expenditures in 2026: Total sustaining $435M, growth $140M excluding Copper World, Copper World growth $135M. - Exploration spending expected to increase to $60M in 2026.

• In Peru, delays in Maria Reyna and Caballito permits due to election year and prior consultation process. - Operational challenges in BC with SAG mill maintenance and throughput constraints. - Wildfire and social unrest impacts in past, potential future impacts.

Q: Ralph Profiti on capital allocation framework and commodity price scenarios.

A: Chi-Yen Lei discussed capital allocation framework for volatile markets, using holistic approach, ramping into first dividend increase.

Q: George Eadie on Manitoba 3-year production guide and tech report.

A: Peter and Andre discussed ongoing drilling and projects, tech report not determined yet.

Q: Fahad Tariq on Peru permits and Copper World CapEx.

A: Peter on Peru permits delay, Chi-Yen on Copper World copper price assumption and CapEx escalation.

Q: Orest Wowkodaw on Copper World CapEx and Manitoba gold production.

A: Chi-Yen on Copper World CapEx pre-FID, Andre on Manitoba gold production goal.

Q: Emerson on project priorities and Copper World.

A: Peter and Andre discussed project priorities, New Ingerbelle permit impact.

Q: Craig Hutchison on Manitoba production profile and New Ingerbelle.

A: Andre on Manitoba production profile and New Ingerbelle timeline.

Q: Anita Soni on BC tie-in impact.

A: Andre on no impact on 2027 from tie-in.

Q: Martin Pradier (technical issues) A: Candace invited to email questions