HBM.TO · 2025-02-19

TSX, NYSE – HBM 2025 No. 5 Hudbay Delivers Strong Fourth Quarter and Record Full Year 202 4 Results; Achieves 2024 Consolidated Production and Cost Guidance and Provides 2025 Annual Guidance

Production Results Financials

Toronto, Ontario, February 19, 2025 – Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE: HBM) today released its fourth quarter and full year 2024 financial results, and announced 2025 annual production and cost guidance. All amounts are in U.S. dollars, unless otherwise noted. All production and cost amounts reflect the Copper Mountain mine on a 100% basis, with Hudbay owning a 75% interest in the mine.

"Hudbay delivered record financial performance and a transformed balance sheet in 2024, driven by the achievement of consolidated production guidance for all metals with gold production significantly exceeding the top end of the guidance range and the outperformance of our twice-improved consolidated cash cost guidance,” said Peter Kukielski, President and Chief Executive Officer. “Our enhanced operating platform achieved steady copper production, record high gold production and industry-leading cost performance, generating record annual free cash flows in 2024. The free cash flow generation and the successful equity offering in May have contributed to the significant $512 million reduction in net debt in 2024 and the transformation of our balance sheet to be in the lowest leverage position of our peers. This has put us in an excellent position to reinvest in our portfolio of high-return growth projects to unlock significant near-term and long-term value for our stakeholders. Our near-term brownfield growth projects include attractive mill improvement projects in British Columbia and Peru, which are expected to increase mill throughput levels starting in 2026. Our Copper World project in Arizona is now fully permitted and we look forward to prudently advancing this high-quality copper development project towards a construction sanctioning decision in 2026, and once in production, Copper World is expected to increase our consolidated copper production by more than 50% from current levels.”

Delivered Record Annual Results, Led by Record Gold Production from Manitoba Operations and Record Revenues; 2024 Consolidated Production and Cost Guidance Achieved

Achieved record annual revenue of $2,021.2 million and record annual adjusted EBITDAⁱ of $822.5 million.
Enhanced operating platform achieved 2024 consolidated production guidance for all metals with record gold production exceeding the top end of the 2024 guidance range. Full year consolidated copper production of 137,943 tonnes, gold production of 332,240 ounces and silver production of 3,983,851 ounces increased by 5%, 7% and 11% respectively, compared to full year 2023.
Significantly outperformed the twice-improved 2024 consolidated cash cost guidance. Strong cost control and meaningful exposure to gold by-product credits resulted in better-than-expected consolidated 2024 cash costⁱ and sustaining cash costⁱ per pound of copper produced, net of by-product credits, of $0.46 and $1.62, respectively, an improvement of 43% and 6%, respectively, compared to 2023.
Peru full year copper production was within the 2024 guidance range while gold production exceeded the top end of guidance as additional gold benches were prioritized in the fourth quarter. Peru full year cash costs of $1.18 per pound outperformed the 2024 annual guidance range.
Manitoba full year gold production of 214,225 ounces exceeded the top end of the 2024 guidance range of 170,000 to 200,000 ounces. Manitoba full year cash costs of $606 per ounce outperformed the lower end of 2024 annual guidance range of $700 to $900 per ounce.
British Columbia full year copper production was below the low end of the 2024 guidance range, as expected, while full year gold production was in line with the 2024 annual guidance range. Copper production was lower than the guidance range as a result of lower grades in stockpiled ore and lower throughput during the rampup of stabilization and optimization efforts throughout the year. British Columbia continues to advance mill optimization initiatives with the goal to achieve higher mill throughput in 2025.
Cash and cash equivalents and short-term investments increased by $332.0 million to $581.8 million during 2024 due to a successful equity offering and strong operating cash flows bolstered by higher copper and gold prices, which enabled a $512.0 million reduction in net debtⁱ during 2024.

Delivered Strong Fourth Quarter Operating and Financial Results

Fourth quarter consolidated copper production of 43,262 tonnes was in line with quarterly production cadence expectations and increased 38% from the third quarter of 2024. Consolidated gold production of 94,161 ounces significantly exceeded expectations and represented an increase of 6% from the strong levels achieved in the third quarter of 2024.
Strong operating cost performance with consolidated cash costⁱ and sustaining cash costⁱ per pound of copper produced, net of by-product credits, in the fourth quarter of 2024 of $0.45 and $1.37, respectively, representing another quarter of industry-leading cost performance.
Peru operations continued to benefit from strong and consistent mill throughput, achieving averages of approximately 87,000 tonnes per day in the fourth quarter, despite a planned semi-annual mill maintenance shutdown. The on-time completion of the Pampacancha stripping program contributed to higher grade ore during the fourth quarter. Peru operations produced 33,988 tonnes of copper and 38,079 ounces of gold in the fourth quarter of 2024, in line with quarterly cadence expectations. Peru cash costⁱ per pound of copper produced, net of by-product credits, was $1.00 in the fourth quarter, demonstrating continued strong cost performance.
Manitoba operations produced 51,438 ounces of gold in the fourth quarter of 2024, significantly exceeding management's expectations in both production and efficiency. Manitoba cash costⁱ per ounce of gold produced, net of by-product credits, was $607 during the fourth quarter, reflecting better-than-expected operating performance and continued strong operating cost margins.
British Columbia operations produced 5,927 tonnes of copper at a cash costⁱ per pound of copper produced, net of by-product credits, of $3.00 in the fourth quarter of 2024, reflecting reduced mill throughput versus the third quarter of 2024 as a result of ramp-up periods following mill maintenance shutdowns during the quarter.
Achieved revenue of $584.9 million and operating cash flow before change in non-cash working capital of $231.5 million in the fourth quarter of 2024, a 20% and 24% increase, respectively, from the third quarter of 2024. Strong financial results were driven by higher realized gold prices as well as strong copper production in Peru, while delivering on higher grades, throughput and cost control initiatives across all business units.
Fourth quarter net earnings attributable to owners and earnings per share attributable to owners were $21.2 million and $0.05, respectively. After adjusting for items on a pre-tax basis such as a non-cash $17.4 million foreign exchange loss, a $14.1 million write-down of PP&E, a $10.3 million mark-to-market revaluation gain on various instruments such as unrealized strategic copper hedges, investments and share-based compensation, and a non-cash loss of $2.5 million related to a quarterly revaluation of closed site environmental reclamation provision, among other items, fourth quarter adjusted earningsⁱ per share attributable to owners was $0.18.
Adjusted EBITDAⁱ was $257.3 million during the fourth quarter of 2024, a 25% increase compared to the third quarter of 2024.
Financial results in the fourth quarter would have been even higher if excess copper inventory in Peru at the end of December 2024 was sold. A total of approximately 30,000 wet metric tonnes of copper concentrate

was unsold at the end of December, compared to normal levels of 15,000 wet metric tonnes. The excess copper concentrate inventory in Peru is expected to be sold in the first quarter of 2025.

Achieved Significant Debt Reduction and Transformed Balance Sheet

Hudbay's unique copper and gold diversification in Peru and Canada provides exposure to higher copper and gold prices and attractive free cash flow generation.
While the majority of revenues continue to be derived from copper production, gold represented an increasing portion of total revenues at 35% in 2024 compared to 29% in 2023, which was driven by high gold prices and record gold production in Manitoba.
Impressive operating cash flow and free cash flow generation in 2024 reflects continued strong copper and gold production in Peru and higher gold production from Manitoba following the full repayment of the gold prepayment liability in August 2024, as well as operating cash flow contributions from British Columbia.
Strong operating cash flow generation and the net proceeds from the equity offering in May 2024 allowed the company to significantly deleverage and transform the balance sheet with $245 million of combined debt repayments and gold prepayment liability reductions in 2024.
Further reduced net debtⁱ to $525.7 million in the fourth quarter of 2024, representing the fourth consecutive quarter of lower net debt as a result of deleveraging efforts and capitalizing on strong operating cash flow generation.
Record annual adjusted EBITDAⁱ of $822.5 million in 2024 was a substantial increase from $647.8 million in 2023.
The increase in cash and reduction in long-term debt significantly reduced the company’s net debt to adjusted EBITDA ratioⁱ to 0.6x at the end of 2024 compared to 1.6x at the end of 2023, well within the targeted 1.2x net debt to adjusted EBITDA ratio outlined in the three prerequisites plan (the "3-P plan") for advancing Copper World, and transforming Hudbay from one of the highest leverage positions to the lowest leverage position among industry peers.
In November 2024, further improved long-term balance sheet resilience with a proactive three-year extension of the company’s senior secured revolving credit facilities from October 2025 to November 2028. The extended credit facilities provide increased financial flexibility to accretively maintain the 4.50% coupon 2026 senior unsecured notes outstanding to maturity and advance Copper World towards a sanctioning decision in accordance with the 3-P plan. The $450 million revolving credit facilities include an improved pricing grid reflecting the enhanced financial position of Hudbay and feature an opportunity to increase the facility by an additional $150 million at Hudbay’s discretion during the four-year tenor, providing additional financial flexibility.
Total liquidity substantially increased by 76% to $1,007.8 million at the end of 2024 from $573.7 million at the end of 2023.

Advancing Growth Initiatives to Further Enhance Copper and Gold Exposure

Received all major permits required for the development and operation of Copper World with the receipt of the Air Quality Permit in January 2025 and the Aquifer Protection Permit in August 2024. Copper World is now the highest grade and lowest capital intensity fully permitted copper project in the Americas.
Continuing to progress the 3-P plan for Copper World in 2025 with definitive feasibility study activities and minority joint venture partner process underway.
The successful completion of the planned stripping program at Pampacancha in September unlocked significantly higher copper and gold grades in the fourth quarter of 2024, which together with maintaining strong operating performance at Constancia has generated meaningful free cash flow in Peru.
The New Britannia mill continued to exceed throughput expectations, driving continued strong gold production and free cash flow generation in Manitoba. The New Britannia mill achieved throughput levels of approximately 2,020 tonnes per day in the fourth quarter, exceeding its original design capacity of 1,500 tonnes per day and its 2024 budgeted capacity of 1,800 tonnes per day due to the successful implementation of process improvement initiatives and effective preventative maintenance measures. After three years of operations, a

post-project review of the New Britannia refurbishment investment has increased the unlevered IRR to 36% from 19% at project sanction in 2020.

Hudbay has successfully implemented post-acquisition plans to stabilize the Copper Mountain operations through mining fleet ramp-up activities and increased mill reliability and performance. Efforts are now focused on optimizing the operations in 2025 through execution of the planned accelerated stripping program and mill throughput improvement projects.
Drill permitting for highly prospective Maria Reyna and Caballito properties near Constancia continues to advance through the multi-step regulatory process with the conclusion of the process expected in 2025.
The development of an access drift to the 1901 deposit in Snow Lake is progressing well and first ore mining is expected in the second quarter of 2025 to enable confirmation of the optimal mining method for the deposit. Underground step-out drilling to-date has intersected copper-gold mineralization and additional drilling is planned for 2025. The development of an adjacent haulage drift has been initiated to de-risk planned full production in 2027.
Large 2024 exploration program in Snow Lake continued testing targets near Lalor and regional satellite properties throughout the winter months with encouraging results. 2025 exploration plans include a large geophysics program and follow-up drilling at Lalor Northwest located 400 metres from Lalor's underground infrastructure, along with the testing of a deep geophysical target at the Cook Lake North property.
Continuing to advance Flin Flon tailings reprocessing opportunities through metallurgical test work and early economic evaluation to assess the possibility of producing critical minerals and precious metals while reducing the environmental footprint.

2025 Guidance Reflects Stable Copper and Gold Production at Industry-leading Margins

Consolidated copper production of 133,000 tonnes, based on the midpoint of the 2025 guidance range, is
expected to remain stable with 2024 levels, reflecting higher expected production in British Columbia as mill
throughput optimization plans are implemented, offset by a lower portion of ore feed from the high-grade
Pampacancha satellite deposit in Peru.
Consolidated gold production of 277,750 ounces, based on the midpoint of the 2025 guidance range, is
expected to be lower than 2024 production, reflecting a lower portion of ore feed from Pampacancha in 2025
and the accelerated mining of high-grade gold benches in late 2024, partially offset by continued strong gold
production in Manitoba.
Consolidated cash costi, net of by-product credits, in 2025 is expected to be within $0.80 to $1.00 per pound
as the company continues to focus on maintaining strong cost control across the business, driving industry-
leading margins.
Total sustaining capital expenditures are expected to be $365 million in 2025, reflecting some deferrals from
2024 and higher sustaining spending at the operations.
Total growth capital expenditures are expected to be $205 million in 2025 as Hudbay reinvests in several high-
return growth projects in 2025 to deliver increased copper exposure. This includes $55 million for mill
throughput improvement projects in British Columbia, $25 million for mill throughput improvement projects in
Peru and $65 million for Copper World	de-risking activities and feasibility studies.
Exploration expenditures are expected to total $40 million in 2025 as the company continues to execute the
large multi-year exploration program in the Snow Lake region, which continues to be partially funded by critical
minerals premium flow-through financing that was completed in the fourth quarter.

•

Summary of Fourth Quarter Results

Consolidated copper production of 43,262 tonnes in the fourth quarter of 2024 was in line with quarterly production cadence and represented a significant increase of 38% from the third quarter of 2024. Consolidated gold production of 94,161 ounces significantly exceeded expectations and represented an increase of 6% from the third quarter of 2024. Consolidated silver production was 1,311,658 ounces in the quarter, a 33% increase from the third quarter of 2024, while consolidated zinc production was 8,385 tonnes, in line with the prior quarter. The increase in production was primarily due to higher grades in Peru and continued strong gold production in Manitoba.

Cash generated from operating activities of $238.1 million increased by $91.9 million in the fourth quarter of 2024 compared to the third quarter of 2024. Operating cash flow before change in non-cash working capital was $231.5 million during the fourth quarter of 2024, reflecting an increase of $45.2 million from the third quarter of 2024. This increase reflects higher copper and gold sales volumes driven by higher grades in Peru and continued strong gold production in Manitoba.

Net earnings attributable to owners in the fourth quarter of 2024 was $21.2 million, or $0.05 per share, compared to $49.8 million, or $0.13 per share in the third quarter of 2024. The fourth quarter of 2024 was impacted by various noncash charges for foreign exchange losses, write-offs of previously capitalized PP&E and revaluation of share-based compensation due to a higher share price.

Adjusted net earnings attributable to ownersⁱ and adjusted net earnings per share attributable to ownersⁱ were $70.3 million and $0.18 per share, respectively, in the fourth quarter of 2024, after adjusting for items on a pre-tax basis such as a non-cash $17.4 million foreign exchange loss, a $14.1 million write-down of PP&E, a $10.3 million mark-to-market revaluation gain on various instruments such as unrealized strategic copper hedges, investments and stock based compensation, and a non-cash loss of $2.5 million related to a quarterly revaluation of a closed site environmental reclamation provision, among other items. This compares to adjusted net earnings attributable to ownersⁱ of $50.3 million, or $0.13 per share, in the third quarter of 2024.

In the fourth quarter, adjusted EBITDAⁱ was $257.3 million, a 25% increase compared to $206.2 million in the third quarter of 2024 as higher copper and gold grades led to increased sales volumes. Sales volumes would have been even higher in the fourth quarter of 2024 if excess copper concentrate in Peru was sold. Copper concentrate inventory levels totaled approximately 30,000 wet metric tonnes in Peru at the end of the quarter, higher than normal levels of 15,000 wet metric tonnes because of the strong production ramp-up late in the year. The excess copper concentrate in Peru is expected to be sold in the first quarter of 2025.

In the fourth quarter of 2024, consolidated cash costⁱ per pound of copper produced, net of by-product credits, was $0.45 compared to $0.18 in the third quarter of 2024, as higher copper production more than offset higher mining, milling and general and administrative (“G&A”) costs in the fourth quarter, but by-product credits were lower on a per pound basis. Consolidated sustaining cash costⁱ per pound of copper produced, net of by-product credits, was $1.37 in the fourth quarter of 2024 compared to $1.71 in the third quarter of 2024, with the decrease driven by strong cost control and lower sustaining capital expenditures in the fourth quarter.

Consolidated all-in sustaining cash costⁱ per pound of copper produced, net of by-product credits, was $1.53 in the fourth quarter of 2024, lower than $1.95 in the third quarter of 2024 mainly due to the same reason outlined above as well as lower corporate G&A and regional cost in the fourth quarter.

As at December 31, 2024, total liquidity was $1,007.8 million, including $541.8 million in cash and cash equivalents, $40.0 million in short-term investments as well as undrawn availability of $426.0 million under the company’s revolving credit facilities. Net debtⁱ declined to $525.7 million at the end of 2024 compared to $1,037.7 million at the end of 2023.

Summary of Full Year Results

Hudbay achieved its 2024 consolidated production guidance for all metals and significantly exceeded the 2024 production guidance for gold. On a business unit stand-alone basis, Peru exceeded the top end of the gold production guidance and achieved the guidance ranges for all other metals. Manitoba exceeded the top end of the gold and copper guidance ranges and achieved the guidance ranges for all other metals. In British Columbia, production of gold was within the guidance range, whereas copper production was below the low end of guidance range as a result of lower grades in stockpiled ore and reduced throughput during the mill stabilization period.

Consolidated copper, gold and silver production for the full year 2024 increased by 5%, 7% and 11%, respectively, compared to the same period in 2023 primarily due to the incremental production from Copper Mountain and higher throughput and operating performance in Manitoba.

Cash generated from operating activities increased to $666.2 million in 2024 from $476.9 million in 2023. Operating cash flow before change in non-cash working capital increased to a record $691.1 million in 2024 from $570.0 million in 2023. The increase in operating cash flow before changes in working capital was primarily the result of higher metal prices and gold sales volumes, as well as the incremental contribution margin from the Copper Mountain mine. This was partially offset by a significant increase in cash taxes paid of $132.5 million in 2024, compared to $54.8 million in 2023, mainly at the Peru operations.

Net earnings attributable to owners for 2024 was $76.7 million, or $0.20 per share, compared to $66.4 million, or $0.22 per share, in 2023. Full year 2024 net earnings were positively impacted by increases in sales volumes and higher realized prices for all metals partially offset by various non-cash charges related to foreign exchange losses, write-offs of previously capitalized PP&E, mark-to-market revaluation losses on various instruments such as unrealized strategic copper hedges, investments and share-based compensation and higher mining and income tax expenses.

Adjusted net earnings attributable to ownersⁱ and adjusted net earnings per share attributable to ownersⁱ for 2024 were $181.4 million and $0.48 per share, respectively, after adjusting for items on a pre-tax basis such as a $27.4 million write-down of PP&E, a $27.1 million mark-to-market revaluation loss on various instruments such as the gold prepayment liability, unrealized strategic copper and gold hedges, investments and stock based compensation, a noncash $21.0 million foreign exchange loss and a non-cash gain of $3.5 million related to the revaluation of a closed site environmental reclamation provision, among other items. This compares to adjusted net earnings attributable to ownersⁱ and net earnings per share attributable to ownersⁱ of $69.0 million and $0.23 per share in 2023.

Adjusted EBITDAⁱ was $822.5 million in 2024, a 27% increase compared to $647.8 million in 2023. The increase is the result of higher realized metal prices and higher sales volumes during the year.

Consolidated cash costⁱ per pound of copper produced, net of by-product credits, was $0.46, compared to $0.80 in 2023, which outperformed the twice-improved 2024 annual cost guidance. The improvement was mainly the result of higher copper production and higher gold by-product credits, partially offset by higher mining, milling and G&A costs. Consolidated sustaining cash costⁱ per pound of copper produced, net of by-product credits, of $1.62 in 2024 decreased from $1.72 in 2023 due to the same reasons outlined above partially offset by higher cash sustaining capital expenditures.

Consolidated all-in sustaining cash costⁱ per pound of copper produced, net of by-product credits, was $1.88 in 2024, slightly lower than $1.92 in 2023 as a result of the same reasons outlined above, partially offset by higher corporate selling and administrative costs primarily due to a revaluation of share-based compensation associated with a higher share price.

Consolidated Financial Condition Dec. 31, 2024 Sep. 30, 2024 Dec. 31, 2023 (in $ millions, except net debt to adjusted EBITDA ratio)

Cash and cash equivalents and short-term investments	581.8	483.3	249.8
Total long-term debt	1,107.5	1,108.9	1,287.5
Net debt1	525.7	625.6	1,037.7
Working capital2		434.3	135.8

511.3

Total assets	5,487.6	5,508.1	5,312.6
Equity3	2,553.2	2,537.8	2,096.8
Net debt to adjusted EBITDA1,4	0.6	0.7	1.6

1 Net debt and net debit to adjusted EBITDA are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section of this news release.

2 Working capital is determined as total current assets less total current liabilities as defined under IFRS and disclosed on the consolidated financial statements.

3 Equity attributable to owners of the company.

4 Net debt to adjusted EBITDA for the 12 month period.

Consolidated Financial Performance Three Months Ended (in $ millions) Dec. 31, Sep. 30, Dec. 31, 2024 2024 2023

Year Ended Dec. 31, Dec. 31, 2024 2023

Revenue 584.9 485.8 602.2 Cost of sales 400.5 346.0 405.4 Earnings before tax 103.7 79.7 81.0 Net earnings 19.3 50.4 33.5 Net earnings attributable to owners 21.2 49.8 30.7 Basic and diluted attributable earnings per 0.05 0.13 0.10 share Adjusted earnings attributable per share1 0.18 0.13 0.20 Operating cash flow before change in non- 231.5 186.3 246.5 cash working capital Adjusted EBITDA1 257.3 206.2 274.4

2,021.2 1,690.0 1,467.4 1,297.5 251.6 151.8 67.8 69.5 76.7 66.4 0.20 0.22 0.48 0.23 691.1 570.0 822.5 647.8

1 Adjusted earnings attributable per share and adjusted EBITDA are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-GAAP Financial Performance Measures” section.

Consolidated Production and Cost Performance5 Three Months Ended Dec. 31, Sep. 30, Dec. 31, 2024 2024 2023	Year Ended Dec. 31, Dec. 31, 2024 20234
Contained metal in concentrate and doré produced1 Copper tonnes 43,262 31,354 45,450 Gold ounces 94,161 89,073 112,776 Silver ounces 1,311,658 985,569 1,197,082 Zinc tonnes 8,385 8,069 5,747 Molybdenum tonnes 195 362 397	137,943 131,691 332,240 310,429 3,983,851 3,575,234 33,339 34,642 1,323 1,566
Payable metal sold Copper tonnes 37,927 27,760 44,006 Gold2 ounces 92,734 73,232 104,840 Silver2 ounces 1,150,518 663,413 1,048,877 Zinc tonnes 5,261 8,607 7,385 Molybdenum tonnes 182 343 468	125,094 124,996 335,342 276,893 3,549,816 3,145,166 25,120 28,799 1,287 1,462
Consolidated cash cost per pound of copper produced3 Cash cost $/lb 0.45 0.18 0.16 Sustaining cash cost $/lb 1.37 1.71 1.09 All-in sustaining cash $/lb 1.53 1.95 1.31	0.46 0.80 1.62 1.72 1.88 1.92

1 Metal reported in concentrate is prior to deductions associated with smelter contract terms.

2 Includes total payable gold and silver in concentrate and in doré sold.

3 Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, gold cash cost, sustaining cash cost per ounce of gold produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-GAAP Financial Performance Measures” section of this news release.

4 As Copper Mountain was acquired on June 20, 2023, the production from the Copper Mountain mine included in these consolidated figures for the year ended December 31, 2023, represents the period from acquisition date, June 20, 2023, through to year end December 31, 2023.

5 Includes 100% of Copper Mountain mine production. Hudbay owns 75% of Copper Mountain mine.

Peru Operations Review

Peru Operations Three Months Ended Dec. 31, Sep. 30, Dec. 31, 2024 2024 2023	Year Ended Dec. 31, Dec. 31, 2024 2023
Constancia ore mined1 tonnes 4,186,058 3,022,931 973,176 Copper % 0.40 0.36 0.30 Gold g/tonne 0.04 0.04 0.04 Silver g/tonne 3.88 3.20 2.26 Molybdenum % 0.02 0.02 0.01 Pampacancha ore mined1 tonnes 4,037,264 1,777,092 5,556,613 Copper % 0.63 0.48 0.56 Gold g/tonne 0.38 0.27 0.32 Silver g/tonne 6.43 6.23 4.84 Molybdenum % 0.00 0.01 0.01	15,046,190 9,265,954 0.34 0.32 0.04 0.04 3.08 2.53 0.01 0.01 9,317,499 14,756,416 0.55 0.51 0.32 0.33 5.61 4.28 0.01 0.01
Total ore mined tonnes 8,223,322 4,800,023 6,529,789 Strip ratio2 1.22 2.62 1.26	24,363,689 24,022,370 1.78 1.51
Ore milled tonnes 7,999,453 8,137,248 7,939,044 Copper % 0.48 0.32 0.48 Gold g/tonne 0.20 0.11 0.25 Silver g/tonne 5.28 3.70 4.20 Molybdenum % 0.01 0.01 0.01	31,933,624 30,720,929 0.36 0.39 0.14 0.16 3.84 3.62 0.01 0.01
Copper recovery % 87.8 82.6 87.4 Gold recovery % 73.3 68.1 77.6 Silver recovery % 71.4 67.0 78.0 Molybdenum recovery % 37.1 39.0 33.6	85.0 84.2 70.7 71.8 68.8 70.0 41.7 35.8
Contained metal in concentrate Copper tonnes 33,988 21,220 33,207 Gold ounces 38,079 20,331 49,418 Silver ounces 969,502 648,209 836,208 Molybdenum tonnes 195 362 397	99,001 100,487 98,226 114,218 2,708,262 2,505,229 1,323 1,566
Payable metal sold Copper tonnes 28,775 18,803 31,200 Gold ounces 37,459 9,795 38,114 Silver ounces 824,613 365,198 703,679 Molybdenum tonnes 182 343 468	88,138 96,213 103,364 97,176 2,343,820 2,227,419 1,287 1,462
Combined unit operating $/tonne 15.25 12.78 12.24 cost3,4 Cash cost4 $/lb 1.00 1.80 0.54 Sustaining cash cost4 $/lb 1.48 2.78 1.21	12.91 12.47 1.18 1.07 1.86 1.81

1 Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. 2 Strip ratio is calculated as waste mined divided by ore mined.

3 Reflects combined mine, mill and G&A costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. 4 Combined unit operating cost, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non- GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-GAAP Financial Performance Measures” section of this news release.

During the fourth quarter of 2024, the Peru operations produced 33,988 tonnes of copper, 38,079 ounces of gold, 969,502 ounces of silver and 195 tonnes of molybdenum. Production of copper, gold and silver significantly increased by 60%, 87% and 50%, respectively, compared to the third quarter of 2024. This significant increase was a result of higher grades from Pampacancha as the planned stripping program was successfully completed in the third quarter, as well as a larger portion of ore mill feed coming from Pampacancha.

Full year copper, silver and molybdenum production in 2024 achieved the annual guidance ranges, and gold production exceeded the upper end of the guidance range by 6%. Full year production of copper, gold and molybdenum in 2024 was 99,001 tonnes, 98,226 ounces, and 1,323 tonnes, respectively, representing a decrease of 1%, 14% and 16%, respectively, from 2023 primarily due to lower grades since more material was mined from Constancia and reclaimed from the stockpile compared with the prior year, partially offset by higher throughput. Production of silver was 2,708,262 ounces, representing an increase of 8% from the comparative 2023 period due to higher silver grades from Pampacancha.

Total ore mined in the fourth quarter of 2024 increased 71% compared to the third quarter of 2024, in line with the mine plan as the team completed the planned stripping program at Pampacancha in late September. Ore mined from Pampacancha increased to 4.0 million tonnes in the fourth quarter of 2024 following the stripping program to enable access to higher copper and gold grade ore of 0.63% and 0.38 grams per tonne, respectively. Full year ore mined in 2024 was slightly higher than 2023 despite periods of intensive stripping in 2024, primarily as a result of the effective use of mobile equipment and higher fleet availability.

Peru operations continued to benefit from strong and consistent mill throughput in 2024, averaging approximately 87,000 tonnes processed per day in the fourth quarter and full year of 2024. Ore milled during the fourth quarter of 2024 was 2% lower than the third quarter, mainly due to a planned semi-annual mill maintenance shutdown in the fourth quarter. Milled copper, gold and silver grades increased by 50%, 82% and 43%, respectively, in the fourth quarter compared to the third quarter of 2024, as a result of the higher-grade ore feed from Pampacancha. Milled gold grades were better than expected as additional gold benches in the Pampacancha pit were mined during the fourth quarter of 2024, ahead of schedule.

The Constancia mill achieved record copper recoveries of 88% in the fourth quarter of 2024, higher than the previous record of 87% achieved in the fourth quarter of 2023. Recoveries of gold and silver during the fourth quarter of 2024 were 73% and 71%, respectively, representing an increase of 8% and 7%, respectively, compared to the third quarter of 2024 and remained in line with the metallurgical models for the ore types that were being processed.

Combined mine, mill and G&A unit operating costⁱ in the fourth quarter of 2024 was $15.25 per tonne, 19% higher than the third quarter primarily due to higher mining and milling costs and higher G&A costs including profit sharing, in addition to lower tonnes processed with the planned semi-annual mill maintenance shutdown in the fourth quarter. Combined mine, mill and G&A unit operating costs for the full year were $12.91 per tonne, compared to $12.47 per tonne in 2023, as higher mining and G&A costs were partially offset by higher throughput and slightly lower milling costs.

Cash costⁱ per pound of copper produced, net of by-product credits, in the fourth quarter of 2024 was $1.00, a 44% decrease compared to $1.80 in the third quarter of 2024 as a result of higher copper production and higher by-product credits, partially offset by higher mining, milling and G&A costs. Full year 2024 cash costⁱ per pound of copper produced, net of by-product credits, of $1.18 better than expected and outperformed the low end of the cost guidance range by 6%.

Sustaining cash costⁱ per pound of copper produced, net of by-product credits, was $1.48 in the fourth quarter of 2024, a 47% decrease compared to $2.78 in the third quarter as a result of similar factors affecting cash cost and lower sustaining capital expenditures. On a full year basis, sustaining cash costⁱ per pound of copper produced, net of byproducts credits, was $1.86, marginally above $1.81 in 2023, due to the same reasons described for the cash cost variance over the full year period.

Approximately 30,000 wet metric tonnes of copper concentrate in Peru were unsold as of December 31, 2024, which is approximately 15,000 wet metric tonnes above normal levels and resulted from the strong production ramp-up that occurred late in the quarter. The excess copper concentrate is expected to be sold in the first quarter of 2025.

The company continues to evaluate opportunities to further increase mill throughput after the Peruvian Ministry of Energy and Mines approved a regulatory change in June 2024 to allow mining companies in Peru to increase throughput by up to 10% above permitted levels.

Manitoba Operations Review

Manitoba Operations Three Months Ended Dec. 31, Sep. 30, Dec. 31, 2024 2024 2023	Year Ended Dec. 31, Dec. 31, 2024 2023
Lalor Ore mined tonnes 422,454 411,295 372,384 Gold g/tonne 4.61 5.45 5.92 Copper % 0.95 0.91 1.04 Zinc % 2.95 2.73 2.20 Silver g/tonne 31.91 30.45 28.92	1,626,935 1,526,729 4.68 4.74 0.85 0.86 2.84 3.00 27.14 24.51
New Britannia Ore milled tonnes 185,592 191,298 165,038 Gold g/tonne 5.99 6.77 8.03 Copper % 1.17 0.93 1.46 Zinc % 1.08 1.12 0.85 Silver g/tonne 33.97 30.24 27.97 Gold recovery1 % 90.2 90.0 89.0 Copper recovery % 91.3 92.8 91.6 Silver recovery1 % 79.6 79.9 83.2	715,198 596,912 6.29 6.76 1.04 1.03 0.99 0.84 27.78 25.11 89.7 88.6 93.6 93.3 80.9 81.5
Stall Concentrator Ore milled tonnes 222,004 222,621 228,799 Gold g/tonne 3.36 4.23 4.22 Copper % 0.73 0.89 0.73 Zinc % 4.62 4.12 3.20 Silver g/tonne 29.90 30.20 28.63 Gold recovery % 69.6 70.5 67.5 Copper recovery % 84.4 88.3 92.0 Zinc recovery % 81.7 88.1 78.5 Silver recovery % 55.1 57.8 61.8	893,510 965,567 3.42 3.45 0.71 0.74 4.33 4.36 26.54 24.19 68.6 64.8 87.4 90.4 86.2 82.2 56.8 61.4
Total contained metal in concentrate and doré2 Gold ounces 51,438 62,468 59,863 Copper tonnes 3,347 3,398 3,735 Zinc tonnes 8,385 8,069 5,747 Silver ounces 283,223 281,397 255,579	214,225 187,363 12,536 12,154 33,339 34,642 995,090 851,723
Total payable metal sold Gold ounces 50,239 57,238 63,635 Copper tonnes 3,321 2,931 3,687 Zinc tonnes 5,261 8,607 7,385 Silver ounces 282,158 244,974 246,757	212,243 171,297 11,602 10,708 25,120 28,779 956,460 728,304
Combined unit operating cost3,4 C$/tonne 233 211 216 Gold cash cost4 $/oz 607 372 434 Gold sustaining cash cost4 $/oz 908 553 788	226 217 606 727 868 1,077

1 Gold and silver recovery includes total recovery from concentrate and doré.

2 Metal reported in concentrate is prior to deductions associated with smelter terms.

3 Reflects combined mine, mill and G&A costs per tonne of ore milled.

4 Combined unit operating cost, cash cost and sustaining cash cost per ounce of gold produced, net of by-product credits, are non- GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non- GAAP Financial Performance Measures” section of this news release.

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