TSX, NYSE – HBM 2024 No. 17 Hudbay Delivers Strong Third Quarter 2024 Results with Record Gold Production in Manitoba; 2024 Production Guidance Reaffirmed and Cost Guidance Further Improved
TSX, NYSE – HBM
2024 No. 17
Hudbay Delivers Strong Third Quarter 2024 Results with Record Gold Production
in Manitoba; 2024 Production Guidance Reaffirmed and Cost Guidance Further
Improved
Toronto, Ontario, November 13, 2024 – Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE: HBM)
today released its third quarter 2024 financial results. 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.
“Our enhanced operating platform delivered strong operating and financial results with record gold production in
Manitoba and robust cost control across the business leading to expanded margins,” said Peter Kukielski, President
and Chief Executive Officer. “The third quarter demonstrated Hudbay’s unique copper and gold diversification, providing
attractive free cash flow generation and strong leverage to higher metal prices. New quarterly record throughput levels
were achieved at the New Britannia mill, higher throughput rates were realized at Constancia, and Copper Mountain
delivered record high copper recoveries. W e are again improving our 2024 consolidated cash cost guidance as we
continue to perform ahead of expectations. We have successfully delivered five consecutive quarters of meaningful
free cash flow generation, positioning us well to continue to advance our many growth initiatives and unlock significant
value in our pipeline to further enhance our copper exposure.”
Delivered Strong Third Quarter Operating and Financial Results, Led by Record Gold Production from
Manitoba Operations; 2024 Production Guidance Reaffirmed and Cost Guidance Further Improved
• Achieved consolidated copper production of 31,354 tonnes, in line with quarterly production cadence, and
gold production of 89,073 ounces, far exceeding expectations , in the third quarter of 2024, representing an
increase of 10% and 52%, respectively, from the second quarter of 2024.
• Enhanced operating platform delivered strong quarterly performance with record gold production at the
Manitoba operations, the completion of planned stripping activities at Pampacancha in Peru and the benefits
from stabilization and optimization initiatives at the Copper Mountain mine in British Columbia.
• Reaffirmed full year 2024 consolidated production guidance for all metals . Full-year consolidated copper
production expected to trend towards the lower end of the guidance range and consolidated gold production
expected to trend towards the higher end of the guidance range.
• Strong operating cost performance with consolidated cash costi and sustaining cash costi per pound of copper
produced, net of by -product credits i, in the third quarter of 2024 of $0.18 and $1. 71, respectively, an
improvement of 84% and 35%, respectively, from the second quarter of 2024.
• Further improved 2024 annual operating cost guidance with decreased consolidated cash cost i guidance
range of $0.65 to $0.85 per pound, an additional improvement from the previously updated guidance range of
$0.90 to $1.10 per pound, and decreased consolidated sustaining cash cost guidance range of $1.75 to $2.20
per pound from original guidance of $2.00 to $2.45 per pound, as a result of increased exposure to gold by-
product credits and continued strong cost control across all operations.
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• Peru operations continued to benefit from strong mill throughput, achieving a quarterly average of
approximately 88,000 tonnes per day in the third quarter. The Pampacancha stripping program to advance to
higher grades was completed in late September and is on track to achieve higher copper and gold grade ore
in the fourth quarter. Peru operations produced 21,220 tonnes of copper and 20,331 ounces of gold in the
third quarter of 2024, in line with quarterly cadence expectations. Peru cash cost per pound of copper
produced, net of by -product creditsi, was $1.80 in the third quarter and is expected to improve in the fourth
quarter of 2024 with continued strong cost control and higher copper and gold production.
• Manitoba operations produced 62,468 ounces of gold in the third quarter of 2024, far exceeding management's
quarterly cadence expectations and achieving record quarterly production levels as New Britannia continues
to operate well above nameplate and budgeted throughput levels and the Lalor mine continues to achieve
better-than-expected gold grades. Manitoba cash cost per ounce of gold produced, net of by-product creditsi,
was $372 during the third quarter of 2024, a decrease of 52% compared to the second quarter of 2024. Full-
year Manitoba gold production is expected to exceed the top end of the 2024 guidance range.
• British Columbia operations produced 6,736 tonnes of copper at a cash cost per pound of copper produced,
net of by-product creditsi, of $1.81 in the third quarter of 2024. Achieved record quarterly copper recoveries of
84% and strong unit cost performance as a result of the successful operational stabilization efforts as mine
stripping activities accelerate and mill optimization initiatives are underway. Full-year British Columbia copper
production is expected to be slightly below the lower end of the 2024 guidance range.
• Achieved revenue of $485.8 million and operating cash flow before change in non-cash working capital of
$186.3 million in the third quarter of 2024. Strong financial results were driven by higher realized gold prices
as well as robust gold production in Manitoba, while delivering on higher recovery, throughput and cost control
initiatives across all business units.
• Third quarter net earnings attributable to owners and earnings per share attributable to owners were $49.8
million and $0.13, respectively. After adjusting for items on a pre-tax basis such as a non- cash gain of $2.0
million related to a quarterly revaluation of the closed site environmental reclamation provision, a $5.2 million
mark-to-market revaluation loss on various instruments such as the gold prepayment liability, unrealized
strategic gold and copper hedges, investments and share-based compensation and a $2.2 million write-down
of PP&E, among other items, third quarter adjusted earningsi per share attributable to owners was $0.13.
• Adjusted EBITDAi was $206.2 million during the third quarter of 2024, a 42% increase compared to the second
quarter of 2024.
• Cash and cash equivalents and short -term investments increased by $233.5 million to $483.3 million during
the first nine months of 2024 due to a successful equity offering and strong operating cash flows bolstered by
higher copper and gold prices , which enabled a $412.1 million reduction in net debt i during the first nine
months of 2024.
Accelerated Deleveraging and Improved Balance Sheet Flexibility
• Hudbay's unique copper and gold diversification in Peru and North America provides exposure to higher
copper and gold prices and attractive free cash flow generation.
• While a majority of revenues continue to be from copper, gold is representing an increasing portion of total
revenues at 36% in the third quarter of 2024 and 33% year-to-date, compared to 27% and 26%, respectively,
for the same periods in 2023, driven by higher gold production and strong leverage to higher gold prices.
• During the third quarter of 2024, deleveraging efforts continued with additional open market purchases of
approximately $48.5 million of Hudbay’s senior unsecured notes in July and August 2024 at a discount. Long-
term debt reduced to $1,108.9 million at September 30, 2024 from $1,287.5 million at December 31, 2023.
• On August 30, 2024, Hudbay completed the final monthly payment to settle the gold prepayment liability that
was used to fund the refurbishment of the New Britannia gold mill. The elimination of the gold prepayment
liability will further increase the company's exposure to higher gold production in Snow Lake.
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• Impressive operating cash flow before change in non-cash working capital generation of $186.3 million despite
lower realized copper prices compared to the second quarter of 2024, capitalizing on higher gold production
from Manitoba following the full repayment of the gold prepayment liability in August.
• Achieved trailing 12 month adjusted EBITDAi of $839.8 million, a substantial increase from $498.5 million for
the 12 months ending September 30, 2023.
• Reduced net debt i to $625.6 million in the third quarter of 2024. The third quarter represents the fifth
consecutive quarter of lower net debt as a result of deleveraging efforts and capitalizing on strong operating
cash flow generation.
• The increase in cash and reduction in long-term debt significantly reduced the company’s net debt to adjusted
EBITDAi to 0.7x at September 30, 2024 compared to 1.6x at the end of 2023, well within the targeted 1.2x net
debt to adjusted EBITDAi ratio outlined in the three prerequisites plan (the "3-P plan") for advancing Copper
World, including receipts of permits, a robust definitive feasibility study plan and a prudent financing strategy.
• Total liquidity substantially increased by 58% to $907.7 million at September 30, 2024 from $573.7 million at
the end of 2023.
• Subsequent to the quarter end, 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 facility includes an
improved pricing grid reflecting the enhanced financial position of Hudbay and features an opportunity to
increase the facility by an additional $150 million at Hudbay’s discretion during the four -year tenor, providing
additional financial flexibility.
Advancing Growth Initiatives to Further Enhance Copper and Gold Exposure
• The successful completion of the planned stripping program at Pampacancha in September is expected to
lead to significantly higher copper and gold grades in the fourth quarter of 2024, which together with
maintaining strong operating performance at Constancia is expected to continue to generate meaningful free
cash flow in Peru.
• The New Britannia mill continued to exceed expectations, driving continued strong gold production and free
cash flow generation in Manitoba. The New Britannia mill achieved record throughput levels of approximately
2,080 tonnes per day in the third 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.
• Hudbay has successfully implemented post-acquisition plans to stabilize the Copper Mountain operations
through mining fleet ramp-up activities and increas ed mill reliability and performance. Achieved record mill
availability of 95% and record copper recoveries of 84% in the third quarter of 2024. Efforts are now focused
on optimizing the operations through execution of the planned accelerated stripping program and mill
throughput improvement projects.
• Received the Aquifer Protection Permit for Copper World in August, a key milestone and de-risking event in
the advancement of the project. Continued to progress the 3-P plan for sanctioning Copper World, with
transformed balance sheet near targeted levels and the remaining key state permit progressing on track. As
disclosed in August, Hudbay commenced activities related to the preparation of feasibility studies for Copper
World, resulting in an expected increase of $25 million in growth capital spending in Arizona.
• Drill permitting for highly prospective Maria Reyna and Caballito properties near Constancia continues to
advance through the multi -step regulatory process with the environmental impact assessment applications
approved for Maria Reyna in June and Caballito in September.
• The development of an access drift to the 1901 deposit in Snow Lake remains on track to reach mineralization
in early 2025 and is intended to enable confirmation of the optimal mining method for the deposit and
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underground drilling to further evaluate the orebody and upgrade inferred gold resources to reserves. Initiated
the development of an adjacent haulage drift to de-risk planned full production in 2027.
• Large 2024 exploration program continues in Snow Lake with eight drill rigs testing targets near Lalor and
regional satellite properties . Includes follow-up drilling at Lalor Northwest located 400 metres from Lalor's
underground infrastructure and 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.
Summary of Third Quarter Results
Consolidated copper production of 31,354 tonnes in the third quarter of 2024 increased by 10% from the second quarter
of 2024, in line with the mine plan expectations. C onsolidated gold production of 89,073 ounces in the third quarter
exceeded expectations and increased by 52% from the second quarter of 2024. Stronger gold production was driven
by higher gold grades and mill throughput in all operations, but most notably at the New Britannia mill in Manitoba. With
the completion of the planned stripping program in Peru at the end of the third quarter, post-quarter production results
have already delivered higher grades as mining of the high-grade zones at Pampacancha is underway, in line with the
mine plan.
In the third quarter of 2024, consolidated cash cost per pound of copper produced, net of by-product creditsi, was $0.18,
compared to $1.14 in the second quarter of 2024. This decrease was mainly the result of significantly higher by-product
credits, higher copper production and strong cost control leading to lower mining, milling, treatment and refining costs.
Consolidated sustaining cash cost per pound of copper produced, net of by -product creditsi, was $1.71 in the third
quarter of 2024 compared to $2.65 in the second quarter of 2024. This decrease was primarily due to the same reasons
outlined above partially offset by higher cash sustaining capital expenditures. Consolidated all-in sustaining cash cost
per pound of copper produced, net of by -product creditsi, was $1.95 in the third quarter of 2024, lower than $3.07 in
the second quarter of 2024 due to significant gold by -product credits and continued strong cost control across all
operations.
Cash generated from operating activities of $146.2 million increased by 6% in the third quarter of 2024 compared to
the second quarter of 2024. Operating cash flow before change in non-cash working capital was $186.3 million during
the third quarter of 2024, reflecting a 53% increase compared to the second quarter of 2024. The increase in operating
cash flows before change in non-cash working capital was primarily the result of higher gold production and sales
volumes in Manitoba, strong operational cost perform ance across the business and higher realized gold prices. Third
quarter adjusted EBITDAi was $206.2 million, a 42% increase compared to $145.0 million in the second quarter of 2024
and was impacted by the same factors affecting operating cash flow as noted above.
Net earnings attributable to owners in the third quarter of 2024 was $49.8 million, or $0.13 per share, compared to net
loss attributable to owners in the second quarter of 2024 of $16.6 million, or $0.05 per share, which was impacted by
various non-cash charges for unrealized losses on strategic copper and gold hedges and revaluation of share- based
compensation due to a higher share price.
Adjusted net earnings attributable to owners i in the third quarter of 2024 were $50.3 million, or $0.13 per share, after
adjusting for items on a pre-tax basis such as a non-cash gain of $2.0 million related to a quarterly revaluation of closed
site environmental reclamation provision, a $5.2 million mark -to-market revaluation loss on various instruments such
as the gold prepayment liability, unrealized strategic gold and copper hedges, investments and stock based
compensation and a $2.2 m illion write-down of PP&E, among other items. This compares to adjusted net earnings
attributable to ownersi of $0.1 million, or nil per share, in the second quarter of 2024.
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As at September 30, 2024, total liquidity was $907.7 million, including $443.3 million in cash and cash equivalents,
$40.0 million in short-term investments as well as undrawn availability of $424.4 million under the company’s revolving
credit facilities. Net debti declined to $625.6 million at the end of the third quarter of 2024 compared to $1,037.7 million
at the end of 2023.
1 Net debt and net debt to adjusted EBITDA are non-IFRS financial performance measures with no standardized definition under
IFRS. For further information, please see the "Non-IFRS 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 interim 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
Sep. 30, 2024 Jun. 30, 2024 Sep. 30, 2023
Revenue $000s 485,773 425,520 480,456
Cost of sales $000s 345,987 347,893 374,057
Earnings (loss) before tax $000s 79,701 441 84,149
Net (loss) earnings $000s 50,354 (20,377) 45,490
Net (loss) earnings attributable to owners $000s 49,762 (16,583) 45,125
Basic earnings (loss) per share1 $/share 0.13 (0.05) 0.13
Adjusted earnings (loss) per share1,2 $/share 0.13 0.00 0.07
Operating cash flow before change in non-
cash working capital
$ millions 186.3 122.0 182.0
Adjusted EBITDA2 $ millions 206.2 145.0 190.7
1 Attributable to owners of the company.
2 Adjusted earnings (loss) per share attributable to owners and adjusted EBITDA are non-IFRS financial performance measures with no
standardized definition under IFRS. For further information, please see the “Non-IFRS Financial Performance Measures” section.
Consolidated Financial Condition ($000s) Sep. 30, 2024 Jun. 30, 2024 Dec. 31, 2023
Cash and cash equivalents and short-term investments 483,273 523,767 249,794
Total long-term debt 1,108,900 1,155,575 1,287,536
Net debt1 625,627 631,808 1,037,742
Working capital2 434,346 423,793 135,913
Total assets 5,508,075 5,442,422 5,312,634
Equity3 2,537,845 2,482,545 2,096,811
Net debt to adjusted EBITDA1,4 0.7 0.8 1.6
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Consolidated Production and Cost Performance Three Months Ended
Sep. 30, 2024 Jun. 30, 2024 Sep. 30, 2023
Contained metal in concentrate and doré produced1
Copper tonnes 31,354 28,578 41,964
Gold ounces 89,073 58,614 101,417
Silver ounces 985,569 738,707 1,063,032
Zinc tonnes 8,069 8,087 10,291
Molybdenum tonnes 362 369 466
Payable metal sold
Copper tonnes 27,760 25,799 39,371
Gold2 ounces 73,232 61,295 74,799
Silver2 ounces 663,413 667,036 748,955
Zinc tonnes 8,607 5,133 7,125
Molybdenum tonnes 343 347 426
Consolidated cash cost per pound of copper produced3
Cash cost $/lb 0.18 1.14 1.10
Sustaining cash cost $/lb 1.71 2.65 1.89
All-in sustaining cash cost $/lb 1.95 3.07 2.04
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, are non-IFRS
financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-IFRS Financial
Performance Measures” section of this news release.
2024 Production Guidance Reaffirmed and Cash Cost Guidance Further Improved
Hudbay reaffirms its full year 2024 consolidated production guidance for all metals as the company continues to deliver
strong operating performance and expect s the fourth quarter to be the highest copper production quarter in 2024, in
line with the company’s quarterly cadence expectations. The company expects 2024 consolidated copper production
to trend towards the lower end of the guidance range and 2024 consolidated gold production to trend towards the higher
end of the guidance range.
In Peru, the fourth quarter is expected to be the strongest quarter this year, and full year copper production is expected
to trend towards the lower end of the guidance range, while gold production is expected to trend towards the higher
end of the guidance range. In British Columbia, Hudbay expects to continue improving operating efficiencies in the
fourth quarter, and full year copper production is expected to be slightly below the lower end of the guidance range,
while full year gold production is expected to be within the guidance ranges.
In Manitoba, Hudbay expects the strong operating performance to continue into the fourth quarter, and full year gold
production is now expected to exceed the top end of the guidance range and full year copper production is expected
to trend towards the higher end of the guidance range.
Hudbay is again improving its full year 2024 consolidated cash cost guidance range to $0.65 to $0.85 per pound copper
from the previously announced range of $0.90 to $1.10 per pound and the original guidance range of $1.05 to $1.25
per pound. The company is also improving its 2024 annual consolidated sustaining cash cost guidance range to $1.75
to $2.20 per pound copper from the original guidance range of $2.00 to $2.45 per pound. This is a result of increased
exposure to gold by -product credits and continued strong cost control at all operations. The company has reaffirmed
all other 2024 guidance metrics.
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Peru Operations Review
Peru Operations Three Months Ended
Sep. 30, 2024 Jun. 30, 2024 Sep. 30, 2023
Constancia ore mined1 tonnes 3,022,931 5,277,654 1,242,198
Copper % 0.36 0.29 0.30
Gold g/tonne 0.04 0.03 0.04
Silver g/tonne 3.20 2.50 2.91
Molybdenum % 0.02 0.01 0.01
Pampacancha ore mined1 tonnes 1,777,092 1,288,789 5,894,013
Copper % 0.48 0.41 0.53
Gold g/tonne 0.27 0.20 0.30
Silver g/tonne 6.23 3.83 4.22
Molybdenum % 0.01 0.02 0.02
Total ore mined tonnes 4,800,023 6,566,443 7,136,211
Strip ratio4 2.62 1.74 1.36
Ore milled tonnes 8,137,248 7,718,962 7,895,109
Copper % 0.32 0.30 0.43
Gold g/tonne 0.11 0.07 0.21
Silver g/tonne 3.70 2.85 3.75
Molybdenum % 0.01 0.01 0.02
Copper recovery % 82.6 83.1 85.2
Gold recovery % 68.1 61.4 74.8
Silver recovery % 67.0 63.9 73.2
Molybdenum recovery % 39.0 46.3 37.2
Contained metal in concentrate
Copper tonnes 21,220 19,217 29,081
Gold ounces 20,331 10,672 40,596
Silver ounces 648,209 450,833 697,211
Molybdenum tonnes 362 369 466
Payable metal sold
Copper tonnes 18,803 16,806 27,490
Gold ounces 9,795 13,433 32,757
Silver ounces 365,198 400,302 460,001
Molybdenum tonnes 343 347 426
Combined unit operating cost2,3 $/tonne 12.78 12.68 12.20
Cash cost3 $/lb 1.80 1.78 0.83
Sustaining cash cost3 $/lb 2.78 2.61 1.51
1 Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled.
2 Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of
expected capitalized stripping costs.
3 Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS
financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-IFRS
Financial Performance Measures” section of this news release.
4 Strip ratio is calculated as waste mined divided by ore mined.
During the third quarter of 2024, the Peru operations produced 21,220 tonnes of copper, 20,331 ounces of gold,
648,209 ounces of silver and 36 2 tonnes of molybdenum. Copper, gold and silver p roduction was higher than the
second quarter of 2024 as the operations continued to benefit from strong mill throughput, averaging approximately
87,000 tonnes processed per day year-to-date and achieving an average of 88,000 tonnes per day in the third quarter.
Year-to-date cost performance was also strong, despite lower grades milled, achieving lower unit operating costs, cash
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cost and sustaining cash cost compared to the comparative 2023 period. Cash cost also benefited from higher gold by-
product sales revenues throughout 2024. The planned stripping program at Pampacancha was completed in late
September, and mining activities at Pampacancha are now focused on the next mining phase to deliver higher copper
and gold grades in the fourth quarter of 2024.
Total ore mined in the third quarter of 2024 decreased by 27% compared to the second quarter, in line with the mine
plan. Ore mined from Pampacancha during the third quarter inc reased to 1.8 million tonnes compared to 1.3 million
tonnes in the second quarter with the completion of the planned stripping program at Pampacancha in late September.
Ore milled during the third quarter of 2024 increased by 5% compared to the second quarter mainly as a result of the
treatment of softer ore from stockpiles. Similar to the second quarter, ore milled included supplemental ore feed from
stockpiles during the quarter as the team completed pit stripping activities. Milled copper and gold grades increased by
7% and 57%, respectively, in the third quarter of 2024 compared to the second quarter with higher grades being mined
in both the Constancia and Pampacancha pits and an increase in ore mined from Pampacancha.
Recoveries of copper and gold during the third quarter of 2024 were 83% and 68%, respectively, with copper recoveries
relatively unchanged from the second quarter while gold recoveries increased by 11%. This was in line with the
metallurgical models for the ore types that were being processed. Copper and gold recoveries are expected to increase
in the fourth quarter as more higher grade ore is processed and less stockpile ore is used to supplement mill feed.
Combined mine, mill and G&A unit operating costsi were $12.78 per tonne in the third quarter of 2024, 1% higher than
the second quarter of 2024 primarily due to higher mining costs, partially offset by lower milling costs and higher ore
milled.
Cash cost per pound of copper produced, net of by -product creditsi, was $1.80 in the third quarter of 2024, relatively
unchanged from $1.78 in the second quarter of 2024 as higher copper production offset higher mining and freight costs
and lower by-product credits.
Sustaining cash cost per pound of copper produced, net of by -product creditsi, was $2.78 in the third quarter of 2024,
higher than $2.61 the second quarter of 2024 due to higher sustaining capital expenditures.
Hudbay expects to achieve its 2024 production and cost guidance range for all metals in Peru as the fourth quarter is
expected to be the strongest quarter in Peru in 2024. Peru 2024 full year copper production is expected to trend towards
the lower end of the guidance range due to lower than expected grades, while gold production is expected to trend
towards the higher end of the guidance range due to a larger portion of the feed coming from higher gold grade
Pampacancha stockpiles. Cash cost is expected to be favourably positioned at the lower end of the cost guidance
range primarily due to high gold by-product credits.
The company is evaluating opportunities to further increase mill throughput in the medium -to-long-term 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.