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
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
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 flow s 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 cost i 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.
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• 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 ramp-
up 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 cadenc e expectations. Peru cash cost i 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 cost i 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 cost i 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 clo sed site
environmental reclamation provision, among other items, fourth quarter adjusted earnings i 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
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2025 No. 5
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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 facilit ies 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
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2025 No. 5
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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 27 7,750 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 $5 5 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.
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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 $9 1.9 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 non-
cash 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 owners i and adjusted net earnings per share attributable to owners i 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 unrealiz ed 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 att ributable to owners i 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 cost i 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 cost i 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.
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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 non-
cash $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 cost i 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.
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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 Year Ended
(in $ millions) Dec. 31,
2024
Sep. 30,
2024
Dec. 31,
2023
Dec. 31,
2024
Dec. 31,
2023
Revenue 584.9 485.8 602.2 2,021.2 1,690.0
Cost of sales 400.5 346.0 405.4 1,467.4 1,297.5
Earnings before tax 103.7 79.7 81.0 251.6 151.8
Net earnings 19.3 50.4 33.5 67.8 69.5
Net earnings attributable to owners 21.2 49.8 30.7 76.7 66.4
Basic and diluted attributable earnings per
share 0.05 0.13 0.10 0.20 0.22
Adjusted earnings attributable per share1 0.18 0.13 0.20 0.48 0.23
Operating cash flow before change in non-
cash working capital 231.5 186.3 246.5 691.1 570.0
Adjusted EBITDA1 257.3 206.2 274.4 822.5 647.8
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 Financial Condition
(in $ millions, except net debt to adjusted EBITDA ratio) Dec. 31, 2024 Sep. 30, 2024 Dec. 31, 2023
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 511.3 434.3 135.8
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
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Consolidated Production and Cost Performance5 Three Months Ended Year Ended
Dec. 31,
2024
Sep. 30,
2024
Dec. 31,
2023
Dec. 31,
2024
Dec. 31,
20234
Contained metal in concentrate and doré produced1
Copper tonnes 43,262 31,354 45,450 137,943 131,691
Gold ounces 94,161 89,073 112,776 332,240 310,429
Silver ounces 1,311,658 985,569 1,197,082 3,983,851 3,575,234
Zinc tonnes 8,385 8,069 5,747 33,339 34,642
Molybdenum tonnes 195 362 397 1,323 1,566
Payable metal sold
Copper tonnes 37,927 27,760 44,006 125,094 124,996
Gold2 ounces 92,734 73,232 104,840 335,342 276,893
Silver2 ounces 1,150,518 663,413 1,048,877 3,549,816 3,145,166
Zinc tonnes 5,261 8,607 7,385 25,120 28,799
Molybdenum tonnes 182 343 468 1,287 1,462
Consolidated cash cost per pound of copper produced3
Cash cost $/lb 0.45 0.18 0.16 0.46 0.80
Sustaining cash cost $/lb 1.37 1.71 1.09 1.62 1.72
All-in sustaining cash
$/lb 1.53 1.95 1.31 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.