TSX, NYSE – HBM 2026 No. 2 1 Hudbay Announces Preliminary 2025 Production Results and Achieves 2025 Consolidated Copper and Gold Production Guidance
TSX, NYSE – HBM
2026 No. 2
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Hudbay Announces Preliminary 2025 Production Results and Achieves 2025
Consolidated Copper and Gold Production Guidance
Toronto, Ontario, January 16, 2026 – Hudbay Minerals Inc. (“Hudbay” or the “ Company”) (TSX, NYSE: HBM)
today announced preliminary production results for the three months and year ended December 31, 2025. All amounts
are in US dollars, unless otherwise noted.
Highlights:
• Achieved 2025 consolidated copper and gold production guidance, despite the mandatory wildfire evacuation
shutdowns and temporary operational interruptions resulting in production deferrals during the year.
• 2025 represents the 11th consecutive year in which Hudbay achiev ed its annual consolidated copper
production guidance, since Constancia declared commercial production, and 5th consecutive year achieving
its annual consolidated gold production guidance, since establishing standalone gold production guidancei.
• Strong operational performance in the fourth quarter with approximately 33,069 tonnes of copper produced
and 84,298 ounces of gold produced, resulting in full year 2025 consolidated production of approximately
118,188 tonnes of copper and 267,934 ounces of goldii.
• Pro-forma year-end cash and cash equivalents of approximately $992 millioniii, after giving effect to the recent
closing of the Copper World joint venture transaction.
“We are proud to have achieved full year production guidance for our two primary metals, copper and gold, after
overcoming several temporary operational interruptions in 2025, which demonstrates the resilience and strength of our
diversified operating platform,” said Peter Kukielski, Hudbay’s President and Chief Executive Officer. “ Our operations
delivered steady production performance in the fourth quarter and maintained a rigorous focus on operational
efficiencies and stabilization, resulting in a strong finish to the year. Notably, we achieved a standout fourth quarter in
Peru with the efficient mining of the high-grade Pampacancha satellite deposit, allow ing us to far exceed the top end
of the 2025 gold production guidance range in Peru.”
Fourth Quarter 2025 Preliminary Production Resultsii
During the fourth quarter of 2025, Hudbay had consolidated production of approximately 33,069 tonnes of copper,
84,298 ounces of gold, 1,002,985 ounces of silver, 5,703 tonnes of zinc and 325 tonnes of molybdenum.
Peru operations had the strongest quarter of the year in the fourth quarter. Production was approximately 25,038 tonnes
of copper, 32,865 ounces of gold and 731,017 ounces of silver in the fourth quarter, with continued strong copper and
gold grades from Pampacancha and less ore processed from low -grade stockpiles compared to the third quarter of
2025. The Company continued to optimize the mine plan in the fourth quarter with more ore mined from Pampacancha
than previously expected, resulting in the accelerated depletion of Pampacancha in late December as opposed to early
2026 and enabling Hudbay to exceed the top end of the 2025 Peru gold guidance range.
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Manitoba operations produced approximately 47,423 ounces of gold in the fourth quarter, slightly lower than quarterly
cadence expectations as a result of unplanned down time in October with eight days of winter storm power outages ,
offset by record monthly throughput at the New Britannia mill in December . Manitoba operations also produced
approximately 3,326 tonnes of copper, 5,703 tonnes of zinc and 214,493 ounces of silver in the fourth quarter.
British Columbia operations produced approximately 4,705 tonnes of copper, 4,010 ounces of gold and 57,475 ounces
of silver in the fourth quarter. While the operations completed construction of the permanent feeder for the new second
semi-autogenous grinding ("SAG") mill in December, total throughput in the fourth quarter was constrained by the
primary SAG mill requiring unplanned maintenance early in the fourth quarter, as previously disclosed.
Fourth Quarter 2025 Preliminary Productionii Three Months Ended
Dec. 31, 20252 Sep. 30, 2025 Dec. 31, 2024
Contained Metal in Concentrate and Doré1
Peru
Copper tonnes 25,038 18,114 33,988
Gold ounces 32,865 26,380 38,079
Silver ounces 731,017 577,446 969,502
Molybdenum tonnes 325 185 195
Manitoba
Gold ounces 47,423 22,441 51,438
Zinc tonnes 5,703 548 8,385
Copper tonnes 3,326 842 3,347
Silver ounces 214,493 102,132 283,223
British Columbia
Copper tonnes 4,705 5,249 5,927
Gold ounces 4,010 4,760 4,644
Silver ounces 57,475 50,816 58,933
Total
Copper tonnes 33,069 24,205 43,262
Gold ounces 84,298 53,581 94,161
Zinc tonnes 5,703 548 8,385
Silver ounces 1,002,985 730,394 1,311,658
Molybdenum tonnes 325 185 195
1 Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products.
2 Fourth quarter 2025 production is preliminary in nature and may be subject to change. See “Disclaimer Regarding Preliminary
Financial Information” below.
Full Year 2025 Preliminary Production Resultsii
Hudbay achieved 2025 consolidated production guidance for copper and gold, with full year production of approximately
118,188 tonnes of copper and 267,934 ounces of gold, based on preliminary fourth quarter results . In 2025, t he
operations also produced approximately 17,646 tonnes of zinc , 3,468,143 ounces of silver and 1,282 tonnes of
molybdenum. 2025 represents the 11 th consecutive year in which Hudbay achieved its annual consolidated copper
production guidance, since Constancia declared commercial production, and 5th consecutive year achieving its annual
consolidated gold production guidance, since establishing standalone gold production guidancei.
Peru operations achieved 2025 production guidance for copper, with gold production far exceeding the top end of the
2025 guidance range. Based on preliminary production results for the fourth quarter, Constancia produced
approximately 85,155 tonnes of copper , 74,480 ounces of gold and 2,415,134 ounces of silver in 2025. Hudbay
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optimized the mine plan in the second half of 2025 by prioritizing Pampacancha mining activities and fully depleting the
satellite deposit in December , while also leveraging more stockpiled ore during the third quarter as the Company
adapted its mine plan to social unrest in the region. These short-term mine plan changes resulted in reduced stripping
activities in 2025, which is expected to result in some grade re-sequencing in 2026 and 2027 while maintaining
production within the previous guidance ranges for 2026 and 2027.
Based on preliminary production results for the fourth quarter, Manitoba operations produced approximately 173,453
ounces of gold , 9,249 tonnes of copper, 17,646 tonnes of zinc and 800,198 ounces of silver for the full year 2025.
Production was below the low end of the guidance range for gold and zinc, while copper and silver met expectations in
2025. These production levels are impressive given the significant impacts of unexpected downtime from an eight-day
power outage in October and over two months of production deferrals due to wildfire evacuations and ramp-up activities
throughout the summer . In addition, zinc production was below the guidance range due to the prioritization of gold
production in Manitoba. 2026 production levels are expected to be higher than 2025 as operations have fully normalized
after the weather -related interruptions in 2025, as demonstrated with New Britannia achieving record total monthly
throughput in December.
British Columbia operations produced approximately 23,784 tonnes of copper in 2025 based on preliminary production
results for the fourth quarter. Copper production is below the low end of the production guidance range, while the
operations achieved full year production guidance for gold and silver with approximately 20,001 ounces of gold and
252,811 ounces of silver produced in 2025 . As previously disclosed, c opper production in 2025 was impacted by
reduced throughput at the primary SAG mill in the fourth quarter and a higher portion of low-grade stockpiles utilized
as ore feed in 2025. With the completion of the permanent feeder for the secondary SAG mill project in December, the
secondary SAG mill continued to demonstrate positive contributions to overall throughput in the fourth quarter . As
previously disclosed, Hudbay expects mill throughput to ramp up to the targeted 50,000 tonnes per day in mid-2026 as
opposed to early 2026 due to the impacts of reduced throughput at the primary SAG mill.
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Full Year 2025 Preliminary Productionii Year Ended
Dec. 31, 20252
2025 Guidance Year Ended
Dec. 31, 2024
Contained Metal in Concentrate and Doré1
Peru
Copper tonnes 85,155 80,000 - 97,000 99,001
Gold ounces 74,480 49,000 - 60,000 98,226
Silver ounces 2,415,134 2,475,000 - 3,025,000 2,708,262
Molybdenum tonnes 1,282 1,300 - 1,500 1,323
Manitoba
Gold ounces 173,453 180,000 - 220,000 214,225
Zinc tonnes 17,646 21,000 - 27,000 33,339
Copper tonnes 9,249 9,000 - 11,000 12,536
Silver ounces 800,198 800,000 - 1,000,000 995,090
British Columbia
Copper tonnes 23,784 28,000 - 41,000 26,406
Gold ounces 20,001 18,500 - 28,000 19,789
Silver ounces 252,811 245,000 - 365,000 280,499
Total
Copper tonnes 118,188 117,000 - 149,000 137,943
Gold ounces 267,934 247,500 - 308,000 332,240
Zinc tonnes 17,646 21,000 - 27,000 33,339
Silver ounces 3,468,143 3,520,000 - 4,390,000 3,983,851
Molybdenum tonnes 1,282 1,300 - 1,500 1,323
1 Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products.
2 Full year production for the period ended December 31, 2025 includes fourth quarter production that is preliminary in nature and may
be subject to change See “Disclaimer Regarding Preliminary Financial Information” below.
Robust Balance Sheet
As of December 31, 2025, Hudbay had approximately $569 million in unaudited cash and cash equivalentsiii. After the
recently closed Copper World joint venture transaction, Hudbay’s pro-forma cash and cash equivalents as at December
31, 2025 are approximately $992 millioniii. In addition, Hudbay has undrawn availability of $425 million under Hudbay’s
revolving credit facilities as of December 31, 2025, increasing total pro-forma liquidity to over $1.4 billioniii.
Fourth Quarter 2025 Results Conference Call
Hudbay plans to issue a news release containing the fourth quarter and full year 2025 results, as well as 2026
production and cost guidance, before the market open on Friday, February 20, 2026 and will post it on the Company’s
website. Hudbay senior management will host a corresponding conference call on Friday, February 20, 2026 at 11:00
a.m. ET to discuss the results. An archived audio webcast will be available on Hudbay’s website following the call.
Fourth Quarter 2025 Results Conference Call and Webcast Details
Date: Friday, February 20, 2026
Time: 11:00 a.m. ET
Webcast: www.hudbay.com
Dial in: 1-833-752-3516 or 647-846-8185
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Disclaimer Regarding Preliminary Financial Information
This news release contains preliminary financial information and production results (the “Preliminary Information”) for
the three months and year ended December 31, 2025, and the Preliminary Information included herein is based only
upon the information av ailable to the Company as of the date of this news release. The Preliminary Information
contained herein is not a comprehensive summary of our financial results for the applicable periods. The Company’s
actual financial and production results may differ fr om the Preliminary Information contained herein, due to several
factors, including but not limited to the completion of operational and financial closing procedures and final audit
adjustments. The Company’s external auditor has not audited or reviewed the Preliminary Information included in this
news release.
Forward-Looking Information
This news release contains “forward-looking statements” and “forward- looking information” (collectively, “forward-
looking information”) within the meaning of applicable Canadian and United States securities legislation. Forward-
looking information is base d on, among other things, opinions, assumptions, estimates and analyses that, while
considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant
risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different
from those expressed or implied by the forward-looking information.
Forward-looking information includes, but is not limited to, expectations regarding the fourth quarter and full year 2025
results, expectations regarding future production and production guidance and the Company’s expectations for the
SAG mill ramp-up at Copper Mountain. Forward-looking information is not, and cannot be, a guarantee of future results
or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates, and
analyses that, while considered reasonable at the date the forward-looking information is provided, inherently are
subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to
be materially different from those expressed or implied by the forwar d-looking information. Should one or more risk,
uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results
could vary materially from those expressed or implied in the forward-looking information. Hudbay does not assume any
obligation to update or revise any forward-looking information after the date of this news release or to explain any
material difference between subsequent actual events and any forward-looking information, except as required by
applicable law.
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About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused critical minerals mining company with three long-life operations and a
world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States.
Hudbay’s operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba
(Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the
Company, which is complemented by meaningful gold production and by -product zinc, silver and molybdenum.
Hudbay’s growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada
(United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its
existing operations.
The value Hudbay creates and the impact it has is embodied in its purpose statement: “We care about our people, our
communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and
create better futures for communities.” Hudbay’s mission is to create sustainable value and strong returns by leveraging
its core strengths in community relations, focused exploration, mine development and efficient operations.
For further information, please contact:
Candace Brûlé
Senior Vice President, Capital Markets & Corporate Affairs
(416) 362-8181
i In 2020, Hudbay’s consolidated copper production guidance range was revised during the year due to the impact of COVID-19 at
the operations. Hudbay’s copper production for the year was within the revised guidance range. Prior to 2021, Hudbay provided
guidance on a precious metals equivalent instead of gold as a standalone metal.
ii Fourth quarter and full year production results for the period ended December 31, 2025 includes fourth quarter production that is
preliminary in nature and may be subject to change. See “Disclaimer Regarding Preliminary Financial Information” above.
iii All financial metrics including cash and cash equivalents as at December 31, 2025 are unaudited. Additionally, the pro-forma
year-end cash and cash equivalents includes approximately $420 million of cash at the Copper World LLC level received as part of
the recent closing of the Copper World joint venture transaction, which is designated for exclusive use by the Copper World joint
venture.