TSX, NYSE – HBM 2026 No. 20 Hudbay Delivers Strong Second Quarter 202 6 Results and Improves Cash Cost Guidance
TSX, NYSE – HBM
2026 No. 20
Hudbay Delivers Strong Second Quarter 202 6 Results and Improves Cash Cost
Guidance
Toronto, Ontario, July 29, 2026 – Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM)
released its second quarter 2026 financial results today. All amounts are in U.S. dollars, unless otherwise noted.
“Hudbay delivered another quarter of steady operating performance and industry -leading margins, with record trailing
twelve month adjusted EBITDA of $1.3 billion, driven by our unique copper and gold diversification and focus on cost
control,” said Peter Kukielski, Chief Executive Officer. “ Our diversified operations in Canada and Peru c ontinued to
achieve operating efficiencies and deliver strong gold by -product credits, which have more than offset external cost
pressures and allowed us to improve our 2026 full -year consolidated cash cost guidance. We generated over $100
million in free cash flow during the quarter and more than $200 million in free cash flow through the first half of the year,
allowing us to prudently reinvest in high-return growth opportunities across the business to enhance our exposure to
copper and gold. Our Copper World project is on track for sanctioning later in 2026, and our recent acquisition of the
Cactus project brings together two highly complementary assets in Arizona and solidifies our position as a premier
Americas-focused copper producer with a pipeline of long-life, low-cost assets in tier-one jurisdictions.
“I am also very pleased to announce two key executive leadership appointments that will position Hudbay for the next
phase of transformational growth. The appointment of Eugene Lei as President and Chief Financial Officer is a
significant milestone for Hudbay and recognizes his passion and strategic vision for the long-term success of the
Company. Eugene has been instrumental in the significant transformation of the Company since becoming C hief
Financial Officer in 2022. He successfully executed the strategic plan to unlock Copper World, including achieving our
stated balance sheet targets ahead of schedule and helping to facilitate the Copper World partnership with Mitsubishi.
Rob Carter’s appointment as Chief Operating Officer recognizes the significant impact he has had on the business
through revitaliz ing our Manitoba operations into becoming a sustainable cash flow contributor and bringing that
expertise to our British Columbia operations. As Andre Lauzon embarks on his well-deserved retirement, I am confident
that Eugene’s strategic foresight in the President role and Rob’s operational leadership as Chief Operating Officer will
accelerate our growth pipeline and continue to maximize shareholder returns.”
Delivered Strong Second Quarter Financial Results; Production Guidance Reaffirmed and Cost Guidance
Improved
• Achieved quarterly revenue of $631.3 million, net earnings attributable to ownersi of $137.4 million, quarterly
adjusted EBITDAi of $321.2 million and adjusted net earnings attributable to owners i of $113.5 million in the
second quarter, driven by steady operating performance, attractive operating margins and strong exposure to
copper and gold across Hudbay's diversified operating portfolio.
• Steady production continued in the second quarter with consolidated copper and gold production of 28,267
tonnes and 51,234 ounces, respectively, with higher copper production in line with quarterly cadence
expectations while gold production was slightly lower than quarterly cadence expectations.
• Industry-leading margins continued with consolidated cash cost i and sustaining cash costi, net of by-product
credits, of $(0.40) and $1.39 per pound of copper, respectively, in the second quarter of 2026.
• Reaffirmed full year 2026 consolidated production guidance including 110,000 to 138,000 tonnes of copper
and 217,000 to 272,000 ounces of gold.
• Improved full year 2026 consolidated cash cost i guidance to $(0.45) to $(0.25) per pound of copper from
$(0.30) to $(0.10) per pound as costs are tracking well below the low end of the guidance range given strong
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exposure to gold by-product credits and continued operating efficiencies are more than offsetting higher input
costs for fuel and consumables.
• Peru operations produced 19,446 tonnes of copper and 5,282 ounces of gold in the second quarter of 2026,
in line with quarterly cadence expectations with a planned semi-annual plant maintenance shutdown during
the quarter. Peru cash cost i, net of by -product credits, of $1.66 per pound outperformed the low end of the
2026 annual guidance range of $1.70 to $2.10 per pound despite the lower planned production and higher
fuel costs.
• Manitoba operations produced 40,344 ounces of gold, 2,366 tonnes of copper, 4,760 tonnes of zinc and
209,478 ounces of silver in the second quarter of 2026, slightly lower than quarterly cadence expectations.
Manitoba cash cost i of $776 per ounce of gold was within the annual guidance range of $500 to $800 per
ounce.
• British Columbia operations produced 6,455 tonnes of copper, 5,608 ounces of gold and 71,178 ounces of
silver in the second quarter of 2026, in line with quarterly cadence expectations. British Columbia cash cost i
of $3.22 per pound of copper was higher than the annual cost guidance range of $1.50 to $2.50 primarily due
to elevated fuel prices and timing of equipment maintenance. British Columbia c ash co st is expected to
improve in the second half of the year, in line with the annual guidance range.
• Second quarter earnings per share attributable to owners was $0.34 reflecting strong gross profit margins as
a result of the continued focus on strong cost control and higher metal prices more than offsetting higher input
costs. After adjusting for various non-cash items on a pre-tax basis, second quarter adjusted earnings i per
share attributable to owners was $0.28.
• Cash and cash equivalents were $890.9 million and total liquidity ii was $1,044.6 million at the end of the
second quarter of 2026, despite using cash to retire over $200 million in long term debt and benefitting from
the approximate $420 million initial cash contribution from Mitsubishi Corporation ("Mitsubishi") received on
closing of the Copper World joint venture transaction in January 2026.
Continued Strong Cash Flow Generation and Prudent Balance Sheet Management
• Hudbay's unique copper and gold diversification across its operations provides exposure to higher copper and
gold prices, which together with a focus on cost control across the business, continues to realize strong
margins and generate significant free cash flow.
• While the majority of Hudbay's revenue continues to be derived from copper production, revenue from gold
production represents a meaningful portion of total revenues. Gold revenues were 38% of total revenue in the
second quarter of 2026.
• Cash generated from operating activities was $297.0 million during the second quarter of 2026, reflecting an
increase of $85.7 million compared to the first quarter partially as a result of favourable changes in non-cash
working capital. Operating cash flow before changes in non- cash working capital was $210.1 million during
the second quarter of 2026, relatively consistent with the first quarter.
• Delivered free cash flowi generation of $101.8 million during the second quarter of 2026, representing a similar
level of free cash flow generation to the first quarter through continued strong operating margins and cost
controls, resulting in more than $200 million of free cash flow generated in the first half of 2026 despite
investing over $200 million of sustaining capital in the business over this period.
• Achieved quarterly adjusted EBITDAi of $321.2 million in the second quarter of 2026, resulting in record trailing
twelve month adjusted EBITDAi of $1,271.6 million.
• Achieved net debti of negative $80.5 million as at June 30, 2026, representing a n $86.1 million improvement
from the first quarter of 2026 and positioning the Company well to reinvest in high-return growth capital projects
across the business.
• Net debt to adjusted EBITDA ratio i was negative 0.1x in the second quarter of 2026, significantly improved
from 0.4x in the fourth quarter of 2025 as a result of the initial proceeds received from Mitsubishi on closing of
the Copper World joint venture transaction along with strong cash flows from operations.
• Consistent with Hudbay’s prudent balance sheet management and focus on cost of capital, Hudbay repaid
$472.5 million of its outstanding 2026 senior unsecured notes on maturity on April 1, 2026, using a combination
of cash on hand and a $272 million draw on its low-cost revolving credit facilities, providing the Company with
enhanced financial flexibility in advance of a Copper World sanctioning decision later this year.
• Received proceeds of an offering of $52 million in aggregate principal amount of solid waste disposal revenue
bonds with an initial mandatory tender date in 2036. These long-term, low-cost, non-amortizing U.S. municipal
bonds, may be used for certain eligible costs associated with the development of Copper World.
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• Hudbay's enhanced Capital Allocation Framework is embedded into its annual financial planning cycle to
provide a holistic approach to capital allocation decisions to maximize long- term risk -adjusted returns,
including capital deployment into brownfield pro jects, greenfield projects, strategic investments and
exploration, while considering debt repurchases, share buybacks and dividends.
Advancing Generational Growth Investments to Further Enhance Copper and Gold Exposure
• The Copper World definitive feasibility study (“DFS”) is progressing well , and a project sanctioning decision
continues to be on track for late 2026. The DFS is expected to include scope for future mill expansion
optionality.
• Completed the acquisition of Arizona Sonoran Copper Company Inc. ("A rizona Sonoran") to bring together
two highly complementary copper growth assets in Arizona and strengthen Hudbay’s position as a premier
Americas-focused copper company with a pipeline of long‑life, low‑cost assets located in tier-one jurisdictions.
The acquisition of Arizona Sonoran enhances Hudbay’s long‑term copper production profile and expands its
U.S. growth pipeline through the staged development of Copper World and Cactus. Hudbay expects to spend
approximately $30 million at Cactus in the second half of 2026 to advance an updated pre-feasibility study,
perform site de-risking activities, conduct exploration activities and for other ongoing site costs.
• Continued to advance a large Snow Lake exploration program to further increase near -term production and
mineral reserves, test regional satellite deposits for additional mill feed to utilize available capacity at Stall and
explore the large land package for a new anchor deposit to meaningfully extend mine life.
• Celebrated the official groundbreaking of the New Ingerbelle expansion project at Copper Mountain, marking
a significant milestone for the operation and its long-term future in British Columbia, enhancing the copper
and gold production profile and securing a longer mine life. Growth capital expenditures in British Columbia in
2026 are expected to increase by approximately $30 million to $115 million, due to additional costs associated
with the development of infrastructure for New Ingerbelle.
• Received approval from the government in Peru to further increase annual mill processing capacity at
Constancia to 34 million tonnes of ore per annum from the previously permitted 31 million tonnes, enabling
additional capacity to further optimize Constancia’s operations and deliver strong copper production.
• Advanced initial pre-feasibility study activities at the Mason copper project in Nevada.
Summary of Second Quarter Results
Hudbay's diversified asset portfolio delivered consolidated copper production of 28,267 tonnes and consolidated gold
production of 51,234 ounces in the second quarter of 2026. Consolidated copper production was higher than the first
quarter of 2026 as higher mill throughput in British Columbia more than offset lower planned mill throughput in Peru.
Consolidated gold production was lower than the first quarter of 2026 primarily due to lower milled gold grades.
Consolidated silver production of 845,161 ounces was higher than the first quarter of 2026 due to higher grade s and
recoveries in British Columbia. Zinc production of 4,760 tonnes in the second quarter of 2026 also increased compared
to the previous quarter, primarily reflecting higher ore grades at the Manitoba operations.
Cash generated from operating activities was $297.0 million during the second quarter of 2026, reflecting an increase
of $85.7 million compared to the first quarter of 2026, partially as a result of favourable changes in non- cash working
capital. Operating cash flow before changes in non-cash working capital was $210.1 million during the second quarter
of 2026 and remained relatively consistent with the first quarter of 2026.
Adjusted EBITDAi was $321.2 million in the second quarter of 2026, a decrease compared to the record $421.9 million
achieved in the first quarter of 2026 primarily due to lower sales volumes, partially offset by higher copper prices. The
lower sales volumes in the second quarter of 2026 were impacted by a temporary build-up of concentrate inventory at
the port in Peru. This accumulation was caused by ocean swells that resulted in temporary port closures and delayed
scheduled shipments of approximately 10,000 dry metric tonnes of copper concentrate, which were delivered in the
first half of July 2026.
Net earnings attributable to owners was $137.4 million, or $0.34 per share, in the second quarter of 2026 compared to
$190.4 million, or $0.48 per share, in the first quarter of 2026. The decrease is primarily the result of lower revenue due
to lower sales volumes of all metals.
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Adjusted net earnings attributable to ownersi and adjusted net earnings per share attributable to ownersi in the second
quarter of 2026 were $113.5 million and $0.28 per share, respectively, after adjusting for various non-cash items on a
pre-tax basis including a $38.2 million mark -to-market revaluation net gain on various financial instruments such as
investments and share-based compensation, a non- cash $12.0 million foreign exchange loss, and an $11.5 million
business interruption insurance recovery related to the Manitoba mandatory wildfire evacuations shutdowns in 2025,
among other items. This compares to adjusted net earnings attributable to owners i and net earnings per share
attributable to ownersi of $161.0 million and $0.40 per share, respectively, in the first quarter of 2026. The decrease is
a result of lower realized metal prices for gold and the aforementioned lower sales volumes.
Consolidated cash cost i, net of by -product credits, in the second quarter of 2026 was $(0.40) per pound of copper,
compared to record low cash cost of $(1.80) per pound in the first quarter of 2026. The increase from the first quarter
of 2026 was a result of lower by-product credits from lower gold volumes.
Consolidated sustaining cash cost i, net of by -product credits, in the second quarter of 2026 was $1.39 per pound of
copper, compared to $0.00 per pound in the first quarter of 2026. This increase was primarily due to the same factors
impacting consolidated cash costi noted above.
Consolidated all-in sustaining cash costi, net of by-product credits, in the second quarter of 2026 was $1.80 per pound
of copper, higher than the first quarter of 2026 due to the same reasons noted above, partially offset by lower corporate
general and administrative ("G&A") costs from the impact of the revaluation of Hudbay's share-based compensation.
As at June 30, 2026, total liquidityii was $1,044.6 million, including $890.9 million in cash and cash equivalents, which
excludes $49.8 million in U.S. municipal bond proceeds that is classified as restricted cash, and undrawn availability of
$153.7 million under Hudbay's revolving credit facilities. Net debti at the end of the second quarter was negative $80.5
million, marking an $86.1 million improvement from first quarter of 2026 primarily as a result of positive cash flows from
operations. Hudbay expects that the current liquidity, together with cash flows from operations, will be sufficient to meet
the Company's liquidity needs for the remainder of 2026.
1 As at June 30, 2026 cash and cash equivalents include $334.5 million in cash held by Copper World LLC. These funds are
contractually restricted solely for the advancement of the Copper World project and are not available to the general Hudbay group.
2 Net debt and net debt 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.
3 Hudbay calculates net debt as total long-term debt less cash and cash equivalents and restricted cash related to unspent proceeds
of its senior unsecured municipal bond financing.
4 Working capital is determined as total current assets less total current liabilities as defined under IFRS and disclosed on the
consolidated interim financial statements.
Consolidated Financial Condition
(in $ millions, except net debt to adjusted EBITDA ratio) Jun. 30, 2026 Mar. 31, 2026 Dec. 31, 2025
Cash and cash equivalents1 890.9 1,003.8 568.9
Total long-term debt 860.2 1,009.4 1,008.6
Net debt2,3 (80.5) 5.6 439.7
Working capital4 751.8 407.3 (65.6)
Total assets 8,062.0 6,896.9 6,223.3
Equity attributable to owners of the Company 4,797.2 3,533.5 3,231.0
Net debt to adjusted EBITDA2 (0.1) 0.0 0.4
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Consolidated Financial Performance Three Months Ended
Jun. 30, 2026 Mar. 31, 2026 Jun. 30, 2025
Revenue $ millions 631.3 757.3 536.4
Cost of sales $ millions 362.3 389.3 359.9
Earnings before tax $ millions 240.4 339.0 153.1
Net earnings $ millions 138.1 191.5 114.7
Net earnings attributable to owners $ millions 137.4 190.4 117.7
Basic and diluted attributable earnings per
share $/share 0.34 0.48 0.30
Adjusted earnings attributable per share 1 $/share 0.28 0.40 0.19
Operating cash flow before change in non-
cash working capital
$ millions
210.1 208.7 193.9
Adjusted EBITDA1 $ millions 321.2 421.9 245.2
Free cash flow1 $ millions 101.8 102.3 86.7
1 Adjusted earnings attributable per share, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with
no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the “Non-
GAAP Financial Performance Measures” section of this news release.
Consolidated Production and Cost Performance Three Months Ended
Jun. 30, 2026 Mar. 31, 2026 Jun. 30, 2025
Contained metal in concentrate and doré produced1
Copper tonnes 28,267 27,929 29,956
Gold ounces 51,234 61,700 56,271
Silver ounces 845,161 787,449 814,989
Zinc tonnes 4,760 4,565 5,130
Molybdenum tonnes 277 380 375
Payable metal sold
Copper tonnes 23,780 29,544 30,354
Gold2 ounces 56,266 66,562 62,466
Silver2 ounces 674,490 923,051 894,160
Zinc tonnes 2,635 3,897 2,871
Molybdenum tonnes 298 375 427
Consolidated cash cost per pound of copper produced3
Cash cost $/lb (0.40) (1.80) (0.02)
Sustaining cash cost $/lb 1.39 0.00 1.65
All-in sustaining cash cost $/lb 1.80 0.73 2.03
1 Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products.
2 Includes total payable gold and silver in concentrate and in doré sold and other secondary products.
3 Cash cost, sustaining cash cost and all-in 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.
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Peru Operations Review
Peru Operations Three Months Ended
Jun. 30, 2026 Mar. 31, 2026 Jun. 30, 2025
Constancia ore mined1 tonnes 10,962,399 10,701,375 6,735,316
Copper % 0.28 0.29 0.34
Gold g/tonne 0.04 0.03 0.03
Silver g/tonne 3.68 3.11 3.26
Molybdenum % 0.01 0.01 0.02
Pampacancha ore mined1,2 tonnes — — 762,172
Copper % — — 0.26
Gold g/tonne — — 0.24
Silver g/tonne — — 4.59
Molybdenum % — — 0.01
Total ore mined tonnes 10,962,399 10,701,375 7,497,488
Strip ratio3 0.88 0.83 1.47
Ore milled tonnes 7,827,509 8,163,847 7,559,047
Copper % 0.30 0.31 0.34
Gold g/tonne 0.04 0.06 0.05
Silver g/tonne 3.75 3.09 3.58
Molybdenum % 0.01 0.01 0.01
Copper recovery % 82.0 81.5 84.5
Gold recovery % 48.8 59.9 56.0
Silver recovery % 59.9 65.4 63.5
Molybdenum recovery % 39.9 36.0 38.7
Contained metal in concentrate
Copper tonnes 19,446 20,573 21,710
Gold ounces 5,282 8,770 7,366
Silver ounces 564,505 531,199 551,979
Molybdenum tonnes 277 380 375
Payable metal sold
Copper tonnes 15,755 21,056 21,418
Gold ounces 4,042 15,162 9,721
Silver ounces 418,640 676,119 616,578
Molybdenum tonnes 298 375 427
Combined unit operating cost4,5 $/tonne 14.06 11.61 13.59
Cash cost5 $/lb 1.66 0.70 1.45
Sustaining cash cost5 $/lb 2.71 1.43 2.63
1 Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled.
2 Pampacancha has been depleted as of December 31, 2025.
3 Strip ratio is calculated as waste mined divided by ore mined.
4 Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected
capitalized stripping costs.
5 Combined unit costs, 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 and a detailed reconciliation, please
see the discussion under the "Non-GAAP Financial Performance Measures" section of this news release.
The Peru operations continued to demonstrate steady operating performance during the second quarter of 2026, with
production and costs in line with full-year expectations following the depletion of Pampacancha at the end of 2025.
The Company continues to advance the installation of pebble crushers at Constancia to increase mill throughput rates
starting in the third quarter of 2026, which will allow the mine to deliver steady annual copper production despite lower
grades following the depletion of Pampacancha.
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In the second quarter of 2026, the Peru operations produced 19,446 tonnes of copper, 5,282 ounces of gold, 564,505
ounces of silver and 277 tonnes of molybdenum. Production of copper, gold and molybdenum was slightly lower
compared to the first quarter of 2026, reflecting the planned semi -annual plant maintenance shutdown during the
second quarter of 2026. Hudbay is on track to achieve its 2026 production guidance for all metals in Peru.
Total material moved during the second quarter of 2026 was 23.9 million tonnes , consistent with ore mined in the first
quarter of 2026 , and, in May the highest monthly total material moved over the last ten years was achieved . Peru
realized improved productivity from enhanced fleet efficiency and the implementation of haulage optimization
strategies.
Mill throughput levels averaged approximately 86,000 tonnes per day during the second quarter of 2026 , a marginal
decrease compared to the first quarter of 2026, primarily due to the scheduled semi -annual plant maintenance
shutdown and the processing of more metallurgically complex ore during the second quarter of 2026. M illed copper
grades decreased slightly compared to the first quarter of 2026 due to blending targets implemented to control
contaminants in the concentrate. As expected, overall gold grades declined primarily due to the transition away from
the higher -grade gold contributions from the Pampacancha stockpile. Metal recoveries remained in line with
expectations.
Combined mine, mill and G&A unit operating costi in the second quarter of 2026 was $14.06 per tonne, which increased
by 21% compared to first quarter of 2026, primarily due to higher fuel prices and the planned semi-annual plant
maintenance shutdown in May 2026.
Cash cost i, net of by -product credits, in the second quarter of 2026 was $1.66 per pound of copper , an increase
compared to the first quarter of 2026, primarily due to lower gold by -product credits resulting from lower gold volumes
given the completion of mining of the high gold content Pampacancha stockpile in the first quarter, combined with
higher fuel prices in the second quarter and the planned semi-annual plant maintenance shutdown in May 2026. This
increase was partially offset by lower profit sharing. Despite the increase, c ash cost for the quarter continued to
outperform the low-end of the 2026 guidance range as a result of strong operating cost performance and higher by -
product prices more than offsetting external cost pressures. Hudbay is well positioned to achieve the full year 2026
cash cost guidance range in Peru.
Sustaining cash cost i, net of by -product credits, in the second quarter of 2026 was $2.71 per pound of copper , an
increase compared to the first quarter of 2026, primarily due to the same reasons affecting cash costs above, as well
as higher community agreement payments.
Sales volumes were impacted by a temporary build-up of concentrate inventory at the port caused by ocean swells that
resulted in temporary port closures and delayed scheduled shipments. As a result, approximately 10 ,000 dry metric
tonnes of copper concentrate sales were deferred to the first half of July.
In April 2026, Constancia was recognized as the safest open pit operation in Peru during the local National Mining
Safety Contest for its performance in 2025. This award reflects the Company's unwavering commitment to safety and
validates Constancia's compliance with the highest operational safety and regulatory standards.
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Manitoba Operations Review
Manitoba Operations Three Months Ended
Jun. 30, 2026 Mar. 31, 2026 Jun. 30, 2025
Lalor
Ore mined1 tonnes 321,719 349,980 303,062
Gold g/tonne 4.41 4.72 4.97
Copper % 0.84 0.80 0.61
Zinc % 2.25 2.10 2.46
Silver g/tonne 28.33 26.22 29.94
New Britannia
Ore milled tonnes 170,477 181,403 162,934
Gold g/tonne 5.31 6.06 6.48
Copper % 1.00 1.04 0.65
Zinc % 0.97 1.09 1.01
Silver g/tonne 29.73 22.75 30.29
Gold recovery2 % 90.5 90.4 89.4
Copper recovery % 90.9 90.8 87.4
Silver recovery2 % 84.5 82.2 78.0
Stall Concentrator
Ore milled tonnes 148,037 178,981 144,204
Gold g/tonne 3.30 3.26 3.19
Copper % 0.66 0.53 0.56
Zinc % 3.81 3.22 4.20
Silver g/tonne 27.46 29.68 29.55
Gold recovery % 70.8 73.5 67.9
Copper recovery % 83.7 85.9 84.7
Zinc recovery % 84.5 79.3 84.8
Silver recovery % 55.4 57.5 51.9
Total contained metal in concentrate and doré3
Gold ounces 40,344 47,743 43,235
Copper tonnes 2,366 2,535 1,612
Zinc tonnes 4,760 4,565 5,130
Silver ounces 209,478 213,208 197,970
Total payable metal sold4
Gold ounces 47,066 45,274 46,932
Copper tonnes 2,466 2,658 2,133
Zinc tonnes 2,635 3,897 2,871
Silver ounces 209,383 193,472 209,594
Combined unit operating cost 5,6,7 C$/tonne 300 254 241
Gold cash cost7,8 $/oz 776 408 710
Gold sustaining cash cost7 $/oz 1,358 833 1,025
1 Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled.
2 Gold and silver recovery includes total recovery from concentrate and doré.
3 Total metal reported in concentrate is prior to deductions associated with smelter terms and includes other secondary products. Doré
includes sludge, slag and carbon fines.
4 lncludes other secondary products.
5 Reflects combined mine, mill and G&A costs per tonne of ore milled.
6 Excludes $3.2 million or C$14 per tonne of overhead costs incurred during temporary suspension during the three months ended
June 30, 2025.
7 Combined unit cost, 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.
8 Excludes $3.2 million or $74 per ounce of overhead costs incurred during temporary suspension during the three months ended
June 30, 2025.