HBM

CONSTANCIA: A REALITYMay 20, 2015

TSX, NYSE, BVL Symbol HBM

Market Capitalization1 $2.2 billion

Shares Outstanding 234 million

Available Liquidity2 $0.6 billion

Debt Outstanding2 $1.1 billion

About Hudbay

1. Based on Hudbay’s TSX closing share price on January 30, 2015

2. As at December 31, 2014

Integrated base and precious metals mining

company

> Operating mines, development projects and processing

facilities located in the Americas

Long track record of operating success in Flin

Flon Greenstone Belt

> Nearly 90 year history of mine development and operation

(28 mines)

Disciplined and clear strategy focused on growth

in net asset value, earnings and cash flow per

share metrics

> Value creation through exploration, mine development

and efficient operation

> Mining friendly jurisdictions

> VMS and porphyry deposits

1

3

4

5

1 MANITOBA 777, LALOR, REED

2 ARIZONA ROSEMONT

3 COLOMBIA EXPLORATION

4 PERU CONSTANCIA

5 CHILE EXPLORATION

2WE SEEK OUT PROPERTIES WITHIN

A NARROW GEOGRAPHIC AND

GEOLOGICAL RANGE WHERE

WE CAN ADD VALUE.

We choose Constancia

The right project

The right jurisdiction

The right strategy

Prolific Belt Provides Opportunities

Infrastructure & power expected to be available to meet Constancia project schedule

83km access road from Yauri

To be upgraded for concentrate haulage post

commissioning

Tintaya power substation 70km away

Construction of power transmission line from

Tintaya complete and energized in August 2014

Socabaya to Tintaya 220kV transmission line

upgrade is complete and energized in April 2014

~475km from Matarani Port by road

Port access and power supply secured

under 10-year contracts

Access to Existing Infrastructure

CONSTANCIA HAS EXCELLENT INFRASTRUCTURE

IN AN ESTABLISHED MINING DISTRICT IN PERU

OurJourney

Exploration

Drilling per Program

UPDATED AS OF AUGUST, 2014

PROGRAM METERS HOLES

Constancia 149,129 635

Pampacancha 54,925 204

Chilloroya

South18,316 53

Uchucarcco 783 3

Total: 223,153 895

Peru Reserves Overview

Constancia Mineral Reserves

Category Ore (M tonnes) Cu (%) Mo (g/t) Au (g/t) Ag (g/t)

Proven 483 0.32 93 0.040 3.04

Probable 94 0.22 61 0.036 2.77

Pampacancha Mineral Reserves

Category Ore (M tonnes) Cu (%) Mo (g/t) Au (g/t) Ag (g/t)

Proven 23 0.52 142 0.298 4.28

Probable 20 0.44 159 0.252 3.74

As at January 1, 2014

Total Mineral Reserves

Category Ore (M tonnes) Cu (%) Mo (g/t) Au (g/t) Ag (g/t)

Total Proven 506 0.33 95 0.052 3.09

Total Probable 114 0.26 78 0.074 2.94

Total Reserves 620 0.32 92 0.056 3.07

Total Mineral Resources

Category M (tonnes) Cu (%) Mo (g/t) Au (g/t) Ag (g/t)

Measured + Indicated 372 0.20 59 0.039 2.09

Inferred 200 0.19 51 0.031 1.86

* All mineral resources referred to in this slide are exclusive of and additional to stated mineral reserves. Mineral resources that are

not mineral reserves do not have demonstrated economic viability.

Project Management

Site Plant and Layout

AREA 4

TEMASEK PRESENTATION l 11

1

2

3

4

Heavy Civil Works & Mining Milestones

> Tailing liner and toe dam completed

> Water capture initiated Dec 2013 in main sediment pond

> Mine pre stripping started in Mar 2014

Main sediment pondPre-stripping activities

Power

TEMASEK PRESENTATION l 13

Power Transmission Line

> Engineering and procurement are

100% complete

• Tie into high voltage side of

substation was completed in April

• Tower construction is 100%

complete

> Successful negotiations with

Glencore Xstrata for ROW

agreement

> System was energized in August

2014

Power Supply

> Signed 10-year power purchase

contract

• 5 year extension right

> Costs are in-line with expectations

Concentrate Transport & Port Services

TEMASEK PRESENTATION l 14

> Route from Constancia

to Matarani is 460 kms

total

> Contract awarded in Q3

2014 and service is

already ongoing with

ramp-up production

> Matarani is a deep sea

water port with

warehouses now used

by Hudbay 32

1

1

2

3

Public Warehouse (used by

Glencore Xstrata)

Public warehouse (used by Cerro

Verde)

A5 Warehouse (to be habilitated

for Hudbay concentrate)

Commissioning Stages

Responsibility

• Construction Team

• Commissioning Team

• Client Operation Team

C0

Verification of

Plant and

Equipment

Completion of all commissioning activities

including preparation of a Commissioning

Closeout Report and handover of agreed

commissioning documentation

deliverables to the Client

C1

Dry

Commissioning

C2

Wet

Commissioning

C3

Ore

Commissioning

C4

Performance

Verification

C5

Area

Acceptance

C6

Commissioning

Closeout

Checksheets

+ Punch lists

Checksheets

+ Punch lists

Checksheets +

Practical Completion Certificate

Constancia Progress

Constancia mine maintenance facilities

Constancia mill

Crushed ore to be processed in Constancia mill

Constancia flotation cell

Constancia Progress (Cont’d)

Constancia crusher commissioning

Constancia ore dump pocket for the primary crusher Initial copper concentrate stored in concentrate shed

Tonnage Movement

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ANNUAL TOTAL MOVEMENT IN CONSTANCIA

Crusher Waste Dump Rehandle

Tonnage

Production remains on track

CONSTANCIA ACHIEVED COMMERCIAL PRODUCTION ON APRIL 30, 2015

OWNERSHIP 100%

LIFE OF MINE (LOM) 22 years

DAILY ORE THROUGHPUT 80k tpd

MINE AND MILL UNIT COST1,2 US$7.48 /

tonne

YEARS 1-51 YEARS 6-221 LOM1

AVG. ANNUAL CU PRODUCTION3 116k tonnes 71k tonnes 82k tonnes

CASH COST PER CU/LB4 US$0.98 US$1.37 US$1.25

AVG. ANNUAL SUSTAINING CAPITAL US$80 millionUS$38

million

US$47

million

Source: Hudbay company disclosure

1. LOM as per NI 43-101 Technical Report on the Constancia Project dated October 15, 2012 and subsequent updates to project estimates in public disclosure

2. Combined mine and mill unit operating costs per tonne of ore processed

3. Production is contained metal in concentrate

4. Net of by-products. Includes impact of silver and gold streams. Assumed metal prices per the Silver Wheaton stream agreement are as follows: Gold US$400/oz, Silver US$5.90/oz. Other metal price assumptions

include: Molybdenum 2014-US$12/lb, 2015-US$13/lb, 2016-US$13/lb, LT-US$13.50/lb; Gold 2014-US$1,350/oz, 2015-US$1,325/oz, 2016-US$1,300/oz, 2017-US$1,275/oz, LT-US$1,250/oz. Excludes profit sharing

> Constancia is also expected to achieve full capacity in H2 2015

> Ocean shipments began in April 2015

> The focus is currently on increasing copper recovery while maintaining

throughput and concentrate quality

FOTO DE JOVENES EN PLANTA

Communities’ young people working at site

Social license and sustainable

development

Long-Term Community Agreements

ACCESS TO LAND FOR MINING PURPOSES IN 2012 PLUS SOCIAL INVESTMENT

UCHUCCARCO256 has.

CHILLOROYA750 has

Local Procurement

Local Employment

Local Business

Social Investment in Chumbivilcas

» Specific commitments to invest in health,

education and social development≈ Through Multi-sectoral Committees for Development

(“CMD”) in local communities

≈ Resettlement almost complete

» Signed agreements with:≈ Cusco Regional Government and Provincial and District

Municipalities in Chumbivilcas

» Engagement with National Government≈ Facilitating public-private partnerships with sectoral

Ministries

≈ Improving technical capabilities in municipalities and

communities through Technical Assistance Office

(“TAO”)

» Works for Taxes (“Obras por Impuestos”)

» Agreements with other institutions such as:≈ Asociación Vida Peru

≈ Universidad Nacional San Antonio Abad del Cusco

≈ Universidad Nacional San Agustín de Arequipa

LEADING INITIATIVES TO ACHIEVE SUSTAINABLE DEVELOPMENT

» Innovation in social investment

≈ Prizes for CMD and TAO due to real benefits for Chumbivilcas population

» Facilitating funding from public orprivate sources to execute priorityprojects for Chumbivilcas

The development dilemma: give a man a

fish or teach him to fish?

We do not replace Government’s role

OUR INITIATIVES FACILITATE SUSTAINABLE DEVELOPMENT, ASSISTING

COMMUNITIES AND MUNICIPALITIES

For more information contact:

Javier del RíoExecutive Director, Business Development SouthAmerica

Hudbay

Tel: 511.6122900

Email: javier.delrio@hudbayminerals.com HBM

Now CONSTANCIA leads Hudbay’sexpansion in the

Americas