CONSTANCIA VIRTUAL SITE VISIT PRESENTATION

March 2021

CONSTANCIA

VIRTUAL SITE VISIT

PRESENTATION

CAUTIONARY INFORMATIONThis presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this

presentation, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use

of words such as “plans”, “expects”, “budget”, “guidance”, “scheduled”, “estimates”, “forecasts”, “strategy”, “target”, “intends”, “objective”, “goal”, “understands”, “anticipates” and

“believes” (and variations of these or similar words) and statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” “occur” or “be achieved” or

“will be taken” (and variations of these or similar expressions). All of the forward-looking information in this presentation is qualified by this cautionary note.

Forward-looking information includes, but is not limited to, production, cost and capital and exploration expenditure guidance and potential revisions to such guidance,

anticipated production at Hudbay Minerals Inc.’s (“Hudbay”) mines and processing facilities, expectations regarding the impact of the COVID-19 pandemic on the company’s

operations, financial condition and prospects and Hudbay’s ability to effectively engage with local communities in Peru and other stakeholders, expectations regarding the future

potential of the Constancia mining operations and the timing of mining activities at the Pampacancha deposit, the potential and Hudbay’s anticipated plans for advancing the

company’s mining properties surrounding Constancia and elsewhere in Peru, expectations regarding Hudbay’s community and social investments in Peru, expectations

regarding the social and political environment in Peru, the anticipated timing, cost and benefits of developing the Rosemont project and the outcome of litigation challenging

Rosemont's permits, expectations regarding the Helvetia exploration program, expectations regarding the Lalor gold strategy, including the refurbishment, commissioning and

ramp-up of the New Britannia mill and expectations regarding the mine plan for the 1901 deposit, increasing the mining rate at Lalor and optimizing the Stall and New Britannia

mills, the possibility of converting inferred mineral resource estimates to higher confidence categories, anticipated mine plans, anticipated metals prices and the anticipated

sensitivity of the company’s financial performance to metals prices, events that may affect its operations and development projects, anticipated cash flows from operations and

related liquidity requirements, the anticipated effect of external factors on revenue, such as commodity prices, estimation of mineral reserves and resources, mine life

projections, reclamation costs, economic outlook, government regulation of mining operations, and business and acquisition strategies. 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 by Hudbay 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.

Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the heading “Risk Factors” in Hudbay’s Annual Information Form

for the year ended December 31, 2019 and its Management’s Discussion and Analysis for the year ended December 31, 2020. 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. Accordingly, you should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-

looking information after the date of this presentation or to explain any material difference between subsequent actual events and any forward-looking information, except as

required by applicable law.

This presentation contains certain financial measures which are not recognized under IFRS, such as Adjusted net earnings (loss), adjusted net earnings (loss) per share,

Adjusted EBITDA, net debt, cash cost, sustaining and all-in sustaining cash cost per pound of copper produced, cash cost and sustaining cash cost per pound of zinc produced

and combined unit cost and zinc plant unit cost. For a detailed description of each of the non-IFRS financial performance measures used in this presentation, please refer to

page 53 of Hudbay’s management’s discussion and analysis for the year ended December 31, 2020 available on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

2

CONSTANCIA VIRTUAL SITE VISIT AGENDA

Introduction to Hudbay

Overview of Constancia Operations

Optimization Opportunities

Regional Exploration

Hudbay’s ESG Principles in Peru

Appendix

3

Appendix

Introduction

Constancia Overview



ESG Principles

1

2

3

4

5

6

Introduction to Hudbay

4

1

Appendix

Introduction

Constancia Overview



ESG PrinciplesPETER KUKIELSKI

PRESIDENT & CEO

HUDBAY SENIOR MANAGEMENT TEAM MEMBERS

5

PETER KUKIELSKIPRESIDENT & CEO• More than 30 years of sector

experience in base metals, precious metals and bulk materials across the globe

CASHEL MEAGHERSVP & COO• Extensive background in

exploration, resource and reserve estimation, engineering studies and operations

STEVE DOUGLASSVP & CFO• Over 25 years of financial

experience, key role in financial reporting, capital markets, treasury and taxation.

EUGENE LEISVP CORP. DEV. & STRATEGY• Over 18 years of global

mining investment banking and corporate development experience

OLIVIER TAVCHANDJIANVP EXPL. & GEOLOGY• Over 25 years of experience

in reserve and resource estimation and reporting, exploration and mine planning

PETER AMELUNXENVP TECHNICAL SERVICES• Responsible for managing

internal and external project review, due diligence processes, project & operational governance

JAVIER DEL RIOVP SOUTH AMERICA B.U.• Responsible for strategic and

operational performance in Peru and ensure corporate standards are met in Peru

Appendix

Introduction

Constancia Overview



ESG Principles

PRESENTERS:

AVAILABLE FOR Q&A:

TSX, NYSE, BVL Symbol HBM

Market Capitalization1 C$2.7 billion

Shares Outstanding2 261 million

Available Liquidity3 $724 million

Debt Outstanding4 $1.2 billion

DIVERSIFIED MID-TIER COPPER PRODUCER

• Vision is to become a top-tier operator of long-life, low cost

mines in the Americas

• Mission is to create sustainable value through the acquisition,

development and operation of high-quality assets in

jurisdictions that support responsible mining

• Primary producer of copper, gold, silver, and zinc

• Operations located in Peru and Manitoba, Canada

• Built a leading portfolio of growth assets in Canada, United

States, Peru and Chile

Mason

Exploration

Constancia

Pampacancha

Exploration

Exploration

777

Lalor

WIM, 3 Zone & 1901

Exploration

Rosemont

Exploration

1. Based on Hudbay’s TSX closing share price on February 19, 2021.

2. Basic shares outstanding as at December 31, 2020.

3. Liquidity includes cash and cash equivalents of $439M as at December 31, 2020, availability under the $400M credit facilities less $115M in committed LCs.

4. Face value of long-term debt outstanding as at December 31, 2020.

5. Revenue for the full year ended December 31, 2020. Gold and silver revenues include deferred revenue and cash payments applicable to precious metals stream sales.

6. Revenue calculated from median of Hudbay production guidance and select commodity pricing ($3.50 / lb Cu, $1,800 / oz Au, $25.00 / oz Ag, $1.00 / lb Zn, and $10.00 / lb Mo).6

NEVADA

PERU

CHILE

MANITOBA

ARIZONA

Operations

Development

Exploration

RE

VE

NU

E B

Y

ME

TA

L

$1.1B

20205 20216

53%

24%

6%

15%2%

Cu Au Ag Zn Mo

$1.5B50%

19%

6%

23%

2%

Cu Au Ag Zn Mo

Appendix

Introduction

Constancia Overview



ESG Principles

STRONG ENVIRONMENTAL, SOCIAL & GOVERNANCE (“ESG”) PERFORMANCE

7

INDUSTRY LEADER IN RESPONSIBLE MINING

ENVIRONMENT

GHG emissions declined

further in 2019 (1.8%)

In 2019, overall water

consumption declined by 9%

Manitoba received 2019

Toward Sustainable Mining

Leadership Award

Tailings facilities rated “AA”

in Manitoba and “A” in Peru

according to TSM’s tailings

management protocol

SOCIAL IMPACT

Manitoba COVID-19 relief

donations: together with our

partners, donated funds to

various charities supporting local

families

Peru COVID-19 relief donations:

biomedical equipment and

supplies to regional hospitals,

and >59 tonnes of basic

necessities to seven rural

communities in Chumbivilcas

Positive impact on surrounding

communities in Manitoba

through successfully

discovering, operating and

reclaiming over 25 mines in the

last 90 years

Government of Canada’s

Employment Equity

Achievement Award in Manitoba

Initiated “Hudbay Reduce”

campaign in Peru, resulting in a

68% reduction in plastic

generation

HEALTH & SAFETY

Constancia has the best

safety track record out of the

Peruvian copper mining

companies

Improved our current 3-year

average lost time accident

severity to 7.0

3-year total recordable injury

frequency average relatively

flat at 3.8

GOVERNANCE

Board refreshed in 2019 with

5 out of 10 new directors

3 female Board Directors

Moody’s governance rating

of GA1 2020, the highest in

the 4-tier structure

Ranked 7th among mining

companies in the Board

Games; ranked 1st among

base metal companies and

the only base metal company

in top 100

Source: Bloomberg, February 2021 Source: Ministry of Energy and Mines; LTA=Lost time accident

8178

7271

5952

#1(HBM)

#2 #3 #4 #5 #6

Base Metal Mining Company Rankings in Globe & Mail 2020

Board Games

12 13

5843 37

259242

#1(HBM)

#2 #3 #4 #5 #6 #7

2015-2019 Safety Record of Peruvian Copper Mining

Companies

Million hours worked w/out LTA # of LTAs

0

500

1000Peer GHG Emissions (2019)

GHG/Revenue Peer Average

Appendix

Introduction

Constancia Overview



ESG Principles

5

8

17

17

18

19

1.5

5

11

2

9

1

Constancia

Snow Lake

Rosemont

777

Past Production Reserve Life M&I Resource Life Inferred Resource Life

LONG LIFE ASSETS LOCATED IN MINING FRIENDLY REGIONS

8

1 2

4

5

LOCATED IN TOP MINING FRIENDLY JURISDICTIONS IN THE AMERICAS6

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vad

a

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alia

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ec

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ska

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ile

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NF

& L

abra

dor

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a

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ee

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nd

Peru

Nu

na

vut

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lan

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British C

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mbia

On

tario

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nd

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eden

Fiji

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ern

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ito

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th A

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alia

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rth

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land

*

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g

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ssia

*

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w M

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w B

runsw

ick

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hig

an

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ne

so

ta*

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lora

do

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na

me

Ca

tam

arc

a*

Pola

nd

*

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yan

a*

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w Z

eala

nd

PN

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w S

ou

th W

ale

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th A

fric

a

Spa

in*

Zam

bia

*

Port

ug

al*

Indo

ne

sia

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lom

bia

San

ta C

ruz

Mali

Alb

ert

a

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nch

Gu

ian

a*

No

rwa

y

Vic

toria

Tasm

an

ia*

Ecu

ado

r

No

va S

cotia

Bra

zil

Turk

ey

Na

mib

ia

Ca

liforn

ia

Zim

bab

we*

Gre

enla

nd

San

Ju

an

Phili

ppin

es*

Tan

zan

ia

(DR

C)*

Gh

an

a*

Ch

ub

ut*

Salta*

Wa

shin

gto

n

Ju

juy*

Men

doza*

Boliv

ia

La

Rio

ja*

Do

min

ican

Rep

ub

lic*

Eth

iopia

*

Ch

ina*

Pan

am

a

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mala

*

Nic

ara

gu

a

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uen

*

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ezu

ela

Investment Attractiveness Index

3

1. Reserve and resource life as of January 1, 2020. 777 mine reserves are expected to be depleted in 2022 and have been adjusted here to show mine life as of January 1, 2021. Reserve and resource life is updated annually with reserves and resources reporting.

2. Contained M&I CuEq metal (exclusive of reserves) divided by 2019 CuEq production rate. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

3. Contained Inferred CuEq metal (exclusive of reserves and M&I) divided by 2019 CuEq production rate. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

4. Lalor mineral resources include indicated and inferred resources identified at Snow Lake, New Britannia, Wim, Pen II and 1901 Deposit.

5. Rosemont contained CuEq metal reserves and resources divided by annual LOM CuEq production rate as disclosed in NI 43-101 Technical Report on the Rosemont Project dated March 30, 2017.

6. Sourced from Fraser Institute 2018 Mining Survey’s Investment Attractiveness Index. *Denotes a surveyed region with <10 responses.

Appendix

Introduction

Constancia Overview



ESG Principles

PROVEN TRACK RECORD OF OPERATIONAL EXCELLENCE &

LOW COST MINES

• Proven track record of achieving or exceeding copper production guidance over the last five years

• Hudbay is well-positioned on the cash cost curve

• Focus on cost control and continuous improvement initiatives maintains low cost profile

9

C1 CASH COSTS1(US$/lb Cu)

1. Source: Wood Mackenzie’s 2020 by-product C1 cash cost curve (Q3 2020 dataset dated November 2020). Wood Mackenzie’s costing methodology may be different than the methodology reported by Hudbay or its peers in their public disclosure. For details regarding Hudbay’s actual cash costs, refer to Hudbay’s management’s discussion and analysis for the three months and full year ended December 31, 2020.

CONSOLIDATED COPPER PRODUCTION AND GUIDANCE

First Quantum

Turquoise HillLundin

Oz Minerals

Capstone

Imperial

AntofagastaHudbay

($2.00)

($1.00)

$0.00

$1.00

$2.00

$3.00

0% 25% 50% 75% 100%(20) (15) (10) (5) 0 5 10 15 20

2016

2017

2018

2019

2020

+/- kt from Midpoint of Guidance

Guidance Outperform

Actual Production

Appendix

Introduction

Constancia Overview



ESG Principles

FOCUSED ON FREE CASH FLOW GENERATION & PRUDENT BALANCE SHEET MANAGEMENT

• Generated ~$2.2B of EBITDA and ~$650M of free cash flow over the last five years and during

the volatile copper price environment due to un-hedged production and stable low-cost profile

• Prudent balance sheet management; next phase of growth focused on low capital, high return

brownfield projects with short paybacks on our invested capital

10

1. Adjusted EBITDA is profit or loss before net finance expense/income, tax expense/recoveries, depreciation and amortization of property, plant and equipment and deferred revenue, as well as certain other adjustments. We calculate Adjusted EBITDA by removing the impact of non-cash items and financing costs that are not associated with measuring the underlying performance of our operations. Free cash flow is calculated as operating cash flow before non-cash working capital less sustaining capital expenditures and less interest paid. Adjusted EBITDA and free cash flow are non-IFRS performance measures with no standardized definition under IFRS.

2. Consensus EBITDA and copper prices sourced from Bloomberg as of February 17, 2021.

ADJUSTED EBITDA, CAPEX, FREE CASH FLOW1

($M)Consensus Estimates 2

$423

$575 $555

$359

$307

$555

$664

$83

$295 $274

$22

($26)

$2.21

$2.82 $2.93 $2.73 $2.86 $3.40 $3.30

2016 2017 2018 2019 2020 2021E 2022E

Adj EBITDA Free Cash Flow Realized Copper Price

Appendix

Introduction

Constancia Overview



ESG Principles

PRUDENT CAPITAL ALLOCATION

11

PAMPACANCHA

~160% CuEq GRADE INCREASE ¹

NEW BRITANNIA

GOLD RECOVERY AT 93% FROM 53%

• Engineering 99% complete, project procurement

99% complete, construction 73% complete2

• Low-risk mill refurbishment

• Increases Lalor’s annual gold production to over

150,000 ounces

FU

TU

RE

• Additional drilling at Lalor, 1901 Deposit and

other known deposits for further growth

potential

1. Copper equivalent grade calculated based on January 1, 2020. Constancia Mineral Reserves statement and using the following lo ng-term metal prices: $3.00 per pound of copper; $11.00 per pound of molybdenum; $18.00 per ounce of silver;

and $1,260 per ounce of gold.

2. As of February 2021.

LEVERAGING EXPERTISE THAT WAS DEMONSTRATED THROUGH BEST IN CLASS

DELIVERY OF CONSTANCIA

• Successfully constructed Constancia (Peru), Lalor (Canada) and Reed (Canada) mines

simultaneously during 2012-2014

• Satellite deposit located ~7 km by road from

processing facilities

• High-grade copper and gold mineralization

• Completed Consulta Previa in December 2020

• Production expected to commence in Q2 2021

• Prospective ~22,500 hectare regional land package

within trucking distance of Constancia processing

facility

Appendix

Introduction

Constancia Overview



ESG Principles

12

118

107

90

2020 2021 2022

125

215

249

2020 2021 2022

95

112

140

2020 2021 2022

Source: 2020 actual production and 2021 guidance ranges. Shaded area represents the guidance range.

1. Achieved 2,751 koz of silver in 2020; 2021 guidance for silver expected to be between 3,000 and 3,570 koz.

2. 2022 copper and zinc production are from Hudbay’s previously issued 2022 guidance as of February 20, 2020.

3. 2022 gold production sourced from Snow Lake mine plan dated March 30, 2020 and Constancia NI 43-101 Technical report dated March 29, 2018. This excludes any gold production from 777.

Zn(kt)

Au1

(koz)

Cu(kt)

CONSTANCIA PRODUCTION PROFILE

HIGH-GRADE PAMPACANCHA TO GROW COPPER AND GOLD PRODUCTION

• Revised Constancia mine plan is expected at the end of March 2021, incorporating the commencement of

mining at Pampacancha in 2021 and reserves at Constancia North

Appendix

Introduction

Constancia Overview



ESG Principles

2 23

RAMP-UP FROM FIRST PRODUCTION TO COMMERCIAL

PRODUCTION WAS 3X FASTER THAN THE PEER AVERAGE

5 Months

17 Months

57 Months

Constancia PeerAverage

PeerMax

PROVEN MINING INDUSTRY EXPERIENCE

131. 1st production commenced December 23, 2014, commercial production achieved April 30, 2015.

2. Wood Mackenzie Q3 2020 dataset; primary copper, open pit sulphide mines in South America. Operating costs include mining, pro cessing and general and administrative expenditures on a per tonne basis. Wood Mackenzie’s costing methodology may be different than the methodology reported by Hudbay or its peers in their public disclosure. For details regarding Hudbay’s costs, refer to Hudbay’s management discussion and analysis for the three months ended September 30, 2020.

1

LEADING MINE DEVELOPMENT & OPERATING COST PERFORMANCE

• Constancia’s project development and

mine ramp-up was best in class

• Continuous operational improvements at

Constancia have driven costs down, while

increasing efficiencies and productivity

LOWEST COST OPEN PIT COPPER MINES IN SOUTH AMERICA (2020)2

$6.33$8.88 $9.01

$10.80 $11.07 $11.12 $11.68 $12.70 $12.72 $13.54 $14.46 $14.58 $14.97 $15.68 $15.79 $16.81 $17.31

$21.53$23.79

$0

$10

$20

$30

Ch

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To

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osts

(U

S$/t

mille

d)

Appendix

Introduction

Constancia Overview



ESG Principles

PROVEN MINING INDUSTRY EXPERIENCE

14

1. Production calculated as tonnes mined multiplied by grades mined (i.e. assumes 100% recovery). The following metals price assumptions were applied to reserves for purposes of calculating copper equivalent: $3.00/lb Cu, $1.00/lb Zn, $1,260/oz Au and $18.00/oz Ag. Does not include impact of precious metal streams, as applicable.

2. Constancia reserve at bid date from NI 43-101 Definitive Feasibility Study Technical Report on the Constancia mine filed by Norsemont Mining, dated September 28, 2009.

ADDING VALUE THROUGH EXPLORATION

• Hudbay has been successful in significantly increasing the known reserves at both of its flagship

operations

• Constancia mine reserves have more than doubled since the acquisition in 2011, from 277Mt to 670Mt

• Lalor in Snow Lake was an in-house geophysical discovery on Hudbay's wholly-owned land and reserves

have grown by 138% through successful conversion and extension

CONSTANCIA (2009-2020)1

0.0

1.0

2.0

3.0

4.0

Reserve at Bid Date Production to Date +Current Reserve

Co

pp

er

Eq

uiv

ale

nt

(Mt)

Production Reserves

Constancia North,

Caballito,

Kusiorcco

& Maria Reyna

2

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Initial Reserve Production to Date +Current Reserve

Go

ld E

qu

ivale

nt

(Mo

z)

Production Reserves

1901, Pen II,

New Britannia,

Birch & Watts

v

SNOW LAKE (2010-2020)1

Appendix

Introduction

Constancia Overview



ESG Principles

LEADING ORGANIC GROWTH PIPELINEHUDBAY HAS BUILT A DIVERSIFIED PORTFOLIO FOCUSED ON COPPER & GOLD GROWTH

15

Constancia North

resource modelling expected Q1 2021

PRODUCTIONFEASIBILITY STUDY

COMPLETE

RESOURCE

DEFINITIONEXPLORATION

Quehuincha North

drilling initiated in Feb 2021

South America

Llaguen

drilling expected in 2021

Manitoba United States

Maria Reyna, Caballito & Kusiorcco

Leviatan & Paquitas

Chile Exploration Land Package

Pampacancha Deposit

mining start expected in 2021

Constancia Mine

Cu-Mo-Au-Ag

777 Mine

Zn-Cu-Au-Ag

Lalor Mine

Au-Zn-Cu-Ag

New Britannia Gold Mill Refurbishment

completion expected mid-2021

Rosemont Project

permitting appeals decision expected in 2021Helvetia Historic Copper District

drilling underway

Mason Project

PEA expected in 2021

1901 Deposit

prefeasibility study expected H1 2021

Manitoba Exploration Land Package

Lalor open at depth, regional properties

Mason Regional Exploration

WIM & 3 Zone Deposits

New Britannia, Watts, Pen II & Talbot

Deposits

Lalor In-mine Exploration

gold inferred conversion

Appendix

Introduction

Constancia Overview



ESG Principles

2021 KEY OBJECTIVES

16

• FOCUS on operational efficiencies, maintain low-costs of production to continue to generate positive cash flow and strong returns on invested capital

• EXECUTE development and commence mining activities at the high-grade Pampacanchasatellite deposit

• DELIVER the refurbishment of the New Britannia gold mill to significantly increase gold production from Lalor

• PROGRESS the third phase of our Snow Lake gold strategy

• ADVANCE the appeals process and alternative options to unlock value at Rosemont

• MAINTAIN Constancia's industry-leading efficiency metrics

• DRILL regional copper exploration targets near Constancia, in northern Peru, and at Rosemont while continuing to advance exploration programs in the Snow Lake region, Peru and Nevada

• SUPPORT Hudbay’s workforce, their families and the communities in which the company operates through continuing to make health and safety a priority and providing ongoing COVID-19 support consistent with our ESG principles

• EVALUATE exploration, organic growth and acquisition opportunities that meet our stringent strategic criteria; allocate capital to pursue those opportunities that create sustainable value

Appendix

Strong ESG Performance

About Hudbay

Long Life & Mining Friendly Jurisdictions

Free Cash Flow & Prudent Capital Allocation

Experienced Management Team

Copper Focus & Organic Growth Pipeline

Low Cost & Operational Excellence

Overview of Constancia Operations

17

2

CASHEL MEAGHER

SVP & COO

Appendix

Introduction

Constancia Overview



ESG Principles

CONSTANCIA LOCATION

18

MINE

TOWN

RAILROAD

ROAD

Lima

PERU

CONSTANCIA

AREQUIPA

Cusco

CUSCO

Matarani

Imata

Arequipa

Cerro Verde

MOQUEGUA

TACNA 100km0

Las Bambas

Yauri

Tintaya

Antapaccay

CONSTANCIA

&

Appendix

Introduction

Constancia Overview



ESG Principles

CONSTANCIA HISTORY TIMELINE

19

COMMERCIAL PRODUCTION ACHIEVED ONLY 4 YEARS AFTER GREENFIELD ACQUISITION

Appendix

Introduction

Constancia Overview



ESG Principles

2010 2011 2012 2013 2014 2015

Nov 2010

ESIA permit

received

Mar 2011

Hudbay acquires

Constancia through

Norsemont acquisition

Apr 2012

Initial resource

announced at

higher grade

Pampacancha

deposit

Aug 2012 updated

technical report

Hudbay’s board

approves

construction of

Constancia

Aug 2013

Updated capital

cost estimate

indicates

increase of

~10%Apr 2014

All critical

path families

resettled

Aug 2014

Powerline

energized

Q2 2015

Commercial

production

Q4 2014

First

concentrate

production

Mar 2014

Pre-stripping

commences

Sep 2013

ESIA modification

1 approved

Jun 2012

Beneficiation

concession

permit received

Mar 2011

US$116M

Constancia

pre-construction

program beginsH1 2012

Neighbouring

community

agreements

reached

80.1%

80.6%

81.2%

82.1%

80.7%

79.7%

85.0%

84.8%

86.2%

84.7%

86.0%

85.6%

84.3%

76.6%

83.3%

85.3%

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20

Technical Report Average

79

86 86 86

60

80

100

2017A 2018A 2019A 2020A

Co

nsta

ncia

Mill

Th

rou

gh

pu

t R

ate

(ktp

d)

LOW-COST, LONG-LIFE COPPER MINE IN PERU

• 100%-owned, production commenced in 2014

• On-site processing plant producing copper and molybdenum

concentrate end products

• Developed and maintaining meaningful partnerships with local

communities

• Potential to add value through nearby satellite deposits such as

Pampacancha, which is expected to start production in 2021

CONSTANCIA MINE OVERVIEW

COPPER RECOVERIES

PLANT THROUGHPUT

CONTINUOUS OPTIMIZATION INITIATIVES

• Increasing throughput and quarterly trend in copper recoveries

• Continued integration of an automated, advanced process control system

• Flotation improvements – optimizing water recovery in the tailings thickener and the installation of enhanced equipment in the rougher circuit

72-88 KT2021E CU PRODUCTION

17 YEARSMINE LIFE

40-50 KOZ2021E AU PRODUCTION

$9.90/T2021E UNIT COSTS 1

86KTPDMILL CAPACITY

CU-MOPORPHYRY DEPOSIT

201. Midpoint of 2021E Peru unit cost guidance.

2. Excludes period during temporary mine suspension from March 20 to May 17, 2020.

Tuning of advance

process control system

Processing of stockpile

ore after temporary

government mandated

mine suspension

2

76ktpd

(original

design

capacity)

Appendix

Introduction

Constancia Overview



ESG Principles

21

12

50

91

2020 2021 2022

73

88

125

2020 2021 2022

Source: 2020 actual production and 2021 guidance ranges. Shaded area represents the guidance range.

1. 2022 copper production is from Hudbay’s previously issued 2022 guidance as of February 20, 2020. 2022 gold production sourced from Constancia NI 43-101 Technical report dated March 29, 2018.

Au(koz)

Cu(kt)

CONSTANCIA PRODUCTION PROFILE

HIGH-GRADE PAMPACANCHA TO GROW COPPER AND GOLD PRODUCTION

• Revised Constancia mine plan is expected at the end of March 2021, incorporating the commencement of

mining at Pampacancha in 2021 and reserves at Constancia North

71% 658%

1 1

Appendix

Introduction

Constancia Overview



ESG Principles

100

22

GLOBAL COPPER LANDSCAPE

Notes

1. Constancia is based on the 2022 copper production from Hudbay’s previously issued 2022 guidance as of February 20, 2020.

2. Majors include Anglo American, Antofagasta, Barrick, BHP, First Quantum, Freeport, Glencore, Ivanhoe Mines, KAZ Minerals, Lundin Mining, Pan Pacific, Rio Tinto, Southern Copper, Teck, Vale and Zijin

Source: Wood Mackenzie 2020 copper production (Q3 2020 dataset); Ivanhoe Mines Kamoa-Kakula is based on the average first 10 years of production as outlined in the September 8, 2020 IDP/PFS/PEA (PEA shown as it incorporates the Kamoa and Kakula

deposits); and Teck’s QB2 is based on the average first 10 years of production as outlined in the reserve case (Dec 4, 2018 press release)

• There are few assets in the global copper landscape where investors can get significant exposure

to a top-tier copper mine

50 LARGEST GLOBAL COPPER MINES BASED ON 2020 COPPER PRODUCTION (kt)

Appendix

Introduction

Constancia Overview



ESG Principles

1.2Mt

125

0

200

400

600

800

1,000E

sco

nd

ida

(B

HP

)

Co

llahu

asi (G

len

co

re)

Ka

mo

a-K

aku

la (

Iva

nho

e/Z

ijin

)

Mo

renci (F

CX

)

Po

lish

Co

ppe

r (K

GH

M)

Ca

nan

ea (

SC

C)

El T

en

ien

te (

Co

de

lco

)

Ce

rro

Ve

rde

(F

CX

)

Ch

uqu

ica

ma

ta (

Co

delc

o)

An

tam

ina

(G

len

co

re +

Oth

ers

)

Lo

s P

ela

mb

res (

An

tofa

gasta

)

Gra

sb

erg

(F

CX

)

No

rils

k

Lo

s B

ron

ce

s (

An

glo

Am

erica

n)

La

s B

am

ba

s (

MM

G)

Qu

ella

ve

co

(A

ng

lo A

meri

ca

n)

QB

2 (

Te

ck)

Ka

mo

to (

Gle

nco

re)

To

qu

ep

ala

(S

CC

)

Se

ntin

el (F

Q)

Ka

nsa

nsh

i (F

Q)

Co

bre

Pa

na

ma (

FQ

)

Ra

dom

iro

To

mic

(C

od

elc

o)

An

tap

acca

y (

Gle

nco

re)

Sa

lob

o (

Va

le)

Oly

mp

ic D

am

(B

HP

)

To

rom

och

o (

Ch

ina

lco

)

Te

nke

Fu

ng

uru

me

(C

MO

C)

Sa

rch

esh

me

h (

Ira

n G

ov)

An

din

a (

Co

de

lco

)

Sp

en

ce

(B

HP

)

Cu

ajo

ne (

SS

C)

Ce

ntin

ela

(A

nto

faga

sta

)

Ca

se

ron

es (

Pa

n P

acific

)

De

xin

g (

Jia

ngxi)

Min

a M

inis

tro

Ha

les (

Co

de

lco

)

Oyu

To

lgoi (R

io T

into

)

Sie

rra

Go

rda

(K

GH

M)

Akto

gay (

KA

Z)

Erd

ene

t (G

ove

rnm

en

t)

Zh

ezka

zg

an

(K

AZ

)

La

Ca

rid

ad

(S

SC

)

Ga

brie

la M

istr

al (C

ode

lco

)

Co

nsta

ncia

(H

ud

bay)

Hig

hla

nd

Va

lley (

Te

ck)

Ca

nde

lari

a (

Lu

ndin

)

Lu

mw

an

a (

Ba

rric

k)

Za

ldiv

ar

(Ba

rric

k/A

nto

)

Bin

gh

am

Ca

nyo

n (

Rio

Tin

to)

Bo

zsh

ako

l (K

AZ

)

Mo

unt

Isa

(G

len

co

re)

Hudbay Government Ownership Majors

1

2

GENERAL SITE OVERVIEW

Appendix

Introduction

Constancia Overview



ESG Principles

23

Constancia

Pit

Pampacancha

Deposit

Waste Rock

Facility

Tailings

Management

Facility

Mill Location

MILL FLOWSHEET

Appendix

Introduction

Constancia Overview



ESG Principles

24

HEALTH & SAFETY STATISTICS

25

Appendix

Introduction

Constancia Overview



ESG Principles

6.91 6.80 6.82 6.96

6.30

5.54

4.58

3.60

2.65

1.67

0.65

0.00

0.03 0.03 0.03

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

Jan-20 Feb-20

Mar-20

Apr-20 May-20

Jun-20 Jul-20 Aug-20

Sep-20

Oct-20 Nov-20

Dec-20

Severity

Index (

SI)

SI 2020 FI 2020

Target SI: 7.7

Target FI: 0.11

Fre

quency

Index

(FI)

Hudbay Peru 2020 Severity and Frequency Index

(based on 200,00 hours worked)

SAFETY INDICATORS

• Focused on reducing frequency and severity since production start

• Below both 2020 Severity Index (SI) and Frequency Index (FI) targets

-

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

2015 2016 2017 2018 2019 2020

Hudbay Peru LTI Frequency and Severity(employee + contractor per 200,000 hrs worked)

Days Lost Severity Lost time injury Frequency

Severity

Fre

quency

• Current data shows the pit walls are in stable condition

• Zones considered as a geotechnical yellow alert are individually monitored and

inspected on field

• Daily inspections together with Operations Supervisors (OM, PM, Topography, etc.)

• Prism monitoring is executed 24/7 every hour using a robotic station

• A new monitoring base and prisms were installed in Phase II as the pit gets deeper

• The radar is located on Phase VII facing the north and east walls of Constancia´s pit;

from that location part of the west and south walls also are being monitoredPrism Monitoring Base

Appendix

Introduction

Constancia Overview



ESG Principles

26

64Prisms

1Radar

3Monitoring

base

Instrumentation

Summary

RADAR

LOCATION

Radar is monitoring close to 70% of the

total pit area.

PHASE IV

PHASE II

ZCG19

-04

ZCG19

-02PHASE

VII

ZCG

07

ZCG

14

PHASE

III

ZCG20

-01

ZCG19

-03

RADAR

1Extensometer

FASE

V

ZCG21

-01

ZCG20

-04

Installed prismsZCG (Geotechnical criticality zone)

IBIS Radar

Monitoring Base

INSTRUMENTATION AND MONITORING - PIT

INSTRUMENTATION AND MONITORING - WRF

Appendix

Introduction

Constancia Overview



ESG Principles

27

1Open Stand Pipe

Piezometer (OSP)

25Prisms

1Settlement Cell

3Inclinometers

1Pressure Cell

19Vibrating Wire

Piezometer

(VWP)

2Monitoring Base

Instr

um

en

tation

Sum

mary

1BM

416

0

418

0

42

20

41

40

41

2041

00

Controls for Giant Fleet discharge

42

35

Open Stand Pipe

Piezometer (OSP)

Prisms

Vibrating Wire Piezometer

(VWP)

Inclinometers

Existing Instrumentation

Settlement and Pressure

Cells (4100 level)

Monitoring Base

BM

• There are no significant movements at the WRF (stable condition)

• According to the monitoring of piezometers there is no significant variation of the piezometric level in the WRF

• Daily inspections are carried out to coordinate waste dump activities

INSTRUMENTATION AND MONITORING - TMF

Appendix

Introduction

Constancia Overview



ESG Principles

28

178Vibrating Wire

Piezometers (VWP)

2Parshall

Flumes

4(*)Inclinometers

1(**)Acelerograph

38Oxygen/ 27 moisture

Sensors

26Prisms

6Settlement plates

12(***)OSP

Instr

um

en

tation S

um

mary

BH-KHP17-

03A

BH-

KHP17-

01

EAST

TMF

WEST

TMF

TMF

CG-

20-16

CG-

20-15

Piezometers

Inclinometers

Existing Instrumentation

Oxygen Sensors

Parshall Flume

Prism

Monitoring Base

Accelerograph

Settlement plates

• Instrument monitoring indicates there are no significant movements and the structure presents a stable condition• 26 prisms were relocated to the crest after the 2020 construction ended• Vibrating wire piezometers, inclinometer pipes and oxygen sensors were carefully raised as the new layers of

material are conformed• According to the monitoring of piezometers there is no significant variation of the piezometric level at the TMF

TAILINGS DAM RAISE

• Construction of the dike to reach elevation 4120 in 2021 from the elevation 4110.2 in 2020 and

downstream valley raise to elevation 4107 from 4077 (average of 4068.75W and 4084.5E) in 2020

• Construction in 2022 moved ahead in the downstream embankment (5.6 Mt in Stage 4) with mining

fleet to prepare for 2023 center line construction. This is to ensure we have a tailings beach against

the embankment and 2 metres of minimum free board

29

Appendix

Introduction

Constancia Overview



ESG Principles

COPPER CONCENTRATE TRANSPORT TO PORT

30

Appendix

Introduction

Constancia Overview



ESG Principles

Constancia

Espinar

Antapaccay

Condoroma

Imata

Patahuasi

Yura

ArequipaLa Joya

Matarani

Cusco

Negromayo

San Genaro

18-04(10 hours)

NightTraffic

Traffic Windows

Velille

Constancia

Maraniyoc (Desv. Livitaca)

Conn HHR LB

Coporaque

Chilloroya

Pinaya

Puente Queru

Espinar

Fortunia

HH LB

Las Bambas Puente Bailey

10.83 Km.

48.70 Km.

4.97 Km

Huayllapacheta

Puente Coporaque

MOST OF THE ROUTE SHARED WITH OTHER LARGE COPPER MINES IN THE REGION

• We believe we have one of the best logistics team in Peru; proactively manages through social

challenges along the transportation route to minimize impact to Constancia


31

3

PETER AMELUNXEN

VP TECHNICAL SERVICES

Appendix

Introduction

Constancia Overview



ESG Principles

Appendix

Introduction

Constancia Overview



ESG Principles

32

OPTIMIZATION AND CONTINUOUS IMPROVEMENT

• Bulk Ore Sorting

• 2020-2021 Geometallurgy program

• Advanced process control integration

• New data historian (OSISOFT™ Pi)

• Pebble Crushing

• Recovery increase project

• Moly plant upgrades

• Concentrate quality program

• DEM modeling & grate/lifter/liner

configuration

Enterprise

Geometallurgy, ore sorting

Advanced Process Control &

Automation

Bottleneck mapping, Constraint managers, Expert

Systems, AI/digital twins

Circuit Level

Grind Size, Rougher Mass Recovery, Regrind Size, Circulating Load Management

Unit Operations

Mill Power, Flotation Chemistry, Flotation Agitators, Cyclones, Instrumentation

Appendix

Introduction

Constancia Overview



ESG Principles

33

GEOMETALLURGY

PRODUCTION FORECASTING AND OPTIMIZATION

• Geometallurgical studies allow us to

• Improve the confidence of our production forecasts

• Make informed decisions about plant configuration

• Ongoing metallurgical characterization of

future ores

• Both Constancia and Pampacancha

• Hardness (Grinding)

• Flotation Kinetics

• The ore is getting harder

• Pebble crushing originally planned for year 6

• Pampacancha is softer, allowing us to delay the

pebble crusher to 2024

0

10

20

30

40

50

60

70

80

90

100

0 50 100 150 200 250 300

Frecuencia Ac.

SGI,(min)

SAG Grindability Index

All

2019-2020

2021

2022

2023-2030

0

10

20

30

40

50

60

70

80

90

100

6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0

Frecuencia Ac.

SGI,(min)

Bond Work Index

All

2019-2020

2021

2022

2023-2030

Bond Work Index (kWh/t)

Constancia Ore Hardness

60

65

70

75

80

85

90

95

100

100 120 140 160 180 200 220 240

Recovery [%]

Grind Size [P80, um]

Pampacancha Copper Recovery [Std Reagents, Roughing]

Skarn/Supergene

Skarn/Mixed

Skarn/Hypogene

Skarn/Hi Zinc

Appendix

Introduction

Constancia Overview



ESG Principles

34

SENSOR-BASED ORE SORTINGSUCCESSFUL TRIAL OF CAVEX CYCLONES

• Sensor-based ore sorting (XRF, XRT,

PGNAA, etc.) can be done at two

scales:

• Bulk –sorting ore at the shovel or loader post-

blast

• Particle – refers to sorting crushed material

on a conveyor

• Phase 1 - Bulk sorting amenability study

was positive

• Phase 2 – Laboratory sensor study

indicated positive results

• Economic impact calculated based

on truck-scale sorting

• Evaluating Phase 3

• Field demonstration with onsite loader

• Currently evaluating technical and

commercial proposals

Appendix

Introduction

Constancia Overview



ESG Principles

35

RECOVERY UPLIFT PROJECT

PROJECT RECOVERY INCREASE

• 85% to 90% of metal losses occur in rougher tails

• Test work at 106 microns averaged 20% mass recovery (18% for Pampacancha)

• At 150 microns, mass recovery should be ~12%

• Percent mass recovery to rougher concentrate is the key performance indicator.

Controlled by:

• Frother, air rate and pulp level

• Rougher concentrate flow rate is constrained by downstream process

• Pump capacity to 800 m2/h, regrind cyclones, 1st cleaner / cleaner-scavenger dart valves

82.08

83.44

84.46

86.19

87.25

87.9088.27 88.45 88.53 88.49

0

200

400

600

800

1,000

1,200

1,400

1,600

78

80

82

84

86

88

90

6 7 8 9 10 11 12 13 14 15 16

Rougher Concentrate flow [m3/h]

Recovery [%]

Mass Recovered [%]

Mill Pump Upgrades

Appendix

Introduction

Constancia Overview



ESG Principles

36

RECOVERY OPTIMIZATION PROJECTREGRIND AND CLEANER CIRCUIT DEBOTTLENECKING

• Rougher concentrate flow

needs to be increased

from 800 m3/h to ~1,200

m3/h

• Froth Crowders in

Roughers

• Increase concentrate

pumping

• Increase regrind cyclone

capacity

• Increase regrind circuit

power

• Add water lines to

cleaning circuit

• Froth crowding in cleaner-

scavengers

• Increased dart valves in

cleaners

• Possible circuit

configuration changes

• Integration of expert

control to regrind circuit

and cleaning


37

4

OLIVIER TAVCHANDJIAN

VP EXPL. & GEOLOGY

Appendix

Introduction

Constancia Overview



ESG Principles

CONSTANCIA NORTH

38

Reserve pit

porphyryskarn

326320321

316

325

324

314

319

306

315323

317

307

308

109

313

310

318

312

309

311

215

2019-2020 CONSTANCIA NORTH DRILLING INTERSECTED CU PORPHYRY & SKARN

• Test a possible extension of Cu porphyry and

high-grade skarn mineralization within 300m of

current northern edge of Constancia pit

• Hole 316 intersected 78.6m @ 1.39% Cu, 305 g/t

Mo, 0.43 g/t Au, 16.0 g/t Ag

3D view of drill hole locations north of the existing Constancia reserve pit. Several of the drill holes intersected porphyry or skarn

mineralization along a SE-NW trend.

Appendix

Introduction

Constancia Overview



ESG Principles

CONSTANCIA NORTH

39

CONSTANCIA NORTH DRILLING HAS EXTENDED THE RESERVE PIT TO THE NORTH

Appendix

Introduction

Constancia Overview



ESG Principles

• Shallow porphyry and skarn mineralization intersected in the 2019-2020 drilling at Constancia

North has contributed to an extension of the Constancia reserve pit by approximately 300m

where there are no encumbrances as this area is part of the current permit of operation

• Revised Constancia mineral reserve estimates will be released at the end of March 2021 with

Hudbay’s annual mineral reserves and resources update

+300m

2020 reserve pit

2021 reserve pit

2019-2020 drilling

CONSTANCIA NORTH

40

Appendix

Introduction

Constancia Overview



ESG Principles

• In addition to the extension of the reserve pit, high grade mineralization with economic potential

has also been extended to the north, which will contribute to an improvement of the head grade,

which will be incorporated into an updated mineral resource estimate to be published at the

March 2021 update

• A significant portion of this resource is expected to be classified as inferred due to wide drill

spacing and offers an opportunity to further increase the open pit reserve estimates in the near

future

CONSTANCIA NORTH DRILLING HAS ALSO EXTENDED THE RESOURCE PIT SHELL

2020 resource pit shell

2021 resource pit shell

2019-2020 drilling

CONSTANCIA NORTH

41

Appendix

Introduction

Constancia Overview



ESG Principles

• There is an additional opportunity to include more resources and/or improve the life of mine plan

by mining some of the steeply dipping/narrower high-grade skarn mineralization as a satellite

underground operation to the main Constancia pit

• A scoping trade-off study will be conducted in 2021

UNDERGROUND POTENTIAL TO BE FURTHER INVESTIGATED

Block model filtered on Cu>0.5%

2019-2020 drilling

Constancia NorteSkarn bodies

CONSTANCIA REGIONAL POTENTIAL

42

K/Th radiometric data indicative of potassic alteration

associated with a mineralizing porphyry system

0 5,000 10,000

Meters

Kusiorcco Target

Acquired 2018

Acquired 2018

Acquired 2011

LEGEND

Process

Plant

Constancia Pit

Pampacancha Pit

Caballito

Target

Maria Reyna

Target

Pampacancha

Constancia

Caballito

Maria Reyna &

Kusiorcco

2.5km

Quehuincha North Target

Acquired 2020

Leviatan

Target

Paquitas Target

Property

Distance to

Process

Plant

Description

Pampacancha 5 km

• Community surface rights

agreement completed

• Consulta Previa process

completed

• Mining expected to start in 2021

Quehuincha

North11 km

• Community exploration

agreement completed

• Consulta Previa process

completed & drill permits

received

• Drilling initiated in Feb 2021

Paquitas &

Leviatan~10 km

• Community exploration

agreement completed

• Consulta Previa and drill permit

application processes underway

Maria Reyna &

Caballito5-10 km

• Negotiating community

agreement

• Caballito is a former copper

oxide mine (>5%)

• Maria Reyna is a prospective

copper skarn-porphyry

(historical drilling includes 160m

@ 1.0% CuEq from surface)

Kusiorcco 7 km

• Exploration agreement

discussions with communities

are pending

MINERAL PROPERTIES WITHIN TRUCKING DISTANCE OF CONSTANCIA INFRASTRUCTURE

Appendix

Introduction

Constancia Overview



ESG Principles

MARIA REYNA HISTORICAL DRILL RESULTS

A summary of the historical drill results from Maria Reyna is contained in the table below, however a qualified person has not independently verified this historical data or the quality assurance and quality control program that was applied during the execution of this drill program for Hudbay and, as such, Hudbay cautions that this information should not be relied upon by investors.

43

Note: The intersections represent core length and are not representative of the width of the possible mineralised zone. Note: For additional information, including drill hole locations and the data verification and quality assurance / quality control carried out by the prior owner, please refer to Management’s Discussion and Analysis for IndicoResources Ltd. (“Indico”) for the year ended May 31, 2014, as filed by Indico on SEDAR on September 29, 2014.1. Intervals were calculated with maximum of 10m of 0.1% CuEq internal dilution, 0.2% CuEq edge grade, minimum length of 15m. For CuEq calculations the following variables were used: $3.00/lb Cu, $15.00/lb Mo, $21.00/oz Ag; no allowances for metallurgical recoveries were made.

VALE DRILL RESULTS

VALE DRILL INTERSECTIONS AT 0.2% CUEQ1 CUT-OFF

Hole ID From (m) To (m) Ag (ppm) Cu (%) Mo (ppm) CuEq % Interval (m)

DH-001 206 256 1.5 0.20 113 0.27 50

DH-002 0 136 4.1 0.52 78 0.61 136

DH-003226 256 1.7 0.24 122 0.31 30

460 480 0.3 0.19 62 0.22 20

DH-004

10 240 3.0 0.26 124 0.35 230

336 486 1.5 0.18 147 0.27 150

502 522 0.8 0.19 87 0.24 20

DH-005 10 76 4.8 0.63 122 0.74 66

DH-006 0 114 4.0 0.32 112 0.41 114

DH-007

0 106 2.5 0.39 267 0.55 106

176 216 1.7 0.25 280 0.41 40

232 310 1.0 0.17 272 0.31 78

DH-008256 394 1.4 0.28 130 0.36 138

432 520 1.7 0.23 209 0.36 88

DH-009

18 90 1.7 0.28 335 0.47 72

110 172 0.7 0.14 184 0.24 62

196 256 0.9 0.18 106 0.24 60

DH-010262 314 1.7 0.30 204 0.42 52

344 406 2.1 0.34 641 0.68 62

DH-01118 178 2.9 0.50 998 1.03 160

374 406 1.1 0.14 175 0.24 32

Appendix

Introduction

Constancia Overview



ESG Principles

44

Appendix

Introduction

Constancia Overview



ESG Principles

EXPLORATION PERMITTING TIMELINEDRIVEN BY COMMUNITY RELATIONS AND PERMITTING

• It can take up to 18 months to obtain drill permits

QUEHUINCHA NORTH: SKARN TARGET

45

Appendix

Introduction

Constancia Overview



ESG Principles

• Quehuincha North target is located 3km north of the

Kusiorcco area

• Field work was conducted to follow up on coincidence of

aeromagnetic and radiometric anomalies

• Mapping shows copper mineralization in skarn extending

for almost 2 km

• Geophysics: ground magnetic and IP survey evidenced

chargeability and resistivity anomalies associated with the

lenses mapped on surface

• A 6-hole initial test drill program started in February 2021

46

• Hudbay’s field work has confirmed continuity of the mineralized

system southeast of the drilled area, coincident with

geochemistry and chargeability anomalies

• Community agreement signed in December 2019; all required

drill permits received in 2020 and drilling expected to commence

in Q2 of 2021

• No Consulta Previa required

Chargeability 300 m

LLAGUEN PROJECTGREENFIELD EXPLORATION

• Located near existing

infrastructure

• Located near available

workforce; 56km northeast

of Trujillo, the third largest

city in Peru

• Mineralization drilled by

Vale in 2006-2008 and is

open to the north and

northwest

Appendix

Introduction

Constancia Overview



ESG Principles

Hole ID From (m) To (m) Intercept (m)Estimated true width

(m) 1 Cu (%) 2,3 Mo (g/t) 2,3 Au (g/t) 2,3 Ag (g/t) 2,3

LL-06-001 6 72 66 57.2 0.26 204.6 0.04 1.6

LL-06-002 6 284 278 240.8 0.37 296.1 0.04 2.3

LL-06-003 236.0 453.7 217.7 186.6 0.43 224.9 0.04 2.3

LL-06-004 4 172 168 139.3 0.28 156.5 0.03 1.8

LL-06-004 222 250 28 23.2 0.23 136.4 0.02 1.9

LL-06-005 14 434 420 363.7 0.33 306.6 0.03 2.1

LL-06-006 160 310 150 129.9 0.29 214.2 0.04 1.7

LL-06-007 196.0 567.6 371.6 317.5 0.29 194.5 0.03 1.8

LL-07-009 192 323 131 116.0 0.28 43.1 0.03 2.1

LL-07-009 368.5 430.0 61.5 54.3 0.32 137.7 0.05 2.1

LL-07-009 522 576 54 47.2 0.15 35.9 0.01 2.4

LL-07-010 252 438 186 158.5 0.26 60.0 0.02 1.8

LL-07-011 83 135 52 44.7 0.20 172.4 0.02 0.9

LL-07-012 374 402 28 24.5 0.19 43.6 0.02 1.5

LL-07-014 0 124 124 112.0 0.21 48.8 0.02 2.1

LL-07-015 18 60 42 36.2 0.17 77.0 0.02 0.7

LL-07-015 108 468 360 298.9 0.20 107.9 0.02 1.1

LL-07-016 8 212 204 182.9 0.36 265.2 0.03 2.3

LL-07-018 318 472 154 131.1 0.18 70.4 0.02 1.2

LL-08-022 372 436 64 52.5 0.22 129.3 0.02 1.2

LL-08-023 497.3 576.57 79.3 70.1 0.16 148.6 0.01 1.3

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ESG Principles

LLAGUEN PROJECTHISTORICAL VALE DRILL RESULTS INTERSECTED MINERALIZATION

• Vale drilled 23 holes totaling 10,834 metres

• Results include 186.6 metres at 0.43% Cu

1. True widths are estimated based on drill angle and intercept geometry of mineralization2. All copper, molybdenum, gold and silver values are uncut3. No SG data so assay results are length weighted

A summary of the historical drill results from Llguen is contained in the table below, however a qualified person has not independently verified this historical data or the quality assurance and quality control program that was applied during the execution of this drill program for Hudbay and, as such, Hudbay cautions that this information should not be relied upon by investors.

Hudbay’s ESG Principles in Peru

48

5

JAVIER DEL RIO

VP SOUTH AMERICA B.U.

Appendix

Introduction

Constancia Overview



ESG Principles

GOVERNMENT AND COMMUNITY INSTITUTIONS

• We work with all levels of Government and Communities to develop stable operations and

to maximize the impact of our social investment in our area of influence and beyond

Level Applicable Area Election

Frequency

Next Election Candidates - political position - last

poll results(1)

National-Presidential Peru

Every 5 years April 11, 2021

1. George Forsyth - Center - 8.9%2. Yonhy Lescano - Center Left - 8%3. Keiko Fujimori - Right - 6.4%4. Veronika Mendoza - Left - 4.7%

National-Congress PeruEvery 5 years April 11, 2021

Strong regional promotion for congress by

different political parties.

Regional Cusco

Every 4 years 2022Provincial Chumbivilcas

District Chamaca, Livitaca &

Velille,

Local Community Chilloroya,

UchucarccoEvery 2 years 2022

•Ministry of Energy & Mines

•Ministry of Labor

• Mult-level coordination:Appendix

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49

•Ministry of Health: partner in health social

projects and mitigation of COVID-19

•Ministry of Interior: security issues and

coordination with the National Police

•Ministry of Economy and Finance:

Investment promotion

LOCAL POLITICAL CONTEXT

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RENEWED AGREEMENTS WITH DISTRICTS AND COMMUNITIES DURING THE COVID-19

PANDEMIC

PROVINCES

Chumbivilcas:

• Donations to mitigate COVID-

19 (partnership with other

organizations)

• Integral Health Networks

Project -Works for Taxes- for

PEN 5.4M under execution

• Consensus in the negotiation

for the signing of the

Framework Agreement with the

province of Chumbivilcas

Espinar: Negotiation to execute

social support of Works for Taxes

program

IAI - DISTRICTS

Chamaca: Specific Agreement for

PEN 7M (2 years) was executed

Livitaca: Specific Agreement for PEN

14M (4 years) was executed

Velille: Specific Agreement for PEN

3.5M (1 year) was executed

OTHER COMMUNITIES

Oquebamba: Specific Agreement

under execution for PEN 50K (1

year).

Pumahuasi: Specific Agreement

executed for PEN 50K (1 year).

Pausiri: Specific Agreement under

execution for PEN 50K (1 year).a

OTHER DISTRICTS

Coporaque: Specific Agreement for

PEN 600K under execution (1 year)

Condoroma: Specific Agreement for

PEN 500K under execution (1 year)

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RECENT SOCIAL HIGHLIGHTS

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ESG Principles

● The "Tikary – Bordando el Futuro" Project, developed in the reactivationphase of the pandemic plan, was recognized in the “Proactivo Award”

● The Agrarian Development Program has been strengthened by joint support between Hudbay and strategic partners by providing increased technical and financial resources

• The Mining Cluster of Southern Peru initiative aimed at developing the south area of Peru through a technical cooperation agreement between the Inter-American Development Bank, Arequipa’s Chamber of Commerce and the mining industry

• Roundup negotiation table: reached an agreement with the province of Chumbivilcas, and on February 25th, signed an inter-institutional cooperation framework agreement

• Other projects in progress include:

• Work for Taxes: Integrated Health Network- Telemedicine (Ministry of Health)

• Two Health Centers in local communities (Regional Government)

• Two significant Irrigation Projects (Ministry of Agriculture)

• In the district of Velille we are constructing 9.7 km of road and 54,900 m2

of paved

sidewalks to furthur urban development

IN 2020 & 2021, HUDBAY HAS ADAPTED TO PROVIDE SUPPORT FOR THESE

UNPRECEDENTED TIMES

52

RECENT ENVIRONMENTAL HIGHLIGHTS

Appendix

Introduction

Constancia Overview



ESG Principles

● The ISO 14001:2015 recertification and migration to ISO 45001:2018

was awarded based on the successful audit of our environmental,

health and safety management system

● The Ministry of the Environment of Peru recognized Constancia for its

efficiency in managing greenhouse emissions

• Significant native flora program is being implemented: seed germination

tests of native tree species are being carried out to be used in

restoration and biodiversity improvement works

• We are transforming organic waste into compost and reusing Waste

Water Treatment Plant sludge to enrich topsoil and use as added

fertilizer

• 54% of all solid waste was recycled in 2020, a 7% improvement over

2019

WE ALWAYS STRIVE TO ACHIEVE ENVIRONMENTAL BEST PRACTICES

53

SOCIAL INVESTMENT BREAKDOWNHUDBAY PERU HAS FIVE SOCIAL DEVELOPMENT AREAS

Appendix

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ESG Principles

54

RECENT SOCIAL INVESTMENTCOVID-19 AND COMMUNITY RELIEF

Appendix

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Constancia Overview



ESG Principles

55

Appendix

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ESG Principles

RECENT SOCIAL INVESTMENTCOVID-19 AND COMMUNITY RELIEF (CONTINUED)

* Estimated investment pending approval of the Work For Taxes program by the regional and health authorities

Q&A SESSION

APPENDIX

PERU MINERAL RESERVES

CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t)

CONSTANCIA1

Proven 408,800,000 0.28 85 0.035 2.76

Probable 77,500,000 0.27 70 0.044 3.58

Total Proven and Probable 486,300,000 0.28 83 0.036 2.89

PAMPACANCHA1

Proven 32,400,000 0.59 178 0.368 4.48

Probable 7,500,000 0.62 173 0.325 5.75

Total Proven and Probable 39,900,000 0.60 177 0.360 4.72

Total Mineral Reserves 526,600,000 0.30 90 0.061 3.03

AS AT JANUARY 1, 20201

Note: Totals may not add up correctly due to rounding.

1. Mineral reserves and resources calculated using metal prices of $3.10 per pound copper, $11.00 per pound molybdenum, $17.0 0 per ounce silver and $1,375 per ounce gold. The Constancia and Pampacancha reserve pits consist of operational

pits of proven and probable reserves and are based on metal prices noted, metallurgical recoveries applied by ore type (betwe en 84.4% to 90.5%), and processing costs of $4.54 per tonne milled, general and administrative costs of $1.60 per

tonne milled and mining costs of $1.30 and $1.35 per tonne moved (waste and ore, respectively).58

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Constancia Overview



ESG Principles

PERU MINERAL RESOURCES

AS AT JANUARY 1, 20201

CATEGORY TONNES Cu (%) Mo (g/t) Au (g/t) Ag (g/t)

CONSTANCIA

Measured 122,700,000 0.18 55 0.028 1.77

Indicated 154,300,000 0.20 65 0.033 1,87

Inferred 83,100,000 0.18 43 0.036 3.45

PAMPACANCHA

Measured 11,400,000 0.41 101 0.245 4.95

Indicated 6,000,000 0.35 84 0.285 5.16

Inferred 10,100,000 0.14 143 0.233 3.86

Total Measured and Indicated 294,400,000 0.20 63 0.045 2.01

Total Inferred 93,200,000 0.18 54 0.057 3.44

59

Note: Totals may not add up correctly due to rounding.

1. Mineral reserves and resources calculated using metal prices of $3.10 per pound copper, $11.00 per pound molybdenum, $17.0 0 per ounce silver and $1,375 per ounce gold. The Constancia and Pampacancha reserve pits consist of operational

pits of proven and probable reserves and are based on metal prices noted, metallurgical recoveries applied by ore type (betwe en 84.4% to 90.5%), and processing costs of $4.54 per tonne milled, general and administrative costs of $1.60 per

tonne milled and mining costs of $1.30 and $1.35 per tonne moved (waste and ore, respectively).

Appendix

Introduction

Constancia Overview



ESG Principles

ADDITIONAL INFORMATION – RESERVES & RESOURCES

The reserve and resource estimates included in this presentation were prepared in accordance with National Instrument 43-101 –

Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Standards

on Mineral Resources and Reserves: Definitions and Guidelines.

The mineral resource estimates in this presentation are exclusive of mineral reserves. Mineral resources that are not mineral reserves

do not have demonstrated economic viability.

The technical and scientific information in this presentation has been approved by Cashel Meagher, P. Geo, Hudbay’s Senior Vice

President and Chief Operating Officer. Mr. Meagher is a qualified person pursuant to NI 43-101. For a description of the key

assumptions, parameters and methods used to estimate mineral reserves and resources at Constancia and Pampacancha, as well as

data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may

be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see

the technical report for Constancia as filed by Hudbay on SEDAR at www.sedar.com.

This presentation has been prepared in accordance with the requirements of the securities laws in effect in Canada, which may differ

materially from the requirements of United States securities laws applicable to U.S. issuers.

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ESG Principles

ADDITIONAL INFORMATION – LLAGUEN

61

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ESG Principles

From To Azimuth at

intercept

Dip at

intercept

Core

SizeHole ID Easting Northing Elevation Easting Northing Elevation

LL-06-001 748,956.8 9,146,263.8 2,184.8 748,956.8 9,146,296.8 2,127.6 0 -60 HQ

LL-06-002 748,705.8 9,145,948.8 2,134.8 748,705.8 9,146,087.8 1,894.0 0 -60 HQ

LL-06-003 748,733.8 9,145,771.3 2,022.7 748,733.8 9,145,883.4 1,836.1 0 -59 HQ

LL-06-004 748,954.8 9,146,258.5 2,186.7 748,954.8 9,146,164.6 2,047.4 180 -56 HQ

LL-06-004 748,954.8 9,146,136.6 2,006.0 748,954.8 9,146,121.0 1,982.7 180 -56 HQ

LL-06-005 749,207.8 9,145,916.8 2,209.9 749,207.8 9,146,126.8 1,846.1 0 -60 HQ

LL-06-006 748,350.8 9,146,080.8 1,941.4 748,350.8 9,146,155.8 1,811.5 0 -60 HQ

LL-06-007 748,954.4 9,145,794.2 2,125.1 748,991.2 9,145,983.7 1,807.8 11 -59 HQ

LL-07-009 749,223.3 9,145,774.4 2,151.2 749,230.1 9,145,834.9 2,035.2 6 -62 HQ

LL-07-009 749,233.7 9,145,855.7 1,995.0 749,239.3 9,145,884.2 1,940.7 11 -62 HQ

LL-07-009 749,250.5 9,145,926.7 1,859.9 749,257.5 9,145,952.0 1,812.7 15 -61 HQ

LL-07-010 748,343.0 9,146,316.6 1,893.6 748,356.0 9,146,413.1 1,735.2 8 -58 HQ

LL-07-011 749,543.4 9,145,792.3 2,316.2 749,544.0 9,145,818.9 2,271.5 1 -59 HQ

LL-07-012 748,344.2 9,146,573.2 1,821.5 748,345.4 9,146,586.7 1,797.0 5 -61 HQ

LL-07-014 748,737.8 9,146,189.7 2,162.0 748,742.6 9,146,242.8 2,050.0 5 -65 HQ

LL-07-015 749,195.5 9,146,137.9 2,255.5 749,195.1 9,146,159.2 2,219.3 359 -59 HQ

LL-07-015 749,194.8 9,146,183.6 2,178.0 749,211.6 9,146,383.3 1,879.4 5 -56 HQ

LL-07-016 748,970.8 9,145,974.4 2,152.9 748,969.2 9,146,064.7 1,970.0 359 -64 HQ

LL-07-018 748,348.0 9,145,935.7 1,837.7 748,361.0 9,146,015.3 1,706.6 9 -58 HQ

LL-08-022 748,560.0 9,145,776.2 1,789.8 748,566.1 9,145,812.3 1,737.4 10 -55 HQ

LL-08-023 748,933.2 9,145,719.5 1,800.0 748,938.4 9,145,756.3 1,729.9 8 -62 HQ

VALE HISTORICAL DRILL HOLE INFORMATION

For More Informat ion Contact :

Candace Brûlé

Director, Investor Relations

416.814.4387 | [email protected]

CONSTANCIA VIRTUAL SITE VISIT PRESENTATION

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