Q1 2021 RESULTS PRESENTATION

May 12, 2021

Q1 2021 RESULTSPRESENTATION

CAUTIONARY INFORMATION

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This presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in thispresentation, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by theuse 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 cautionarynote. 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 the company at the date the forward-looking information is provided, inherently are subject tosignificant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by theforward-looking information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by theforward-looking information are described under the heading “Risk Factors” in our most recent annual information form for the year ended December 31, 2020 and ourmanagement’s discussion and analysis for the three months ended March 31, 2021. Should one or more risk, uncertainty, contingency or other factor materialize or shouldany factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should notplace undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of thispresentation or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.

All amounts in this presentation are in U.S. dollars unless otherwise noted.

Qualified Person and NI 43-101

The technical and scientific information in this presentation related to the Rosemont project has been approved by Cashel Meagher, P. Geo, our Senior Vice President andChief Operating Officer. The technical and scientific information related to our other material mineral projects contained in this presentation has been approved by OlivierTavchandjian, P. Geo, our Vice President, Exploration and Geology. Messrs. Meagher and Tavchandjian are qualified persons pursuant to NI 43-101. For a description of thekey assumptions, parameters and methods used to estimate mineral reserves and resources at Hudbay's material properties, as well as data verification procedures and ageneral 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 reports for our material properties as filed by us on SEDAR at www.sedar.com.

Readers should be aware that the Mason PEA referred to in this presentation is preliminary in nature, includes inferred resources that are considered too speculative to havethe economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the preliminary economic assessmentfor Mason will be realized. For further information on the Mason PEA, please refer to the news release dated April 6, 2021.

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Q1 2021 CONSOLIDATED RESULTS

• Gold and zinc production increased compared to Q4 2020; copper and silver production decreased QoQ• Record consolidated gold production

• Lower mill throughput in Peru due to scheduled maintenance

• Cash costs of $1.04/lb and all-in sustaining cash cost of $2.37/lb during Q1

• Q1 sales volumes impacted by timing of copper concentrate shipments resulting in ~$39M of revenue deferred to Q2

• Adj. EPS and adj. EBITDA in-line with previous quarter after adjusting for impact of finance charges and net mark-to-market loss on financial instruments 1. Contained metal in concentrate.

2. Production on a copper-equivalent basis is calculated by converting production using average realized prices.3. Cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits. All-in sustaining cash cost includes

sustaining capital expenditures, capitalized exploration, royalties, corporate G&A and regional costs.4. For information on adjustments made to each of these metrics, please refer to the detailed reconciliation tables in the MD&A.5. Operating cash flow before change in non-cash working capital.

KEY RESULTS SUMMARY

Production1

Q1 2021 Q4 2020 Q1 2020

Copper kt 24.6 27.3 24.6

Gold koz 35.5 32.4 30.4

Silver koz 696.7 730.7 767.7

Zinc kt 27.9 25.8 30.5

Cash cost3 $lb/ Cu $1.04 $0.43 $0.98

Sustaining cash cost3 $lb/ Cu $2.16 $1.97 $2.05

All-in sustaining cash cost3 $lb/ Cu $2.37 $2.24 $2.17

EPS $/sh ($0.23) $0.03 ($0.29)

Adj. EPS4 $/sh ($0.06) ($0.06) ($0.15)

Adj. EBITDA4 $m $104 $107 $55

Operating cash flow5 $m $91 $86 $42

Cash and equivalents $m $311 $439 $306

2021 PRODUCTION AND COST GUIDANCE REAFFIRMED

Consolidated Results

Peru Business Unit

Robust Copper Pipeline

Manitoba Business Unit

2021 Catalysts

PERU OPERATIONS REVIEW

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• Scheduled mill maintenance in Q1 impacted production and costs• Cu production of 17.8kt lower QoQ

• Higher cash costs of $1.82/lb but lower sustaining cash cost of $2.36/lb QoQ

• Grades remained consistent with previous quarter and recoveries varied based on differing ore types

• Unit costs impacted by lower tonnage, higher milling costs related to maintenance shutdown and enhanced COVID-19 protocols• $0.72/t of COVID costs included in unit

costs

• On track to achieve production and unit cost guidance in Peru

1. Reported tonnes for ore mined are based on mine plan assumptions and may not reconcile fully to ore milled. 2. Reflects combined mine, mill and G&A costs per tonne of ore milled. Unit costs reflect the deduction of expected capitalized

stripping costs.3. Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits.

PERU SUMMARY OF OPERATING STATISTICS

Q1 2021 Q4 2020 Q1 2020

Ore mined (million tonnes)1 7.7 9.3 7.0

Ore milled (million tonnes) 6.4 7.7 6.7

Copper grade milled 0.33% 0.33% 0.34%

Gold grade milled (g/t) 0.04 0.03 0.03

Silver grade milled (g/t) 2.84 2.74 3.13

Molybdenum grade milled 0.01% 0.02% 0.02%

Copper recovery 84.1% 85.3% 84.3%

Gold recovery 52.0% 52.7% 50.2%

Silver recovery 69.9% 70.1% 68.2%

Molybdenum recovery 33.4% 28.4% 35.0%

Copper contained in conc. (kt) 17.8 21.6 19.3

Gold contained in conc. (koz) 4.6 3.7 3.1

Silver contained in conc. (koz) 405.7 477.8 461.3

Molybdenum contained in conc. (t) 294 333 354

Combined unit operating costs ($/tonne)2,3 $12.46 $10.17 $9.31

Cash cost ($/lb)3 $1.82 $1.47 $1.42

Sustaining cash cost ($/lb)3 $2.36 $2.58 $1.91


Peru Business Unit



2021 Catalysts

PAMPACANCHA

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• All land user agreements finalized and blasting began in April 2021

• First production achieved at the end of April, consistent with guidance and recent updated mine plans

FIRST PRODUCTION ACHIEVED


Peru Business Unit



2021 Catalysts

CONSTANCIA UPDATED MINE PLAN

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CONSTANCIA UPDATED MINE PLAN

80108 117 128

91 95 91106

$1.37

$0.97$0.80 $0.74

$1.48 $1.47 $1.37 $1.27

2021 2022 2023 2024 2025 2026 2027 2028

Production (kt Cu) Cash Cost (US$ / lb Cu)Average production of >100 kt Cu at $1.18 / lb Cu cash cost

Additional 9 years of mine life based on reserves only

• Incorporates higher grades from Pampacancha from 2022 to 2025 and the new Constancia North reserves to extend the medium-term production profile

• Average annual copper production increases to 102,000 tonnes over the next 8 years at an average cash cost of $1.18/lb

• Total copper and gold production increases by 12% and 9%, respectively, compared to the same period in the previous mine plan1

1. Calculated using 2019 to 2036 production from Hudbay’s previous NI 43-101 technical report for Constancia, dated March 26, 2018, compared to 2021 to 2037 production from the updated mine plan plus 2019 and 2020 actual production to allow for the two mine plans to be comparable based on the timing of Pampacancha.


Peru Business Unit



2021 Catalysts

MANITOBA OPERATIONS REVIEW

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• Production of all metals higher quarter-over-quarter

• Strong copper production quarter due to higher 777 grades and recoveries

• Lalor achieved increased targeted 4,650tpd rate

• Lalor gold zone underground development progressing well ahead of New Britannia start in Q3

• Unit operating costs increased QoQ, but remained in line with guidance expectations, due to lower capitalized development at the mines

• On track to achieve production and unit cost guidance in Manitoba

1. Reflects combined mine, mill and G&A costs per tonne of ore milled. Unit costs reflect the deduction of expected capitalized stripping costs.

2. Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits.

MANITOBA SUMMARY OF OPERATING STATISTICS

Q1 2021 Q4 2020 Q1 2020

Ore mined (kt) 697 633 701

Ore milled (kt) 644 598 702

Copper grade milled 1.16% 1.09% 0.89%

Zinc grade milled 4.73% 4.86% 4.90%

Gold grade milled (g/t) 2.56 2.54 2.09

Silver grade milled (g/t) 25.34 23.8 25.3

Copper recovery 89.7% 87.6% 85.1%

Zinc recovery 87.6% 88.8% 88.7%

Gold recovery 60.2% 58.7% 57.7%

Silver recovery 55.2% 55.3% 53.5%

Copper contained in conc. (kt) 6.7 5.7 5.3

Zinc contained in conc. (kt) 27.9 25.8 30.5

Gold contained in conc. (koz) 30.9 28.7 27.3

Silver contained in conc. (koz) 291.0 252.9 306.4

Combined unit operating costs (C$/tonne)1,2 $151 $140 $127

Cash cost ($/lb)2 ($1.04) ($3.48) ($0.62)

Sustaining cash cost ($/lb)2 $1.62 ($0.36) $2.54


Peru Business Unit



2021 Catalysts

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SNOW LAKE

MANITOBA

NEW BRITANNIA GOLD MILL REFURBISHMENTREMAINS AHEAD OF SCHEDULE

• Refurbishment activities continue to track ahead of the original schedule with 82% complete to-date

• Gold plant ramp-up and first gold pour expected in early Q3 2021

• Cu flotation facility on track for commissioning and ramp-up in Q4 2021




2021 Catalysts

Peru Business Unit

Aerial photo of New Britannia MillCyanide destruction and final tails area building Ball mill

SNOW LAKE GOLD UPDATED MINE PLAN

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SNOW LAKE GOLD UPDATED MINE PLAN

Source: Hudbay 2021 Annual Reserve and Resource Update news releaseNote: For details regarding Hudbay’s costs, refer to Hudbay’s 2021 Annual Information Form.

115 160190 191 208 184 162

($275)

$361 $434 $440

$393 $454

$382

2021 2022 2023 2024 2025 2026 2027

Production (koz Au) Cash Cost (US$ / oz)Average production of >180 koz

Au at $412 / oz Au cash cost

Additional 10 years of mine life based on reserves only

• Incorporates early production of gold at New Britannia in 2021 in addition to several near-to-medium term optimization initiatives:

• Increasing Lalor’s mining rate to 5,300 tpd starting in 2023 after the 777 mine closes

• Adding 1901 zinc-rich reserves to the mine plan to take advantage of future spare capacity at Stall

• Increased copper and precious metal recoveries at the Stall mill starting in 2023

• Higher throughput at Stall (3,800 tpd versus 3,500tpd previously)




2021 Catalysts

Peru Business Unit

GROWING PRODUCTION OUTLOOK

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SIGNIFICANT COPPER AND GOLD PRODUCTION GROWTH

Source: Hudbay filingsNote: Midpoint of guidance shown for 2021 - 2023 and technical reports used for 2024.

Cu(kt)

Au(koz)

+46%

95102

123130

139

2020 2021 2022 2023 2024

125

203

265280

318

2020 2021 2022 2023 2024

+154%




2021 Catalysts

Peru Business Unit

ROBUST COPPER DEVELOPMENT PIPELINE

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ROSEMONTArizona

Permitting/Development2P Reserves: 0.5Bt @ 0.45% Cu

MASONNevada

PEA OptimizationM&I Resources: 2.2Bt @ 0.29% Cu

• PEA contemplates 27-year mine life with Cu copper production of ~140kt p.a. over first 10 years of full production, generating ~14% after-tax IRR at $3.10/lb Cu

• Consolidated prospective land package

FUTU

RE

• Regional Mason Valley 100%-owned properties have potential to provide high-grade satellite feed

• Planning for a future initial drilling campaign

POTENTIAL TO GROW MEDIUM-TO-LONG-TERM COPPER PRODUCTION PROFILE THROUGH PROJECTS AT VARIOUS STAGES OF DEVELOPMENT AND EXPLORATION

• Feasibility study contemplates 19-year mine life with Cu production of ~127kt p.a. over first 10 years, generating 15.5% after-tax project IRR at $3.00/lb Cu

• Expected to be the 3rd largest copper mine in the U.S. once in production

• U.S. government and Hudbay appealing U.S. court ruling with appeal decision expected H2 2021

• Further upside potential with Copper World region being explored as a zone of continuous mineralization

COPPER WORLDArizona

Exploration Drilling Underway

• Wholly-owned private land in an historic mining district adjacent to Rosemont

• 2020 drill program intersected high-grade Cu sulphide and oxide mineralization at shallow depths, including 440ft @ 1.38% Cu

• Larger 2021 drill program underway to define an initial resource estimate by end of 2021; PEA expected in H1 2022

• Potential to host at least 4 economic deposits as a viable open pit operation separate or additive to Rosemont




2021 Catalysts

Peru Business Unit

OTHER EXPLORATION INITIATIVES

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SNOW LAKE REGIONAL EXPLORATIONCONSTANCIA REGIONAL EXPLORATION

• Drilling underway on the Quehuincha North high-grade skarn target

• Discussions progressing with Uchucarcco on accessing Maria Reyna and Caballito

• Drilling to commence at Llaguenproperty in northern Peru in Q2 2021

• Preliminary results from 2021 winter drill program indicate potential copper-gold feeder zone to 1901 deposit• One hole intersected 11.6m @ 2.7% Cu and 3.4 g/t Au• Similar to the known geology at Lalor deposit

• Review underway to determine next steps for exploration at 1901

• Testing other targets within Chisel Basin

EXPLORATION UPSIDE POTENTIAL EXISTS IN BOTH PERU AND SNOW LAKE




2021 Catalysts

Peru Business Unit

Copper World discovery Q1 2021Mason PEA Q1 2021Rosemont federal permit appeals decision H2 2021Copper World drill program and initial inferred resource estimate 2021Copper World PEA H1 2022

U.S

.

Advance 3rd phase of Snow Lake gold strategy with updated mine plan Q1 2021

New Britannia gold plant ramp-up and first production Q3 2021

New Britannia copper flotation circuit ramp-up and first production Q4 2021

Preparation for ramp up to 5,300 tpd at Lalor and Stall mill recovery improvement program Ongoing

Continued 1901 and Snow Lake regional exploration to define gold and base metal potential Ongoing

Constancia North reserves and updated Constancia mine plan Q1 2021

Pampacancha development and first production Q2 2021

Drilling at Quehuincha North Ongoing

Drilling at Llaguen in Peru Q2 2021

Exploration agreement to access Maria Reyna, Caballito and Kusiorcco 2021

Constancia North underground trade-off study 2021

MAN

ITO

BA

PER

U

NEAR-TERM CATALYSTS

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NUMEROUS ORGANIC GROWTH OPPORTUNITIES EXIST




2021 Catalysts

Peru Business Unit

For More In format ion Contact :

Candace BrûléDirector, Investor Relations416.814.4387 | [email protected]

Q1 2021 RESULTS PRESENTATION

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