#1TMX NYSE HBM TM HUDBAY INVESTOR PRESENTATION 14 DAY February 2017#2Cautionary Information HUDBAY This 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, including anticipated capital and operating cost savings and anticipated production at the company's mines and processing facilities, the anticipated timing, cost and benefits of developing the Pampacancha deposit and Lalor paste backfill plant, anticipated mine plans, anticipated metals prices and the anticipated sensitivity of the company's financial performance to metal prices, events that may affect its operations and development projects, anticipated cash flows from operations and related liquidity requirements, the potential outcome of labour negotiations in Peru, the anticipated effect of external factors on revenue, such as commodity prices, 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. The material factors or assumptions that Hudbay identified and were applied by the company in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: the success of mining, processing, exploration and development activities; the scheduled maintenance and availability of Hudbay's processing facilities; the sustainability and success of Hudbay's cost reduction initiatives; the accuracy of geological, mining and metallurgical estimates; anticipated metals prices and the costs of production; the supply and demand for metals that Hudbay produces; the supply and availability of all forms of energy and fuels at reasonable prices; no significant unanticipated operational or technical difficulties; the execution of Hudbay's business and growth strategies, including the success of its strategic investments and initiatives; the availability of additional financing, if needed; the ability to complete project targets on time and on budget and other events that may affect Hudbay's ability to develop its projects; the timing and receipt of various regulatory and governmental approvals; the availability of personnel for Hudbay's exploration, development and operational projects and ongoing employee relations; the ability to secure required land rights to develop the Pampacancha deposit; maintaining good relations with the communities in which Hudbay operates, including the communities surrounding its Constancia mine and Rosemont project and First Nations communities surrounding its Lalor and Reed mines; no significant unanticipated challenges with stakeholders at Hudbay's various projects; the ability to successfully conclude a collective agreement with the labour union at Constancia; no significant unanticipated events or changes relating to regulatory, environmental, health and safety matters; no contests over title to Hudbay's properties, including as a result of rights or claimed rights of aboriginal peoples; the timing and possible outcome of pending litigation and no significant unanticipated litigation; certain tax matters, including, but not limited to current tax laws and regulations and the refund of certain value added taxes from the Canadian and Peruvian governments; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices and foreign exchange rates). 2#3Cautionary Information HUDBAY The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), uncertainties related to the development and operation of Hudbay's projects (including risks associated with the economics and permitting of the Rosemont project and related legal challenges), risks related to the maturing nature of the 777 mine and its impact on the related Flin Flon metallurgical complex, dependence on key personnel and employee and union relations, risks related to political or social unrest or change, risks in respect of aboriginal and community relations, rights and title claims, operational risks and hazards, including unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, depletion of Hudbay's reserves, volatile financial markets that may affect Hudbay's ability to obtain additional financing on acceptable terms, the permitting and development of the Rosemont project not occurring as planned, the failure to obtain required approvals or clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, the company's ability to comply with its pension and other post-retirement obligations, Hudbay's ability to abide by the covenants in its debt instruments and other material contracts, tax refunds, hedging transactions, as well as the risks discussed under the heading "Risk Factors" in the company's most recent Annual Information Form. 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 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. This presentation contains certain financial measures which are not recognized under IFRS, such as operating cash flow per share, net debt, cash costs, sustaining cash cost, and all-in sustaining cash cost, net of by-product credits, per pound of copper produced. For a detailed description of each of these non-IFRS financial performance measures used in this presentation, please refer to page 40 of Hudbay's management's discussion and analysis for the three months and year ended December 31, 2016 available on SEDAR at www.sedar.com and EDGAR at www.sec.gov. All amounts are in US dollars unless otherwise noted. 3#4Hudbay Investment Highlights STRONG LEVERAGE TO COPPER PRICE AND GROWING ZINC EXPOSURE . • • Un-hedged copper and zinc production Augment copper production in Peru with planned 2018. start of high-grade satellite deposit Near-term potential to grow existing zinc business in Manitoba Downside protection with low-cost, long-life assets in low-risk jurisdictions PROVEN TRACK RECORD . Successful project development of 3 new mines delivering growing cash flow profile HUDBAY TSX, NYSE, BVL Symbol Market Capitalization¹ Shares Outstanding Available Liquidity² Debt Outstanding³ 2 HBM C$2.6 billion 237 million $0.4 billion $1.2 billion • In-depth mining expertise in both open pit and underground mining CLEAR AND DISCIPLINED GROWTH STRATEGY ● . Investment-grade countries in the Americas VMS and porphyry geological focus Accretive to NAV per share "Drill and build" value creation strategy 1. Based on Hudbay's TSX closing share price on February 22, 2017. 2. Liquidity including cash balances as of December 31, 2016. 3. As at December 31, 2016. 1 Manitoba 777, Lalor, Reed 3 2 Arizona Rosemont 3 Peru Constancia 4 Chile Exploration 4 4#5Long-Life, Low-Cost Asset Base BUSINESS UNIT South America Manitoba Arizona ASSET Constancia Mine PRIMARY METAL Cu HUDBAY MINE LIFE1 19 years 14 years LOCATION Southern Peru Lalor Mine Snow Lake Zn, Au 777 Mine Flin Flon Cu, Zn 3 - 4 years Reed Mine Near Flin Flon Cu 2 years Rosemont Project Pima County Cu Long life 2016 REVENUE BREAKDOWN² 4% 10% ■Copper 19% ■ Zinc $1,129 million ■Gold 67% Silver C1 Cash Cost (100 x $/lb) 250 200 150 100 50 0 -50 -100 -150 -200 -250 2016 BY-PRODUCT CASH COSTS³ 10 10 20 20 Hudbay Consolidated Cash Cost ($0.93/lb) 30 40 50 60 70 80 90 100 Cumulative Percentile Production (%) Source: Hudbay company disclosure, Wood Mackenzie 1. As of January 1, 2017. 2. Revenue for the full year ended December 31, 2016. Gold and silver revenues include deferred revenue and cash payments applicable to precious metals stream sales. 3. Hudbay reported 2016 consolidated cash costs shown on Wood Mackenzie's 2016 by-product C1 cash cost curve. Wood Mackenzie's costing methodology may be different than the methodology reported by Hudbay in its public disclosure. Wood Mackenzie cash costs are calculated per pound of payable copper whereas Hudbay reported cash costs are calculated per pound of copper contained in concentrate. 5#6$50 $0 2016 Consolidated Results • Achieved or exceeded production and cost guidance $400 $350 $300 $250 $200 $150 $100 Copper cash cost of $0.93/lb and all-in. sustaining cash cost of $1.52/lb³ Generated positive free cash flow in cyclical low copper prices and relatively high sustaining capex period OPERATING AND FREE CASH FLOW¹ Operating Cash Flow Free Cash Flow ILL HUDBAY CONSOLIDATED FINANCIAL & OPERATING RESULTS Full Year Q4 2016 2016 Copper contained in conc. (kt) 43.8 174.5 Zinc contained in conc. (kt) 29.1 110.6 Precious metals contained in conc. (koz)² 41.7 168.0 Cash cost ($/lb)³ $0.85 $0.93 All-in sustaining cash cost $1.46 $1.52 ($/lb)³ Operating cash flow ($m) $122 $388 Cash and cash equivalents ($m) Net debt ($m) $147 $1,085 -$50 2015 Q1 2016 LTM Q2 2016 LTM Q3 2016 LTM 2016 -$100 -$150 Liquidity ($m) $391 US$ millions 1. Operating cash flow is operating cash flow before change in non-cash working capital. Free cash flow calculated as operating cash flow less sustaining capital expenditures and less interest paid. LTM = Last Twelve Months. 2. Precious metals production includes gold and silver production on a gold-equivalent basis. Silver is converted to gold at a 70:1 ratio. 3. Consolidated cash cost per pound of copper produced, net of by-product credits. Consolidated all-in sustaining cash cost includes the addition of sustaining capital expenditures, capitalized exploration, royalties and corporate G&A. 6#7South America Business Unit CONSTANCIA PIT MINE TOWN HY RAILROAD ROAD PERU LAS BAMBAS HAUL ROAD Lima Las Bambas Cusco CUSCO CONSTANCIA Antapaccay Yauri Tintaya Imata AREQUIPA CONSTANCIA Matarani Arequipa Cerro Verde HUDBAY a MOQUEGUA 0 TACNA 100km 7#8Constancia Mine OPERATING AT FULL PRODUCTION • Low-cost, long-life copper mine began production at end of 2014 • Annual Cu production of 110k tonnes at cash costs of $0.97/lb and sustaining cash costs of $1.27/lb over next 5 years (2017-2021) Mining of high-grade Pampacancha satellite deposit expected to begin in 2018 with total project capital of $54 million⁹ Sustaining capex declines after 2017 as spending on tailings dam decreases significantly Source: Hudbay company disclosure 1. Full year ended December 31, 2016. 2. LOM = Life of Mine. As per NI 43-101 Technical Report on the Constancia Mine dated November 21, 2016. LOM average calculated from 2017-2035. 3. Production is contained metal in concentrate. 4. Combined mine, mill and G&A unit operating costs per tonne of ore processed (after impact of capitalized stripping). 5. Net of by-products. Includes impact of silver and gold streams. Metal prices per the Silver Wheaton stream agreement are as follows: $400/oz Au, $5.90/oz Ag. Other metal price assumptions in LOM estimate are based on reserve prices ($3.00/lb Cu, $11.00/lb Mo, $1,260/oz Au). 6. Sustaining capital includes capitalized stripping costs, but excludes Pampacancha project capital. 2017 Peru sustaining capital expenditure guidance is $120 million, including capitalized stripping costs of -$15 million. 7. Sustaining cash cost per pound copper produced, includes sustaining capital costs and royalties. 8. Mine life as of January 1, 2017. 9. Excludes the costs associated with acquiring surface rights at Pampacancha. HUDBAY 20161 AVG. LOM² Ownership 100% Daily ore throughput Annual Cu production³ 74k tpd 85k tpd 133kt 81kt Unit operating cost4 $8.09/t $7.39/t Cash cost per lb Cu5 $1.09/lb $1.28/lb Annual sustaining capital $118m $57m Sustaining cash cost? $1.51/lb $1.62/lb Mine life8 19 years FLOTATION CELLS 8#9Cu Production (k tonnes) Pampacancha Update UPDATED CONSTANCIA MINE PLAN HIGHLIGHTS • New mine plan incorporates mining of Pampacancha in 2018-2021 HUDBAY ⚫ Higher production and lower costs over 5-year period (2017-2021) than previous 2012 technical report 5-YEAR PRODUCTION1 AND COST³ (2017E-2021E) MINE PLAN SUMMARY (5-YEAR AVERAGE) 5-Year Avg. Cu Production Cash Cost Sustaining Cash Cost Ore milled Copper grade milled million tonnes 30.9 % Cu 0.41% 125 $1.83 118 $2.00 113 Copper recovery % Cu 86.3% 107 107 104 Copper production¹ 000 tonnes 110 100 $1.60 $1.34 $1.30 $1.15 75 $1.09 $1.01 $1.08 $1.20 50 50 25 $0.80 $0.81 $0.86 $0.83 $0.40 Cash Cost ($/lb Cu) Molybdenum production1 000 tonnes 1.6 Gold production¹ Silver production¹ On-site costs² 000 oz 68 000 oz 2,770 $/t milled $7.69 Cash cost³ $/lb Cu $0.97 Sustaining cash cost³ $/lb Cu $1.27 0 $0.00 2017E 2018E 2019E 2020E 2021E Source: The Constancia Mine, National Instrument 43-101 Technical Report as filed on SEDAR by Hudbay on November 21, 2016. CAPITAL COSTS: Sustaining capex Capitalized stripping Total sustaining capex Pampacancha capex $ million $55 $ million $14 $ million $69 $ million $11 1. Production refers to contained metal in concentrate. 2. On-site costs include mining, milling and G&A costs, and include the impact of capitalized stripping. 3. Cash cost and sustaining cash cost are reported net of by-product credits, are calculated at reserve prices ($3.00/lb Cu, $11.00/lb Mo, $18.00/oz Ag, $1,260/oz Au) and include the impact of the precious metals stream and capitalized stripping. Cash cost includes on-site and off-site costs, and sustaining cash cost includes the addition of royalties and sustaining capital, but excludes Pampacancha project capital. 6#10Manitoba Business Unit AERIAL VIEW OF LALOR MINE SITE MINE MILL 777 REED LALOR MINE SASKATCHEWAN MANITOBA LALOR 777 MINE Flin Flon Flin Flon Mill TOWN H RAILROAD Winnipeg ROAD HUDBAY New Britannia Mill Snow Lake Stall Mill 0 5km Snow Lake LALOR MINE REED MINE 0 50km 10#11Lalor Mine PRODUCING LOW COST MINE WITH ZINC & GOLD UPSIDE POTENTIAL • Production shaft with capacity of 6,000tpd Stall mill currently processing ~3,000tpd of base metal Zn-rich ore • New Britannia mill, acquired in 2015, has potential to process up to 1,500tpd of Au zone and Cu-Au zone ore at higher recoveries • New study expected in Q1 2017: 1) potentially higher throughput of base metal ore through Stall mill 2) construction of a new paste backfill plant 3) potential to process Au zone material at the New Britannia mill after refurbishment Ownership Daily ore throughput Annual Zn production³ HUDBAY 20161 AVG. LOM² 100% 2,985 tpd 3,300 tpd 71kt 67kt Annual Au-Eq. production³ Annual Cu production³ Unit operating cost4 51koz 48koz 6kt 6kt C$102/t C$70/t 14 years Mine life5 Source: Hudbay company disclosure 1. Full year ended December 31, 2016. 2. LOM = Life of Mine. As per NI 43-101 Pre-Feasibility Study Technical Report on Lalor Deposit dated March 29, 2012. LOM average based on years 2017 to 2027. 3. Production is contained metal in concentrate; silver converted to gold at a rate of 70:1. 4. Combined mine, mill and G&A unit operating costs per tonne of ore processed. 2016 combined unit operating cost guidance for the entire Manitoba Business Unit is C$80-100/tonne. 5. Mine life as of January 1, 2017. LALOR MINE SITE 11#12Lalor Cross-Section LALOR CROSS-SECTION, LOOKING WEST HUDBAY Production Shaft (6,000 tpd of ore + waste) Ramp from Chisel 2016 500 m 865mL Exploration Drill Drift 2015 Om Legend Base metal zone Gold zone Copper-gold zone 500m 1000m 1025 to 1075mL Exploration Decline 1500m 12#13777 and Reed Mines STEADY, LOW-COST PRODUCTION • Optimizing operations to end of mine life Plan to keep processing assets on care and maintenance after mine closures to maintain regional optionality HIDRAY HUDBAY 777 & REED COMBINED Ownership 20161 AVG. LOM² 100% / 70%³ Daily ore throughput Annual Cu production4 Annual Zn production4 Annual Au-Eq. production4 Unit operating cost Mine life6 4,800 tpd 4,200 tpd 35kt 27kt 40kt 49kt 51koz 67koz C$88/t C$88/t 3-4 years / 2 years 777 HEADFRAME Source: Hudbay and VMS Venture Inc. company disclosure 1. Full year ended December 31, 2016. REED MINE SITE 2. 777 LOM as per NI 43-101 Technical Report on 777 Mine dated October 15, 2012 incorporating years 2017 to 2019; Reed LOM as per NI 43-101 Pre-Feasibility Study Technical Report on the Reed Copper Deposit dated April 2, 2012 as filed by VMS Ventures Inc., shown on 100% basis, 1,300 tpd operation. LOM average based on full years 2017 to 2019. 3. Reed is 70% owned by Hudbay. 4. Production is contained metal in concentrate; silver converted to gold at a rate of 70:1. 5. Combined mine, mill and G&A unit operating costs per tonne of ore processed. 2016 combined unit operating cost guidance for the entire Manitoba Business Unit is C$80-100/tonne. 6. Mine life as of January 1, 2017. 13#14Arizona Business Unit ROSEMONT PROJECT SITE MINE TOWN HYRAILROAD ROAD ARIZONA, US Tucson ROSEMONT Three Points Mission Complex +Tucson HUDBAY Twin Buttes Mine Sierrita Mine ROSEMONT Green Valley PIMA SANTA CRUZ Sonoita Patagonia 0 25km! 14#15Rosemont Project 80%-OWNED1 COPPER PROJECT High-quality development project with well- established infrastructure • Permitting and community engagement progressing • $20 million expected to be spent in 2017 to advance project Expected to be one of the first new copper projects to be built once copper prices and capital market conditions improve HUDBAY 1. Hudbay's ownership in the Rosemont project is subject to an earn-in agreement with United Copper & Moly LLC ("UCM"), a Korean consortium, pursuant to which UCM has earned a 7.95% interest in the project and may earn up to a 20% interest. CRUSHER AREA OF THE ROSEMONT PROJECT (LOOKING EAST) 15#162017 Objectives HUDBAY Continue to focus on operating efficiencies to generate incremental free cash flow Advance high-return in-house brownfield opportunities • Lalor zinc / base metal throughput • Pampacancha • Lalor gold Advance permitting activities and technical work at Rosemont Use free cash flow to further reduce debt and cost of capital Continue to evaluate exploration and acquisition opportunities that meet our criteria 16#17HUDBAY 4 BAY APPENDIX 17#18Appendix Contents Experienced Management Team Copper By-Product Cost Curve Global Refined Metal Market Balance Liquidity • Q4 2016 Results by Business Unit • Constancia Site Map • Constancia Mine Plan Summary ⚫ Peru Inventory Levels • Manitoba Operations Flow Chart ⚫ 2017 Guidance Leverage to Commodities • Precious Metals Stream Overview Reserves and Resources Information HUDBAY 18#19Experienced Management Team Alan Hair PRESIDENT AND CHIEF EXECUTIVE OFFICER . • Appointed President and Chief Executive Officer and Director in January 2016 HUDBAY An accomplished leader of people and performance, bringing 20 years knowledge of Hudbay and more than three decades of mining and metals industry experience Previously served as Hudbay's Chief Operating Officer from 2012 to 2015, and prior to 2012, he was SVP, Business Development and Technical Services Before joining Hudbay, Mr. Hair worked in European base metals and African platinum group operations Holds an Honours Bachelor of Science degree in Mineral Engineering from the University of Leeds, England David S. Bryson Cashel Meagher SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER Joined Hudbay in August 2008 . Brings more than 20 years of financial experience to Hudbay, including progressively senior leadership roles in the mining and energy infrastructure sectors . Held senior finance positions with Skye Resources Inc. from March 2007 to August 2008 and was Treasurer of Terasen Inc. from January 2004 to February 2006 • Holds a Bachelor of Commerce (Finance) from the University of British Columbia and is a Chartered Financial Analyst SENIOR VICE PRESIDENT AND CHIEF OPERATING OFFICER • . Appointed Chief Operating Officer in January 2016 He was previously Vice President, South America Business Unit from 2011 to 2015 where he led the successful construction and ramp-up of the Constancia mine Prior to joining Hudbay in 2008, he held management positions with Vale Inco in exploration, technical services, business analysis and mine operations Holds a Joint Advanced Major in Geology and Chemistry from Saint Francis Xavier University and is a Professional Geoscientist in the Province of Ontario 19#20Copper By-Product Cost Curve 2016 COST CURVE1 250 200 Constancia Reed 150 C1 Cash Cost (100 x $/lb) 50 080 100 O 0 10 20 30 40 -50 -100 777 -150 -200 Lalor -250 50 60 70 80 HUDBAY 90 Cumulative Percentile Production (%) 100 Source: Wood Mackenzie 1. Wood Mackenzie Cu normal mine site C1 cost curve for 2016 (Q4 2016 update). Constancia, 777, Lalor and Reed costs are sourced from Wood Mackenzie. Wood Mackenzie's costing methodology may be different than the methodology reported by Hudbay in its public disclosure. 20 20#21kt Cu Global Refined Metal Market Balance Copper market moves into a supply deficit starting in 2017, signaling a near-term recovery in copper prices COPPER HUDBAY • Zinc market in deficit over the next few years, but supply-side response from high prices. expected to cause surplus in 2018+ ZINC Refined Surplus (Deficit) Refined Surplus (Deficit) Copper Price 700 450 1200 600 400 1000 500 800 350 400 600 300 300 ~500kt lower 250 200 than previous forecasts 200 100 150 -100 -200 -300 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 100 LME Cu Price Real c/lb 400 kt Zn 200 0 -200 -400 50 -600 0 -800 2010 2011 2012 2013 Source: Wood Mackenzie, Global Copper Long-Term Outlook Q4 2016 dated December 2016, Global Zinc Long-Term Outlook Q4 2016 dated December 2016 2014 2015 2016 -Zinc Price 200 180 2017 2018 2019 2020 2021 2022 160 140 120 100 ༄ ༄ ༄ ༅ 8 8 80 40 20 20 21 21 LME Zn Price Real c/lb#22Liquidity December 31, 2016 Cash and Cash Equivalents Availability under Credit Facilities1 Total Available Liquidity HUDBAY $ Millions $147 $244 $391 Amount Interest Debt Maturity Drawn Rate Senior Unsecured $400 7.250% Jan. 2023 Notes $600 7.625% Jan. 2025 Credit Facilities $3061 Cash Drawdowns Letters of Credit $202 3M LIBOR + 4.50% Mar. 2019 $104 3M LIBOR + 6-year Amortization 4.25% from Date of Draw Peru Equipment Finance Facility 1. -2345 As of December 31, 2016. $63 Consolidated; secured debt includes credit facilities and equipment finance borrowings. Consolidated; based on total interest. 1.75x EBITDA/Interest in 2016 and 2017, and 2.50x EBITDA/Interest in 2018. TNW = tangible net worth. Current ratio = current assets divided by current liabilities; liabilities exclude current portion of deferred revenue. Maintenance Covenants None None 3.25x Secured Debt²/ EBITDA 1.75x EBITDA/ Interest³ $1.3B TNW4 1.05x Current Ratio5 C$1.2B TNW4 22 22#23South America Q4 2016 Results • Plant performance remains the primary focus • Total copper recovery was 81.6% in Q4, affected by oxidized mineralization, offset by higher than reserve grades • Combined unit operating costs were $7.98 per tonne in Q4 • Continued low cost performance Q4 cash costs of $1.11/lb and sustaining cash cost of $1.54/lb Full year cash costs of $1.09/lb and sustaining cash cost of $1.51/lb 1. Precious metals production includes gold and silver production on a gold-equivalent basis. Silver is converted to gold at a 70:1 ratio. 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. Cash cost and sustaining cash cost per pound of copper produced, net of by-product credits. HUDBAY PERU SUMMARY OPERATING STATISTICS Ore mined (million tonnes) Full Year Q4 2016 2016 6.2 26.5 Ore milled (million tonnes) 7.2 27.0 Copper grade milled 0.58% 0.60% Gold grade milled (g/t) 0.05 0.06 Silver grade milled (g/t) 4.65 4.90 Copper recovery 81.6% 82.4% Gold recovery 43.9% 48.4% Silver recovery 67.1% 64.9% Copper contained in conc. (kt) 34.0 133.4 Precious metals contained in conc. (koz)1 15.4 65.7 Combined unit operating $7.98 $8.09 costs ($/tonne)² Cash cost ($/lb)³ $1.11 $1.09 Sustaining cash cost ($/lb)³ $1.54 $1.51 23#24HUDBAY MANITOBA SUMMARY OPERATING STATISTICS Manitoba Q4 2016 Results • 777's Q4 ore mined impacted by more conservative stope sequencing needed as mine ages • 777 mine plan re-sequencing prioritizes. higher zinc grade stopes in 2017 • Cash cost continues to decline . Q4 cash costs of $(0.06)/lb Cu and sustaining cash cost of $0.58/lb Cu Full year cash costs of $0.32/lb Cu and sustaining cash cost of $0.61/lb Cu Ore mined (kt) 1. Includes 100% of Reed mine production. 2. 3. Precious metals production includes gold and silver production on a gold-equivalent basis. Silver is converted to gold at a 70:1 ratio. Reflects combined mine, mill and G&A costs per tonne of ore milled. Includes the cost of ore purchased from our joint venture partner at Reed mine. 4. Cash cost and sustaining cash cost per pound of copper produced, net of by-product credits. Full Year Q4 2016 2016 675 2,828 Ore milled (kt) 723 2,854 Copper grade milled 1.52% 1.59% Zinc grade milled 4.54% 4.38% Gold grade milled (g/t) 1.60 1.64 Silver grade milled (g/t) 20.13 19.17 Copper recovery 89.2% 90.7% Zinc recovery 88.9% 88.5% Gold recovery 60.5% 58.5% Silver recovery 57.6% 56.6% Copper contained in conc. 9.8 41.1 (kt)1 Zinc contained in conc. (kt)1 29.1 110.6 Precious metals contained in 26.3 102.2 conc. (koz) 1,2 Combined unit operating $96.38 $92.77 costs ($/tonne)³ Cash cost ($/lb)4 $(0.06) $0.32 Sustaining cash cost ($/lb)4 $0.58 $0.61 24#25Constancia Site Map HUDBAY High-grade Pampacancha satellite deposit located ~7km (by truck) from primary crusher Access Road Sector I CMisayoc Construction Campsite Campsite and Access Road RIVER Fortunia Campsite Ammonio Warehouse Explosive Magazine Nag Stockpile Sediment Pond Crushing Area Process Plant ROM Pad, Oda Husyachane Crusher Workshop and Fuel Station Landfill Cisco Orcoo Oda, Llapa Oroc Sediment Pond Retention Pond WRF Topsoil Stockpile #1 CHILLO CHILLOROYA RIVER San Antonio Campsite Tailing Management Facility Reclaim Water Pipeline Bog Storage Facility Access Road Sector II C Constancia Pit Containment Pond WRF C Negro Sinca (Hatun Orcool Chilloroya Haul Road Waste Rock Facility Oda. Telaracaca Powerline C Pampa Cancha Reservoir Cunahuri CCoenale Pampacancha Pit Oda. Telarocaca C Huam Oda Ode. Casunama 25 25#26Constancia Mine Plan Summary HUDBAY MINE PLAN SUMMARY - NOVEMBER 21, 2016 TECHNICAL REPORT 2017E 2018E 2019E 2020E 2021E 5-Yr Avg. Yr 6-19 Avg.1 LOM Avg.1 Ore mined million tonnes 34.6 34.1 27.7 32.2 31.8 32.1 30.1 30.5 Waste mined million tonnes 38.4 39.1 33.8 36.9 37.0 37.0 33.1 34.0 Strip ratio waste:ore 1.1 1.1 1.2 1.1 1.2 1.2 1.1 1.1 Ore milled million tonnes 30.9 31.0 30.9 31.0 30.9 30.9 30.6 30.7 Copper grade milled % Cu 0.41% 0.39% 0.44% 0.40% 0.42% 0.41% 0.26% 0.30% Copper recovery % Cu 85.0% 86.0% 86.6% 87.0% 87.1% 86.3% 89.9% 88.6% Copper production² 000 tonnes 107 104 118 107 113 110 71 81 Molybdenum 000 tonnes 0.3 1.7 1.9 2.1 1.8 1.6 1.5 1.5 production2 Gold production² 000 oz 23 40 94 81 102 68 22 34 Silver production² 000 oz 2,848 2,523 2,577 2,667 3,232 2,770 1,853 2,090 On-site costs³ $/t milled $7.84 $7.53 $7.74 $7.55 $7.80 $7.69 $7.27 $7.39 Cash cost4 $/lb Cu $1.30 $1.09 $0.81 $0.86 $0.83 $0.97 $1.45 $1.28 Sustaining cash cost $/lb Cu $1.83 $1.34 $1.01 $1.15 $1.08 $1.27 $1.80 $1.62 CAPITAL COSTS: Sustaining capex $ million $103 $34 $42 $51 $48 $55 $36 $41 Capitalized stripping $ million $18 $17 $5 $15 $13 $14 $17 $16 Total sustaining capex $ million $121 $51 $47 $66 $61 $69 $53 $57 Pampacancha capex $ million $11 $29 $13 $1 $1 $11 Source: The Constancia Mine, National Instrument 43-101 Technical Report as filed on SEDAR by Hudbay on November 21, 2016. 1. Year 6-19 average calculated from 2022-2035; life-of-mine ("LOM") average calculated from 2017-2035. 2. Production refers to contained metal in concentrate. 3. On-site costs include mining, milling and G&A costs, and include the impact of capitalized stripping. 4. Cash cost and sustaining cash cost are reported net of by-product credits, are calculated at reserve prices ($3.00/lb Cu, $11.00/lb Mo, $18.00/oz Ag, $1,260/oz Au) and include the impact of the precious metals stream and capitalized stripping. Cash cost includes on-site and off-site costs, and sustaining cash cost includes the addition of royalties and sustaining capital, but excludes Pampacancha project capital. 26#27Peru Inventory Levels Copper concentrate inventory remains at normal levels . HUDBAY Extended ocean swells at Matarani port at the end of June caused temporary increase in port inventories, which was drawn-down in early July Concentrate PERU COPPER CONCENTRATE Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 140 Produced (000 dmt) Inventory Levels (000 wmt): 149 115 140 140 133 Mine 65 12 <1 2 9 <1 In Transit 3 4 <1 3 2 1 Port 6 12 16 38 8 0 Total Inventory 74 28 16 43 19 1 27 22#28Manitoba Operations Flow Chart 777 Mine Reed Mine Flin Flon Mill Copper Concentrate Market HUDBAY Snow Lake Mill Zinc Concentrate Zinc Plant Refined Zinc Lalor Mine Market New Britannia Mill Gold Dore -> Market Legend: Mine Processing Facility Product 1. Studies underway on potential refurbishment of New Britannia mill, including potential processing of Lalor ore. 28#292017 Guidance PRODUCTION AND UNIT COST CONTAINED METAL IN CONCENTRATE1 MANITOBA² Copper Zinc Precious Metals³ Combined unit operating costs4 PERU Copper Precious Metals³ HUDBAY 2017 GUIDANCE 2016 PRODUCTION 2016 GUIDANCE tonnes 32,500 42,500 41,059 40,000 50,000 tonnes 125,000 150,000 110,582 100,000 125,000 ounces 90,000 110,000 102,242 95,000 115,000 C$/tonne ore C$88-108 processed tonnes 100,000 115,000 133,432 110,000 130,000 ounces 55,000 65,000 65,709 50,000 65,000 Combined unit operating costs4 $/tonne ore processed $7.2-8.8 TOTAL CONSOLIDATED Copper tonnes 132,500 157,500 174,491 150,000 180,000 Zinc tonnes 125,000 150,000 110,582 100,000 125,000 Precious Metals³ ounces 145,000-175,000 167,951 145,000 180,000 234 1. Metal reported in concentrate is prior to refining losses or deductions associated with smelter terms. Includes 100% of Reed mine production; Hudbay owns a 70% interest in the Reed mine. Precious metals production includes gold and silver production on a gold-equivalent basis. Silver converted to gold at a ratio of 70:1. Reflects combined mine, mill and G&A costs per tonne of milled ore. Peru costs are presented in USD and reflect the deduction of expected capitalized stripping costs. Manitoba costs are presented in CAD and include the cost of ore purchased from the joint venture partner at the Reed mine. 29#302017 Guidance CAPITAL EXPENDITURE¹ HUDBAY • Peru's 2017 sustaining capital expenditures include approximately $52 million related to tailings management facility costs • Total sustaining capital expenditures expected to decline substantially after 2017 as Peru tailings management facility costs decline $ MILLIONS 2017 GUIDANCE 2016 ACTUAL 2016 GUIDANCE SUSTAINING CAPITAL Manitoba Peru² Total Sustaining Capital GROWTH CAPITAL Manitoba Peru Arizona³ Total Growth Capital Capitalized Exploration Total Capital Expenditure 1. Excludes capitalized interest 2. Includes capitalized stripping costs. 3. Capitalized spending. 65 60 80 120 118 140 185 178 220 222 40 25 20 25 85 25 2 2 272 205 - 30 250 3 253 30#312017 Guidance FLIN FLON ZINC PLANT Zinc Metal Produced HUDBAY 95,000 - 115,000 tonnes Unit Operating Costs¹ C$0.40 0.50/lb 1. Forecast unit operating costs are calculated on the same basis as reported unit operating costs in Hudbay's quarterly and annual management's discussion and analysis. EXPLORATION Manitoba Peru Arizona Generative and Other Total Exploration Expenditures Capitalized Spending¹ Total Exploration Expense 1. Assumes $2 million of Manitoba expenditures will be capitalized. $ MILLIONS 4 2 4 10 (2) 8 31#32Leverage to Commodities Highly leveraged to copper, with additional sensitivity to zinc prices • Moderate exposure to changes in C$/US$ exchange rates SENSITIVITY ANALYSIS¹ HUDBAY 2017 Base Change of 10% Represented by: Impact on Operating Cash Flow² METAL PRICES: Copper Price $2.50/lb +/- $0.25/lb +/- $73 million Zinc Price $1.20/lb +/- $0.12/lb +/- $30 million Gold Price³ $1,200/oz +/- $120/oz +/- $10 million EXCHANGE RATES: C$/US$ 1.30 2. 1. Assumes operational performance is consistent with annual guidance for 2017. Operating cash flow before changes in non-cash working capital. 3. Gold price sensitivity also includes the impact of a +/- 10% change in the silver price (2017 assumption is $18/oz Ag). +/- 0.13 +/- $30 million 32 32#33Precious Metals Stream Overview 1. 2. 777 Constancia HUDBAY PAYMENTS FROM SILVER WHEATON TO HUDBAY Production payments¹ Upfront payment $885 million + $5.90/oz Silver $400/oz Gold DELIVERY FROM HUDBAY TO SILVER WHEATON Silver 100% Gold 50%² Remaining Life of Mine Remaining Life of Mine Silver 100% Gold 50% Payments for production of silver and gold from 777 are subject to 1% annual escalation starting 2015; payments for production of gold and silver from Constancia are subject to 1% annual escalation starting in 2019. Percentage of gold streamed at 777 dropped to 50% as of January 1, 2017, from 100%. 33#34Peru Mineral Reserves AS AT JUNE 30, 2016 CATEGORY CONSTANCIA HUDBAY TONNES Cu (%) Mo (g/t) Ag (g/t) Au (g/t) Proven 442,300,000 0.30 99 2.99 0.037 Probable 109,400,000 0.23 64 2.66 0.035 Total Proven and Probable 551,700,000 0.29 92 2.93 0.037 PAMPACANCHA Proven 22,800,000 0.53 149 4.44 0.299 Probable 20,200,000 0.44 164 3.85 0.250 Total Proven and Probable 43,000,000 0.49 156 4.17 0.276 STOCKPILE Proven Total Proven 3,500,000 0.50 115 4.53 0.075 468,600,000 0.32 101 3.08 0.050 Total Probable 129,600,000 0.26 80 2.85 0.068 Total Mineral Reserves 598,200,000 0.30 97 3.03 0.054 Note: Totals may not add up correctly due to rounding. 34#35Peru Mineral Resources HUDBAY AS AT JUNE 30, 2016 CATEGORY TONNES Cu (%) Ag (g/t) Mo % Au (g/t) CONSTANCIA Measured 608,700,000 0.27 2.74 0.009 0.04 Indicated 399,300,000 0.19 2.09 0.005 0.03 Measured and Indicated 1,008,000,000 0.24 2.48 0.007 0.03 Inferred 138,200,000 0.17 1.71 0.004 0.02 PAMPACANCHA Measured 30,300,000 0.48 4.37 0.013 0.28 Indicated 35,400,000 0.33 3.42 0.013 0.22 Measured and Indicated 65,700,000 0.40 3.86 0.013 0.25 Inferred 191,000 0.14 3.23 0.009 0.19 Note: Totals may not add up correctly due to rounding. 35#36Manitoba Mineral Reserves HUDBAY AS AT JANUARY 1, 2016 PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Proven 3,316,000 1.80 4.85 1.79 26.71 7771 Probable 2,986,000 1.50 4.79 1.97 27.80 Proven 677,000 3.80 0.46 0.35 4.87 Reed² Probable 517,000 4.46 0.28 0.52 6.11 Total Flin Flon 2P Reserves 7,496,000 2.04 4.11 1.64 23.75 Proven 5,143,000 0.75 7.42 1.94 25.11 Lalor - Base Metal Probable 7,828,000 0.82 6.06 2.18 25.33 Proven 823,000 0.33 0.27 4.85 19.61 Lalor - Gold Zone Probable 1,491,000 0.35 0.38 5.26 28.79 Total Snow Lake 2P Reserves 15,285,000 0.72 5.65 2.54 25.29 Proven 9,959,000 1.27 5.50 2.02 23.81 Total Manitoba Probable 12,822,000 1.07 4.87 2.42 25.53 Total Manitoba 2P Reserves 22,781,000 1.16 5.15 2.25 24.78 1. Includes 777 North. 2. Stated at 100%, Hudbay holds a 70% joint venture interest in the Reed mine. Note: totals may not add up correctly due to rounding. 36#37Manitoba Mineral Resources AS AT SEPTEMBER 30, 2015 HUDBAY PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Indicated 728,000 0.99 3.51 1.83 26.28 7771 Inferred 683,000 1.02 4.71 1.76 32.63 Reed² Inferred 203,000 4.63 0.39 0.81 7.71 Indicated 728,000 0.99 3.51 1.83 26.28 Total Flin Flon Inferred 886,000 1.85 3.72 1.54 26.92 Lalor - Base Metal Inferred 3,300,000 1.35 6.06 2.87 26.59 Measured³ 56,000 0.17 0.50 4.52 18.49 Lalor - Gold Zone Indicated³ 1,097,000 0.39 0.43 4.24 31.29 Inferred4 3,522,000 0.35 0.20 5.47 33.48 Measured & Indicated 1,153,000 0.38 0.43 4.25 30.67 Total Snow Lake Inferred 6,822,000 0.83 3.03 4.21 30.15 Measured & Indicated 1,881,000 0.61 1.63 3.31 28.97 Total Manitoba Inferred 7,708,000 0.95 3.11 3.91 29.87 Includes 777 North. Stated at 100%, Hudbay holds a 70% joint venture interest in the Reed mine. Gold resources not in contact with base metal zone and are anticipated to be mined and milled separately from base metal ore. Includes gold resources in contact and not in contact with base metal zones. 37#38Additional Information - HUDBAY 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. MANITOBA • Mineral resources are exclusive of and additional to stated mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. • To estimate mineral reserves, measured and indicated mineral resources were first estimated in a 12-step process, which includes determination of the integrity and validation of the data collected, including confirmation of specific gravity, assay results and methods of data recording. The process also includes determining the appropriate geological model, selection of data and the application of statistical models including probability plots and restrictive kriging to establish continuity and model validation. The resultant estimates of measured and indicated mineral resources are then converted to proven and probable mineral reserves by the application of mining dilution and recovery, as well as the determination of economic viability using full cost analysis. Other factors such as depletion from production are applied as appropriate. Estimated inferred mineral resources within our mines were estimated by a similar 12-step process, used to estimate measured and indicated resources. Hudbay's four-year average metal price and foreign exchange rate forecasts were used to estimate mineral reserves and mineral resources at the 777 and Reed mines. The zinc price was $1.16 per pound (includes premium), the copper price was $2.75 per pound, the gold price was $1,190 per ounce and the silver price was $16.50 per ounce using an exchange rate of 1.25 C$/US$. • The zinc price used for mineral reserve and resource estimations for the Lalor mine was $1.07 per pound (includes premium), the copper price was $3.15 per pound, the gold price was $1,260 per ounce and the silver price was $18.00 per ounce using an exchange rate of 1.10 C$/US$. The reserve statements at Lalor are not significantly impacted by lower long-term metal prices of $3.00 per pound or $2.75 per pound; however, they may not be optimized at those prices. For additional details relating to the estimates of mineral reserves and resources at the 777 mine, including data verification and quality assurance/ quality control processes refer to the "Technical Report 777 Mine, Flin Flon, Manitoba, Canada" dated October 15, 2012 on SEDAR. For additional details relating to the estimates of mineral reserves and resources at Lalor mine, including data verification and quality assurance/ quality control processes refer to the "Pre-Feasibility Study Technical Report, on the Lalor Deposit❞ dated March 29, 2012 on SEDAR. •⚫ For additional details relating to the estimates of mineral reserves and resources at the Reed mine, including data verification and quality assurance/ quality control processes refer to the "Pre-Feasibility Study Technical Report on the Reed Copper Deposit, Central Manitoba, Canada" as filed on SEDAR by VMS Ventures Inc. on May 14, 2012. 38#39Additional Information HUDBAY PERU • The mineral reserve estimates for the Constancia operations are based on a long range mine plan (LOM) with economic value calculation per block (NSR in $/t), mining, processing, and detailed engineering parameters. • The Constancia and Pampacancha reserves pits consist of operational pits of proven and probable reserves and are based on the following assumed long-term metals prices: copper price of $3.00 per pound, molybdenum price of $11.00 per pound, silver price of $18.00 per ounce and gold price of $1,260 per ounce; and processing cost of $4.44 per tonne, general and administrative costs of $1.60 per tonne, and mining costs of $1.30 per tonne and $1.35 per tonne (waste and ore, respectively). • Additional details regarding the data verification and quality assurance/quality control processes underlying this mineral reserve estimate is contained in a technical report that has been filed by Hudbay. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resources include mineral reserves. • Constancia's and Pampacancha's mineral resources are reported on a NSR cut-off of $6.04 per tonne. • The mineral resources are believed to be contained within a computer generated pit and are considered to have a reasonable prospect of economic extraction. The Constancia resources pit consists of a non-operational pit of measured, indicated and inferred resources based on the following assumed long-term metals prices: copper price of $3.00 per pound, molybdenum price of $11.00 per pound, silver price of $18.00 per ounce and gold price of $1,260 per ounce and a process recovery of 89%. • The Pampacancha resources pit consists of a non-operational pit of measured, indicated and inferred resources based on the following assumed long-term metals prices: copper price of $3.00 per pound, molybdenum price of $11.00 per pound, silver price of $18.00 per ounce and gold price of $1,260 per ounce and a process recovery of 85%. For additional details relating to the estimates of mineral reserves and resources at the Constancia project, including data verification and quality assurance/quality control processes refer to "The Constancia Mine, National Instrument 43-101 Technical Report" as filed on SEDAR by Hudbay on November 21, 2016. 39#40Rosemont Historical Reserves & Resources¹ HUDBAY Category Proven HISTORICAL MINERAL RESERVES AS AT JULY 24, 2012 Probable Total Historical Reserves Tonnes 279,481,000 325,798,000 605,279,000 Cu (%) Mo (%) Ag (g/t) 0.46 0.015 4.11 0.42 0.014 4.11 0.44 0.015 4.11 HISTORICAL MINERAL RESOURCES AS AT JULY 17, 2012 Category Inferred Note: Totals may not add up correctly due to rounding. Tonnes 116,562,000 Cu (%) 0.40 Mo (%) 0.013 Ag (g/t) 3.57 1. Source: Hudbay company disclosure, Augusta Resource Corporation's NI 43-101 Technical Report on the Rosemont Copper Project dated August 28, 2012. Hudbay is treating Augusta's publicly disclosed estimated mineral reserves and resources at the Rosemont project as a "historical estimate" under NI 43-101 and not as current mineral reserves or mineral resources, as a qualified person has not done sufficient work for Hudbay to classify Rosemont's mineral reserves or resources as current mineral reserves or mineral resources. Hudbay is currently reviewing Augusta's estimates of the mineral reserves and resources at Rosemont as well as the assumptions underlying Augusta's 2012 feasibility study. Historical reserves and resources shown on 100% basis and include sulfide zone only. The key assumptions, parameters and methods used by Augusta to prepare the historical estimate were the following: The Rosemont mineral reserves are effective as of July 24, 2012 and reported on a Net Smelter Return (NSR) cut-off of $4.90 per ton. NSR values are based on the following long term metal prices: copper price of $2.50 per pound; silver price of $20.00 per ounce; and molybdenum price of $15.00 per pound. Proposed pit operations are based on 50 foot high benches using large-scale mining equipment, including: 12.25 inch diameter rotary blasthole drills, 60 cubic yard class electric shovels, 25 and 36 cubic yard front-end loaders, 46 cubic yard hydraulic shovel and 260 ton off-highway haul trucks. Total material mined from the open pit is 1.9 billion tons, which includes 1.24 billion tons of waste material, resulting in a stripping ratio of 1.9:1.0 (tons waste per ton of ore). Contained metal in the sulphide proven and probable mineral reserves is estimated at 5.88 billion pounds of copper, 80 million ounces of silver, and 194 million pounds of molybdenum. Oxide resources are considered as waste material and are not part of the mineral reserves. Mine life is 21 years, with sulphide ore delivered to a processing plant at an initial rate of 75,000 tons per day. An expansion to the processing plant in Year 5 gradually increases daily mill throughput to 88,000 tons per day by Year 7. Increases in plant operating availability boosts the daily throughput rate to 90,000 tons per day by Year 12. During the 21 month pre-production period a total of 99 million tons of waste is stripped and 6 million tons of ore is moved to the ore stockpile. Peak mining rate of 343,000 tons mined per day is achieved in Year 3, followed by reduced rates of 285,000 tons mined per day in Years 5 to 10, and further reduced to 232,000 tons mined per day in Years 11 to 15 as the stripping ratio decreases. The mineral reserve and mineral resource estimate includes drill and assay information up to March 2012 for a total of 266 drill holes, representing 342,700 feet of drilling. 40 40#41Additional Cautionary Information HUDBAY The technical and scientific information in this presentation related to the Constancia mine has been approved by Cashel Meagher, P. Geo, Hudbay's Senior Vice President and Chief Operating Officer. The technical and scientific information related to all other sites and projects contained in this presentation has been approved by Robert Carter, P. Eng, Hudbay's Lalor Mine Manager. Messrs. Meagher and Carter are qualified persons pursuant to NI 43-101. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, 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 Reports for the company's material properties 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. Information concerning Hudbay's mineral properties has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from the requirements of the Securities and Exchange Commission (the "SEC") set forth in Industry Guide 7. Under the SEC's Industry Guide 7, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time of the reserve determination, and the SEC does not recognize the reporting of mineral deposits which do not meet the SEC Industry Guide 7 definition of "Reserve". In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators, the terms “mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and “inferred mineral resource" are defined in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on May 10, 2014. While the terms "mineral resource", "measured mineral resource", "indicated mineral resource” and “inferred mineral resource" are recognized and required by NI 43-101, the SEC does not recognize them. You are cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, you are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. 41#42HBM TMX TMX NYSE HUDBAY it DDAY FOR MORE INFORMATION CONTACT: Candace Brûlé, Director, Investor Relations 416.814.4387 | [email protected]