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Investor Presentaiton

HUDBAY'S MANITOBA OPERATIONS MINE DEPLETION The Flin Flon concentrator requires additional ore within 4 - 5 years: - 777 Mine to be exhausted by 2020 - Reed Lake Mine to be exhausted 2019 EXPLORATION FOCUS $20 million 2015 exploration budget primarily focused on expanding existing deposits, leaving little room for new discoveries REED LAKE MINE Hudbay acquired the small high grade VMS deposit in exchange for a 30% carried interest to the vendor. Reed Lake ore is hauled more than 100 km to the Flin Flon concentrator "The key elements of our plan are to acquire VMS and porphyry exploration and development properties that are located in mining-friendly jurisdictions in the Americas and have exploration upside potential" David Garofalo President and CEO Letter to Shareholders, May 8, 2014 TSX-V: CNX OTCQX: CLLXF CALLINEX CORPORATE PRESENTATION 11
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