Investor Presentaiton

777 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

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