Investor Presentaiton

Liquidity 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

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