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Investor Presentaiton

Hudbay 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
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