Investor Presentaiton

Precious 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

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