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Investor Presentaiton

Manitoba Mineral Reserves HUDBAY AS AT JANUARY 1, 2016 PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t) Proven 3,316,000 1.80 4.85 1.79 26.71 7771 Probable 2,986,000 1.50 4.79 1.97 27.80 Proven 677,000 3.80 0.46 0.35 4.87 ReedĀ² Probable 517,000 4.46 0.28 0.52 6.11 Total Flin Flon 2P Reserves 7,496,000 2.04 4.11 1.64 23.75 Proven 5,143,000 0.75 7.42 1.94 25.11 Lalor - Base Metal Probable 7,828,000 0.82 6.06 2.18 25.33 Proven 823,000 0.33 0.27 4.85 19.61 Lalor - Gold Zone Probable 1,491,000 0.35 0.38 5.26 28.79 Total Snow Lake 2P Reserves 15,285,000 0.72 5.65 2.54 25.29 Proven 9,959,000 1.27 5.50 2.02 23.81 Total Manitoba Probable 12,822,000 1.07 4.87 2.42 25.53 Total Manitoba 2P Reserves 22,781,000 1.16 5.15 2.25 24.78 1. Includes 777 North. 2. Stated at 100%, Hudbay holds a 70% joint venture interest in the Reed mine. Note: totals may not add up correctly due to rounding. 36
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