Investor Presentaiton

Peru Mineral Reserves AS AT JUNE 30, 2016 CATEGORY CONSTANCIA HUDBAY TONNES Cu (%) Mo (g/t) Ag (g/t) Au (g/t) Proven 442,300,000 0.30 99 2.99 0.037 Probable 109,400,000 0.23 64 2.66 0.035 Total Proven and Probable 551,700,000 0.29 92 2.93 0.037 PAMPACANCHA Proven 22,800,000 0.53 149 4.44 0.299 Probable 20,200,000 0.44 164 3.85 0.250 Total Proven and Probable 43,000,000 0.49 156 4.17 0.276 STOCKPILE Proven Total Proven 3,500,000 0.50 115 4.53 0.075 468,600,000 0.32 101 3.08 0.050 Total Probable 129,600,000 0.26 80 2.85 0.068 Total Mineral Reserves 598,200,000 0.30 97 3.03 0.054 Note: Totals may not add up correctly due to rounding. 34

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