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Copper By-Product Cost Curve 2016 COST CURVE1 250 200 Constancia Reed 150 C1 Cash Cost (100 x $/lb) 50 080 100 O 0 10 20 30 40 -50 -100 777 -150 -200 Lalor -250 50 60 70 80 HUDBAY 90 Cumulative Percentile Production (%) 100 Source: Wood Mackenzie 1. Wood Mackenzie Cu normal mine site C1 cost curve for 2016 (Q4 2016 update). Constancia, 777, Lalor and Reed costs are sourced from Wood Mackenzie. Wood Mackenzie's costing methodology may be different than the methodology reported by Hudbay in its public disclosure. 20 20

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