Investor Presentaiton

2017 Guidance CAPITAL EXPENDITURE¹ HUDBAY • Peru's 2017 sustaining capital expenditures include approximately $52 million related to tailings management facility costs • Total sustaining capital expenditures expected to decline substantially after 2017 as Peru tailings management facility costs decline $ MILLIONS 2017 GUIDANCE 2016 ACTUAL 2016 GUIDANCE SUSTAINING CAPITAL Manitoba Peru² Total Sustaining Capital GROWTH CAPITAL Manitoba Peru Arizona³ Total Growth Capital Capitalized Exploration Total Capital Expenditure 1. Excludes capitalized interest 2. Includes capitalized stripping costs. 3. Capitalized spending. 65 60 80 120 118 140 185 178 220 222 40 25 20 25 85 25 2 2 272 205 - 30 250 3 253 30

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