Investor Presentaiton

2017 Guidance FLIN FLON ZINC PLANT Zinc Metal Produced HUDBAY 95,000 - 115,000 tonnes Unit Operating Costs¹ C$0.40 0.50/lb 1. Forecast unit operating costs are calculated on the same basis as reported unit operating costs in Hudbay's quarterly and annual management's discussion and analysis. EXPLORATION Manitoba Peru Arizona Generative and Other Total Exploration Expenditures Capitalized Spending¹ Total Exploration Expense 1. Assumes $2 million of Manitoba expenditures will be capitalized. $ MILLIONS 4 2 4 10 (2) 8 31

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