Investor Presentaiton

Long-Life, Low-Cost Asset Base BUSINESS UNIT South America Manitoba Arizona ASSET Constancia Mine PRIMARY METAL Cu HUDBAY MINE LIFE1 19 years 14 years LOCATION Southern Peru Lalor Mine Snow Lake Zn, Au 777 Mine Flin Flon Cu, Zn 3 - 4 years Reed Mine Near Flin Flon Cu 2 years Rosemont Project Pima County Cu Long life 2016 REVENUE BREAKDOWN² 4% 10% ■Copper 19% ■ Zinc $1,129 million ■Gold 67% Silver C1 Cash Cost (100 x $/lb) 250 200 150 100 50 0 -50 -100 -150 -200 -250 2016 BY-PRODUCT CASH COSTS³ 10 10 20 20 Hudbay Consolidated Cash Cost ($0.93/lb) 30 40 50 60 70 80 90 100 Cumulative Percentile Production (%) Source: Hudbay company disclosure, Wood Mackenzie 1. As of January 1, 2017. 2. Revenue for the full year ended December 31, 2016. Gold and silver revenues include deferred revenue and cash payments applicable to precious metals stream sales. 3. Hudbay reported 2016 consolidated cash costs shown on Wood Mackenzie's 2016 by-product C1 cash cost curve. Wood Mackenzie's costing methodology may be different than the methodology reported by Hudbay in its public disclosure. Wood Mackenzie cash costs are calculated per pound of payable copper whereas Hudbay reported cash costs are calculated per pound of copper contained in concentrate. 5

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