Investor Presentaiton

2017 Guidance PRODUCTION AND UNIT COST CONTAINED METAL IN CONCENTRATE1 MANITOBA² Copper Zinc Precious Metals³ Combined unit operating costs4 PERU Copper Precious Metals³ HUDBAY 2017 GUIDANCE 2016 PRODUCTION 2016 GUIDANCE tonnes 32,500 42,500 41,059 40,000 50,000 tonnes 125,000 150,000 110,582 100,000 125,000 ounces 90,000 110,000 102,242 95,000 115,000 C$/tonne ore C$88-108 processed tonnes 100,000 115,000 133,432 110,000 130,000 ounces 55,000 65,000 65,709 50,000 65,000 Combined unit operating costs4 $/tonne ore processed $7.2-8.8 TOTAL CONSOLIDATED Copper tonnes 132,500 157,500 174,491 150,000 180,000 Zinc tonnes 125,000 150,000 110,582 100,000 125,000 Precious Metals³ ounces 145,000-175,000 167,951 145,000 180,000 234 1. Metal reported in concentrate is prior to refining losses or deductions associated with smelter terms. Includes 100% of Reed mine production; Hudbay owns a 70% interest in the Reed mine. Precious metals production includes gold and silver production on a gold-equivalent basis. Silver converted to gold at a ratio of 70:1. Reflects combined mine, mill and G&A costs per tonne of milled ore. Peru costs are presented in USD and reflect the deduction of expected capitalized stripping costs. Manitoba costs are presented in CAD and include the cost of ore purchased from the joint venture partner at the Reed mine. 29

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