Investor Presentaiton

2017 Objectives HUDBAY Continue to focus on operating efficiencies to generate incremental free cash flow Advance high-return in-house brownfield opportunities • Lalor zinc / base metal throughput • Pampacancha • Lalor gold Advance permitting activities and technical work at Rosemont Use free cash flow to further reduce debt and cost of capital Continue to evaluate exploration and acquisition opportunities that meet our criteria 16

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