Investor Presentaiton

$50 $0 2016 Consolidated Results • Achieved or exceeded production and cost guidance $400 $350 $300 $250 $200 $150 $100 Copper cash cost of $0.93/lb and all-in. sustaining cash cost of $1.52/lb³ Generated positive free cash flow in cyclical low copper prices and relatively high sustaining capex period OPERATING AND FREE CASH FLOW¹ Operating Cash Flow Free Cash Flow ILL HUDBAY CONSOLIDATED FINANCIAL & OPERATING RESULTS Full Year Q4 2016 2016 Copper contained in conc. (kt) 43.8 174.5 Zinc contained in conc. (kt) 29.1 110.6 Precious metals contained in conc. (koz)² 41.7 168.0 Cash cost ($/lb)³ $0.85 $0.93 All-in sustaining cash cost $1.46 $1.52 ($/lb)³ Operating cash flow ($m) $122 $388 Cash and cash equivalents ($m) Net debt ($m) $147 $1,085 -$50 2015 Q1 2016 LTM Q2 2016 LTM Q3 2016 LTM 2016 -$100 -$150 Liquidity ($m) $391 US$ millions 1. Operating cash flow is operating cash flow before change in non-cash working capital. Free cash flow calculated as operating cash flow less sustaining capital expenditures and less interest paid. LTM = Last Twelve Months. 2. Precious metals production includes gold and silver production on a gold-equivalent basis. Silver is converted to gold at a 70:1 ratio. 3. Consolidated cash cost per pound of copper produced, net of by-product credits. Consolidated all-in sustaining cash cost includes the addition of sustaining capital expenditures, capitalized exploration, royalties and corporate G&A. 6

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