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Peru Mineral Resources HUDBAY AS AT JUNE 30, 2016 CATEGORY TONNES Cu (%) Ag (g/t) Mo % Au (g/t) CONSTANCIA Measured 608,700,000 0.27 2.74 0.009 0.04 Indicated 399,300,000 0.19 2.09 0.005 0.03 Measured and Indicated 1,008,000,000 0.24 2.48 0.007 0.03 Inferred 138,200,000 0.17 1.71 0.004 0.02 PAMPACANCHA Measured 30,300,000 0.48 4.37 0.013 0.28 Indicated 35,400,000 0.33 3.42 0.013 0.22 Measured and Indicated 65,700,000 0.40 3.86 0.013 0.25 Inferred 191,000 0.14 3.23 0.009 0.19 Note: Totals may not add up correctly due to rounding. 35

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