Investor Presentaiton

Additional Information HUDBAY PERU • The mineral reserve estimates for the Constancia operations are based on a long range mine plan (LOM) with economic value calculation per block (NSR in $/t), mining, processing, and detailed engineering parameters. • The Constancia and Pampacancha reserves pits consist of operational pits of proven and probable reserves and are based on the following assumed long-term metals prices: copper price of $3.00 per pound, molybdenum price of $11.00 per pound, silver price of $18.00 per ounce and gold price of $1,260 per ounce; and processing cost of $4.44 per tonne, general and administrative costs of $1.60 per tonne, and mining costs of $1.30 per tonne and $1.35 per tonne (waste and ore, respectively). • Additional details regarding the data verification and quality assurance/quality control processes underlying this mineral reserve estimate is contained in a technical report that has been filed by Hudbay. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resources include mineral reserves. • Constancia's and Pampacancha's mineral resources are reported on a NSR cut-off of $6.04 per tonne. • The mineral resources are believed to be contained within a computer generated pit and are considered to have a reasonable prospect of economic extraction. The Constancia resources pit consists of a non-operational pit of measured, indicated and inferred resources based on the following assumed long-term metals prices: copper price of $3.00 per pound, molybdenum price of $11.00 per pound, silver price of $18.00 per ounce and gold price of $1,260 per ounce and a process recovery of 89%. • The Pampacancha resources pit consists of a non-operational pit of measured, indicated and inferred resources based on the following assumed long-term metals prices: copper price of $3.00 per pound, molybdenum price of $11.00 per pound, silver price of $18.00 per ounce and gold price of $1,260 per ounce and a process recovery of 85%. For additional details relating to the estimates of mineral reserves and resources at the Constancia project, including data verification and quality assurance/quality control processes refer to "The Constancia Mine, National Instrument 43-101 Technical Report" as filed on SEDAR by Hudbay on November 21, 2016. 39

View entire presentation