Investor Presentaiton

Peru Inventory Levels Copper concentrate inventory remains at normal levels . HUDBAY Extended ocean swells at Matarani port at the end of June caused temporary increase in port inventories, which was drawn-down in early July Concentrate PERU COPPER CONCENTRATE Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 140 Produced (000 dmt) Inventory Levels (000 wmt): 149 115 140 140 133 Mine 65 12 <1 2 9 <1 In Transit 3 4 <1 3 2 1 Port 6 12 16 38 8 0 Total Inventory 74 28 16 43 19 1 27 22

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