Hudbay is a diversified mining company with operations, development properties and exploration activities across the Americas principally focused on the discovery, production, and marketing of base and precious metals. The company’s corporate headquarters is in Toronto, Canada and operations are managed through regional business units in Manitoba, Peru, and Arizona. Hudbay produces copper concentrate (containing copper, gold, and silver), zinc concentrate, molybdenum concentrate and silver/gold doré. The company owns and operates a polymetallic mine, concentrator and gold mill in Northern Manitoba, and a copper mine and concentrator in Peru. Hudbay also produced zinc metal at its Flin Flon metallurgical complex in Manitoba until June 2022 when the 777 mine was closed and the Flin Flon complex transitioned to care and maintenance. Hudbay is also working through feasibility studies and regulatory approvals for construction of a new mining operation in southern Arizona.

Since the start of the company in 1927, Hudbay has worked toward the goal of translating responsible mining into positively impacting people’s lives, local communities and broader regional economies. Today, the company continues to be guided by its experience in building strong relationships and making a valuable contribution wherever it operates.

This report provides externally verified TSM performance results for both of Hudbay’s current operating business units. The Manitoba Business Unit (MBU) operates in Snow Lake, Manitoba and the South American Business Unit (SABU) operates in the Chumbivilcas province of Peru.

Hudbay’s current performance and changes from its previous assessment are summarized as follows:

The MBU successfully completed an external audit including an evaluation of effectiveness, thereby improving its rating across the tailings management protocol to the highest level. Other areas of improvement included one indicator each among the crisis management and communications planning protocol, the biodiversity protocol, the health and safety protocol, and the water stewardship protocol. Gaps remain with respect to lessons learned to evaluate the effectiveness of the associated crisis management procedures as well as involving stakeholders in the development of engagement processes and gaining a better understanding of community impacts and benefits for the indigenous and community relationships protocol.

At the Constancia operation in Peru, strong performance across all protocols continued. Scores were maintained across four protocols, while improvements were made to the remaining three. Having now closed all gaps to achieving a minimum of level A across all indicators, the new goal is to maintain these levels of performance.

Hudbay plans to maintain a strong focus on tailings and health and safety management, to take action to support its recently released climate change initiatives, and to address the remaining identified performance gaps.

Several case studies highlighting Hudbay’s activity related to the TSM protocol subjects can be found in the annual sustainability reports which are available on the company’s website.

For more information, please visit: www.hudbayminerals.com