Hudbay Minerals Inc.

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, British Columbia 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, a copper mine and concentrator in Peru, and a copper mine and concentrator in British Columbia. Hudbay acquired the Copper Mountain Mine in June 2023. 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 internally assessed TSM performance results for all three of Hudbay’s current operating business units. The Manitoba Business Unit (MBU) operates in Snow Lake and has a concentrator and tailings facility on care and maintenance in Flin Flon, Manitoba, the South American Business Unit (SABU) operates in the Chumbivilcas province of Peru, and the British Columbia Business Unit (BCBU) operates in Princeton, British Columbia.

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

All three operations spent time adjusting their tailings management systems to address the latest requirements in the updated protocol. Despite a lower performance score in Manitoba and Peru, due to not completing external audits, maintaining an A level of performance demonstrates continual improvement of tailings management. In BC, an external audit was completed to maintain their performance level (AA).

Other noteworthy performance changes include a strong result against the new climate change protocol at all three locations, and improvements at the MBU on the topics of indigenous and community relationships, and water stewardship. Several AAA results were attained across the corporation.

As Manitoba transitioned to primary operations solely in Snow Lake, review and training for crisis management planning and communication were not maintained.

At the Constancia operation in Peru, strong performance across all protocols continued. Scores were maintained across all protocols. The goal continues to be to maintain these levels of performance.

Strong performance was also attained at the BCBU, attaining a minimum of A level across all protocols and indicators. They also made slight improvements to their prior year performance on the topics of indigenous and community relationships and biodiversity conservation management.

Hudbay plans to maintain a strong focus on tailings and health and safety management, to continue to take action to support its climate change initiatives, to assess and address any gaps regarding the new equitable, diverse and inclusive workplace and the revised safe, healthy and respectful workplaces protocols, 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