TORONTO, March 27, 2026 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. ("Hudbay" or the "Company") (TSX, NYSE: HBM) today released its annual mineral reserve and resource update and issued new three-year production guidance. All amounts are in U.S. dollars, unless otherwise noted.
- Affirmed 2026 production guidance and issued new 2027 and 2028 production guidance, demonstrating increased copper and strong gold production from Hudbay's stable operating platform with three long-life operations in tier-one mining jurisdictions in the Americas.
- Consolidated copper production is expected to average 147,000i tonnes per year over the next three years, an increase of 24% from 2025 production. Consolidated copper production is expected to average 159,000i tonnes per year in 2027 and 2028, representing a 28% increase from expected 2026 production. This reflects the benefits from the expected completion of the optimization efforts at Copper Mountain and mill throughput improvement projects at Constancia in 2026.
- Strong complementary gold exposure with consolidated gold production expected to average 243,000i ounces per year over the next three years, reflecting continued strong production in Manitoba and the expected contribution from New Ingerbelle in British Columbia starting in 2028.
- Constancia's expected mine life extends to 2040, reflecting higher mill throughput rates contributing to a 9% increase in expected average annual copper production to 90,000i tonnes per year in 2027 and 2028 from 2026 levels.
- Snow Lake's expected mine life extended by four years to 2041, with average annual gold production of 190,000i ounces expected over the next three years from continued strong mill throughput rates at New Britannia.
- Copper Mountain's expected mine life extended by two years to 2045, with significantly higher copper and gold production averaging 57,500i tonnes and 38,500i ounces, respectively, per year over 2027 and 2028, an increase of 92% and 43%, respectively, from 2026 levels. This increase reflects higher mill throughput, higher grades from completion of the accelerated stripping program in late 2026 and the expected contribution from New Ingerbelle starting in 2028.
- Large exploration program in Snow Lake continues to execute a threefold strategy focused on near-mine exploration to increase near-term production and mineral reserves, testing regional satellite deposits for additional ore feed to utilize available capacity at the Stall mill, and exploring the large land package for a potential new anchor deposit to meaningfully extend mine life.
- Definitive feasibility study at Copper World on track for completion in mid-2026 with a sanctioning decision expected in 2026. Closed the accretive $600 million joint venture transaction with Mitsubishi Corporation ("Mitsubishi") in January 2026, securing a premier, long-term 30% strategic partner for the development of Copper World and achieving the key financial elements of the Company's 3-P plan.
"Our updated mineral reserve estimates and three-year production outlook demonstrate Hudbay's continued success from our exploration initiatives and an improved copper and gold production profile from our three long life operations in tier one mining jurisdictions in the Americas," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "With our newly released guidance through 2028, consolidated copper production is expected to increase by 24%, complemented by continued strong gold exposure. This growth is underpinned by meaningful mine life extensions at Snow Lake and Copper Mountain reinforcing the longevity and upside of our operating base. As we embark on generational reinvestments across our business in exploration and brownfield growth opportunities, continue to advance Copper World toward a sanctioning decision in 2026, and integrate the Cactus project through the strategic acquisition of Arizona Sonoran, Hudbay is in an optimal position to deliver attractive high-return growth, significantly increase long-term copper exposure and unlock meaningful value for stakeholders."
Constancia Operations
Constancia is Hudbay's 100% owned copper operation located in the province of Chumbivilcas in southern Peru. The Pampacancha high-grade satellite deposit was mined between 2021 and 2025 and provided a significant source of higher-grade mill feed in recent years until mining activities were completed in the fourth quarter of 2025.
Current mineral reserve estimates total 488 million tonnes at 0.24% copper containing approximately 1.2 million tonnes of copper, after deducting 2025 mining depletion. The expected mine life of Constancia is now until 2040 as mill throughput rates are expected to increase to more than 90,000 tonnes per day starting in the second half of 2026 with the installation of two pebble crushers and related permit amendments. These initiatives are intended to optimize the utilization of existing infrastructure and support improved long-term operating performance.
In 2025, Hudbay optimized the mine plan during a period of social unrest by prioritizing Pampacancha mining activities and supplementing mill ore feed from low-grade stockpiles. Following the accelerated depletion of Pampacancha, mining activities at Pampacancha were completed in the fourth quarter of 2025. The remaining stockpiled Pampacancha ore was fully processed in early 2026 and the Company is now exclusively mining and processing ore from the Constancia deposit.
Annual production at the Constancia operations is expected to average approximately 87,500i tonnes of copper and 18,500i ounces of gold over the next three years. This reflects steady copper production levels as higher mill throughput is expected to offset lower grades starting in 2026 after the completion of mining at Pampacancha in late 2025.
Current mineral reserves and resources (exclusive of reserves) for Constancia and Pampacancha as of January 1, 2026 are summarized below.
| Constancia Operations Mineral Reserve and Resource Estimates1,2,3,4,5 | Tonnes | Cu Grade | Mo Grade (g/t) | Au Grade (g/t) | Ag Grade (g/t) | |
| Measured | 1,417,000,000 | 0.29 | 59 | 0.031 | 0.66 | |
| Indicated | 801,000,000 | 0.30 | 80 | 0.025 | 0.57 | |
| Total Measured and Indicated | 2,219,000,000 | 0.29 | 67 | 0.029 | 0.63 | |
| Inferred | 237,000,000 | 0.24 | 78 | 0.033 | 0.73 | |
Note: totals may not add up correctly due to rounding.
1 Mineral resource estimates that are not mineral reserves do not have demonstrated economic viability.
2 Mineral resource estimates do not include factors for mining recovery or dilution.
3 Metal prices of $3.10 per pound copper, $11.00 per pound molybdenum, $1,500 per ounce gold, and $18.00 per ounce silver were used to estimate mineral resources.
4 Mineral resources are estimated using a minimum NSR cut-off of $6.25 per tonne.
5 Mineral resources are based on resource pit designs containing measured, indicated, and inferred mineral resources.
Llaguen Project
The Llaguen project is a 100% owned copper-molybdenum porphyry deposit located near the city of Trujillo, the third largest city in Peru. Llaguen is at moderate altitude and in close proximity to existing infrastructure, water and power supply, including the port of Salaverry located 62 kilometres away and the Trujillo Nueva electric power substation located 40 kilometres away. Hudbay completed a 28-hole confirmatory drill program in 2021 and 2022, which confirmed and extended the footprint of the known mineralization and highlighted the existence of a high-grade zone in the center of the deposit.
After completing an initial mineral resource estimate in November 2022, Hudbay initiated preliminary technical studies, including metallurgical test work as well as geotechnical and hydrogeological studies, which are expected to be incorporated into a preliminary economic assessment for the Llaguen project. Additional exploration drilling is warranted on the Llaguen property to test the areas of the deposit that remain open and the several untested geophysical targets in the area to fully define the regional extent of the mineralization. The current mineral resource is also surrounded by a large halo of low grade hypogene copper mineralization, not currently included in the mineral resource estimate, but for which metallurgical test work could assess the potential for economic sulfide heap leaching via commercially available technologies.
Current mineral resource estimates for Llaguen as of January 1, 2026 are summarized below.
| Llaguen Mineral Resource Estimates1,2,3,4,5,6 | Metric Tonnes | Cu (%) | Mo (g/t) | Au (g/t) | Ag (g/t) | CuEq (%) |
| Indicated Global (>= 0.14% Cu) | 271,000,000 | 0.33 | 218 | 0.033 | 2.04 | 0.42 |
| Including Indicated High-grade (>= 0.30% Cu) | 113,000,000 | 0.49 | 261 | 0.046 | 2.73 | 0.60 |
| Inferred Global (>= 0.14% Cu) | 83,000,000 | 0.24 | 127 | 0.024 | 1.47 | 0.30 |
| Including Inferred High-grade (>= 0.30% Cu) | 16,000,000 | 0.45 | 141 | 0.038 | 2.60 | 0.52 |
Note: totals may not add up correctly due to rounding.
1 CIM definitions were followed for the estimation of mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
2 Mineral resources are reported within an economic envelope defined by a pit shell optimization algorithm. This pit shell is defined by a revenue factor of 0.33 assuming operating costs adjusted from Hudbay's Constancia open pit operation.
3 Long-term metal prices of $3.60 per pound copper, $11.00 per pound molybdenum, $1,650 per ounce gold and $22.00 per ounce silver were used for the estimation of mineral resources.
4 Metal recovery estimates assume that this mineralization would be processed at a combination of facilities, including copper and molybdenum flotation.
5 Copper-equivalent ("CuEq") grade is calculated assuming 85% copper recovery, 80% molybdenum recovery, 60% gold recovery and 60% silver recovery.
6 Specific gravity measurements were estimated by industry standard laboratory measurements.
Flin Flon Tailings Reprocessing
Hudbay is advancing studies to evaluate the opportunity to reprocess Flin Flon tailings where more than 100 million tonnes of tailings have been deposited for over 90 years from the mill and the zinc plant. The studies are evaluating the potential to use the existing Flin Flon concentrator, which is currently on care and maintenance after the closure of the 777 mine in 2022, with flow sheet modifications to reprocess tailings to recover critical minerals and precious metals while creating environmental and social benefits for the region. The Company is completing metallurgical test work and an early economic study to evaluate the tailings reprocessing opportunity and intends to initiate pre-feasibility studies in 2026.
- Zinc plant tailings - Hudbay operated a hydrometallurgical zinc facility where high grade critical minerals and precious metals were deposited for more than 25 years. Metallurgical test work continues following positive results from the initial confirmatory drill program completed in 2024. The results confirmed the grades of precious metals and critical minerals previously estimated from historical zinc plant records. An early economic study to evaluate the opportunity to reprocess the zinc plant tailings has confirmed the potential for a technically viable reprocessing alternative, and further engineering work is underway.
- Mill tailings - Initial confirmatory drilling completed in 2022 indicated higher zinc, copper and silver grades than predicted from historical mill records while confirming the historical gold grade. The tailings reprocessing opportunity is expected to reduce acid-generating properties of the tailings, which would improve the environmental impacts through higher quality water in the tailings facility and reduce the need for long-term water treatment. Additional work is underway to determine the reprocessing methodology and economic viability.
Qualified Person and NI 43-101
The technical and scientific information in this news release related to the Constancia mine, Snow Lake operations and Copper World project has been approved by Olivier Tavchandjian, P. Geo., Senior Vice President, Exploration and Technical Services. The technical and scientific information in this news release related to the Copper Mountain mine has been approved by Marc-Andre Brulotte, P. Geo., Executive Director, Global Mineral Resource Evaluation. Messrs. Tavchandjian and Brulotte are qualified persons pursuant to NI 43-101 (as defined below). Additional details on the Company's material mineral properties, including a year-over-year reconciliation of reserves and resources, are included in Hudbay's Annual Information Form for the year ended December 31, 2025 (the "AIF"), a copy of which will be made available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.
The Mason PEA is preliminary in nature, includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the preliminary economic assessments will be realized.
Supplemental Information for Talbot Drill Holes
| Talbot Deposit 2025 Drill Hole ID1,2,3,4 | From (m) | To (m) | Intercept (m) | Estimated true width (m) | Cu (%) | Au (g/t) | Ag (g/t) | Zn (%) | CuEq (%) |
| TLS024 | 1556.0 | 1567.5 | 11.5 | 10.4 | 2.4 | 1.8 | 55.1 | 0.8 | 4.2 |
| TLS025 top | 1435.3 | 1449.5 | 14.2 | 13.2 | 1.2 | 0.8 | 17.8 | 0.5 | 2.0 |
| TLS025 bottom | 1459.0 | 1465.0 | 6.0 | 5.6 | 2.0 | 0.7 | 16.9 | 0.5 | 2.6 |
| TLS026 | 1265.5 | 1273.4 | 7.8 | 7.1 | 1.4 | 0.9 | 18.4 | 0.3 | 2.2 |
| TLS027W02 | 1252.8 | 1271.5 | 18.8 | 16.3 | 1.4 | 0.8 | 18.9 | 1.3 | 2.4 |
1. True widths are estimated based on drill angle and intercept geometry of mineralization.
2. All copper, gold and silver values are uncut.
3. Copper-equivalent ("CuEq") grade calculated using the following long-term commodity price assumptions: $4.40 per pound copper, $2,800 per ounce gold, $32.00 per ounce silver and $1.25 per pound zinc.
4. Using the combined recoveries of New Britannia and Stall mills of 89% copper, 89% gold, 81% silver and 84% zinc.
| Talbot Deposit Hole ID | From | To | Azimuth at intercept | Dip at intercept | ||||
| Easting | Northing | Elevation | Easting | Northing | Elevation | |||
| TLS024 | 458,517 | 5,997,397 | -1,196 | 458,512 | 5,997,399 | -1,206 | 297.7 | -64.3 |
| TLS025 top | 458,301 | 5,996,995 | -1,097 | 458,296 | 5,996,997 | -1,110 | 291.8 | -68.0 |
| TLS025 bottom | 458,293 | 5,996,998 | -1,119 | 458,291 | 5,996,999 | -1,124 | 291.7 | -67.9 |
| TLS026 | 458,322 | 5,997,184 | -906 | 458,318 | 5,997,185 | -913 | 282.2 | -64.2 |
| TLS027W02 | 458,241 | 5,997,008 | -881 | 458,233 | 5,997,012 | -898 | 297.0 | -60.2 |
Note to United States Investors
This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. Canadian reporting requirements for disclosure of mineral properties are governed by the Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
For this reason, information contained in this news release containing descriptions of the Company's mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder. For further information on the differences between the disclosure requirements for mineral properties under the United States federal securities laws and NI 43-101, please refer to the Company's AIF, a copy of which will be filed under Hudbay's profile on SEDAR+ at www.sedarplus.ca and the Company's Form 40-F, a copy of which will be filed under Hudbay's profile on EDGAR at www.sec.gov.
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information.
Forward-looking information includes, but is not limited to, statements with respect to the Company's production, cost and capital and exploration expenditure guidance, expectations regarding reductions in discretionary spending and capital expenditures, Hudbay's ability to advance and complete the multi-year optimization of the Copper Mountain mine in British Columbia, including with respect to the primary SAG mill repairs and related ramp-up plans, the implementation of stripping strategies and the expected benefits therefrom, the expected timing and benefits of British Columbia growth initiatives, including with respect to the development timelines associated with New Ingerbelle and any challenges to the New Ingerbelle permits (including the LSIB's recent application for judicial review), the estimated timelines and pre-requisites for sanctioning the Copper World project, including the completion and anticipated results of the definitive feasibility study and the potential timing of a project sanctioning decision, the expected benefits of the sanctioning of the Copper World project, the ability for Hudbay to complete mill throughput enhancements at its operating business units in Peru, British Columbia and Manitoba, the expected benefits of Manitoba growth initiatives, including the use of the exploration drift at the 1901 deposit, the potential utilization of excess capacity at the Stall mill, and the advancement of Hudbay's exploration partnership with Marubeni Corporation ("Marubeni") and Japan Organization for Metals and Energy Security ("JOGMEC"), in Manitoba, the anticipated use of proceeds from financing transactions, the Company's deleveraging strategies and its ability to repay debt as needed including but not limited to with respect to the upcoming maturity of the 2026 Notes, expectations with respect to the timing and ability to satisfy the conditions required to close the acquisition of Arizona Sonoran Copper Company Inc. (the "ASCU Transaction") and the expected benefits therefrom, expectations regarding the Company's cash balance and liquidity and related cash management strategies, expectations regarding Hudbay's capital planning strategies, including but not limited to Hudbay's enhanced Capital Allocation Framework, expectations regarding the ability to conduct exploration work and execute on exploration programs on its properties and to advance related drill plans, including the advancement of the exploration program at Maria Reyna and Caballito and the status of the related drill permit application process, expectations regarding the Company's ability to further reduce greenhouse gas emissions, Hudbay's evaluation and assessment of opportunities to reprocess tailings using various metallurgical technologies, expectations regarding the prospective nature of the Maria Reyna and Caballito properties, the anticipated impact of brownfield and greenfield growth projects on the Company's performance, anticipated expansion opportunities and extension of mine life in Snow Lake and the Company's ability to find a new anchor deposit near its Snow Lake operations, anticipated future drill programs and exploration activities and any results expected therefrom, the enhancement of stakeholder engagement and advancement of a pre-feasibility study and related test work at the Mason copper project in Nevada, anticipated mine plans, anticipated metals prices and the anticipated sensitivity of the Company's financial performance to metals prices, events that may affect the Company's operations and development projects, anticipated cash flows from operations and related liquidity requirements, the anticipated effect of external factors on revenue, such as commodity prices, estimation of mineral reserves and resources, mine life projections, reclamation costs, economic outlook, government regulation of mining operations, and business and acquisition strategies. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information.
The material factors or assumptions that Hudbay has identified and were applied in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to:
- the ability to achieve production, cost and capital and exploration expenditure guidance;
- no significant interruptions to Hudbay's operations due to social or political unrest in the regions the Company operates, including the navigation of the complex political and social environment in Peru;
- no interruptions to the Company's plans for advancing the Copper World project, including with respect to any challenges to the Copper World permits;
- no interruptions to the Company's plans for advancing New Ingerbelle, including with respect to any challenges to the new Ingerbelle permits;
- the Company's ability to successfully complete the stabilization and optimization of the Copper Mountain operations, and develop and maintain good relations with key stakeholders;
- the ability to satisfy the conditions required to close the ASCU Transaction;
- the ability to execute on the Company's exploration plans and to advance related drill plans;
- the ability to advance the exploration program at the Maria Reyna and Caballito properties;
- the success of mining, processing, exploration and development activities;
- the scheduled maintenance and availability of the Company's processing facilities;
- the accuracy of geological, mining and metallurgical estimates;
- anticipated metals prices and the costs of production;
- the supply and demand for metals the Company produce;
- the supply and availability of all forms of energy and fuels at reasonable prices;
- no significant unanticipated operational or technical difficulties;
- the execution of the Company's business and growth strategies, including the success of its strategic investments and initiatives;
- the availability of additional financing, if needed;
- the ability to deleverage and repay debt, as needed including but not limited to with respect to the upcoming maturity of the 2026 Notes;
- the ability to complete project targets on time and on budget and other events that may affect the Company's ability to develop its projects;
- the timing and receipt of various regulatory and governmental approvals;
- the availability of personnel for the Company's exploration, development and operational projects and ongoing employee relations;
- maintaining good relations with the employees at the Company's operations;
- maintaining good relations with the labour unions that represent certain of the Company's employees in Manitoba and Peru;
- maintaining good relations with the communities in which the Company operates, including the neighbouring Indigenous communities and local governments;
- no significant unanticipated challenges with stakeholders at the Company's various projects;
- no significant unanticipated events or changes relating to regulatory, environmental, health and safety matters;
- no contests over title to the Company's properties, including as a result of rights or claimed rights of Indigenous peoples or challenges to the validity of the Company's unpatented mining claims;
- the timing and possible outcome of pending litigation and no significant unanticipated litigation;
- certain tax matters, including, but not limited to current tax laws and regulations, changes in taxation policies and the refund of certain value added taxes from the Canadian and Peruvian governments; and
- no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices and foreign exchange rates).
The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks related to the LSIB's application for judicial review of the regulatory decision to issue the New Ingerbelle permit amendment and the potential for it to have an adverse impact on the Company's plans for the New Ingerbelle project, risks related to failure to effectively advance and complete the multi-year optimization of the Copper Mountain mine operations including with respect to the primary SAG mill repairs and related ramp-up plans, political and social risks in the regions the Company operates, including the navigation of the complex political and social environment in Peru, risks generally associated with the mining industry and the current geopolitical environment, including fluctuations in commodity prices, the potential implementation or expansion of tariffs, currency and interest rate fluctuations, energy and consumable prices, supply chain constraints and general cost escalation in the current inflationary environment, uncertainties related to the development and operation of the Company's projects, the risk of an indicator of impairment or impairment reversal relating to a material mineral property, risks associated with the development of new projects, risks associated with acquisitions, investments and other strategic transactions including but not limited to the ASCU Transaction, risks related to the Copper World project, including the risk of capital cost escalation, permitting challenges, project delivery risks, and financing risks, risks related to the Lalor mine plan, including the ability to convert inferred mineral resource estimates to higher confidence categories, dependence on key personnel and employee and union relations, risks related to political or social instability, unrest or change, risks in respect of Indigenous and community relations, rights and title claims, operational risks and hazards, including the cost of maintaining and upgrading the Company's tailings management facilities and any unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, depletion of the Company's reserves, volatile financial markets and interest rates that may affect the Company's ability to obtain additional financing on acceptable terms, the failure to obtain or maintain required permits or approvals from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, the Company's ability to comply with its pension and other post-retirement obligations, the Company's ability to abide by the covenants in its debt instruments and other material contracts, liquidity risks and its ability to access capital on acceptable terms, tax refunds, hedging transactions, cybersecurity risks and risks related to the reliability and security of the Company's information technology and operational technology systems, including risks arising from cyber attacks, ransomware, phishing and other malware, risks associated with the use of artificial intelligence technologies, operational disruptions arising from environmental events such as wildfires or other forms of extreme weather, as well as the risks discussed under the heading "Risk Factors" in Hudbay's most recent Annual Information Form and under the heading "Financial Risk Management" in the Company's management's discussion and analysis for the year ended December 31, 2025 which are available on the Company's SEDAR+ profile at www.sedarplus.ca and the Company's EDGAR profile at www.sec.gov.
Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused critical minerals mining company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States.
Hudbay's operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the Company, which is complemented by meaningful gold production and by-product zinc, silver and molybdenum. Hudbay's growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its existing operations.
The value Hudbay creates and the impact it has is embodied in its purpose statement: "We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities." Hudbay's mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations.
For further information, please contact:
Candace Bru^le´
Senior Vice President, Capital Markets & Corporate Affairs
(416) 362-8181
investor.relations@hudbay.com
____________________
i Calculated using the mid-point of the annual guidance range.
ii Cash costs and sustaining cash costs are non-GAAP financial performance measures with no standardized definition under IFRS. For further details on why Hudbay believes cash costs are a useful performance indicator, please refer to the Company's most recent management's discussion and analysis for the period ended December 31, 2025.
iii The post-closing adjusted year-end cash and cash equivalents of $992 million includes December 31, 2025 cash and cash equivalents balance of $568.9 million and approximately $420 million of cash at the Copper World LLC level, which is designated for exclusive use by the Copper World joint venture. Post-closing adjusted liquidity includes the post-closing cash and cash equivalent plus the undrawn availability of $424.8 million under Hudbay's revolving credit facilities.
iv For further information regarding the terms agreed to with Wheaton Precious Metals Corp. to enhance and amend the existing precious metals streaming agreement, please see Hudbay's August 13, 2025 news release.
Figure 1: Regional Snow Lake Satellite Deposits
Hudbay increased its land package in Snow Lake by 250% in 2023, adding several regional satellite properties located within trucking distance of the Company's processing infrastructure. The Company launched a significant geophysics program in 2024 and 2025 that included surface electromagnetic surveys using modern technology to target depths up to 1,000 metres. These efforts will continue in 2026 with the largest geophysics program in Hudbay's history, including 600 kilometres of ground electromagnetic surveys and an extensive airborne geophysics survey.
Figure 2: Talbot Copper-Gold-Zinc Project
Talbot is a copper-zinc-gold rich VMS deposit located within trucking distance of existing processing infrastructure in Snow Lake. Hudbay commenced an extensive summer drilling program at Talbot in 2025 focused on expanding the known mineralization at depth, testing geophysical targets and conducting an infill drill program in the upper portion of the orebody. As part of the initial drilling program in 2025, Hudbay drilled five holes to test the continuity of the Talbot deposit at depth, with all holes intersecting intervals of copper mineralization. Assay results for TLS035 (in green) are currently pending.
Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/411d342a-8148-4b27-88b9-38a26aabc503
https://www.globenewswire.com/NewsRoom/AttachmentNg/240f6a35-19dc-4930-9b2b-fe8e9f4645ea
