# EDGAR Filing Document

**Accession Number:** 0001322422
**File Stem:** 0001062993-25-016717
**Filing Date:** 2025-11
**Character Count:** 589464
**Document Hash:** ea259e69c695d31716fb771fa3e4ad57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-016717.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001062993-25-016717

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hudbay Minerals Inc.
- **CENTRAL INDEX KEY:** 0001322422
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 980485558
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34244
- **FILM NUMBER:** 251476642

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 25 YORK STREET, SUITE 800
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2V5
- **BUSINESS PHONE:** 416-362-8181

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 25 YORK STREET, SUITE 800
- **CITY:** TORONTO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5J 2V5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HudBay Minerals Inc.
- **DATE OF NAME CHANGE:** 20050331

------

**UNITED STATES** <br>**SECURITIES AND EXCHANGE COMMISSION** <br>Washington, D.C. 20549

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** <br>**PURSUANT TO RULE 13A-16 OR 15D-16 OF** <br>**THE SECURITIES EXCHANGE ACT OF 1934** 

For the month of **<u>November 2025</u>**

Commission File Number: **<u>001-34244</u>**

**<u>HUDBAY MINERALS INC.</u>** <br>(Translation of registrant's name into English)

**25 York Street, Suite 800** <br>**Toronto, Ontario** <br>**<u>M5J 2V5, Canada</u>** <br>(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F [X]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes [ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No [X]

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____________________________

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**EXPLANATORY NOTE**

On November 12, 2025, Hudbay Minerals Inc. ("Hudbay") filed on the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedarplus.ca the following documents: (1) Management's Discussion and Analysis for the period ended September 30, 2025, (2) Unaudited Condensed Consolidated Interim Financial Statements for the period ended September 30, 2025, (3) News Release dated November 12, 2025, (4) Form 52-109F2 Certification of Interim Filings Full Certificate - CEO, (5) Form 52-109F2 Certification of Interim Filings Full Certificate - CFO.

Copies of the filings are attached to this Form 6-K and incorporated herein by reference, as follows:

* Exhibit 99.1 — Management's Discussion and Analysis for the period ended September 30, 2025

* Exhibit 99.2 — Unaudited Condensed Consolidated Interim Financial Statements for the period ended September 30, 2025

* Exhibit 99.3 — News Release dated November 12, 2025

* Exhibit 99.4 — Form 52-109F2 Certification of Interim Filings Full Certificate - CEO

* Exhibit 99.5 — Form 52-109F2 Certification of Interim Filings Full Certificate - CFO

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| HUDBAY MINERALS INC. | HUDBAY MINERALS INC. |
| (registrant) | (registrant) |
| By: | /s/ Eugene Lei |
| Name: | Eugene Lei |
| Title: | Chief Financial Officer |

---

Date: November 13, 2025

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**EXHIBIT INDEX**

The following exhibits are furnished as part of this Form 6-K:

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](exhibit99-1.htm) | [Management's Discussion and Analysis for the period ended September 30, 2025](exhibit99-1.htm) |
| [99.2](exhibit99-2.htm) | [Unaudited Condensed Consolidated Interim Financial Statements for the period ended September 30, 2025](exhibit99-2.htm) |
| [99.3](exhibit99-3.htm) | [News Release dated November 12, 2025](exhibit99-3.htm) |
| [99.4](exhibit99-4.htm) | [Form 52-109F2 Certification of Interim Filings Full Certificate - CEO](exhibit99-4.htm) |
| [99.5](exhibit99-5.htm) | [Form 52-109F2 Certification of Interim Filings Full Certificate - CFO](exhibit99-5.htm) |

---

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## Exhibit 99.1

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![](exhibit99-1x001.jpg)

![](exhibit99-1x002.jpg)

Management's Discussion and Analysis of

Results of Operations and Financial Condition

For the three and nine months ended

September 30, 2025

**November 11, 2025**

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![](exhibit99-1x001.jpg)

---

| | |
|:---|:---|
| ***TABLE OF CONTENTS*** | ***Page***<br>|
| [Introduction](#page_3) | [1](#page_3) |
| [Hudbay's Business](#page_3) | [1](#page_3) |
| [Hudbay's Purpose](#page_4) | [2](#page_4) |
| [Summary](#page_5) | [3](#page_5) |
| [Key Financial Results](#page_10) | [8](#page_10) |
| [Key Production Results](#page_11) | [9](#page_11) |
| [Key Costs Results](#page_11) | [9](#page_11) |
| [Recent Developments](#page_12) | [10](#page_12) |
| [Peru Operations Review](#page_15) | [13](#page_15) |
| [Manitoba Operations Review](#page_21) | [19](#page_21) |
| [British Columbia Operations Review](#page_26) | [24](#page_26) |
| [Financial Review](#page_31) | [29](#page_31) |
| [Liquidity and Capital Resources](#page_40) | [38](#page_40) |
| [Financial Risk Management](#page_44) | [42](#page_44) |
| [Trend Analysis and Quarterly Review](#page_45) | [43](#page_45) |
| [Non-GAAP Financial Performance Measures](#page_47) | [45](#page_47) |
| [Accounting Changes and Critical Estimates](#page_70) | [68](#page_70) |
| [Changes in Internal Control over Financial Reporting](#page_71) | [69](#page_71) |
| [Notes to Reader](#page_71) | [69](#page_71) |
| [Summary of Historical Results](#page_74) | [72](#page_74) |

---

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![](exhibit99-1x001.jpg)

***INTRODUCTION***

This Management's Discussion and Analysis ("MD&A") dated November 11, 2025 is intended to supplement Hudbay Minerals Inc.'s unaudited condensed consolidated interim financial statements and related notes for the three and nine months ended September 30, 2025 and 2024 (the "consolidated interim financial statements"). The consolidated interim financial statements have been prepared in accordance with IFRS<sup>®</sup> Accounting Standards ("IFRS" or "GAAP") as issued by the International Accounting Standards Board ("IASB").

References to "Hudbay" or the "Company" refer to Hudbay Minerals Inc. and its direct and indirect subsidiaries as at September 30, 2025.

Readers should be aware that:

<sup>-</sup> This MD&A contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") that are subject to risk factors set out in a cautionary note contained in Hudbay's MD&A.

- This MD&A has been prepared in accordance with the requirements of the securities laws in effect in Canada, which may differ materially from the requirements of United States securities laws applicable to US issuers.

- Hudbay uses a number of non-GAAP financial performance measures in Hudbay's MD&A, which do not have standardized meaning under IFRS. For further information and detailed reconciliations of such measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section herein.

- The technical and scientific information in this MD&A has been approved by qualified persons based on a variety of assumptions and estimates. Please see the discussion under the "Qualified Persons and NI 43-101" section herein.

Readers are also urged to review the "Notes to Reader" section beginning on page 69 of this MD&A.

Additional information regarding Hudbay, including the risks related to its business and those that are reasonably likely to affect its consolidated interim financial statements in the future, is contained in Hudbay's continuous disclosure materials, including its most recent Annual Information Form, consolidated interim financial statements and Management Information Circular available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

***All amounts are in US dollars unless otherwise noted.***

***HUDBAY'S BUSINESS***

Hudbay is a copper-focused critical minerals 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. The Company'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. Hudbay is governed by the *Canada Business Corporations Act* and its shares are listed under the symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima.

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![](exhibit99-1x001.jpg)

***HUDBAY'S PURPOSE***

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 transforms lives:*** Hudbay invests in its employees, their families and local communities through long-term employment, local procurement and economic development to improve their quality of life and ensure the communities benefit from the Company's presence.

***Hudbay operates responsibly:*** From exploration to closure, Hudbay operates safely and responsibly, welcomes innovation and strives to minimize its environmental footprint while following leading operating practices in all facets of mining.

***Hudbay provides critical metals:*** Hudbay produces copper and other metals needed for everyday products and essential for applications to support the energy transition toward a more sustainable future.

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![](exhibit99-1x001.jpg)

***SUMMARY***

***Demonstrated Operating Resilience in the Third Quarter***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved revenue of $346.8 million and adjusted EBITDA<sup>1</sup> of $142.6 million in the third quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved consolidated copper production of 24,205 tonnes and consolidated gold production of 53,581 ounces in the third quarter, demonstrating strong operational resilience with Manitoba operations suspended for the majority of the quarter due to the wildfire evacuations and temporary operational interruptions in Peru.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong cost performance continued in the third quarter with consolidated cash cost<sup>1</sup> and sustaining cash cost<sup>1</sup> per pound of copper produced, net of by-product credits, of $0.42 and $2.09, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reaffirmed full year 2025 consolidated production guidance for copper and gold, despite the temporary operational interruptions and production deferrals. Full-year consolidated copper and gold production is now expected to be near the low end of the guidance ranges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Further improved full year 2025 consolidated cash cost<sup>1</sup> guidance range to $0.15 to $0.35 per pound, an additional improvement from the previously updated guidance range of $0.65 to $0.85 per pound, as year-to-date results are trending well below the low end of the cost ranges. Also improved full year 2025 consolidated sustaining cash cost guidance range to $1.85 to $2.25 per pound copper from the original guidance range of $2.25 to $2.65 per pound as a result of increased exposure to gold by-product credits and continued strong operating cost control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Peru operations produced 18,114 tonnes of copper and 26,380 ounces of gold in the third quarter, with copper being slightly lower than quarterly cadence expectations and gold far exceeding quarterly cadence expectations while navigating intermittent interruptions and a temporary mill suspension during the quarter. Peru cash cost<sup>1</sup> per pound of copper produced, net of by-product credits, was $1.30 in the third quarter, outperforming the low-end of the cost guidance range. Full year copper production in Peru is expected to be in line with 2025 annual guidance and full year gold production is expected to exceed the top end of the guidance range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manitoba operations produced 22,441 ounces of gold in the third quarter, lower than quarterly cadence expectations as a result of temporary production interruptions from mandatory wildfire evacuations that shut down operations for the majority of the third quarter and deferred gold production. A business interruption insurance claim has been submitted to compensate for a portion of the wildfire-related downtime. Manitoba cash cost<sup>1</sup> per ounce of gold produced, net of by-product credits, was $379 in the third quarter. Subsequent to the quarter, due to additional unplanned down time in October as a result of winter storm power outages, some gold production has been further deferred and full year gold production in Manitoba is now expected to be slightly below the low end of the 2025 annual guidance range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• British Columbia operations produced 5,249 tonnes of copper in the third quarter at a cash cost<sup>1</sup> per pound of copper produced, net of by-product credits, of $3.21. While the initial phase of the conversion of the third ball mill to a second semi-autogenous grinding ("SAG") mill was completed successfully in the third quarter, there was required maintenance at the primary SAG mill at the end of September and into early October, which is expected to result in reduced mill throughput levels for the balance of 2025 and full year copper production in British Columbia is now expected to be below the low end of the 2025 annual guidance range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third quarter net earnings attributable to owners and earnings per share attributable to owners were $222.4 million and $0.56, respectively, reflecting a pre-tax full impairment reversal of $322.3 million on Hudbay's carrying value of the Copper World project as a result of the announcement of a $600 million strategic partnership with Mitsubishi Corporation ("Mitsubishi") for a 30% minority interest in Copper World, which is expected to close in late 2025 or early 2026. After adjusting for this transaction and various other non-cash items, third quarter adjusted earnings<sup>1</sup> per share attributable to owners was $0.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial results in the third quarter were impacted by the deferral of a 20,000 dry metric tonne copper concentrate shipment in Peru, valued at approximately $60 million (high gold content), from the end of September into early October due to ocean swells at the port.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and cash equivalents decreased by $14.4 million to $611.1 million during the third quarter and total liquidity<sup>2</sup> was $1,036.3 million as at September 30, 2025, reflecting $13.2 million of additional senior unsecured note repurchases during the third quarter.

***Further Debt Reduction and Balance Sheet Strength***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hudbay's unique copper and gold diversification across its operations provides exposure to higher copper and gold prices, which together with a focus on cost control across the business, continues to expand margins and generate attractive operating cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While the majority of revenues continue to be derived from copper production, revenue from gold production represented more than 38% of total revenues in the third quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generated positive free cash flow<sup>1</sup> in Peru and Manitoba in the third quarter of 2025 despite operational interruptions, offset by negative free cash flow<sup>1</sup> in British Columbia with planned stripping activities. Consolidated free cash flow<sup>1</sup> would have been positive if the excess copper concentrate inventory in Peru was sold at the end of September.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved adjusted EBITDA<sup>1</sup> of $142.6 million in the third quarter of 2025, resulting in annual trailing twelve-month adjusted EBITDA<sup>1</sup> of $932.3 million.

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![](exhibit99-1x001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased and retired an additional $13.2 million of senior unsecured notes through open market purchases at a discount to par during the third quarter reducing total principal debt to $1.05 billion as of September 30, 2025. Subsequent to the quarter end, deleveraging efforts continued with an additional $20.0 million of open market purchases of the senior unsecured notes, at a discount to par.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of November 11, 2025, approximately $328.1 million in total principal debt and gold prepayment liability reductions have been achieved since the beginning of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net debt<sup>1</sup> reduced to $435.9 million as at September 30, 2025 compared to $525.7 million at December 31, 2024, a decrease of $89.8 million year-to-date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net debt to adjusted EBITDA ratio<sup>1</sup> was 0.5x at the end of the third quarter of 2025, a further improvement from 0.6x at the end of fourth quarter of 2024.

***Prudently Advancing Copper World Towards a Sanction Decision in 2026***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In August 2025, announced accretive $600 million Copper World joint venture transaction with Mitsubishi for a 30% minority interest ("JV Transaction").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Secures a premier long-term strategic partner in Mitsubishi, one of the largest Japanese trading houses with a global mining presence and a significant U.S. based business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Implies a significant premium to consensus net asset value for Copper World<sup>3</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Increases levered project IRR to Hudbay to approximately 90% based on pre-feasibility study ("PFS") estimates<sup>4</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In August 2025, agreed on terms with Wheaton Precious Metals Corp. ("Wheaton") to amend the existing precious metals streaming agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ In addition to the initial $230 million stream deposit, provides an additional contingent payment of up to $70 million on a future mill expansion recognizing the long-term potential at Copper World.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Ongoing payments for gold and silver amended from fixed pricing to 15% of spot prices to provide upside exposure to higher precious metals prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Successful completion of the final key elements of Hudbay's prudent financial strategy as part of the three prerequisites ("3-P") plan for Copper World.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Hudbay's estimated share of the remaining equity capital contributions has been reduced to approximately $200 million based on PFS estimates and Hudbay's first capital contribution has been deferred to 2028 at the earliest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Feasibility study activities for Copper World are underway with expected completion of a definitive feasibility study ("DFS") in mid-2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Hudbay is accelerating detailed engineering, certain long lead items and other de-risking activities in 2025 and, as announced in August 2025, has advanced $20 million in growth capital expenditures to 2025 from future years.

***Reinvesting in Several Additional High-return Growth Initiatives***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Optimization efforts at Copper Mountain have continued and are focused on executing the planned accelerated stripping program and mill throughput improvement projects. A key component, the conversion of the third ball mill to a second SAG mill ("SAG2"), remains on schedule. Completion of the initial phase on July 10, 2025 enabled the mill to achieve several days of 50,000 tonnes per day in September, the highest level achieved since Hudbay acquired the operations. Construction of the final phase of the SAG2 project is expected to conclude in December 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Large exploration program in Snow Lake continues to execute the 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 new anchor deposit to meaningfully extend mine life.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Following the completion of the initial 1901 exploration drift some additional development ore was delivered for processing at Stall. The focus now turns to advancing exploration platforms in both base metal and gold mineralization and developing the haulage drift to confirm mining methods, establish critical infrastructure and de-risk the path towards full production in late 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drilling commenced at the Talbot copper-zinc-gold deposit near Snow Lake in July with a focus on expanding the known mineralization and testing geophysical targets. Full assay results expected later this year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuing to advance Flin Flon tailings reprocessing opportunities through metallurgical test work and economic evaluations to assess the possibility of producing critical minerals and precious metals in an environmentally friendly manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuing to enhance stakeholder engagement and advance additional metallurgical studies at the Mason copper project in Nevada.

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![](exhibit99-1x001.jpg)

***Summary of Third Quarter Results***

Hudbay's diversified asset portfolio delivered consolidated copper production of 24,205 tonnes and consolidated gold production of 53,581 ounces in the third quarter of 2025, despite temporary operational interruptions and production deferrals. Consolidated copper and gold production was lower than the second quarter of 2025 primarily due to the impact of the mandatory wildfire evacuations that persisted in northern Manitoba for a majority of the third quarter, a temporary production interruption in Peru for nine days during the third quarter due to social unrest and unplanned mill downtime and processing of low-grade stockpiles at Copper Mountain during the third quarter. Consolidated silver production of 730,394 ounces and zinc production of 548 tonnes in the third quarter of 2025 were also lower than the second quarter of 2025 for the aforementioned reasons.

Cash generated from operating activities of $113.5 million decreased compared to the same period in 2024 and compared to the second quarter of 2025 as a result of the temporary operational interruptions during the third quarter, as mentioned above, and lower sales volumes as a result of a delayed 20,000 dry metric tonne copper concentrate shipment in Peru with high grade gold content, valued at approximately $60 million, from the end of September into early October due to ocean swells at the port. This was partially offset by higher realized metal prices.

Adjusted EBITDA<sup>1</sup> was $142.6 million in the third quarter of 2025, a decrease compared to $245.2 million in the second quarter of 2025 primarily due to the temporary operational interruptions and the lower sales volumes as a result of the delayed copper concentrate shipment in Peru, as noted above.

Net earnings attributable to owners was $222.4 million, or $0.56 per share, in the third quarter of 2025 compared to $117.7 million, or $0.30 per share, in the second quarter of 2025 and $49.7 million, or $0.13 per share, in the third quarter of 2024. The increase in earnings compared to the second quarter of 2025 and third quarter 2024, is the result of a non-cash after-tax gain of $242.7 million from a full impairment reversal relating to Hudbay's Copper World project and the receipt of $14.9 million in contingent consideration in respect of Copper Mountain's previous sale of a non-core project. These gains were partially offset by temporary operational interruptions in Manitoba and Peru which resulted in lower production and delayed sales volumes impacting overall gross margins and operating cash flow during the quarter.

Adjusted net earnings attributable to owners<sup>1</sup> and adjusted net earnings per share attributable to owners<sup>1</sup> in the third quarter of 2025 were $10.1 million and $0.03 per share, respectively, after adjusting for various non-cash items on a pre-tax basis including a $322.3 million full impairment reversal related to Hudbay's Copper World project following the announcement of the JV Transaction, $14.9 million of contingent consideration received from the previous sale of a non-core project, an $8.7 million mark-to-market revaluation loss on various instruments such as investments and share-based compensation, and a non-cash $8.8 million foreign exchange loss, among other items. This compares to adjusted net earnings attributable to owners<sup>1</sup> and net earnings per share attributable to owners<sup>1</sup> of $50.2 million and $0.13 per share in the third quarter of 2024 and $75.5 million and $0.19 per share in the second quarter of 2025. The decrease in adjusted net earnings attributable to owners<sup>1</sup> and adjusted net earnings per share attributable to owners<sup>1</sup> compared to the second quarter of 2025 and third quarter of 2024 is for the same reasons discussed above for net earnings.

In the third quarter of 2025, consolidated cash cost per pound of copper produced, net of by-product credits<sup>1</sup>, was $0.42, compared to $(0.02) in the second quarter of 2025 and $0.18 in the third quarter of 2024, as Hudbay continued to demonstrate industry-leading cost performance. The increase in cash cost, net of by-product credits, from the comparative periods was a result of lower by-product credits due to lower production in Manitoba from the impact of the wildfires during the third quarter, partially offset by strong gold production in Peru despite the nine-day operational interruption during the third quarter of 2025.

Consolidated sustaining cash cost per pound of copper produced, net of by-product credits<sup>1</sup>, was $2.09 in the third quarter of 2025, compared to $1.65 in the second quarter of 2025 and $1.71 in the third quarter of 2024. The increase was primarily due to the same factors impacting consolidated cash cost noted above.

Consolidated all-in sustaining cash cost per pound of copper produced, net of by-product credits<sup>1</sup>, was $2.78 in the third quarter of 2025, higher than the second quarter of 2025 and the third quarter of 2024 mainly due to the same reasons outlined above as well as higher corporate G&A from the revaluation of Hudbay's stock-based compensation due to relative higher share prices.

As at September 30, 2025, total liquidity was $1,036.3 million, including $611.1 million in cash and cash equivalents, and undrawn availability of $425.2 million under Hudbay's revolving credit facilities. The Company's liquidity is expected to be further enhanced upon the closing of the JV Transaction, which is expected to occur in late 2025 or early 2026. Net debt<sup>1</sup> at the end of the third quarter was $435.9 million, marking an $89.8 million improvement from fourth quarter of 2024 as a result of deleveraging activities which included the repurchase and retirement of senior unsecured notes. Hudbay expects that the current liquidity, together with cash flows from operations, will be sufficient to meet the Company's liquidity needs for the year.

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![](exhibit99-1x001.jpg)

![](exhibit99-1x003.jpg)

\*Copper equivalent production is calculated using the quarter average LME prices for each metal.

![](exhibit99-1x004.jpg)

![](exhibit99-1x005.jpg)

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![](exhibit99-1x001.jpg)

![](exhibit99-1x006.jpg)

<sup>1</sup> Adjusted net earnings - attributable to owners and adjusted net earnings per share - attributable to owners, adjusted EBITDA, cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, cash cost, sustaining cash cost per ounce of gold produced, net of by-product credits, combined unit cost, net debt, net debt to adjusted EBITDA ratio and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A.

<sup>2</sup> Liquidity includes $611.1 million in cash and cash equivalents as well as undrawn total availability of $425.2 million under Hudbay's revolving credit facilities.

<sup>3</sup> Average analyst consensus net asset value estimate for 100% of Copper World is approximately $1.16 billion as of August 12, 2025.

<sup>4</sup> Based on the initial capital investment and the $3.75 per pound copper price used in the PFS published on September 8, 2023 with assumptions of approximately $145 million for pre-sanctioning costs, $230 million from the precious metals stream, $350 million from project-level financing and approximately $700 million from the joint venture partner earn-in, matching contribution and capital contribution.

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![](exhibit99-1x001.jpg)

***KEY FINANCIAL RESULTS***

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Financial Condition** |  |  |
| &nbsp;&nbsp;*(in $ millions, except net debt to adjusted EBITDA ratio)* | **Sep. 30, 2025** | Dec. 31, 2024 |
| &nbsp;&nbsp;Cash and cash equivalents and short-term investments | $**611.1** | $581.8 |
| &nbsp;&nbsp;Total long-term debt | **1047.0** | 1107.5 |
| &nbsp;&nbsp;Net debt<sup>1</sup> | **435.9** | 525.7 |
| &nbsp;&nbsp;Working capital<sup>2</sup> | **(34.7)** | 511.3 |
| &nbsp;&nbsp;Total assets | **5916.8** | 5487.6 |
| &nbsp;&nbsp;Equity attributable to owners of the Company | **3080.5** | 2553.2 |
| &nbsp;&nbsp;Net debt to adjusted EBITDA <sup>1</sup> | **0.5** | 0.6 |
| <sup>1</sup> Net debt and net debt to adjusted EBITDA are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Net debt and net debt to adjusted EBITDA are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Net debt and net debt to adjusted EBITDA are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. |
| <sup>2</sup> Working capital is determined as total current assets less total current liabilities as defined under IFRS and disclosed on the consolidated interim financial statements. Working capital as of September 30, 2025 was impacted by an increase in the current portion of long-term debt of $511.0 million as the 2026 Notes are now maturing within one year. | <sup>2</sup> Working capital is determined as total current assets less total current liabilities as defined under IFRS and disclosed on the consolidated interim financial statements. Working capital as of September 30, 2025 was impacted by an increase in the current portion of long-term debt of $511.0 million as the 2026 Notes are now maturing within one year. | <sup>2</sup> Working capital is determined as total current assets less total current liabilities as defined under IFRS and disclosed on the consolidated interim financial statements. Working capital as of September 30, 2025 was impacted by an increase in the current portion of long-term debt of $511.0 million as the 2026 Notes are now maturing within one year. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Financial Performance** | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| &nbsp;&nbsp;*(in $ millions, except per share amounts or as noted below)* | **Sep. 30,<br>2025** | Jun. 30,<br>2025 | Sep. 30,<br>2024 | **Sep. 30,<br>2025** | Sep. 30,<br>2024 |
| &nbsp;&nbsp;Revenue | $**346.8** | $536.4 | $485.8 | $**1478.1** | $1436.3 |
| &nbsp;&nbsp;Cost of sales | **281.5** | 359.9 | 346.0 | **1005.0** | 1066.9 |
| &nbsp;&nbsp;Earnings before tax | **330.5** | 153.1 | 79.7 | **654.9** | 147.9 |
| &nbsp;&nbsp;Net earnings | **222.4** | 114.7 | 50.3 | **436.3** | 48.5 |
| &nbsp;&nbsp;Net earnings attributable to owners | **222.4** | 117.7 | 49.7 | **440.5** | 55.5 |
| &nbsp;&nbsp;Basic and diluted earnings per share - attributable | **0.56** | 0.30 | 0.13 | **1.11** | 0.15 |
| &nbsp;&nbsp;Adjusted earnings per share - attributable<sup>1</sup> | **0.03** | 0.19 | 0.13 | **0.45** | 0.30 |
| &nbsp;&nbsp;Operating cash flow before change in non-cash working capital | **70.3** | 193.9 | 188.3 | **427.4** | 459.5 |
| &nbsp;&nbsp;Adjusted EBITDA<sup>1</sup> | **142.6** | 245.2 | 206.0 | **675.0** | 566.0 |
| &nbsp;&nbsp;Free cash flow<sup>1</sup> | **(15.2)** | 87.8 | 88.4 | **159.7** | 208.0 |
| <sup>1</sup> Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. |

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![](exhibit99-1x001.jpg)

***KEY PRODUCTION RESULTS***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | **Guidance** |
| | | **Sep. 30,<br>2025** | Jun. 30,<br>2025 | Sep. 30,<br>2024 | **Sep. 30,<br>2025** | Sep. 30,<br>2024 | Annual 2025 |
| &nbsp;&nbsp;**Contained metal in concentrate and doré produced<sup>1</sup>** | &nbsp;&nbsp;**Contained metal in concentrate and doré produced<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **24205** | 29956 | 31354 | **85119** | 94681 | 117000 - 149000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*oz* | **53581** | 56271 | 89073 | **183636** | 238079 | 247500 - 308000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*oz* | **730394** | 814989 | 985569 | **2465158** | 2672193 | 3520000 - 4390000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | &nbsp;&nbsp;*tonnes* | **548** | 5130 | 8069 | **11943** | 24954 | 21000 - 27000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | &nbsp;&nbsp;*tonnes* | **185** | 375 | 362 | **957** | 1128 | 1300 - 1500 |
| &nbsp;&nbsp;**Payable metal sold** | &nbsp;&nbsp;**Payable metal sold** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **18280** | 30354 | 27760 | **80402** | 87167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold<sup>2</sup> | &nbsp;&nbsp;*oz* | **38279** | 62466 | 73232 | **175837** | 242608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver<sup>2</sup> | &nbsp;&nbsp;*oz* | **418418** | 894160 | 663413 | **2319546** | 2399297 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | &nbsp;&nbsp;*tonnes* | **3452** | 2871 | 8607 | **11180** | 19859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | &nbsp;&nbsp;*tonnes* | **269** | 427 | 343 | **1144** | 1105 |  |
| <sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. | <sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. | <sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. | <sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. | <sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. | <sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. | <sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. | <sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. |
| <sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. | <sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. | <sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. | <sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. | <sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. | <sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. | <sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. | <sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. |

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***KEY COST RESULTS***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Three months ended** | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** | |
| | | **Sep. 30,<br>2025** | Jun. 30,<br>2025 | Sep. 30,<br>2024 | **Sep. 30,<br>2025** | Sep. 30,<br>2024 | **Guidance**<br>Annual<br>2025<sup>2</sup> |
| &nbsp;&nbsp;**Peru cash cost per pound of copper produced** | &nbsp;&nbsp;**Peru cash cost per pound of copper produced** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost<sup>1</sup> | &nbsp;&nbsp;*$/lb* | **1.30** | 1.45 | 1.80 | **1.29** | 1.28 | 1.35 - 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining cash cost<sup>1</sup> | &nbsp;&nbsp;*$/lb* | **2.11** | 2.63 | 2.78 | **2.23** | 2.07 |  |
| &nbsp;&nbsp;**Manitoba cash cost per ounce of gold produced** | &nbsp;&nbsp;**Manitoba cash cost per ounce of gold produced** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost<sup>1</sup> | &nbsp;&nbsp;*$/oz* | **379** | 710 | 372 | **491** | 606 | 650 - 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining cash cost<sup>1</sup> | &nbsp;&nbsp;*$/oz* | **762** | 1025 | 553 | **787** | 855 |  |
| &nbsp;&nbsp;**British Columbia cash cost per pound of copper produced** | &nbsp;&nbsp;**British Columbia cash cost per pound of copper produced** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost<sup>1</sup> | &nbsp;&nbsp;*$/lb* | **3.21** | 2.39 | 1.81 | **2.63** | 2.67 | 2.45 - 3.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining cash cost<sup>1</sup> | &nbsp;&nbsp;*$/lb* | **7.43** | 5.18 | 5.06 | **5.44** | 5.15 |  |
| &nbsp;&nbsp;**Consolidated cash cost per pound of copper produced** | &nbsp;&nbsp;**Consolidated cash cost per pound of copper produced** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost<sup>1</sup> | &nbsp;&nbsp;*$/lb* | **0.42** | (0.02) | 0.18 | **(0.06)** | 0.46 | 0.15 - 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining cash cost<sup>1</sup> | &nbsp;&nbsp;*$/lb* | **2.09** | 1.65 | 1.71 | **1.44** | 1.73 | 1.85 - 2.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;All-in sustaining cash cost<sup>1</sup> | &nbsp;&nbsp;*$/lb* | **2.78** | 2.03 | 1.95 | **1.86** | 2.04 |  |
| <sup>1</sup> Cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, gold cash cost, sustaining cash cost per ounce of gold produced, and net of by-product credits are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, gold cash cost, sustaining cash cost per ounce of gold produced, and net of by-product credits are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, gold cash cost, sustaining cash cost per ounce of gold produced, and net of by-product credits are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, gold cash cost, sustaining cash cost per ounce of gold produced, and net of by-product credits are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, gold cash cost, sustaining cash cost per ounce of gold produced, and net of by-product credits are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, gold cash cost, sustaining cash cost per ounce of gold produced, and net of by-product credits are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, gold cash cost, sustaining cash cost per ounce of gold produced, and net of by-product credits are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, gold cash cost, sustaining cash cost per ounce of gold produced, and net of by-product credits are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. |
| <sup>2</sup> Further improved full year 2025 consolidated copper cash cost guidance range to $0.15 to $0.35 per pound from prior guidance of $0.65 to $0.85 per pound and the original guidance range of $0.80 to $1.00 per pound. Improved full year 2025 consolidated sustaining copper cash cost guidance range to $1.85 to $2.25 per pound from the original guidance range of $2.25 to $2.65 per pound. | <sup>2</sup> Further improved full year 2025 consolidated copper cash cost guidance range to $0.15 to $0.35 per pound from prior guidance of $0.65 to $0.85 per pound and the original guidance range of $0.80 to $1.00 per pound. Improved full year 2025 consolidated sustaining copper cash cost guidance range to $1.85 to $2.25 per pound from the original guidance range of $2.25 to $2.65 per pound. | <sup>2</sup> Further improved full year 2025 consolidated copper cash cost guidance range to $0.15 to $0.35 per pound from prior guidance of $0.65 to $0.85 per pound and the original guidance range of $0.80 to $1.00 per pound. Improved full year 2025 consolidated sustaining copper cash cost guidance range to $1.85 to $2.25 per pound from the original guidance range of $2.25 to $2.65 per pound. | <sup>2</sup> Further improved full year 2025 consolidated copper cash cost guidance range to $0.15 to $0.35 per pound from prior guidance of $0.65 to $0.85 per pound and the original guidance range of $0.80 to $1.00 per pound. Improved full year 2025 consolidated sustaining copper cash cost guidance range to $1.85 to $2.25 per pound from the original guidance range of $2.25 to $2.65 per pound. | <sup>2</sup> Further improved full year 2025 consolidated copper cash cost guidance range to $0.15 to $0.35 per pound from prior guidance of $0.65 to $0.85 per pound and the original guidance range of $0.80 to $1.00 per pound. Improved full year 2025 consolidated sustaining copper cash cost guidance range to $1.85 to $2.25 per pound from the original guidance range of $2.25 to $2.65 per pound. | <sup>2</sup> Further improved full year 2025 consolidated copper cash cost guidance range to $0.15 to $0.35 per pound from prior guidance of $0.65 to $0.85 per pound and the original guidance range of $0.80 to $1.00 per pound. Improved full year 2025 consolidated sustaining copper cash cost guidance range to $1.85 to $2.25 per pound from the original guidance range of $2.25 to $2.65 per pound. | <sup>2</sup> Further improved full year 2025 consolidated copper cash cost guidance range to $0.15 to $0.35 per pound from prior guidance of $0.65 to $0.85 per pound and the original guidance range of $0.80 to $1.00 per pound. Improved full year 2025 consolidated sustaining copper cash cost guidance range to $1.85 to $2.25 per pound from the original guidance range of $2.25 to $2.65 per pound. | <sup>2</sup> Further improved full year 2025 consolidated copper cash cost guidance range to $0.15 to $0.35 per pound from prior guidance of $0.65 to $0.85 per pound and the original guidance range of $0.80 to $1.00 per pound. Improved full year 2025 consolidated sustaining copper cash cost guidance range to $1.85 to $2.25 per pound from the original guidance range of $2.25 to $2.65 per pound. |

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![](exhibit99-1x001.jpg)

***RECENT DEVELOPMENTS***

***2025 Consolidated Production and Cost Guidance***

Hudbay reaffirms its full year 2025 consolidated production guidance for copper and gold as the Company demonstrates resilience after overcoming recent temporary operational interruptions. While the Company expects the fourth quarter to be a strong copper and gold production quarter, full year consolidated copper and gold production is expected to be near the low end of the guidance ranges.

In Peru, the fourth quarter is expected to be the strongest copper and gold production quarter this year with steady operations achieved since early October after the resolution of social protests. Peru production in the month of October totaled approximately 9,200 tonnes of copper and 16,600 ounces of gold, reflecting optimal mill ore feed with strong ore contribution from Pampacancha and lower stockpiled ore being processed. Peru full year copper production is expected to be within the guidance ranges while gold production is expected to be above the top end of the guidance range in 2025.

In Manitoba, subsequent to the quarter, Hudbay experienced power outages in October due to severe winter storms and operations were shut down for approximately one week. While the Company was previously tracking within the 2025 guidance ranges despite the significant impacts from the wildfire evacuations, it now expects to be slightly below the low end of gold production guidance range as a result of the further deferral of gold production due to these power outages and the associated ramp-up after power was restored. Given the strong cash cost performance to-date in Manitoba, Hudbay will prioritize primary gold production over by-product zinc production in 2025 and full year zinc production is now expected to be below the low end of the guidance range.

In British Columbia, fourth quarter production is expected to be impacted by lower mill throughput due to reduced throughput at SAG1, which together with a higher portion of ore milled from low-grade stockpiles year-to-date, has resulted in full year copper production expectations to be below the low end of the guidance range.

Hudbay is again improving its full-year 2025 consolidated cash cost guidance range to $0.15 to $0.35 per pound copper from the previously announced range of $0.65 to $0.85 per pound and the original guidance range of $0.80 to $1.00 per pound. The Company is also improving its 2025 annual consolidated sustaining cash cost guidance range to $1.85 to $2.25 per pound copper from the original guidance range of $2.25 to $2.65 per pound. This is a result of increased exposure to gold by-product credits and continued strong cost control at all operations, despite the temporary production interruptions in Manitoba and Peru.

Hudbay expects total capital expenditures to be $35 million lower than 2025 guidance levels, primarily due to the deferral of certain expenditures to 2026. This includes $15 million lower sustaining capital expenditures primarily due to temporary operational interruptions in Manitoba and Peru. Growth capital expenditures are expected to be $20 million lower primarily due to spending deferrals into 2026.

***Resilient Operating Base Enables Continued Debt Reduction and Balance Sheet Strength***

Hudbay continued its prudent balance sheet management and reduced overall debt levels even with the temporary interruptions to its operations during the third quarter of 2025. During the third quarter of 2025, the Company was able to repurchase and retire an additional $13.2 million of senior unsecured notes at a discount to par, and an additional $20.0 million was repurchased subsequent to the quarter. This has contributed to approximately $328.1 million in total debt repayments and gold prepayment liability reductions since the beginning of 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased and retired a total of $165.8 million of senior unsecured notes in 2024 and year-to-date as of November 11, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repaid $100 million of prior drawdowns under the revolving credit facilities in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fully repaid the gold prepay facility with $62.3 million in gold deliveries in 2024 and the final payment completed in August 2024.

These deleveraging achievements have reduced total principal debt to $1.05 billion as of September 30, 2025, which together with Hudbay's strengthened cash balance, has substantially reduced net debt<sup>i</sup> to $435.9 million, compared to $625.6 million as of September 30, 2024. Hudbay's net debt to adjusted EBITDA ratio<sup>i</sup> is 0.5x as of September 30, 2025.

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![](exhibit99-1x001.jpg)

***Prudently Advancing Copper World Towards a Sanction Decision in 2026***

During the third quarter, significant strides were made to advance the Copper World project. On August 13, 2025, Hudbay announced the JV Transaction with Mitsubishi, securing a premier, long-term strategic partner for the development of Copper World, and agreed on terms with Wheaton to amend the precious metals streaming agreement at Copper World. The Company continues to de-risk Copper World with detailed engineering underway.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accretive JV Transaction and Secured the Premier Joint Venture Partner** - Highly accretive $600 million transaction with Mitsubishi for a 30% minority joint venture interest, creating a long-term partnership with a premier strategic partner that has a global mining presence and an established U.S. based metals trading business. The $600 million proceeds from Mitsubishi will consist of $420 million at closing and $180 million within 18 months of closing and will be used to fund the remaining definitive feasibility study ("DFS") costs and pre-sanction costs in addition to project development costs for Copper World. Mitsubishi will also fund its pro-rata 30% share of future equity capital contributions. The JV Transaction is expected to close in late 2025 or early 2026 and is conditional upon receipt of certain regulatory approvals and the satisfaction of other customary closing conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Enhanced Wheaton Precious Metals Stream** - Agreed on terms with Wheaton in August 2025 to amend the existing precious metals streaming agreement that aligns with the current development plan for Copper World. In addition to the initial $230 million stream deposit, Wheaton will provide an additional contingent payment of up to $70 million on a future mill expansion recognizing the long-term potential at Copper World. Ongoing payments for gold and silver were amended from fixed pricing to 15% of spot prices to provide Hudbay with upside exposure to higher precious metals prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Achieved Key Elements of Hudbay's Three Prerequisites (3-P) Plan** - Hudbay has achieved the final key elements of its prudent 3-P financial strategy with the announcements of the JV Transaction and the enhanced Wheaton stream, together with the achievement of stated balance sheet targets. Before accounting for proceeds from the JV Transaction, Hudbay has already achieved more than $600 million of cash and cash equivalents and a 0.5x net debt to adjusted EBITDA ratio<sup>1</sup> as of September 30, 2025, far exceeding the stated balance sheet targets. Hudbay's estimated share of the remaining capital contributions has been reduced to approximately $200 million<sup>2</sup> based on PFS estimates and Hudbay's first capital contribution has been deferred to 2028 at the earliest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Feasibility Study and Detailed Engineering Underway** - Feasibility activities for Copper World are underway with expected completion of a DFS in mid-2026. Hudbay is accelerating detailed engineering, certain long lead items and other de-risking activities in 2025 and, as announced in August 2025, has advanced $20 million in growth capital expenditures to 2025 from future years. The Company expects to make a Copper World sanction decision in 2026.

***Exploration Update***

<u>*Large Snow Lake Exploration Program Continues to Execute Threefold Strategy*</u>

Hudbay continues to execute the largest exploration program in Snow Lake in the Company's history through extensive geophysical surveying and multi-phased drilling campaigns as part of Hudbay's threefold exploration strategy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Near-mine Exploration at Lalor and 1901 to Further Increase Near-term Production and Extend Mine Life*** - Hudbay completed the development of the initial exploration drift at the 1901 deposit earlier this year and the development of the haulage drift is underway. Positive initial step-out drilling from the exploration drift was achieved earlier this year, and during the third quarter, some additional zinc development ore was delivered for processing at Stall. Activities at 1901 over the next two years will focus on exploration, definition drilling, orebody access, and establishing critical infrastructure for full production in late 2027. Exploration activities at 1901 will target additional step-out drilling to potentially extend the orebody and infill drilling to convert inferred mineral resources in the gold lenses to mineral reserves. Following the improved wildfire situation, underground exploration drilling at Lalor has resumed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Testing Regional Satellite Deposits to Utilize Available Processing Capacity and Increase Production*** - Hudbay increased its regional land package by more than 250% in 2023 through the acquisition of Rockcliff Metals Corp. ("Rockcliff"), which included the addition of several known deposits located within trucking distance of the Snow Lake processing infrastructure. The deposits acquired as part of the Rockcliff acquisition, together with several deposits already owned by Hudbay in Snow Lake, have created an attractive portfolio of regional deposits in Snow Lake, including the Talbot, Rail, Pen II, Watts, 3 Zone and WIM deposits. The continued strong performance from the New Britannia mill has freed up processing capacity at the Stall mill, where there is approximately 1,500 tonnes per day of available capacity which could be utilized by the regional satellite deposits to increase production and extend the life of the Snow Lake operations beyond 2037. Hudbay commenced an extensive summer drill program at the Talbot copper-zinc-gold deposit in July focused on expanding the known mineralization and testing geophysical targets. Core logging from the first three holes confirm the continuity of the Talbot copper-gold mineralization at depth, with full assay results expected later in the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Exploring Large Land Package for New Anchor Deposit to Significantly Extend Mine Life*** - A majority of the land claims acquired as part of the Rockcliff acquisition have been untested by modern deep geophysics, which was the discovery method for the Lalor deposit. A large geophysics program is currently underway consisting of surface electromagnetic surveys using cutting edge techniques that enable the team to detect targets at depths of almost 1,000 metres below surface. The planned geophysics program in 2025 is the largest geophysics program in Hudbay's history and includes 800 kilometres of ground electromagnetic surveys and an extensive airborne geophysics survey. The Company resumed the Snow Lake regional geophysics program following the improved wildfire situation.

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![](exhibit99-1x001.jpg)

<u>*Maria Reyna and Caballito Drill Permits Update*</u>

Hudbay controls a large, contiguous block of mineral rights with the potential to host satellite mineral deposits in close proximity to the Constancia processing facility, including the past producing Caballito property and the highly prospective Maria Reyna property. The Company commenced the drill permitting process at Maria Reyna and Caballito after completing a surface rights exploration agreement with the community of Uchucarcco in August 2022. As part of the drill permitting process, environmental impact assessment (EIA) applications were approved by the government in June 2024 for Maria Reyna and September 2024 for Caballito. The remaining steps in the drill permitting process include the completion by the government of the Consulta Previa consultation process with the local community.

***Board & Executive Management Appointments***

In September 2025, Hudbay appointed Laura Tyler to its Board of Directors (the "Board"). Ms. Tyler has over 30 years of extensive experience with world-class global mining companies, including a 20-year career at BHP in progressively more senior leadership roles and ultimately serving as Chief Technical Officer where she oversaw the integration of the technology function with exploration, innovation, value engineering and BHP's Centres of Excellence. Ms. Tyler's extensive experience in the mining industry, deep technical knowledge and operational leadership experience make her an excellent addition to the Board.

In addition, the Company has promoted Candace Brûlé to Senior Vice President, Capital Markets and Corporate Affairs, and Mark Gupta to Senior Vice President, Corporate Development and Strategy.

In this broader role, Ms. Brûlé will retain responsibility for Investor Relations, Financial Planning & Analysis (FP&A), External Communications and Sustainability Reporting, while leading Hudbay's Canadian government engagement efforts. Ms. Brûlé has over 18 years of experience in investor relations, corporate development and financial communications in the mining sector.

Mr. Gupta will continue to be responsible for optimizing Hudbay's portfolio of assets through acquisitions, divestitures, investments and partnerships, as well as leading the Company's corporate strategy function. Mr. Gupta has over 15 years of experience in the mining industry across investment banking, corporate development, capital planning and operations strategy.

<sup>1</sup> Adjusted EBITDA, net debt, net debt to adjusted EBITDA ratio and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A.

<sup>2</sup> Based on the initial capital investment and the $3.75 per pound copper price used in the PFS published on September 8, 2023 with assumptions of approximately $145 million for pre-sanctioning costs, $230 million from the precious metals stream, $350 million from project-level financing and approximately $700 million from the joint venture partner earn-in, matching contribution and capital contribution.

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![](exhibit99-1x001.jpg)

***PERU OPERATIONS REVIEW***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| | | **Sep. 30, 2025** | Jun. 30, 2025 | Sep. 30, 2024 | **Sep. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;Constancia ore mined<sup>1</sup> | &nbsp;&nbsp;*tonnes* | **564579** | 6735316 | 3022931 | **15928174** | 10860132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*%* | **0.25** | 0.34 | 0.36 | **0.31** | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*g/tonne* | **0.02** | 0.03 | 0.04 | **0.03** | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*g/tonne* | **1.92** | 3.26 | 3.20 | **3.15** | 2.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | &nbsp;&nbsp;*%* | **0.01** | 0.02 | 0.02 | **0.02** | 0.01 |
| &nbsp;&nbsp;Pampacancha ore mined<sup>1</sup> | &nbsp;&nbsp;*tonnes* | **4260081** | 762172 | 1777092 | **5411442** | 5280235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*%* | **0.38** | 0.26 | 0.48 | **0.37** | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*g/tonne* | **0.31** | 0.24 | 0.27 | **0.30** | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*g/tonne* | **4.87** | 4.59 | 6.23 | **4.74** | 4.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | &nbsp;&nbsp;*%* | **0.01** | 0.01 | 0.01 | **0.01** | 0.01 |
| &nbsp;&nbsp;Total ore mined | &nbsp;&nbsp;*tonnes* | **4824660** | 7497488 | 4800023 | **21339616** | 16140367 |
| &nbsp;&nbsp;Strip ratio<sup>2</sup> |  | **1.38** | 1.47 | 2.62 | **1.26** | 2.07 |
| &nbsp;&nbsp;Ore milled | &nbsp;&nbsp;*tonnes* | **6991744** | 7559047 | 8137248 | **22664815** | 23934171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*%* | **0.31** | 0.34 | 0.32 | **0.32** | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*g/tonne* | **0.16** | 0.05 | 0.11 | **0.09** | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*g/tonne* | **3.94** | 3.58 | 3.70 | **3.56** | 3.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | &nbsp;&nbsp;*%* | **0.01** | 0.01 | 0.01 | **0.01** | 0.01 |
| &nbsp;&nbsp;Copper concentrate | &nbsp;&nbsp;*tonnes* | **82796** | 94813 | 100462 | **269780** | 304190 |
| &nbsp;&nbsp;Concentrate grade | &nbsp;&nbsp;*% Cu* | **21.88** | 22.90 | 21.12 | **22.28** | 21.37 |
| &nbsp;&nbsp;Copper recovery | &nbsp;&nbsp;*%* | **83.2** | 84.5 | 82.6 | **84.2** | 83.6 |
| &nbsp;&nbsp;Gold recovery | &nbsp;&nbsp;*%* | **72.1** | 56.0 | 68.1 | **65.4** | 69.2 |
| &nbsp;&nbsp;Silver recovery | &nbsp;&nbsp;*%* | **65.2** | 63.5 | 67.0 | **64.9** | 67.4 |
| &nbsp;&nbsp;Molybdenum recovery | &nbsp;&nbsp;*%* | **33.9** | 38.7 | 39.0 | **36.2** | 42.7 |
| &nbsp;&nbsp;Combined unit operating costs<sup>3,4,5</sup> | &nbsp;&nbsp;*$/tonne* | **13.03** | 13.59 | 12.78 | **12.52** | 12.12 |
| <sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | <sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | <sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | <sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | <sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | <sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | <sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. |
| <sup>2</sup> Strip ratio is calculated as waste mined divided by ore mined. | <sup>2</sup> Strip ratio is calculated as waste mined divided by ore mined. | <sup>2</sup> Strip ratio is calculated as waste mined divided by ore mined. | <sup>2</sup> Strip ratio is calculated as waste mined divided by ore mined. | <sup>2</sup> Strip ratio is calculated as waste mined divided by ore mined. | <sup>2</sup> Strip ratio is calculated as waste mined divided by ore mined. | <sup>2</sup> Strip ratio is calculated as waste mined divided by ore mined. |
| <sup>3</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | <sup>3</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | <sup>3</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | <sup>3</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | <sup>3</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | <sup>3</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | <sup>3</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. |
| <sup>4</sup> Combined unit costs is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>4</sup> Combined unit costs is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>4</sup> Combined unit costs is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>4</sup> Combined unit costs is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>4</sup> Combined unit costs is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>4</sup> Combined unit costs is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>4</sup> Combined unit costs is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. |
| <sup>5</sup> Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.32 per tonne during the nine months ended September 30, 2025. | <sup>5</sup> Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.32 per tonne during the nine months ended September 30, 2025. | <sup>5</sup> Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.32 per tonne during the nine months ended September 30, 2025. | <sup>5</sup> Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.32 per tonne during the nine months ended September 30, 2025. | <sup>5</sup> Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.32 per tonne during the nine months ended September 30, 2025. | <sup>5</sup> Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.32 per tonne during the nine months ended September 30, 2025. | <sup>5</sup> Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.32 per tonne during the nine months ended September 30, 2025. |

---

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![](exhibit99-1x001.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Three months ended | Three months ended | Three months ended | **Nine months ended** | **Nine months ended** |
|  |  | **Sep. 30, 2025** | Jun. 30, 2025 | Sep. 30, 2024 | **Sep. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;**Contained metal in concentrate produced** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **18114** | 21710 | 21220 | **60117** | 65013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*oz* | **26380** | 7366 | 20331 | **41615** | 60147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*oz* | **577446** | 551979 | 648209 | **1684117** | 1738760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | &nbsp;&nbsp;*tonnes* | **185** | 375 | 362 | **957** | 1128 |
| &nbsp;&nbsp;**Payable metal sold** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **11769** | 21418 | 18803 | **56077** | 59363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*oz* | **9798** | 9721 | 9795 | **33881** | 65905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*oz* | **258215** | 616578 | 365198 | **1589448** | 1519207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | &nbsp;&nbsp;*tonnes* | **269** | 427 | 343 | **1144** | 1105 |
| &nbsp;&nbsp;**Cost per pound of copper produced** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost<sup>1,2</sup> | &nbsp;&nbsp;*$/lb* | **1.30** | 1.45 | 1.80 | **1.29** | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining cash cost<sup>1</sup> | &nbsp;&nbsp;*$/lb* | **2.11** | 2.63 | 2.78 | **2.23** | 2.07 |
| <sup>1</sup> Cash cost and sustaining cash costs per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost and sustaining cash costs per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost and sustaining cash costs per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost and sustaining cash costs per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost and sustaining cash costs per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost and sustaining cash costs per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost and sustaining cash costs per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. |
| <sup>2</sup> Excludes $7.3 million or $0.19 per pound of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.06 per pound during the nine months ended September 30, 2025. | <sup>2</sup> Excludes $7.3 million or $0.19 per pound of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.06 per pound during the nine months ended September 30, 2025. | <sup>2</sup> Excludes $7.3 million or $0.19 per pound of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.06 per pound during the nine months ended September 30, 2025. | <sup>2</sup> Excludes $7.3 million or $0.19 per pound of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.06 per pound during the nine months ended September 30, 2025. | <sup>2</sup> Excludes $7.3 million or $0.19 per pound of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.06 per pound during the nine months ended September 30, 2025. | <sup>2</sup> Excludes $7.3 million or $0.19 per pound of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.06 per pound during the nine months ended September 30, 2025. | <sup>2</sup> Excludes $7.3 million or $0.19 per pound of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $7.3 million or $0.06 per pound during the nine months ended September 30, 2025. |

---

***Overview***

The Peru operations continued to demonstrate steady operating performance despite facing temporary interruptions as a result of social unrest in the third quarter.

Country wide protests that began early in the third quarter temporarily impacted the transportation routes leading to limitations of supplies and concentrate transportation. To manage through these limitations, Hudbay adjusted mine sequencing to prioritize Pampacancha mining activities and blend low-grade stockpile ore in the mill feed. The road blockades along the transportation route reopened midway through the third quarter, allowing Hudbay to reduce site concentrate inventory levels and replenish supplies.

In late September, the social unrest escalated across Peru. Along with other mines in the southern mining corridor, Hudbay's Constancia mine was impacted by local protests and illegal blockades. The safety of all personnel is the Company's top priority, and Hudbay suspended Constancia operations on September 22<sup>nd</sup> as a precaution to ensure the safety of personnel and allow time for Hudbay and the authorities to address the illegal protests. During the temporary downtime, Hudbay's team at Constancia performed preventative maintenance at the mill and on certain mining equipment. Since the restart of mining activities on October 3<sup>rd</sup> and milling activities on October 5<sup>th</sup>, the Constancia operations have normalized. Post-quarter end, production in the month of October totaled approximately 9,200 tonnes of copper and 16,600 ounces of gold, reflecting optimal mill ore feed with strong ore contribution from Pampacancha and lower stockpiled ore being processed. Despite short-term interruptions, the Company remains on track to achieve its 2025 production guidance for all metals in Peru and expects to exceed the top end of the gold production guidance range in 2025.

With the regional social unrest impacting transportation routes during the quarter and ocean swells impacting port shipments in late September, a 20,000 dry metric tonne copper concentrate shipment, valued at approximately $60 million as a result of the high gold content, was deferred from late September to early October, thereby reducing sales volumes in the third quarter of 2025. This shipment was subsequently sold in October and total concentrate inventory levels have since normalized.

Social protests and unplanned changes in government happen from time to time in Peru, and since the start of operations at Constancia in 2014, Hudbay has been focused on working with local stakeholders and governmental authorities to ensure successful and sustainable long-term operations. Hudbay actively maintains strong relationships with the communities near Constancia and ensures continuous constructive dialogue. The Company is committed to being a safe and responsible operator and a significant long-term contributor to the prosperity of the local and regional communities.

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![](exhibit99-1x001.jpg)

***Mining Activities***

Total ore mined in Peru in the third quarter of 2025 was relatively unchanged from the same period in 2024, despite the impacts from social unrest in the third quarter of 2025 because ore mined in the same period in 2024 was lower than typical levels due to a stripping campaign. Total ore mined was lower than the second quarter of 2025 as a result of the temporary operational shutdown described above. However, Pampacancha ore mined significantly increased in the third quarter compared to the second quarter, reflecting the completion of a major stripping program in the second quarter.

Year-to-date ore mined in Peru was 32% higher than the same period in 2024 primarily due to the waste stripping campaign in 2024, partially offset by the impacts of the temporary interruption of certain mining activities in the current quarter.

***Milling Activities***

Mill throughput levels averaged approximately 76,000 tonnes per day in the third quarter of 2025, lower than the second quarter of 2025 due to the lower amount of ore mined and the temporary operational shutdown. Milled copper grades decreased by 9% compared to the second quarter 2025, primarily due to lower grades from ore feed from stockpiles, partially offset by higher grades from Pampacancha. Milled gold grades significantly increased in the third quarter of 2025 compared to the comparative periods due to a higher portion of ore feed from Pampacancha where the gold grades are meaningfully higher than in the other ore sources. The mill achieved higher copper recoveries of 83% in the third quarter of 2025 compared to the same period in 2024, but lower copper recoveries compared to the second quarter of 2025 due to the nature of the feed from the stockpile. Recoveries of gold and silver during the third quarter of 2025 were in line with Hudbay's metallurgical models for the ore that was being processed.

Year-to-date ore milled was 5% lower compared to the same period in 2024 mainly due to social issues in the third quarter of 2025. Year-to-date milled copper grades were consistent with the same period in 2024, while milled gold grades decreased by 18% due to lower grade of ore mined and lower grade from ore feed from stockpiles. Recoveries of copper during the nine months ended September 30, 2025 were 84%, representing an increase of 1%, compared with the 2024 period, despite being impacted by ore feed from stockpiles. Gold and silver recoveries during the nine months ended September 30, 2025 were 65% and 65%, respectively, representing a decrease of 5% and 4%, respectively, due to ore feed from stockpiles.

***Production and Sales Performance***

The Peru operations produced 18,114 tonnes of copper, 26,380 ounces of gold, 577,446 ounces of silver and 185 tonnes of molybdenum during the third quarter of 2025. Production of copper was lower than the comparative periods primarily due to lower ore milled as a result of the temporary operational shutdown. Production of gold was higher than the second quarter of 2025 and the same period in 2024 due to higher head grades from a larger portion of the Pampacancha ore feed. Production of silver was lower than the same period in 2024 but higher than the second quarter of 2025 as a result of commensurate movements in the respective periods' silver grades and throughput levels. Production of molybdenum was lower than the second quarter of 2025 and the same period in 2024 due to lower ore milled and lower recoveries.

Year-to-date production of copper, gold, silver and molybdenum in 2025 was 60,117 tonnes, 41,615 ounces, 1,684,117 ounces, and 957 tonnes, respectively, representing a decrease of 8%, 31%, 3% and 15%, respectively, from the comparative 2024 period primarily due to lower ore milled in the current period due to the temporary operational shutdown and a lower gold grade in the current year-to-date period as a result of comparably less Pampacancha ore being mined.

Quantities of gold sold during the nine months ended 2025 were lower than the same period in 2024 as a result of the

regional social unrest impacting transportation routes during the quarter and ocean swells negatively affecting port shipments in late September which specifically impacted a higher gold content shipment, as mentioned above.

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![](exhibit99-1x001.jpg)

![](exhibit99-1x007.jpg)

\*Copper equivalent production is calculated using the quarter average LME prices for each metal excluding molybdenum.

![](exhibit99-1x008.jpg)

![](exhibit99-1x009.jpg)

***Cost Performance***

Combined mine, mill and G&A unit operating cost in the third quarter of 2025 was $13.03 per tonne, 2% higher than the same period in 2024 primarily from lower deferred stripping due to mining restrictions and lower mill throughput, which was partially offset by lower labour costs due to the payment of the union agreement in July 2024 and certain fixed costs being excluded from this metric during the temporary operational shutdown. Combined mine, mill and G&A unit operating cost was 4% lower than the second quarter of 2025 as lower milling and G&A costs more than offset the impacts of higher mining costs and lower mill throughput associated with the temporary shutdown.

Combined mine, mill and G&A unit operating costs for the nine months ended September 30, 2025 was $12.52 per tonne, a 3% increase compared to the same period in 2024 for the same reasons as the quarter.

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![](exhibit99-1x001.jpg)

Cash cost per pound of copper produced, net of by-product credits, in the third quarter of 2025 was $1.30, a 28% decrease compared to the same period in 2024 as a result of higher gold by-product credits and lower treatment and refining costs. These favourable impacts were partially offset by lower copper produced. Cash cost per pound of copper produced, net of by-product credits, decreased by 10% compared to the second quarter of 2025 due to higher gold by-product credits and lower plant maintenance cost as planned maintenance was completed in the second quarter of 2025.

Year-to-date 2025 cash cost per pound of copper produced, net of by-product credits<sup>2</sup> was $1.29, an increase from $1.28 in the same period of 2024 due to lower gold by-product credits partially offset by lower treatment and refining charges.

Sustaining cash cost per pound of copper produced, net of by-product credits<sup>2</sup>, was $2.11 in the third quarter of 2025, a decrease of 24% compared to the same period in 2024 due to the same impacts as cash cost above. Sustaining cash cost per pound of copper produced, net of by-product credits, decreased by 20% compared to the second quarter of 2025 for the same reasons that impacted cash costs as well as from lower tailings management facility capital expenditures, timing on plant projects, and lower cash payments pertaining to community agreements.

On a year-to-date basis, sustaining cash cost per pound of copper produced, net of by-products credits<sup>2</sup>, was $2.23, higher than the $2.07 for the comparable period in 2024 due to the cash cost factors mentioned above along with higher lease payments and higher plant projects.

![](exhibit99-1xu002.jpg)

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![](exhibit99-1x001.jpg)

***Peru Guidance Outlook***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Three months ended | Three months ended | Nine months ended | Nine months ended | Guidance |
|  |  | **Sep. 30, 2025** | Sep. 30, 2024 | **Sep. 30,<br>2025** | Sep. 30,<br>2024 | Annual 2025 |
| &nbsp;&nbsp;**Contained metal in concentrate produced** | &nbsp;&nbsp;**Contained metal in concentrate produced** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **18114** | 21220 | **60117** | 65013 | 80000 - 97000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*oz* | **26380** | 20331 | **41615** | 60147 | 49000 - 60000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*oz* | **577446** | 648209 | **1684117** | 1738760 | 2475000 - 3025000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | &nbsp;&nbsp;*tonnes* | **185** | 362 | **957** | 1128 | 1300 - 1500 |
| &nbsp;&nbsp;**Cost per pound of copper produced** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost<sup>1</sup> | &nbsp;&nbsp;*$/lb* | **1.30** | 1.80 | **1.29** | 1.28 | 1.35 - 1.65 |
| <sup>1</sup> Cash cost per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. | <sup>1</sup> Cash cost per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-GAAP financial performance measures, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. |

---

Despite the impact from the temporary operational shutdown due to social unrest, Hudbay is on track to achieve its 2025 production guidance for all metals in Peru with gold production expected to exceed the top end of the 2025 guidance range. On a related note, with cash costs continuing to outperform the low end of the cash cost guidance range, Hudbay is reaffirming its full year 2025 cash cost guidance range in Peru.

------

![](exhibit99-1x001.jpg)

***MANITOBA OPERATIONS REVIEW***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| | | **Sep. 30, 2025** | Jun. 30, 2025 | Sep. 30, 2024 | **Sep. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;**Lalor ore mined** | &nbsp;&nbsp;*tonnes* | **139006** | 303062 | 411295 | **826302** | 1204481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*g/tonne* | **5.42** | 4.97 | 5.45 | **5.28** | 4.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*%* | **0.67** | 0.61 | 0.91 | **0.78** | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | &nbsp;&nbsp;*%* | **1.93** | 2.46 | 2.73 | **2.35** | 2.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*g/tonne* | **31.57** | 29.94 | 30.45 | **30.82** | 25.46 |
| &nbsp;&nbsp;**New Britannia ore milled** | &nbsp;&nbsp;*tonnes* | **92765** | 162934 | 191298 | **444823** | 529606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*g/tonne* | **6.88** | 6.48 | 6.77 | **6.94** | 6.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*%* | **0.76** | 0.65 | 0.93 | **0.90** | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zinc | &nbsp;&nbsp;*%* | **1.00** | 1.01 | 1.12 | **1.00** | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*g/tonne* | **32.18** | 30.29 | 30.24 | **31.99** | 25.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper concentrate | &nbsp;&nbsp;*tonnes* | **4410** | 6278 | 10856 | **25084** | 31853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrate grade | &nbsp;&nbsp;*% Cu* | **14.46** | 14.73 | 15.18 | **14.28** | 15.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold recovery<sup>1</sup> | &nbsp;&nbsp;*%* | **91.8** | 89.4 | 90 | **90.3** | 89.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper recovery | &nbsp;&nbsp;*%* | **90.0** | 87.4 | 92.8 | **89.5** | 94.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver recovery<sup>1</sup> | &nbsp;&nbsp;*%* | **78.5** | 78 | 79.9 | **79.7** | 81.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Contained metal in concentrate produced** | &nbsp;&nbsp;&nbsp;&nbsp;**Contained metal in concentrate produced** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*oz* | **12330** | 17801 | 24355 | **56617** | 68000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **637** | 926 | 1648 | **3582** | 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*oz* | **55012** | 80516 | 114157 | **255765** | 277132 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Metal in doré produced<sup>2</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*oz* | **6933** | 15379 | 16768 | **37423** | 44106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*oz* | **25058** | 46311 | 42244 | **116681** | 118977 |
| &nbsp;&nbsp;**Stall ore milled** | &nbsp;&nbsp;*tonnes* | **43940** | 144204 | 222621 | **403430** | 671506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*g/tonne* | **3.10** | 3.19 | 4.23 | **3.54** | 3.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*%* | **0.56** | 0.56 | 0.89 | **0.67** | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zinc | &nbsp;&nbsp;*%* | **3.61** | 4.20 | 4.12 | **3.73** | 4.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*g/tonne* | **31.04** | 29.55 | 30.20 | **29.71** | 25.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper concentrate | &nbsp;&nbsp;*tonnes* | **1293** | 3854 | 8438 | **11855** | 21807 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrate grade | &nbsp;&nbsp;*% Cu* | **15.80** | 17.79 | 20.74 | **19.74** | 19.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc concentrate | &nbsp;&nbsp;*tonnes* | **1053** | 9739 | 15338 | **23376** | 48456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrate grade | &nbsp;&nbsp;*% Zn* | **52.06** | 52.68 | 52.61 | **51.09** | 51.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold recovery | &nbsp;&nbsp;*%* | **72.6** | 67.9 | 70.5 | **69.7** | 68.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper recovery | &nbsp;&nbsp;*%* | **83.4** | 84.7 | 88.3 | **86.7** | 88.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc recovery | &nbsp;&nbsp;*%* | **34.6** | 84.8 | 88.1 | **79.4** | 87.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver recovery | &nbsp;&nbsp;*%* | **50.3** | 51.9 | 57.8 | **55.4** | 57.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Contained metal in concentrate produced** | &nbsp;&nbsp;&nbsp;&nbsp;**Contained metal in concentrate produced** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*oz* | **3178** | 10055 | 21345 | **31990** | 50681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **205** | 686 | 1750 | **2341** | 4188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zinc | &nbsp;&nbsp;*tonnes* | **548** | 5130 | 8069 | **11943** | 24954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*oz* | **22062** | 71143 | 124996 | **213259** | 315758 |
| <sup>1</sup> Gold and silver recovery includes total recovery from concentrate and doré. | <sup>1</sup> Gold and silver recovery includes total recovery from concentrate and doré. | <sup>1</sup> Gold and silver recovery includes total recovery from concentrate and doré. | <sup>1</sup> Gold and silver recovery includes total recovery from concentrate and doré. | <sup>1</sup> Gold and silver recovery includes total recovery from concentrate and doré. | <sup>1</sup> Gold and silver recovery includes total recovery from concentrate and doré. | <sup>1</sup> Gold and silver recovery includes total recovery from concentrate and doré. |
| <sup>2</sup> Doré includes sludge, slag and carbon fines. | <sup>2</sup> Doré includes sludge, slag and carbon fines. | <sup>2</sup> Doré includes sludge, slag and carbon fines. | <sup>2</sup> Doré includes sludge, slag and carbon fines. | <sup>2</sup> Doré includes sludge, slag and carbon fines. | <sup>2</sup> Doré includes sludge, slag and carbon fines. | <sup>2</sup> Doré includes sludge, slag and carbon fines. |

---

------

![](exhibit99-1x001.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| | | **Sep. 30, 2025** | Jun. 30, 2025 | Sep. 30, 2024 | **Sep. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;**Total contained metal in concentrate and doré produced<sup>1</sup>** | &nbsp;&nbsp;**Total contained metal in concentrate and doré produced<sup>1</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*oz* | **22441** | 43235 | 62468 | **126030** | 162787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **842** | 1612 | 3398 | **5923** | 9189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | &nbsp;&nbsp;*tonnes* | **548** | 5130 | 8069 | **11943** | 24954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*oz* | **102132** | 197970 | 281397 | **585705** | 711867 |
| &nbsp;&nbsp;**Payable metal sold in concentrate and doré** | &nbsp;&nbsp;**Payable metal sold in concentrate and doré** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*oz* | **23118** | 46932 | 57238 | **125815** | 162004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **769** | 2133 | 2931 | **5627** | 8281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | &nbsp;&nbsp;*tonnes* | **3452** | 2871 | 8607 | **11180** | 19859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*oz* | **112142** | 209594 | 244974 | **553990** | 674301 |
| &nbsp;&nbsp;**Unit Operating Costs<sup>2</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lalor | &nbsp;&nbsp;*C$/tonne* | **157.38** | 153.08 | 132.97 | **149.20** | 143.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;New Britannia | &nbsp;&nbsp;*C$/tonne* | **61.54** | 67.98 | 66.14 | **66.70** | 71.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stall | &nbsp;&nbsp;*C$/tonne* | **57.90** | 51.53 | 46.72 | **43.92** | 41.92 |
| &nbsp;&nbsp;**Combined unit operating costs<sup>3,4,5</sup>** | &nbsp;&nbsp;*C$/tonne* | **258** | 241 | 211 | **231** | 224 |
| &nbsp;&nbsp;**Cost per ounce of gold produced** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost<sup>5,6</sup> | &nbsp;&nbsp;*$/oz* | **379** | 710 | 372 | **491** | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining cash cost<sup>5</sup> | &nbsp;&nbsp;*$/oz* | **762** | 1025 | 553 | **787** | 855 |

---

<sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter terms and includes other secondary products.

<sup>2</sup> Reflects costs per tonne of ore mined/milled.

<sup>3</sup> Reflects combined mine, mill and G&A costs per tonne of milled ore.

<sup>4</sup> Excludes overhead costs of $16.0 million or C$163 per tonne of ore milled incurred during temporary suspension during the three months ended September 30, 2025, $3.2 million or C$14 per tonne of ore milled during the three months ended June 30, 2025 and $19.2 million or C$32 per tonne of ore milled during the nine months ended September 30, 2025.

<sup>5</sup> Combined unit costs, cash cost and sustaining cash cost per ounce of gold produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A.

<sup>6</sup> Excludes overhead costs of $16.0 million or $713 per ounce of gold produced incurred during temporary suspension during the three months ended September 30, 2025, $3.2 million or $74 per ounce of gold produced during the three months ended June 30, 2025 and $19.2 million or $152 per ounce of gold produced during the nine months ended September 30, 2025.

***Overview***

Wildfire disruptions persisted in northern Manitoba for the majority of the third quarter, leading to evacuations in the Snow Lake region throughout July and August, with a full seven-week operational shutdown and several weeks of subsequent ramp-up significantly impacting Hudbay's operations. Despite these challenges, Hudbay's Manitoba business unit demonstrated continued resilience with a comprehensive restart plan that was implemented to focus on the safety of the Company's employees and the integrity of Hudbay's assets. There was no structural damage to Hudbay's onsite surface infrastructure and facilities in Snow Lake. Following the lifting of mandatory evacuations, milling activities at the New Britannia mill resumed on August 26, 2025 and milling activities at Stall restarted on September 9, 2025. At Lalor, the full mining workforce returned as of August 27, 2025 and mining operations ramped up to reach normal operating capacity in the second half of September 2025. The Company submitted a business interruption insurance claim relating to the wildfires and expects the claim to be resolved in 2026 and compensate for a portion of the wildfire downtime.

Achievements in the third quarter of 2025 included successful safeguarding of the Company's assets and people, the orderly resumption of operations, including the exploration programs in Flin Flon and Snow Lake and achieving an average throughput of almost 2,300 tonnes per operating day at the New Britannia mill, all of which was a result of the tremendous effort and unwavering commitment demonstrated by the on-site team.

------

![](exhibit99-1x001.jpg)

Subsequent to quarter-end, Hudbay experienced power outages due to severe winter storms, and the Snow Lake operations were shut down for approximately one week in October. While the Company was previously tracking within the 2025 guidance ranges despite the significant wildfire impacts, it now expects to be slightly below the low end of the gold production guidance range as a result of the power outage in October and the associated ramp-up after power was restored.

***Mining Activities***

Total ore mined in Manitoba in the third quarter of 2025 was lower than the comparable periods, reflecting the impacts from the wildfires. In the third quarter of 2025, gold grades decreased by 1% compared to the same period in 2024 but increased by 9% compared to the second quarter of 2025. Copper, zinc and silver grades were in line with mine plan expectations.

Total ore mined at Hudbay's Manitoba operations during the nine months ended September 30, 2025 was 31% lower than the same period in 2024, as a result of the impact of the multiple wildfires in 2025. Year-to-date gold and silver grades mined at Lalor were 12% and 21% higher, respectively, compared with the same period in 2024 due to mining sequence and prioritizing mining gold zones in efforts to keep New Britannia full during the unprecedented wildfire season. Year-to-date copper and zinc grades mined were 5% and 16% lower than the same period in 2024.

There was limited access to the 1901 deposit in the third quarter due to the wildfires, resulting in reduced advance rates at the exploration and haulage drifts, but some additional development zinc ore was extracted during the third quarter of 2025. Notwithstanding the reduced advancement rate in the quarter, the 1901 project is on track for full production by the end of 2027 and activities over the next two years will focus on exploration, definition drilling, orebody access, and establishing critical infrastructure.

***Milling Activities***

Consistent with Hudbay's strategy of allocating more Lalor ore feed to New Britannia to maximize gold recoveries, adjusting for days interrupted by wildfire evacuations, the New Britannia mill operated for 40.5 days during the quarter at an average throughput of approximately 2,290 tonnes per operating day. Total ore milled at New Britannia was significantly lower in the quarter due to the wildfire evacuation shutdown. Gold recovery in the third quarter of 2025 was a record 92% reflecting an increase compared to the same period in 2024 and the second quarter of 2025 which is mostly the result of the higher gold grades.

The Stall mill experienced a greater throughput impact from the wildfire evacuation shutdown during the current quarter as the Lalor mine prioritized mining from gold zones over base metal zones to ensure a consistent feed to the New Britannia mill. Despite these challenges, the team at Stall focused on process optimization and enhanced gold recovery initiatives. The Stall mill achieved record gold recoveries of 73% in the third quarter of 2025, reflecting benefits from recent recovery improvement programs.

***Production and Sales Performance***

Production during the third quarter of 2025 included 22,441 ounces of gold, 842 tonnes of copper, 548 tonnes of zinc and 102,132 ounces of silver. Production of gold, copper, silver, and zinc decreased by 64%, 75%, 64% and 93%, respectively, compared to the third quarter of 2024, due to the wildfire evacuation shutdown in July and August. Production of all metals in the third quarter was also lower then the second quarter of 2025, but to a lesser extent as a result of a more prolonged wildfire evacuation impacting the third quarter of 2025 compared to a shorter wildfire evacuation period in the preceding quarter.

Year-to-date production of all metals was lower than the comparative 2024 period as a result of the same factors explained above.

------

![](exhibit99-1x001.jpg)

![](exhibit99-1xu003.jpg)

***Cost Performance***

Combined mine, mill and G&A unit operating costs in the third quarter were C$258 per tonne, higher than the comparative periods primarily due to lower total throughput partially offset by lower variable costs.

Cash cost per ounce of gold produced, net of by-product credits, in the third quarter of 2025 was $379, relatively unchanged compared to the same period in 2024 primarily as a result of lower treatment and refining costs partially offsetting lower gold production in the quarter. Compared to the second quarter of 2025, cash costs decreased primarily due to higher by-product credits and the recovery of secondary gold products as a result of mill tank clean-outs.

Sustaining cash cost per ounce of gold produced, net of by-product credits, in the third quarter of 2025 was $762, a 38% increase compared to the same period in 2024 primarily the result of lower gold production in the quarter and a 26% decrease compared to the second quarter of 2025, primarily due to the same factors affecting cash costs.

Cash cost per ounce of gold produced, net of by-product credits, during the nine months ended September 30, 2025 was $491, a 19% decrease compared to the same period in 2024 primarily due to lower treatment and refining costs, the previously mentioned impact of the mill tank clean-outs, partially offset by lower gold production. Sustaining cash cost per ounce of gold produced, net of by-product credits, for the nine months ended September 30, 2025 was $787 per ounce, a decrease of 8% from the same period in 2024 primarily due to the same factors affecting cash cost noted above.

![](exhibit99-1xu004.jpg)

------

![](exhibit99-1x001.jpg)

***Manitoba Guidance Outlook***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Three months ended | Three months ended | Nine months ended | Nine months ended | Guidance |
| | | **Sep. 30,** <br>**2025** | Sep. 30,<br>2024 | **Sep. 30,** <br>**2025** | Sep. 30,<br>2024 | Annual 2025 |
| &nbsp;&nbsp;**Total contained metal in concentrate and doré produced<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold<sup>2</sup> | &nbsp;&nbsp;*oz* | **22441** | 62468 | **126030** | 162787 | 180000 - 220000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **842** | 3398 | **5923** | 9189 | 9000 - 11000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | &nbsp;&nbsp;*tonnes* | **548** | 8069 | **11943** | 24954 | 21000 - 27000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver<sup>3</sup> | &nbsp;&nbsp;*oz* | **102132** | 281397 | **585705** | 711867 | 800000 - 1000000 |
| &nbsp;&nbsp;**Cost per ounce of gold produced** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost<sup>4,5</sup> | &nbsp;&nbsp;*$/oz* | **379** | 372 | **491** | 606 | 650 - 850 |

---

<sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter terms.

<sup>2</sup> Gold production guidance includes gold contained in concentrate produced and gold in doré.

<sup>3</sup> Silver production guidance includes silver contained in concentrate produced and silver in doré.

<sup>4</sup> Combined unit costs, cash cost per ounce of gold produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A.

<sup>5</sup> Excludes $16 million or $713 per ounce of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $19.2 million or $152 per ounce during the nine months ended September 30, 2025.

While Hudbay was previously tracking within the 2025 guidance ranges despite the wildfire impacts, the Company now expects to be slightly below the low end of gold production guidance range as a result of the power outage in October and the associated ramp-up after power was restored. With cash costs during 2025 continuing to outperform the low end of the cash cost guidance range, Hudbay is reaffirming its full year 2025 cash cost guidance range in Manitoba. Given the strong cash cost performance to-date in Manitoba, Hudbay will continue to prioritize primary gold production over by-product zinc production in 2025 and full year zinc production is now expected to be below the low end of the guidance range.

------

![](exhibit99-1x001.jpg)

***BRITISH COLUMBIA OPERATIONS REVIEW***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Three months ended<sup>5</sup> | Three months ended<sup>5</sup> | Three months ended<sup>5</sup> | Nine months ended<sup>5</sup> | Nine months ended<sup>5</sup> |
|  |  | **Sep. 30, 2025** | Jun. 30, 2025 | Sep. 30, 2024 | **Sep. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;Ore mined<sup>1</sup> | &nbsp;&nbsp;*tonnes* | **1815689** | 2509969 | 3098863 | **6973752** | 8986081 |
| &nbsp;&nbsp;Strip ratio<sup>2</sup> |  | **8.84** | 7.50 | 6.05 | **7.56** | 5.62 |
| &nbsp;&nbsp;Ore milled | &nbsp;&nbsp;*tonnes* | **3087443** | 2900008 | 3363176 | **8748437** | 9775752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*%* | **0.22** | 0.28 | 0.24 | **0.28** | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*g/tonne* | **0.08** | 0.09 | 0.09 | **0.09** | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*g/tonne* | **0.78** | 0.97 | 0.73 | **1.00** | 0.97 |
| &nbsp;&nbsp;Copper concentrate | &nbsp;&nbsp;*tonnes* | **21560** | 28198 | 28049 | **80992** | 87974 |
| &nbsp;&nbsp;Concentrate grade | &nbsp;&nbsp;*% Cu* | **24.4** | 23.5 | 24.0 | **23.6** | 23.3 |
| &nbsp;&nbsp;Copper recovery | &nbsp;&nbsp;*%* | **76.6** | 81.0 | 84.1 | **78.7** | 83.2 |
| &nbsp;&nbsp;Gold recovery | &nbsp;&nbsp;*%* | **59.2** | 68.2 | 67.3 | **63.6** | 62.2 |
| &nbsp;&nbsp;Silver recovery | &nbsp;&nbsp;*%* | **65.5** | 71.8 | 71.2 | **69.3** | 72.6 |
| &nbsp;&nbsp;Combined unit operating costs<sup>3,4</sup> | &nbsp;&nbsp;*C$/tonne* | **25.02** | 24.51 | 15.58 | **25.09** | 19.56 |

---

<sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled.

<sup>2</sup> Strip ratio is calculated as waste mined divided by ore mined.

<sup>3</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs.

<sup>4</sup> Combined unit costs is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A.

<sup>5</sup> Copper Mountain mine results are stated at 100%. On April 30, 2025 Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Three months ended<sup>2</sup> | Three months ended<sup>2</sup> | Three months ended<sup>2</sup> | Nine months ended<sup>2</sup> | Nine months ended<sup>2</sup> |
|  |  | **Sep. 30, 2025** | Jun. 30, 2025 | Sep. 30, 2024 | **Sep. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;**Contained metal in concentrate produced** | &nbsp;&nbsp;**Contained metal in concentrate produced** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **5249** | 6634 | 6736 | **19079** | 20479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*oz* | **4760** | 5670 | 6274 | **15991** | 15145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*oz* | **50816** | 65040 | 55963 | **195336** | 221566 |
| &nbsp;&nbsp;**Payable metal sold** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **5742** | 6803 | 6026 | **18698** | 19523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*oz* | **5363** | 5813 | 6199 | **16141** | 14699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*oz* | **48061** | 67988 | 53241 | **176108** | 205789 |
| &nbsp;&nbsp;**Cost per pound of copper produced** | &nbsp;&nbsp;**Cost per pound of copper produced** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost<sup>1</sup> | &nbsp;&nbsp;*$/lb* | **3.21** | 2.39 | 1.81 | **2.63** | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining cash cost<sup>1</sup> | &nbsp;&nbsp;*$/lb* | **7.43** | 5.18 | 5.06 | **5.44** | 5.15 |

---

<sup>1</sup> Cash cost and sustaining cash cost, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A.

<sup>2</sup> Copper Mountain mine results are stated at 100%. On April 30, 2025 Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%.

------

![](exhibit99-1x001.jpg)

***Overview***

Hudbay continues its focus on advancing optimization plans at the Copper Mountain mine, including ramping up mining activities to optimize the ore feed to the plant and implementing site improvement initiatives that mirror Hudbay's best in-class operating practices.

Mining activities are focused on continuing to execute the three-year accelerated stripping program intended to bring higher grade ore into the mine plan by 2027.

Hudbay made significant progress this year on the key mill improvement project to ultimately increase the nominal plant capacity to its permitted level of 50,000 tonnes per day. Completion of the initial phase of the SAG2 mill project in July and the subsequent ramp up demonstrated a positive contribution from SAG2 during the third quarter with several days achieving 50,000 tonnes per day of mill throughput in September. The operations team will continue to optimize the circuit as planned through the remainder of 2025. The final phase of the project involves converting an interim feed arrangement to a permanent configuration and construction remains on target for completion in December 2025.

In late September 2025, the primary SAG mill ("SAG1") required unplanned maintenance due to localized damage to the feed head end shell. After repairs, SAG1 restarted operations in mid-October at a reduced rate. Under enhanced monitoring protocols, SAG1 throughput will continue to ramp up over the course of the fourth quarter. As a precautionary measure, a replacement for the feed head end shell has been ordered with delivery expected in the second quarter of 2026. Together with the completion of the final phase of the SAG2 project, Hudbay expects mill throughput to ramp up towards 50,000 tonnes per day by mid-2026.

Fourth quarter production is expected to be impacted by lower throughput at SAG1 due to unplanned maintenance, and with a higher portion of ore milled from low-grade stockpiles year-to-date, Hudbay now expects full year copper production to be below the low end of the guidance range.

***Mining Activities***

Total ore mined at Copper Mountain in the third quarter of 2025 was 1.8 million tonnes, a decrease of 41% compared to the third quarter of 2024. Planned ore stockpiles were utilized as ore feed to the mill while the mine operation team continued waste stripping activities to expose additional ore mining fronts. Total ore mined decreased by 28% compared to the second quarter of 2025 due to unplanned production loading fleet issues and vertical interactions with tight mining phases, which restricted efficiencies. Mining activities continue to focus on execution of the accelerated stripping program intended to bring higher grade ore into the mine plan by 2027 and on mining efficiencies, including a significant improvement with blasted muck inventories and operator recruitment to effectively utilize the available haul truck fleet. As a result, total material moved is expected to increase in the coming quarters as per the mine plan.

Total ore mined at Copper Mountain during the nine months ended September 30, 2025 was 22% lower than the same period in 2024, for the same reason mentioned above.

***Milling Activities***

The mill processed 3.1 million tonnes of ore during the third quarter of 2025, 8% lower than the third quarter of 2024 but 6% higher than the second quarter of 2025, reflecting the completion of the first phase of the SAG2 project. Mill throughput in the third quarter of 2025 was limited by planned and unplanned maintenance, elevated clay content, and the planned lowering of the main crushed live ore pile feeding the mill due to area constraints related to the SAG2 project. Several mill initiatives were implemented in 2025, including recovery improvements, crushing circuit chute modifications, installation of grinding control instrumentation, and a redesigned SAG liner package. Progressive mill improvements and updated operational procedures will continue into 2026.

Milled copper grades during the third quarter of 2025 were 8% lower than the third quarter of 2024 and 21% lower than the second quarter of 2025 due to higher proportions of ore processed from lower grade stockpiles. Copper recoveries were 77% in the third quarter of 2025, a decrease from 81% in the second quarter of 2025 due to processing of lower grade stockpile material. Milled gold grades were lower in the third quarter of 2025 compared to the same period in 2024, resulting in lower gold recoveries of 59% in the third quarter of 2025.

Milled copper grades during the nine months ended September 30, 2025 were higher than the same period in 2024 as accelerated stripping efforts unlocked a high-grade mining sequence in the first half of 2025. Year-to-date 2025 copper recoveries of 79% were lower than 2024 as a result of the composition of ore feed to the mill. Operational strategy improvements, including reagent selection and dose modifications are in progress. Milled gold grades during the nine months ended September 30, 2025 were higher than the same period in 2024, resulting in higher year-to-date gold recoveries of 64%.

------

![](exhibit99-1x001.jpg)

***Production and Sales Performance***

The British Columbia operations produced 5,249 tonnes of copper, 4,760 ounces of gold and 50,816 ounces of silver during the third quarter of 2025. Production of copper, gold and silver decreased, compared to prior periods primarily as a result of lower head grades from processing stockpiled ore.

During the nine months ended September 30, 2025, production of copper, gold and silver was 19,079 tonnes, 15,991 ounces and 195,336 ounces, respectively. Year-to-date gold production was higher by 6% than the same period in 2024 and production of copper and silver was lower as a result of the same quarterly variances mentioned above.

Quantities of copper, gold and silver sold during the third quarter of 2025 were lower than the elevated levels seen in the second quarter of 2025 and third quarter of 2024 as a result of the changes in production during the periods.

![](exhibit99-1x013.jpg)

\*Copper equivalent production is calculated using the quarter average LME prices for each metal. Copper Mountain mine production are stated at 100%. On April 30, 2025 Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%.

![](exhibit99-1x014.jpg)

![](exhibit99-1x015.jpg)

------

![](exhibit99-1x001.jpg)

***Cost Performance***

Combined mine, mill and G&A unit operating costs in the third quarter of 2025 were C$25.02 per tonne milled, higher than the third quarter of 2024 and second quarter of 2025. The increase compared to the third quarter of 2024 was primarily due to higher mining, milling and administrative costs along with lower ore milled. The increase compared to the second quarter of 2025 was due to higher milling and G&A costs, partially offset by higher ore milled and lower mining costs.

Combined mine, mill and G&A unit operating costs during the nine months ended September 30, 2025 were C$25.09 per tonne milled versus C$19.56 per tonne milled in the same period of 2024 primarily due to higher mining, milling and admin costs with lower tonnes milled.

Cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, in the third quarter of 2025 were $3.21 and $7.43, respectively. Cash costs were 77% and 34% higher than in the third quarter of 2024 and second quarter of 2025, respectively, largely due to overall higher costs, lower production and lower by-product credits. Sustaining cash costs were 47% higher than the third quarter of 2024 mainly as a result of the increases in cash costs. Sustaining cash costs were 43% higher than the second quarter of 2025 due to higher cash costs and increased sustaining capital including higher capitalized stripping costs.

Cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, during the nine months ended September 30, 2025 were $2.63 and $5.44, respectively, and were comparable to the cash cost and sustaining cash cost in the same period last year.

![](exhibit99-1xu005.jpg)

------

![](exhibit99-1x001.jpg)

***British Columbia Guidance Outlook***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Three months ended<sup>2</sup> | Three months ended<sup>2</sup> | Nine months ended<sup>2</sup> | Nine months ended<sup>2</sup> | Guidance |
|  |  | **Sep. 30,<br>2025** | Sep. 30,<br>2024 | **Sep. 30,<br>2025** | Sep. 30,<br>2024 | Annual 2025 |
| &nbsp;&nbsp;**Contained metal in concentrate produced** | &nbsp;&nbsp;**Contained metal in concentrate produced** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*tonnes* | **5249** | 6736 | **19079** | 20479 | 28000 - 41000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;*oz* | **4760** | 6274 | **15991** | 15145 | 18500 - 28000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;*oz* | **50816** | 55963 | **195336** | 221566 | 245000 - 365000 |
| &nbsp;&nbsp;**Cost per pound of copper produced** | &nbsp;&nbsp;**Cost per pound of copper produced** |  |  |  |  |  |
| &nbsp;&nbsp;Cash cost<sup>1</sup> | &nbsp;&nbsp;*$/lb* | **3.21** | 1.81 | **2.63** | 2.67 | 2.45 - 3.45 |

---

<sup>1</sup> Cash cost, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A.

<sup>2</sup> Copper Mountain mine results are stated at 100%. On April 30, 2025 Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%.

In British Columbia, fourth quarter production is expected to be impacted by lower mill throughput due to reduced throughput at SAG1, which together with a higher portion of ore milled from low-grade stockpiles year-to-date, is expected to result in full year copper production being below the low end of the 2025 guidance range. Despite these impacts, cash costs continue to track well versus the guidance range and Hudbay is reaffirming its full year 2025 cash cost guidance range in British Columbia.

------

![](exhibit99-1x001.jpg)

***FINANCIAL REVIEW***

***Financial Results***

In the third quarter of 2025, Hudbay recorded net earnings attributable to owners of $222.4 million compared to the net earnings on the same basis of $49.7 million in the third quarter of 2024, representing an increase in net earnings attributable to owners of $172.7 million. Year-to-date in 2025, Hudbay recorded net earnings attributable to owners of $440.5 million compared to net earnings on the same basis of $55.5 million for the same period in 2024, representing an increase in earnings attributable to owners of $385.0 million.

The following table provides further details on the makeup of this variance:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;*(in $ millions)* | **Three months ended** <br>**September 30, 2025** | **Nine months ended**<br>**September 30, 2025** |
| &nbsp;&nbsp;Increase (decrease) in components of earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues | **(139.0)** | **41.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mine operating costs | **49.7** | **44.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **14.8** | **17.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and administrative expenses | **(19.3)** | **(18.7)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses | **1.7** | **(3.0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | **(1.3)** | **13.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Re-evaluation adjustment - environmental obligation | **0.6** | **(6.4)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal | **322.3** | **322.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Consideration received from previous sale of non-core project | **14.9** | **14.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net finance expense | **6.4** | **80.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | **(78.7)** | **(119.2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in net earnings for the period | **172.1** | **387.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in non-controlling interest | **0.6** | **(2.8)** |
| &nbsp;&nbsp;Increase in net earnings attributable to owners for the period | **172.7** | **385.0** |

---

***Revenue***

Revenue for the third quarter of 2025 was $346.8 million, $139.0 million lower than the same period in 2024, primarily due to lower sales volume of metals in the third quarter of 2025 as a result of the temporary interruptions due to the wildfires in Manitoba and social unrest in Peru.

Revenue during the nine months ended September 30, 2025 was $1,478.1 million, $41.8 million higher than in 2024, primarily as a result of higher metal prices, partially offset by the factor indicated earlier impacting third quarter sales volumes.

While a majority of revenues continue to be from copper, gold represented a significant portion of total revenues at 38% for the three months ended September 30, 2025. This is as a result of exposure to higher gold prices.

------

![](exhibit99-1x001.jpg)

The following table provides further details on these variances:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;*(in $ millions)* | **Three months ended** <br>**September 30, 2025** | **Nine months ended** <br>**September 30, 2025** |
| &nbsp;&nbsp;**Metals prices<sup>1</sup>** |  |  |
| &nbsp;&nbsp;Higher copper prices | **5.2** | **37.0** |
| &nbsp;&nbsp;Higher gold prices | **35.6** | **167.7** |
| &nbsp;&nbsp;Higher zinc prices | **0.2** | **0.7** |
| &nbsp;&nbsp;Higher silver prices | **2.3** | **5.9** |
| &nbsp;&nbsp;**Sales volumes** |  |  |
| &nbsp;&nbsp;Lower copper sales volumes | **(88.5)** | **(62.8)** |
| &nbsp;&nbsp;Lower gold sales volumes | **(90.6)** | **(147.5)** |
| &nbsp;&nbsp;Lower zinc sales volumes | **(14.5)** | **(23.5)** |
| &nbsp;&nbsp;Lower silver sales volumes | **(6.7)** | **(1.9)** |
| &nbsp;&nbsp;**Other** |  |  |
| &nbsp;&nbsp;Molybdenum and other volume and pricing differences | **2.1** | **3.6** |
| &nbsp;&nbsp;Variable consideration adjustments | **-** | **13.7** |
| &nbsp;&nbsp;Effect of lower treatment and refining charges | **15.9** | **48.9** |
| &nbsp;&nbsp;(Decrease) increase in revenue in 2025 compared to 2024 | **(139.0)** | **41.8** |

---

<sup>1</sup> See discussion below for further information regarding metals prices.

<sup>2</sup> Copper Mountain mine results are stated at 100%.

Hudbay's revenue by significant product type is summarized below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30, 2025** | Jun. 30, 2025 | Sep. 30, 2024 | **Sep. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;Copper | **178.8** | 297.1 | 261.3 | **778.2** | 805.8 |
| &nbsp;&nbsp;Gold | **125.5** | 189.2 | 176.3 | **508.9** | 474.0 |
| &nbsp;&nbsp;Zinc | **9.6** | 7.1 | 24.3 | **31.0** | 54.7 |
| &nbsp;&nbsp;Silver | **9.1** | 13.9 | 12.7 | **37.3** | 35.8 |
| &nbsp;&nbsp;Molybdenum | **14.0** | 19.1 | 16.8 | **54.0** | 51.0 |
| &nbsp;&nbsp;Other metals | **-** |  |  | **(0.2)** | 0.5 |
| &nbsp;&nbsp;Revenue from contracts | **337.0** | 526.4 | 491.4 | **1409.2** | 1421.8 |
| &nbsp;&nbsp;Amortization of deferred revenue - gold | **2.3** | 5.9 | 4.3 | **16.6** | 26.2 |
| &nbsp;&nbsp;Amortization of deferred revenue - silver | **4.0** | 9.5 | 5.3 | **24.5** | 22.0 |
| &nbsp;&nbsp;Amortization of deferred revenue - variable consideration adjustments - prior periods | **-** |  |  | **9.9** | (3.8) |
| &nbsp;&nbsp;Pricing and volume adjustments<sup>1</sup> | **8.8** | (2.1) | 6.0 | **40.5** | 41.6 |
| &nbsp;&nbsp;Treatment and refining charges | **(5.3)** | (3.3) | (21.2) | **(22.6)** | (71.5) |
| &nbsp;&nbsp;Revenue | **346.8** | 536.4 | 485.8 | **1478.1** | 1436.3 |

---

<sup>1</sup> Pricing and volume adjustments represents mark-to-market adjustments on provisionally prices sales, realized and unrealized changes to fair value for non-hedge derivative contracts (QP hedges) and adjustments to originally invoiced weights and assays.

For further detail on variable consideration adjustments, refer to note 17 of Hudbay's consolidated interim financial statements.

------

![](exhibit99-1x001.jpg)

***Realized sales prices***

This measure is intended to enable management and investors to understand the average realized price of metals sold to third parties in each reporting period. The average realized price per unit sold does not have any standardized meaning prescribed by IFRS, is unlikely to be comparable to similar measures presented by other issuers and should not be considered in isolation or a substitute for measures of performance prepared in accordance with IFRS.

For sales of copper, zinc, gold and silver Hudbay may enter into non-hedge derivatives ("QP hedges") which are intended to manage the provisional pricing risk arising from quotational period terms in concentrate sales agreements. The gains and losses on QP hedges are included in the calculation of realized prices. Hudbay expects that gains and losses on QP hedges will offset provisional pricing adjustments on concentrate sales contracts.

Hudbay's realized prices for the three and nine months ended September 30, 2025 and 2024, respectively, are summarized below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Realized prices<sup>1</sup> for the | Realized prices<sup>1</sup> for the | Realized prices<sup>1</sup> for the |  | Realized prices<sup>1</sup> for the | Realized prices<sup>1</sup> for the |
| | | | Three months ended | Three months ended | Three months ended |  | Nine months ended | Nine months ended |
| &nbsp;&nbsp;**Prices** | &nbsp;&nbsp;**Prices** | **LME QTD<br>2025<sup>2</sup>** | **Sep. 30,<br>2025** | Jun. 30,<br>2025 | Sep. 30,<br>2024 | **LME YTD**<br>**2025<sup>2</sup>** | **Sep. 30,<br>2025** | Sep. 30,<br>2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;*$/lb* | **4.44** | **4.37** | 4.36 | 4.24 | **4.33** | **4.42** | 4.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold<sup>3</sup> | &nbsp;&nbsp;*$/oz* | **3458** | **3522** | 3135 | 2592 | **3203** | **3162** | 2209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | &nbsp;&nbsp;*$/lb* |  | **1.30** | 1.15 | 1.28 |  | **1.26** | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver<sup>3</sup> | &nbsp;&nbsp;*$/oz* |  | **33.22** | 26.17 | 27.58 |  | **27.33** | 24.76 |

---

<sup>1</sup> Realized prices exclude refining and treatment charges and are on the sale of finished metal or metal in concentrate. Realized prices include the effect of provisional pricing adjustments on prior period sales.

<sup>2</sup> London Metal Exchange average for Cash copper and zinc prices.

<sup>3</sup> Sales of gold and silver from Constancia mine are subject to Hudbay's precious metals stream agreement with Wheaton, pursuant to which Hudbay recognizes deferred revenue for precious metals deliveries and also receive cash payments. Stream sales are included within realized prices and their respective deferred revenue and cash payment rates can be found on page 34 of this MD&A.

![](exhibit99-1xu006.jpg)

In addition to QP hedges, the Company may periodically undertake metal price hedging in accordance with Board approved policies to achieve strategic objectives, including locking in favourable metal prices to ensure minimum cash flows during or after the construction of a mine or during a period of reduced liquidity, to manage cash flows at shorter life or higher cost operations or as part of a financing arrangement. The realized prices, denoted in the table above, excludes the impact of derivative mark-to-market gains and losses on these non-QP hedges, which are included in change in fair value of financial instruments in Hudbay's condensed consolidated interim statements of income.

As of September 30, 2025, Hudbay had no non-QP hedges outstanding.

------

![](exhibit99-1x001.jpg)

The following tables provide a reconciliation of average realized price per unit sold, by metal, to revenues as shown in the consolidated interim financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** |
| &nbsp;&nbsp;*(in $ millions except for realized price and payable metal sold)* <sup>*1*</sup> | Copper | Gold | Zinc | Silver | Molybdenum | Other | Total |
| &nbsp;&nbsp;Revenue from contracts | **178.8** | **125.5** | **9.6** | **9.1** | **14.0** | **-** | **337.0** |
| &nbsp;&nbsp;Amortization of deferred revenue | **-** | **2.3** | **-** | **4.0** | **-** | **-** | **6.3** |
| &nbsp;&nbsp;Pricing and volume adjustments <sup>3</sup> | **(2.5)** | **7.0** | **0.3** | **0.8** | **3.2** | **-** | **8.8** |
| &nbsp;&nbsp;Revenue, including mark-to-market on QP hedges <sup>4</sup> | **176.3** | **134.8** | **9.9** | **13.9** | **17.2** | **-** | **352.1** |
| &nbsp;&nbsp;Realized non-QP derivative mark-to-market | **-** | **-** | **-** | **-** | **-** | **-** | **-** |
| &nbsp;&nbsp;By-product credits <sup>5</sup> | **176.3** | **134.8** | **9.9** | **13.9** | **17.2** | **-** | **352.1** |
| &nbsp;&nbsp;Payable metal in concentrate and doré sold <sup>6</sup> | **18280** | **38279** | **3452** | **418418** | **-** | **-** | **-** |
| &nbsp;&nbsp;Realized price <sup>7</sup> | **4.37** | **3522** | **1.30** | **33.22** | **-** | **-** | **-** |
| Three months ended June 30, 2025 | Three months ended June 30, 2025 | Three months ended June 30, 2025 | Three months ended June 30, 2025 | Three months ended June 30, 2025 | Three months ended June 30, 2025 | Three months ended June 30, 2025 | Three months ended June 30, 2025 |
| &nbsp;&nbsp;Revenue from contracts | 297.1 | 189.2 | 7.1 | 13.9 | 19.1 |  | 526.4 |
| &nbsp;&nbsp;Amortization of deferred revenue |  | 5.9 |  | 9.5 |  |  | 15.4 |
| &nbsp;&nbsp;Pricing and volume adjustments <sup>3</sup> | (4.7) | 0.7 | 0.2 |  | 1.7 |  | (2.1) |
| &nbsp;&nbsp;Revenue, including mark-to-market on QP hedges <sup>4</sup> | 292.4 | 195.8 | 7.3 | 23.4 | 20.8 |  | 539.7 |
| &nbsp;&nbsp;Realized non-QP derivative mark-to-market | (0.4) |  |  |  |  |  | (0.4) |
| &nbsp;&nbsp;By-product credits <sup>5</sup> | 292.0 | 195.8 | 7.3 | 23.4 | 20.8 |  | 539.3 |
| &nbsp;&nbsp;Payable metal in concentrate and doré sold <sup>6</sup> | 30354 | 62466 | 2871 | 894160 |  |  |  |
| &nbsp;&nbsp;Realized price <sup>7</sup> | 4.36 | 3135 | 1.15 | 26.17 | - | - | - |
| Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 |
| &nbsp;&nbsp;Revenue from contracts <sup>2</sup> | 261.3 | 176.3 | 24.3 | 12.7 | 16.8 |  | 491.4 |
| &nbsp;&nbsp;Amortization of deferred revenue |  | 4.3 |  | 5.3 |  |  | 9.6 |
| &nbsp;&nbsp;Pricing and volume adjustments <sup>3</sup> | (1.7) | 9.1 |  | 0.3 | (1.7) |  | 6.0 |
| &nbsp;&nbsp;Revenue, including mark-to-market on QP hedges <sup>4</sup> | 259.6 | 189.7 | 24.3 | 18.3 | 15.1 |  | 507.0 |
| &nbsp;&nbsp;Realized non-QP derivative mark-to-market <sup>5</sup> | (1.4) | (0.7) |  |  |  |  | (2.1) |
| &nbsp;&nbsp;By-product credits <sup>4</sup> | 258.2 | 189.0 | 24.3 | 18.3 | 15.1 |  | 504.9 |
| &nbsp;&nbsp;Payable metal in concentrate and doré sold <sup>6</sup> | 27760 | 73232 | 8607 | 663413 | 343 |  |  |
| &nbsp;&nbsp;Realized price <sup>7</sup> | 4.24 | 2592 | 1.28 | 27.58 | - | - | - |

---

<sup>1</sup> Average realized price per unit sold may not calculate based on amounts presented in this table due to rounding.

<sup>2</sup> As per consolidated interim financial statements.

<sup>3</sup> Pricing and volume adjustments represents mark-to-market adjustments on provisionally priced sales, realized and unrealized changes to fair value for QP hedge derivative contracts and adjustments to originally invoiced weights and assays.

<sup>4</sup> Revenue, including mark-to-market on QP hedges is used in the calculation of realized price.

<sup>5</sup> By-product credits subtotal is used in the calculated of cash cost per pound of copper and ounce of gold produced, net of by-product credits. Cash cost per pound of copper and per ounce of gold produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A.

<sup>6</sup> Copper and zinc shown in metric tonnes and gold and silver shown in ounces.

<sup>7</sup> Realized price for copper and zinc in $/lb and realized price for gold and silver in $/oz.

------

![](exhibit99-1x001.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| &nbsp;&nbsp;*(in $ millions except for realized price and payable metal sold)* <sup>*1*</sup> | Copper | Gold | Zinc | Silver | Molybdenum | Other | Total |
| &nbsp;&nbsp;Revenue from contracts | **778.2** | **508.9** | **31.0** | **37.3** | **54.0** | **(0.2)** | **1409.2** |
| &nbsp;&nbsp;Amortization of deferred revenue | **-** | **16.6** | **-** | **24.5** | **-** | **-** | **41.1** |
| &nbsp;&nbsp;Pricing and volume adjustments <sup>3</sup> | **4.8** | **30.5** | **-** | **1.6** | **3.6** | **-** | **40.5** |
| &nbsp;&nbsp;Revenue, including mark-to-market on QP hedges <sup>4</sup> | **783.0** | **556.0** | **31.0** | **63.4** | **57.6** | **(0.2)** | **1490.8** |
| &nbsp;&nbsp;Realized non-QP derivative mark-to-market | **(2.3)** | **-** | **-** | **-** | **-** | **-** | **(2.3)** |
| &nbsp;&nbsp;By-product credits <sup>5</sup> | **780.7** | **556.0** | **31.0** | **63.4** | **57.6** | **(0.2)** | **1488.5** |
| &nbsp;&nbsp;Payable metal in concentrate and doré sold <sup>6</sup> | **80402** | **175837** | **11180** | **2319546** | **-** | **-** | **-** |
| &nbsp;&nbsp;Realized price <sup>7</sup> | **4.42** | **3162** | **1.26** | **27.33** | **-** | **-** | **-** |
| Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 |
| &nbsp;&nbsp;*(in $ millions except for realized price and payable metal sold)* <sup>*1*</sup> | Copper | Gold | Zinc | Silver | Molybdenum | Other | Total |
| &nbsp;&nbsp;Revenue from contracts <sup>2</sup> | 805.8 | 474.0 | 54.7 | 35.8 | 51.0 | 0.5 | 1421.8 |
| &nbsp;&nbsp;Amortization of deferred revenue |  | 26.2 |  | 22.0 |  |  | 48.2 |
| &nbsp;&nbsp;Pricing and volume adjustments <sup>3</sup> | 3.0 | 35.6 | (0.9) | 1.6 | 2.3 | - | 41.6 |
| &nbsp;&nbsp;Revenue, including mark-to-market on QP hedges <sup>4</sup> | 808.8 | 535.8 | 53.8 | 59.4 | 53.3 | 0.5 | 1511.6 |
| &nbsp;&nbsp;Realized non-QP derivative mark-to-market | (3.9) | (0.7) | - | - | - | - | (4.6) |
| &nbsp;&nbsp;By-product credits <sup>5</sup> | 804.9 | 535.1 | 53.8 | 59.4 | 53.3 | 0.5 | 1507.0 |
| &nbsp;&nbsp;Payable metal in concentrate and doré sold <sup>6</sup> | 87167 | 242608 | 19859 | 2399297 | 1105 |  |  |
| &nbsp;&nbsp;Realized price <sup>7</sup> | 4.21 | 2209 | 1.23 | 24.76 |  |  |  |

---

<sup>1</sup> Average realized price per unit sold may not calculate based on amounts presented in this table due to rounding.

<sup>2</sup> As per financial statements.

<sup>3</sup> Pricing and volume adjustments represents mark-to-market adjustments on provisionally priced sales, realized and unrealized changes to fair value for QP hedge derivative contracts and adjustments to originally invoiced weights and assays.

<sup>4</sup> Revenue, including mark-to-market on QP hedges is used in the calculation of realized price.

<sup>5</sup> By-product credits subtotal is used in the calculated of cash cost per pound of copper and ounce of gold produced, net of by-product credits. Cash cost per pound of copper and per ounce of gold produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A.

<sup>6</sup> Copper and zinc shown in metric tonnes and gold and silver shown in ounces.

<sup>7</sup> Realized price for copper and zinc in $/lb and realized price for gold and silver in $/oz.

The price, quantity and mix of metals sold affect Hudbay's revenue, operating cash flow and gross profit. Revenue from metals sales can vary from quarter to quarter due to production levels, shipping volumes and transfer of risk and title to customers.

------

![](exhibit99-1x001.jpg)

***Precious metals - stream sales and realized price breakdown***

The following table shows a breakdown of realized prices for precious metals inclusive of stream and offtaker revenue. It further identifies the components of the realized price for stream revenues between the amortized drawdown rate and cash payment rate.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in $ millions except for realized<br>price and payable metal sold)* |  | Gold | Gold | Gold | Gold | Silver | Silver | Silver | Silver |
| *(in $ millions except for realized<br>price and payable metal sold)* |  | Three months ended | Three months ended | Nine months ended | Nine months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| **Revenue** |  | **Sep. 30,<br>2025** | Sep. 30,<br>2024 | **Sep. 30,<br>2025** | Sep. 30,<br>2024 | **Sep. 30,<br>2025** | Sep. 30,<br>2024 | **Sep. 30,<br>2025** | Sep. 30,<br>2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stream |  | **3.5** | 6.4 | **24.8** | 39.6 | **5.8** | 7.6 | **34.7** | 31.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offtaker |  | **131.3** | 183.3 | **531.2** | 496.2 | **8.1** | 10.7 | **28.7** | 27.9 |
| Revenue, excluding mark-to-market on QP hedges <sup>3</sup> |  | **134.8** | 189.7 | **556.0** | 535.8 | **13.9** | 18.3 | **63.4** | 59.4 |
| **Payable metal sold** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stream | *oz* | **2707** | 5186 | **19323** | 31949 | **275009** | 365807 | **1629683** | 1513545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offtaker | *oz* | **35572** | 68046 | **156514** | 210659 | **143409** | 297606 | **689863** | 885752 |
| Total payable metal sold | *oz* | **38279** | 73232 | **175837** | 242608 | **418418** | 663413 | **2319546** | 2399297 |
| Deferred revenue drawdown rate<sup>1</sup> | *$/oz* | **860** | 817 | **860** | 817 | **15.06** | 14.56 | **15.06** | 14.56 |
| Cash rate<sup>2</sup> | *$/oz* | **429** | 425 | **426** | 422 | **6.33** | 6.26 | **6.28** | 6.22 |
| Stream realized price | *$/oz* | **1289** | 1242 | **1286** | 1239 | **21.39** | 20.82 | **21.34** | 20.78 |
| Offtaker realized price | *$/oz* | **3691** | 2694 | **3394** | 2355 | **56.48** | 35.95 | **41.60** | 31.50 |
| Realized price | *$/oz* | **3522** | 2592 | **3162** | 2209 | **33.22** | 27.58 | **27.33** | 24.76 |

---

<sup>1</sup> Deferred revenue drawdown rates for gold and silver do not include variable consideration adjustments.

<sup>2</sup> The gold and silver cash rate for Peru increased by 1% from $400/oz and $5.90/oz effective August 4, 2019. Subsequently every year, on August 4, the cash rate will increase by 1% compounded.

<sup>3</sup> Revenue, including mark-to-market on QP hedges is used in the calculation of realized price.

Subsequent to the variable consideration adjustment recorded on January 1, 2025, the deferred revenue amortization is recorded in Peru at $860 per ounce gold and $15.06 per ounce silver (September 30, 2024 - $817 per ounce gold and $14.56 per ounce silver).

------

![](exhibit99-1x001.jpg)

***Cost of Sales***

Hudbay's detailed cost of sales is summarized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in $ millions)* | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| *(in $ millions)* | **Sep. 30,<br>2025** | Jun. 30,<br>2025 | Sep. 30,<br>2024 | **Sep. 30,<br>2025** | Sep. 30,<br>2024 |
| **Peru** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining | **34.8** | 28.1 | 37.7 | **93.9** | 98.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Milling | **40.8** | 57.8 | 48.5 | **143.0** | 143.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in product inventory | **(26.9)** | 4 | 1.1 | **(9.1)** | 16.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **50.0** | 56 | 57.2 | **174.2** | 187.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;G&A | **19.5** | 23.4 | 20 | **65.5** | 62.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Peru temporary suspension (cash) | **7.3** |  |  | **7.3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **(1.3)** | 1.1 | 0.2 | **0.2** | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freight, royalties and other charges | **10.9** | 13.4 | 16.3 | **40.6** | 48.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Peru cost of sales | **135.1** | 183.8 | 181 | **515.6** | 556.5 |
| **Manitoba** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining | **15.8** | 33.5 | 40.1 | **87.6** | 126.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Milling | **5.9** | 13.4 | 16.9 | **33.7** | 48.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in product inventory | **3.1** | 3.8 | 1.2 | **5.9** | (1.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **16.3** | 23.6 | 27.7 | **63.8** | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Manitoba temporary suspension (cash) | **16.0** | 3.2 |  | **19.2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **-** | 1 | 1.4 | **1.0** | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;G&A | **6.4** | 14.3 | 12.6 | **35.8** | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Past service costs | **-** |  | 2.8 | **-** | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freight, royalties and other charges | **2.5** | 5.1 | 7.2 | **13.3** | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Manitoba cost of sales | **66.0** | 97.9 | 109.9 | **260.3** | 310.9 |
| **British Columbia<sup>1</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining | **19.6** | 24.2 | 12.9 | **65.7** | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Milling | **29.1** | 21.4 | 19.7 | **72.3** | 64.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in product inventory | **4.2** | 3.6 | (0.5) | **7.0** | 6.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **16.4** | 16.8 | 12.6 | **49.2** | 38.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;G&A | **7.6** | 6.3 | 5.7 | **20.5** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **-** | 1.4 |  | **2.2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Freight, royalties and other charges | **3.5** | 4.5 | 4.7 | **12.2** | 13.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total British Columbia cost of sales | **80.4** | 78.2 | 55.1 | **229.1** | 199.5 |
| Cost of sales | **281.5** | 359.9 | 346 | **1005.0** | 1066.9 |

---

<sup>1</sup> Copper Mountain mine results are stated at 100%.

Total cost of sales for the third quarter of 2025 was $281.5 million, reflecting a decrease of $64.5 million compared to the third quarter of 2024. Peru cost of sales decreased by $45.9 million in the third quarter of 2025, compared to the same period of 2024 primarily due to lower overall operating activity resulting from an nine day temporary operational shutdown during the third quarter of 2025 caused by social unrest. In addition, ocean swells impacted port shipments in late September and a 20,000 dry metric tonne copper concentrate shipment with a revenue value of $60 million was deferred to early October 2025. This caused the build up of finished goods inventories, resulting in a $28.0 million decrease in product inventory compared to September 30, 2024. These decreases have been offset by the inclusion of a $7.3 million charge for production overheads incurred which would otherwise have been charged to inventories, as is required under IFRS during periods of reduced operating capacity as a result of the temporary suspension. Manitoba cost of sales decreased by $43.9 million in the third quarter of 2025 when compared to the same period of 2024, primarily due to the Manitoba wildfires leading to lower overall costs in-line with lower production. These decreases have been partially offset by higher overhead costs incurred during the temporary suspension and changes in product inventory. British Columbia cost of sales increased by $25.3 million primarily driven by higher mining, milling, changes in product inventory, depreciation and G&A, partially offset by lower freight, royalties and other charges.

------

![](exhibit99-1x001.jpg)

Total cost of sales for the nine months ended September 30, 2025 was $1,005.0 million, reflecting a decrease of $61.9 million from the same period in 2024. Variances are explained by the same reasons as the quarterly variances, partially offset by higher depreciation expenses in British Columbia and higher profit sharing costs impacting G&A at Peru and Manitoba.

For details on unit operating costs, refer to the respective tables in the "Operations Review" section of this MD&A.

For the third quarter of 2025, other significant variances in expenses, compared to the same period in 2024, include the following:

- **Net finance expenses** decreased by $6.4 million, primarily due to an increase in mark-to-market gains of $7.5 million from investments, a $5.3 million decrease in the relative revaluation loss of the now retired gold prepayment liability, decrease in losses of $2.1 million from non-QP hedges, a decrease of $1.4 million from interest expense on long-term debt benefiting from the retirement of some senior notes, an increase of $0.9 million from interest income, partially offset by an increase in foreign exchange loss of $12.0 million primarily from the non-cash revaluation of foreign currency monetary balances.

- **Impairment reversal gain** reflects a non-cash full impairment reversal of $322.3 million on the Arizona's business unit carrying value of the Copper World project, following the announcement of the Copper World JV Transaction with Mitsubishi for a 30% minority interest.

- **Consideration received from previous sale of non-core project** reflects $14.9 million contingent consideration received from a previously sold Copper Mountain asset.

- **General administration expenses** increased by $19.3 million, primarily due to an increase of $15.2 million in share-based compensation mostly from the revaluation of share units to higher stock prices compared to prior period and higher administration costs pertaining in part to charitable donations related to the Manitoba wildfires.

For the year-to-date 2025, other significant variances in expenses, compared to the same period in 2024, included the following:

- **Net finance expenses** decreased by $80.3 million due to an increase in mark-to-market gains of $19.5 million from investments, a $16.8 million decrease in net foreign exchange loss mostly from the non-cash revaluation of foreign currency monetary balances, decrease in losses of $14.4 million from non-QP hedges, a decrease in the relative revaluation loss of the now retired gold prepayment liability of $10.7 million, a $7.6 million decrease in interest expense on long-term debt, an increase of $6.0 million in interest income, a decrease of $3.5 million in accretion of revenue streaming arrangement and a decrease of $2.7 million in other financing expenses.

- **Other operating expenses** decreased by $13.9 million, primarily due to a decrease of $12.7 million in write-off of previously capitalized PP&E costs, an increase of $3.2 million from Marubeni option agreement proceeds, a decrease of $2.5 million in the amortization of community costs and a decrease of $0.9 million in care and maintenance. These variances were partially offset by $3.9 million in costs related to the Manitoba wildfire emergency response efforts during the nine months ended September 30, 2025 and an increase of $1.7 million in evaluation costs.

- **Impairment reversal gain** reflects a non-cash full impairment reversal of $322.3 million on the Arizona's business unit carrying value of the Copper World project, following the announcement of the Copper World JV Transaction with Mitsubishi for a 30% minority interest.

- **Consideration received from previous sale of non-core project** reflects $14.9 million contingent consideration received from a previously sold Copper Mountain asset.

- **General administration expenses** increased by $18.7 million, primarily due to an increase of $15.0 million in share-based compensation expense mostly from the revaluation of share units to higher share prices compared to prior period and higher administration costs pertaining in part to charitable donations related to the Manitoba wildfires.

------

![](exhibit99-1x001.jpg)

- **Exploration expenses** increased by $3.0 million, primarily due to Hudbay's planned Snow Lake exploration program consisting of modern geophysical programs and multi-phased drilling campaigns, much of which was funded by flow-through financing.

- **Re-evaluation adjustment - environmental provision** gain decreased by $6.4 million due to the relative revaluation of the environmental reclamation provision on Hudbay's Manitoba non-producing sites from changes in long-term risk-free discount and inflation rates. Given the long term nature of the reclamation cash flows, the related environmental reclamation provision is highly sensitive to changes in inflation and long-term-risk free discount rates, and, as such, Hudbay may continue to experience significant quarterly environmental reclamation revaluations.

***Tax Expense***

For the three and nine months ended September 30, 2025, tax expense increased by $78.7 million and $119.2 million, respectively, compared to the same period in 2024. The following table provides further details:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*(in $ millions)* | Three months ended | Three months ended | Nine months ended | Nine months ended |
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30, 2025** | Sep. 30, 2024 | **Sep. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;Current tax expense - income tax | **32.9** | 11.8 | **97.8** | 67.7 |
| &nbsp;&nbsp;Deferred tax expense (recovery) - income tax<sup>1</sup> | **69.6** | 4.0 | **79.6** | (1.2) |
| &nbsp;&nbsp;Total income tax expense | **102.5** | 15.8 | **177.4** | 66.5 |
| &nbsp;&nbsp;Current tax expense - mining tax | **6.2** | 14.4 | **43.1** | 37.9 |
| &nbsp;&nbsp;Deferred tax recovery - mining tax<sup>1</sup> | **(0.6)** | (0.8) | **(1.9)** | (5.0) |
| &nbsp;&nbsp;Total mining tax expense | **5.6** | 13.6 | **41.2** | 32.9 |
| &nbsp;&nbsp;Tax expense | **108.1** | 29.4 | **218.6** | 99.4 |

---

<sup>1</sup> Deferred tax expense (recovery) represents Hudbay's draw down/increase of non-cash deferred income and mining tax assets/liabilities.

***Income Tax Expense/Recovery***

Applying the estimated Canadian statutory income tax rate of 26.7% to Hudbay's net earnings before taxes of $654.9 million for the year-to-date of 2025 would have resulted in a tax expense of approximately $174.9 million; however, Hudbay recorded an income tax expense of $177.4 million. The primary items causing Hudbay's effective income tax rate to be different than the 26.7% estimated Canadian statutory income tax rate are the following:

- Foreign exchange on the translation of deferred tax balances to group currency, resulting in a deferred tax recovery of $10.4 million

- The tax expense with respect to Hudbay's foreign operations is recorded using an income tax rate other than the Canadian statutory income tax rate of 26.7%, resulting in a tax expense of $26.4 million.

- Current mining tax deductions resulted in a tax recovery of $12.8 million.

***Mining Tax Expense***

For the year-to-date 2025, Hudbay recorded a mining tax expense of $41.2 million. Effective mining tax rates can vary significantly based on the composition of Hudbay's earnings and the expected amount of mining taxable profits. Corporate costs and other costs not related to mining operations are not deductible in computing mining profits. A brief description of how mining taxes are calculated in Hudbay's various business units is discussed below.

<u>Manitoba</u>

The Province of Manitoba imposes mining tax on earnings related to the sale of mineral products mined in the Province of Manitoba (mining taxable profit) at the following rates:

- 10% of total mining taxable earnings if mining profit is C$50 million or less;

- Between mining earnings of C$50 and $C55 million, mining tax is equal to a minimum of C$5 million plus mining earnings less C$50 million multiplied by 65%;

- 15% of total mining taxable earnings if mining profits are between C$55 million and C$100 million;

- Between mining earnings of C$100 million and C$105 million, mining tax is equal to a minimum of C$15 million plus mining earnings less C$100 million multiplied by 57%; and

- 17% of total mining taxable earnings if mining profits exceed C$105 million.

Hudbay estimates that the deferred tax rate that will be applicable when temporary differences reverse will be approximately 10.0%.

------

![](exhibit99-1x001.jpg)

<u>Peru</u>

The Peruvian government imposes two parallel mining tax regimes, the Special Mining Tax and the Modified Royalty, on companies' operating mining income on a sliding scale, with progressive rates ranging from 2.0% to 8.4% and 1.0% to 12.0%, respectively. Based on financial forecasts, Hudbay has recorded a deferred tax liability as at September 30, 2025, at the tax rate expected to apply when temporary differences reverse.

<u>British Columbia</u>

The Province of British Columbia imposes a 13% net revenue tax on the sale of mineral products mined in the province of British Columbia after the mine owner has recovered the capital invested in the mine and its "Cumulative Expenditure Account" ("CEA") no longer has a balance. The tax is paid on the profit in excess of the capital that has been invested in the mine. British Columbia mineral tax is deductible for federal and provincial income tax purposes.

While there is a balance in the CEA account, the mine owner must pay a "Net Current Proceeds" ("NCP") tax of 2%. Any amounts paid as NCP can then be claimed in the future against net revenue taxes payable.

Hudbay estimates that the effective tax rate that will be applicable when temporary differences reverse will be approximately 9.49%.

***LIQUIDITY AND CAPITAL RESOURCES***

As at September 30, 2025, Hudbay's total liquidity of $1,036.3 million includes $611.1 million in cash as well as undrawn total availability of $425.2 million under Hudbay's revolving credit facilities.

***Senior Unsecured Notes***

As at September 30, 2025, Hudbay had $511.8. million aggregate principal amount of 2026 Notes and $542.4 million aggregate principal amount of 2029 Notes.

During the first nine months of 2025, Hudbay made open market purchases of $63.2 million of its 4.5% senior notes due April 2026 ("2026 Notes"), at discount to par. As at September 30, 2025, Hudbay has presented all of the 2026 Notes as a current liability amounting to $511.0 million, which affected working capital in the period. Subsequent to the quarter, Hudbay made additional open market purchases of $20.0 million of the 2026 Notes, at discount to par.

***Senior Secured Revolving Credit Facilities***

Hudbay has two senior secured revolving credit facilities with total commitments of $450 million ("the Credit Facilities") for its Canadian and Peruvian businesses on substantially similar terms and conditions. These facilities include an accordion feature that allows Hudbay the option to increase the facility by an additional $150 million at Hudbay's discretion over the four-year term.

As at September 30, 2025, there were no cash drawings under the Credit Facilities and $24.8 million in letters of credit secured under the Canadian Facility.

As at September 30, 2025, Hudbay was in compliance with its covenants under the Credit Facilities.

***C$130 Million Bilateral Letter of Credit Facility***

Hudbay has a C$130.0 million bilateral letter of credit facility ("LC Facility") with a major Canadian financial institution. The LC Facility has no financial covenants and enables Hudbay to issue up to C$130.0 million of letters of credit to beneficiaries on an unsecured basis at attractive rates, including C$30.0 million sub-limit for financial letters of credit. As at September 30, 2025, the Manitoba business unit had drawn $55.6 million in letters of credit under the LC Facility.

***Surety Bonds and Letters of Credit***

As at September 30, 2025, the Arizona business unit had $18.4 million in surety bonds issued to support future reclamation and closure obligations and the Peru business unit had $135.1 million in letters of credit and surety bonds issued with various Peruvian financial institutions to support future reclamation and other operating matters. In addition, the British Columbia business unit had $47.2 million in surety bonds issued to support future reclamation and $1.0 million in surety bonds issued to support the hydro used at Copper Mountain mine, and to Fisheries and Oceans Canada for fish monitoring. No cash collateral is required to be posted under these surety bonds.

------

![](exhibit99-1x001.jpg)

***Working Capital***

Working capital decreased by $546.0 million to a negative position of $34.7 million from December 31, 2024 to September 30, 2025, primarily due to an increase in current portion of long-term debt of $511.0 million as the 2026 Notes are now maturing within one year, a decrease in trade and other receivables of $74.8 million primarily due to the deferral of a 20,000 dry metric tonne copper concentrate shipment in Peru from the end of September into early October, a decrease in short-term investments of $40.0 million from the release of guaranteed investment certificates, an increase in other financial liabilities of $36.4 million, an increase in other liabilities of $23.8 million, a decrease in other financial assets of $15.0 million, and a decrease in prepaid and other current assets of $7.9 million. Partially offsetting these items was an increase in cash and cash equivalents of $69.3 million, a decrease in taxes payable of $67.7 million, an increase in inventories of $14.3 million primarily from increasing finished goods inventory levels partially for the same reason given earlier pertaining to lower end of period inventory shipments in Peru, and a decrease in trade and other payables of $6.9 million.

***Cash Flows***

The following table summarizes Hudbay's cash flows for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*(in $ millions)* | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30, 2025** | Jun. 30,<br>2025 | Sep. 30,<br>2024 | **Sep. 30, 2025** | Sep. 30,<br>2024 |
| &nbsp;&nbsp;Operating cash flow before change in non-cash working capital | **70.3** | 193.9 | 188.3 | **427.4** | 459.5 |
| &nbsp;&nbsp;Change in non-cash working capital | **43.2** | 66.0 | (40.2) | **70.5** | (31.6) |
| &nbsp;&nbsp;Cash generated from operating activities | **113.5** | 259.9 | 148.1 | **497.9** | 427.9 |
| &nbsp;&nbsp;Cash used in investing activities | **(99.9)** | (100.6) | (95.8) | **(284.8)** | (283.9) |
| &nbsp;&nbsp;Cash (used in) generated from financing activities | **(26.3)** | (98.9) | (94.3) | **(145.7)** | 47.9 |
| &nbsp;&nbsp;Effect of movement in exchange rates on cash | **(1.7)** | 2.5 | 1.5 | **1.9** | 1.6 |
| &nbsp;&nbsp;Net (decrease) increase in cash | **(14.4)** | 62.9 | (40.5) | **69.3** | 193.5 |

---

<u>*Cash Flow from Operating Activities*</u>

Cash generated from operating activities was $113.5 million during the third quarter of 2025, a decrease of $34.6 million compared to the same period in 2024. Operating cash flow before change in non-cash working capital was $70.3 million during the third quarter of 2025, reflecting a decrease of $118.0 million compared to the third quarter of 2024. The decrease in operating cash flows before change in working capital compared with the third quarter of 2024 was primarily the result of lower sales volumes for all metals and higher cash taxes paid which are a function of higher profits in earlier quarters in Peru and Manitoba that were subsequently payable.

Year-to-date cash generated from operating activities was $497.9 million in 2025, an increase of $70.0 million compared to the same period in 2024. Operating cash flow before changes in non-cash working capital for the nine months ended 2025 was $427.4 million, a decrease of $32.1 million compared to the same period in 2024. The decrease in operating cash flow before changes in working capital was primarily the result of interruptions in Manitoba and Peru impacting third quarter sales volumes, a significant increase in cash taxes paid of $99.2 million mainly at Hudbay's Manitoba and Peru operations, partially offset by the impact of higher metal prices compared to the prior year-to-date period and lower treatment and refining charges.

<u>*Cash Flow from Investing and Financing Activities*</u>

During the third quarter of 2025, Hudbay spent $126.2 million in investing and financing activities, primarily driven by $110.4 million in capital expenditures, $14.0 million in capitalized lease and equipment financing payments, $13.2 million toward the repurchase of senior unsecured notes, $5.5 million in purchase of investments, $3.8 million in financing costs paid, and $2.8 million in dividends paid. These cash outflows were offset by cash inflows of $10.4 million from the contingent consideration received on the previous sale of a non-core project, $6.9 million proceeds from equity issuance, net of share issuance costs, and $6.0 million of investment income received.

Year-to-date, Hudbay spent $430.5 million in investing and financing activities, primarily driven by $323.5 million in capital expenditures, $62.9 million of Hudbay's senior unsecured notes repurchased, $41.3 million in capitalized lease and equipment financing payments, $30.2 million in interest paid on Hudbay's long-term debt, $19.3 million in purchase of investments, $9.9 million in community agreement payments, $9.9 million in financing costs paid, $6.0 million in the Copper Mountain non-controlling interest acquisition payment and related transaction costs, $5.6 million in dividends paid, $3.4 million in payments made on settlement of non-QP hedges and $2.6 million in acquisition of intangible assets. This was offset by cash inflows of $40.0 million from the release of the guaranteed investment certificates, $18.5 million of investment income received and $11.1 million of proceeds from equity issuance, net of share issuance costs, $10.4 million from the contingent consideration received on the previous sale of a non-core project, and $2.5 million from net proceeds from the exercise of stock options and warrants.

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![](exhibit99-1x001.jpg)

***Capital Expenditures***

The following summarizes accrued and cash additions to capital assets for the periods indicated:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended | Guidance |
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30,<br>2025** | Jun. 30, <br>2025 | Sep. 30, <br>2024 | **Sep. 30, <br>2025** | Sep. 30, <br>2024 | Annual<br>2025<sup>2, 5</sup> |
| &nbsp;&nbsp;Peru sustaining capital expenditures<sup>1</sup> | **23.6** | 44.4 | 39.8 | **96.5** | 94.5 | 170.0 |
| &nbsp;&nbsp;Manitoba sustaining capital expenditures | **5.5** | 11.3 | 8.8 | **29.3** | 33.1 | 60.0 |
| &nbsp;&nbsp;British Columbia sustaining capital expenditures<sup>1,3</sup> | **42.1** | 32.9 | 40.7 | **96.5** | 93.9 | 135.0 |
| &nbsp;&nbsp;Total sustaining capital expenditures | **71.2** | 88.6 | 89.3 | **222.3** | 221.5 | 365.0 |
| &nbsp;&nbsp;Arizona capitalized costs<sup>4</sup> | **18.4** | 13.7 | 5.7 | **43.5** | 15.5 | 110.0 |
| &nbsp;&nbsp;Peru growth capitalized expenditures | **1.5** | 1.3 | 0.1 | **3.7** | 0.3 | 25.0 |
| &nbsp;&nbsp;Manitoba growth capitalized expenditures | **1.3** | 1.6 | 1.4 | **5.2** | 4.7 | 15.0 |
| &nbsp;&nbsp;British Columbia growth capitalized expenditures | **21.3** | 16.5 | 2.4 | **48.8** | 3.4 | 75.0 |
| &nbsp;&nbsp;Capitalized exploration | **2.8** | 3.5 | 1.4 | **7.3** | 5.5 | 10.0 |
| &nbsp;&nbsp;Right-of-use asset and equipment financing additions | **3.7** | 13.9 | 16.5 | **32.6** | 54.2 |  |
| &nbsp;&nbsp;Community agreement additions | **13.6** | 0.6 |  | **14.2** | 1.8 |  |
| &nbsp;&nbsp;Non-cash capitalized stripping | **7.4** | 8.5 | 9.1 | **22.3** | 18.2 |  |
| &nbsp;&nbsp;Grants | **(0.7)** | (0.6) |  | **(2.2)** | (2.4) |  |
| &nbsp;&nbsp;Other capitalized costs | **0.3** | (0.2) |  | **-** |  |  |
| &nbsp;&nbsp;Total other capitalized expenditures | **69.6** | 58.8 | 36.6 | **175.4** | 101.2 |  |
| &nbsp;&nbsp;Total accrued capital additions | **140.8** | 147.4 | 125.9 | **397.7** | 322.7 |  |
| &nbsp;&nbsp;Reconciliation to cash capital additions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other capitalized costs<sup>2</sup> | **(24.7)** | (23.0) | (25.6) | **(69.1)** | (74.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in capital accruals and other | **(5.7)** | (2.7) | (2.0) | **(5.1)** | 1.6 |  |
| &nbsp;&nbsp;Acquisition of property, plant & equipment - cash | **110.4** | 121.7 | 98.3 | **323.5** | 250.1 |  |

---

<sup>1</sup> Peru and British Columbia sustaining capital expenditures include capitalized stripping costs.

<sup>2</sup> Other capitalized costs primarily include right-of-use lease and equipment financing additions, which are excluded from guidance in 2025, community agreement additions and non-cash capitalized stripping.

<sup>3</sup> Includes 100% of Copper Mountain mine production. On April 30, 2025 Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%.

<sup>4</sup> With the announcement of the JV Transaction Hudbay expects to accelerate detailed engineering, long lead items and other de-risking activities by advancing $20 million in growth capital expenditures to 2025 from future years, updating total 2025 Arizona growth spending guidance to $110 million compared to the original 2025 guidance of $90 million.

<sup>5</sup> Full year total capital expenditures are expected to be $35 million lower than 2025 guidance levels, including $15 million lower sustaining capital expenditures primarily due to temporary operational interruptions in Manitoba and Peru and $20 million growth capital expenditures.

For the three and nine months ended September 30, 2025, total capital additions increased by $14.9 million and $75.0 million, respectively, compared to the same period in 2024, primarily due to an increase in growth capital in British Columbia and Arizona and an increase in community agreements in Peru. Growth capital was expected to increase as Hudbay continues to execute its growth plans in British Columbia and Arizona. This was partially offset by reduced sustaining capital expenditures in Peru and Manitoba and a decrease in lease and equipment financing additions.

Sustaining capital expenditures in Peru for the three and nine months ended September 30, 2025 were $23.6 million and $96.5 million, respectively, representing a decrease of $16.2 million and an increase of $2.0 million, respectively, compared to the same periods in 2024 as a result of the timing of various stripping campaigns and civil work projects. Sustaining capital expenditures in Manitoba for the three and nine months ended September 30, 2025 were $5.5 million and $29.3 million, respectively, representing a decrease of $3.3 million and $3.8 million, respectively, compared to the same periods in 2024 mostly due to lower capital development at Lalor due to the evacuations caused by the wildfires. Sustaining capital expenditures in British Columbia for the three and nine months ended September 30, 2025 were $42.1 million and $96.5 million, respectively, which included $30.8 million and $69.7 million, respectively, of capitalized stripping related to Hudbay's planned three-year accelerated stripping campaign to access higher grade ore.

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![](exhibit99-1x001.jpg)

Growth capital expenditures in Peru for the three and nine months ended September 30, 2025 were $1.5 million and $3.7 million, respectively, representing an increase of $1.4 million and $3.4 million, respectively. The increase mainly relates to the implementation of the pebble crusher in Peru. Growth capital spending in Manitoba for the three and nine months ended September 30, 2025 was $1.3 million and $5.2 million, respectively, primarily related to the exploration and haulage drifts towards the 1901 deposit. Arizona's capital expenditures for the three and nine months ended September 30, 2025 were $18.4 million and $43.5 million, respectively, mainly related to feasibility study activities and ongoing carrying costs for Copper World. Growth capital expenditures in British Columbia for the three and nine months ended September 30, 2025 were $21.3 million and $48.8 million, respectively, representing an increase of $18.9 million and $45.4 million, respectively, compared to the same periods in 2024. The increase mainly relates to the Copper Mountain SAG2 mill optimization project, which is intended to increase nominal capacity at Copper Mountain.

Capitalized exploration for the three months and nine months ended September 30, 2025 was $2.8 million and $7.3 million, respectively.

Hudbay expects full year total capital expenditures to be $35 million lower than 2025 guidance levels, a majority of which has been deferred to 2026. This includes $15 million lower sustaining capital expenditures primarily due to temporary operational interruptions in Manitoba and Peru. Growth capital expenditures are expected to be $20 million lower primarily due to spending deferrals into 2026.

![](exhibit99-1x018.jpg)

***Capital Commitments***

As at September 30, 2025, Hudbay had outstanding capital commitments in Canada of approximately $23.2 million, of which $10.6 million can be terminated, approximately $31.9 million in Peru primarily related to sustaining capital commitments and exploration option agreements, all of which can be terminated, and approximately $76.4 million in Arizona, primarily related to the Copper World project, of which $74.2 million can be terminated.

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![](exhibit99-1x001.jpg)

***Contractual Obligations***

The following table summarizes Hudbay's significant contractual obligations as at September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Total | Less than<br>12 months | 13 - 36<br>months | 37 - 60<br>months | More than<br>60 months |
| &nbsp;&nbsp;*Payment Schedule (in $ millions)* | Total | Less than<br>12 months | 13 - 36<br>months | 37 - 60<br>months | More than<br>60 months |
| &nbsp;&nbsp;Long-term debt obligations<sup>1</sup> | 1217.7 | 570.5 | 71.4 | 575.8 |  |
| &nbsp;&nbsp;Equipment financing and lease obligations | 190.7 | 80.2 | 75.8 | 22.3 | 12.4 |
| &nbsp;&nbsp;Purchase obligation - capital commitments | 131.6 | 79.5 | 40.1 | 1.2 | 10.8 |
| &nbsp;&nbsp;Purchase obligation - other commitments<sup>2</sup> | 1274.7 | 479.6 | 329.4 | 123.0 | 342.7 |
| &nbsp;&nbsp;Deferred payment and contingent obligations | 39.8 | 3.0 | 6.0 | 13.5 | 17.3 |
| &nbsp;&nbsp;Pension and other employee future benefits obligations<sup>3</sup> | 92.4 | 6.2 | 12.7 | 7.9 | 65.6 |
| &nbsp;&nbsp;Community agreement obligations<sup>4, 5</sup> | 126.4 | 39.3 | 30.9 | 8.8 | 47.4 |
| &nbsp;&nbsp;Decommissioning and restoration obligations<sup>5</sup> | 491.2 | 8.2 | 18.7 | 7.6 | 456.7 |
| &nbsp;&nbsp;Total | 3564.5 | 1266.5 | 585.0 | 760.1 | 952.9 |

---

<sup>1</sup> Long-term debt obligations include scheduled interest payments, as well as principal repayments

<sup>2</sup> Primarily made up of trades payables, accrued liabilities, long-term agreements with operational suppliers, obligations for power purchases, concentrate handling and fleet and port services.

<sup>3</sup> Discounted.

<sup>4</sup> Represents community agreement obligations and various finalized land user agreements, including Pampacancha.

<sup>5</sup> Undiscounted before inflation.

In addition to the contractual obligations included in the above payment schedule, Hudbay also has the following commitments which impact Hudbay's financial position:

- A profit-sharing plan with most Manitoba employees;

- A profit-sharing plan with all Peru employees;

- Share-based compensation;

- Wheaton precious metals stream agreement for the Constancia mine;

- Government royalty payments related to the Constancia mines;

- Participation agreements related to the Copper Mountain mine, and

- Contracts related to future production and sales, such as royalties.

***Outstanding Share Data***

As of November 10, 2025, the final trading day prior to the date of this MD&A, there were 396,148,639 common shares of Hudbay issued and outstanding. In addition, there were 2,767,242 stock options and 50,820 common share purchase warrants outstanding.

***FINANCIAL RISK MANAGEMENT***

The Financial Risk Management risks in this MD&A are not exhaustive. Please also refer to the heading "Risk Factors" in Hudbay's most recent Annual Information Form, for a discussion of the additional risk factors that may affect Hudbay's business, operations and financial condition, a copy of which is available on Hudbay's SEDAR+ and EDGAR profiles.

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![](exhibit99-1x001.jpg)

***TREND ANALYSIS AND QUARTERLY REVIEW***

A detailed quarterly and annual summary of financial and operating performance can be found in the "Summary of Results" section at the end of this MD&A. The following table sets forth selected consolidated financial information for each of Hudbay's eight most recently completed quarters:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in $ millions, except per share amounts,<br>production on a copper equivalent basis and<br>average realized copper price)* | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | 2023 |
| *(in $ millions, except per share amounts,<br>production on a copper equivalent basis and<br>average realized copper price)* | **Q3** | Q2 | Q1 | Q4<sup>2</sup> | Q3 | Q2 | Q1 | Q4<sup>2</sup> |
| Production on a copper equivalent basis *(tonnes)* | **46224** | 53693 | 58611 | 77769 | 60895 | 47164 | 62120 | 77951 |
| Average realized copper price ($/lb) | **4.37** | 4.36 | 4.49 | 4.09 | 4.24 | 4.56 | 3.91 | 3.77 |
| Average realized gold price ($/oz) | **3522** | 3135 | 3002 | 2327 | 2592 | 2222 | 1941 | 2062 |
| Revenue | **346.8** | 536.4 | 594.9 | 584.9 | 485.8 | 425.5 | 525.0 | 602.2 |
| Gross profit | **65.3** | 176.5 | 231.3 | 184.4 | 139.8 | 77.6 | 152.0 | 196.8 |
| Income before tax | **330.5** | 153.1 | 171.3 | 103.7 | 79.7 | 0.4 | 67.8 | 81.0 |
| Net income (loss) | **222.4** | 114.7 | 99.2 | 19.3 | 50.3 | (20.3) | 18.5 | 33.5 |
| Net income (loss) - attributable | **222.4** | 117.7 | 100.4 | 21.2 | 49.7 | (16.5) | 22.4 | 30.7 |
| Adjusted net earnings <sup>1</sup> - attributable | **10.1** | 75.5 | 93.8 | 70.3 | 50.2 | 0.2 | 59.4 | 68.6 |
| Earnings (loss) per share attributable: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | **0.56** | 0.30 | 0.25 | 0.05 | 0.13 | (0.04) | 0.06 | 0.09 |
| Adjusted net earnings<sup>1</sup> per share - attributable | **0.03** | 0.19 | 0.24 | 0.18 | 0.13 | 0.00 | 0.17 | 0.20 |
| Operating cash flow before change in non-cash working capital | **70.3** | 193.9 | 163.5 | 231.5 | 188.3 | 123.7 | 147.5 | 246.5 |
| Adjusted EBITDA<sup>1</sup> | **142.6** | 245.2 | 287.2 | 257.3 | 206.0 | 145.0 | 215.0 | 274.4 |
| Adjusted EBITDA LTM<sup>1</sup> | **932.3** | 995.9 | 895.7 | 823.3 | 840.4 | 825.1 | 761.3 | 647.8 |

---

<sup>1</sup> Adjusted net earnings (loss) - attributable to owners, adjusted net earnings (loss) per share - attributable to owners, adjusted EBITDA, and adjusted EBITDA last twelve months ("LTM") are non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A.

<sup>2</sup> Annual consolidated results may not calculate based on amounts presented in this table due to rounding.

On a quarterly basis, Hudbay's revenue is primarily impacted by metal prices, production mix and sales volumes of the key metals Hudbay produces. In addition to these factors, gross profit, net earnings (loss) attributable, earnings (loss) per share attributable, operating cash flow before change in non-cash working capital and adjusted EBITDA are also impacted by input costs. Net earnings (loss) and earnings (loss) per share are further impacted by net finance expense and re-evaluation adjustments of Hudbay's closed site environmental provision.

During the third quarter of 2025, copper equivalent production decreased to 46,224 tonnes because of reduced copper and zinc output. This was primarily due to the temporary suspension of operations in Manitoba in July and August related to the wildfire evacuation order and the Peru temporary suspension for nine days during the third quarter of 2025 caused by social unrest. As a result of the social unrest impacting transportation routes earlier in the quarter and ocean swells impacting port shipments in late September, a 20,000 dry metric tonne copper concentrate shipment valued at $60 million was deferred to early October 2025. The temporary operational suspensions during the quarter increased pressure on gross margins and operating cash flow compared to the earlier quarters. Earnings in the third quarter of 2025 also included an after-tax impairment reversal of $242.7 million, following the announcement of the Copper World JV Transaction with Mitsubishi for a 30% minority interest.

After adjusting for the fixed costs associated with the temporary suspensions in Manitoba and Peru, production costs continue to be well controlled and comparable to prior periods.

During the second quarter of 2025, copper equivalent production decreased to 53,693 tonnes because of reduced copper, gold and silver output. This was primarily due to the temporary suspension of operations in Manitoba in June related to the wildfire evacuation order. This was partially offset by record average gold prices and high copper prices which positively impacted gross profits and contributing to increased net income and higher earnings per share in the second quarter of 2025. While higher profitability led to significant cash taxes paid of $43.9 million, the business's strong operating performance caused the overall impact to operating cash flow before changes in non-cash working capital to remain positive. Higher foreign exchange gains due to the strengthening of the Canadian dollar along with declining net interest cost as a result of Hudbay's deleveraging efforts led to reduced net finance expenses in the second quarter. Adjusted EBITDA over the last twelve months hit a record high of $995.9 million as a result of strong operating performances at the Manitoba and Peru operations resulting in higher sales volumes, benefiting from high copper and gold prices. Net debt to EBITDA is now at its lowest level since the development of the Peru operation more than a decade ago given the business's strong operating performance in conjunction with the same aforementioned deleveraging efforts. The lower net debt and stronger cash position is despite larger reinvestment in the business through growing capital expenditures in recent years.

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![](exhibit99-1x001.jpg)

During the first quarter of 2025, copper equivalent production decreased to 58,611 tonnes as expected, reflecting lower production of copper, gold and silver primarily related to lower planned grades in Peru as the final stripping phase at the Pampacancha deposit was underway. This was partially offset by higher gold production in Manitoba and record average gold prices and high copper prices which positively impacted gross profits.

The Manitoba operations delivered strong quarterly throughput as expected and unlocked better-than-expected grades, resulting in higher production that exceeded Hudbay's quarterly cadence expectations. Strong cost control, a weakening Canadian dollar and meaningful exposure to gold by-product credits resulted in consolidated cash cost<sup>1</sup> and sustaining cash cost<sup>1</sup> per pound of copper produced, net of by-product credits, in the first quarter of 2025 of $(0.45) and $0.72, respectively, contributing to the increased gross margin and very strong growth in adjusted EBITDA. Higher profits since 2023 in Peru and Canada have resulted in significant cash taxes paid of $117.5 million in the first quarter of 2025, which is reflected in operating cash flow before changes in non-cash working capital. In addition, deleveraging efforts including the repurchases of the Company's senior secured notes over the course of 2024 led to declining net interest cost to service Hudbay's long term debt.

During the fourth quarter of 2024, copper equivalent production increased to 77,769 tonnes. Hudbay's Manitoba and Peru operations delivered strong quarterly production as expected and unlocked higher grade helping the Company exceed 2024 annual gold guidance. Strong cost control and meaningful exposure to gold by-product credits resulted in consolidated cash cost<sup>1</sup> and sustaining cash cost<sup>1</sup> per pound of copper produced, net of by-product credits<sup>1</sup>, in the fourth quarter of 2024 of $0.45 and $1.37, respectively, contributing to Hudbay's outperformance of its improved full year 2024 cost guidance. Furthermore, the settlement of the gold prepayment liability in the third quarter of 2024, allowed Hudbay to capitalize on surging gold prices. Since acquiring Copper Mountain in June 2023, Hudbay has moved to optimization efforts which have been focused on ramping up the mining fleet to execute a planned accelerated stripping campaign to gain access to higher grades, as well as plant improvement initiatives to improve mill reliability and recoveries.

During the third quarter of 2024, profitability and cash flows grew compared to the second quarter of 2024. This strength was attributable in part to higher gold, copper and zinc production compared to the second quarter of 2024, along with returning strength in commodity prices including record gold prices. These impacts offset planned lower mined grades observed in Peru in the third quarter of 2024 and the higher cash mining taxes paid in Peru resulting from higher profitability over the past several quarters. Strong operating cost control continued into the third quarter of 2024 resulting from a number of operational initiatives and high levels of mill throughput being experienced throughout the business.

During the second quarter of 2024, realized copper and gold prices continued to climb which overcame the decline in sales volumes of concentrate compared to the first quarter of 2024. Expected lower mined grades observed for the same metals in Peru and Manitoba were the primary factor for the decline in production since the first quarter of the year. Cost control remained favourable as Hudbay continued to track within cost guidance given the expected cadence in the year's production profile. Higher mining taxes continued as Hudbay experienced higher profitability over the past several quarters. Lastly, volatile inter-period copper and gold prices led to relatively high mark-to-market adjustments for Hudbay's strategic non-QP hedging program and high share prices for Hudbay's common shares led to higher share-based compensation expenses. This led to a total of $19.5 million in mark-to-market adjustments to be added back in Hudbay's adjusted net earnings - attributable to owners measure.

The first quarter of 2024 and the fourth quarter of 2023 reflected the continuation of strong copper, gold and silver production that commenced in the third quarter of 2023. The increase in copper, gold and silver prices in the first quarter of 2024 also contributed to strong revenue and profitability in the quarter.

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![](exhibit99-1x001.jpg)

***NON-GAAP FINANCIAL PERFORMANCE MEASURES***

Adjusted net earnings (loss) attributable to owners, adjusted net earnings (loss) per share attributable to owners, adjusted EBITDA, realized prices, net debt, net debt to adjusted EBITDA, free cash flow, cash cost, sustaining and all-in sustaining cash cost per pound of copper produced, cash cost and sustaining cash cost per ounce of gold produced, combined unit cost and ratios based on these measures are non-GAAP performance measures. These measures do not have a meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS and are not necessarily indicative of gross profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently.

Management believes adjusted net earnings (loss) attributable to owners and adjusted net earnings (loss) per share attributable to owners provides an alternate measure of the Company's performance for the current period and gives insight into its expected performance in future periods. These measures are used internally by the Company to evaluate the performance of its underlying operations and to assist with its planning and forecasting of future operating results. As such, the Company believes these measures are useful to investors in assessing the Company's underlying performance. Hudbay provides adjusted EBITDA to help users analyze Hudbay's results and to provide additional information about its ongoing cash generating potential in order to assess its capacity to service and repay debt, carry out investments and cover working capital needs. Net debt is shown because it is a performance measure used by the Company to assess its financial position. Net debt to adjusted EBITDA is shown because it is a performance measure used by the Company to assess its financial leverage and debt capacity. Realized price is shown to understand the average realized price of metals sold to third parties in each reporting period. Free cash flow is shown as it provides investors and management additional information in assessing the Company's ability to generate cash flow from current operations after investing in capital to sustain the operations. Cash cost, sustaining and all-in sustaining cash cost per pound of copper produced are shown because Hudbay believes they help investors and management assess the performance of its operations, including the margin generated by the operations and the Company. Cash cost and sustaining cash cost per ounce of gold produced are shown because Hudbay believes they help investors and management assess the performance of its Manitoba operations. Combined unit cost is shown because Hudbay believes it helps investors and management assess the cost structure and margins that are not impacted by variability in by-product commodity prices.

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![](exhibit99-1x001.jpg)

<u>***Adjusted Net Earnings - Attributable to owners***</u>

Adjusted net earnings attributable to owners represents net earnings (loss) excluding certain impacts such as mark-to-market adjustments, foreign exchange (gains) loss, revaluation adjustment - environmental provisions for closed sites, variable consideration adjustment related to stream agreements, impairment charges and reversal of impairment charges on assets, (gain) loss on disposal of assets, other items that are not indicative of the underlying operating performance of Hudbay's core business; and tax effect and non-controlling interest of the previously discussed items. These measures are not necessarily indicative of net earnings (loss) as determined under IFRS. The following table provides a reconciliation of net earnings and non-controlling interest per the condensed consolidated interim statements of income, to adjusted net earnings attributable to owners of the Company for the three months ended September 30 and June 30, 2025 and September 30, 2024 and nine months ended September 30, 2025 and 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30,** <br>**2025** | Jun. 30, <br>2025 | Sep. 30, <br>2024 | **Sep. 30, <br>2025** | Sep. 30, <br>2024 |
| &nbsp;&nbsp;Earnings for the period | **222.4** | 114.7 | 50.3 | **436.3** | 48.5 |
| &nbsp;&nbsp;Tax expense | **108.1** | 38.4 | 29.4 | **218.6** | 99.4 |
| &nbsp;&nbsp;Earnings before tax | **330.5** | 153.1 | 79.7 | **654.9** | 147.9 |
| &nbsp;&nbsp;Adjusting items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market adjustments<sup>1</sup> | **8.7** | 6.3 | 5.2 | **11.9** | 37.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange loss (gain) | **8.8** | (18.9) | (3.3) | **(13.2)** | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Re-evaluation adjustment - environmental provision | **1.4** | (13.8) | 2.0 | **0.4** | (6.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Manitoba cost of sales and other expense from temporary shutdown | **24.2** | 5.3 |  | **29.5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Peru cost of sales from temporary shutdown | **10.9** |  |  | **10.9** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consideration received from previously sold non-core project | **(14.9)** |  |  | **(14.9)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper World impairment reversal | **(322.3)** |  |  | **(322.3)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable consideration adjustment - stream revenue and accretion | **-** |  |  | **(10.5)** | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **(1.3)** | 3.5 | 1.6 | **3.4** | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges | **-** |  |  | **0.1** | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction of obligation to renounce flow-through share expenditures, net of provisions | **(0.8)** | (1.2) | (2.0) | **(3.9)** | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Reversal of) write-down/loss on disposal of PP&E | **(0.3)** | 0.3 | 2.2 | **0.6** | 13.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in other provisions (non-capital) | **-** | - | - | **0.7** | - |
| &nbsp;&nbsp;Adjusted earnings before income taxes | **44.9** | 134.6 | 85.4 | **347.6** | 200.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | **(108.1)** | (38.4) | (29.4) | **(218.6)** | (99.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax impact of adjusting items | **73.3** | (23.0) | (5.2) | **47.5** | 7.4 |
| &nbsp;&nbsp;Adjusted net earnings | **10.1** | 73.2 | 50.8 | **176.5** | 108.0 |
| &nbsp;&nbsp;Adjusted net earnings attributable to non-controlling interest: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings (loss) for the period | **-** | 3.0 | (0.6) | **4.2** | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusting items, including tax impact | **-** | (0.7) | - | **(1.1)** | (3.9) |
| &nbsp;&nbsp;Adjusted net earnings - attributable to owners | **10.1** | 75.5 | 50.2 | **179.6** | 111.1 |
| &nbsp;&nbsp;Adjusted net earnings ($/share) - attributable to owners | **0.03** | 0.19 | 0.13 | **0.45** | 0.30 |
| &nbsp;&nbsp;Basic weighted average number of common shares outstanding (millions) | **395.7** | 395.1 | 393.6 | **395.3** | 371.0 |

---

<sup>1</sup> Includes changes in fair value of the gold prepayment liability, Canadian junior mining investments, other financial assets and liabilities at fair value through net earnings and share-based compensation expenses (recoveries). Also includes gains and losses on disposition of investments.

------

![](exhibit99-1x001.jpg)

<u>***Adjusted EBITDA***</u>

Adjusted EBITDA is net earnings before net finance expense/income, tax expense/recoveries, depreciation and amortization of property, plant and equipment and deferred revenue, as well as certain other adjustments. Hudbay calculates adjusted EBITDA by excluding certain adjustments included within Hudbay's adjusted net earnings attributable measure which reflects the underlying performance of Hudbay's core operating activities. The measure also removes the impact of non-cash items and financing costs that are not associated with measuring the underlying performance of Hudbay's operations. However, Hudbay's adjusted EBITDA is not the measure defined as EBITDA under Hudbay's senior notes or revolving credit facilities and may not be comparable with performance measures with the same name reported by other companies. Adjusted EBITDA should not be considered as a substitute for earnings, which is calculated in accordance with IFRS. Hudbay provides adjusted EBITDA to help users analyze their results and to provide additional information about Hudbay's ongoing cash generating potential in order to assess its capacity to service and repay debt, carry out investments and cover working capital needs.

The following table presents the reconciliation of earnings per the condensed consolidated interim statements of income, to adjusted EBITDA for the three months ended September 30 and June 30, 2025 and September 30, 2024 and nine months ended September 30, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30,** <br>**2025** | Jun. 30, <br>2025 | Sep. 30, <br>2024 | **Sep. 30,** <br>**2025** | Sep. 30, <br>2024 |
| &nbsp;&nbsp;Earnings for the period | **222.4** | 114.7 | 50.3 | **436.3** | 48.5 |
| &nbsp;&nbsp;Add back: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | **108.1** | 38.4 | 29.4 | **218.6** | 99.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net finance expense | **19.6** |  | 26 | **34.0** | 114.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expense | **9.1** | 7.1 | 7.8 | **21.4** | 35.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **82.7** | 96.4 | 97.5 | **287.2** | 304.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred revenue and variable consideration adjustment | **(6.3)** | (15.4) | (9.6) | **(51.0)** | (44.3) |
| &nbsp;&nbsp;Adjusting items (pre-tax): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal | **(322.3)** |  |  | **(322.3)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consideration received from previously sold non-core project | **(14.9)** |  |  | **(14.9)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Re-evaluation adjustment - environmental provision | **1.4** | (13.8) | 2 | **0.4** | (6.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **(1.3)** | 3.5 | 1.6 | **3.4** | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Manitoba temporary suspension (cash) | **16.0** | 3.2 |  | **19.2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Peru temporary suspension (cash) | **7.3** |  |  | **7.3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Option agreement proceeds (Marubeni) | **1.1** | 1 |  | **3.6** | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized loss on non-QP hedges | **-** | (0.4) | (2.1) | **(2.3)** | (4.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense <sup>1</sup> | **19.7** | 10.5 | 3.1 | **34.1** | 17.1 |
| &nbsp;&nbsp;Adjusted EBITDA | **142.6** | 245.2 | 206 | **675.0** | 566 |

---

<sup>1</sup> Share-based compensation expense reflected in cost of sales and selling and administrative expenses.

<u>***Net Debt***</u>

The following table presents Hudbay's calculation of net debt as at September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30,** <br>**2025** | Dec. 31, <br>2024 |
| &nbsp;&nbsp;Total debt | **1047.0** | 1107.5 |
| &nbsp;&nbsp;Cash and cash equivalents | **(611.1)** | (541.8) |
| &nbsp;&nbsp;Short-term investments | **-** | (40.0) |
| &nbsp;&nbsp;Net debt | **435.9** | 525.7 |

---

------

![](exhibit99-1x001.jpg)

<u>***Net Debt to Adjusted EBITDA Ratio***</u>

The following table presents Hudbay's calculation of net debt to adjusted EBITDA, both metrics have been reconciled above to the most comparable IFRS measure, as at September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;*(in $ millions, except net debt to adjusted EBITDA ratio)* | **Sep. 30,** <br>**2025** | Dec. 31, <br>2024 |
| &nbsp;&nbsp;Net debt | **435.9** | 525.7 |
| &nbsp;&nbsp;Adjusted EBITDA for the last twelve months | **932.3** | 823.3 |
| &nbsp;&nbsp;Net debt to adjusted EBITDA | **0.5** | 0.6 |

---

The following table presents the reconciliation of earnings per the condensed consolidated interim statements of income, to adjusted EBITDA for the twelve months ended September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | Twelve months ended | Twelve months ended |
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30,** <br>**2025** | Dec. 31, 2024 |
| &nbsp;&nbsp;Earnings for the period | **455.6** | 67.8 |
| &nbsp;&nbsp;Add back: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | **303.0** | 183.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net finance expense | **68.4** | 148.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | **43.5** | 57.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **409.4** | 426.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred revenue and variable consideration adjustment | **(77.2)** | (70.5) |
| &nbsp;&nbsp;Adjusting items (pre-tax): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal | **(322.3)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consideration received from previously sold non-core project | **(14.9)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Re-evaluation adjustment - environmental provision | **2.9** | (3.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **4.7** | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Manitoba temporary suspension (cash) | **19.2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Peru temporary suspension (cash) | **7.3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Option agreement proceeds (Marubeni) | **3.6** | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized loss on non-QP hedges | **(6.5)** | (8.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense <sup>1</sup> | **35.6** | 18.6 |
| &nbsp;&nbsp;Adjusted EBITDA for the last twelve months | **932.3** | 823.3 |

---

<sup>1</sup> Share-based compensation expense reflected in cost of sales and selling and administrative expenses.

------

![](exhibit99-1x001.jpg)

The following table presents the calculation of the last twelve months adjusted EBITDA:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three months ended | Three months ended | Three months ended | Three months ended | **LTM<sup>1</sup>** |
| &nbsp;&nbsp;Trailing Adjusted EBITDA<br>*(in $ millions)* | **Sept. 30,<br>2025** | Jun. 30,<br>2025 | Mar. 31,<br>2025 | Dec. 31,<br>2024 | **LTM<sup>1</sup>** |
| &nbsp;&nbsp;Earnings for the period | **222.4** | 114.7 | 99.2 | 19.3 | **455.6** |
| &nbsp;&nbsp;Add back: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | **108.1** | 38.4 | 72.1 | 84.4 | **303.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net finance expense | **19.6** |  | 14.4 | 34.4 | **68.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | **9.1** | 7.1 | 5.2 | 22.1 | **43.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **82.7** | 96.4 | 108.1 | 122.2 | **409.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred revenue and variable consideration adjustment | **(6.3)** | (15.4) | (29.3) | (26.2) | **(77.2)** |
| &nbsp;&nbsp;Adjusting items (pre-tax): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal | **(322.3)** |  |  |  | **(322.3)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Consideration received from previously sold non-core project | **(14.9)** |  |  |  | **(14.9)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Re-evaluation adjustment - environmental provision | **1.4** | (13.8) | 12.8 | 2.5 | **2.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **(1.3)** | 3.5 | 1.2 | 1.3 | **4.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Manitoba cost of sales charge from temporary shutdown (cash) | **16.0** | 3.2 |  |  | **19.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Peru cost of sales charge from temporary shutdown (cash) | **7.3** |  |  |  | **7.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized loss on non-QP hedges | **-** | (0.4) | (1.9) | (4.2) | **(6.5)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Option agreement proceeds (Marubeni) | **1.1** | 1 | 1.5 |  | **3.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses<sup>2</sup> | **19.7** | 10.5 | 3.9 | 1.5 | **35.6** |
| &nbsp;&nbsp;Adjusted EBITDA | **142.6** | 245.2 | 287.2 | 257.3 | **932.3** |

---

<sup>1</sup> LTM (last twelve months) as of September 30, 2025.

<sup>2</sup> Share-based compensation expense reflected in cost of sales and administrative expenses.

------

![](exhibit99-1x001.jpg)

<u>***Free Cash Flow***</u>

Hudbay defines free cash flow as cash generated from operations adjusted for changes in non-cash working capital, sustaining capital expenditures and cash payments from operating sites related to leases, equipment financings and community agreements. Free cash flow is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. This measure is not necessarily indicative of cash flow from operations as determined under IFRS Accounting Standards. The following table presents Hudbay's calculation of free cash flow and reconciles to the most directly comparable IFRS measure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months ended | Three months ended | Nine months ended | Nine months ended |
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30,<br>2025** | Sep. 30, <br>2024 | **Sep. 30,** <br>**2025** | Sep. 30, <br>2024 |
| &nbsp;&nbsp;Cash generated from operations | **113.5** | 148.1 | **497.9** | 427.9 |
| &nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in non-cash working capital | **43.2** | (40.2) | **70.5** | (31.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash sustaining capital expenditures<sup>1</sup> | **85.5** | 99.9 | **267.7** | 251.5 |
| &nbsp;&nbsp;Free cash flow | **(15.2)** | 88.4 | **159.7** | 208.0 |
| &nbsp;&nbsp;Cash sustaining capital expenditures<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sustaining capital costs<sup>2</sup> | **71.2** | 89.3 | **222.3** | 221.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized lease and equipment financing cash payments - operating sites | **14.3** | 10.2 | **40.5** | 28.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Community agreement cash payments | **—** | 0.4 | **4.9** | 1.9 |
| &nbsp;&nbsp;Cash sustaining capital expenditures<sup>1</sup> | **85.5** | 99.9 | **267.7** | 251.5 |

---

<sup>1</sup> Excludes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites.

<sup>2</sup> See reconciliation to property, plant & equipment additions on page 60 of this MD&A.

The following table presents the calculation of the last twelve months free cash flow:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Three months ended | **LTM<sup>1</sup>** |
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30, 2025** | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | **LTM<sup>1</sup>** |
| &nbsp;&nbsp;Cash generated from operations | **113.5** | 259.9 | 124.8 | 238.1 | **736.3** |
| &nbsp;&nbsp;Add back: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in non-cash working capital | **43.2** | 66.0 | (38.7) | 6.6 | **77.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash sustaining capital expenditures<sup>2</sup> | **85.5** | 106.1 | 76.1 | 82.6 | **350.3** |
| &nbsp;&nbsp;Free cash flow | **(15.2)** | 87.8 | 87.4 | 148.9 | **308.9** |
| &nbsp;&nbsp;Cash sustaining capital expenditures<sup>2</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sustaining capital costs<sup>3</sup> | **71.2** | 88.6 | 62.5 | 71.6 | **293.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized lease and equipment financing cash payments - operating sites | **14.3** | 13.4 | 12.8 | 10.3 | **50.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Community agreement cash payments | **-** | 4.1 | 0.8 | 0.7 | **5.6** |
| &nbsp;&nbsp;Cash sustaining capital expenditures<sup>2</sup> | **85.5** | 106.1 | 76.1 | 82.6 | **350.3** |

---

<sup>1</sup> LTM (last twelve months) as at September 30, 2025

<sup>2</sup> Excludes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites.

<sup>3</sup> See reconciliation to property, plant & equipment additions on page 60 of this MD&A.

------

![](exhibit99-1x001.jpg)

<u>***Cash Cost, Sustaining and All-in Sustaining Cash Cost (Copper Basis)***</u>

Cash cost per pound of copper produced ("cash cost") is a non-GAAP measure that management uses as a key performance indicator to assess the performance of its operations. Hudbay's calculation designates copper as the primary metal of production as it has been the largest component of revenues. The calculation is presented in four manners:

- **Cash cost, before by-product credits -** This measure is gross of by-product revenues and is a function of the efforts and costs incurred to mine and process all ore mined. However, the measure divides this aggregate cost over only pounds of copper produced, Hudbay's primary metal of production. This measure is generally less volatile from period to period, as it is not affected by changes in the price received for by-product metals. It is, however, affected by the relative mix of copper concentrate and zinc concentrate production, where an increase in production of zinc concentrate will tend to result in an increase in cash cost under this measure.

- **Cash cost, net of by-product credits -** In order to calculate the net cost to produce and sell copper, the net of by-product credits measure subtracts the revenues realized from the sale of the metals other than copper. The by-product revenues from zinc, gold, and silver are significant and are integral to the economics of Hudbay's operations. The economics that support Hudbay's decision to produce and sell copper would be different if Hudbay did not receive revenues from the other significant metals being extracted and processed. This measure provides management and investors with an indication of the minimum copper price consistent with positive operating margins, assuming realized by-product metal prices are consistent with those prevailing during the reporting period. It also serves as an important operating statistic that management and investors utilize to measure its operating performance versus that of its competitors. However, it is important to understand that if by-product metal prices decline alongside copper prices, the cash cost net of by-product credits would increase, requiring a higher copper price than that reported to maintain positive cash flows and operating margins.

- **Sustaining cash cost, net of by-product credits -** This measure is an extension of cash cost that includes cash sustaining capital expenditures, including payments on capitalized leases, capitalized sustaining exploration, net smelter returns royalties, payments on certain long-term community agreements, as well as accretion and amortization for expected decommissioning activities for producing assets. It does not include corporate selling and administrative expenses. It provides a more fulsome measurement of the cost of sustaining production than cash cost, which is focused on operating costs only.

**- All-in sustaining cash cost, net of by-product credits -** This measure is an extension of sustaining cash cost that includes corporate G&A, regional costs, accretion and amortization for community agreements relating to current operations, and accretion for expected decommissioning activities for non-producing sites. Due to the inclusion of corporate selling and administrative expenses, all-in sustaining cash cost is presented on a consolidated basis only.

The tables below present a detailed build-up of cash cost and sustaining cash cost, net of by-product credits, by business unit in addition to consolidated all-in sustaining cash cost, net of by-product credits, and reconciliations between cash cost, net of by-product credits, to the most comparable IFRS measures of cost of sales for the three months ended September 30, and June 30, 2025 and September 30, 2024 and nine months ended September 30, 2025 and September 30, 2024. Cash cost, net of by-product credits may not calculate exactly based on amounts presented in the tables below due to rounding.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Consolidated**</u> | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| &nbsp;&nbsp;*(in thousands)* | **Sep. 30, 2025** | Jun. 30, 2025 | Sep. 30, 2024 | **Sep. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;Peru | **39934** | 47863 | 46782 | **132535** | 143329 |
| &nbsp;&nbsp;Manitoba | **1856** | 3554 | 7491 | **13058** | 20258 |
| &nbsp;&nbsp;British Columbia | **11572** | 14626 | 14850 | **42062** | 45148 |
| &nbsp;&nbsp;**Net pounds of copper produced<sup>1</sup>** | **53362** | 66043 | 69123 | **187655** | 208735 |

---

<sup>1</sup> Contained copper in concentrate.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Consolidated**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| &nbsp;&nbsp;Cash cost, before by-product credits | **198.0** | **3.71** | 245.6 | 3.72 | 259.4 | 3.75 |
| &nbsp;&nbsp;By-product credits | **(175.8)** | **(3.29)** | (247.3) | (3.74) | (246.7) | (3.57) |
| &nbsp;&nbsp;**Cash cost, net of by-product credits** | **22.2** | **0.42** | (1.7) | (0.02) | 12.7 | 0.18 |

---

------

![](exhibit99-1x001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Consolidated**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb |
| &nbsp;&nbsp;Cash cost, before by-product credits | **697.3** | **3.71** | 798.7 | 3.83 |
| &nbsp;&nbsp;By-product credits | **(707.8)** | **(3.77)** | (702.1) | (3.37) |
| &nbsp;&nbsp;**Cash cost, net of by-product credits** | **(10.5)** | **(0.06)** | 96.6 | 0.46 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Consolidated**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| &nbsp;&nbsp;Mining | **70.2** | **1.32** | 85.8 | 1.30 | 90.7 | 1.31 |
| &nbsp;&nbsp;Milling | **75.8** | **1.42** | 92.6 | 1.40 | 85.1 | 1.23 |
| &nbsp;&nbsp;G&A | **31.8** | **0.59** | 43.1 | 0.66 | 38.0 | 0.55 |
| &nbsp;&nbsp;Onsite costs | **177.8** | **3.33** | 221.5 | 3.36 | 213.8 | 3.09 |
| &nbsp;&nbsp;Treatment & refining | **5.3** | **0.10** | 3.3 | 0.05 | 21.2 | 0.31 |
| &nbsp;&nbsp;Freight & other | **14.9** | **0.28** | 20.8 | 0.31 | 24.4 | 0.35 |
| &nbsp;&nbsp;**Cash cost, before by-product credits** | **198.0** | **3.71** | 245.6 | 3.72 | 259.4 | 3.75 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Consolidated**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb |
| &nbsp;&nbsp;Mining | **247.2** | **1.32** | 286.0 | 1.37 |
| &nbsp;&nbsp;Milling | **249.0** | **1.32** | 256.7 | 1.23 |
| &nbsp;&nbsp;G&A | **118.5** | **0.63** | 111.4 | 0.53 |
| &nbsp;&nbsp;Onsite costs | **614.7** | **3.27** | 654.1 | 3.13 |
| &nbsp;&nbsp;Treatment & refining | **22.6** | **0.12** | 71.4 | 0.35 |
| &nbsp;&nbsp;Freight & other | **60.0** | **0.32** | 73.2 | 0.35 |
| &nbsp;&nbsp;**Cash cost, before by-product credits** | **697.3** | **3.71** | 798.7 | 3.83 |

---

------

![](exhibit99-1x001.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <u>**Consolidated**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| **Supplementary cash cost information** | **$ millions** | **$/lb <sup>1</sup>** | $ millions | $/lb <sup>1</sup> | $ millions | $/lb <sup>1</sup> |
| By-product credits<sup>2</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | **9.9** | **0.18** | 7.3 | 0.11 | 24.2 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold<sup>3</sup> | **134.8** | **2.53** | 195.8 | 2.96 | 189.1 | 2.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver<sup>3</sup> | **13.9** | **0.26** | 23.4 | 0.35 | 18.3 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum & other | **17.2** | **0.32** | 20.8 | 0.32 | 15.1 | 0.22 |
| Total by-product credits | **175.8** | **3.29** | 247.3 | 3.74 | 246.7 | 3.57 |
| Reconciliation to IFRS: |  |  |  |  |  |  |
| Cash cost, net of by-product credits | **22.2** |  | (1.7) |  | 12.7 |  |
| By-product credits | **175.8** |  | 247.3 |  | 246.7 |  |
| Treatment and refining charges | **(5.3)** |  | (3.3) |  | (21.2) |  |
| Inventory adjustments | **(1.3)** |  | 3.5 |  | 1.6 |  |
| Share-based compensation expense | **1.7** |  | 0.9 |  | 0.3 |  |
| Past service costs | **-** |  |  |  | 2.8 |  |
| Change in product inventory | **(19.6)** |  | 11.4 |  | 1.8 |  |
| Royalties | **2.0** |  | 2.2 |  | 3.8 |  |
| Overhead costs incurred during Manitoba temporary suspension (cash) | **16.0** |  | 3.2 |  |  |  |
| Overhead costs incurred during Peru temporary suspension (cash) | **7.3** |  |  |  |  |  |
| Depreciation and amortization<sup>4</sup> | **82.7** |  | 96.4 |  | 97.5 |  |
| **Cost of sales<sup>5</sup>** | **281.5** |  | 359.9 |  | 346.0 |  |

---

<sup>1</sup> Per pound of copper produced.

<sup>2</sup> By-product credits are computed as revenue per financial statements, including amortization of deferred revenue and pricing and volume adjustments. For more information, please see the realized price reconciliation table on page 32 of this MD&A for these figures.

<sup>3</sup> Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements. Variable consideration adjustments are cumulative adjustments to gold and silver stream deferred revenue primarily associated with the net change in mineral reserves and resources or amendments to the mine plan that would change the total expected deliverable ounces under the precious metal streaming arrangement. For the three months ended September 30, 2025 the variable consideration adjustments amounted to $nil (three months ended September 30, 2024 - $nil and June 30, 2025 - $nil).

<sup>4</sup> Depreciation is based on concentrate sold.

<sup>5</sup> As per consolidated interim financial statements.

------

![](exhibit99-1x001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>**Consolidated**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep. 30, 2024 | Sep. 30, 2024 |
| **Supplementary cash cost information** | **$ millions** | **$/lb<sup>1</sup>** | $ millions | $/lb<sup>1</sup> |
| By-product credits<sup>2</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | **31.0** | **0.17** | 53.8 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold<sup>3</sup> | **556.0** | **2.95** | 535.1 | 2.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver<sup>3</sup> | **63.4** | **0.34** | 59.4 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum & other | **57.4** | **0.31** | 53.8 | 0.26 |
| Total by-product credits | **707.8** | **3.77** | 702.1 | 3.37 |
| Reconciliation to IFRS: |  |  |  |  |
| Cash cost, net of by-product credits | **(10.5)** |  | 96.6 |  |
| By-product credits | **707.8** |  | 702.1 |  |
| Treatment and refining charges | **(22.6)** |  | (71.4) |  |
| Inventory adjustments | **3.4** |  | 1.6 |  |
| Share-based compensation expense | **3.3** |  | 1.3 |  |
| Past service costs | **-** |  | 2.8 |  |
| Change in product inventory | **3.8** |  | 21.3 |  |
| Royalties | **6.1** |  | 8.2 |  |
| Overhead costs incurred during Manitoba temporary suspension (cash) | **19.2** |  |  |  |
| Overhead costs incurred during Peru temporary suspension (cash) | **7.3** |  |  |  |
| Depreciation and amortization<sup>4</sup> | **287.2** |  | 304.4 |  |
| **Cost of sales<sup>5</sup>** | **1005.0** |  | 1066.9 |  |

---

<sup>1</sup> Per pound of copper produced.

<sup>2</sup> By-product credits are computed as revenue per financial statements, including amortization of deferred revenue and pricing and volume adjustments. For more information, please see the realized price reconciliation table on page 33 of this MD&A for these figures.

<sup>3</sup> Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements. Variable consideration adjustments are cumulative adjustments to gold and silver stream deferred revenue primarily associated with the net change in mineral reserves and resources or amendments to the mine plan that would change the total expected deliverable ounces under the precious metal streaming arrangement. For the nine months ended September 30, 2025 the variable consideration adjustments amounted to a gain of $9.9 million (nine months ended September 30, 2024 - loss of $3.8 million).

<sup>4</sup> Depreciation is based on concentrate sold.

<sup>5</sup> As per consolidated interim financial statements.

------

![](exhibit99-1x001.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Peru**</u> | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| &nbsp;&nbsp;*(in thousands)* | **Sep. 30, 2025** | Jun. 30, 2025 | Sep. 30, 2024 | **Sep. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;**Net pounds of copper produced<sup>1</sup>** | **39934** | 47863 | 46782 | **132535** | 143329 |

---

<sup>1</sup> Contained copper in concentrate.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Peru**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| &nbsp;&nbsp;Mining | **34.8** | **0.87** | 28.1 | 0.59 | 37.7 | 0.81 |
| &nbsp;&nbsp;Milling | **40.8** | **1.02** | 57.8 | 1.21 | 48.5 | 1.04 |
| &nbsp;&nbsp;G&A | **19.3** | **0.48** | 23.2 | 0.48 | 19.9 | 0.42 |
| &nbsp;&nbsp;Onsite costs | **94.9** | **2.37** | 109.1 | 2.28 | 106.1 | 2.27 |
| &nbsp;&nbsp;Treatment & refining | **3.4** | **0.08** | (0.1) | 0.00 | 11.4 | 0.24 |
| &nbsp;&nbsp;Freight & other | **9.4** | **0.24** | 12.4 | 0.25 | 14.1 | 0.30 |
| &nbsp;&nbsp;Cash cost, before by-product credits | **107.7** | **2.69** | 121.4 | 2.53 | 131.6 | 2.81 |
| &nbsp;&nbsp;By-product credits | **(55.5)** | **(1.39)** | (51.8) | (1.08) | (47.2) | (1.01) |
| &nbsp;&nbsp;**Cash cost, net of by-product credits** | **52.2** | **1.30** | 69.6 | 1.45 | 84.4 | 1.80 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Peru**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb |
| &nbsp;&nbsp;Mining | **93.9** | **0.71** | 98.2 | 0.69 |
| &nbsp;&nbsp;Milling | **143.0** | **1.08** | 143.5 | 1.00 |
| &nbsp;&nbsp;G&A | **65.0** | **0.49** | 62.3 | 0.43 |
| &nbsp;&nbsp;Onsite costs | **301.9** | **2.28** | 304 | 2.12 |
| &nbsp;&nbsp;Treatment & refining | **10.0** | **0.07** | 37.4 | 0.26 |
| &nbsp;&nbsp;Freight & other | **37.0** | **0.28** | 43.3 | 0.30 |
| &nbsp;&nbsp;Cash cost, before by-product credits | **348.9** | **2.63** | 384.7 | 2.68 |
| &nbsp;&nbsp;By-product credits | **(177.5)** | **(1.34)** | (201.8) | (1.40) |
| &nbsp;&nbsp;**Cash cost, net of by-product credits** | **171.4** | **1.29** | 182.9 | 1.28 |

---

------

![](exhibit99-1x001.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <u>**Peru**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| **Supplementary cash cost information** | **$ millions** | **$/lb <sup>1</sup>** | $ millions | $/lb <sup>1</sup> | $ millions | $/lb <sup>1</sup> |
| By-product credits<sup>2</sup>: |  |  |  |  |  |  |
| Gold<sup>3</sup> | **31.3** | **0.78** | 17.3 | 0.36 | 22.9 | 0.49 |
| Silver<sup>3</sup> | **7.0** | **0.18** | 13.7 | 0.29 | 9.2 | 0.20 |
| Molybdenum | **17.2** | **0.43** | 20.8 | 0.43 | 15.1 | 0.32 |
| Total by-product credits | **55.5** | **1.39** | 51.8 | 1.08 | 47.2 | 1.01 |
| Reconciliation to IFRS: |  |  |  |  |  |  |
| Cash cost, net of by-product credits | **52.2** |  | 69.6 |  | 84.4 |  |
| By-product credits | **55.5** |  | 51.8 |  | 47.2 |  |
| Treatment and refining charges | **(3.4)** |  | 0.1 |  | (11.4) |  |
| Inventory adjustments | **(1.3)** |  | 1.1 |  | 0.2 |  |
| Share-based compensation expenses | **0.2** |  | 0.2 |  | 0.1 |  |
| Change in product inventory | **(26.9)** |  | 4 |  | 1.1 |  |
| Royalties | **1.5** |  | 1 |  | 2.2 |  |
| Overhead costs incurred during Peru temporary suspension (cash) | **7.3** |  |  |  |  |  |
| Depreciation and amortization<sup>4</sup> | **50.0** |  | 56 |  | 57.2 |  |
| **Cost of sales<sup>5</sup>** | **135.1** |  | 183.8 |  | 181 |  |

---

<sup>1</sup> Per pound of copper produced.

<sup>2</sup> By-product credits are computed as revenue per financial statements, including amortization of deferred revenue and pricing and volume adjustments.

<sup>3</sup> Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements.

<sup>4</sup> Depreciation is based on concentrate sold.

<sup>5</sup> As per the consolidated interim financial statements.

------

![](exhibit99-1x001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Peru**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Supplementary cash cost information** | **$ millions** | **$/lb <sup>1</sup>** | $ millions | $/lb <sup>1</sup> |
| &nbsp;&nbsp;By-product credits<sup>2</sup>: |  |  |  |  |
| &nbsp;&nbsp;Gold<sup>3</sup> | **83.6** | **0.63** | 114.0 | 0.79 |
| &nbsp;&nbsp;Silver<sup>3</sup> | **36.3** | **0.27** | 34.5 | 0.24 |
| &nbsp;&nbsp;Molybdenum | **57.6** | **0.44** | 53.3 | 0.37 |
| &nbsp;&nbsp;Total by-product credits | **177.5** | **1.34** | 201.8 | 1.40 |
| &nbsp;&nbsp;Reconciliation to IFRS: |  |  |  |  |
| &nbsp;&nbsp;Cash cost, net of by-product credits | **171.4** |  | 182.9 |  |
| &nbsp;&nbsp;By-product credits | **177.5** |  | 201.8 |  |
| &nbsp;&nbsp;Treatment and refining charges | **(10.0)** |  | (37.4) |  |
| &nbsp;&nbsp;Inventory adjustments | **0.2** |  | 0.2 |  |
| &nbsp;&nbsp;Share-based compensation expenses | **0.5** |  | 0.4 |  |
| &nbsp;&nbsp;Change in product inventory | **(9.1)** |  | 16.3 |  |
| &nbsp;&nbsp;Royalties | **3.6** |  | 5.2 |  |
| &nbsp;&nbsp;Overhead costs incurred during Peru temporary suspension (cash) | **7.3** |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization<sup>4</sup> | **174.2** |  | 187.1 |  |
| &nbsp;&nbsp;**Cost of sales<sup>5</sup>** | **515.6** |  | 556.5 |  |

---

<sup>1</sup> Per pound of copper produced.

<sup>2</sup> By-product credits are computed as revenue per financial statements, including amortization of deferred revenue and pricing and volume adjustments.

<sup>3</sup> Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements.

<sup>4</sup> Depreciation is based on concentrate sold.

<sup>5</sup> As per the consolidated interim financial statements.

------

![](exhibit99-1x001.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**British Columbia**</u> | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| &nbsp;&nbsp;*(in thousands)* | **Sep. 30, 2025** | Jun. 30, 2025 | Sep. 30, 2024 | **Sep. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;**Net pounds of copper produced<sup>1</sup>** | **11572** | 14626 | 14850 | **42062** | 45148 |

---

<sup>1</sup> Contained copper in concentrate.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**British Columbia**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| &nbsp;&nbsp;Mining | **19.6** | **1.69** | 24.2 | 1.65 | 12.9 | 0.87 |
| &nbsp;&nbsp;Milling | **29.1** | **2.52** | 21.4 | 1.46 | 19.7 | 1.33 |
| &nbsp;&nbsp;G&A | **7.1** | **0.61** | 6.1 | 0.42 | 5.7 | 0.39 |
| &nbsp;&nbsp;Onsite costs | **55.8** | **4.82** | 51.7 | 3.53 | 38.3 | 2.59 |
| &nbsp;&nbsp;Treatment & refining | **1.0** | **0.09** | 2.1 | 0.14 | 3.3 | 0.22 |
| &nbsp;&nbsp;Freight & other | **3.0** | **0.26** | 3.3 | 0.24 | 3.1 | 0.20 |
| &nbsp;&nbsp;Cash cost, before by-product credits | **59.8** | **5.17** | 57.1 | 3.91 | 44.7 | 3.01 |
| &nbsp;&nbsp;By-product credits | **(22.7)** | **(1.96)** | (22.2) | (1.52) | (17.9) | (1.20) |
| &nbsp;&nbsp;**Cash cost, net of by-product credits** | **37.1** | **3.21** | 34.9 | 2.39 | 26.8 | 1.81 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**British Columbia**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb |
| &nbsp;&nbsp;Mining | **65.7** | **1.56** | 61.0 | 1.35 |
| &nbsp;&nbsp;Milling | **72.3** | **1.72** | 64.6 | 1.43 |
| &nbsp;&nbsp;G&A | **19.5** | **0.46** | 15.0 | 0.34 |
| &nbsp;&nbsp;Onsite costs | **157.5** | **3.74** | 140.6 | 3.12 |
| &nbsp;&nbsp;Treatment & refining | **6.7** | **0.16** | 11.0 | 0.24 |
| &nbsp;&nbsp;Freight & other | **9.7** | **0.23** | 10.8 | 0.24 |
| &nbsp;&nbsp;Cash cost, before by-product credits | **173.9** | **4.13** | 162.4 | 3.60 |
| &nbsp;&nbsp;By-product credits | **(63.2)** | **(1.50)** | (41.9) | (0.93) |
| &nbsp;&nbsp;**Cash cost, net of by-product credits** | **110.7** | **2.63** | 120.5 | 2.67 |

---

------

![](exhibit99-1x001.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**British Columbia**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Supplementary cash cost information** | **$ millions** | **$/lb <sup>1</sup>** | $ millions | $/lb <sup>1</sup> | $ millions | $/lb <sup>1</sup> |
| &nbsp;&nbsp;By-product credits<sup>2</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;Gold | **20.4** | **1.76** | 19.8 | 1.35 | 16.3 | 1.09 |
| &nbsp;&nbsp;Silver | **2.3** | **0.20** | 2.4 | 0.17 | 1.6 | 0.11 |
| &nbsp;&nbsp;Total by-product credits | **22.7** | **1.96** | 22.2 | 1.52 | 17.9 | 1.20 |
| &nbsp;&nbsp;Reconciliation to IFRS: |  |  |  |  |  |  |
| &nbsp;&nbsp;Cash cost, net of by-product credits | **37.1** |  | 34.9 |  | 26.8 |  |
| &nbsp;&nbsp;By-product credits | **22.7** |  | 22.2 |  | 17.9 |  |
| &nbsp;&nbsp;Treatment and refining charges | **(1.0)** |  | (2.1) |  | (3.3) |  |
| &nbsp;&nbsp;Inventory adjustments | **-** |  | 1.4 |  |  |  |
| &nbsp;&nbsp;Change in product inventory | **4.2** |  | 3.6 |  | (0.5) |  |
| &nbsp;&nbsp;Share-based compensation expense | **0.5** |  | 0.2 |  |  |  |
| &nbsp;&nbsp;Royalties | **0.5** |  | 1.2 |  | 1.6 |  |
| &nbsp;&nbsp;Depreciation and amortization<sup>3</sup> | **16.4** |  | 16.8 |  | 12.6 |  |
| &nbsp;&nbsp;**Cost of sales<sup>4</sup>** | **80.4** |  | 78.2 |  | 55.1 |  |

---

<sup>1</sup> Per pound of copper produced.

<sup>2</sup> By-product credits are computed as revenue per financial statements, including amortization of deferred revenue and pricing and volume adjustments.

<sup>3</sup> Depreciation is based on concentrate sold.

<sup>4</sup> As per consolidated interim financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**British Columbia**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Supplementary cash cost information** | **$ millions** | **$/lb <sup>1</sup>** | $ millions | $/lb <sup>1</sup> |
| &nbsp;&nbsp;By-product credits<sup>2</sup>: |  |  |  |  |
| &nbsp;&nbsp;Gold | **56.3** | **1.34** | 36.0 | 0.80 |
| &nbsp;&nbsp;Silver | **6.9** | **0.16** | 5.9 | 0.13 |
| &nbsp;&nbsp;Total by-product credits | **63.2** | **1.50** | 41.9 | 0.93 |
| &nbsp;&nbsp;Reconciliation to IFRS: |  |  |  |  |
| &nbsp;&nbsp;Cash cost, net of by-product credits | **110.7** |  | 120.5 |  |
| &nbsp;&nbsp;By-product credits | **63.2** |  | 41.9 |  |
| &nbsp;&nbsp;Treatment and refining charges | **(6.7)** |  | (11.0) |  |
| &nbsp;&nbsp;Inventory adjustments | **2.2** |  |  |  |
| &nbsp;&nbsp;Change in product inventory | **7.0** |  | 6.8 |  |
| &nbsp;&nbsp;Share-based compensation expense | **1.0** |  |  |  |
| &nbsp;&nbsp;Royalties | **2.5** |  | 3.0 |  |
| &nbsp;&nbsp;Depreciation and amortization<sup>3</sup> | **49.2** |  | 38.3 |  |
| &nbsp;&nbsp;**Cost of sales<sup>4</sup>** | **229.1** |  | 199.5 |  |

---

<sup>1</sup> Per pound of copper produced.

<sup>2</sup> By-product credits are computed as revenue per financial statements, including amortization of deferred revenue and pricing and volume adjustments.

<sup>3</sup> Depreciation is based on concentrate sold.

<sup>4</sup> As per consolidated interim financial statements.

------

![](exhibit99-1x001.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <u>**Consolidated**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| **All-in sustaining cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| Cash cost, net of by-product credits | **22.2** | **0.42** | (1.7) | (0.02) | 12.7 | 0.18 |
| Cash sustaining capital expenditures | **87.5** | **1.64** | 108.3 | 1.64 | 101.6 | 1.47 |
| Royalties | **2.0** | **0.03** | 2.2 | 0.03 | 3.8 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Sustaining cash cost, net of by-product credits** | **111.7** | **2.09** | 108.8 | 1.65 | 118.1 | 1.71 |
| Corporate selling and administrative expenses & regional costs | **33.0** | **0.62** | 22.1 | 0.33 | 12.8 | 0.18 |
| Accretion and amortization of decommissioning and community agreements<sup>1</sup> | **3.9** | **0.07** | 3.2 | 0.05 | 3.9 | 0.06 |
| **All-in sustaining cash cost, net of by-product credits** | **148.6** | **2.78** | 134.1 | 2.03 | 134.8 | 1.95 |
| Reconciliation to property, plant and equipment additions: |  |  |  |  |  |  |
| Property, plant and equipment additions | **97.6** |  | 93.6 |  | 76.7 |  |
| Capitalized stripping net additions | **43.2** |  | 53.8 |  | 49.2 |  |
| Total accrued capital additions | **140.8** |  | 147.4 |  | 125.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less other non-sustaining capital costs<sup>2</sup> | **69.6** |  | 58.8 |  | 36.6 |  |
| Total sustaining capital costs | **71.2** |  | 88.6 |  | 89.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized lease & equipment financing cash payments - operating sites | **14.3** |  | 13.4 |  | 10.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community agreement cash payments | **-** |  | 4.1 |  | 0.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion and amortization of decommissioning and restoration obligations <sup>3</sup> | **2.0** |  | 2.2 |  | 1.7 |  |
| Cash sustaining capital expenditures | **87.5** |  | 108.3 |  | 101.6 |  |

---

<sup>1</sup> Includes accretion of decommissioning liability relating to non-producing sites, and accretion and amortization of community agreements capitalized to Other assets.

<sup>2</sup> Other non-sustaining capital costs include Arizona capitalized costs, capitalized interest, capitalized exploration, right-of-use lease asset additions, equipment financing asset additions, growth capital expenditures and reclassification related to capital spares.

<sup>3</sup> Includes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites.

------

![](exhibit99-1x001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>**Consolidated**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep. 30, 2024 | Sep. 30, 2024 |
| **All-in sustaining cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb |
| Cash cost, net of by-product credits | **(10.5)** | **(0.06)** | 96.6 | 0.46 |
| Cash sustaining capital expenditures | **274.0** | **1.46** | 256.9 | 1.23 |
| Royalties | **6.1** | **0.04** | 8.2 | 0.04 |
| **Sustaining cash cost, net of by-product credits** | **269.6** | **1.44** | 361.7 | 1.73 |
| Corporate selling and administrative expenses & regional costs | **70.4** | **0.37** | 50.7 | 0.24 |
| Accretion and amortization of decommissioning and community agreements<sup>1</sup> | **9.1** | **0.05** | 14.5 | 0.07 |
| **All-in sustaining cash cost, net of by-product credits** | **349.1** | **1.86** | 426.9 | 2.04 |
| Reconciliation to property, plant and equipment additions: |  |  |  |  |
| Property, plant and equipment additions | **259.4** |  | 198.1 |  |
| Capitalized stripping net additions | **138.3** |  | 124.6 |  |
| Total accrued capital additions | **397.7** |  | 322.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less other non-sustaining capital costs<sup>2</sup> | **175.4** |  | 101.2 |  |
| Total sustaining capital costs | **222.3** |  | 221.5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized lease & equipment financing cash payments - operating sites | **40.5** |  | 28.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Community agreement cash payments | **4.9** |  | 1.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion and amortization of decommissioning and restoration obligations <sup>3</sup> | **6.3** |  | 5.4 |  |
| Cash sustaining capital expenditures | **274.0** |  | 256.9 |  |

---

<sup>1</sup> Includes accretion of decommissioning liability relating to non-producing sites, and accretion and amortization of community agreements capitalized to Other assets.

<sup>2</sup> Other non-sustaining capital costs include Arizona capitalized costs, capitalized interest, capitalized exploration, right-of-use lease asset additions, equipment financing asset additions, growth capital expenditures and reclassification related to capital spares.

<sup>3</sup> Includes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites.

------

![](exhibit99-1x001.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <u>**Peru**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| **Sustaining cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| Cash cost, net of by-product credits | **52.2** | **1.30** | 69.6 | 1.45 | 84.4 | 1.80 |
| Cash sustaining capital expenditures | **30.5** | **0.77** | 55.1 | 1.15 | 43.7 | 0.93 |
| Royalties | **1.5** | **0.04** | 1 | 0.03 | 2.2 | 0.05 |
| **Sustaining cash cost per pound of copper produced** | **84.2** | **2.11** | 125.7 | 2.63 | 130.3 | 2.78 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>**Peru**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep. 30, 2024 | Sep. 30, 2024 |
| **Sustaining cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb |
| Cash cost, net of by-product credits | **171.4** | **1.29** | 182.9 | 1.28 |
| Cash sustaining capital expenditures | **120.9** | **0.91** | 107.3 | 0.75 |
| Royalties | **3.6** | **0.03** | 5.2 | 0.04 |
| **Sustaining cash cost per pound of copper produced** | **295.9** | **2.23** | 295.4 | 2.07 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <u>**British Columbia**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| **Sustaining cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| Cash cost, net of by-product credits | **37.1** | **3.21** | 34.9 | 2.39 | 26.8 | 1.81 |
| Cash sustaining capital expenditures | **48.4** | **4.18** | 39.6 | 2.71 | 46.6 | 3.14 |
| Royalties | **0.5** | **0.04** | 1.2 | 0.08 | 1.6 | 0.11 |
| **Sustaining cash cost per pound of copper produced** | **86.0** | **7.43** | 75.7 | 5.18 | 75.0 | 5.06 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>**British Columbia**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep. 30, 2024 | Sep. 30, 2024 |
| **Sustaining cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb |
| Cash cost, net of by-product credits | **110.7** | **2.63** | 120.5 | 2.67 |
| Cash sustaining capital expenditures | **115.8** | **2.75** | 109.1 | 2.41 |
| Royalties | **2.5** | **0.06** | 3.0 | 0.07 |
| **Sustaining cash cost per pound of copper produced** | **229.0** | **5.44** | 232.6 | 5.15 |

---

------

![](exhibit99-1x001.jpg)

<u>***Gold Cash Cost and Gold Sustaining Cash Cost***</u>

Cash cost per ounce of gold produced ("gold cash cost") is a non-GAAP measure that management uses as a key performance indicator to assess the performance of Hudbay's Manitoba operations. This alternative cash cost calculation designates gold as the primary metal of production as it represents a substantial component of revenues for Hudbay's Manitoba business unit and should therefore be less volatile over time than Manitoba cash cost per pound of copper. The calculation is presented in three manners:

- **Gold cash cost, before by-product credits -** This measure is gross of by-product revenues and is a function of the efforts and costs incurred to mine and process all ore mined. However, the measure divides this aggregate cost over only ounces of gold produced, the assumed primary metal of production. This measure is generally less volatile from period to period, as it is not affected by changes in the price received for by-product metals.

- **Gold cash cost, net of by-product credits -** In order to calculate the net cost to produce and sell gold, the net of by-product credits measure subtracts the revenues realized from the sale of the metals other than gold. The by-product revenues from copper, zinc, and silver are significant and are integral to the economics of Hudbay's Manitoba operation. The economics that support its decision to produce and sell gold would be different if Hudbay did not receive revenues from the other significant metals being extracted and processed. This measure provides management and investors with an indication of the minimum gold price consistent with positive operating margins, assuming realized by-product metal prices are consistent with those prevailing during the reporting period. It also serves as an important operating statistic that management and investors utilize to measure Hudbay's operating performance at its Manitoba operation versus that of its competitors. However, it is important to understand that if by-product metal prices decline alongside gold prices, the gold cash cost net of by-product credits would increase, requiring a higher gold price than that reported to maintain positive cash flows and operating margins.

- **Gold sustaining cash cost, net of by-product credits -** This measure is an extension of gold cash cost that includes cash sustaining capital expenditures, capitalized exploration, net smelter returns royalties, as well as accretion and amortization for expected decommissioning activities for producing assets. It does not include corporate selling and administrative expenses. It provides a more fulsome measurement of the cost of sustaining production than gold cash cost, which is focused on operating costs only.

The tables below present a detailed build-up of gold cash cost and gold sustaining cash cost, net of by-product credits, for the Manitoba business unit, and reconciliations between gold cash cost, net of by-product credits, to the most comparable IFRS measures of cost of sales for the three months ended September 30, and June 30, 2025 and September 30, 2024 and nine months ended September 30, 2025 and 2024. Gold cash cost, net of by-product credits, may not calculate exactly based on amounts presented in the tables below due to rounding.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Manitoba**</u> | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| &nbsp;&nbsp;*(in thousands)* | **Sep. 30, 2025** | Jun. 30, 2025 | Sep. 30, 2024 | **Sep. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;**Net ounces of gold produced<sup>1</sup>** | **22441** | 43235 | 62468 | **126030** | 162787 |

---

<sup>1</sup> Contained gold in concentrate and doré.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Manitoba**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Cash cost per ounce of gold produced** | **$ millions** | **$/oz<sup>1</sup>** | $ millions | $/oz<sup>1</sup> | $ millions | $/oz<sup>1</sup> |
| &nbsp;&nbsp;Mining | **15.8** | **704** | 33.5 | 775 | 40.1 | 642 |
| &nbsp;&nbsp;Milling | **5.9** | **263** | 13.4 | 310 | 16.9 | 271 |
| &nbsp;&nbsp;G&A | **5.4** | **241** | 13.8 | 319 | 12.4 | 198 |
| &nbsp;&nbsp;Onsite costs | **27.1** | **1208** | 60.7 | 1404 | 69.4 | 1111 |
| &nbsp;&nbsp;Treatment & refining | **0.9** | **40** | 1.3 | 30 | 6.5 | 104 |
| &nbsp;&nbsp;Freight & other | **2.5** | **111** | 5.1 | 118 | 7.2 | 117 |
| &nbsp;&nbsp;Cash cost, before by-product credits | **30.5** | **1359** | 67.1 | 1552 | 83.1 | 1332 |
| &nbsp;&nbsp;By-product credits | **(22.0)** | **(980)** | (36.4) | (842) | (60.0) | (960) |
| &nbsp;&nbsp;**Gold cash cost, net of by-product credits** | **8.5** | **379** | 30.7 | 710 | 23.1 | 372 |

---

------

![](exhibit99-1x001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Manitoba**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep 30, 2024 | Sep 30, 2024 |
| &nbsp;&nbsp;**Cash cost per ounce of gold produced** | **$ millions** | **$/oz<sup>1</sup>** | $ millions | $/oz<sup>1</sup> |
| &nbsp;&nbsp;Mining | **87.6** | **695** | 126.8 | 779 |
| &nbsp;&nbsp;Milling | **33.7** | **267** | 48.6 | 298 |
| &nbsp;&nbsp;G&A | **34.0** | **270** | 34.1 | 210 |
| &nbsp;&nbsp;Onsite costs | **155.3** | **1232** | 209.5 | 1287 |
| &nbsp;&nbsp;Treatment & refining | **5.9** | **47** | 23.0 | 141 |
| &nbsp;&nbsp;Freight & other | **13.3** | **106** | 19.0 | 118 |
| &nbsp;&nbsp;Cash cost, before by-product credits | **174.5** | **1385** | 251.5 | 1546 |
| &nbsp;&nbsp;By-product credits | **(112.6)** | **(894)** | (153.1) | (940) |
| &nbsp;&nbsp;**Gold cash cost, net of by-product credits** | **61.9** | **491** | 98.4 | 606 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Manitoba**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
| &nbsp;&nbsp;**Supplementary cash cost information** | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Supplementary cash cost information** | **$ millions** | **$/oz <sup>1</sup>** | $ millions | $/oz<sup>1</sup> | $ millions | $/oz <sup>1</sup> |
| &nbsp;&nbsp;By-product credits<sup>2</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;Copper | **7.4** | **330** | 21.8 | 504 | 28.2 | 451 |
| &nbsp;&nbsp;Zinc | **9.9** | **441** | 7.3 | 169 | 24.3 | 389 |
| &nbsp;&nbsp;Silver | **4.7** | **209** | 7.3 | 169 | 7.5 | 120 |
| &nbsp;&nbsp;Total by-product credits | **22.0** | **980** | 36.4 | 842 | 60 | 960 |
| &nbsp;&nbsp;Reconciliation to IFRS: |  |  |  |  |  |  |
| &nbsp;&nbsp;Cash cost, net of by-product credits | **8.5** |  | 30.7 |  | 23.1 |  |
| &nbsp;&nbsp;By-product credits | **22.0** |  | 36.4 |  | 60 |  |
| &nbsp;&nbsp;Treatment and refining charges | **(0.9)** |  | (1.3) |  | (6.5) |  |
| &nbsp;&nbsp;Past service costs | **-** |  |  |  | 2.8 |  |
| &nbsp;&nbsp;Share-based compensation expenses | **1.0** |  | 0.5 |  | 0.2 |  |
| &nbsp;&nbsp;Inventory adjustments | **-** |  | 1 |  | 1.4 |  |
| &nbsp;&nbsp;Change in product inventory | **3.1** |  | 3.8 |  | 1.2 |  |
| &nbsp;&nbsp;Overhead costs incurred during Manitoba temporary suspension (cash) | **16.0** |  | 3.2 |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization<sup>3</sup> | **16.3** |  | 23.6 |  | 27.7 |  |
| &nbsp;&nbsp;**Cost of sales<sup>4</sup>** | **66.0** |  | 97.9 |  | 109.9 |  |

---

<sup>1</sup> Per ounce of gold produced.

<sup>2</sup> By-product credits are computed as revenue per financial statements, amortization of deferred revenue and pricing and volume adjustments.

<sup>3</sup> Depreciation is based on concentrate sold.

<sup>4</sup> As per consolidated interim financial statements.

------

![](exhibit99-1x001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Manitoba**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
| &nbsp;&nbsp;**Supplementary cash cost information** | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Supplementary cash cost information** | **$ millions** | **$/oz <sup>1</sup>** | $ millions | $/oz <sup>1</sup> |
| &nbsp;&nbsp;By-product credits<sup>2</sup>: |  |  |  |  |
| &nbsp;&nbsp;Copper | **61.5** | **488** | 79.7 | 490 |
| &nbsp;&nbsp;Zinc | **31.0** | **246** | 53.8 | 330 |
| &nbsp;&nbsp;Silver | **20.3** | **161** | 19.1 | 117 |
| &nbsp;&nbsp;Other | **(0.2)** | **(1)** | 0.5 | 3 |
| &nbsp;&nbsp;Total by-product credits | **112.6** | **894** | 153.1 | 940 |
| &nbsp;&nbsp;Reconciliation to IFRS: |  |  |  |  |
| &nbsp;&nbsp;Cash cost, net of by-product credits | **61.9** |  | 98.4 |  |
| &nbsp;&nbsp;By-product credits | **112.6** |  | 153.1 |  |
| &nbsp;&nbsp;Treatment and refining charges | **(5.9)** |  | (23.0) |  |
| &nbsp;&nbsp;Past service costs | **-** |  | 2.8 |  |
| &nbsp;&nbsp;Share-based compensation expenses | **1.8** |  | 0.9 |  |
| &nbsp;&nbsp;Inventory adjustments | **1.0** |  | 1.4 |  |
| &nbsp;&nbsp;Change in product inventory | **5.9** |  | (1.7) |  |
| &nbsp;&nbsp;Overhead costs incurred during Manitoba temporary suspension (cash) | **19.2** |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization<sup>3</sup> | **63.8** |  | 79.0 |  |
| &nbsp;&nbsp;**Cost of sales<sup>4</sup>** | **260.3** |  | 310.9 |  |

---

<sup>1</sup> Per ounce of gold produced.

<sup>2</sup> By-product credits are computed as revenue per financial statements, amortization of deferred revenue and pricing and volume adjustments.

<sup>3</sup> Depreciation is based on concentrate sold.

<sup>4</sup> As per consolidated interim financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Manitoba**</u> | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Jun. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Sustaining cash cost per ounce of gold produced** | **$ millions** | **$/oz** | $ millions | $/oz | $ millions | $/oz |
| &nbsp;&nbsp;Gold cash cost, net of by-product credits | **8.5** | **379** | 30.7 | 710 | 23.1 | 372 |
| &nbsp;&nbsp;Cash sustaining capital expenditures | **8.6** | **383** | 13.6 | 315 | 11.3 | 181 |
| &nbsp;&nbsp;**Sustaining cash cost per ounce of gold produced** | **17.1** | **762** | 44.3 | 1025 | 34.4 | 553 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Manitoba**</u> | Nine months ended | Nine months ended | Nine months ended | Nine months ended |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Sep. 30, 2024 | Sep. 30, 2024 |
| &nbsp;&nbsp;**Sustaining cash cost per ounce of gold produced** | **$ millions** | **$/oz** | $ millions | $/oz |
| &nbsp;&nbsp;Gold cash cost, net of by-product credits | **61.9** | **491** | 98.4 | 606 |
| &nbsp;&nbsp;Cash sustaining capital expenditures | **37.3** | **296** | 40.5 | 249 |
| &nbsp;&nbsp;**Sustaining cash cost per ounce of gold produced** | **99.2** | **787** | 138.9 | 855 |

---

------

![](exhibit99-1x001.jpg)

<u>***Combined Unit Cost***</u>

Combined unit cost ("unit cost") and zinc plant unit cost is a non-GAAP measure that management uses as a key performance indicator to assess the performance of Hudbay's mining and milling operations. Combined unit cost is calculated by dividing the cost of sales by mill throughput. This measure is utilized by management and investors to assess Hudbay's cost structure and margins and compare it to similar information provided by other companies in the industry. Unlike cash cost, this measure is not impacted by variability in by-product commodity prices since there are no by-product deductions; costs associated with profit-sharing and similar costs are excluded because of their correlation to external metal prices. In addition, the unit costs are reported in the functional currency of the operation which minimizes the impact of foreign currency fluctuations. In all, the unit cost measures provide an alternative perspective on operating cost performance with minimal impact from external market prices.

The tables below present a detailed combined unit cost for the Peru and Manitoba business units, and reconciliations between these measures to the most comparable IFRS measures of cost of sales for the three months ended September 30, 2025 and 2024 and June 30, 2025 and nine months ended September 30, 2025 and 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>**Peru**</u> | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| *(in millions except ore tonnes milled and unit cost per tonne)* | **Sep. 30, <br>2025** | Jun. 30,<br>2025 | Sep. 30, <br>2024 | **Sep. 30, <br>2025** | Sep. 30, <br>2024 |
| **Combined unit cost per tonne processed** | **Sep. 30, <br>2025** | Jun. 30,<br>2025 | Sep. 30, <br>2024 | **Sep. 30, <br>2025** | Sep. 30, <br>2024 |
| Mining | **34.8** | 28.1 | 37.7 | **93.9** | 98.2 |
| Milling | **40.8** | 57.8 | 48.5 | **143.0** | 143.5 |
| G&A<sup>1</sup> | **19.3** | 23.2 | 19.9 | **65.0** | 62.3 |
| Less: Other G&A<sup>2</sup> | **(3.8)** | (6.4) | (2.0) | **(18.1)** | (13.8) |
| Unit cost | **91.1** | 102.7 | 104.1 | **283.8** | 290.2 |
| Tonnes ore milled *(in thousands)* | **6992** | 7559 | 8137 | **22665** | 23934 |
| **Combined unit cost per tonne** | **13.03** | 13.59 | 12.78 | **12.52** | 12.12 |
| Reconciliation to IFRS: |  |  |  |  |  |
| Unit cost | **91.1** | 102.7 | 104.1 | **283.8** | 290.2 |
| Freight & other | **9.4** | 12.4 | 14.1 | **37.0** | 43.3 |
| Other G&A | **3.8** | 6.4 | 2 | **18.1** | 13.8 |
| Share-based compensation expenses | **0.2** | 0.2 | 0.1 | **0.5** | 0.4 |
| Inventory adjustments | **(1.3)** | 1.1 | 0.2 | **0.2** | 0.2 |
| Change in product inventory | **(26.9)** | 4 | 1.1 | **(9.1)** | 16.3 |
| Royalties | **1.5** | 1 | 2.2 | **3.6** | 5.2 |
| Overhead costs incurred during Peru temporary suspension (cash) | **7.3** |  |  | **7.3** |  |
| Depreciation and amortization | **50.0** | 56 | 57.2 | **174.2** | 187.1 |
| **Cost of sales<sup>3</sup>** | **135.1** | 183.8 | 181 | **515.6** | 556.5 |

---

<sup>1</sup> G&A as per cash cost reconciliation above.

<sup>2</sup> Other G&A primarily includes profit sharing costs.

<sup>4</sup> As per consolidated interim financial statements.

------

![](exhibit99-1x001.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <u>**Manitoba**</u> | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| *(in millions except tonnes ore milled and unit cost per tonne)* | **Sep. 30,<br>2025** | Jun. 30,<br>2025 | Sep. 30,<br>2024 | **Sep. 30,<br>2025** | Sep. 30,<br>2024 |
| **Combined unit cost per tonne processed** | **Sep. 30,<br>2025** | Jun. 30,<br>2025 | Sep. 30,<br>2024 | **Sep. 30,<br>2025** | Sep. 30,<br>2024 |
| Mining | **15.8** | 33.5 | 40.1 | **87.6** | 126.8 |
| Milling | **5.9** | 13.4 | 16.9 | **33.7** | 48.6 |
| G&A<sup>1</sup> | **5.4** | 13.8 | 12.4 | **34.0** | 34.1 |
| Less: Other G&A related to profit sharing costs | **(1.8)** | (7.2) | (5.4) | **(16.2)** | (12.9) |
| Unit cost | **25.3** | 53.5 | 64 | **139.1** | 196.6 |
| USD/CAD implicit exchange rate | **1.39** | 1.38 | 1.36 | **1.41** | 1.37 |
| Unit cost - C$ | **35.3** | 73.9 | 87.4 | **195.7** | 268.5 |
| Tonnes ore milled | **136705** | 307138 | 413919 | **848253** | 1201112 |
| **Combined unit cost per tonne - C$** | **258** | 241 | 211 | **231** | 224 |
| Reconciliation to IFRS: |  |  |  |  |  |
| Unit cost | **25.3** | 53.5 | 64 | **139.1** | 196.6 |
| Freight & other | **2.5** | 5.1 | 7.2 | **13.3** | 19 |
| Other G&A related to profit sharing | **1.8** | 7.2 | 5.4 | **16.2** | 12.9 |
| Share-based compensation expenses | **1.0** | 0.5 | 0.2 | **1.8** | 0.9 |
| Inventory adjustments | **-** | 1 | 1.4 | **1.0** | 1.4 |
| Past service costs | **-** |  | 2.8 | **-** | 2.8 |
| Change in product inventory | **3.1** | 3.8 | 1.2 | **5.9** | (1.7) |
| Overhead costs incurred during Manitoba temporary suspension (cash) | **16.0** | 3.2 |  | **19.2** |  |
| Depreciation and amortization | **16.3** | 23.6 | 27.7 | **63.8** | 79 |
| **Cost of sales<sup>2</sup>** | **66.0** | 97.9 | 109.9 | **260.3** | 310.9 |

---

<sup>1</sup> G&A as per cash cost reconciliation above.

<sup>2</sup> As per consolidated interim financial statements.

------

![](exhibit99-1x001.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**British Columbia**</u> | Three months ended | Three months ended | Three months ended | Nine months ended | Nine months ended |
| &nbsp;&nbsp;*(in millions except tonnes ore milled and unit cost per tonne)* | **Sep. 30, <br>2025** | Jun. 30,<br>2025 | Sep. 30, <br>2024 | **Sep. 30, <br>2025** | Sep. 30, <br>2024 |
| &nbsp;&nbsp;**Combined unit cost per tonne processed** | **Sep. 30, <br>2025** | Jun. 30,<br>2025 | Sep. 30, <br>2024 | **Sep. 30, <br>2025** | Sep. 30, <br>2024 |
| &nbsp;&nbsp;Mining | **19.6** | 24.2 | 12.9 | **65.7** | 61.0 |
| &nbsp;&nbsp;Milling | **29.1** | 21.4 | 19.7 | **72.3** | 64.6 |
| &nbsp;&nbsp;G&A<sup>1</sup> | **7.1** | 6.1 | 5.7 | **19.5** | 15.0 |
| &nbsp;&nbsp;Unit cost | **55.8** | 51.7 | 38.3 | **157.5** | 140.6 |
| &nbsp;&nbsp;USD/CAD implicit exchange rate | **1.38** | 1.38 | 1.35 | **1.39** | 1.35 |
| &nbsp;&nbsp;Unit cost - C$ | **77.3** | 71.1 | 52.4 | **219.5** | 191.2 |
| &nbsp;&nbsp;Tonnes ore milled | **3087** | 2900 | 3363 | **8748** | 9776 |
| &nbsp;&nbsp;**Combined unit cost per tonne - C$** | **25.02** | 24.51 | 15.58 | **25.09** | 19.56 |
| &nbsp;&nbsp;Reconciliation to IFRS: |  |  |  |  |  |
| &nbsp;&nbsp;Unit cost | **55.8** | 51.7 | 38.3 | **157.5** | 140.6 |
| &nbsp;&nbsp;Freight & other | **3.0** | 3.3 | 3.1 | **9.7** | 10.8 |
| &nbsp;&nbsp;Change in product inventory | **4.2** | 3.6 | (0.5) | **7.0** | 6.8 |
| &nbsp;&nbsp;Shared based compensation | **0.5** | 0.2 |  | **1.0** |  |
| &nbsp;&nbsp;Inventory adjustments | **-** | 1.4 |  | **2.2** |  |
| &nbsp;&nbsp;Royalties | **0.5** | 1.2 | 1.6 | **2.5** | 3.0 |
| &nbsp;&nbsp;Depreciation and amortization | **16.4** | 16.8 | 12.6 | **49.2** | 38.3 |
| &nbsp;&nbsp;**Cost of sales<sup>2</sup>** | **80.4** | 78.2 | 55.1 | **229.1** | 199.5 |

---

<sup>1</sup> G&A as per cash cost reconciliation above.

<sup>2</sup> As per consolidated interim financial statements.

***ACCOUNTING CHANGES AND CRITICAL ESTIMATES***

***New standards issued but not yet effective***

For information on new standards issued but not yet effective, refer to note 3 of Hudbay's September 30, 2025 consolidated interim financial statements.

***Estimates and judgements***

The preparation of the consolidated interim financial statements in accordance with IFRS requires Hudbay to make judgements, estimates and assumptions that affect the application of accounting policies, reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated interim financial statements, and reported amounts of revenue and expenses during the reporting period. Actual results may differ from these estimates.

Hudbay reviews these estimates and underlying assumptions on an ongoing basis based on its experience and other factors, including expectations of future events that Hudbay believes to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Certain accounting estimates and judgements have been identified as being "critical" to the presentation of Hudbay's financial condition and results of operations because they require Hudbay to make subjective and/or complex judgments about matters that are inherently uncertain; or there is a reasonable likelihood that materially different amounts could be reported under different conditions or using different assumptions and estimates.

For more information on judgements and estimates, refer to note 2 of Hudbay's September 30, 2025 consolidated interim financial statements.

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![](exhibit99-1x001.jpg)

***CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING***

Management is responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR"). ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated interim financial statements for external purposes in accordance with IFRS.

Hudbay did not make any changes to ICFR during the three months ended September 30, 2025 that materially affected or are reasonably likely to materially affect Hudbay's ICFR.

***NOTES TO READER***

<u>***Forward-Looking Information***</u>

This MD&A contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this MD&A, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). All of the forward-looking information in this MD&A is qualified by this cautionary note.

Forward-looking information includes, but is not limited to, statements with respect to Hudbay's production, cost and capital and exploration expenditure guidance, including expectations with respect to full year results following temporary operational disruptions earlier in the year, Hudbay's ability to advance and complete the optimization of the Copper Mountain mine operation including with respect to the ongoing SAG2 conversion and configuration project and with respect to the SAG1 repairs and mill ramp-up plans, the implementation of stripping strategies and the expected benefits therefrom, the estimated timelines and pre-requisites for sanctioning the Copper World project, the consummation and timing of the JV Transaction, the satisfaction of the conditions precedent to the JV Transaction, including but not limited to receipt of regulatory approvals, expectations regarding the anticipated benefits of the JV Transaction to Hudbay, and the United States, the consummation and timing of the DFS, expectations regarding the results of any challenges to the permits for the Copper World project and the potential impact of recent policy decisions from the United States government, the expected benefits of the sanctioning of Copper World project, and the benefits, timing and consummation of the definitive agreement with Wheaton in respect of the enhanced precious metals stream, the expected benefits of Manitoba growth initiatives, including the use of the exploration drift at the 1901 deposit, and the potential utilization of excess capacity at the Stall mill, Hudbay's future deleveraging strategies and Hudbay's ability to deleverage and repay debt as needed, expectations regarding Hudbay's cash balance and liquidity and related cash management strategies, expectations regarding tax synergies, 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 and anticipated timing of the related drill permit application process, expectations regarding the prospective nature of the Maria Reyna and Caballito properties, the ability to continue mining higher-grade ore in the Pampacancha pit and Hudbay's expectations resulting therefrom, Hudbay's evaluation and assessment of opportunities to reprocess tailings using various metallurgical technologies, the anticipated impact of brownfield and greenfield growth projects on Hudbay's performance, anticipated exploration and expansion opportunities and extension of mine life in Snow Lake and Hudbay's ability to find a new anchor deposit near Hudbay's Snow Lake operations, anticipated future drill programs and exploration activities and any results expected therefrom, the enhancement of stakeholder engagement and advancement of metallurgical studies at the Mason copper project in Nevada, anticipated mine plans, anticipated metals prices and the anticipated sensitivity of Hudbay's financial performance to metals prices, events that may affect Hudbay's operations and development projects, anticipated cash flows from operations and related liquidity requirements, the ability to successfully obtain proceeds from insurance claims, 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 Hudbay 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 Hudbay operates, including the navigation of the complex political and social environment in Peru and the resolution of grievances raised by local communities and their residents;

- the ability to ramp up to full production in a timely manner following the temporary operational disruptions earlier in the year;

- the ability to successfully close the JV Transaction;

------

![](exhibit99-1x001.jpg)

- the ability to consummate the definitive agreement with Wheaton in respect of the enhanced precious metals;

- no interruptions to Hudbay's plans for advancing the Copper World project, including with respect to any successful challenges to the Copper World permits;

- Hudbay's ability to successfully advance and complete the optimization of the Copper Mountain operations, obtain required permits and develop and maintain good relations with key stakeholders;

- the ability to execute on its 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 Hudbay'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 Hudbay produces;

- the supply and availability of all forms of energy and fuels at reasonable prices;

- no significant unanticipated operational or technical difficulties;

- no significant interruptions to operations due to adverse effects from extreme weather events, including forest fires that have affected and may continue to affect the regions in which Hudbay operates;

- the execution of Hudbay'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;

- the ability to complete project targets on time and on budget and other events that may affect Hudbay's ability to develop Hudbay's projects;

- the timing and receipt of various regulatory and governmental approvals;

- the availability of personnel for Hudbay's exploration, development and operational projects and ongoing employee relations;

- maintaining good relations with the employees at Hudbay's operations;

- maintaining good relations with the labour unions that represent certain of Hudbay employees in Manitoba and Peru;

- maintaining good relations with the communities in which Hudbay operates, including the neighbouring Indigenous communities and local governments;

- no significant unanticipated challenges with stakeholders at Hudbay's various projects;

- no significant unanticipated events or changes relating to regulatory, environmental, health and safety matters;

- no contests over title to Hudbay's properties, including as a result of rights or claimed rights of Indigenous peoples or challenges to the validity of Hudbay'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 associated with satisfying the conditions to the closing of the JV Transaction, including the timing, receipt and any conditions associated with regulatory approvals, risks associated with reaching a definitive agreement with Wheaton in respect of the enhanced precious metals stream, risks related to the failure to effectively advance and complete the optimization of the Copper Mountain mine operations including with respect to the ongoing SAG2 mill conversion and configuration project and with respect to the SAG1 repairs and mill ramp-up plans, political and social risks in the regions Hudbay operates, including the complex political and social environment in Peru and potential disruptions to operations arising from community protests and grievances, risks generally associated with the mining industry and the current geopolitical environment, including future 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 Hudbay's projects, the risk of an indicator of impairment or impairment reversal relating to a material mineral property, risks related to the Copper World project, including in relation to project delivery 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 Hudbay's tailings management facilities and any unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks (including any unanticipated significant interruptions to operations due to adverse effects from extreme weather events), 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 Hudbay's reserves, volatile financial markets and interest rates that may affect Hudbay's ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances 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, Hudbay's ability to comply with Hudbay's pension and other post-retirement obligations, Hudbay's ability to abide by the covenants in Hudbay's debt instruments and other material contracts, tax refunds, hedging transactions, as well as the risks discussed under the heading "Risk Factors" in Hudbay's most recent Annual Information Form which is available on the Company's SEDAR+ profile at www.sedarplus.ca and the Company's EDGAR profile at www.sec.gov.

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![](exhibit99-1x001.jpg)

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 MD&A or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.

<u>***Note to United States Investors***</u>

This MD&A has been prepared in accordance with the requirements of the securities laws in effect in Canada, which may differ materially from the requirements of United States securities laws applicable to U.S. issuers.

<u>***Qualified Persons and NI 43-101***</u>

The technical and scientific information in this MD&A related to Hudbay's material mineral projects other than the Copper Mountain mine has been approved by Olivier Tavchandjian, P. Geo, Senior Vice President, Exploration and Technical Services. Mr. Tavchandjian is a qualified person pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

The technical and scientific information in this MD&A related to the Copper Mountain mine has been approved by Marc-Andre Brulotte, P. Geo, Director, Global Exploration and Resource Evaluation. Mr. Brulotte is a qualified person pursuant to NI 43-101.

For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources at Hudbay's material mineral properties, as well as data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see the technical reports for Hudbay's material properties as filed by the Company on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

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![](exhibit99-1x001.jpg)

***SUMMARY OF HISTORICAL RESULTS***

The following unaudited tables set out a summary of quarterly and annual results for the Company.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Q3 2025** | Q2 2025 | Q1 2025 | **2024 <sup>4</sup>** | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | **2023 <sup>4</sup>** | Q4 2023 | Q3 2023 |
| **Consolidated Financial Condition ($ millions)** | **Consolidated Financial Condition ($ millions)** | **Consolidated Financial Condition ($ millions)** | **Consolidated Financial Condition ($ millions)** | **Consolidated Financial Condition ($ millions)** | **Consolidated Financial Condition ($ millions)** | **Consolidated Financial Condition ($ millions)** | **Consolidated Financial Condition ($ millions)** | **Consolidated Financial Condition ($ millions)** | **Consolidated Financial Condition ($ millions)** | **Consolidated Financial Condition ($ millions)** | **Consolidated Financial Condition ($ millions)** | **Consolidated Financial Condition ($ millions)** |
| Cash and cash equivalents and short-term investments |  | $**611.1** | $625.5 | $582.6 | $581.8 | $581.8 | $483.3 | $523.8 | $284.4 | $249.8 | $249.8 | $245.2 |
| Total long-term debt |  | **1047.0** | 1059.6 | 1108.7 | 1107.5 | 1107.5 | 1108.9 | 1155.6 | 1278.6 | 1287.5 | 1287.5 | 1377.4 |
| Net debt<sup>1</sup> |  | **435.9** | 434.1 | 526.1 | 525.7 | 525.7 | 625.6 | 631.8 | 994.2 | 1037.7 | 1037.7 | 1132.2 |
| Free cash flow |  | **(15.2)** | 87.8 | 87.4 | 357.1 | 148.9 | 88.4 | 32.5 | 87.2 | 320.2 | 160.5 | 111.6 |
| **Consolidated Financial Performance ($ millions except per share amounts)** | **Consolidated Financial Performance ($ millions except per share amounts)** | **Consolidated Financial Performance ($ millions except per share amounts)** | **Consolidated Financial Performance ($ millions except per share amounts)** | **Consolidated Financial Performance ($ millions except per share amounts)** | **Consolidated Financial Performance ($ millions except per share amounts)** | **Consolidated Financial Performance ($ millions except per share amounts)** | **Consolidated Financial Performance ($ millions except per share amounts)** | **Consolidated Financial Performance ($ millions except per share amounts)** | **Consolidated Financial Performance ($ millions except per share amounts)** | **Consolidated Financial Performance ($ millions except per share amounts)** | **Consolidated Financial Performance ($ millions except per share amounts)** | **Consolidated Financial Performance ($ millions except per share amounts)** |
| Revenue |  | $**346.8** | $536.4 | $594.9 | $2021.2 | $584.9 | $485.8 | $425.5 | $525.0 | $1690.0 | $602.2 | $480.5 |
| Cost of sales |  | **281.5** | 359.9 | 363.6 | 1467.4 | 400.5 | 346.0 | 347.9 | 373.0 | 1297.5 | 405.4 | 374.1 |
| Earnings (loss) before tax |  | **330.5** | 153.1 | 171.3 | 251.6 | 103.7 | 79.7 | 0.4 | 67.8 | 151.8 | 81.0 | 84.1 |
| Net (loss) earnings |  | **222.4** | 114.7 | 99.2 | 67.8 | 19.3 | 50.3 | (20.3) | 18.5 | 69.5 | 33.5 | 45.5 |
| Net (loss) earnings attributable to owners<sup>1</sup> | Net (loss) earnings attributable to owners<sup>1</sup> | **222.4** | 117.7 | 100.4 | 76.7 | 21.2 | 49.7 | (16.5) | 22.3 | 66.4 | 30.7 | 45.1 |
| Basic and diluted (loss) earnings per share attributable to owners | Basic and diluted (loss) earnings per share attributable to owners | $**0.56** | $0.30 | $0.25 | $0.20 | $0.05 | $0.13 | $(0.04) | $0.06 | $0.22 | $0.09 | $0.13 |
| Adjusted (loss) earnings per share attributable to owners <sup>1</sup> | Adjusted (loss) earnings per share attributable to owners <sup>1</sup> | $**0.03** | $0.19 | $0.24 | $0.48 | $0.18 | $0.13 | $0.00 | $0.17 | $0.23 | $0.20 | $0.07 |
| Operating cash flow before change in non-cash working capital | Operating cash flow before change in non-cash working capital | **70.3** | 193.9 | 163.5 | 691.1 | 231.5 | 188.3 | 123.7 | 147.5 | 570.0 | 246.5 | 182.0 |
| Adjusted EBITDA <sup>1</sup> | Adjusted EBITDA <sup>1</sup> | **142.6** | 245.2 | 287.2 | 823.3 | 257.3 | 206.0 | 145.0 | 215.0 | 647.8 | 274.4 | 190.7 |
| **Consolidated Operational Performance** | **Consolidated Operational Performance** | **Consolidated Operational Performance** | **Consolidated Operational Performance** | **Consolidated Operational Performance** | **Consolidated Operational Performance** | **Consolidated Operational Performance** | **Consolidated Operational Performance** | **Consolidated Operational Performance** | **Consolidated Operational Performance** | **Consolidated Operational Performance** | **Consolidated Operational Performance** | **Consolidated Operational Performance** |
| **Contained metal in concentrate and doré produced <sup>2</sup>** | **Contained metal in concentrate and doré produced <sup>2</sup>** | **Contained metal in concentrate and doré produced <sup>2</sup>** | **Contained metal in concentrate and doré produced <sup>2</sup>** | **Contained metal in concentrate and doré produced <sup>2</sup>** | **Contained metal in concentrate and doré produced <sup>2</sup>** | **Contained metal in concentrate and doré produced <sup>2</sup>** | **Contained metal in concentrate and doré produced <sup>2</sup>** | **Contained metal in concentrate and doré produced <sup>2</sup>** | **Contained metal in concentrate and doré produced <sup>2</sup>** | **Contained metal in concentrate and doré produced <sup>2</sup>** | **Contained metal in concentrate and doré produced <sup>2</sup>** | **Contained metal in concentrate and doré produced <sup>2</sup>** |
| &nbsp;&nbsp;Copper | *tonnes* | **24205** | 29956 | 30958 | 137943 | 43262 | 31354 | 28578 | 34749 | 131691 | 45450 | 41964 |
| &nbsp;&nbsp;Gold | *ounces* | **53581** | 56271 | 73784 | 332240 | 94161 | 89073 | 58614 | 90392 | 310429 | 112776 | 101417 |
| &nbsp;&nbsp;Silver | *ounces* | **730394** | 814989 | 919775 | 3983851 | 1311658 | 985569 | 738707 | 947917 | 3575234 | 1197082 | 1063032 |
| &nbsp;&nbsp;Zinc | *tonnes* | **548** | 5130 | 6265 | 33339 | 8385 | 8069 | 8087 | 8798 | 34642 | 5747 | 10291 |
| &nbsp;&nbsp;Molybdenum | *tonnes* | **185** | 375 | 397 | 1323 | 195 | 362 | 369 | 397 | 1566 | 397 | 466 |
| **Payable metal in concentrate and doré sold** | **Payable metal in concentrate and doré sold** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Copper | *tonnes* | **18280** | 30354 | 31768 | 125094 | 37927 | 27760 | 25799 | 33608 | 124996 | 44006 | 39371 |
| &nbsp;&nbsp;Gold | *ounces* | **38279** | 62466 | 75092 | 335342 | 92734 | 73232 | 61295 | 108081 | 276893 | 104840 | 74799 |
| &nbsp;&nbsp;Silver | *ounces* | **418418** | 894160 | 1006968 | 3549816 | 1150518 | 663413 | 667036 | 1068848 | 3145166 | 1048877 | 748955 |
| &nbsp;&nbsp;Zinc <sup>3</sup> | *tonnes* | **3452** | 2871 | 4857 | 25120 | 5261 | 8607 | 5133 | 6119 | 28779 | 7385 | 7125 |
| &nbsp;&nbsp;Molybdenum | *tonnes* | **269** | 427 | 448 | 1287 | 182 | 343 | 347 | 415 | 1462 | 468 | 426 |
| &nbsp;&nbsp;Cash cost <sup>1</sup> | *$/lb* | $**0.42** | $(0.02) | $(0.45) | $0.46 | $0.45 | $0.18 | $1.14 | $0.16 | $0.80 | $0.16 | $1.10 |
| &nbsp;&nbsp;Sustaining cash cost <sup>1</sup> | *$/lb* | $**2.09** | $1.65 | $0.72 | $1.62 | $1.37 | $1.71 | $2.65 | $1.00 | $1.72 | $1.09 | $1.89 |
| &nbsp;&nbsp;All-in sustaining cash cost <sup>1</sup> | *$/lb* | $**2.78** | $2.03 | $0.97 | $1.88 | $1.53 | $1.95 | $3.07 | $1.29 | $1.92 | $1.31 | $2.04 |

---

<sup>1</sup>Net debt, adjusted earnings (loss) per share attributable to owners, adjusted EBITDA, cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. The above table sets forth selected non-GAAP financial performance measures for each of the Company's nine most recently completed quarters and three most recently completed years; detailed reconciliations for non-comparable prior periods can be found in Hudbay's MD&A for these prior periods in the "Non-GAAP Financial Performance Measures" section of these documents.

<sup>2</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products.

<sup>3</sup> Includes refined zinc metal sold.<br><sup>4</sup> Annual consolidated results may not calculate based on amounts presented in this table due to rounding.

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![](exhibit99-1x001.jpg)

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Q3 2025** | Q2 2025 | Q1 2025 | **2024 <sup>4</sup>** | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | **2023<sup>4</sup>** | Q4 2023 | Q3 2023 |
| **Peru Operations** | **Peru Operations** |  |  |  |  |  |  |  |  |  |  |  |
| **Constancia ore mined<sup>1</sup>** | *tonnes* | **564579** | 6735316 | 8628279 | 15046190 | 4186058 | 3022931 | 5277654 | 2559547 | 9265954 | 973176 | 1242198 |
| &nbsp;&nbsp;Copper | *%* | **0.25** | 0.34 | 0.28 | 0.34 | 0.40 | 0.36 | 0.29 | 0.31 | 0.32 | 0.30 | 0.30 |
| &nbsp;&nbsp;Gold | *g/tonne* | **0.02** | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 |
| &nbsp;&nbsp;Silver | *g/tonne* | **1.92** | 3.26 | 3.14 | 3.08 | 3.88 | 3.20 | 2.50 | 2.79 | 2.53 | 2.26 | 2.91 |
| &nbsp;&nbsp;Molybdenum | *%* | **0.01** | 0.02 | 0.02 | 0.01 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| **Pampacancha ore mined<sup>1</sup>** | *tonnes* | **4260081** | 762172 | 389189 | 9317499 | 4037264 | 1777092 | 1288789 | 2214354 | 14756416 | 5556613 | 5894013 |
| &nbsp;&nbsp;Copper | *%* | **0.38** | 0.26 | 0.44 | 0.55 | 0.63 | 0.48 | 0.41 | 0.56 | 0.51 | 0.56 | 0.53 |
| &nbsp;&nbsp;Gold | *g/tonne* | **0.31** | 0.24 | 0.26 | 0.32 | 0.38 | 0.27 | 0.20 | 0.32 | 0.33 | 0.32 | 0.30 |
| &nbsp;&nbsp;Silver | *g/tonne* | **4.87** | 4.59 | 3.68 | 5.61 | 6.43 | 6.23 | 3.83 | 4.64 | 4.28 | 4.84 | 4.22 |
| &nbsp;&nbsp;Molybdenum | *%* | **0.01** | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.02 | 0.02 | 0.01 | 0.01 | 0.02 |
| **Strip Ratio** |  | **1.38** | 1.47 | 1.02 | 1.78 | 1.22 | 2.62 | 1.74 | 1.95 | 1.51 | 1.26 | 1.36 |
| **Ore milled** | *tonnes* | **6991744** | 7559047 | 8114024 | 31933624 | 7999453 | 8137248 | 7718962 | 8077962 | 30720929 | 7939044 | 7895109 |
| &nbsp;&nbsp;Copper | *%* | **0.31** | 0.34 | 0.30 | 0.36 | 0.48 | 0.32 | 0.30 | 0.36 | 0.39 | 0.48 | 0.43 |
| &nbsp;&nbsp;Gold | *g/tonne* | **0.16** | 0.05 | 0.05 | 0.14 | 0.20 | 0.11 | 0.07 | 0.15 | 0.16 | 0.25 | 0.21 |
| &nbsp;&nbsp;Silver | *g/tonne* | **3.94** | 3.58 | 3.22 | 3.84 | 5.28 | 3.70 | 2.85 | 3.48 | 3.62 | 4.20 | 3.75 |
| &nbsp;&nbsp;Molybdenum | *%* | **0.01** | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
| Copper recovery | *%* | **83.2** | 84.5 | 84.6 | 85 | 87.8 | 82.6 | 83.1 | 84.9 | 84.2 | 87.4 | 85.2 |
| Gold recovery | *%* | **72.1** | 56 | 56.5 | 70.7 | 73.3 | 68.1 | 61.4 | 73.4 | 71.8 | 77.6 | 74.8 |
| Silver recovery | *%* | **65.2** | 63.5 | 66 | 68.8 | 71.4 | 67 | 63.9 | 70.7 | 70 | 78 | 73.2 |
| Molybdenum recovery | *%* | **33.9** | 38.7 | 35.7 | 41.7 | 37.1 | 39 | 46.3 | 43.2 | 35.8 | 33.6 | 37.2 |
| **Contained metal in concentrate** | **Contained metal in concentrate** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Copper | *tonnes* | **18114** | 21710 | 20293 | 99001 | 33988 | 21220 | 19217 | 24576 | 100487 | 33207 | 29081 |
| &nbsp;&nbsp;Gold | *ounces* | **26380** | 7366 | 7869 | 98226 | 38079 | 20331 | 10672 | 29144 | 114218 | 49418 | 40596 |
| &nbsp;&nbsp;Silver | *ounces* | **577446** | 551979 | 554692 | 2708262 | 969502 | 648209 | 450833 | 639718 | 2505229 | 836208 | 697211 |
| &nbsp;&nbsp;Molybdenum | *tonnes* | **185** | 375 | 397 | 1323 | 195 | 362 | 369 | 397 | 1566 | 397 | 466 |
| **Payable metal sold** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Copper | *tonnes* | **11769** | 21418 | 22890 | 88138 | 28775 | 18803 | 16806 | 23754 | 96213 | 31200 | 27490 |
| &nbsp;&nbsp;Gold | *ounces* | **9798** | 9721 | 14362 | 103364 | 37459 | 9795 | 13433 | 42677 | 97176 | 38114 | 32757 |
| &nbsp;&nbsp;Silver | *ounces* | **258215** | 616578 | 714654 | 2343820 | 824613 | 365198 | 400302 | 753707 | 2227419 | 703679 | 460001 |
| Molybdenum | *tonnes* | **269** | 427 | 448 | 1287 | 182 | 343 | 347 | 415 | 1462 | 468 | 426 |
| Unit cost <sup>2,3</sup> | *$/tonne* | $**13.03** | $13.59 | $11.09 | $12.91 | $15.25 | $12.78 | $12.68 | $10.92 | $12.47 | $12.24 | $12.20 |
| Peru cash cost<sup>3</sup> | *$/lb* | $**1.30** | $1.45 | $1.11 | $1.18 | $1.00 | $1.80 | $1.78 | $0.43 | $1.07 | $0.54 | $0.83 |
| Peru sustaining cash cost<sup>3</sup> | *$/lb* | $**2.11** | $2.63 | $1.92 | $1.86 | $1.48 | $2.78 | $2.60 | $1.02 | $1.81 | $1.21 | $1.51 |

---

---

| |
|:---|
| <sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not fully reconcile to ore milled. |
| <sup>2</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. |
| <sup>3</sup> Combined unit costs, cash cost, and sustaining cash cost per pound of copper produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. The above table sets forth selected non-GAAP financial performance measures for each of the Company's nine most recently completed quarters and three most recently completed years; detailed reconciliations for non-comparable prior periods can be found in Hudbay's MD&A for these prior periods in the "Non-GAAP Financial Performance Measures" section of these documents. |
| <sup>4</sup> Annual consolidated results may not calculate based on amounts presented in this table due to rounding. |

---

------

![](exhibit99-1x001.jpg)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Q3 2025** | Q2 2025 | Q1 2025 | **2024 <sup>1</sup>** | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | **2023 <sup>1</sup>** | Q4 2023 | Q3 2023 |
| **Manitoba Operations** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Lalor ore mined** | *tonnes* | **139006** | 303062 | 384234 | 1626935 | 422454 | 411295 | 385478 | 407708 | 1526729 | 372384 | 367491 |
| &nbsp;&nbsp;Gold | *g/tonne* | **5.42** | 4.97 | 5.46 | 4.68 | 4.61 | 5.45 | 3.75 | 4.84 | 4.74 | 5.92 | 5.08 |
| &nbsp;&nbsp;Copper | *%* | **0.67** | 0.61 | 0.95 | 0.85 | 0.95 | 0.91 | 0.69 | 0.84 | 0.86 | 1.04 | 1.02 |
| &nbsp;&nbsp;Zinc | *%* | **1.93** | 2.46 | 2.42 | 2.84 | 2.95 | 2.73 | 2.76 | 2.92 | 3.00 | 2.20 | 3.31 |
| &nbsp;&nbsp;Silver | *g/tonne* | **31.57** | 29.94 | 31.23 | 27.14 | 31.91 | 30.45 | 22.29 | 23.44 | 24.51 | 28.92 | 27.80 |
| **Stall Concentrator:** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Ore milled** | *tonnes* | **43940** | 144204 | 215286 | 893510 | 222004 | 222621 | 229527 | 219358 | 965567 | 228799 | 255516 |
| &nbsp;&nbsp;Gold | *g/tonne* | **3.10** | 3.19 | 3.86 | 3.42 | 3.36 | 4.23 | 3.02 | 3.07 | 3.45 | 4.22 | 3.70 |
| &nbsp;&nbsp;Copper | *%* | **0.56** | 0.56 | 0.76 | 0.71 | 0.73 | 0.89 | 0.59 | 0.64 | 0.74 | 0.73 | 0.77 |
| &nbsp;&nbsp;Zinc | *%* | **3.61** | 4.20 | 3.44 | 4.33 | 4.62 | 4.12 | 4.05 | 4.54 | 4.36 | 3.20 | 4.88 |
| &nbsp;&nbsp;Silver | *g/tonne* | **31.04** | 29.55 | 29.53 | 26.54 | 29.90 | 30.20 | 21.74 | 24.46 | 24.19 | 28.63 | 28.82 |
| Gold recovery | *%* | **72.6** | 67.9 | 70.1 | 68.6 | 69.6 | 70.5 | 65.5 | 68 | 64.8 | 67.5 | 67.8 |
| Copper recovery | *%* | **83.4** | 84.7 | 88.3 | 87.4 | 84.4 | 88.3 | 85.4 | 91.7 | 90.4 | 92 | 93.9 |
| Zinc recovery | *%* | **34.6** | 84.8 | 84.7 | 86.2 | 81.7 | 88.1 | 87.1 | 88.4 | 82.2 | 78.5 | 82.6 |
| Silver recovery | *%* | **50.3** | 51.9 | 58.7 | 56.8 | 55.1 | 57.8 | 54.2 | 59.8 | 61.4 | 61.8 | 64.9 |
| **New Britannia Concentrator:** | **New Britannia Concentrator:** |  |  |  |  |  |  |  |  |  |  |  |
| **Ore milled** | *tonnes* | **92765** | 162934 | 189124 | 715198 | 185592 | 191298 | 167899 | 170409 | 596912 | 165038 | 146927 |
| &nbsp;&nbsp;Gold | *g/tonne* | **6.88** | 6.48 | 7.37 | 6.29 | 5.99 | 6.77 | 5.31 | 7.03 | 6.76 | 8.03 | 6.93 |
| &nbsp;&nbsp;Copper | *%* | **0.76** | 0.65 | 1.18 | 1.04 | 1.17 | 0.93 | 0.94 | 1.13 | 1.03 | 1.46 | 1.22 |
| &nbsp;&nbsp;Zinc | *%* | **1.00** | 1.01 | 1.00 | 0.99 | 1.08 | 1.12 | 0.92 | 0.82 | 0.84 | 0.85 | 0.90 |
| &nbsp;&nbsp;Silver | *g/tonne* | **32.18** | 30.29 | 33.35 | 27.78 | 33.97 | 30.24 | 24.42 | 21.60 | 25.11 | 27.97 | 23.88 |
| Gold recovery - concentrate and doré | *%* | **91.8** | 89.4 | 90.3 | 89.7 | 90.2 | 90 | 90 | 88.6 | 88.6 | 89 | 88.8 |
| Copper recovery | *%* | **90.0** | 87.4 | 90.3 | 93.6 | 91.3 | 92.8 | 94.4 | 96.2 | 93.3 | 91.6 | 97.4 |
| Silver recovery - concentrate and doré | *%* | **78.5** | 78 | 81.6 | 80.9 | 79.6 | 79.9 | 83.1 | 82 | 81.5 | 83.2 | 82 |

---

<sup>1</sup> Annual consolidated results may not calculate based on amounts presented in this table due to rounding.

------

![](exhibit99-1x001.jpg)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Q3 2025** | Q2 2025 | Q1 2025 | **2024 <sup>4</sup>** | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | **2023 <sup>4</sup>** | Q4 2023 | Q3 2023 |
| **Manitoba Operations (continued)** | **Manitoba Operations (continued)** |  |  |  |  |  |  |  |  |  |  |  |
| **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** | **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** | **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** | **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** | **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** | **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** | **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** | **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** | **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** | **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** | **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** | **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** | **Total Manitoba contained metal in concentrate and doré produced<sup>5</sup>** |
| &nbsp;&nbsp;Gold | *ounces* | **22441** | 43235 | 60354 | 214225 | 51438 | 62468 | 43488 | 56831 | 187363 | 59863 | 56213 |
| &nbsp;&nbsp;Copper | *tonnes* | **842** | 1612 | 3469 | 12536 | 3347 | 3398 | 2642 | 3149 | 12154 | 3735 | 3580 |
| &nbsp;&nbsp;Zinc | *tonnes* | **548** | 5130 | 6265 | 33339 | 8385 | 8069 | 8087 | 8798 | 34642 | 5747 | 10291 |
| &nbsp;&nbsp;Silver | *ounces* | **102132** | 197970 | 285603 | 995090 | 283223 | 281397 | 210647 | 219823 | 851723 | 255579 | 264752 |
| **Total Manitoba payable metal sold in concentrate and doré** | **Total Manitoba payable metal sold in concentrate and doré** | **Total Manitoba payable metal sold in concentrate and doré** | **Total Manitoba payable metal sold in concentrate and doré** | **Total Manitoba payable metal sold in concentrate and doré** | **Total Manitoba payable metal sold in concentrate and doré** | **Total Manitoba payable metal sold in concentrate and doré** | **Total Manitoba payable metal sold in concentrate and doré** | **Total Manitoba payable metal sold in concentrate and doré** | **Total Manitoba payable metal sold in concentrate and doré** | **Total Manitoba payable metal sold in concentrate and doré** | **Total Manitoba payable metal sold in concentrate and doré** | **Total Manitoba payable metal sold in concentrate and doré** |
| &nbsp;&nbsp;Gold | *ounces* | **23118** | 46932 | 55765 | 212243 | 50239 | 57238 | 42763 | 62003 | 171297 | 63635 | 36713 |
| &nbsp;&nbsp;Copper | *tonnes* | **769** | 2133 | 2725 | 11602 | 3321 | 2931 | 2429 | 2921 | 10708 | 3687 | 2925 |
| &nbsp;&nbsp;Zinc<sup>1</sup> | *tonnes* | **3452** | 2871 | 4857 | 25120 | 5261 | 8607 | 5133 | 6119 | 28779 | 7385 | 7125 |
| &nbsp;&nbsp;Silver | *ounces* | **112142** | 209594 | 232255 | 956460 | 282158 | 244974 | 197486 | 231841 | 728304 | 246757 | 197952 |
| Combined unit cost <sup>2,3</sup> | *C$/tonne* | $**258** | $241 | $214 | $226 | $233 | $211 | $225 | $235 | $217 | $216 | $217 |
| Gold cash cost <sup>3</sup> | *$/oz* | $**379** | $710 | $376 | $606 | $607 | $372 | $771 | $736 | $727 | $434 | $670 |
| Sustaining gold cash cost <sup>3</sup> | *$/oz* | $**762** | $1025 | $626 | $868 | $908 | $553 | $1163 | $950 | $1077 | $788 | $939 |

---

---

| |
|:---|
| <sup>1</sup> Includes refined zinc metal sold. |
| <sup>2</sup> Reflects combined mine, mill and G&A costs per tonne of milled ore. |
| <sup>3</sup> Combined unit costs, cash cost, and sustaining cash cost per pound of copper produced, cash cost, and sustaining cash cost per ounce of gold produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. The above table sets forth selected non-GAAP financial performance measures for each of the Company's nine most recently completed quarters and three most recently completed years; detailed reconciliations for non-comparable prior periods can be found in Hudbay's MD&A for these prior periods in the "Non-GAAP Financial Performance Measures" section of these documents. |
| <sup>4</sup> Annual consolidated results may not calculate based on amounts presented in this table due to rounding.<br><sup>5</sup> Metal reported in concentrate is prior to deductions associated with smelter terms and includes other secondary products. |

---

------

![](exhibit99-1x001.jpg)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Q3 2025** | Q2 2025 | Q1 2025 | **2024 <sup>5</sup>** | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | **2023 <sup>5</sup>** | Q4 2023 | Q3 2023 |
| **British Columbia Operations <sup>4</sup>** | **British Columbia Operations <sup>4</sup>** | **British Columbia Operations <sup>4</sup>** | **British Columbia Operations <sup>4</sup>** | **British Columbia Operations <sup>4</sup>** | **British Columbia Operations <sup>4</sup>** | **British Columbia Operations <sup>4</sup>** | **British Columbia Operations <sup>4</sup>** | **British Columbia Operations <sup>4</sup>** | **British Columbia Operations <sup>4</sup>** | **British Columbia Operations <sup>4</sup>** | **British Columbia Operations <sup>4</sup>** | **British Columbia Operations <sup>4</sup>** |
| **Ore mined<sup>1</sup>** | *tonnes* | **1815689** | 2509969 | 2648094 | 11360125 | 2374044 | 3098863 | 2164722 | 3722496 | 6975389 | 2627398 | 3792568 |
| **Strip Ratio** |  | **8.84** | 7.50 | 6.73 | 5.98 | 7.36 | 6.05 | 7.61 | 4.10 | 3.82 | 5.34 | 3 |
| **Ore milled** | *tonnes* | **3087443** | 2900008 | 2760986 | 12656679 | 2880927 | 3363176 | 3232427 | 3180149 | 6862152 | 3261891 | 3158006 |
| &nbsp;&nbsp;Copper | *%* | **0.22** | 0.28 | 0.33 | 0.25 | 0.26 | 0.24 | 0.25 | 0.27 | 0.35 | 0.33 |  |
| &nbsp;&nbsp;Gold | *g/tonne* | **0.08** | 0.09 | 0.10 | 0.08 | 0.09 | 0.09 | 0.07 | 0.07 | 0.07 | 0.06 |  |
| &nbsp;&nbsp;Silver | *g/tonne* | **0.78** | 0.97 | 1.28 | 0.96 | 0.92 | 0.73 | 1.01 | 1.19 | 1.36 | 1.36 | 1 |
| Copper recovery | *%* | **76.6** | 81 | 78.3 | 82.4 | 79.5 | 84.1 | 82.3 | 83.4 | 79.7 | 78.8 | 81 |
| Gold recovery | *%* | **59.2** | 68.2 | 63.4 | 60.5 | 55.8 | 67.3 | 57.2 | 61.8 | 55.9 | 54.1 | 56 |
| Silver recovery | *%* | **65.5** | 71.8 | 69.8 | 71.8 | 69 | 71.2 | 73.9 | 72.4 | 73 | 73.8 | 71 |
| **Contained metal in concentrate produced** | **Contained metal in concentrate produced** | **Contained metal in concentrate produced** | **Contained metal in concentrate produced** | **Contained metal in concentrate produced** | **Contained metal in concentrate produced** | **Contained metal in concentrate produced** | **Contained metal in concentrate produced** | **Contained metal in concentrate produced** | **Contained metal in concentrate produced** | **Contained metal in concentrate produced** | **Contained metal in concentrate produced** | **Contained metal in concentrate produced** |
| &nbsp;&nbsp;Copper | *tonnes* | **5249** | 6634 | 7196 | 26406 | 5927 | 6736 | 6719 | 7024 | 19050 | 8508 | 9303 |
| &nbsp;&nbsp;Gold | *ounces* | **4760** | 5670 | 5561 | 19789 | 4644 | 6274 | 4454 | 4417 | 8848 | 3495 | 4608 |
| &nbsp;&nbsp;Silver | *ounces* | **50816** | 65040 | 79480 | 280499 | 58933 | 55963 | 77227 | 88376 | 218282 | 105295 | 101069 |
| **Payable metal sold** | **Payable metal sold** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Copper | *tonnes* | **5742** | 6803 | 6153 | 25354 | 5831 | 6026 | 6564 | 6933 | 18075 | 9119 | 8956 |
| &nbsp;&nbsp;Gold | *ounces* | **5363** | 5813 | 4965 | 19735 | 5036 | 6199 | 5099 | 3401 | 8420 | 3091 | 5329 |
| &nbsp;&nbsp;Silver | *ounces* | **48061** | 67988 | 60059 | 249536 | 43747 | 53241 | 69248 | 83300 | 189443 | 98441 | 91002 |
| Combined unit cost <sup>2,3</sup> | *C$/tonne* | $**25.02** | $24.51 | $25.98 | $20.39 | $23.22 | $15.58 | $19.65 | $23.67 | $21.38 | $20.90 | 25 |
| Cash cost<sup>3</sup> | *$/lb* | $**3.21** | $2.39 | $2.44 | $2.74 | $3.00 | $1.81 | $2.67 | $3.49 | $2.49 | $2.67 | 3 |
| Sustaining cash cost <sup>3</sup> | *$/lb* | $**7.43** | $5.18 | $4.24 | $5.29 | $5.76 | $5.06 | $5.56 | $4.85 | $3.41 | $3.93 | 3 |

---

---

| |
|:---|
| <sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not fully reconcile to ore milled. |
| <sup>2</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. |
| <sup>3</sup> Combined unit costs, cash cost, and sustaining cash cost per pound of copper produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this MD&A. The above table sets forth selected non-GAAP financial performance measures for each of the Company's nine most recently completed quarters and three most recently completed years; detailed reconciliations for non-comparable prior periods can be found in Hudbay's MD&A for these prior periods in the "Non-GAAP Financial Performance Measures" section of these documents. |
| <sup>4</sup> Copper Mountain mine results are stated at 100%. On April 30, 2025 Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%. |
| <sup>5</sup> Annual consolidated results may not calculate based on amounts presented in this table due to rounding. |

---

------

## Exhibit 99.2

------

Unaudited Condensed Consolidated Interim Financial Statements

(In US dollars)

**HUDBAY MINERALS INC.**

For the three and nine months ended September 30, 2025 and 2024

------

**HUDBAY MINERALS INC.**<br>Condensed Consolidated Interim Balance Sheets<br>(Unaudited and in millions of US dollars)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Sep. 30,** | Dec. 31, |
|  | **Note** | **2025** | 2024 |
| **Assets** |  |  |  |
| *Current assets* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $**611.1** | $541.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 6 | **-** | 40.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | 7 | **160.7** | 235.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 8 | **211.7** | 197.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets |  | **9.5** | 17.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 9 | **0.3** | 15.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes receivable |  | **1.0** | 1.1 |
|  |  | **994.3** | 1048.5 |
| Taxes receivable |  | **15.2** | 12.9 |
| Inventories | 8 | **19.1** | 16.6 |
| Other financial assets | 9 | **55.3** | 12.1 |
| Intangibles and other assets | 10 | **48.3** | 44.3 |
| Property, plant and equipment | 11 | **4634.5** | 4181.4 |
| Deferred tax assets |  | **78.6** | 102.6 |
| Goodwill | 12 | **71.5** | 69.2 |
|  |  | $**5916.8** | $5487.6 |
| **Liabilities** |  |  |  |
| *Current liabilities* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |  | $**263.3** | $270.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable |  | **33.0** | 100.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 13 | **58.2** | 34.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 14 | **74.7** | 38.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 15 | **29.9** | 30.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 16 | **511.0** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 17 | **58.9** | 63.1 |
|  |  | **1029.0** | 537.2 |
| Other financial liabilities | 14 | **155.6** | 114.4 |
| Lease liabilities | 15 | **31.3** | 44.3 |
| Long-term debt | 16 | **536.0** | 1107.5 |
| Deferred revenue | 17 | **277.0** | 309.1 |
| Pension obligations |  | **5.9** | 6.2 |
| Other employee benefits |  | **80.3** | 80.3 |
| Environmental and other provisions | 18 | **319.4** | 300.8 |
| Deferred tax liabilities |  | **401.8** | 340.4 |
|  |  | **2836.3** | 2840.2 |
| **Equity** |  |  |  |
| Share capital | 20b | **2657.8** | 2641.3 |
| Reserves |  | **90.2** | 14.3 |
| Retained earnings |  | **332.5** | (102.4) |
| Equity attributable to owners of the Company |  | **3080.5** | 2553.2 |
| Non-controlling interest | 4 | **-** | 94.2 |
|  |  | $**5916.8** | $5487.6 |
| Commitments (note 23) |  |  |  |

---

------

**HUDBAY MINERALS INC.**<br>Condensed Consolidated Interim Statements of Income<br>(Unaudited and in millions of US dollars, except per share amounts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Three months ended <br>September 30, | Three months ended <br>September 30, | Nine months ended <br>September 30, | Nine months ended <br>September 30, |
| | | **2025** | 2024 | **2025** | 2024 |
| Revenue | 5a | $**346.8** | $485.8 | $**1478.1** | $1436.3 |
| Cost of sales |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mine operating costs |  | **198.8** | 248.5 | **717.8** | 762.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5b | **82.7** | 97.5 | **287.2** | 304.4 |
|  |  | **281.5** | 346.0 | **1005.0** | 1066.9 |
| Gross profit |  | **65.3** | 139.8 | **473.1** | 369.4 |
| Selling and administrative expenses |  | **31.4** | 12.1 | **65.8** | 47.1 |
| Exploration expenses |  | **10.5** | 12.2 | **33.8** | 30.8 |
| Other operating expenses | 5c | **9.1** | 7.8 | **21.4** | 35.3 |
| Re-evaluation adjustment - environmental provision | 18 | **1.4** | 2.0 | **0.4** | (6.0) |
| Impairment reversal | 5d | **(322.3)** |  | **(322.3)** |  |
| Results from operating activities |  | **335.2** | 105.7 | **674.0** | 262.2 |
| Consideration received from previous sale of non-core project | 5f | **(14.9)** |  | **(14.9)** |  |
| Net finance expense | 5g | **19.6** | 26.0 | **34.0** | 114.3 |
| Other expenses |  | **4.7** | $26.0 | **19.1** | $114.3 |
| Income before tax |  | **330.5** | 79.7 | **654.9** | 147.9 |
| Tax expense | 19 | **108.1** | 29.4 | **218.6** | 99.4 |
| Net income for the period |  | $**222.4** | $50.3 | $**436.3** | $48.5 |
| Attributable to: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owners of the Company |  | $**222.4** | $49.7 | $**440.5** | $55.5 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest |  | **-** | 0.6 | **(4.2)** | (7.0) |
| Net income for the period |  | $**222.4** | $50.3 | $**436.3** | $48.5 |
| Earnings per share attributable to owners |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted |  | $**0.56** | $0.13 | $**1.11** | $0.15 |
| Weighted average number of common shares outstanding: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 21 | **395726407** | 393604853 | **395256972** | 370992994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 21 | **396886622** | 394236661 | **396159648** | 371504904 |

---

------

**HUDBAY MINERALS INC.**<br>Condensed Consolidated Interim Statements of Comprehensive (Loss) Income<br>(Unaudited and in millions of US dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended<br>September 30, | Nine months ended<br>September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Net income for the period | $**222.4** | $50.3 | $**436.3** | $48.5 |
| Other comprehensive income: |  |  |  |  |
| Item that will be reclassified subsequently to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recognized directly in equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) gain on translation of foreign currency balances | **(9.6)** | 8.6 | **17.2** | (14.4) |
| Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Recognized directly in equity: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold prepayment revaluation | **-** | 4.3 | **-** | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect | **-** | (1.1) | **-** | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurement - actuarial gain | **2.1** | (3.0) | **4.6** | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax effect | **(0.4)** | (0.3) | **(0.5)** | (2.9) |
|  | **1.7** | (0.1) | **4.1** | 13.2 |
| Other comprehensive (loss) income net of tax, for the period | **(7.9)** | 8.5 | **21.3** | (1.2) |
| Total comprehensive income for the period | $**214.5** | $58.8 | $**457.6** | $47.3 |
| Attributable to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owners of the Company | $**214.5** | $57.5 | **458.6** | 56.3 |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | **-** | 1.3 | **(1.0)** | (9.0) |
| Total comprehensive income for the period | **214.5** | 58.8 | $**457.6** | $47.3 |

---

------

**HUDBAY MINERALS INC.**<br>Condensed Consolidated Interim Statements of Cash Flows<br>(Unaudited and in millions of US dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended <br>September 30, | Nine months ended <br>September 30, |
|  | Note | **2025** | 2024 | **2025** | 2024 |
| Cash generated from operating activities: |  |  |  |  |  |
| Net income for the period |  | $**222.4** | $50.3 | $**436.3** | $48.5 |
| Items not affecting cash: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | 19 | **108.1** | 29.4 | **218.6** | 99.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5b | **83.0** | 97.9 | **288.3** | 305.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 5e | **20.1** | 3.3 | **34.9** | 17.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net finance expense | 5g | **19.6** | 26.0 | **34.0** | 114.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | 8 | **(1.3)** | 1.6 | **3.4** | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred revenue and variable consideration | 5a | **(6.3)** | (9.5) | **(51.0)** | (44.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and other employee benefit payments, net of accruals |  | **0.9** | 3.8 | **5.0** | 9.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of community agreements |  | **3.6** | 2.8 | **8.6** | 10.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Re-evaluation adjustment - environmental obligation | 18 | **1.4** | 2.0 | **0.4** | (6.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-down/loss on disposal of PP&E | 5c | **(0.3)** | 2.2 | **0.6** | 13.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal | 5d | **(322.3)** |  | **(322.3)** |  |
| Decommissioning and restoration payments |  | **(0.5)** | (0.5) | **(1.0)** | (0.8) |
| Other | 24a | **(14.1)** | (0.2) | **(23.0)** | (3.9) |
| Taxes paid |  | **(44.0)** | (20.8) | **(205.4)** | (106.2) |
| Operating cash flow before change in non-cash working capital |  | **70.3** | 188.3 | **427.4** | 459.5 |
| Change in non-cash working capital | 24b | **43.2** | (40.2) | **70.5** | (31.6) |
|  |  | **113.5** | 148.1 | **497.9** | 427.9 |
| Cash used in investing activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property, plant and equipment |  | **(110.4)** | (98.3) | **(323.5)** | (250.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangibles |  | **(0.2)** |  | **(2.6)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life of mine community agreements |  | **(0.9)** | (2.4) | **(9.9)** | (6.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Grants received | 11 | **0.7** |  | **0.7** | 2.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net purchase of investments | 9 | **(5.5)** | (0.2) | **(19.3)** | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposition of property, plant and equipment |  | **-** |  | **0.1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in restricted cash |  | **-** |  | **0.8** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturity of (investment in) short-term investments | 6 | **-** |  | **40.0** | (40.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Consideration received from previous sale of non-core project, net of tax | 5f | **10.4** |  | **10.4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income received |  | **6.0** | 5.1 | **18.5** | 10.4 |
|  |  | **(99.9)** | (95.8) | **(284.8)** | (283.9) |
| Cash (used in) generated from financing activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of revolving credit facility | 16b | **-** |  | **-** | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of senior unsecured notes, net of discount |  | **(13.2)** | (48.1) | **(62.9)** | (81.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper Mountain non-controlling interest acquisition payment | 4 | **-** |  | **(6.0)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity issuance, net of share issuance costs | 20b | **6.9** |  | **11.1** | 386.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid on long-term debt |  | **(0.3)** | (0.9) | **(30.2)** | (37.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing costs |  | **(3.8)** | (2.9) | **(9.9)** | (10.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease payments | 15 | **(9.4)** | (7.6) | **(27.8)** | (23.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment financing payments |  | **(4.6)** | (3.9) | **(13.5)** | (7.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold prepayment repayments |  | **-** | (16.9) | **-** | (62.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in restricted cash |  | **-** | 0.8 | **-** | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Rosemont acquisition payment |  | **-** | (10.0) | **-** | (10.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net payments on settlement of non-QP hedges |  | **-** | (2.0) | **(3.4)** | (3.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from exercise of stock options and warrants |  | **0.9** | 0.1 | **2.5** | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | 20b | **(2.8)** | (2.9) | **(5.6)** | (5.5) |
|  |  | **(26.3)** | (94.3) | **(145.7)** | 47.9 |
| Effect of movement in exchange rates on cash |  | **(1.7)** | 1.5 | **1.9** | 1.6 |
| Net (decrease) increase in cash and cash equivalents |  | **(14.4)** | (40.5) | **69.3** | 193.5 |
| Cash and cash equivalents, beginning of the period |  | **625.5** | 483.8 | **541.8** | 249.8 |
| Cash and cash equivalents, end of the period |  | $**611.1** | $443.3 | $**611.1** | $443.3 |

---

------

**HUDBAY MINERALS INC.**<br>Condensed Consolidated Interim Statements of Changes in Equity<br>(Unaudited and in millions of US dollars)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Share capital<br>(note 20) | Other capital<br>reserves | Foreign currency<br>translation reserve | Remeasurement<br>reserve | Retained<br>earnings | Total | Non-<br>controlling<br>interest | Total equity |
| Balance, January 1, 2024 | $2240.2 | $61.3 | $(5.4) | $(25.7) | $(173.6) | $2096.8 | $110.0 | $2206.8 |
| Net income (loss) |  |  |  |  | 55.5 | 55.5 | (7.0) | 48.5 |
| Other comprehensive (loss) income |  |  | (12.5) | 13.3 |  | 0.8 | (2.0) | (1.2) |
| Total comprehensive (loss) income |  |  | (12.5) | 13.3 | 55.5 | 56.3 | (9.0) | 47.3 |
| Contributions by and distributions to owners: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (note 20b) |  |  |  |  | (5.5) | (5.5) |  | (5.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options |  | 1.6 |  |  |  | 1.6 |  | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued on equity raise, net of share issuance costs | 386.2 |  |  |  |  | 386.2 |  | 386.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares related to stock options and warrants exercised | 3.7 | (1.2) |  |  |  | 2.5 |  | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total contributions by and distributions to owners | 389.9 | 0.4 |  |  | (5.5) | 384.8 |  | 384.8 |
| Balance, September 30, 2024 | $2630.1 | $61.7 | $(17.9) | $(12.4) | $(123.6) | $2537.9 | $101.0 | $2638.9 |
| Net income (loss) |  |  |  |  | 21.2 | 21.2 | (1.9) | 19.3 |
| Other comprehensive (loss) income |  |  | (30.5) | 13.6 |  | (16.9) | (4.9) | (21.8) |
| Total comprehensive (loss) income |  |  | (30.5) | 13.6 | 21.2 | 4.3 | (6.8) | (2.5) |
| Contributions by and distributions to owners: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow-through shares issued, net of share issuance costs (note 20b) | 8.6 |  |  |  |  | 8.6 |  | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options |  | 0.5 |  |  |  | 0.5 |  | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares related to stock options and warrants exercised | 2.6 | (0.7) |  |  |  | 1.9 |  | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total contributions by and distributions to owners | 11.2 | (0.2) |  |  |  | 11.0 |  | 11.0 |
| Balance, December 31, 2024 | $2641.3 | $61.5 | $(48.4) | $1.2 | $(102.4) | $2553.2 | $94.2 | $2647.4 |

---

------

**HUDBAY MINERALS INC.**<br>Condensed Consolidated Interim Statements of Changes in Equity<br>(Unaudited and in millions of US dollars)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Share capital<br>(note 20) | Other capital<br>reserves | Foreign currency<br>translation reserve | Remeasurement<br>reserve | Retained<br>earnings | Total | Non-<br>controlling<br>interest | Total equity |
| Balance, January 1, 2025 | $2641.3 | $61.5 | $(48.4) | $1.2 | $(102.4) | $2553.2 | $94.2 | $2647.4 |
| Net income |  |  |  |  | 440.5 | **440.5** | (4.2) | **436.3** |
| Other comprehensive income |  |  | 14.0 | 4.1 |  | **18.1** | 3.2 | **21.3** |
| Total comprehensive income (loss) |  |  | 14.0 | 4.1 | 440.5 | **458.6** | (1.0) | **457.6** |
| Contributions by and distributions to owners: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends (note 20b) |  |  |  |  | (5.6) | **(5.6)** |  | **(5.6)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow-through shares issued, net of share issuance costs (note 20b) | 4.1 |  |  |  |  | **4.1** |  | **4.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued on equity raise, net of share issuance costs | 4.2 |  |  |  |  | **4.2** |  | **4.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper Mountain non-controlling interest acquisition (note 4) |  | 61.3 | (4.0) |  |  | **57.3** | (93.2) | **(35.9)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock options |  | 1.8 |  |  |  | **1.8** |  | **1.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of shares related to stock options and warrants exercised | 3.8 | (1.3) |  |  |  | **2.5** |  | **2.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax adjustments in respect of prior years | 4.4 |  |  |  |  | **4.4** |  | **4.4** |
| Total contributions by and distributions to owners | 16.5 | 61.8 | (4.0) |  | (5.6) | **68.7** | (93.2) | **(24.5)** |
| **Balance, September 30, 2025** | $**2657.8** | $**123.3** | $**(38.4)** | $**5.3** | $**332.5** | $**3080.5** | $**-** | $**3080.5** |

---

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 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**1.** **Reporting entity**

Hudbay Minerals Inc. ("HMI" or the "Company") is a company existing under the *Canada Business Corporations Act.* The address of the Company's principal executive office is 25 York Street, Suite 800, Toronto, Ontario. The unaudited condensed consolidated interim financial statements ("financial statements") of the Company for the three and nine months ended September 30, 2025 and 2024 represent the financial position and the financial performance of the Company and its subsidiaries (together referred to as "Hudbay").

Wholly owned subsidiaries as at September 30, 2025 included Copper Mountain Mine (BC) Ltd. ("CMBC"), HudBay Peru Inc., HudBay Peru S.A.C. ("Hudbay Peru"), HudBay (BVI) Inc., Hudbay Arizona Inc., Copper World LLC ("Copper World") and Mason Resources (US) Inc. ("Mason").

Hudbay is a diversified mining company with long-life assets in North and South America. Hudbay's operations in Cusco (Peru) produce copper with gold, silver and molybdenum by-products. Hudbay's operations in Manitoba (Canada) produce gold with copper, zinc and silver by-products. Hudbay's operations in British Columbia (Canada) produce copper with gold and silver by-products. Hudbay has a development pipeline that includes copper development projects in Arizona and Nevada (United States), and a focused growth strategy on exploration, development, operation, and optimization of properties that Hudbay already controls, as well as other mineral assets that Hudbay may acquire that fit the Company's strategic criteria. The Company is governed by the Canada Business Corporations Act and its shares are listed under the symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima.

**2.** **Basis of preparation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Statement of compliance:**

These interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB") and do not include all of the information required for annual financial statements prepared in accordance with IFRS<sup>®</sup> Accounting Standards as issued by the IASB.

These interim financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2024 which includes information necessary or useful to understanding the Company's business and financial statement presentation. In particular, the Company's material accounting policies are presented in note 3 in the Company's audited consolidated financial statements for the year ended December 31, 2024 and have been consistently applied in the preparation of these interim financial statements, except as noted below.

<u>Impairment of non-financial assets</u>

The Company will perform the Copper Mountain goodwill impairment test on an annual basis as at July 1 each year to better align with the timing of the annual long-range planning process. This represents a change in accounting policy regarding the timing of the annual goodwill impairment test which was previously performed December 31. All other material accounting policies related to the impairment of non-financial assets remain consistent as presented in Note 3 of the Company's audited consolidated financial statements for the year ended December 31, 2024.

As a result of the acquisition of Mitsubishi Materials Corporation's ("MMC") 25% interest in CMBC on April 30, 2025, the Company's interim financial statements also reflect the following relevant accounting policies.

<u>Contingent Payments from the purchase of non-controlling interest outside the scope of Business Combination</u>

Contingent payments arising from the purchase of non-controlling interest are initially recognized as a financial liability at their fair value on the date the obligation arises. The fair value is determined by discounting the payments to its present value using a company credit adjusted discount rate that reflects current market assessments of the time value of money and the risks specific to the company. The contingent consideration will be classified as a financial liability at amortized cost, with subsequent remeasurements recognized in profit or loss. Additionally, the liability will then be accreted and amortized until the maturity date, with the accretion expense flowing through profit or loss (note 4).

The Board of Directors approved these interim financial statements on November 11, 2025.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Use of judgements and estimates:**

The preparation of the interim financial statements in conformity with IFRS<sup>®</sup> Accounting Standards requires Hudbay to make judgements, estimates and assumptions, in applying accounting policies that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements, as well as reported amounts of revenue and expenses during the reporting period. Actual results may differ from these judgements, estimates and assumptions. The interim financial statements reflect the judgements and estimates outlined by Hudbay in its audited consolidated financial statements for the year ended December 31, 2024.

**3.** **New standards** 

<u>New standards issued but not yet effective</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) IFRS 18 - Presentation and Disclosure in Financial Statements**

In April 2024, the IASB released IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 will replace IAS 1 Presentation of Financial Statements. The standard amends the presentation of the statement of income by introducing a newly defined 'operating profit' subtotal and a requirement for income and expenses to be allocated between three new distinct categories based on a company's main business activities, which are Operating, Financing and Investing. In addition, organizations will need to disclose certain 'non-GAAP' measures known as management-defined performance measures. The standard will be effective from January 1, 2027 with early adoption permitted and requires retrospective application. The Company is assessing the impact of adoption of this amendment on its consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Amendments to IFRS 9 - Financial Instruments and IFRS 7 - Financial Instruments: Disclosures**

In May 2024, the IASB issued amendments to IFRS 9 and 7 to clarify the recognition or derecognition of a financial asset or liability, with a new exception for some financial liabilities settled through an electronic cash transfer system. The amendments also add guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion, by introducing an additional SPPI test for financial assets with contingent features that are not related directly to a change in basic lending risks or costs. In addition, the amendments will add new disclosures for certain instruments with contractual terms that can change cash flows. Lastly, the amendments will require additional disclosures for equity instruments designated at fair value through other comprehensive income. The amendments will apply for reporting periods beginning on or after January 1, 2026, with early application permitted. The Company is assessing the impact of adoption of this amendment on its consolidated financial statements.

In December 2024, the IASB issued amendments to IFRS 9 and 7 to clarify the application of the 'own-use' exemption and provide guidance on hedge accounting for companies that hedge their purchase or sales of electricity using renewable power purchase agreements. The amendments also introduce new disclosure requirements. The amendments will apply for reporting periods beginning on or after January 1, 2026, with early application permitted. The Company is assessing that there is no impact of this amendment on its consolidated financial statements.

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 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**4.** **Copper Mountain non-controlling interest acquisition**

On April 30, 2025, Hudbay completed the acquisition of MMC's 25% interest in CMBC (the "Transaction"). The cash consideration of the Transaction consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4.5 million on closing date of the Transaction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $21.0 million in seven annual deferred payments of $3.0 million each, commencing on the 12-month anniversary of the closing date of the Transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• up to $18.75 million in five additional contingent payments of $3.75 million each, payable in the years following New Ingerbelle achieving certain minimum annual operating thresholds. MMC's right to the contingent payments concludes on the 15-year anniversary of the closing date of the Transaction.

As a result of the Transaction, Hudbay increased its ownership of the Copper Mountain mine from 75% to 100%.

The company recorded $35.9 million of total consideration for the Transaction which included the cash payment of $4.5 million on the closing date, $16.6 million of deferred payments and $13.3 million of contingent consideration recorded as financial liability at amortized cost (note 14) and $1.5 million of transaction costs recorded within equity.

As a result of the Transaction, the Company recorded an increase to equity as follows:

---

| | |
|:---|:---|
| Carrying value of non-controlling interest as at April 30, 2025 | $**93.2** |
| Transfer of net gain on translation of foreign currency balances | **4.0** |
| Less: total consideration | **(35.9)** |
| Surplus - recorded in equity | **61.3** |

---

There were no substantive changes to the Company's ownership in CMBC during the year ended December 31, 2024.

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 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**5.** **Revenue and expenses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Revenue**

Hudbay's revenue by significant product types:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended <br>September 30, | Nine months ended <br>September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Copper | $**178.8** | $261.3 | $**778.2** | $805.8 |
| Gold | **125.5** | 176.3 | **508.9** | 474.0 |
| Zinc | **9.6** | 24.3 | **31.0** | 54.7 |
| Silver | **9.1** | 12.7 | **37.3** | 35.8 |
| Molybdenum | **14.0** | 16.8 | **54.0** | 51.0 |
| Other | **-** |  | **(0.2)** | 0.5 |
| Revenue from contracts | **337.0** | 491.4 | **1409.2** | 1421.8 |
| Non-cash streaming arrangement items: <sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of deferred revenue - gold | **2.3** | 4.3 | **16.6** | 26.2 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred revenue - silver | **4.0** | 5.3 | **24.5** | 22.0 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred revenue - variable<br>consideration adjustments - prior periods | **-** |  | **9.9** | (3.8) |
|  | **6.3** | 9.6 | **51.0** | 44.4 |
| Pricing and volume adjustments <sup>2</sup> | **8.8** | 6.0 | **40.5** | 41.6 |
|  | **352.1** | 507.0 | **1500.7** | 1507.8 |
| Treatment and refining charges | **(5.3)** | (21.2) | **(22.6)** | (71.5) |
|  | $**346.8** | $485.8 | $**1478.1** | $1436.3 |
| <sup>1</sup> See note 17. | <sup>1</sup> See note 17. | <sup>1</sup> See note 17. | <sup>1</sup> See note 17. | <sup>1</sup> See note 17. |
| <sup>2</sup> Pricing and volume adjustments represent mark-to-market adjustments on initial estimate of provisionally priced sales, realized and unrealized changes to fair value of quotational pricing hedge derivative contracts and adjustments to originally invoiced weights and assays. | <sup>2</sup> Pricing and volume adjustments represent mark-to-market adjustments on initial estimate of provisionally priced sales, realized and unrealized changes to fair value of quotational pricing hedge derivative contracts and adjustments to originally invoiced weights and assays. | <sup>2</sup> Pricing and volume adjustments represent mark-to-market adjustments on initial estimate of provisionally priced sales, realized and unrealized changes to fair value of quotational pricing hedge derivative contracts and adjustments to originally invoiced weights and assays. | <sup>2</sup> Pricing and volume adjustments represent mark-to-market adjustments on initial estimate of provisionally priced sales, realized and unrealized changes to fair value of quotational pricing hedge derivative contracts and adjustments to originally invoiced weights and assays. | <sup>2</sup> Pricing and volume adjustments represent mark-to-market adjustments on initial estimate of provisionally priced sales, realized and unrealized changes to fair value of quotational pricing hedge derivative contracts and adjustments to originally invoiced weights and assays. |

---

Consideration from the Company's stream agreements is considered variable (note 17). Gold and silver stream revenue can be subject to cumulative adjustments when the amount of precious metals to be delivered under the contract changes. As a result of changes in the Company's mineral reserve and resource estimate in the first quarter of 2025, the amortization rate by which deferred revenue is drawn down into income was adjusted and, as required, a variable consideration adjustment was made for all prior year stream revenues since the stream agreement inception date. This variable consideration adjustment for the nine months ended September 30, 2025 resulted in an increase in revenue of $9.9 million (nine months ended September 30, 2024 - decrease in revenue of $3.8 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Depreciation and amortization**

Depreciation of property, plant and equipment and amortization of intangible assets are reflected in the condensed consolidated interim statements of income as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended <br>September 30, | Nine months ended <br>September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Cost of sales | $**82.7** | $97.5 | $**287.2** | $304.4 |
| Selling and administrative expenses | **0.3** | 0.4 | **1.1** | 1.3 |
|  | $**83.0** | $97.9 | $**288.3** | $305.7 |

---

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Other operating expenses**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended <br>September 30, | Nine months ended <br>September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Regional costs | $**1.6** | $0.8 | $**4.6** | $3.6 |
| Write-down/loss on disposal of PP&E | **(0.3)** | 2.2 | **0.6** | 13.3 |
| Amortization of community costs (other assets) | **2.3** | 1.6 | **4.6** | 7.1 |
| Restructuring | **-** |  | **0.1** | 1.2 |
| Wildfire evacuation costs | **1.8** |  | **3.9** |  |
| Care & maintenance - Manitoba | **3.5** | 3.9 | **9.8** | 10.7 |
| Evaluation costs | **1.2** | 0.3 | **2.7** | 1 |
| Reduction of obligation to renounce flow-through share expenditures, net of provisions | **(0.8)** | (2.0) | **(3.9)** | (3.0) |
| Option agreement proceeds (Marubeni) | **(1.1)** |  | **(3.6)** | (0.4) |
| Other | **0.9** | 1 | **2.6** | 1.8 |
|  | $**9.1** | $7.8 | $**21.4** | $35.3 |

---

During the three and nine months ended September 30, 2025, the Manitoba business unit incurred costs related to emergency and evacuation activities of $1.8 million and $3.9 million, respectively, as a result of regional wildfires in Snow Lake, Flin Flon and surrounding areas.

The Flin Flon concentrator and tailings impoundment is on care and maintenance to provide optionality should another mineral discovery occur in the Flin Flon area. During the three and nine months ended September 30, 2025, care & maintenance costs were $3.5 million and $9.8 million, respectively (three and nine months ended September 30, 2024 - $3.9 million and $10.7 million, respectively).

The Arizona business unit held an option to acquire water rights and land, which expired during the first quarter of 2024 without being extended or exercised. The previously capitalized cost to maintain the option, net of accrued interest, of $8.1 million is presented as part of write-down of PP&E.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;**(d) Impairment reversal**

---

| | |
|:---|:---|
|  | As at September 30,<br>2025 |
| Pre-tax impairment reversal to: |  |
| Property, plant & equipment (note 11) | $**(322.3)** |
| Tax impact | **79.6** |
| **After-tax impairment reversal** | $**(242.7)** |

---

On August 12, 2025, the Company entered into an agreement with Mitsubishi Corporation ("Mitsubishi"), pursuant to which Mitsubishi agreed to acquire a 30% interest in Copper World LLC, a wholly-owned subsidiary of Hudbay which owns the fully-permitted Copper World Project in Arizona ("Copper World"), for $420 million as consideration for a 30% equity interest in Copper World at closing (the "Transaction"). The Transaction is expected to close in late 2025 or early 2026 and is conditioned upon receipt of certain regulatory approvals and the satisfaction of other customary closing conditions. Mitsubishi will also be responsible for a $180 million matching contribution within 18 months of closing.

The Transaction has been determined to be an indicator of impairment reversal for the Arizona cash generating unit ("CGU"). As a result, an assessment of the recoverable amount of the Arizona CGU was performed. The recoverable amount of the Arizona CGU was determined using the fair value less cost of disposal ("FVLCD") using a market approach, based on the arms length transaction price offered by Mitsubishi of $1,400.0 million less $20.0 million in anticipated transaction costs. The recoverable amount of the Arizona CGU was estimated at approximately $1,365.0 million which exceeded the carrying amount of $784.4 million.

Based on this market evidence and updated assumptions, the Company recognized an $322.3 million pre-tax impairment reversal in the condensed consolidated interim statements of income during the period. The reversal is limited to the amount of the previous impairment and does not increase the carrying amount above the level that would have been determined had no impairment been recognized previously.

&nbsp;&nbsp;&nbsp;&nbsp;**(e) Share-based compensation expense**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended <br>September 30, | Nine months ended <br>September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Cost of sales | $**1.7** | $0.3 | $**3.3** | $1.3 |
| Selling and administrative expenses | **18.0** | 2.8 | **30.8** | 15.8 |
| Other expense | **0.4** | 0.2 | **0.8** | 0.8 |
|  | $**20.1** | $3.3 | $**34.9** | $17.9 |

---

Share-based compensation expense included within cost of sales, selling and administrative expenses, and other expenses relates to deferred share units, restricted share units, performance shares units and the Company's stock option plan. The increase in share-based compensation expense during the three and nine months ended September 30, 2025 compared with the same periods last year primarily relates to the change in the Company's share price, in addition to anticipated adjustments to the performance based multiplier on performance share units.

 **(f) Consideration received from previous sale of non-core project**

As part of a contingent consideration deed dated December 12, 2022, Harmony Gold (Australia) PTY Limited agreed to pay the Company a contingent amount upon the discovery of a new resource beyond certain parameters at the Eva project, which was previously sold by Copper Mountain prior to Hudbay's acquisition of Copper Mountain in June 2023. During the third quarter of 2025, a new discovery was made at the Eva project. As a result, the Company recognized the gross amount of the contingent payment received of $14.9 million as other income on the condensed consolidated interim statements of income.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;**(g) Net finance expense**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended <br>September 30, | Nine months ended <br>September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| **Net interest expense on long-term debt** |  |  |  |  |
| Net interest expense on long-term debt | $**14.8** | $16.2 | $**46.3** | $53.9 |
| **Accretion on streaming arrangements (note 17)** |  |  |  |  |
| Additions | **5.1** | 6.0 | **15.3** | 18.0 |
| Variable consideration adjustments - prior periods | **-** |  | **(0.6)** | 0.2 |
|  | **5.1** | 6.0 | **14.7** | 18.2 |
| **Change in fair value of financial instruments** |  |  |  |  |
| Gold prepayment liability | **-** | 5.3 | **-** | 10.7 |
| Unrealized loss on non-quotational pricing hedges | **-** | 0.2 | **-** | 12.0 |
| Realized loss on non-quotational pricing hedges | **-** | 2.1 | **2.3** | 4.7 |
| Investments at fair value through profit or loss | **(11.4)** | (3.9) | **(23.0)** | (3.5) |
|  | **(11.4)** | 3.7 | **(20.7)** | 23.9 |
| **Other net finance (income) costs** |  |  |  |  |
| Net foreign exchange loss (gain) | **8.8** | (3.2) | **(13.2)** | 3.6 |
| Accretion on community agreements measured at amortized cost | **1.3** | 1.1 | **4.0** | 3.7 |
| Accretion on environmental provisions | **2.9** | 2.7 | **8.3** | 8.0 |
| Accretion on Wheaton refund liability | **0.2** | 0.1 | **0.5** | 0.4 |
| Accretion on deferred and contingent liability (note 14) | **0.4** |  | **0.7** |  |
| Withholding taxes | **-** | 0.5 | **-** | 2.2 |
| Loss on disposal of investments | **-** | 0.1 | **-** | 0.1 |
| Interest on equipment financing and leases | **2.3** | 1.2 | **6.9** | 5.1 |
| Interest income | **(5.9)** | (5.0) | **(16.9)** | (10.9) |
| Other finance expense | **1.1** | 2.6 | **3.4** | 6.1 |
|  | **11.1** | 0.1 | **(6.3)** | 18.3 |
| **Net finance expense** | $**19.6** | $26.0 | $**34.0** | $114.3 |

---

Other finance expense relates primarily to standby fees on Hudbay's revolving credit facilities.

Commencing in the first quarter of 2024, Hudbay has entered into copper forward sales, copper costless collars and gold costless collars which are non-quotational pricing ("non-QP") contracts (note 22b). Subsequent movements in the fair value of non-QP contracts are recognized in change in fair value of financial instruments in the condensed consolidated interim statements of income. As of September 30, 2025, there are no non-QP hedges outstanding.

During the third quarter of 2024, the Company completed the final delivery and settled the obligation for the gold prepayment liability.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**6.** **Short-term investments**

Short-term investments include guaranteed investment certificates held with Canadian financial institutions. The Company currently holds nil guaranteed investment certificates. As at December 31, 2024, the Company held two $20.0 million guaranteed investment certificates that matured in March 2025 and June 2025, respectively.

**7.** **Trade and other receivables**

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | Dec. 31, 2024 |
| Trade receivables | $**130.3** | $179.1 |
| Statutory receivables | **26.9** | 50.0 |
| Other receivables | **3.5** | 6.4 |
|  | $**160.7** | $235.5 |

---

Trade receivables decreased to $130.3 million as at September 30, 2025, from $179.1 million as at December 31, 2024. The decrease was impacted by one shipment from Peru that was sent in early October 2025, representing 20,000 dry metric tonnes of copper concentrate.

**8.** **Inventories**

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | Dec. 31, 2024 |
| **Current** |  |  |
| Stockpile | $**14.9** | $26.9 |
| Finished goods | **97.1** | 81.6 |
| Materials and supplies | **99.7** | 88.9 |
|  | **211.7** | 197.4 |
| **Non-current** |  |  |
| Stockpile | **2.7** | 2.2 |
| Low grade stockpile<sup>1</sup> | **5.6** | 5.5 |
| Materials and supplies | **10.8** | 8.9 |
|  | **19.1** | 16.6 |
|  | $**230.8** | $214.0 |
| <sup>1</sup>Primarily all of the low grade stockpile inventory is expected to be processed at the end of the Copper Mountain mine life. | <sup>1</sup>Primarily all of the low grade stockpile inventory is expected to be processed at the end of the Copper Mountain mine life. | <sup>1</sup>Primarily all of the low grade stockpile inventory is expected to be processed at the end of the Copper Mountain mine life. |

---

The cost of inventories recognized as an expense, including depreciation, and included in cost of sales amounted to $224.7 million and $855.0 million, respectively, for the three and nine months ended September 30, 2025 (three and nine months ended September 30, 2024 - $302.0 million and $942.2 million, respectively).

As a result of the Manitoba wildfires and the social unrest in Peru, both the Manitoba and Peru operations underwent a temporary suspension of operations. Due to a temporary suspension of operations, fixed overhead costs are recognized directly to cost of sales. Fixed overhead costs of $22.4 million and $25.6 million were incurred at Manitoba for the three and nine months ended September 30, 2025, respectively, which were recognized directly to cost of sales. Additionally, Peru incurred $10.9 million in fixed overhead costs for the three and nine months ended September 30, 2025, which were recognized directly to cost of sales.

During the three and nine months ended September 30, 2025, Hudbay recognized a recovery of $1.3 million and an expense of $0.1 million, respectively, in cost of sales primarily related to adjustments of the carrying value of copper concentrate and stockpile inventory to net realizable value (three and nine months ended September 30, 2024 - $0.2 million).

During the three and nine months ended September 30, 2025, Hudbay recognized an expense of nil and $3.3 million, respectively, in cost of sales related to the write-off of provision on certain non-current inventory supplies (three and nine months ended September 30, 2024 - $1.4 million).

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**9.** **Other financial assets**

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | Dec. 31, 2024 |
| **Current** |  |  |
| Derivative assets | $**0.1** | $14.3 |
| Collateral deposit (note 16) | **-** | 0.6 |
| Restricted cash | **0.2** | 0.4 |
|  | **0.3** | 15.3 |
| **Non-current** |  |  |
| Investments at fair value through profit or loss | **55.3** | 12.1 |
|  | **55.3** | 12.1 |
|  | $**55.6** | $27.4 |

---

Investments at fair value through profit or loss increased to $55.3 million as at September 30, 2025, from $12.1 million as at December 31, 2024. The increase primarily relates to the acquisition of 11,852,064 common shares of Arizona Sonoran in January 2025 at a price of C$1.68 per share, for a total investment of $13.8 million. The Company made further investments in various mining companies during the third quarter of 2025, for a total investment of $5.5 million. The remainder of the movement is primarily attributable to mark-to-market adjustments recognized during the period.

**10.** **Intangibles and other assets**

Intangibles and other assets of $48.3 million (December 31, 2024 - $44.3 million) includes $41.3 million of other assets (December 31, 2024 - $38.8 million) and $7.0 million of intangibles (December 31, 2024 - $5.5 million).

Other assets represent the carrying value of certain future community costs that relate to original agreements with communities for the Constancia operation which allow Hudbay to extract minerals over the useful life of the Peru operation. The liability remaining for these costs is recorded in agreements with communities recorded at amortized cost (note 14). Amortization of the carrying amount is recorded in the condensed consolidated interim statements of income within other expenses (note 5c) or exploration expenses, depending on the nature of the agreement.

Intangibles mainly represent computer software costs.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**11.** **Property, plant and equipment**

---

| | | | |
|:---|:---|:---|:---|
| **Sep. 30, 2025** | **Cost** | **Accumulated<br>depreciation and<br>amortization** | **Carrying<br>amount** |
| Exploration and evaluation assets | $**105.6** | $**-** | $**105.6** |
| Capital works in progress<sup>1</sup> | **1292.6** | **-** | **1292.6** |
| Mining properties | **2769.3** | **(1428.0)** | **1341.3** |
| Plant and equipment | **3499.5** | **(1686.6)** | **1812.9** |
| Plant and equipment-ROU assets<sup>2</sup> | **266.9** | **(184.8)** | **82.1** |
|  | $**7933.9** | $**(3299.4)** | $**4634.5** |
| Dec. 31, 2024 | Cost | Accumulated<br>depreciation and<br>amortization | Carrying amount |
| Exploration and evaluation assets | $103.4 | $- | $103.4 |
| Capital works in progress | 863.9 |  | 863.9 |
| Mining properties | 2578.3 | (1274.4) | 1303.9 |
| Plant and equipment | 3345.3 | (1524.6) | 1820.7 |
| Plant and equipment - ROU assets<sup>2</sup> | 255.1 | (165.6) | 89.5 |
|  | $7146.0 | $(2964.6) | $4181.4 |
| <sup>1</sup> Capital works in progress includes the impairment reversal of $322.3 million (pre-tax) related to the Arizona CGU (refer to Note 5d). | <sup>1</sup> Capital works in progress includes the impairment reversal of $322.3 million (pre-tax) related to the Arizona CGU (refer to Note 5d). | <sup>1</sup> Capital works in progress includes the impairment reversal of $322.3 million (pre-tax) related to the Arizona CGU (refer to Note 5d). | <sup>1</sup> Capital works in progress includes the impairment reversal of $322.3 million (pre-tax) related to the Arizona CGU (refer to Note 5d). |
| <sup>2</sup> Includes $5.8 million of capital works in progress - ROU assets (cost) that relate to the Arizona segment (December 31, 2024 - $3.8 million related to the Arizona segment). | <sup>2</sup> Includes $5.8 million of capital works in progress - ROU assets (cost) that relate to the Arizona segment (December 31, 2024 - $3.8 million related to the Arizona segment). | <sup>2</sup> Includes $5.8 million of capital works in progress - ROU assets (cost) that relate to the Arizona segment (December 31, 2024 - $3.8 million related to the Arizona segment). | <sup>2</sup> Includes $5.8 million of capital works in progress - ROU assets (cost) that relate to the Arizona segment (December 31, 2024 - $3.8 million related to the Arizona segment). |

---

On a quarterly basis, management assesses for internal and external indicators of impairment and impairment reversal. During the third quarter of 2025, management identified Mitsubishi's agreement to acquire a 30% interest of Copper World to be an indicator of impairment reversal for Arizona CGU.

As a result, a $322.3 million full reversal of the previously recorded impairment was recorded, as the recoverable amount of the Arizona CGU exceeded the current carrying value (note 5d).

During the first quarter of 2024, Hudbay received a grant of $2.4 million from Environment and Climate Change Canada related to the purchase of an electric mining shovel in the third quarter of 2023. The carrying amount of the shovel has been deducted by the amount of the grant received. The grant will be recognized in profit or loss over the life of the shovel as a reduced depreciation expense. There were no significant unfulfilled conditions attached to the grant.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**12.** **Goodwill**

The following table summarizes changes in goodwill:

---

| | |
|:---|:---|
| Balance, January 1, 2024 | $75.3 |
| Effects of changes in foreign exchange | (6.1) |
| Balance, January 1, 2025 | $69.2 |
| Effects of changes in foreign exchange | **2.3** |
| **Balance, September 30, 2025** | $**71.5** |

---

Goodwill resulted from the purchase price allocation associated with the Copper Mountain acquisition.

As of September 30, 2025, all of the Company's goodwill relates to the British Columbia CGU. Goodwill is tested for impairment annually on July 1 or when circumstances indicate that the carrying value may not be recoverable. Goodwill impairment is determined by assessing the recoverable amount of the CGU.

For the impairment test completed at July 1, 2025, Fair Value Less Cost of Disposal, ("FVLCD") was used to determine the recoverable amount since it is higher than value in use. FVLCD was calculated using discounted after-tax cash flows based on cash flow projections and assumptions in Hudbay's most current life of mine ("LOM"). The fair value measurement in its entirety is categorized as Level 3 based on the degree to which fair value inputs are observable and have a significant effect on the recorded fair value. LOM plans are based on optimized mine and processing plans and the assessment of capital expenditure requirements of a mine site for the CGU.

Management used judgement in determining estimates and assumptions with respect to discount rates, future production levels including amounts of recoverable reserves, resources and exploration potential, operating and capital costs, long-term metal prices, value of mineral resources not included in the LOM plan and future foreign exchange rates. Metal pricing assumptions were based on consensus forecast pricing, and the discount rates were based on a weighted average cost of capital, adjusted for country risk and other risks specific to the CGU. Cash flows were projected through to 2043. Changes in any of the assumptions or estimates used in determining the fair values could impact the impairment analysis.

The discount rate was based on the CGU's weighted average cost of capital, of which the two main components are the cost of equity and the after-tax cost of debt. Cost of equity was calculated based on the capital asset pricing model, incorporating the risk-free rate of return based on the Canadian Government's marketable bond yields as at the valuation date, the Company's beta coefficient adjustment to the market equity risk premium based on the volatility of the Company's return in relation to that of a comparable market portfolio, plus a country risk premium, size premium and company-specific risk factor. Cost of debt was determined by applying an appropriate market indication of the Company's borrowing capabilities and the corporate income tax rate applicable to the segment's jurisdiction. A real discount rate of 7.00% (December 31, 2024 - 7.25%) for the British Columbia CGU was used to calculate the estimated after- tax discounted future net cash flows, commensurate with its individual estimated level of risk.

Commodity prices used in the impairment assessment were determined by reference to external market participant sources. The key commodity price for this assessment is the price of copper. The cash flow calculations were based on estimates of future production levels applying forecasts for metal prices, which utilized a long-term copper price of $4.25/lb (December 31, 2024 - $4.15/lb), and capital, operating and reclamation costs based on the most current LOM plans. A value of $366.5 million was utilized to estimate the value of mineral resources not included in the LOM plan.

Expected future cash flows used to determine the FVLCD in the impairment test are inherently uncertain and could materially change over time. The Company has conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions used to determine the recoverable amount for the CGUs to which goodwill is allocated. Management believes that any reasonably possible change in the key assumptions on which the recoverable amount is based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the related CGU.

The estimated recoverable amount of the British Columbia CGU including goodwill exceeded its carrying amount as at July 1, 2025, accordingly no impairment was recorded.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**13.** **Other liabilities**

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | Dec. 31, 2024 |
| Environmental and other provisions (note 18) | $**48.8** | $29.9 |
| Pension obligations | **2.7** | 1 |
| Other employee benefits | **6.7** | 3.5 |
|  | $**58.2** | $34.4 |

---

**14.** **Other financial liabilities**

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | Dec. 31, 2024 |
| **Current** |  |  |
| Derivative liabilities | $**15.4** | $0.3 |
| Equipment financing | **22.8** | 16.3 |
| Deferred Copper Mountain acquisition consideration | **2.9** |  |
| Agreements with communities recorded at amortized cost | **33.6** | 21.7 |
|  | **74.7** | 38.3 |
| **Non-current** |  |  |
| Equipment financing | **60.2** | 60.4 |
| Agreements with communities recorded at amortized cost | **59.9** | 46.7 |
| Deferred Copper Mountain acquisition consideration | **14.1** |  |
| Contingent Copper Mountain acquisition consideration | **13.6** |  |
| Wheaton refund liability | **7.8** | 7.3 |
|  | **155.6** | 114.4 |
|  | $**230.3** | $152.7 |

---

Equipment financing represents agreements that Hudbay has entered into to purchase mining equipment. Hudbay owns the assets and finances the payment of these assets over the specified term. These agreements expire between 2025 and 2032 with interest rates between 2.25% and 7.55% per annum. During the nine months ended September 30, 2025, $18.6 million (December 31, 2024 - $71.0 million) of capital additions related to the recognition of property, plant and equipment that has been financed (note 24).

Agreements with communities recorded at amortized cost relate to agreements with communities near the Constancia operation which allow Hudbay to extract minerals over the useful life of the Constancia operation, carry out exploration and evaluation activities in the area and provide Hudbay with community support to operate in the region. During the nine months ended September 30, 2025, there was a change in estimate related to amendments of life of mine agreements with respect to Pampacancha, and Hudbay entered into two additional two-year agreements, resulting in net additions of $25.0 million.

As part of the acquisition of the remaining 25% interest in CMBC (note 4), the Company recorded $16.6 million of deferred payment consideration and $13.3 million of contingent consideration as a financial liability at amortized cost on the closing of the transaction. During the three and nine months ended September 30, 2025, accretion related to these liabilities were $0.4 million and $0.7 million, respectively (note 5g).

As part of the streaming agreement for the 777 mine, Hudbay must repay, with precious metals credits, the stream deposit by August 1, 2052, the expiry date of the agreement. If the stream deposit is not fully repaid with precious metals credits from 777 production by the expiry date, a payment for the remaining amount will be due at the expiry date of the agreement. As the 777 mine has concluded all mining activities following the depletion of reserves and finalized the sales of produced concentrate, Hudbay concluded that the remaining stream deposit will not be repaid by means of precious metals credits from 777 production. The repayment amount is recorded as a Wheaton refund liability, which is and will be discounted at the 9.0% rate inherent in the original 777 stream agreement and accreted over the remaining term of the agreement.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**15.** **Lease liabilities**

---

| | |
|:---|:---|
| Balance, January 1, 2024 | $90.3 |
| &nbsp;&nbsp;&nbsp;Additional capitalized leases | 25.5 |
| &nbsp;&nbsp;&nbsp;Lease payments | (31.4) |
| &nbsp;&nbsp;&nbsp;Derecognized leases | (11.5) |
| &nbsp;&nbsp;&nbsp;Accretion and other movements | 1.9 |
| Balance, December 31, 2024 | $74.8 |
| &nbsp;&nbsp;&nbsp;**Additional capitalized leases** | **14.0** |
| &nbsp;&nbsp;&nbsp;**Lease payments** | **(27.8)** |
| &nbsp;&nbsp;&nbsp;**Derecognized leases** | **(0.9)** |
| &nbsp;&nbsp;&nbsp;**Accretion and other movements** | **1.1** |
| **Balance, September 30, 2025** | $**61.2** |

---

Lease liabilities are reflected in the condensed consolidated interim balance sheets as follows:

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | Dec. 31, 2024 |
| Current | $**29.9** | $30.5 |
| Non-current | **31.3** | 44.3 |
|  | $**61.2** | $74.8 |

---

Hudbay has entered into leases which expire between 2025 and 2037. The interest rates on leases which were capitalized have interest rates between 2.50% and 8.49%, per annum. The range of interest rates utilized for discounting the lease depends mostly on Hudbay acting as a lessee and duration of the lease. For certain leases, Hudbay has the option to purchase the equipment and vehicles leased at the end of the terms of the leases. Hudbay's obligations under these leases are secured by the lessor's title to the leased assets. The present value of applicable lease payments has been recognized as an ROU asset, which was included as a non-cash addition to property, plant and equipment, and a corresponding amount as a lease liability.

There are no restrictions placed on Hudbay by entering into these leases.

The following outlines expenses recognized within the Company's condensed consolidated interim statements of income, relating to leases for which a recognition exemption was applied.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br>September 30, | Three months ended <br>September 30, | Nine months ended<br>September 30, | Nine months ended<br>September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Short-term leases | $**5.6** | $2.2 | $**13.7** | $4.8 |
| Low value leases | **0.1** | 0.1 | **0.3** | 0.3 |
| Variable leases | **2.0** | 3.8 | **11.0** | 17.7 |
| Total | $**7.7** | $6.1 | $**25.0** | $22.8 |

---

Payments made for short-term, low value and variable leases would mostly be captured as expenses in the condensed consolidated interim statements of income, however, certain amounts may be capitalized to PP&E for the Arizona segment during its development phase and certain amounts may be reported in inventories given the timing of sales. Variable payment leases include equipment used for heavy civil works at Constancia.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**16.** **Long-term debt**

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | Dec. 31, 2024 |
| **Current**: |  |  |
| Senior unsecured notes (a) | $**511.0** | $- |
| **Non-current:** |  |  |
| Senior unsecured notes (a) | **538.7** | 1111.1 |
| Senior secured revolving credit facilities (b) | **(2.7)** | (3.6) |
|  | **536.0** | 1107.5 |
| **Total Long-term debt** | $**1047.0** | $1107.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Senior unsecured notes**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, January 1, 2024 | $1190.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases | (82.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-down of unamortized transaction costs | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of transaction costs and premiums | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, December 31, 2024 | $1111.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Repurchases** | **(63.2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Write-down of unamortized transaction costs** | **0.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Accretion of transaction costs and premiums** | **1.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance, September 30, 2025** | $**1049.7** |

---

As at September 30, 2025, $1,054.2 million aggregate principal amount of senior notes were outstanding in two series: (i) a series of 4.50% senior notes due April 2026 ("2026 notes") in an aggregate principal amount of $511.8 million and (ii) a series of 6.125% senior notes due April 2029 ("2029 notes") in an aggregate principal amount of $542.4 million. To date, the Company repurchased and retired a total of $88.2 million of the 2026 notes and $57.6 million of the 2029 notes at a discount.

During the third quarter of 2025, the Company repurchased and retired $13.2 million of the 2026 notes. During the nine months ended September 30, 2025, the Company repurchased and retired a total of $63.2 million of the 2026 notes at a discount. For the three and nine months ended September 30, 2025, the discount of nil and $0.3 million, respectively, (three and nine months ended September 30, 2024 - $0.3 million and $0.7 million, respectively) was recorded as Other expenses in the condensed consolidated interim statements of income. Upon the repurchase and retirement of $63.2 million of senior unsecured notes, the unamortized transaction costs related to this principal amount for the three and nine months ended September 30, 2025 of nil and $0.1 million, respectively, (three and nine months ended September 30, 2024 - $0.6 million) were recorded as a finance expense in the condensed consolidated interim statements of income.

The senior notes are guaranteed on a senior unsecured basis by substantially all of the Company's subsidiaries, other than HudBay (BVI) Inc. and certain excluded or unrestricted subsidiaries, and subsidiaries that hold the Copper World and Mason projects as well as any newly formed or acquired subsidiaries that primarily hold or may develop non-producing mineral assets that are in the pre-construction phase of development.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Senior secured revolving credit facilities**

---

| | |
|:---|:---|
| Balance, January 1, 2024<sup>1</sup> | $96.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments | (100.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of transaction costs | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | (2.5) |
| Balance, December 31, 2024<sup>1</sup> | $(3.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Accretion of transaction costs** | **0.9** |
| **Balance, September 30, 2025<sup>1</sup>** | $**(2.7)** |
| <sup>1</sup> Balance, representing deferred transaction costs, is in an asset position. |  |

---

Hudbay has two senior secured revolving credit facilities with total commitments of $450.0 million and substantially similar terms and conditions for its Canadian and Peruvian businesses. Hudbay's revolving credit facilities are secured against substantially all of the Company's assets, other than those associated with Copper World and Mason projects. During 2024, Hudbay repaid $10.0 million under its Canadian revolving credit facility and $90.0 million under the Peruvian revolving credit facility. During the fourth quarter of 2024, the two senior secured revolving credit facilities were extended by three years from October 2025 to November 2028. The newly extended $450.0 million revolving credit facility includes an accordion feature to increase the facility by an additional $150 million at Hudbay's discretion during the four-year tenor. Hudbay incurred $2.4 million of transactions costs associated with the extension which were deferred and amortized over the new term of the credit facilities.

As at September 30, 2025, there were nil draws under the Canadian and Peruvian revolving credit facilities, other than letters of credit to support reclamation and pension obligations as described below.

As at September 30, 2025, the Peru segment had nil in letters of credit issued under the Peru revolving credit facility to support its reclamation obligations and the Manitoba segment had $24.8 million in letters of credit issued under the Canadian revolving credit facility to support its reclamation and pension obligations. As at September 30, 2025, we were in compliance with our covenants under the revolving credit facilities.

<u>Surety bonds</u>

The Arizona segment had $18.4 million in surety bonds issued to support future reclamation and closure obligations. No cash collateral is required to be posted under these surety bonds.

The British Columbia segment had $47.2 million in surety bonds issued to support future reclamation and closure obligations. The British Columbia segment had $1.0 million in surety bonds issued to BC Hydro in relation to the BC Hydro transmission system at the Copper Mountain Mine, and to Fisheries and Oceans Canada for fish monitoring. No cash collateral is required to be posted under these surety bonds.

The Peru segment had $23.3 million in surety bonds issued to support future reclamation and closure obligations. No cash collateral is required to be posted under these surety bonds.

<u>Other letters of credit</u>

The Peru segment had $111.8 million in letters of credit issued with various Peruvian financial institutions to support future reclamation and other operating matters. No cash collateral is required to be posted under these letters of credit.

Hudbay has a C$130.0 million bilateral letter of credit facility ("LC Facility") with a major Canadian financial institution. As at September 30, 2025, the Manitoba segment had $55.6 million in letters of credit issued under the LC Facility to support its reclamation and pension obligations.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**17.** **Deferred revenue**

<u>Peru Stream Agreement</u>

For the three and nine months ended September 30, 2025, the drawdown rates for the Peru stream agreement for gold and silver were $860 and $15.06 per ounce, respectively (year ended December 31, 2024 - $817 and $14.56 per ounce, respectively).

The following table summarizes changes in deferred revenue:

---

| | |
|:---|:---|
| Balance, January 1, 2024 | $418.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred revenue |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability drawdown | (74.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable consideration adjustments - prior periods | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion on streaming arrangements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current year additions | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable consideration adjustments - prior periods | 0.2 |
| Balance, December 31, 2024 | $372.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Amortization of deferred revenue (note 5a)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability drawdown** | **(41.1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Variable consideration adjustments - prior periods** | **(9.9)** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Accretion on streaming arrangements (note 5g)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Current year-to-date additions** | **15.3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Variable consideration adjustments - prior periods** | **(0.6)** |
| **Balance, September 30, 2025** | $**335.9** |

---

Consideration from the Company's stream agreement is considered variable. Gold and silver stream revenue can be subject to cumulative adjustments when the number of ounces to be delivered under the contract changes. As a result of changes in the Company's mineral reserve and resource estimate in the first quarter of 2025, the amortization rate by which deferred revenue is drawn down into income was adjusted and, as required, a current period variable adjustment was made for all prior period stream revenues since the stream agreement inception date. This variable consideration adjustment resulted in an increase in revenue of $9.9 million and a decrease of finance expense of $0.6 million for the nine months ended September 30, 2025 (year ended December 31, 2024 - decrease in revenue of $3.8 million and an increase of finance expense of $0.2 million).

Deferred revenue is reflected in the condensed consolidated interim balance sheets as follows:

---

| | | |
|:---|:---|:---|
|  | **Sep. 30, 2025** | Dec. 31, 2024 |
| Current | $**58.9** | $63.1 |
| Non-current | **277.0** | 309.1 |
|  | $**335.9** | $372.2 |

---

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**18.** **Environmental and other provisions**

Reflected in the condensed consolidated interim balance sheets as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sep. 30, 2025** | **Decommissioning,<br>restoration and<br>similar liabilities** | **Deferred<br>share units** | **Restricted<br>share units** | **Performance<br>share units** | **Other <sup>1</sup>** | **Total** |
| &nbsp;&nbsp;Current (note 13) | $**8.5** | $**16.2** | $**10.3** | $**9.8** | $**4.0** | $**48.8** |
| &nbsp;&nbsp;Non-current | **307.2** | **-** | **6.0** | **5.0** | **1.2** | **319.4** |
|  | $**315.7** | $**16.2** | $**16.3** | $**14.8** | $**5.2** | $**368.2** |
| Dec. 31, 2024 | Decommissioning,<br>restoration and<br>similar liabilities | Deferred share<br>units | Restricted<br>share units | Performance<br>share units | Other <sup>1</sup> | Total |
| &nbsp;&nbsp;Current (note 13) | $4.0 | $12.3 | $6.4 | $1.9 | $5.3 | $29.9 |
| &nbsp;&nbsp;Non-current | 292.9 |  | 3.2 | 3.6 | 1.1 | 300.8 |
|  | $296.9 | $12.3 | $9.6 | $5.5 | $6.4 | $330.7 |
| <sup>1</sup> Relates primarily to flow-through share premiums, restructuring costs and other non-capital provisions. | <sup>1</sup> Relates primarily to flow-through share premiums, restructuring costs and other non-capital provisions. | <sup>1</sup> Relates primarily to flow-through share premiums, restructuring costs and other non-capital provisions. | <sup>1</sup> Relates primarily to flow-through share premiums, restructuring costs and other non-capital provisions. | <sup>1</sup> Relates primarily to flow-through share premiums, restructuring costs and other non-capital provisions. | <sup>1</sup> Relates primarily to flow-through share premiums, restructuring costs and other non-capital provisions. | <sup>1</sup> Relates primarily to flow-through share premiums, restructuring costs and other non-capital provisions. |

---

During the third quarter of 2025, in addition to the increase in share price, the Company has increased the performance based multiplier element on the performance share units, which also resulted in an increase in the share-based compensation expense in the condensed consolidated interim statements of income.

Decommissioning and restoration obligations ("DRO") are remeasured at each reporting date to reflect changes in discount rates, exchange rates, and timing and extent of cash outflows which can significantly affect the liabilities. This provision has been recorded based on estimates and assumptions that management believes are reasonable; however, actual decommissioning and restoration costs may differ from expectations.

During the nine months ended September 30, 2025, the Company recorded a non-cash loss of $0.4 million in the condensed consolidated interim statements of income mainly related to a revaluation adjustment to the Flin Flon environmental reclamation provision. The re-evaluation adjustment was impacted by an increase in long term, risk-free real discount rates based on changes in Canadian bond yields which was offset by the increase in inflation rates. Typically, an operating location will reflect any revaluation adjustments to the environmental reclamation provision against its reclamation assets. However, as the Flin Flon operations closed in June 2022, the corresponding Flin Flon assets have been fully depreciated and cannot be reduced below residual value resulting in the remaining impact being recorded as a loss in the condensed consolidated interim statements of income.

As at September 30, 2025, decommissioning, restoration and similar liabilities have been discounted to their present value at rates ranging from 2.42% to 4.82% per annum (December 31, 2024 - 2.87% to 4.88%), using pre-tax, nominal risk-free interest rates that reflect the estimated maturity of each specific liability.

During the nine months ended September 30, 2024, the Company recorded a non-cash gain of $6.0 million in the condensed consolidated interim statements of income mainly related to a revaluation adjustment to the Flin Flon environmental reclamation provision.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**19.** **Income and mining taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax expense is applicable as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended<br>September 30, | Three months ended<br>September 30, | Nine months ended <br>September 30, | Nine months ended <br>September 30, |
|  | **2025** | **2024** | **2025** | **2024** |
| **Current** |  |  |  |  |
| Income tax expense | $**32.9** | $11.8 | $**97.8** | $67.8 |
| Mining tax expense | **6.2** | 14.4 | **45.0** | 37.9 |
| Adjustments in respect of prior years | **-** |  | **(1.9)** | (0.1) |
|  | **39.1** | 26.2 | **140.9** | 105.6 |
| **Deferred** |  |  |  |  |
| Income tax expense - origination, revaluation and/or reversal of temporary differences | **68.7** | 5.6 | **79.5** | 0.2 |
| Mining tax (recovery) expense - origination, revaluation and/or reversal of temporary difference | **(0.6)** | 0.6 | **(2.0)** | (3.6) |
| Adjustments in respect of prior years | **0.9** | (3.0) | **0.2** | (2.8) |
|  | **69.0** | 3.2 | **77.7** | (6.2) |
|  | $**108.1** | $29.4 | $**218.6** | $99.4 |

---

Adjustments in respect of prior years refers to amounts changing due to the filing of tax returns and assessments from government authorities as well as any change identified that would result in a difference to our current or deferred tax balances as reported in the prior fiscal year end.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**20.** **Share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Preference shares:**

Authorized: Unlimited preference shares without par value.

Issued and fully paid: Nil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Common shares:** 

Authorized: Unlimited common shares without par value.

Issued and fully paid:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine months ended** <br>**Sep. 30, 2025** | **Nine months ended** <br>**Sep. 30, 2025** | Year ended <br>Dec. 31, 2024 | Year ended <br>Dec. 31, 2024 |
| | **Common<br>shares** | **Amount** | Common shares | Amount |
| Balance, beginning of year | 394932374 | $2641.3 | 350728536 | $2240.2 |
| Shares issued on equity raise, net of share issuance costs | **-** | **-** | 42366000 | 386.2 |
| Flow through shares, net of share issuance costs and implied premium | **302000** | **4.1** | 968900 | 8.6 |
| Exercise of options | **415736** | **3.7** | 482028 | 3.6 |
| Exercise of warrants | **19888** | **0.1** | 386910 | 2.7 |
| Shares issued through private placement, net of issuance costs | **465394** | **4.2** |  |  |
| Tax adjustments in respect of prior years | **-** | **4.4** |  |  |
| **Balance, end of the period** | **396135392** | $**2657.8** | 394932374 | $2641.3 |

---

During the nine months ended September 30, 2025, the Company declared two semi-annual dividends of C$0.01 per share. The Company paid $2.8 million and $2.8 million in dividends on March 21, 2025 and September 19, 2025 to shareholders of record as of March 4, 2025 and September 2, 2025.

During the third quarter of 2025, the Company completed a Canadian Exploration Expense flow-through financing. A flow-through share liability for the implied premium of $2.8 million will be recognized in earnings as eligible expenditures are made. The Company issued 302,000 common shares for proceeds, net of transaction costs, of $6.9 million.

On June 24, 2025, the Company closed a private placement deal to issue 465,394 common shares at a price of C$13.30 per Common Share for aggregate gross proceeds of $4.5 million. Associated with the private placement were $0.3 million of share issuance costs resulting in net equity raised of $4.2 million. The net proceeds of this private placement were used to fund the $4.5 million cash consideration on closing of the acquisition of MMC's 25% interest in CMBC (note 4).

On May 24, 2024, the Company closed an equity financing with a syndicate of underwriters ("the Offering"). Pursuant to the Offering, the Underwriters purchased on a bought deal basis from the Company a total of 42,366,000 common shares at a price of $9.50 per Common Share for aggregate gross proceeds of $402.5 million. Transaction costs related to the Offering were $16.1 million resulting in net proceeds to the Company of $386.4 million. Associated with the Offering were $0.2 million of share issuance costs resulting in net equity raised of $386.2 million.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

During the year ended December 31, 2024, the Company completed a Canadian Development Expense and Canadian Exploration Expense flow-through financing. The flow-through share liability was recognized in earnings as eligible expenditures were made. The Company issued 968,900 common shares for proceeds, net of transaction costs, of $11.8 million. The implied premium on the flow-through shares of $3.2 million was recorded as a flow-through share liability. As at September 30, 2025, the Company has incurred $8.8 million in qualifying expenditures related to this flow-through financing. The flow-through share liability will be recognized in earnings as eligible expenditures are made.

During the year ended December 31, 2024, the Company declared two semi-annual dividends of C$0.01 per share. The Company paid $2.6 million and $2.9 million in dividends on March 22, 2024 and September 20, 2024 to shareholders of record as of March 5, 2024 and September 3, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Equity-settled share-based compensation** 

*Stock Options*

The Company's stock option plan was approved in June 2005 and amended in May 2008 (the "Plan"). Under the amended Plan, the Company may grant to employees, officers, directors or consultants of the Company or its affiliates options to purchase up to a maximum of 13 million common shares of Hudbay. The Company has determined that the appropriate accounting treatment is to classify the stock options as equity settled transactions.

The following table outlines the changes in the number of stock options outstanding:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Dec. 31, 2024 | Dec. 31, 2024 |
|  | **Number of<br>shares subject<br>to option** | **Weighted-<br>average<br>exercise price<br>C$** | Number of<br>shares subject to<br>option | Weighted<br>average exercise<br>price C$ |
| Balance, beginning of year | 2484107 | $7.42 | 2182970 | $7.23 |
| Number of units granted | **828720** | $**10.81** | 902874 | $7.50 |
| Exercised | **(415736)** | $**8.09** | (482029) | $6.56 |
| Forfeited | **(107840)** | $**8.98** | (106850) | $7.62 |
| Expired | **(3863)** | $**7.50** | (12858) | $10.03 |
| **Balance, end of period** | **2785388** | $**8.27** | 2484107 | $7.42 |

---

The following table outlines stock options outstanding and exercisable:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** | **Sep. 30, 2025** |
| **Range of exercise<br>prices C$** | **Number of<br>options<br>outstanding** | **Weighted average<br>remaining<br>contractual life<br>(years)** | **Weighted<br>average<br>exercise price<br>C$** | **Number of<br>options<br>exercisable** | **Weighted average<br>share price at<br>exercise date C$** |
| $3.76 - $5.26 | **334236** | **1.40** | $**3.76** | **334236** | $**3.76** |
| $5.27 - $7.13 | **515276** | **4.41** | $**6.75** | **285191** | $**6.75** |
| $7.14 - $8.71 | **696769** | **5.40** | $**7.50** | **173114** | $**7.50** |
| $8.72 - $10.60 | **464904** | **2.98** | $**10.13** | **467206** | $**10.13** |
| $10.61 - $13.50 | **774203** | **6.38** | $**10.81** | **-** | $**-** |

---

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Dec. 31, 2024 | Dec. 31, 2024 | Dec. 31, 2024 | Dec. 31, 2024 | Dec. 31, 2024 | Dec. 31, 2024 |
| Range of exercise<br>prices C$ | Number of<br>options<br>outstanding | Weighted average<br>remaining contractual<br>life (years) | Weighted average<br>exercise price C$ | Number of<br>options<br>exercisable | Weighted<br>average share<br>price at exercise<br>date C$ |
| $3.76 - $5.26 | 361658 | 2.15 | $3.76 | 361658 | $3.76 |
| $5.27 - $6.90 | 631984 | 5.16 | $6.75 | 152408 | $6.75 |
| $6.91 - $8.71 | 866543 | 6.15 | $7.50 |  | $- |
| $8.72 - $10.17 | 365988 | 4.16 | $9.92 | 223287 | $9.92 |
| $10.18 - $10.42 | 257934 | 3.15 | $10.42 | 257934 | $10.42 |

---

Hudbay estimates expected life of options and expected volatility based on historical data, which may differ from actual outcomes.

*Warrants*

The following table outlines the changes in the number of Hudbay warrants outstanding:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Dec. 31, 2024 | Dec. 31, 2024 |
| | **Number of<br>shares subject<br>to warrants** | **Weighted-<br>average exercise<br>price C$** | Number of<br>shares subject to<br>warrants | Weighted<br>average exercise<br>price C$ |
| Balance, beginning of year | 70708 | $7.38 | 457617 | $7.38 |
| Exercised | **(19888)** | $**7.38** | (386909) | $7.38 |
| **Balance, end of period** | **50820** | $**7.38** | 70708 | $7.38 |

---

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**21.** **Earnings per share**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended <br>September 30, | Three months ended <br>September 30, | Nine months ended <br>September 30, | Nine months ended <br>September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Weighted average common shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | **395726407** | 393604853 | **395256972** | 370992994 |
| &nbsp;&nbsp;&nbsp;Plus net incremental shares from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed conversion: stock options | **1133286** | 515275 | **880603** | 412921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed conversion: warrants | **26929** | 116533 | **22073** | 98989 |
| **Diluted weighted average common shares outstanding** | **396886622** | 394236661 | **396159648** | 371504904 |

---

The calculation of dilutive weighted-average number of common shares excludes the impact of 3,719 and 105,764 shares for the three and nine months ended September 30, 2025 (three and nine months ended September 30, 2024 - 390 and 56,581). The shares related to stock options and warrants were excluded as the exercise price related to the particular security exceeded the average market price of the Company's common shares for the period, or the inclusion of the share units had an anti-dilutive effect on net income.

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**22.** **Financial instruments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Fair value and carrying value of financial instruments:**

The following presents the fair value ("FV") and carrying value ("CV") of Hudbay's financial instruments and non-financial derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | Dec. 31, 2024 | Dec. 31, 2024 |
| | **FV** | **CV** | FV | CV |
| Financial assets at amortized cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents<sup>1</sup> | $**611.1** | $**611.1** | $541.8 | $541.8 |
| &nbsp;&nbsp;&nbsp;Short-term investments<sup>1</sup> | **-** | **-** | 40.0 | 40.0 |
| &nbsp;&nbsp;&nbsp;Collateral deposits<sup>1</sup> | **-** | **-** | 0.6 | 0.6 |
| &nbsp;&nbsp;&nbsp;Restricted cash<sup>1</sup> | **0.2** | **0.2** | 0.4 | 0.4 |
| Fair value through profit or loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trade and other receivables<sup>2,3</sup> | **133.8** | **133.8** | 185.5 | 185.5 |
| &nbsp;&nbsp;&nbsp;Non-hedge derivative assets <sup>4</sup> | **0.1** | **0.1** | 14.3 | 14.3 |
| &nbsp;&nbsp;&nbsp;Investments at fair value through profit or loss <sup>5</sup> | **55.3** | **55.3** | 12.1 | 12.1 |
| **Total financial assets** | $**800.5** | $**800.5** | $794.7 | $794.7 |
| Financial liabilities at amortized cost |  |  |  |  |
| &nbsp;&nbsp;Trade and other payables<sup>1,</sup> <sup>2</sup> | $**256.4** | $**256.4** | $255.2 | $255.2 |
| &nbsp;&nbsp;Deferred Copper Mountain acquisition consideration<sup>6</sup> | **17.2** | **17.0** |  |  |
| &nbsp;&nbsp;Contingent Copper Mountain acquisition consideration<sup>6</sup> | **13.7** | **13.6** |  |  |
| &nbsp;&nbsp;Agreements with communities <sup>7</sup> | **95.2** | **93.5** | 70.4 | 68.4 |
| &nbsp;&nbsp;Wheaton refund liability<sup>8</sup> | **13.5** | **7.8** | 9.9 | 7.3 |
| &nbsp;&nbsp;Senior unsecured notes <sup>9</sup> | **1058.3** | **1049.7** | 1111.6 | 1111.1 |
| &nbsp;&nbsp;Senior secured revolving credit facilities<sup>10</sup> | **(2.7)** | **(2.7)** | (3.6) | (3.6) |
| Fair value through profit or loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-hedge derivative liabilities <sup>4</sup> | **15.4** | **15.4** | 0.3 | 0.3 |
| **Total financial liabilities** | $**1467.0** | $**1450.7** | $1443.8 | $1438.7 |
| <sup>1</sup> Cash and cash equivalents, short-term investments, collateral deposits, restricted cash, trade and other payables are recorded at carrying value, which approximates fair value due to their short-term nature and generally negligible credit losses. | <sup>1</sup> Cash and cash equivalents, short-term investments, collateral deposits, restricted cash, trade and other payables are recorded at carrying value, which approximates fair value due to their short-term nature and generally negligible credit losses. | <sup>1</sup> Cash and cash equivalents, short-term investments, collateral deposits, restricted cash, trade and other payables are recorded at carrying value, which approximates fair value due to their short-term nature and generally negligible credit losses. | <sup>1</sup> Cash and cash equivalents, short-term investments, collateral deposits, restricted cash, trade and other payables are recorded at carrying value, which approximates fair value due to their short-term nature and generally negligible credit losses. | <sup>1</sup> Cash and cash equivalents, short-term investments, collateral deposits, restricted cash, trade and other payables are recorded at carrying value, which approximates fair value due to their short-term nature and generally negligible credit losses. |
| <sup>2</sup> Excludes tax and other statutory amounts. | <sup>2</sup> Excludes tax and other statutory amounts. | <sup>2</sup> Excludes tax and other statutory amounts. | <sup>2</sup> Excludes tax and other statutory amounts. | <sup>2</sup> Excludes tax and other statutory amounts. |
| <sup>3</sup> Trade and other receivables contain receivables including provisionally priced receivables classified as FVTPL and various other items at amortized cost. The fair value of provisionally priced receivables is determined using forward metals prices (level 2). | <sup>3</sup> Trade and other receivables contain receivables including provisionally priced receivables classified as FVTPL and various other items at amortized cost. The fair value of provisionally priced receivables is determined using forward metals prices (level 2). | <sup>3</sup> Trade and other receivables contain receivables including provisionally priced receivables classified as FVTPL and various other items at amortized cost. The fair value of provisionally priced receivables is determined using forward metals prices (level 2). | <sup>3</sup> Trade and other receivables contain receivables including provisionally priced receivables classified as FVTPL and various other items at amortized cost. The fair value of provisionally priced receivables is determined using forward metals prices (level 2). | <sup>3</sup> Trade and other receivables contain receivables including provisionally priced receivables classified as FVTPL and various other items at amortized cost. The fair value of provisionally priced receivables is determined using forward metals prices (level 2). |
| <sup>4</sup> Derivatives are carried at their fair value, which is determined based on observable forward market commodity prices corresponding to the maturity of the contract (level 2), | <sup>4</sup> Derivatives are carried at their fair value, which is determined based on observable forward market commodity prices corresponding to the maturity of the contract (level 2), | <sup>4</sup> Derivatives are carried at their fair value, which is determined based on observable forward market commodity prices corresponding to the maturity of the contract (level 2), | <sup>4</sup> Derivatives are carried at their fair value, which is determined based on observable forward market commodity prices corresponding to the maturity of the contract (level 2), | <sup>4</sup> Derivatives are carried at their fair value, which is determined based on observable forward market commodity prices corresponding to the maturity of the contract (level 2), |
| <sup>5</sup> All investments are carried at their fair value, which is determined using quoted market bid prices in active markets for listed shares. | <sup>5</sup> All investments are carried at their fair value, which is determined using quoted market bid prices in active markets for listed shares. | <sup>5</sup> All investments are carried at their fair value, which is determined using quoted market bid prices in active markets for listed shares. | <sup>5</sup> All investments are carried at their fair value, which is determined using quoted market bid prices in active markets for listed shares. | <sup>5</sup> All investments are carried at their fair value, which is determined using quoted market bid prices in active markets for listed shares. |
| <sup>6</sup> Fair value of the deferred and contingent Copper Mountain acquisition consideration has been determined using an applicable credit-risk adjusted discount rate (level 3). | <sup>6</sup> Fair value of the deferred and contingent Copper Mountain acquisition consideration has been determined using an applicable credit-risk adjusted discount rate (level 3). | <sup>6</sup> Fair value of the deferred and contingent Copper Mountain acquisition consideration has been determined using an applicable credit-risk adjusted discount rate (level 3). | <sup>6</sup> Fair value of the deferred and contingent Copper Mountain acquisition consideration has been determined using an applicable credit-risk adjusted discount rate (level 3). | <sup>6</sup> Fair value of the deferred and contingent Copper Mountain acquisition consideration has been determined using an applicable credit-risk adjusted discount rate (level 3). |
| <sup>7</sup> These financial liabilities relate to agreements with communities near the Constancia mine in Peru (note 14). Fair values have been determined using an applicable credit-risk adjusted discounted rate and foreign exchange rates (level 3). | <sup>7</sup> These financial liabilities relate to agreements with communities near the Constancia mine in Peru (note 14). Fair values have been determined using an applicable credit-risk adjusted discounted rate and foreign exchange rates (level 3). | <sup>7</sup> These financial liabilities relate to agreements with communities near the Constancia mine in Peru (note 14). Fair values have been determined using an applicable credit-risk adjusted discounted rate and foreign exchange rates (level 3). | <sup>7</sup> These financial liabilities relate to agreements with communities near the Constancia mine in Peru (note 14). Fair values have been determined using an applicable credit-risk adjusted discounted rate and foreign exchange rates (level 3). | <sup>7</sup> These financial liabilities relate to agreements with communities near the Constancia mine in Peru (note 14). Fair values have been determined using an applicable credit-risk adjusted discounted rate and foreign exchange rates (level 3). |
| <sup>8</sup> Discounted value based on a market rate at inception of the applicable Wheaton contract for carrying value (note 14) and fair value using an applicable credit-risk adjusted discount rate (level 3). | <sup>8</sup> Discounted value based on a market rate at inception of the applicable Wheaton contract for carrying value (note 14) and fair value using an applicable credit-risk adjusted discount rate (level 3). | <sup>8</sup> Discounted value based on a market rate at inception of the applicable Wheaton contract for carrying value (note 14) and fair value using an applicable credit-risk adjusted discount rate (level 3). | <sup>8</sup> Discounted value based on a market rate at inception of the applicable Wheaton contract for carrying value (note 14) and fair value using an applicable credit-risk adjusted discount rate (level 3). | <sup>8</sup> Discounted value based on a market rate at inception of the applicable Wheaton contract for carrying value (note 14) and fair value using an applicable credit-risk adjusted discount rate (level 3). |
| <sup>9</sup> Fair value of the senior unsecured notes (note 16a) has been determined using an applicable credit-risk adjusted discount rate (level 3). | <sup>9</sup> Fair value of the senior unsecured notes (note 16a) has been determined using an applicable credit-risk adjusted discount rate (level 3). | <sup>9</sup> Fair value of the senior unsecured notes (note 16a) has been determined using an applicable credit-risk adjusted discount rate (level 3). | <sup>9</sup> Fair value of the senior unsecured notes (note 16a) has been determined using an applicable credit-risk adjusted discount rate (level 3). | <sup>9</sup> Fair value of the senior unsecured notes (note 16a) has been determined using an applicable credit-risk adjusted discount rate (level 3). |
| <sup>10</sup> Fair value of the senior secured revolving credit facility, when drawn, is valued using an applicable credit adjusted discount rate (level 3). | <sup>10</sup> Fair value of the senior secured revolving credit facility, when drawn, is valued using an applicable credit adjusted discount rate (level 3). | <sup>10</sup> Fair value of the senior secured revolving credit facility, when drawn, is valued using an applicable credit adjusted discount rate (level 3). | <sup>10</sup> Fair value of the senior secured revolving credit facility, when drawn, is valued using an applicable credit adjusted discount rate (level 3). | <sup>10</sup> Fair value of the senior secured revolving credit facility, when drawn, is valued using an applicable credit adjusted discount rate (level 3). |

---

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 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

<u>Fair value hierarchy</u>

The table below provides an analysis by valuation method of financial instruments that are measured at fair value subsequent to recognition as well as financial instruments not measured at fair value but for which a fair value is disclosed. Levels 1 to 3 are defined based on the degree to which fair value inputs are observable and have a significant effect on the recorded fair value, as follows:

- Level 1: Quoted prices in active markets for identical assets or liabilities;

- Level 2: Valuation techniques use significant observable inputs, either directly or indirectly, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;valuations are based on quoted prices for similar instruments; and,

- Level 3: Valuation techniques use significant inputs that are not based on observable market

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;data.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Financial assets at FVTPL: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisionally priced receivables | $**-** | $**108.5** | $**-** | $**108.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-hedge derivatives | **-** | **0.1** | **-** | **0.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | **52.3** | **-** | **3.0** | **55.3** |
|  | $**52.3** | $**108.6** | $**3.0** | $**163.9** |
| Financial liabilities at FVTPL: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-hedge derivatives | $**-** | $**15.4** | $**-** | $**15.4** |
| Financial liabilities at amortized cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Copper Mountain acquisition consideration | **-** | **-** | **17.2** | **17.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent Copper Mountain acquisition consideration | **-** | **-** | **13.7** | **13.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agreements with communities | **-** | **-** | **95.2** | **95.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton refund liability | **-** | **-** | **13.5** | **13.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior unsecured notes | **1058.3** | **-** | **-** | **1058.3** |
|  | $**1058.3** | $**15.4** | $**139.6** | $**1213.3** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Financial assets at FVTPL: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisionally priced receivables | $- | $171.3 | $- | $171.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-hedge derivatives |  | 14.3 |  | 14.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 12.1 |  |  | 12.1 |
|  | $12.1 | $185.6 | $- | $197.7 |
| Financial liabilities at FVTPL: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-hedge derivatives | $- | $0.3 | $- | $0.3 |
| Financial liabilities at amortized cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agreements with communities |  |  | 70.4 | 70.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton refund liability |  |  | 9.9 | 9.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior unsecured notes | 1111.6 |  |  | 1111.6 |
|  | $1111.6 | $0.3 | $80.3 | $1192.2 |

---

The Company's policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. During the nine months ended September 30, 2025 and year ended December 31, 2024, Hudbay did not make any such transfers.

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 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

Valuation techniques used for instruments categorized in Levels 2 and 3 are consistent with the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Derivatives and hedging:**

<u>Copper fixed for floating swaps</u>

Hudbay enters into copper fixed for floating swaps in order to manage the risk associated with provisional pricing terms in copper concentrate sales agreements. As at September 30, 2025, Hudbay had 71.7 million pounds of net copper swaps outstanding at an effective average price of $4.44/lb and settling from October 2025 to February 2026. As at December 31, 2024, Hudbay had 61.7 million pounds of net copper swaps outstanding at an effective average price of $4.19/lb and settling from January to May 2025. The aggregate fair value of the transactions at September 30, 2025 was a net liability of $15.3 million (December 31, 2024 - an asset position of $13.7 million).

<u>Zinc fixed for floating swaps</u>

Hudbay enters into zinc fixed for floating swaps in order to manage the risk associated with provisional pricing terms in zinc concentrate sales agreements. As at September 30, 2025, Hudbay had nil pounds of net zinc swaps outstanding. As at December 31, 2024, Hudbay had 9.7 million pounds of net zinc swaps outstanding at an effective average price of $1.38/lb and settling from January to April 2025. The aggregate fair value of the transactions at September 30, 2025 was nil (December 31, 2024 - an asset position of $0.3 million).

<u>Copper forward sales</u>

As at September 30, 2025, Hudbay had nil pounds of copper forwards outstanding. As at December 31, 2024, Hudbay had 5.3 million pounds of copper forwards outstanding at an effective average price of $3.95/lb and settling from January to April 2025. The aggregate fair value of the transactions at September 30, 2025 was nil (December 31, 2024 - a liability position of $0.1 million).

<u>Copper costless collars</u>

As at September 30, 2025, Hudbay had nil pounds of copper collars outstanding. As at December 31, 2024, Hudbay had 6.6 million pounds of copper collars outstanding settling from January to April 2025 at an average floor price of $3.88/lb and an average cap price of $4.14/lb. The aggregate fair value of the position at September 30, 2025 was nil (December 31, 2024 - an asset position of $0.1 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Provisionally priced receivables**

<u>Changes in fair value of provisionally priced receivables</u>

Hudbay records changes in fair value of provisionally priced receivables related to provisional pricing in concentrate purchase, concentrate sale and certain other sale contracts. Under the terms of these contracts, prices are subject to final adjustment at the end of a future period after title transfers based on quoted market prices during the quotation period specified in the contract. The period between provisional pricing and final pricing is typically up to three months.

Changes in fair value of provisionally priced receivables are presented in trade and other receivables when they relate to sales contracts and in trade and other payables when they relate to purchase contracts. At each reporting date, provisionally priced metals are marked-to-market based on the forward market price for the quotation period stipulated in the contract, with changes in fair value recognized in revenue for sales contracts and in inventory or cost of sales for purchase concentrate contracts. Cash flows related to changes in fair value of provisionally priced receivables are classified in operating activities.

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 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

As at September 30, 2025 and December 31, 2024, Hudbay's net position consisted of contracts awaiting final pricing are as indicated below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Metal in<br>concentrate** |  | Sales awaiting final pricing | Sales awaiting final pricing | Average YTD price ($/unit) | Average YTD price ($/unit) |
| **Metal in<br>concentrate** | Unit | **Sep. 30, 2025** | Dec. 31, 2024 | **Sep. 30, 2025** | Dec. 31, 2024 |
| Copper | *pounds (in 000s)* | **66992** | 85731 | **4.65** | 3.96 |
| Gold | *troy ounces* | **12907** | 47075 | **3854** | 2638 |
| Silver | *troy ounces* | **40432** | 238149 | **46.32** | 29.02 |
| Zinc | *pounds (in 000s)* | **-** | 12102 | **-** | 1.34 |

---

The aggregate fair value of provisionally priced receivables within the copper and zinc concentrate at September 30, 2025 was an asset position of $21.6 million (December 31, 2024 - a liability position of $13.9 million).

**23.** **Commitments** 

&nbsp;&nbsp;&nbsp;&nbsp;**Capital commitments**

As at September 30, 2025, Hudbay had outstanding capital commitments in Manitoba of approximately $9.5 million of which $7.6 million can be terminated, approximately $13.7 million in British Columbia of which $3.0 million can be terminated, approximately $31.9 million in Peru all of which can be terminated, and approximately $76.4 million in Arizona, primarily related to the Copper World Complex, of which $74.2 million can be terminated.

**24.** **Supplementary cash flow information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Other operating activities:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Share-based compensation paid | $**(4.4)** | $(0.4) | $**(14.2)** | $(4.5) |
| Consideration received from previous sale of non-core project, net of tax | **(10.4)** |  | **(10.4)** |  |
| Other | **0.7** | 0.2 | **1.6** | 0.6 |
|  | $**(14.1)** | $(0.2) | $**(23.0)** | $(3.9) |

---

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Change in non-cash working capital:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended September 30, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Change in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | $**77.1** | $(62.2) | $**75.7** | $(45.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financial assets/liabilities | **6.1** | 7.1 | **30.6** | (4.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(25.5)** | (4.9) | **(10.9)** | 10.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | **0.9** | 1.9 | **7.9** | (4.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | **(14.5)** | 18.6 | **(29.2)** | 14.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provisions and other liabilities | **(0.9)** | (0.7) | **(3.6)** | (1.4) |
|  | $**43.2** | $(40.2) | $**70.5** | $(31.6) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Non-cash transactions:** 

During the nine months ended September 30, 2025 and 2024, Hudbay entered into the following non-cash investing and financing activities which are not reflected in the condensed consolidated interim statements of cash flows:

- Remeasurement of Hudbay's decommissioning and restoration liabilities led to a net increase in related property, plant and equipment assets of $2.5 million (September 30, 2024 - a net decrease of $1.2 million), mainly related to changes to real discount rates associated with remeasurement of the liabilities.

- Property, plant and equipment included $14.0 million (September 30, 2024 - $10.3 million) of capital additions related to the recognition of ROU assets and $18.6 million (September 30, 2024 - $43.9 million) of capital additions related to the recognition of property, plant and equipment that has been financed. Property, plant and equipment and other assets include $25.0 million in net capital additions related to agreements with communities (September 30, 2024 - $8.1 million). Property, plant and equipment includes $1.5 million of deduction for accrued grants related to equipment eligible for credits (September 30, 2024 - nil).

------

 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

**25. Segmented information** 

Hudbay has the following reportable segments identified by the individual mining operations of Manitoba, British Columbia, Peru, as well as Arizona which holds our Copper World project. Corporate and other activities are not considered an operating segment and are included as a reconciliation to total consolidated results. Corporate and other activities include the Company's exploration activities in Chile, Canada and the State of Nevada. These exploration entities are not individually significant, as they do not meet the minimum quantitative thresholds for standalone segment disclosure.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** |
|  | **Peru** | **Manitoba** | **British<br>Columbia** | **Arizona** | **Corporate<br>and other<br>activities** | **Total** |
| Revenue from external customers | $**164.6** | $**104.7** | $**77.5** | $**-** | $**-** | $**346.8** |
| Cost of sales |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mine operating costs | **85.1** | **49.7** | **64.0** | **-** | **-** | **198.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **50.0** | **16.3** | **16.4** | **-** | **-** | **82.7** |
| Gross profit (loss) | **29.5** | **38.7** | **(2.9)** | **-** | **-** | **65.3** |
| Selling and administrative expenses | **-** | **-** | **-** | **-** | **31.4** | **31.4** |
| Exploration expenses | **2.9** | **7.6** | **-** | **-** | **-** | **10.5** |
| Other operating expenses (income) | **3.8** | **5.0** | **0.2** | **0.2** | **(0.1)** | **9.1** |
| Re-evaluation adjustment - environmental provision | **-** | **1.4** | **-** | **-** | **-** | **1.4** |
| Impairment reversal | **-** | **-** | **-** | **(322.3)** | **-** | **(322.3)** |
| Results from operating activities | $**22.8** | $**24.7** | $**(3.1)** | $**322.1** | $**(31.3)** | $**335.2** |
| Consideration received from previous sale of non-core project | Consideration received from previous sale of non-core project | Consideration received from previous sale of non-core project | Consideration received from previous sale of non-core project | Consideration received from previous sale of non-core project | Consideration received from previous sale of non-core project | **(14.9)** |
| Net finance expense | Net finance expense | Net finance expense | Net finance expense | Net finance expense | Net finance expense | **19.6** |
| Income before tax | Income before tax | Income before tax | Income before tax | Income before tax | Income before tax | **330.5** |
| Tax expense | Tax expense | Tax expense | Tax expense | Tax expense | Tax expense | **108.1** |
| Net income for the period | Net income for the period | Net income for the period | Net income for the period | Net income for the period | Net income for the period | $**222.4** |

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 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 | Three months ended September 30, 2024 |
|  | Peru | Manitoba | British<br>Columbia | Arizona | Corporate<br>and other<br>activities | Total |
| Revenue from external customers | $210.0 | $203.9 | $71.9 | $- | $- | $485.8 |
| Cost of sales |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mine operating costs | 123.8 | 82.2 | 42.5 |  |  | 248.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 57.2 | 27.7 | 12.6 |  |  | 97.5 |
| Gross profit | 29.0 | 94.0 | 16.8 |  |  | 139.8 |
| Selling and administrative expenses |  |  |  |  | 12.1 | 12.1 |
| Exploration expenses | 4.2 | 8.0 |  |  |  | 12.2 |
| Other operating expenses (income) | 2.2 | 4.0 | 2.2 | 0.1 | (0.7) | 7.8 |
| Re-evaluation adjustment - environmental provision |  | 2.0 |  |  |  | 2.0 |
| Results from operating activities | $22.6 | $80.0 | $14.6 | $(0.1) | $(11.4) | $105.7 |
| Net finance expense | Net finance expense | Net finance expense | Net finance expense | Net finance expense | Net finance expense | 26.0 |
| Income before tax | Income before tax | Income before tax | Income before tax | Income before tax | Income before tax | 79.7 |
| Tax expense | Tax expense | Tax expense | Tax expense | Tax expense | Tax expense | 29.4 |
| Net income for the period | Net income for the period | Net income for the period | Net income for the period | Net income for the period | Net income for the period | $50.3 |

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 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
|  | **Peru** | **Manitoba** | **British<br>Columbia** | **Arizona** | **Corporate<br>and other<br>activities** | **Total** |
| Revenue from external customers | $**713.9** | $**522.5** | $**241.7** | $**-** | $**-** | $**1478.1** |
| Cost of sales |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mine operating costs | **341.4** | **196.5** | **179.9** | **-** | **-** | **717.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **174.2** | **63.8** | **49.2** | **-** | **-** | **287.2** |
| Gross profit | **198.3** | **262.2** | **12.6** | **-** | **-** | **473.1** |
| Selling and administrative expenses | **-** | **-** | **-** | **-** | **65.8** | **65.8** |
| Exploration expenses | **11.6** | **22.2** | **-** | **-** | **-** | **33.8** |
| Other operating expenses (income) | **9.2** | **11.7** | **2.6** | **0.4** | **(2.5)** | **21.4** |
| Re-evaluation adjustment - environmental provision | **-** | **0.4** | **-** | **-** | **-** | **0.4** |
| Impairment reversal | **-** | **-** | **-** | **(322.3)** | **-** | **(322.3)** |
| Results from operating activities | $**177.5** | $**227.9** | $**10.0** | $**321.9** | $**(63.3)** | $**674.0** |
| Consideration received from previous sale of non-core project | Consideration received from previous sale of non-core project | Consideration received from previous sale of non-core project | Consideration received from previous sale of non-core project | Consideration received from previous sale of non-core project | Consideration received from previous sale of non-core project | **(14.9)** |
| Net finance expense | Net finance expense | Net finance expense | Net finance expense | Net finance expense | Net finance expense | **34.0** |
| Income before tax | Income before tax | Income before tax | Income before tax | Income before tax | Income before tax | **654.9** |
| Tax expense | Tax expense | Tax expense | Tax expense | Tax expense | Tax expense | **218.6** |
| Net income for the period | Net income for the period | Net income for the period | Net income for the period | Net income for the period | Net income for the period | $**436.3** |

---

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 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 | Nine months ended September 30, 2024 |
|  | Peru | Manitoba | British Columbia | Arizona | Corporate and other activities | Total |
| Revenue from external customers | $702.7 | $515.7 | $217.9 | $- | $- | $1436.3 |
| Cost of sales |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mine operating costs | 369.4 | 231.9 | 161.2 |  |  | 762.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 187.1 | 79.0 | 38.3 |  |  | 304.4 |
| Gross profit | 146.2 | 204.8 | 18.4 |  |  | 369.4 |
| Selling and administrative expenses |  |  |  |  | 47.1 | 47.1 |
| Exploration expenses | 10.5 | 18.7 |  |  | 1.6 | 30.8 |
| Other operating expenses (income) | 10.4 | 10.9 | 5.8 | 8.3 | (0.1) | 35.3 |
| Re-evaluation adjustment - environmental provision |  | (6.0) |  |  |  | (6.0) |
| Results from operating activities | $125.3 | $181.2 | $12.6 | $(8.3) | $(48.6) | $262.2 |
| Net finance expense | Net finance expense | Net finance expense | Net finance expense | Net finance expense | Net finance expense | 114.3 |
| Income before tax | Income before tax | Income before tax | Income before tax | Income before tax | Income before tax | 147.9 |
| Tax expense | Tax expense | Tax expense | Tax expense | Tax expense | Tax expense | 99.4 |
| Net income for the period | Net income for the period | Net income for the period | Net income for the period | Net income for the period | Net income for the period | $48.5 |

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 **HUDBAY MINERALS INC.**<br>Notes to Unaudited Condensed Consolidated Interim Financial Statements<br>(in millions of US dollars, except where otherwise noted)<br>For the three and nine months ended September 30, 2025 and 2024

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Peru** | **Manitoba** | **British<br>Columbia** | **Arizona** | **Corporate<br>and other<br>activities** | **Total** |
| Total assets | $**2392.2** | $**430.9** | $**1218.5** | $**1119.6** | $**755.6** | $**5916.8** |
| Total liabilities | **897.0** | **385.4** | **286.8** | **96.3** | **1170.8** | **2836.3** |
| Property, plant and equipment<sup>1</sup> | **1850.3** | **595.9** | **1031.6** | **1116.4** | **40.3** | **4634.5** |
| Other Non-Current Assets<sup>2</sup> | **51.3** | **20.7** | **9.8** | **0.2** | **0.6** | **82.6** |
| <sup>1</sup> Included in Corporate and other activities are $27.7 million of property, plant and equipment that is located in Nevada. | <sup>1</sup> Included in Corporate and other activities are $27.7 million of property, plant and equipment that is located in Nevada. | <sup>1</sup> Included in Corporate and other activities are $27.7 million of property, plant and equipment that is located in Nevada. | <sup>1</sup> Included in Corporate and other activities are $27.7 million of property, plant and equipment that is located in Nevada. | <sup>1</sup> Included in Corporate and other activities are $27.7 million of property, plant and equipment that is located in Nevada. | <sup>1</sup> Included in Corporate and other activities are $27.7 million of property, plant and equipment that is located in Nevada. | <sup>1</sup> Included in Corporate and other activities are $27.7 million of property, plant and equipment that is located in Nevada. |
| <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. | <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. | <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. | <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. | <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. | <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. | <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Peru | Manitoba | British<br>Columbia | Arizona | Corporate<br>and other<br>activities | Total |
| Total assets | $2410.0 | $547.4 | $1076.0 | $757.3 | $696.9 | $5487.6 |
| Total liabilities | 960.0 | 421.3 | 281.9 | 14.7 | 1162.3 | 2840.2 |
| Property, plant and equipment<sup>1</sup> | 1897.1 | 595.1 | 900.7 | 747.1 | 41.4 | 4181.4 |
| Other Non-Current Assets<sup>2</sup> | 47.8 | 17.2 | 8.0 | 0.2 | 0.6 | 73.8 |
| <sup>1</sup> Included in Corporate and other activities is $27.7 million of property, plant and equipment that is located in Nevada. | <sup>1</sup> Included in Corporate and other activities is $27.7 million of property, plant and equipment that is located in Nevada. | <sup>1</sup> Included in Corporate and other activities is $27.7 million of property, plant and equipment that is located in Nevada. | <sup>1</sup> Included in Corporate and other activities is $27.7 million of property, plant and equipment that is located in Nevada. | <sup>1</sup> Included in Corporate and other activities is $27.7 million of property, plant and equipment that is located in Nevada. | <sup>1</sup> Included in Corporate and other activities is $27.7 million of property, plant and equipment that is located in Nevada. | <sup>1</sup> Included in Corporate and other activities is $27.7 million of property, plant and equipment that is located in Nevada. |
| <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. | <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. | <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. | <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. | <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. | <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. | <sup>2</sup> Other non-current assets includes receivables, inventory, intangibles and other assets. |

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## Exhibit 99.3

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| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30**  |
| 25 York Street, Suite 800<br>Toronto, Ontario<br>Canada M5J 2V5<br>tel **416 362-8181**<br> fax 416 362-7844<br>hudbay.com | News Release |

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**Hudbay's Third Quarter 2025 Results Demonstrate Operational Resilience**

**Toronto, Ontario, November 12, 2025 - Hudbay Minerals Inc. ("Hudbay" or the "Company") (TSX, NYSE: HBM)** released its third quarter 2025 financial results today. All amounts are in U.S. dollars, unless otherwise noted.

"This was a quarter of resilience for Hudbay as we demonstrated the strength of our operating capabilities and the benefit of our diversified operating platform at a time of mandatory wildfire evacuations in Manitoba and temporary operational interruptions in Peru," said Peter Kukielski, President and Chief Executive Officer. "Through our team's continued focus on delivery and driving operating efficiencies in the face of these challenges, we expect to achieve the low end of our consolidated copper and gold production guidance ranges and we are further improving our consolidated cost guidance for 2025. During the third quarter, we continued to take steps to reduce long-term debt, reinvest in high-return growth projects and advance our strategic initiatives to build a stable and diversified operating platform with significant copper growth upside. We are delighted to have secured a premier long-term strategic partner in Mitsubishi, enabling us to unlock significant value in our copper growth pipeline, further solidify our financial strength and significantly reduce our share of the remaining capital contributions for the development of Copper World. Hudbay's unique copper and gold diversification, combined with our continued focus on cost control, enable us to maintain industry-leading margins and deliver strong and stable cash flows."

**Demonstrated Operating Resilience in the Third Quarter** 

* Achieved revenue of $346.8 million and adjusted EBITDA<sup>i</sup> of $142.6 million in the third quarter of 2025.

* Achieved consolidated copper production of 24,205 tonnes and consolidated gold production of 53,581 ounces in the third quarter, demonstrating strong operational resilience with Manitoba operations suspended for the majority of the quarter due to the wildfire evacuations and temporary operational interruptions in Peru.

* Strong cost performance continued in the third quarter with consolidated cash cost<sup>i</sup> and sustaining cash cost<sup>i</sup> per pound of copper produced, net of by-product credits, of $0.42 and $2.09, respectively.

* Reaffirmed full year 2025 consolidated production guidance for copper and gold, despite the temporary operational interruptions and production deferrals. Full-year consolidated copper and gold production is now expected to be near the low end of the guidance ranges.

* Further improved full year 2025 consolidated cash cost<sup>i</sup> guidance range to $0.15 to $0.35 per pound, an additional improvement from the previously updated guidance range of $0.65 to $0.85 per pound, as year-to-date results are trending well below the low end of the cost ranges. Also improved full year 2025 consolidated sustaining cash cost guidance range to $1.85 to $2.25 per pound copper from the original guidance range of $2.25 to $2.65 per pound as a result of increased exposure to gold by-product credits and continued strong operating cost control.

* Peru operations produced 18,114 tonnes of copper and 26,380 ounces of gold in the third quarter, with copper being slightly lower than quarterly cadence expectations and gold far exceeding quarterly cadence expectations while navigating intermittent interruptions and a temporary mill suspension during the quarter. Peru cash cost<sup>i</sup> per pound of copper produced, net of by-product credits, was $1.30 in the third quarter, outperforming the low-end of the cost guidance range. Full year copper production in Peru is expected to be in line with 2025 annual guidance and full year gold production is expected to exceed the top end of the guidance range.

* Manitoba operations produced 22,441 ounces of gold in the third quarter, lower than quarterly cadence expectations as a result of temporary production interruptions from mandatory wildfire evacuations that shut down operations for the majority of the third quarter and deferred gold production. A business interruption insurance claim has been submitted to compensate for a portion of the wildfire-related downtime. Manitoba cash cost<sup>i</sup> per ounce of gold produced, net of by-product credits, was $379 in the third quarter. Subsequent to the quarter, due to additional unplanned down time in October as a result of winter storm power outages, some gold production has been further deferred and full year gold production in Manitoba is now expected to be slightly below the low end of the 2025 annual guidance range.

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| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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* British Columbia operations produced 5,249 tonnes of copper in the third quarter at a cash cost<sup>i</sup> per pound of copper produced, net of by-product credits, of $3.21. While the initial phase of the conversion of the third ball mill to a second semi-autogenous grinding ("SAG") mill was completed successfully in the third quarter, there was required maintenance at the primary SAG mill at the end of September and into early October, which is expected to result in reduced mill throughput levels for the balance of 2025 and full year copper production in British Columbia is now expected to be below the low end of the 2025 annual guidance range.

* Third quarter net earnings attributable to owners and earnings per share attributable to owners were $222.4 million and $0.56, respectively, reflecting a pre-tax full impairment reversal of $322.3 million on Hudbay's carrying value of the Copper World project as a result of the announcement of a $600 million strategic partnership with Mitsubishi Corporation ("Mitsubishi") for a 30% minority interest in Copper World, which is expected to close in late 2025 or early 2026. After adjusting for this transaction and various other non-cash items, third quarter adjusted earnings<sup>i</sup> per share attributable to owners was $0.03.

* Financial results in the third quarter were impacted by the deferral of a 20,000 dry metric tonne copper concentrate shipment in Peru, valued at approximately $60 million (high gold content), from the end of September into early October due to ocean swells at the port.

* Cash and cash equivalents decreased by $14.4 million to $611.1 million during the third quarter and total liquidity<sup>ii</sup> was $1,036.3 million as at September 30, 2025, reflecting $13.2 million of additional senior unsecured note repurchases during the third quarter.

**Further Debt Reduction and Balance Sheet Strength**

* Hudbay's unique copper and gold diversification across its operations provides exposure to higher copper and gold prices, which together with a focus on cost control across the business, continues to expand margins and generate attractive operating cash flow<sup>i</sup>.

* While the majority of revenues continue to be derived from copper production, revenue from gold production represented more than 38% of total revenues in the third quarter of 2025.

* Generated positive free cash flow<sup>i</sup> in Peru and Manitoba in the third quarter of 2025 despite operational interruptions, offset by negative free cash flow<sup>i</sup> in British Columbia with planned stripping activities. Consolidated free cash flow<sup>i</sup> would have been positive if the excess copper concentrate inventory in Peru was sold at the end of September.

* Achieved adjusted EBITDA<sup>i</sup> of $142.6 million in the third quarter of 2025, resulting in annual trailing twelve-month adjusted EBITDA<sup>i</sup> of $932.3 million.

* Repurchased and retired an additional $13.2 million of senior unsecured notes through open market purchases at a discount to par during the third quarter, reducing total principal debt to $1.05 billion as of September 30, 2025. Subsequent to the quarter end, deleveraging efforts continued with an additional $20.0 million of open market purchases of the senior unsecured notes at a discount to par.

* As of November 11, 2025, approximately $328.1 million in total principal debt and gold prepayment liability reductions have been achieved since the beginning of 2024.

* Net debt<sup>i</sup> reduced to $435.9 million as at September 30, 2025 compared to $525.7 million at December 31, 2024, a decrease of $89.8 million year-to-date.

* Net debt to adjusted EBITDA ratio<sup>i</sup> was 0.5x at the end of the third quarter of 2025, a further improvement from 0.6x at the end of fourth quarter of 2024.

**Prudently Advancing Copper World Towards a Sanction Decision in 2026**

* In August 2025, announced accretive $600 million Copper World joint venture transaction with Mitsubishi Corporation ("Mitsubishi") for a 30% minority interest ("JV Transaction").
 
Secures a premier long-term strategic partner in Mitsubishi, one of the largest Japanese trading houses with a global mining presence and a significant U.S. based business.
Implies a significant premium to consensus net asset value for Copper World<sup>iii</sup>.
Increases levered project IRR to Hudbay to approximately 90% based on pre-feasibility study ("PFS") estimates<sup>iv</sup>.

* In August 2025, agreed on terms with Wheaton Precious Metals Corp. ("Wheaton") to amend the existing precious metals streaming agreement.

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|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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* In addition to the initial $230 million stream deposit, provides an additional contingent payment of up to $70 million on a future mill expansion, recognizing the long-term potential at Copper World.
Ongoing payments for gold and silver amended from fixed pricing to 15% of spot prices to provide upside exposure to higher precious metals prices.

* Successful completion of the final key elements of Hudbay's prudent financial strategy as part of the three prerequisites ("3-P") plan for Copper World.
 
Hudbay's estimated share of the remaining equity capital contributions has been reduced to approximately $200 million based on PFS estimates and Hudbay's first capital contribution has been deferred to 2028 at the earliest.

* Feasibility study activities for Copper World are underway with expected completion of a definitive feasibility study ("DFS") in mid-2026.
 
Hudbay is accelerating detailed engineering, certain long lead items and other de-risking activities in 2025 and, as announced in August 2025, has advanced $20 million in growth capital expenditures to 2025 from future years.

**Reinvesting in Several Additional High-return Growth Initiatives**

* Optimization efforts at Copper Mountain have continued and are focused on executing the planned accelerated stripping program and mill throughput improvement projects. A key component, the conversion of the third ball mill to a second SAG mill ("SAG2"), remains on schedule. Completion of the initial phase on July 10, 2025 enabled the mill to achieve several days of 50,000 tonnes per day in September, the highest level achieved since Hudbay acquired the operations. Construction of the final phase of the SAG2 project is expected to conclude in December 2025.

* Large exploration program in Snow Lake continues to execute the 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 new anchor deposit to meaningfully extend mine life.

* Following the completion of the initial 1901 exploration drift some additional development ore was delivered for processing at Stall. The focus now turns to advancing exploration platforms in both base metal and gold mineralization and developing the haulage drift to confirm mining methods, establish critical infrastructure and de-risk the path towards full production in late 2027.

* Drilling commenced at the Talbot copper-zinc-gold deposit near Snow Lake in July with a focus on expanding the known mineralization and testing geophysical targets. Full assay results expected later this year.

* Continuing to advance Flin Flon tailings reprocessing opportunities through metallurgical test work and economic evaluations to assess the possibility of producing critical minerals and precious metals in an environmentally friendly manner.

* Continuing to enhance stakeholder engagement and advance additional metallurgical studies at the Mason copper project in Nevada.

**Summary of Third Quarter Results**

Hudbay's diversified asset portfolio delivered consolidated copper production of 24,205 tonnes and consolidated gold production of 53,581 ounces in the third quarter of 2025, despite temporary operational interruptions and production deferrals. Consolidated copper and gold production was lower than the second quarter of 2025 primarily due to the impact of the mandatory wildfire evacuations that persisted in northern Manitoba for a majority of the third quarter, a temporary production interruption in Peru for nine days during the third quarter due to social unrest and unplanned mill downtime and processing of low-grade stockpiles at Copper Mountain during the third quarter. Consolidated silver production of 730,394 ounces and zinc production of 548 tonnes in the third quarter of 2025 were also lower than the second quarter of 2025 for the aforementioned reasons.

Cash generated from operating activities of $113.5 million decreased compared to the second quarter of 2025 as a result of the temporary operational interruptions during the third quarter, as mentioned above, and lower sales volumes as a result of a delayed 20,000 dry metric tonne copper concentrate shipment in Peru with high grade gold content, valued at approximately $60 million, from the end of September into early October due to ocean swells at the port. This was partially offset by higher realized metal prices.

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|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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Adjusted EBITDA<sup>i</sup> was $142.6 million in the third quarter of 2025, a decrease compared to $245.2 million in the second quarter of 2025 primarily due to the temporary operational interruptions and the lower sales volumes as a result of the delayed copper concentrate shipment in Peru, as noted above.

Adjusted net earnings attributable to owners<sup>i</sup> and adjusted net earnings per share attributable to owners<sup>i</sup> in the third quarter of 2025 were $10.1 million and $0.03 per share, respectively, after adjusting for various non-cash items on a pre-tax basis including a $322.3 million full impairment reversal related to Hudbay's Copper World project following the announcement of the JV Transaction, $14.9 million of contingent consideration received from the previous sale of a non-core project, an $8.7 million mark-to-market revaluation loss on various instruments such as investments and share-based compensation, and a non-cash $8.8 million foreign exchange loss, among other items. This compares to adjusted net earnings attributable to owners<sup>i</sup> and net earnings per share attributable to owners<sup>i</sup> of $75.5 million and $0.19 per share in the second quarter of 2025. The decrease is primarily due to temporary operational interruptions in Manitoba and Peru which resulted in lower production and delayed sales volumes impacting overall gross margins and operating cash flow during the quarter.

Consolidated cash cost per pound of copper produced, net of by-product credits<sup>i</sup>, was $0.42 in the third quarter of 2025, compared to $(0.02) in the second quarter of 2025, as Hudbay continued to demonstrate industry-leading cost performance. The increase in cash cost, net of by-product credits, was a result of lower by-product credits due to lower production in Manitoba from the impact of the wildfires during the third quarter, partially offset by strong gold production in Peru despite the nine-day operational interruption during the third quarter of 2025.

Consolidated sustaining cash cost per pound of copper produced, net of by-product credits<sup>i</sup>, was $2.09 in the third quarter of 2025, compared to $1.65 in the second quarter of 2025, increasing primarily due to the same factors impacting consolidated cash cost noted above.

Consolidated all-in sustaining cash cost per pound of copper produced, net of by-product credits<sup>i</sup>, was $2.78 in the third quarter of 2025, higher than the second quarter of 2025 incorporating higher corporate G&A from the revaluation of Hudbay's stock-based compensation due to relative higher share prices.

As at September 30, 2025, total liquidity was $1,036.3 million, including $611.1 million in cash and cash equivalents, and undrawn availability of $425.2 million under Hudbay's revolving credit facilities. The Company's liquidity is expected to be further enhanced upon the closing of the JV Transaction, which is expected to occur in late 2025 or early 2026. Net debt<sup>i</sup> at the end of the third quarter was $435.9 million, marking an $89.8 million improvement from the fourth quarter of 2024 as a result of deleveraging activities which included the repurchase and retirement of senior unsecured notes.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Consolidated Financial Condition** <br>*(in $ millions, except net debt to adjusted EBITDA ratio)* | **Sep. 30, 2025** | **Jun. 30, 2025** | **Dec. 31, 2024** |
| &nbsp;&nbsp;Cash and cash equivalents and short-term investments | **611.1** | **625.5** | 581.8 |
| &nbsp;&nbsp;Total long-term debt | **1047.0** | **1059.6** | 1107.5 |
| &nbsp;&nbsp;Net debt<sup>1</sup> | **435.9** | **434.1** | 525.7 |
| &nbsp;&nbsp;Working capital<sup>2</sup> | **(34.7)** | **26.8** | 511.3 |
| &nbsp;&nbsp;Total assets | **5916.8** | **5628.6** | 5487.6 |
| &nbsp;&nbsp;Equity attributable to owners of the Company | **3080.5** | **2863.3** | 2553.2 |
| &nbsp;&nbsp;Net debt to adjusted EBITDA<sup>1</sup> | **0.5** | **0.4** | 0.6 |

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<sup>1</sup> Net debt and net debit to adjusted EBITDA are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section of this news release.

<sup>2</sup> Working capital is determined as total current assets less total current liabilities as defined under IFRS and disclosed on the consolidated interim financial statements. Working capital as of September 30, 2025 was impacted by an increase in the current portion of long-term debt of $511.0 million as the 2026 Notes are now maturing within one year.

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Consolidated Financial Performance** |  | &nbsp;&nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;&nbsp;**Three Months Ended** |
|  |  | &nbsp;&nbsp;&nbsp;**Sep. 30, 2025** | &nbsp;&nbsp;&nbsp;**Jun. 30, 2025** | &nbsp;&nbsp;&nbsp;**Sep. 30, 2024** |
| &nbsp;&nbsp;Revenue | &nbsp;&nbsp;&nbsp;*$000s* | &nbsp;&nbsp;&nbsp;**346.8** | &nbsp;&nbsp;&nbsp;536.4 | &nbsp;&nbsp;&nbsp;485.8 |
| &nbsp;&nbsp;Cost of sales | &nbsp;&nbsp;&nbsp;*$000s* | &nbsp;&nbsp;&nbsp;**281.5** | &nbsp;&nbsp;&nbsp;359.9 | &nbsp;&nbsp;&nbsp;346.0 |
| &nbsp;&nbsp;Earnings before tax | &nbsp;&nbsp;&nbsp;*$000s* | &nbsp;&nbsp;&nbsp;**330.5** | &nbsp;&nbsp;&nbsp;153.1 | &nbsp;&nbsp;&nbsp;79.7 |
| &nbsp;&nbsp;Net earnings | &nbsp;&nbsp;&nbsp;*$000s* | &nbsp;&nbsp;&nbsp;**222.4** | &nbsp;&nbsp;&nbsp;114.7 | &nbsp;&nbsp;&nbsp;50.3 |
| &nbsp;&nbsp;Net earnings attributable to owners | &nbsp;&nbsp;&nbsp;*$000s* | &nbsp;&nbsp;&nbsp;**222.4** | &nbsp;&nbsp;&nbsp;117.7 | &nbsp;&nbsp;&nbsp;49.7 |
| &nbsp;&nbsp;Basic and diluted attributable earnings per share<sup>1</sup> | &nbsp;&nbsp;&nbsp;*$/share* | &nbsp;&nbsp;&nbsp;**0.56** | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;Adjusted earnings attributable per share<sup>1</sup> | &nbsp;&nbsp;&nbsp;*$/share* | &nbsp;&nbsp;&nbsp;**0.03** | &nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;Operating cash flow before change in non-cash working capital | &nbsp;&nbsp;&nbsp;*$ millions* | &nbsp;&nbsp;&nbsp;**70.3** | &nbsp;&nbsp;&nbsp;193.9 | &nbsp;&nbsp;&nbsp;188.3 |
| &nbsp;&nbsp;Adjusted EBITDA<sup>1</sup> | &nbsp;&nbsp;&nbsp;*$ millions* | &nbsp;&nbsp;&nbsp;**142.6** | &nbsp;&nbsp;&nbsp;245.2 | &nbsp;&nbsp;&nbsp;206.0 |
| &nbsp;&nbsp;Free cash flow<sup>1</sup> | &nbsp;&nbsp;&nbsp;*$ millions* | &nbsp;&nbsp;&nbsp;**(15.2)** | &nbsp;&nbsp;&nbsp;87.8 | &nbsp;&nbsp;&nbsp;88.4 |
| &nbsp;&nbsp;<sup>1</sup> Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this news release. | &nbsp;&nbsp;<sup>1</sup> Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this news release. | &nbsp;&nbsp;<sup>1</sup> Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this news release. | &nbsp;&nbsp;<sup>1</sup> Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this news release. | &nbsp;&nbsp;<sup>1</sup> Adjusted earnings per share - attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-GAAP Financial Performance Measures" section of this news release. |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Consolidated Production and Cost Performance** |  | &nbsp;&nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;&nbsp;**Three Months Ended** |
|  |  | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;&nbsp;**Contained metal in concentrate and doré produced<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;&nbsp;*tonnes* | **24205** | 29956 | 31354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;&nbsp;*ounces* | **53581** | 56271 | 89073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | &nbsp;&nbsp;&nbsp;*ounces* | **730394** | 814989 | 985569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | &nbsp;&nbsp;&nbsp;*tonnes* | **548** | 5130 | 8069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | &nbsp;&nbsp;&nbsp;*tonnes* | **185** | 375 | 362 |
| &nbsp;&nbsp;&nbsp;**Payable metal sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | &nbsp;&nbsp;&nbsp;*tonnes* | **18280** | 30354 | 27760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold<sup>2</sup> | &nbsp;&nbsp;&nbsp;*ounces* | **38279** | 62466 | 73232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver<sup>2</sup> | &nbsp;&nbsp;&nbsp;*ounces* | **418418** | 894160 | 663413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | &nbsp;&nbsp;&nbsp;*tonnes* | **3452** | 2871 | 8607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | &nbsp;&nbsp;&nbsp;*tonnes* | **269** | 427 | 343 |
| &nbsp;&nbsp;&nbsp;**Consolidated cash cost per pound of copper produced<sup>3</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost | &nbsp;&nbsp; *$/lb* | **0.42** | (0.02) | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sustaining cash cost | &nbsp;&nbsp; *$/lb* | **2.09** | 1.65 | 1.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;All-in sustaining cash cost | &nbsp;&nbsp;*$/lb* | **2.78** | 2.03 | 1.95 |
| &nbsp;&nbsp;<sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. | &nbsp;&nbsp;<sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. | &nbsp;&nbsp;<sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. | &nbsp;&nbsp;<sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. | &nbsp;&nbsp;<sup>1</sup> Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. |
| &nbsp;&nbsp;<sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. | &nbsp;&nbsp;<sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. | &nbsp;&nbsp;<sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. | &nbsp;&nbsp;<sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. | &nbsp;&nbsp;<sup>2</sup> Includes total payable gold and silver in concentrate and in doré sold. |
| &nbsp;&nbsp;<sup>3</sup> Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release. | &nbsp;&nbsp;<sup>3</sup> Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release. | &nbsp;&nbsp;<sup>3</sup> Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release. | &nbsp;&nbsp;<sup>3</sup> Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release. | &nbsp;&nbsp;<sup>3</sup> Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release. |

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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**Peru Operations Review**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Peru Operations** |  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  |  | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Constancia ore mined<sup>1</sup>** | *tonnes* | **564579** | 6735316 | 3022931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | *%* | **0.25** | 0.34 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | *g/tonne* | **0.02** | 0.03 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | *g/tonne* | **1.92** | 3.26 | 3.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | *%* | **0.01** | 0.02 | 0.02 |
| &nbsp;&nbsp;**Pampacancha ore mined<sup>1</sup>** | *tonnes* | **4260081** | 762172 | 1777092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | *%* | **0.38** | 0.26 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | *g/tonne* | **0.31** | 0.24 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | *g/tonne* | **4.87** | 4.59 | 6.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | *%* | **0.01** | 0.01 | 0.01 |
| &nbsp;&nbsp;Total ore mined | *tonnes* | **4824660** | 7497488 | 4800023 |
| &nbsp;&nbsp;Strip ratio<sup>3</sup> | | **1.38** | 1.47 | 2.62 |
| &nbsp;&nbsp;**Ore milled** | *tonnes* | **6991744** | 7559047 | 8137248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | *%* | **0.31** | 0.34 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | *g/tonne* | **0.16** | 0.05 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | *g/tonne* | **3.94** | 3.58 | 3.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | % | **0.01** | 0.01 | 0.01 |
| &nbsp;&nbsp;Copper recovery | *%* | **83.2** | 84.5 | 82.6 |
| &nbsp;&nbsp;Gold recovery | *%* | **72.1** | 56.0 | 68.1 |
| &nbsp;&nbsp;Silver recovery | *%* | **65.2** | 63.5 | 67.0 |
| &nbsp;&nbsp;Molybdenum recovery | *%* | **33.9** | 38.7 | 39.0 |
| &nbsp;&nbsp;**Contained metal in concentrate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | *tonnes* | **18114** | 21710 | 21220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | *ounces* | **26380** | 7366 | 20331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | *ounces* | **577446** | 551979 | 648209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | *tonnes* | **185** | 375 | 362 |
| &nbsp;&nbsp;**Payable metal sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | *tonnes* | **11769** | 21418 | 18803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | *ounces* | **9798** | 9721 | 9795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | *ounces* | **258215** | 616578 | 365198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | *tonnes* | **269** | 427 | 343 |
| &nbsp;&nbsp;Combined unit operating cost<sup>2,4,6</sup> | *$/tonne* | **13.03** | 13.59 | 12.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost<sup>4,5</sup> | *$/lb* | **1.30** | 1.45 | 1.80 |
| &nbsp;&nbsp;Sustaining cash cost<sup>4</sup> | *$/lb* | **2.11** | 2.63 | 2.78 |
| &nbsp;&nbsp;<sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | &nbsp;&nbsp;<sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | &nbsp;&nbsp;<sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | &nbsp;&nbsp;<sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | &nbsp;&nbsp;<sup>1</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. |
| &nbsp;&nbsp;<sup>2</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | &nbsp;&nbsp;<sup>2</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | &nbsp;&nbsp;<sup>2</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | &nbsp;&nbsp;<sup>2</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | &nbsp;&nbsp;<sup>2</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. |
| &nbsp;&nbsp;<sup>3</sup> Strip ratio is calculated as waste mined divided by ore mined. | &nbsp;&nbsp;<sup>3</sup> Strip ratio is calculated as waste mined divided by ore mined. | &nbsp;&nbsp;<sup>3</sup> Strip ratio is calculated as waste mined divided by ore mined. | &nbsp;&nbsp;<sup>3</sup> Strip ratio is calculated as waste mined divided by ore mined. | &nbsp;&nbsp;<sup>3</sup> Strip ratio is calculated as waste mined divided by ore mined. |
| &nbsp;&nbsp;<sup>4</sup> Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release.<br><sup>5</sup> Excludes $7.3 million or $0.19 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025.<br><sup>6</sup> Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025. | &nbsp;&nbsp;<sup>4</sup> Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release.<br><sup>5</sup> Excludes $7.3 million or $0.19 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025.<br><sup>6</sup> Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025. | &nbsp;&nbsp;<sup>4</sup> Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release.<br><sup>5</sup> Excludes $7.3 million or $0.19 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025.<br><sup>6</sup> Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025. | &nbsp;&nbsp;<sup>4</sup> Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release.<br><sup>5</sup> Excludes $7.3 million or $0.19 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025.<br><sup>6</sup> Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025. | &nbsp;&nbsp;<sup>4</sup> Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Performance Measures" section of this news release.<br><sup>5</sup> Excludes $7.3 million or $0.19 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025.<br><sup>6</sup> Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025. |

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|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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The Peru operations continued to demonstrate steady operating performance despite facing temporary interruptions as a result of social unrest in the third quarter. Country wide protests that began early in the third quarter temporarily impacted the transportation routes leading to limitations of supplies and concentrate transportation. To manage through these limitations, Hudbay adjusted mine sequencing to prioritize Pampacancha mining activities and blend low-grade stockpile ore in the mill feed. The road blockades along the transportation route reopened midway through the third quarter, allowing Hudbay to reduce site concentrate inventory levels and replenish supplies.

In late September, the social unrest escalated across Peru. Along with other mines in the southern mining corridor, Hudbay's Constancia mine was impacted by local protests and illegal blockades. The safety of all personnel is the Company's top priority, and Hudbay suspended Constancia operations on September 22<sup>nd</sup> as a precaution to ensure the safety of personnel and allow time for Hudbay and the authorities to address the illegal protests. During the temporary downtime, Hudbay's team at Constancia performed preventative maintenance at the mill and on certain mining equipment. Since the restart of mining activities on October 3<sup>rd</sup> and milling activities on October 5<sup>th</sup>, the Constancia operations have normalized.

The Peru operations produced 18,114 tonnes of copper, 26,380 ounces of gold, 577,446 ounces of silver and 185 tonnes of molybdenum during the third quarter of 2025. Production of copper was lower than the comparative periods primarily due to lower ore milled as a result of the temporary operational shutdown. Production of gold was higher than the second quarter of 2025 due to higher head grades from a larger portion of the Pampacancha ore feed. Production of silver was higher than the second quarter of 2025 as a result of higher grades. Production of molybdenum was lower than the second quarter of 2025 due to lower ore milled and lower recoveries.

Total ore mined in Peru in the third quarter of 2025 was lower than the second quarter of 2025 as a result of the temporary operational shutdown described above. However, Pampacancha ore mined significantly increased in the third quarter compared to the second quarter, reflecting the completion of a major stripping program in the second quarter.

Mill throughput levels averaged approximately 76,000 tonnes per day in the third quarter of 2025, lower than the second quarter of 2025 due to the lower amount of ore mined and the temporary operational shutdown. Milled copper grades decreased by 9% compared to the second quarter 2025, primarily due to lower grades from ore feed from stockpiles, partially offset by higher grades from Pampacancha. Milled gold grades significantly increased in the third quarter of 2025 compared to the comparative periods due to a higher portion of ore feed from Pampacancha where the gold grades are meaningfully higher than in the other ore sources. The mill achieved copper recoveries of 83% in the third quarter of 2025, lower than the second quarter of 2025 due to the nature of the feed from the stockpile. Recoveries of gold and silver during the third quarter of 2025 were in line with Hudbay's metallurgical models for the ore that was being processed.

Combined mine, mill and G&A unit operating cost<sup>i</sup> in the third quarter of 2025 was $13.03 per tonne, 4% lower than the second quarter of 2025 as lower milling and G&A costs more than offset the impacts of higher mining costs and lower mill throughput associated with the temporary shutdown.

Cash cost per pound of copper produced, net of by-product credits<sup>i</sup>, in the third quarter of 2025 was $1.30. Cash costs decreased by 10% compared to the second quarter of 2025 due to higher gold by-product credits and lower plant maintenance cost as a planned maintenance program was completed in the second quarter of 2025.

Sustaining cash cost per pound of copper produced, net of by-product credits<sup>i</sup>, was $2.11 in the third quarter of 2025, a decrease of 20% compared to the second quarter of 2025 for the same reasons that impacted cash costs as well as from lower tailings management facility capital expenditures, timing on plant projects, and lower cash payments pertaining to community agreements.

With the regional social unrest impacting transportation routes during the quarter and ocean swells impacting port shipments in late September, a 20,000 dry metric tonne copper concentrate shipment, valued at approximately $60 million as a result of the high gold content, was deferred from late September to early October, thereby reducing sales volumes in the third quarter of 2025. This shipment was subsequently sold in October and total concentrate inventory levels have since normalized.

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|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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Post-quarter end, production in Peru in the month of October totaled approximately 9,200 tonnes of copper and 16,600 ounces of gold, reflecting optimal mill ore feed with strong ore contribution from Pampacancha and lower stockpiled ore being processed. Despite the impact from the temporary operational shutdown due to social unrest, Hudbay is on track to achieve its 2025 production guidance for all metals in Peru with gold production expected to exceed the top end of the 2025 guidance range. On a related note, with cash costs continuing to outperform the low end of the cash cost guidance range, Hudbay is reaffirming its full year 2025 cash cost guidance range in Peru.

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|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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**Manitoba Operations Review**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Manitoba Operations** |  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  |  | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Lalor** | |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ore mined | *tonnes* | **139006** | 303062 | 411295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | *g/tonne* | **5.42** | 4.97 | 5.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | *%* | **0.67** | 0.61 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | *%* | **1.93** | 2.46 | 2.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | *g/tonne* | **31.57** | 29.94 | 30.45 |
| &nbsp;&nbsp;**New Britannia** |  |  |  |  |
| &nbsp;&nbsp;Ore milled | tonnes | **92765** | 162934 | 191298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | g/tonne | **6.88** | 6.48 | 6.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | % | **0.76** | 0.65 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | % | **1.00** | 1.01 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | g/tonne | **32.18** | 30.29 | 30.24 |
| &nbsp;&nbsp;Gold recovery<sup>1</sup> | % | **91.8** | 89.4 | 90 |
| &nbsp;&nbsp;Copper recovery | % | **90.0** | 87.4 | 92.8 |
| &nbsp;&nbsp;Silver recovery<sup>1</sup> | % | **78.5** | 78 | 79.9 |
| &nbsp;&nbsp;**Stall Concentrator** |  |  |  |  |
| &nbsp;&nbsp;Ore milled | *tonnes* | **43940** | 144204 | 222621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | g/tonne | **3.10** | 3.19 | 4.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | *%* | **0.56** | 0.56 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | *%* | **3.61** | 4.20 | 4.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | *g/tonne* | **31.04** | 29.55 | 30.20 |
| &nbsp;&nbsp;Gold recovery | *%* | **72.6** | 67.9 | 70.5 |
| &nbsp;&nbsp;Copper recovery | *%* | **83.4** | 84.7 | 88.3 |
| &nbsp;&nbsp;Zinc recovery | *%* | **34.6** | 84.8 | 88.1 |
| &nbsp;&nbsp;Silver recovery | *%* | **50.3** | 51.9 | 57.8 |
| &nbsp;&nbsp;**Total contained metal in concentrate and doré<sup>2</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | *ounces* | **22441** | 43235 | 62468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | *tonnes* | **842** | 1612 | 3398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | *tonnes* | **548** | 5130 | 8069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | *ounces* | **102132** | 197970 | 281397 |
| &nbsp;&nbsp;**Total payable metal sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | *ounces* | **23118** | 46932 | 57238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | *tonnes* | **769** | 2133 | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | *tonnes* | **3452** | 2871 | 8607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | *ounces* | **112142** | 209594 | 244974 |
| &nbsp;&nbsp;Combined unit operating cost<sup>3,4,5</sup> | *C$/tonne* | **258** | 241 | 211 |
| &nbsp;&nbsp;Gold cash cost<sup>4,6</sup> | *$/oz* | **379** | 710 | 372 |
| &nbsp;&nbsp;Gold sustaining cash cost<sup>4</sup> | *$/oz* | **762** | 1025 | 553 |

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<sup>1</sup> Gold and silver recovery includes total recovery from concentrate and doré. Doré includes sludge, slag and carbon fines.

<sup>2</sup> Metal reported in concentrate is prior to deductions associated with smelter terms.

<sup>3</sup> Reflects combined mine, mill and G&A costs per tonne of milled ore.

<sup>4</sup> Combined unit cost, cash cost, sustaining cash cost per pound of copper produced, net of by-product credits, gold cash cost and sustaining cash cost per ounce of gold produced, net of by-product credits, are non-GAAP financial measures with no standardized definition under IFRS. Please see the "Non-GAAP Financial Performance Measures" section of this news release.

<sup>5</sup> Excludes $16.0 million or C$163 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $3.2 million or C$14 per tonne during the three months ended June 30, 2025.

<sup>6</sup> Excludes $16.0 million or $713 per oz of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $3.2 million or $74 per tonne during the three months ended June 30, 2025.

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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Wildfire disruptions persisted in northern Manitoba for the majority of the third quarter, leading to evacuations in the Snow Lake region throughout July and August, with a full seven-week operational shutdown and several weeks of subsequent ramp-up significantly impacting Hudbay's operations. Despite these challenges, Hudbay's Manitoba business unit demonstrated continued resilience with a comprehensive restart plan that was implemented to focus on the safety of the Company's employees and the integrity of Hudbay's assets. There was no structural damage to Hudbay's onsite surface infrastructure and facilities in Snow Lake. Following the lifting of mandatory evacuations, milling activities at the New Britannia mill resumed on August 26, 2025, and milling activities at Stall restarted on September 9, 2025. At Lalor, the full mining workforce returned as of August 27, 2025 and mining operations ramped up to reach normal operating capacity in the second half of September 2025. The Company submitted a business interruption insurance claim relating to the wildfires and expects the claim to be resolved in 2026 and compensate for a portion of the wildfire downtime.

Achievements in the third quarter of 2025 included successful safeguarding of the Company's assets and people, the orderly resumption of operations, including the exploration programs in Flin Flon and Snow Lake and achieving an average throughput of almost 2,300 tonnes per operating day at the New Britannia mill, all of which was a result of the tremendous effort and unwavering commitment demonstrated by the on-site team.

Production during the third quarter of 2025 included 22,441 ounces of gold, 842 tonnes of copper, 548 tonnes of zinc and 102,132 ounces of silver. Production of all metals in the third quarter was lower than the second quarter of 2025 as a result of the prolonged wildfire evacuation period impacting the third quarter of 2025 compared to a shorter wildfire evacuation period in the preceding quarter.

Total ore mined at Lalor in the third quarter of 2025 was lower than the comparable periods, reflecting the impacts from the wildfires. In the third quarter of 2025, gold grades increased by 9% compared to the second quarter of 2025. Copper, zinc and silver grades were in line with mine plan expectations.

There was limited access to the 1901 deposit in the third quarter due to the wildfires, resulting in reduced advance rates at the exploration and haulage drifts, but some additional development zinc ore was extracted during the third quarter of 2025. Notwithstanding the reduced advancement rate in the quarter, the 1901 project is on track for full production by the end of 2027 and activities over the next two years will focus on exploration, definition drilling, orebody access, and establishing critical infrastructure.

Consistent with Hudbay's strategy of allocating more Lalor ore feed to New Britannia to maximize gold recoveries, adjusting for days interrupted by wildfire evacuations, the New Britannia mill operated for 40.5 days during the quarter at an average throughput of approximately 2,290 tonnes per operating day. Total ore milled at New Britannia was significantly lower in the quarter due to the wildfire evacuation shutdown. Gold recovery in the third quarter of 2025 was a record 92% reflecting an increase compared to the second quarter of 2025 as a result of the higher gold grades.

The Stall mill experienced a greater throughput impact from the wildfire evacuation shutdown during the current quarter as the Lalor mine prioritized mining from gold zones over base metal zones to ensure a consistent feed to the New Britannia mill. Despite these challenges, the team at Stall focused on process optimization and enhanced gold recovery initiatives. The Stall mill achieved record gold recoveries of 73% in the third quarter of 2025, reflecting benefits from recent recovery improvement programs.

Combined mine, mill and G&A unit operating costs<sup>i</sup> in the third quarter were C$258 per tonne, higher than the second quarter of 2025 primarily due to lower total throughput partially offset by lower variable costs.

Cash cost per ounce of gold produced, net of by-product credits<sup>i</sup>, in the third quarter of 2025 was $379, decreasing compared to the second quarter of 2025 primarily due to higher by-product credits and the recovery of secondary gold products as a result of mill tank clean-outs.

Sustaining cash cost per ounce of gold produced, net of by-product credits<sup>i</sup>, in the third quarter of 2025 was $762, a 26% decrease compared to the second quarter of 2025, primarily due to the same factors affecting cash cost, partially offset by lower sustaining capital costs.

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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Subsequent to quarter-end, Hudbay experienced power outages due to severe winter storms, and the Snow Lake operations were shut down for approximately one week in October. While the Company was previously tracking within the 2025 guidance ranges despite the significant wildfire impacts, it now expects to be slightly below the low end of the gold production guidance range as a result of the power outage in October and the associated ramp-up after power was restored. With cash costs during 2025 continuing to outperform the low end of the cash cost guidance range, Hudbay is reaffirming its full year 2025 cash cost guidance range in Manitoba. Given the strong cash cost performance to-date in Manitoba, Hudbay will continue to prioritize primary gold production over by-product zinc production in 2025 and full year zinc production is now expected to be below the low end of the guidance range.

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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**British Columbia Operations Review**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**British Columbia Operations<sup>1</sup>** |  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  |  | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Ore mined<sup>2</sup>** | *tonnes* | **1815689** | 2509969 | 3098863 |
| &nbsp;&nbsp;Strip ratio<sup>3</sup> | | **8.84** | 7.50 | 6.05 |
| &nbsp;&nbsp;**Ore milled** | *tonnes* | **3087443** | 2900008 | 3363176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | *%* | **0.22** | 0.28 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | *g/tonne* | **0.08** | 0.09 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | *g/tonne* | **0.78** | 0.97 | 0.73 |
| &nbsp;&nbsp;Copper recovery | *%* | **76.6** | 81.0 | 84.1 |
| &nbsp;&nbsp;Gold recovery | *%* | **59.2** | 68.2 | 67.3 |
| &nbsp;&nbsp;Silver recovery | *%* | **65.5** | 71.8 | 71.2 |
| &nbsp;&nbsp;**Total contained metal in concentrate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | *tonnes* | **5249** | 6634 | 6736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | *ounces* | **4760** | 5670 | 6274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | *ounces* | **50816** | 65040 | 55963 |
| &nbsp;&nbsp;**Total payable metal sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | *tonnes* | **5742** | 6803 | 6026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | *ounces* | **5363** | 5813 | 6199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | *ounces* | **48061** | 67988 | 53241 |
| &nbsp;&nbsp;Combined unit operating cost<sup>4,5</sup> | *C$/tonne* | **25.02** | 24.51 | 15.58 |
| &nbsp;&nbsp;Cash cost<sup>5</sup> | *$/lb* | **3.21** | 2.39 | 1.81 |
| &nbsp;&nbsp;Sustaining cash cost<sup>5</sup> | *$/lb* | **7.43** | 5.18 | 5.06 |
| <sup>1</sup> Copper Mountain mine results are stated at 100%. On April 30, 2025, Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%. | <sup>1</sup> Copper Mountain mine results are stated at 100%. On April 30, 2025, Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%. | <sup>1</sup> Copper Mountain mine results are stated at 100%. On April 30, 2025, Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%. | <sup>1</sup> Copper Mountain mine results are stated at 100%. On April 30, 2025, Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%. | <sup>1</sup> Copper Mountain mine results are stated at 100%. On April 30, 2025, Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%. |
| <sup>2</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | <sup>2</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | <sup>2</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | <sup>2</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. | <sup>2</sup> Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. |
| <sup>3</sup> Strip ratio is calculated as waste mined divided by ore mined. | <sup>3</sup> Strip ratio is calculated as waste mined divided by ore mined. | <sup>3</sup> Strip ratio is calculated as waste mined divided by ore mined. | <sup>3</sup> Strip ratio is calculated as waste mined divided by ore mined. | <sup>3</sup> Strip ratio is calculated as waste mined divided by ore mined. |
| <sup>4</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | <sup>4</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | <sup>4</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | <sup>4</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. | <sup>4</sup> Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. |
| <sup>5</sup> Combined unit operating cost, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section of this news release. | <sup>5</sup> Combined unit operating cost, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section of this news release. | <sup>5</sup> Combined unit operating cost, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section of this news release. | <sup>5</sup> Combined unit operating cost, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section of this news release. | <sup>5</sup> Combined unit operating cost, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section of this news release. |

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Hudbay continues its focus on advancing optimization plans at the Copper Mountain mine, including ramping up mining activities to optimize the mine ore feed to the plant and implementing site improvement initiatives that mirror Hudbay's best in-class operating practices.

The British Columbia operations produced 5,249 tonnes of copper, 4,760 ounces of gold and 50,816 ounces of silver during the third quarter of 2025. Production of copper, gold and silver decreased, compared to the prior quarter primarily as a result of lower head grades from processing stockpiled ore, as described below.

Total ore mined at Copper Mountain in the third quarter of 2025 was 1.8 million tonnes, a decrease of 28% compared to the second quarter of 2025, due to unplanned production loading fleet issues and vertical interactions with tight mining phases, which restricted efficiencies. Planned ore stockpiles were utilized as ore feed to the mill while the mine operation team continued waste stripping activities to expose additional ore mining fronts. Mining activities continue to focus on execution of the accelerated stripping program intended to bring higher grade ore into the mine plan by 2027 and on mining efficiencies, including a significant improvement with blasted muck inventories and operator recruitment to effectively utilize the available haul truck fleet. As a result, total material moved is expected to increase in the coming quarters as per the mine plan.

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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Hudbay made significant progress this year on the key mill improvement project to ultimately increase the nominal plant capacity to its permitted level of 50,000 tonnes per day. Completion of the initial phase of the SAG2 mill project in July and the subsequent ramp up demonstrated a positive contribution from SAG2 during the third quarter with several days achieving 50,000 tonnes per day of mill throughput in September. The operations team will continue to optimize the circuit as planned through the remainder of 2025. The final phase of the project involves converting an interim feed arrangement to a permanent configuration and construction remains on target for completion in December 2025.

In late September 2025, the primary SAG mill ("SAG1") required unplanned maintenance due to localized damage to the feed head end shell. After repairs, SAG1 restarted operations in mid-October at a reduced rate. Under enhanced monitoring protocols, SAG1 throughput will continue to ramp up over the course of the fourth quarter. As a precautionary measure, a replacement for the feed head end shell has been ordered with delivery expected in the second quarter of 2026. Together with the completion of the final phase of the SAG2 project, Hudbay expects mill throughput to ramp up towards 50,000 tonnes per day by mid-2026.

The mill processed 3.1 million tonnes of ore during the third quarter of 2025, 6% higher than the second quarter, reflecting the completion of the first phase of the SAG2 project. Mill throughput in the third quarter of 2025 was limited by planned and unplanned maintenance, elevated clay content, and the planned lowering of the main crushed live ore pile feeding the mill due to area constraints related to the SAG2 project. Several mill initiatives were implemented in 2025, including recovery improvements, crushing circuit chute modifications, installation of grinding control instrumentation, and a redesigned SAG liner package. Progressive mill improvements and updated operational procedures will continue into 2026.

Milled copper grades during the third quarter of 2025 were 21% lower than the second quarter due to higher proportions of ore processed from lower grade stockpiles. Copper recoveries were 77% in the third quarter of 2025, a decrease from 81% in the second quarter of 2025 due to processing of lower grade stockpile material. Milled gold grades were lower in the third quarter of 2025 resulting in lower gold recoveries of 59% in the third quarter.

Combined mine, mill and G&A unit operating costs<sup>i</sup> in the third quarter of 2025 were C$25.02 per tonne milled, higher than the second quarter of 2025. The increase was due to higher milling and G&A costs, partially offset by higher ore milled and lower mining costs.

Cash cost<sup>i</sup> and sustaining cash cost<sup>i</sup> per pound of copper produced, net of by-product credits, in the third quarter of 2025 were $3.21 and $7.43, respectively. Cash costs<sup>i</sup> were 34% higher than in the second quarter of 2025, largely due to overall higher costs, lower production and lower by-product credits. Sustaining cash costs<sup>i</sup> were 43% higher than the second quarter of 2025 due to higher cash costs and increased sustaining capital including higher capitalized stripping costs.

In British Columbia, fourth quarter production is expected to be impacted by lower mill throughput due to reduced throughput at SAG1, which together with a higher portion of ore milled from low-grade stockpiles year-to-date, is expected to result in full year copper production being below the low end of the 2025 guidance range. Despite these impacts, cash costs continue to track well versus the guidance range and Hudbay is reaffirming its full year 2025 cash cost guidance range in British Columbia.

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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**2025 Consolidated Production and Cost Guidance**

Hudbay reaffirms its full year 2025 consolidated production guidance for copper and gold as the Company demonstrates resilience after overcoming recent temporary operational interruptions. While the Company expects the fourth quarter to be a strong copper and gold production quarter, full year consolidated copper and gold production is expected to be near the low end of the guidance ranges.

In Peru, the fourth quarter is expected to be the strongest copper and gold production quarter this year with steady operations achieved since early October after the resolution of social protests. Peru production in the month of October totaled approximately 9,200 tonnes of copper and 16,600 ounces of gold, reflecting optimal mill ore feed with strong ore contribution from Pampacancha and lower stockpiled ore being processed. Peru full year copper production is expected to be within the guidance ranges while gold production is expected to be above the top end of the guidance range in 2025.

In Manitoba, subsequent to the quarter, Hudbay experienced power outages in October due to severe winter storms and operations were shut down for approximately one week. While the Company was previously tracking within the 2025 guidance ranges despite the significant impacts from the wildfire evacuations, it now expects to be slightly below the low end of gold production guidance range as a result of the further deferral of gold production due to these power outages and the associated ramp-up after power was restored. Given the strong cash cost performance to-date in Manitoba, Hudbay will prioritize primary gold production over by-product zinc production in 2025 and full year zinc production is now expected to be below the low end of the guidance range.

In British Columbia, fourth quarter production is expected to be impacted by lower mill throughput due to reduced throughput at SAG1, which together with a higher portion of ore milled from low-grade stockpiles year-to-date, has resulted in full year copper production expectations to be below the low end of the guidance range.

Hudbay is again improving its full-year 2025 consolidated cash cost guidance range to $0.15 to $0.35 per pound copper from the previously announced range of $0.65 to $0.85 per pound and the original guidance range of $0.80 to $1.00 per pound. The Company is also improving its 2025 annual consolidated sustaining cash cost guidance range to $1.85 to $2.25 per pound copper from the original guidance range of $2.25 to $2.65 per pound. This is a result of increased exposure to gold by-product credits and continued strong cost control at all operations, despite the temporary production interruptions in Manitoba and Peru.

Hudbay expects total capital expenditures to be $35 million lower than 2025 guidance levels, primarily due to the deferral of certain expenditures to 2026. This includes $15 million lower sustaining capital expenditures primarily due to temporary operational interruptions in Manitoba and Peru. Growth capital expenditures are expected to be $20 million lower primarily due to spending deferrals into 2026.

**Resilient Operating Base Enables Continued Debt Reduction and Balance Sheet Strength**

Hudbay continued its prudent balance sheet management and reduced overall debt levels even with the temporary interruptions to its operations during the third quarter of 2025. During the third quarter of 2025, the Company was able to repurchase and retire an additional $13.2 million of senior unsecured notes at a discount to par, and an additional $20.0 million was repurchased subsequent to the quarter. This has contributed to approximately $328.1 million in total debt repayments and gold prepayment liability reductions since the beginning of 2024:

* Repurchased and retired a total of $165.8 million of senior unsecured notes in 2024 and year-to-date as of November 11, 2025.

* Repaid $100 million of prior drawdowns under the revolving credit facilities in 2024.

* Fully repaid the gold prepay facility with $62.3 million in gold deliveries in 2024 and the final payment completed in August 2024.

These deleveraging achievements have reduced total principal debt to $1.05 billion as of September 30, 2025, which together with Hudbay's strengthened cash balance, has substantially reduced net debt<sup>i</sup> to $435.9 million, compared to $625.6 million as of September 30, 2024. Hudbay's net debt to adjusted EBITDA ratio<sup>i</sup> is 0.5x as of September 30, 2025.

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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**Prudently Advancing Copper World Towards a Sanction Decision in 2026**

During the third quarter, significant strides were made to advance the Copper World project. On August 13, 2025, Hudbay announced the JV Transaction with Mitsubishi, securing a premier, long-term strategic partner for the development of Copper World, and agreed on terms with Wheaton to amend the precious metals streaming agreement at Copper World. The Company continues to de-risk Copper World with detailed engineering underway.

* ***Accretive JV Transaction and Secured the Premier Joint Venture Partner** -* Highly accretive $600 million transaction with Mitsubishi for a 30% minority joint venture interest, creating a long-term partnership with a premier strategic partner that has a global mining presence, and an established U.S.-based metals trading business. The $600 million proceeds from Mitsubishi will consist of $420 million at closing and $180 million within 18 months of closing and will be used to fund the remaining definitive feasibility study ("DFS") costs and pre-sanction costs in addition to project development costs for Copper World. Mitsubishi will also fund its pro-rata 30% share of future equity capital contributions. The JV Transaction is expected to close in late 2025 or early 2026 and is conditional upon receipt of certain regulatory approvals and the satisfaction of other customary closing conditions.

* ***Enhanced Wheaton Precious Metals Stream** -* Agreed on terms with Wheaton in August 2025 to amend the existing precious metals streaming agreement that aligns with the current development plan for Copper World. In addition to the initial $230 million stream deposit, Wheaton will provide an additional contingent payment of up to $70 million on a future mill expansion recognizing the long-term potential at Copper World. Ongoing payments for gold and silver were amended from fixed pricing to 15% of spot prices to provide Hudbay with upside exposure to higher precious metals prices.

* ***Achieved Key Elements of Hudbay's Three Prerequisites (3-P) Plan** -* Hudbay has achieved the final key elements of its prudent 3-P financial strategy with the announcements of the JV Transaction and the enhanced Wheaton stream, together with the achievement of stated balance sheet targets. Before accounting for proceeds from the JV Transaction, Hudbay has already achieved more than $600 million of cash and cash equivalents and a 0.5x net debt to adjusted EBITDA ratio<sup>i</sup> as of September 30, 2025, far exceeding the stated balance sheet targets. Hudbay's estimated share of the remaining capital contributions has been reduced to approximately $200 million<sup>ii</sup> based on PFS estimates and Hudbay's first capital contribution has been deferred to 2028 at the earliest.

* ***Feasibility Study and Detailed Engineering Underway** -* Feasibility activities for Copper World are underway with expected completion of a DFS in mid-2026. Hudbay is accelerating detailed engineering, certain long lead items and other de-risking activities in 2025 and, as announced in August 2025, has advanced $20 million in growth capital expenditures to 2025 from future years. The Company expects to make a Copper World sanction decision in 2026.

**Exploration Update**

*Large Snow Lake Exploration Program Continues to Execute Threefold Strategy*

Hudbay continues to execute the largest exploration program in Snow Lake in the Company's history through extensive geophysical surveying and multi-phased drilling campaigns as part of Hudbay's threefold exploration strategy:

* ***Near-mine Exploration at Lalor and 1901 to Further Increase Near-term Production and Extend Mine Life*** - Hudbay completed the development of the initial exploration drift at the 1901 deposit earlier this year and the development of the haulage drift is underway. Positive initial step-out drilling from the exploration drift was achieved earlier this year, and during the third quarter, some additional zinc development ore was delivered for processing at Stall. Activities at 1901 over the next two years will focus on exploration, definition drilling, orebody access, and establishing critical infrastructure for full production in late 2027. Exploration activities at 1901 will target additional step-out drilling to potentially extend the orebody and infill drilling to convert inferred mineral resources in the gold lenses to mineral reserves. Following the improved wildfire situation, underground exploration drilling at Lalor has resumed.

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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* ***Testing Regional Satellite Deposits to Utilize Available Processing Capacity and Increase Production -*** Hudbay increased its regional land package by more than 250% in 2023 through the acquisition of Rockcliff Metals Corp. ("Rockcliff"), which included the addition of several known deposits located within trucking distance of the Snow Lake processing infrastructure. The deposits acquired as part of the Rockcliff acquisition, together with several deposits already owned by Hudbay in Snow Lake, have created an attractive portfolio of regional deposits in Snow Lake, including the Talbot, Rail, Pen II, Watts, 3 Zone and WIM deposits. The continued strong performance from the New Britannia mill has freed up processing capacity at the Stall mill, where there is approximately 1,500 tonnes per day of available capacity which could be utilized by the regional satellite deposits to increase production and extend the life of the Snow Lake operations beyond 2037. Hudbay commenced an extensive summer drill program at the Talbot copper-zinc-gold deposit in July focused on expanding the known mineralization and testing geophysical targets. Core logging from the first three holes confirm the continuity of the Talbot copper-gold mineralization at depth, with full assay results expected later in the year. 

* ***Exploring Large Land Package for New Anchor Deposit to Significantly Extend Mine Life -*** A majority of the land claims acquired as part of the Rockcliff acquisition have been untested by modern deep geophysics, which was the discovery method for the Lalor deposit. A large geophysics program is currently underway consisting of surface electromagnetic surveys using cutting edge techniques that enable the team to detect targets at depths of almost 1,000 metres below surface. The planned geophysics program in 2025 is the largest geophysics program in Hudbay's history and includes 800 kilometres of ground electromagnetic surveys and an extensive airborne geophysics survey. The Company resumed the Snow Lake regional geophysics program following the improved wildfire situation.

*Maria Reyna and Caballito Drill Permits Update*

Hudbay controls a large, contiguous block of mineral rights with the potential to host satellite mineral deposits in close proximity to the Constancia processing facility, including the past producing Caballito property and the highly prospective Maria Reyna property. The Company commenced the drill permitting process at Maria Reyna and Caballito after completing a surface rights exploration agreement with the community of Uchucarcco in August 2022. As part of the drill permitting process, environmental impact assessment (EIA) applications were approved by the government in June 2024 for Maria Reyna and September 2024 for Caballito. The remaining steps in the drill permitting process include the completion by the government of the Consulta Previa consultation process with the local community.

**Board & Executive Management Appointments**

In September 2025, Hudbay appointed Laura Tyler to its Board of Directors (the "Board"). Ms. Tyler has over 30 years of extensive experience with world-class global mining companies, including a 20-year career at BHP in progressively more senior leadership roles and ultimately serving as Chief Technical Officer where she oversaw the integration of the technology function with exploration, innovation, value engineering and BHP's Centres of Excellence. Ms. Tyler's extensive experience in the mining industry, deep technical knowledge and operational leadership experience make her an excellent addition to the Board.

In addition, the Company has promoted Candace Brûlé to Senior Vice President, Capital Markets and Corporate Affairs, and Mark Gupta to Senior Vice President, Corporate Development and Strategy.

In this broader role, Ms. Brûlé will retain responsibility for Investor Relations, Financial Planning & Analysis (FP&A), External Communications and Sustainability Reporting, while leading Hudbay's Canadian government engagement efforts. Ms. Brûlé has over 18 years of experience in investor relations, corporate development and financial communications in the mining sector.

Mr. Gupta will continue to be responsible for optimizing Hudbay's portfolio of assets through acquisitions, divestitures, investments and partnerships, as well as leading the Company's corporate strategy function. Mr. Gupta has over 15 years of experience in the mining industry across investment banking, corporate development, capital planning and operations strategy.

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|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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**Website Links**

Hudbay: <u>www.hudbay.com</u>

Management's Discussion and Analysis:

<u>https://www.hudbayminerals.com/MDA1125</u>

Financial Statements:

<u>https://www.hudbayminerals.com/FS1125</u>

**Conference Call and Webcast** 

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| Date: | Wednesday, November 12, 2025 |
| Time: | 11:00 a.m. ET |
| Webcast: | <u>www.hudbay.com</u> |
| Dial in: | 647-846-8185 or 1-833-752-3516 |

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**Qualified Person and NI 43-101**

The technical and scientific information in this news release related to all of Hudbay's material mineral projects other than the Copper Mountain mine 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., Director, Global Exploration and Resource Evaluation. Messrs. Tavchandjian and Brulotte are qualified persons pursuant to NI 43-101.

For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources at Hudbay's material mineral properties, as well as data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see the technical reports for the Company's material properties are available on SEDAR+ at <u>www.sedarplus.ca</u> and EDGAR at <u>www.sec.gov</u>.

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| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

---

**Non-GAAP Financial Performance Measures**

Adjusted net earnings (loss) attributable to owners, adjusted net earnings (loss) per share attributable to owners, adjusted EBITDA, net debt, net debt to adjusted EBITDA, free cash flow, cash cost, sustaining and all-in sustaining cash cost per pound of copper produced, cash cost and sustaining cash cost per ounce of gold produced, combined unit cost and ratios based on these measures are non-GAAP performance measures. These measures do not have a meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS and are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently.

Management believes adjusted net earnings (loss) attributable to owners and adjusted net earnings (loss) per share attributable to owners provides an alternate measure of the Company's performance for the current period and gives insight into its expected performance in future periods. These measures are used internally by the Company to evaluate the performance of its underlying operations and to assist with its planning and forecasting of future operating results. As such, the Company believes these measures are useful to investors in assessing the Company's underlying performance. Hudbay provides adjusted EBITDA to help users analyze the Company's results and to provide additional information about its ongoing cash generating potential in order to assess its capacity to service and repay debt, carry out investments and cover working capital needs. Net debt is shown because it is a performance measure used by the Company to assess its financial position. Net debt to adjusted EBITDA is shown because it is a performance measure used by the Company to assess its financial leverage and debt capacity. Free cash flow is shown as it provides investors and management additional information in assessing the Company's ability to generate cash flow from current operations after investing in capital to sustain the operations. Cash cost, sustaining and all-in sustaining cash cost per pound of copper produced are shown because the Company believes they help investors and management assess the performance of its operations, including the margin generated by the operations and the Company. Cash cost and sustaining cash cost per ounce of gold produced are shown because the Company believes they help investors and management assess the performance of its Manitoba operations. Combined unit cost is shown because Hudbay believes it helps investors and management assess the Company's cost structure and margins that are not impacted by variability in by-product commodity prices.

The following tables provide detailed reconciliations to the most comparable IFRS measures.

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| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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*Adjusted Net Earnings (Loss) Reconciliation*

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(in $ millions)* | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| Net earnings for the period | **222.4** | 114.7 | 50.3 |
| Tax expense | **108.1** | 38.4 | 29.4 |
| **Earnings before tax** | **330.5** | 153.1 | 79.7 |
| **Adjusting items:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Mark-to-market adjustments <sup>1</sup> | **8.7** | 6.3 | 5.2 |
| &nbsp;&nbsp;&nbsp;Foreign exchange loss (gain) | **8.8** | (18.9) | (3.3) |
| &nbsp;&nbsp;&nbsp;Re-evaluation adjustment - environmental provision | **1.4** | (13.8) | 2.0 |
| &nbsp;&nbsp;&nbsp;Manitoba cost of sales and other expenses from temporary shutdown | **24.2** | 5.3 |  |
| &nbsp;&nbsp;&nbsp;Peru cost of sales from temporary shutdown | **10.9** |  |  |
| &nbsp;&nbsp;&nbsp;Eva Project consideration received | **(14.9)** |  |  |
| &nbsp;&nbsp;&nbsp;Copper World impairment reversal | **(322.3)** |  |  |
| &nbsp;&nbsp;&nbsp;Inventory adjustments | **(1.3)** | 3.5 | 1.6 |
| &nbsp;&nbsp;&nbsp;Reduction of obligation to renounce flow-through share expenditures, net of provisions | **(0.8)** | (1.2) | (2.0) |
| &nbsp;&nbsp;&nbsp;(Reversal of) Write-down/loss on disposal of PP&E | **(0.3)** | 0.3 | 2.2 |
| **Adjusted earnings before income taxes** | **44.9** | 134.6 | 85.4 |
| &nbsp;&nbsp;Tax expense | **(108.1)** | (38.4) | (29.4) |
| Tax impact on adjusting items | **73.3** | (23.0) | (5.2) |
| **Adjusted net earnings** | **10.1** | 73.2 | 50.8 |
| **Adjusted net earnings attributable to non-controlling interest:** |  |  |  |
| &nbsp;&nbsp;Net loss for the period | **-** | 3.0 | (0.6) |
| &nbsp;&nbsp;Adjusting items, including tax impact | **-** | (0.7) | 0.0 |
| **Adjusted net earnings ($/share) - attributable to owners** | **0.03** | 0.19 | 0.13 |
| **Basic weighted average number of common shares outstanding (millions)** | **395.7** | 395.1 | 393.6 |

---

<sup>1</sup> Includes changes in fair value of the gold prepayment liability, Canadian junior mining investments, other financial assets and liabilities at fair value through net earnings and share-based compensation (recoveries) expenses. Also includes gains and losses on disposition of investments. 

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|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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*Adjusted EBITDA Reconciliation*

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Net earnings for the period** | **222.4** | 114.7 | 50.3 |
| &nbsp;&nbsp;**Add back:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax expense | **108.1** | 38.4 | 29.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net finance expense | **19.6** |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | **9.1** | 7.1 | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **82.7** | 96.4 | 97.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred revenue and variable consideration adjustment | **(6.3)** | (15.4) | (9.6) |
| &nbsp;&nbsp;**Adjusting items (pre-tax):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal | **(322.3)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consideration received from Eva Copper Project | **(14.9)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Re-evaluation adjustment - environmental provision | **1.4** | (13.8) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **(1.3)** | 3.5 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Manitoba temporary suspension (cash) | **16.0** | 3.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Manitoba temporary suspension (cash) | **7.3** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Option agreement proceeds (Marubeni) | **1.1** | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized loss on non-QP hedges | **-** | (0.4) | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses <sup>1</sup> | **19.7** | 10.5 | 3.1 |
| &nbsp;&nbsp;**Adjusted EBITDA** | **142.6** | 245.2 | 206 |

---

<sup>1</sup> Share-based compensation expenses reflected in cost of sales and selling and administrative expenses.

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| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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*Net Debt Reconciliation*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*(in $ millions)* |  |  |  |
|  | **Sep. 30, 2025** | **Jun. 30, 2025** | **Dec. 31, 2024** |
| &nbsp;&nbsp;Total debt | **1047.0** | 1059.6 | 1107.5 |
| &nbsp;&nbsp;Less: Cash and cash equivalents | **(611.1)** | (625.5) | (541.8) |
| &nbsp;&nbsp;Less: Short-term investments | **-** |  | (40.0) |
| &nbsp;&nbsp;**Net debt** | **435.9** | 434.1 | 525.7 |
| &nbsp;&nbsp;*(in $ millions, except net debt to adjusted EBITDA ratio)* |  |  |  |
| &nbsp;&nbsp;Net debt | **435.9** | 434.1 | 525.7 |
| &nbsp;&nbsp;Adjusted EBITDA (12-month period) | **930.3** | 995.9 | 823.3 |
| &nbsp;&nbsp;**Net debt to adjusted EBITDA** | **0.5** | 0.4 | 0.6 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Trailing Adjusted EBITDA | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30,<br>2025** | Jun. 30,<br>2025 | Mar. 31,<br>2025 | Dec. 31,<br>2024 | Sept. 30,<br>2024 |
| &nbsp;&nbsp;Earnings (loss) for the period | **222.4** | 114.7 | 99.2 | 19.3 | 50.3 |
| &nbsp;&nbsp;Add back: |  |  |  |  |  |
| &nbsp;&nbsp; Tax expense | **108.1** | 38.4 | 72.1 | 84.4 | 29.4 |
| &nbsp;&nbsp; Net finance expense | **19.6** |  | 14.4 | 34.4 | 26 |
| &nbsp;&nbsp; Other expenses | **9.1** | 7.1 | 5.2 | 22.1 | 7.8 |
| &nbsp;&nbsp; Depreciation and amortization | **82.7** | 96.4 | 108.1 | 122.2 | 97.5 |
| &nbsp;&nbsp; Amortization of deferred revenue and variable consideration adjustment | **(6.3)** | (15.4) | (29.3) | (26.2) | (9.6) |
| &nbsp;&nbsp;Adjusting items (pre-tax): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal | **(322.3)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consideration received from Eva Copper Project | **(14.9)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Re-evaluation adjustment - environmental provision | **1.4** | (13.8) | 12.8 | 2.5 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **(1.3)** | 3.5 | 1.2 | 1.3 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Manitoba temporary suspension (cash) | **16.0** | 3.2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Peru temporary suspension (cash) | **7.3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized loss on non-QP hedges | **-** | (0.4) | (1.9) | (4.2) | (2.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Option agreement proceeds (Marubeni) | **1.1** | 1 | 1.5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses<sup>1</sup> | **19.7** | 10.5 | 3.9 | 1.5 | 3.1 |
| &nbsp;&nbsp;**Adjusted EBITDA** | **142.6** | 245.2 | 287.2 | 257.3 | 206 |
| &nbsp;&nbsp;**LTM<sup>2</sup>** | **932.3** | 995.7 | 895.7 |  |  |

---

<sup>1</sup> Share-based compensation expense reflected in cost of sales and administrative expenses.

<sup>2</sup> LTM (last twelve months) as of September 30, 2025 and June 30, 2025. Annual consolidated results may not be calculated based on the amounts presented in this table due to rounding.

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| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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*Free Cash Flow Reconciliation*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*(in $ millions)* | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Jun. 30, 2025** | Sep. 30, 2024 |
| &nbsp;&nbsp;Cash generated from operations | **111.5** | 259.9 | 148.1 |
| &nbsp;&nbsp;Adjusting items: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in non-cash working capital | **43.2** | 66.0 | (40.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash sustaining capital expenditures<sup>1</sup> | **85.7** | 106.1 | 99.9 |
| &nbsp;&nbsp;**Free cash flow** | **(15.2)** | 87.8 | 88.4 |
| &nbsp;&nbsp;Cash sustaining capital expenditures<sup>1</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sustaining capital costs | **71.2** | 88.6 | 89.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized lease and equipment financing cash payments - operating sites | **14.3** | 13.4 | 10.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Community agreement cash payments | **-** | 4.1 | 0.4 |
| &nbsp;&nbsp;**Cash sustaining capital expenditures<sup>1</sup>** | **85.5** | 106.1 | 99.9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |  |
| &nbsp;&nbsp;*(in $ millions)* | **Sep. 30,<br>2025** | Jun. 30,<br>2025 | Mar. 31,<br>2025 | Dec. 31,<br>2024 | **LTM<sup>2</sup>** |
| &nbsp;&nbsp;Cash generated from operations | **113.5** | 259.9 | 124.8 | 238.1 | **736.3** |
| &nbsp;&nbsp;Adjusting items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in non-cash working capital | **43.2** | 66.0 | (38.7) | 6.6 | **77.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash sustaining capital expenditures<sup>1</sup> | **85.5** | 106.1 | 76.1 | 82.6 | **350.3** |
| &nbsp;&nbsp;**Free cash flow** | **(15.2)** | 87.8 | 87.4 | 148.9 | **308.9** |
| &nbsp;&nbsp;Cash sustaining capital expenditures<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sustaining capital costs | **71.2** | 88.6 | 62.5 | 71.6 | **293.9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalized lease and equipment financing cash payments - operating sites | **14.3** | 13.4 | 12.8 | 10.3 | **50.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Community agreement cash payments | **-** | 4.1 | 0.8 | 0.7 | **5.6** |
| &nbsp;&nbsp;**Cash sustaining capital expenditures<sup>1</sup>** | **85.5** | 106.1 | 76.1 | 82.6 | **350.3** |

---

<sup>1</sup> Excludes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites.

<sup>2</sup> LTM (last twelve months) as at September 30, 2025*Copper Cash Cost Reconciliation*

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| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Consolidated**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| &nbsp;&nbsp;**Net pounds of copper produced<sup>1</sup>** | | | |
| &nbsp;&nbsp;*(in thousands)* | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;Peru | **39934** | 47863 | 46782 |
| &nbsp;&nbsp;Manitoba | **1856** | 3554 | 7491 |
| &nbsp;&nbsp;British Columbia | **11572** | 14626 | 14850 |
| &nbsp;&nbsp;**Net pounds of copper produced** | **53362** | 66043 | 69123 |

---

<sup>1</sup> Contained copper in concentrate.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Consolidated**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| &nbsp;&nbsp;Mining | **70.2** | **1.32** | 85.8 | 1.30 | 90.7 | 1.31 |
| &nbsp;&nbsp;Milling | **75.8** | **1.42** | 92.6 | 1.40 | 85.1 | 1.23 |
| &nbsp;&nbsp;G&A | **31.8** | **0.59** | 43.1 | 0.66 | 38.0 | 0.55 |
| &nbsp;&nbsp;Onsite costs | **177.8** | **3.33** | 221.5 | 3.36 | 213.8 | 3.09 |
| &nbsp;&nbsp;Treatment & refining | **5.3** | **0.10** | 3.3 | 0.05 | 21.2 | 0.31 |
| &nbsp;&nbsp;Freight & other | **14.9** | **0.28** | 20.8 | 0.31 | 24.4 | 0.35 |
| &nbsp;&nbsp;Cash cost, before by-product credits | **198.0** | **3.71** | 245.6 | 3.72 | 259.4 | 3.75 |
| &nbsp;&nbsp;By-product credits | **(175.8)** | **(3.29)** | (247.3) | (3.74) | (246.7) | (3.57) |
| &nbsp;&nbsp;**Cash cost, net of by-product credits** | **22.2** | **0.42** | (1.7) | (0.02) | 12.7 | 0.18 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Consolidated**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Supplementary cash cost information** | **$ millions** | **$/lb<sup>1</sup>** | $ millions | $/lb<sup>1</sup> | $ millions | $/lb<sup>1</sup> |
| &nbsp;&nbsp;By-product credits<sup>2</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | **9.9** | **0.18** | 7.3 | 0.11 | 24.2 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold<sup>3</sup> | **134.8** | **2.53** | 195.8 | 2.96 | 189.1 | 2.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver<sup>3</sup> | **13.9** | **0.26** | 23.4 | 0.35 | 18.3 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum & other | **17.2** | **0.32** | 20.8 | 0.32 | 15.1 | 0.22 |
| &nbsp;&nbsp;**Total by-product credits** | **175.8** | **3.29** | 247.3 | 3.74 | 246.7 | 3.57 |
| &nbsp;&nbsp;Reconciliation to IFRS: |  |  | | |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost, net of by-product credits | **22.2** |  | (1.7) | | 12.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;By-product credits | **175.8** |  | 247.3 | | 246.7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treatment and refining charges | **(5.3)** |  | (3.3) | | (21.2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | **1.7** |  | 0.9 | | 0.3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **(1.3)** |  | 3.5 | | 1.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Past service cost | **-** |  |  | | 2.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in product inventory | **(19.6)** |  | 11.4 | | 1.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalties | **2.0** |  | 2.2 | | 3.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Manitoba temporary suspension (cash) | **16.0** |  | 3.2 | |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Peru temporary suspension (cash) | **7.3** |  |  | |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization<sup>4</sup> | **82.7** |  | 96.4 | | 97.5 |  |
| &nbsp;&nbsp;**Cost of sales** | **281.5** |  | 359.9 |  | 346.0 |  |

---

<sup>1</sup> Per pound of copper produced.

<sup>2</sup> By-product credits are computed as revenue per consolidated financial statements, including amortization of deferred revenue and pricing and volume adjustments.

<sup>3</sup> Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements. Variable consideration adjustments are cumulative adjustments to gold and silver stream deferred revenue primarily associated with the net change in mineral reserves and resources or amendments to the mine plan that would change the total expected deliverable ounces under the precious metal streaming arrangement. For the three months ended September 30, 2025 the variable consideration adjustments amounted to $nil (three months ended September 30, 2024 - $nil and June 30, 2025 - $nil).

<sup>4</sup> Depreciation is based on concentrate sold.

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| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Peru**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| &nbsp;&nbsp;*(in thousands)* | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Net pounds of copper produced<sup>1</sup>** | **39934** | 47863 | 46782 |

---

<sup>1</sup> Contained copper in concentrate.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Peru**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| &nbsp;&nbsp;Mining | **34.8** | **0.87** | 28.1 | 0.59 | 37.7 | 0.81 |
| &nbsp;&nbsp;Milling | **40.8** | **1.02** | 57.8 | 1.21 | 48.5 | 1.04 |
| &nbsp;&nbsp;G&A | **19.3** | **0.48** | 23.2 | 0.48 | 19.9 | 0.42 |
| &nbsp;&nbsp;Onsite costs | **94.9** | **2.37** | 109.1 | 2.28 | 106.1 | 2.27 |
| &nbsp;&nbsp;Treatment & refining | **3.4** | **0.08** | (0.1) | (0.00) | 11.4 | 0.24 |
| &nbsp;&nbsp;Freight & other | **9.4** | **0.24** | 12.4 | 0.25 | 14.1 | 0.30 |
| &nbsp;&nbsp;Cash cost, before by-product credits | **107.7** | **2.69** | 121.4 | 2.53 | 131.6 | 2.81 |
| &nbsp;&nbsp;By-product credits | **(55.5)** | **(1.39)** | (51.8) | (1.08) | (47.2) | (1.01) |
| &nbsp;&nbsp;**Cash cost, net of by-product credits** | **52.2** | **1.30** | 69.6 | 1.45 | 84.4 | 1.80 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Peru**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Supplementary cash cost information** | **$ millions** | **$/lb<sup>1</sup>** | $ millions | $/lb<sup>1</sup> | $ millions | $/lb<sup>1</sup> |
| &nbsp;&nbsp;By-product credits<sup>2</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold<sup>3</sup> | **31.3** | **0.78** | 17.3 | 0.36 | 22.9 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver<sup>3</sup> | **7.0** | **0.18** | 13.7 | 0.29 | 9.2 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Molybdenum | **17.2** | **0.43** | 20.8 | 0.43 | 15.1 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total by-product credits | **55.5** | **1.39** | 51.8 | 1.08 | 47.2 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reconciliation to IFRS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost, net of by-product credits | **52.2** |  | 69.6 |  | 84.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;By-product credits | **55.5** |  | 51.8 |  | 47.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treatment and refining charges | **(3.4)** |  | 0.1 |  | (11.4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **(1.3)** |  | 1.1 |  | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses | **0.2** |  | 0.2 |  | 0.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in product inventory | **(26.9)** |  | 4 |  | 1.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalties | **1.5** |  | 1 |  | 2.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during Peru temporary suspension (cash) | **7.3** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization<sup>4</sup> | **50.0** |  | 56 |  | 57.2 |  |
| &nbsp;&nbsp;**Cost of sales<sup>5</sup>** | **135.1** |  | 183.8 |  | 181 |  |

---

<sup>1</sup> Per pound of copper produced.

<sup>2</sup> By-product credits are computed as revenue per consolidated financial statements, including amortization of deferred revenue and pricing and volume adjustments.

<sup>3</sup> Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements.

<sup>4</sup> Depreciation is based on concentrate sold.

<sup>5</sup> As per the consolidated financial statements.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**British Columbia**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| &nbsp;&nbsp;*(in thousands)* | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Net pounds of copper produced<sup>1</sup>** | **11572** | 14626 | 14850 |

---

<sup>1</sup> Contained copper in concentrate.

------

---

| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**British Columbia**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| &nbsp;&nbsp;Mining | **19.6** | **1.69** | 24.2 | 1.65 | 12.9 | 0.87 |
| &nbsp;&nbsp;Milling | **29.1** | **2.52** | 21.4 | 1.46 | 19.7 | 1.33 |
| &nbsp;&nbsp;G&A | **7.1** | **0.61** | 6.1 | 0.42 | 5.7 | 0.39 |
| &nbsp;&nbsp;Onsite costs | **55.8** | **4.82** | 51.7 | 3.53 | 38.3 | 2.59 |
| &nbsp;&nbsp;Treatment & refining | **1.0** | **0.09** | 2.1 | 0.14 | 3.3 | 0.22 |
| &nbsp;&nbsp;Freight & other | **3.0** | **0.26** | 3.3 | 0.24 | 3.1 | 0.20 |
| &nbsp;&nbsp;Cash cost, before by-product credits | **59.8** | **5.17** | 57.1 | 3.91 | 44.7 | 3.01 |
| &nbsp;&nbsp;By-product credits | **(22.7)** | **(1.96)** | (22.2) | (1.52) | (17.9) | (1.20) |
| &nbsp;&nbsp;**Cash cost, net of by-product credits** | **37.1** | **3.21** | 34.9 | 2.39 | 26.8 | 1.81 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**British Columbia**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Supplementary cash cost information** | **$ millions** | **$/lb<sup>1</sup>** | $ millions | $/lb<sup>1</sup> | $ millions | $/lb<sup>1</sup> |
| &nbsp;&nbsp;By-product credits<sup>2</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | **20.4** | **1.76** | 19.8 | 1.35 | 16.3 | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | **2.3** | **0.20** | 2.4 | 0.17 | 1.6 | 0.11 |
| &nbsp;&nbsp;Total by-product credits | **22.7** | **1.96** | 22.2 | 1.52 | 17.9 | 1.20 |
| &nbsp;&nbsp;Reconciliation to IFRS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost, net of by-product credits | **37.1** |  | 34.9 |  | 26.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;By-product credits | **22.7** |  | 22.2 |  | 17.9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treatment and refining charges | **(1.0)** |  | (2.1) |  | (3.3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share based payment | **0.5** |  | 0.2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in product inventory | **4.2** |  | 3.6 |  | (0.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **-** |  | 1.4 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalties | **0.5** |  | 1.2 |  | 1.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization<sup>3</sup> | **16.4** |  | 16.8 |  | 12.6 |  |
| &nbsp;&nbsp;**Cost of sales<sup>4</sup>** | **80.4** |  | 78.2 |  | 55.1 |  |

---

<sup>1</sup> Per pound of copper produced.

<sup>2</sup> By-product credits are computed as revenue per consolidated financial statements, including amortization of deferred revenue and pricing and volume adjustments.

<sup>3</sup> Depreciation is based on concentrate sold.

<sup>4</sup> As per consolidated financial statements.

------

---

| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

---

*Sustaining and All-in Sustaining Cash Cost Reconciliation*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Consolidated**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**All-in sustaining cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| &nbsp;&nbsp;Cash cost, net of by-product credits | **22.2** | **0.42** | (1.7) | (0.02) | 12.7 | 0.18 |
| &nbsp;&nbsp;Cash sustaining capital expenditures | **87.5** | **1.64** | 108.3 | 1.64 | 101.6 | 1.47 |
| &nbsp;&nbsp;Royalties | **2.0** | **0.04** | 2.2 | 0.03 | 3.8 | 0.06 |
| &nbsp;&nbsp;**Sustaining cash cost, net of by-product credits** | **111.7** | **2.09** | 108.8 | 1.65 | 118.1 | 1.71 |
| &nbsp;&nbsp;Corporate selling and administrative expenses & regional costs | **33.0** | **0.62** | 22.1 | 0.33 | 12.8 | 0.18 |
| &nbsp;&nbsp;Accretion and amortization of decommissioning and community agreements<sup>1</sup> | **3.9** | **0.07** | 3.2 | 0.05 | 3.9 | 0.06 |
| &nbsp;&nbsp;**All-in sustaining cash cost, net of by-product credits** | **148.6** | **2.78** | 134.1 | 2.03 | 134.8 | 1.95 |
| &nbsp;&nbsp;**Reconciliation to property, plant and equipment additions** | | | | | | |
| &nbsp;&nbsp;Property, plant and equipment additions | **97.6** | | 93.6 | | 76.7 | |
| &nbsp;&nbsp;Capitalized stripping net additions | **43.2** | | 53.8 | | 49.2 | |
| &nbsp;&nbsp;**Total accrued capital additions** | **140.8** |  | 147.4 |  | 125.9 | |
| &nbsp;&nbsp;Less other non-sustaining capital costs<sup>2</sup> | **69.6** | | 58.8 | | 36.6 | |
| &nbsp;&nbsp;**Total sustaining capital costs** | **71.2** |  | 88.6 |  | 89.3 | |
| &nbsp;&nbsp;Capitalized lease & equipment financing cash payments - operating sites | **14.3** | | 13.4 | | 10.2 | |
| &nbsp;&nbsp;Community agreement cash payments<sup>3</sup> | **-** | | 4.1 | | 0.4 | |
| &nbsp;&nbsp;Accretion and amortization of decommissioning and restoration obligations<sup>4</sup> | **2.0** | | 2.2 | | 1.7 | |
| &nbsp;&nbsp;**Cash sustaining capital expenditures** | **87.5** |  | 108.3 |  | 101.6 | |

---

<sup>1</sup> Includes accretion of decommissioning relating to non-productive sites, and accretion and amortization of community agreements capitalized to Other assets.

<sup>2</sup> Other non-sustaining capital costs include Arizona capitalized costs, capitalized interest, capitalized exploration, right-of-use lease asset additions, equipment financing asset additions, growth capital expenditures and reclassification related to capital spares.

<sup>3</sup> Amortization for community agreements relating to current operations.

<sup>4</sup> Includes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites.

------

---

| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Peru**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Sustaining cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| &nbsp;&nbsp;Cash cost, net of by-product credits | **52.2** | **1.30** | 69.6 | 1.45 | 84.4 | 1.80 |
| &nbsp;&nbsp;Cash sustaining capital expenditures | **30.5** | **0.77** | 55.1 | 1.15 | 43.7 | 0.93 |
| &nbsp;&nbsp;Royalties | **1.5** | **0.04** | 1 | 0.03 | 2.2 | 0.05 |
| &nbsp;&nbsp;**Sustaining cash cost per pound of copper produced** | **84.2** | **2.11** | 125.7 | 2.63 | 130.3 | 2.78 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**British Columbia**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Jun. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** | **Sep. 30, 2024** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Sustaining cash cost per pound of copper produced** | **$ millions** | **$/lb** | $ millions | $/lb | $ millions | $/lb |
| &nbsp;&nbsp;Cash cost, net of by-product credits | **37.1** | **3.21** | 34.9 | 2.39 | 26.8 | 1.81 |
| &nbsp;&nbsp;Cash sustaining capital expenditures | **48.4** | **4.18** | 39.6 | 2.71 | 46.6 | 3.14 |
| &nbsp;&nbsp;Royalties | **0.5** | **0.04** | 1.2 | 0.08 | 1.6 | 0.11 |
| &nbsp;&nbsp;**Sustaining cash cost per pound of copper produced** | **86.0** | **7.43** | 75.7 | 5.18 | 75.0 | 5.06 |

---

*Gold Cash Cost and Sustaining Cash Cost Reconciliation*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Manitoba**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| &nbsp;&nbsp;*(in thousands)* | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Net ounces of gold produced<sup>1</sup>** | **22441** | 43235 | 62468 |

---

<sup>1</sup> Contained gold in concentrate and doré.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Manitoba**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Cash cost per ounce of gold produced** | **$millions** | **$/oz** | $millions | $/oz | $millions | $/oz |
| &nbsp;&nbsp;Mining | **15.8** | **704** | 33.5 | 775 | 40.1 | 642 |
| &nbsp;&nbsp;Milling | **5.9** | **263** | 13.4 | 310 | 16.9 | 271 |
| &nbsp;&nbsp;G&A | **5.4** | **241** | 13.8 | 319 | 12.4 | 198 |
| &nbsp;&nbsp;Onsite costs | **27.1** | **1208** | 60.7 | 1404 | 69.4 | 1111 |
| &nbsp;&nbsp;Treatment & refining | **0.9** | **40** | 1.3 | 30 | 6.5 | 104 |
| &nbsp;&nbsp;Freight & other | **2.5** | **111** | 5.1 | 118 | 7.2 | 117 |
| &nbsp;&nbsp;Cash cost, before by-product credits | **30.5** | **1359** | 67.1 | 1552 | 83.1 | 1332 |
| &nbsp;&nbsp;By-product credits | **(22.0)** | **(980)** | (36.4) | (842) | (60.0) | (960) |
| &nbsp;&nbsp;**Gold cash cost, net of by-product credits** | **8.5** | **379** | 30.7 | 710 | 23.1 | 372 |

---

------

---

| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Manitoba**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Supplementary cash cost information** | **$millions** | **$/oz<sup>1</sup>** | $millions | $/oz<sup>1</sup> | $millions | $/oz<sup>1</sup> |
| &nbsp;&nbsp;By-product credits<sup>2</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Copper | **7.4** | **330** | 21.8 | 504 | 28.2 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zinc | **9.9** | **441** | 7.3 | 169 | 24.3 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | **4.7** | **209** | 7.3 | 169 | 7.5 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **-** | **-** |  |  |  |  |
| &nbsp;&nbsp;Total by-product credits | **22.0** | **980** | 36.4 | 842 | 60 | 960 |
| &nbsp;&nbsp;**Reconciliation to IFRS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash cost, net of by-product credits | **8.5** |  | 30.7 |  | 23.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;By-product credits | **22.0** |  | 36.4 |  | 60 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treatment and refining charges | **(0.9)** |  | (1.3) |  | (6.5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **-** |  | 1 |  | 1.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Past service cost | **-** |  |  |  | 2.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses | **1.0** |  | 0.5 |  | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in product inventory | **3.1** |  | 3.8 |  | 1.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during temporary suspension | **16.0** |  | 3.2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization<sup>3</sup> | **16.3** |  | 23.6 |  | 27.7 |  |
| &nbsp;&nbsp;**Cost of sales<sup>4</sup>** | **66.0** |  | 97.9 |  | 109.9 |  |

---

<sup>1</sup> Per ounce of gold produced.

<sup>2</sup> By-product credits are computed as revenue per consolidated financial statements, amortization of deferred revenue, pricing and volume adjustments.

<sup>3</sup> Depreciation is based on concentrate sold.

<sup>4</sup> As per consolidated financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Manitoba**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Sep. 30, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** | **Sep. 30, 2024** |
| &nbsp;&nbsp;**Sustaining cash cost per pound of gold produced** | **$millions** | **$/oz** | $millions | $/oz | $millions | $/oz |
| &nbsp;&nbsp;Gold cash cost, net of by-product credits | **8.5** | **379** | 30.7 | 710 | 23.1 | 372 |
| &nbsp;&nbsp;Cash sustaining capital expenditures | **8.6** | **383** | 13.6 | 315 | 11.3 | 181 |
| &nbsp;&nbsp;**Sustaining cash cost per pound of gold produced** | **17.1** | **762** | 44.3 | 1025 | 34.4 | 553 |

---

------

---

| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

---

*Combined Unit Cost Reconciliation*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Peru**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| &nbsp;&nbsp;*(in millions except ore tonnes milled and unit cost per tonne)* |  |  |  |
| &nbsp;&nbsp;**Combined unit cost per tonne processed** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;Mining | **34.8** | 28.1 | 37.7 |
| &nbsp;&nbsp;Milling | **40.8** | 57.8 | 48.5 |
| &nbsp;&nbsp;G&A<sup>1</sup> | **19.3** | 23.2 | 19.9 |
| &nbsp;&nbsp;Other G&A<sup>2</sup> | **(3.8)** | (6.4) | (2.0) |
| &nbsp;&nbsp;Unit cost | **91.1** | 102.7 | 104.1 |
| &nbsp;&nbsp;Tonnes ore milled | **6992** | 7559 | 8137 |
| &nbsp;&nbsp;**Combined unit cost per tonne** | **13.03** | 13.59 | 12.78 |
| &nbsp;&nbsp;Reconciliation to IFRS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit cost | **91.1** | 102.7 | 104.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freight & other | **9.4** | 12.4 | 14.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **(1.3)** | 1.1 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other G&A | **3.8** | 6.4 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses | **0.2** | 0.2 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in product inventory | **(26.9)** | 4 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalties | **1.5** | 1 | 2.2 |
| &nbsp;&nbsp;&nbsp;Overhead costs incurred during Peru temporary suspension (cash) | **7.3** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **50.0** | 56 | 57.2 |
| &nbsp;&nbsp;**Cost of sales<sup>3</sup>** | **135.1** | 183.8 | 181 |

---

<sup>1</sup> G&A as per cash cost reconciliation above.

<sup>2</sup> Other G&A primarily includes profit sharing costs.

<sup>3</sup> As per consolidated financial statements.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**British Columbia**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| &nbsp;&nbsp;*(in millions except tonnes ore milled and unit cost per tonne)* |  |  |  |
| &nbsp;&nbsp;**Combined unit cost per tonne processed** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;Mining | **19.6** | 24.2 | 12.9 |
| &nbsp;&nbsp;Milling | **29.1** | 21.4 | 19.7 |
| &nbsp;&nbsp;G&A<sup>1</sup> | **7.1** | 6.1 | 5.7 |
| &nbsp;&nbsp;Unit cost | **55.8** | 51.7 | 38.3 |
| &nbsp;&nbsp;USD/CAD implicit exchange rate | **1.38** | 1.38 | 1.35 |
| &nbsp;&nbsp;Unit cost - C$ | **77.3** | 71.1 | 52.4 |
| &nbsp;&nbsp;Tonnes ore milled | **3087** | 2900 | 3363 |
| &nbsp;&nbsp;**Combined unit cost per tonne - C$** | **25.02** | 24.51 | 15.58 |
| &nbsp;&nbsp;Reconciliation to IFRS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit cost | **55.8** | 51.7 | 38.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freight & other | **3.0** | 3.3 | 3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses | **0.5** | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in product inventory | **4.2** | 3.6 | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **-** | 1.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalties | **0.5** | 1.2 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **16.4** | 16.8 | 12.6 |
| &nbsp;&nbsp;**Cost of sales<sup>2</sup>** | **80.4** | 78.2 | 55.1 |

---

------

---

| | |
|:---|:---|
| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

---

<sup>1</sup> G&A as per cash cost reconciliation above

<sup>2</sup> As per consolidated interim financial statements.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>**Manitoba**</u> | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| &nbsp;&nbsp;*(in millions except ore tonnes milled and unit cost per tonne)* |  |  |  |
| &nbsp;&nbsp;**Combined unit cost per tonne processed** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;Mining | **15.8** | 33.5 | 40.1 |
| &nbsp;&nbsp;Milling | **5.9** | 13.4 | 16.9 |
| &nbsp;&nbsp;G&A<sup>1</sup> | **5.4** | 13.8 | 12.4 |
| &nbsp;&nbsp;Less: Other G&A related to profit sharing costs | **(1.8)** | (7.2) | (5.4) |
| &nbsp;&nbsp;Unit cost | **25.3** | 53.5 | 64 |
| &nbsp;&nbsp;USD/CAD implicit exchange rate | **1.39** | 1.38 | 1.36 |
| &nbsp;&nbsp;Unit cost - C$ | **35.3** | 73.9 | 87.4 |
| &nbsp;&nbsp;Tonnes ore milled | **136705** | 307138 | 413919 |
| &nbsp;&nbsp;**Combined unit cost per tonne<sup>2</sup>** **- C$** | **258** | 241 | 211 |
| &nbsp;&nbsp;Reconciliation to IFRS: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit cost | **25.3** | 53.5 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Freight & other | **2.5** | 5.1 | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other G&A related to profit sharing | **1.8** | 7.2 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses | **1.0** | 0.5 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory adjustments | **-** | 1 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Past service cost | **-** |  | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in product inventory | **3.1** | 3.8 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overhead costs incurred during temporary suspension | **16.0** | 3.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **16.3** | 23.6 | 27.7 |
| &nbsp;&nbsp;**Cost of sales<sup>2</sup>** | **66.0** | 97.9 | 109.9 |

---

<sup>1</sup> G&A as per cash cost reconciliation above.

<sup>2</sup> As per consolidated interim financial statements.

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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**Forward-Looking Information**

This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). All of the forward-looking information in this news release is qualified by this cautionary note.

Forward-looking information includes, but is not limited to, statements with respect to Hudbay's production, cost and capital and exploration expenditure guidance, including expectations with respect to full year results following temporary operational disruptions earlier in the year, Hudbay's ability to advance and complete the optimization of the Copper Mountain mine operation including with respect to the ongoing SAG2 conversion and configuration project and with respect to the SAG1 repairs and mill ramp-up plans, the implementation of stripping strategies and the expected benefits therefrom, the estimated timelines and pre-requisites for sanctioning the Copper World project, the consummation and timing of the JV Transaction, the satisfaction of the conditions precedent to the JV Transaction, including but not limited to receipt of regulatory approvals, expectations regarding the anticipated benefits of the JV Transaction to Hudbay and the United States, the consummation and timing of the DFS, expectations regarding the results of any challenges to the permits for the Copper World project and the potential impact of recent policy decisions from the United States government, the expected benefits of the sanctioning of Copper World project, and the benefits, timing and consummation of the definitive agreement with Wheaton in respect of the enhanced precious metals stream, the expected benefits of Manitoba growth initiatives, including the use of the exploration drift at the 1901 deposit, and the potential utilization of excess capacity at the Stall mill, Hudbay's future deleveraging strategies and Hudbay's ability to deleverage and repay debt as needed, expectations regarding Hudbay's cash balance and liquidity and related cash management strategies, expectations regarding tax synergies, 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 and anticipated timing of the related drill permit application process, expectations regarding the prospective nature of the Maria Reyna and Caballito properties, the ability to continue mining higher-grade ore in the Pampacancha pit and Hudbay's expectations resulting therefrom, Hudbay's evaluation and assessment of opportunities to reprocess tailings using various metallurgical technologies, the anticipated impact of brownfield and greenfield growth projects on Hudbay's performance, anticipated exploration and expansion opportunities and extension of mine life in Snow Lake and Hudbay's ability to find a new anchor deposit near Hudbay's Snow Lake operations, anticipated future drill programs and exploration activities and any results expected therefrom, the enhancement of stakeholder engagement and advancement of metallurgical studies at the Mason copper project in Nevada, anticipated mine plans, anticipated metals prices and the anticipated sensitivity of Hudbay's financial performance to metals prices, events that may affect Hudbay's operations and development projects, anticipated cash flows from operations and related liquidity requirements, the ability to successfully obtain proceeds from insurance claims, 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 Hudbay 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 Hudbay operates, including the navigation of the complex political and social environment in Peru and the resolution of grievances raised by local communities and their residents;

* the ability to ramp up to full production in a timely manner following the temporary operational disruptions earlier in the year;

* the ability to successfully close the JV Transaction;

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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* the ability to consummate the definitive agreement with Wheaton in respect of the enhanced precious metals stream;

* no interruptions to Hudbay's plans for advancing the Copper World project, including with respect to any successful challenges to the Copper World permits;

* Hudbay's ability to successfully advance and complete the optimization of the Copper Mountain operations, obtain required permits and develop and maintain good relations with key stakeholders;

* the ability to execute on its 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 Hudbay'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 Hudbay produces;

* the supply and availability of all forms of energy and fuels at reasonable prices;

* no significant unanticipated operational or technical difficulties;

* no significant interruptions to operations due to adverse effects from extreme weather events, including forest fires that have affected and may continue to affect the regions in which Hudbay operates;

* the execution of Hudbay'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;

* the ability to complete project targets on time and on budget and other events that may affect Hudbay's ability to develop Hudbay's projects;

* the timing and receipt of various regulatory and governmental approvals;

* the availability of personnel for Hudbay's exploration, development and operational projects and ongoing employee relations;

* maintaining good relations with the employees at Hudbay's operations;

* maintaining good relations with the labour unions that represent certain of Hudbay employees in Manitoba and Peru;

* maintaining good relations with the communities in which Hudbay operates, including the neighbouring Indigenous communities and local governments;

* no significant unanticipated challenges with stakeholders at Hudbay's various projects;

* no significant unanticipated events or changes relating to regulatory, environmental, health and safety matters;

* no contests over title to Hudbay's properties, including as a result of rights or claimed rights of Indigenous peoples or challenges to the validity of Hudbay'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 associated with satisfying the conditions to the closing of the JV Transaction, including the timing, receipt and any conditions associated with regulatory approvals, risks associated with reaching a definitive agreement with Wheaton in respect of the enhanced precious metals stream, risks related to the failure to effectively advance and complete the optimization of the Copper Mountain mine operations including with respect to the ongoing SAG2 mill conversion and configuration project and with respect to the SAG1 repairs and mill ramp-up plans, political and social risks in the regions Hudbay operates, including the complex political and social environment in Peru and potential disruptions to operations arising from community protests and grievances, risks generally associated with the mining industry and the current geopolitical environment, including future 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 Hudbay's projects, the risk of an indicator of impairment or impairment reversal relating to a material mineral property, risks related to the Copper World project, including in relation to project delivery 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 Hudbay's tailings management facilities and any unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks (including any unanticipated significant interruptions to operations due to adverse effects from extreme weather events), 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 Hudbay's reserves, volatile financial markets and interest rates that may affect Hudbay's ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances 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, Hudbay's ability to comply with Hudbay's pension and other post-retirement obligations, Hudbay's ability to abide by the covenants in Hudbay's debt instruments and other material contracts, tax refunds, hedging transactions, as well as the risks discussed under the heading "Risk Factors" in Hudbay's most recent Annual Information Form which is available on the Company's SEDAR+ profile at www.sedarplus.ca and the Company's EDGAR profile at www.sec.gov.

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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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.

**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 may differ materially from the requirements of United States securities laws applicable to U.S. issuers.

**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 Brûlé

Senior Vice President, Capital Markets and Corporate Affairs

(416) 814-4387

investor.relations@hudbay.com<br>

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| ![](exhibit99-3xu001.jpg) | **TSX, NYSE - HBM<br>2025 No. 30** |

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____________________

<sup>i</sup> Adjusted net earnings (loss) - attributable to owners and adjusted net earnings (loss) per share - attributable to owners, adjusted EBITDA, cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, cash cost, sustaining cash cost per ounce of gold produced, net of by-product credits, combined unit cost, net debt, net debt to adjusted EBITDA ratio and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this news release.

<sup>ii</sup> Total liquidity including $611.1 million in cash and cash equivalents, and undrawn availability of $425.2 million under Hudbay's revolving credit facilities. The Company's liquidity is expected to be further enhanced upon the closing of the JV Transaction, which is expected to occur in late 2025 or early 2026.

<sup>iii</sup> Average analyst consensus net asset value estimate for 100% of Copper World is approximately $1.16 billion as of August 12, 2025.

<sup>iv</sup> Based on the initial capital investment and the $3.75 per pound copper price used in the PFS published on September 8, 2023 with assumptions of approximately $145 million for pre-sanctioning costs, $230 million from the precious metals stream, $350 million from project-level financing and approximately $700 million from the joint venture partner earn-in, matching contribution and capital contribution.

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## Exhibit 99.4

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**FORM 52-109F2**<br>**CERTIFICATION OF INTERIM FILINGS**<br>**FULL CERTIFICATE**

I, Peter Kukielski, President and Chief Executive Officer of Hudbay Minerals Inc., certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Hudbay Minerals Inc. (the "issuer") for the interim period ended September 30, 2025.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. ***Responsibility:*** The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 ***Control framework:*** The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is the *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2 N/A

------

5.3 N/A

6. ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1, 2025 and ended on September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

<br>Date: November 12, 2025<br>

<u>(signed) *"Peter Kukielski"*</u> 

Peter Kukielski<br>President and Chief Executive Officer

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## Exhibit 99.5

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**FORM 52-109F2**<br>**CERTIFICATION OF INTERIM FILINGS**<br>**FULL CERTIFICATE**

I, Eugene Lei, Chief Financial Officer of Hudbay Minerals Inc., certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Hudbay Minerals Inc. (the "issuer") for the interim period ended September 30, 2025.

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. ***Responsibility:*** The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings*, for the issuer.

5. ***Design:*** Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 ***Control framework:*** The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is the *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2 N/A

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5.3 N/A

6. ***Reporting changes in ICFR:*** The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1, 2025 and ended on September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

<br>Date: November 12, 2025<br>

 <u>(signed) *"Eugene Lei"*</u> <u> </u>

Eugene Lei<br>Chief Financial Officer

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