Proposed Acquisition of Norsemont Mining: Information Session

January 2011

22

Forward Looking Information

This presentation contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information includes but is not limited to information concerning the company’s ability to complete its acquisition of Norsemont Mining Inc., and to develop, construct and operate the Constancia project and the combined company, the ability of management to execute on key strategic and operational objectives, the ability to meet production forecasts, the potential impact of changing economic conditions on HudBay’s financial results and the company’s strategies and future prospects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", “understands” or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results “will”, "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies).

Many of these assumptions are based on factors and events that are not within the control of HudBay and there is no assurance they will prove to be correct. Factors that could cause actual results or events to vary materially from results or events anticipated by such forward-looking information include the ability to complete its acquisition of Norsemont and to develop and operate the Constancia project on an economic basis,, risks associated with the mining industry such as economic factors (including costs of construction materials, future commodity prices, currency fluctuations and energy prices), failure of plant, equipment, processes and transportation services to operate as anticipated, including new and upgraded facilities at Lalor, dependence on key personnel, employee relations and availability of equipment and skilled personnel, environmental risks, government regulation, actual results of current exploration activities, possible variations in ore grade, dilution or recovery rates, permitting timelines, capital expenditures, reclamation activities, land titles, and social and political developments and other risks of the mining industry, as well as those risk factors discussed in the company’s Annual Information Form dated March 30, 2010, which risks may cause actual results to differ materially from any forward-looking statement.

Although HudBay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. HudBay undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of HudBay, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information.

33

Qualified Person

Technical and scientific information respecting the Constancia project has been taken from Norsemont’s NI 43-101 technical report entitled “Constancia Copper Project – Definitive Feasibility Study Technical Report NI 43-101,” dated September 28, 2009 available at www.sedar.com. Cashel Meagher P.Geo, VP Exploration for HudBay Minerals Inc. is a qualified person within the meaning of NI 43-101, and has reviewed and approved the scientific and technical information referred to in this presentation.

Note to U.S. Investors

Information concerning the mineral properties of the Company has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from the requirements of SEC Industry Guide 7. Under SEC Industry Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time of the reserve determination, and the SEC does not recognize the reporting of mineral deposits which do not meet the SEC Industry Guide 7 definition of “Reserve”. In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on December 11, 2005. While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required by NI 43-101, the SEC does not recognize them. You are cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of an economic analysis. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, you are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. You are urged to consider closely the disclosure on the technical terms in Schedule A “Glossary of Mining Terms” of our AIF for the fiscal year ended December 31, 2009, available on SEDAR at www.sedar.com and incorporated by reference as Exhibit 99.8 in our Form 40-F filed on October 19, 2010 (File No. 001- 34244).

All amounts listed are in Canadian dollars.

Forward Looking Information

4

Consistent with Acquisition Strategy

M&A Target Norsemont

Focus on Americas, mining favourable jurisdictions VMS or porphyry deposits with exploration upside Transaction size of ~20% of market capitalization Add value through technical expertise and financial capacity Accretive to in-situ metal value and net asset value per share

Key permits in place, low cash costs in a highly prospective region

55

Transaction Summary Terms

Structure • Take-over Bid

Consideration

• 0.2617 HudBay shares and C$0.001 cash per Norsemont share or C$4.50 cash per Norsemont share, subject to maximum cash consideration of C$130 million

• Under full pro-ration: C$1.0985 cash per Norsemont share and 0.1979 HudBay shares

Offer Value

• C$4.65 per Norsemont share based on HudBay’s 20-Day VWAP as of January 7, 2011

• 33%(1) premium to Norsemont’s 20-day VWAP as of January 7, 2011

• Total equity value of transaction of C$520 million(2)

Other Terms

• $21.6 million break-fee

• Right to match

• Lock-up agreements for 34.4% of Norsemont’s fully diluted shares outstanding, in addition to HudBay’s 1.1% stake

Transaction Approvals

• Over 50% of Norsemont’s shares being tendered to the offer

• Customary regulatory approvals

Next Steps• Circular to be mailed later in January

• Anticipated completion of offer later in first quarter of 2011

(1) Assuming maximum share election(2) Based on Norsemont fully diluted shares outstanding of 118.3 million shares, excluding 1.4 million shares already owned by HudBay, using HudBay’s

closing price of $16.76 as at January 7, 2011

6

Other Transaction Considerations

• Convertible Notes: $9.8 million outstanding, convertible at $1.70/sh

• Options(1): 13,695,000 outstanding at $2.25/sh weighted-average exercise price

• Warrants(2): 11,491,148 outstanding at $2.50/sh weighted-average exercise price

• Estimated Cash Balance:

6

(1) As at September 30, 2010 plus 400,000 options issued to directors subsequent to September 30, 2010 (sourced from SEDI)(2) As at September 30, 2010 less 6,319,853 warrants exercised on December 14, 2010 (sourced from early warning report filed on SEDAR)

Cash - 9/30/2010 $6

Short-term Investments - 9/30/2010 $12

Warrant Exercise - 12/14/2010 $12

Proceeds from in-the-money Options $31

Proceeds from in-the-money Warrants $29

Total Estimated Cash Balance $90

• Transaction Enterprise Value: approximately $430 million

Cash - 9/30/2010 $6

Short-term Investments - 9/30/2010 $12

Warrant Exercise - 12/14/2010 $12

Proceeds from in-the-money Options $31

Proceeds from in-the-money Warrants $29

Total Estimated Cash Balance $90

7

Comparable with Recent Acquisitions

• Based on the definitive feasibility study, transaction metrics are in-line with recent comparable acquisitions

7

Target TAC / Rec. lb Cu (M&I)

El Morro $1.36Cerro Casale $1.19Chariot $1.13Terrane $0.95Antares $1.50Citadel $1.67Globestar $1.57

Average $1.34

Average (ex. high & low) $1.35

Norsemont (1) $1.31

Source: RBC Capital Markets

(1) Based on Feasibility Study and not adjusted for HudBay's toehold in Norsemont

Target EV / In-Situ lb Cu (M&I)

El Morro $0.07Cerro Casale $0.10Chariot $0.05Terrane $0.04Antares $0.05Citadel $0.54Globestar $0.23

Average $0.15

Average (ex. high & low) $0.10

Norsemont (1) (2) $0.10

Source: RBC Capital Markets

(1) Based on Feasibility Study and not adjusted for HudBay's toehold in Norsemont

(2) Assumes long term consensus commodity prices of US$1,008 / oz Au, US$15.81 / oz Ag, US$13.22 / lb Mo and US$2.16 / lb Cu

8

Pro Forma Production Growth – 2011 to 2016

145% Growth

Cu Production

0

25

50

75

100

125

2011E 2016E

Au Eq. Production (1) Zn Production

130% Growth

0

50

100

150

200

250

2011E 2016E

60% Growth

0

25

50

75

100

125

150

2011E 2016E

(kt) (koz) (kt)

HudBay (2) Norsemont (3)(1) Silver converted to gold at a ratio of 60:1

(2) Based on midpoint of 2011 forecasted production released on December 13, 2010. Anticipated production for 2016 is based on existing mines together with Constancia, Lalor (including, for gold equivalent production, inferred resources and conceptual gold and copper-gold zones) and the 777 North expansion.

(3) Based on preliminary results of Constancia Feasibility Study Optimization announced by Norsemont on December 30, 2010

9

Zn11%

Au Eq.15%

Cu67%

Mo7%

Zn33%

Au Eq.24%

Cu43%

9

• 350% increase in copper reserves

• 190% increase in copper equivalent reserves

Pro Forma In-Situ Reserve Value

(1) HudBay reserves as of January 1, 2010

(2) HudBay reserves as of January 1, 2010 plus Constancia reserves based on NI 43-101 technical report titled, “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

(3) In-situ value calculated using commodity prices of US$900/oz Au, US$0.95/lb Zn, US$2.50/lb Cu and US$12.00/lb Mo; silver converted to gold at ratio of 60:1

Current (1)(3) Pro Forma

(2)(3)

755

3379

0

1,000

2,000

3,000

4,000

5,000

HudBay Pro FormaHudBay

(MM lb)

Copper Eq. Reserves

(2)(3)

1743

5065

350%

10

Agenda

• Geology, Mineral Reserves and Exploration

– Cashel Meagher, VP, Exploration

• Infrastructure and Community Relations

– Javier Del Rio, Director, Business Development

• Peru Tax and Royalties

– David Bryson, SVP and CFO

• Summary and Conclusions

– David Garofalo, President and CEO

10

11

Strategic Location

Selected Cu Projects in Peru Established Mining District

Toromocho

Marcona

Galeno

Rio Blanco

Lima

Haquira Constancia

Las Bambas

Tintaya

Antamina

Antapaccay

Operating Mine

Development Project

CuajoneToquepala

Cerro Verde

Cerro Corona

Close to roads, major power lines, a rail line and port

Southern Peru Copper Belt

Rail Road to Matarani

Main Powerlines

Xstrata - Las Bambas Mineral Pipeline

Roads

First Quantum – Haquira

Pan Pacific – Quechua

Xstrata – Las Bambas

Xstrata – Antapaccay

AREQUIPA DEPT.

CUSCO DEPT.

Cusco

1212

Geology

• Constancia is located on the eastern side of the Andahuaylas-Yauri copper belt

• ~3km from the old Katanga mine

– Operated from early last century to the early 1990s

– Cu and Au; narrow skarn bodies

• San José prospect (part of Constancia) explored by Mitsui in 1980s

Source: Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

Ore Types

Source: Norsemont Mining July 2010 Geology Presentation13

1414

NI 43-101 Mineral Reserves

• Reserve comprised of different ore types

• Supergene ore present near surface

Source: NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

GradeMt Cu (%) Mo (%) Ag (g/t) Au (g/t)

Reserves

Supergene 71.0 0.58 0.011 4.43 0.05

Skarn 19.3 0.64 0.013 5.01 0.08

Hypogene 163.6 0.35 0.012 2.95 0.04

High Zinc 23.5 0.40 0.010 5.51 0.07

Total 277.4 0.43 0.012 3.69 0.05

SupergeneHypogeneSkarn

Cu

Gra

de

In

cre

ase

s

0.15 %

0.20 %

0.50 %

1.0 %

1515

Tonnes and Grade Processed

• Higher tonnage and grades achieved in early years due to varying ore types

Source: NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

Constancia DFS Annual Tonnes and Grade Processed

0.0

5.0

10.0

15.0

20.0

25.0

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Production Year

An

nu

al P

lan

t F

ee

d (

mm

dm

t)

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

Cu

Grad

e (%

)

Ore Cu Grade

Tailings Facility

Process Plant

Constancia Main

Mine Waste Dump

Pampacancha Skarn Target Cu-Au Sulphides

Chilloroya Skarn Target #1High Grade Gold Target

Chilloroya Porphyry Target #3Cu-Au Sulphides

Exploration Upside

• Excellent exploration targets

• Pampacancha

– Located 3 km south-east of Constancia

– Outcropping copper oxides in skarn bodies

• Chilloroya South

– Located 5 km south of Constancia

– Evidence of porphyry related Cu-Au-Mo mineralization

– Untested geophysical anomalies

Source: Norsemont Mining 2010 AGM Presentation16

Current Norsemont Drill Campaign

Source: Norsemont Mining 2010 AGM Presentation

Highlights

Pampacancha

63.4m @ 2.52% Cu-Eq. (4m to 67.4m)

- Including 2.65m @ 62 g/t Au

99.25m @ 1.43% Cu-Eq. (10m to 109m)

Chilloroya South

31.6m @ 0.98% Cu-Eq. (252m to 283m)

3.0m @ 242.56 g/t Au from 136m to 139m

17

1818

Infrastructure• 83km access road from

Yauri

• 70km from Tintaya 138kV power substation

• Rail-head 122km away

• Total of ~475km from Matarani Port by road (243km paved, 232km gravel surfacing)

Image taken by HudBay Minerals Image from Norsemont Mining 2010 AGM Presentation

Source: Norsemont Mining 2010 AGM Presentation; Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

1919

Infrastructure – Port• Matarani Port located 120km from Arequipa by paved highway

• The port is a deep sea port managed by a private group

Source: Norsemont Mining 2010 AGM Presentation

Image taken by HudBay Minerals Image taken by HudBay Minerals

2020

Infrastructure – Power• Build 70km transmission line to Tintaya substation

– Planned upgrade to 220kV by 2012

Source: Norsemont Mining 2010 AGM Presentation, Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, date September 28, 2009; Constancia Project ESIA dated April 2010

Infrastructure – Power Supply Sources

Source: Ministerio de Energía y Minas website21

Infrastructure – Water

• Sources of water:

– Most of the water is sourced from wells in the region

– Majority of water supply is re-circulated

• Hydrogeological studies were conducted for the open pits, tailings management facilities, and waste rock facility

– Studies included springs mapping, inventories, etc.

• Water flow balance from:

– Cunahuiri reservoir (discharges during dry season)

– Re-circulated water

– Water treatment plant discharges

Source: Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009; Constancia Project ESIA dated April 2010

22

2323

Community Relations

• Norsemont employs members of local villages and conducts activities in a trustworthy and transparent manner

– Built and sponsors a local medical clinic

– Sponsors local soccer team

– Pays for supplies at the local school

• There are two local communities in the area: Uchucarco and Chilloroya

– Agreements in place for over 4 years

– No major relocation required

– No NGO opposition

• Norsemont purchased all private land in Constancia area

Source: Norsemont Mining 2010 AGM Presentation and Norsemont Mining website

Image taken by HudBay Minerals

Image taken by HudBay Minerals

Peru Tax and Royalties

• Royalties:

– Staged Peruvian mining royalty based on NSR

• 1% NSR – when NSR < US$60 million per annum

• 2% NSR – when US$60 < NSR < US$120 million per annum

• 3% NSR – when NSR > US$120 million per annum

– 0.5% NSR Minera Livitaca and Katanga (capped at US$10 million)

• Labour participation = 8% of pre-tax profits

• 30% corporate income tax rate

• Deductible expenses for corporate income tax:

– Peruvian mining royalty

– Labour participation = 8% of pre-tax profits

– Tax depreciation

24Source: Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

2525

Peru Tax and Royalties

• Estimated Tax Depreciation on Construction Capex included in Definitive Feasibility Study:

Source: Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

34% 27% 13% 13% 13%

1 2 3 4 5

Annual Depreciation

Year

• Withholding/Dividend Tax:

– 4.1% applies to profits distributed to nonresidents

• Legal Stability Agreements

– Guaranteed stability of income tax regime for 15 years

26

Acquisition of Norsemont Mining

• HudBay to acquire all the outstanding shares of Norsemont via a take-over bid for approximately C$520 million in shares and cash

• Norsemont’s primary asset is the wholly-owned Constancia porphyry copper project located in southern Peru

• The Constancia project has a long mine life with significant exploration upside

• Key permits received with the approval of the Environmental Social Impact Assessment

• Offer has been approved by the Boards of Norsemont and HudBay and is being recommended by the Norsemont Board to Norsemont shareholders

• Lock-up agreements have been entered into by Norsemont directors, officers and other large shareholders in respect of shares that, together with shares owned by HudBay, represent 35.6% of Norsemont’s fully-diluted shares outstanding

26

Proposed Acquisition of Norsemont Mining: Information Session

January 2011

28

APPENDIX

2929

Strategic Location in Investment Grade Country

2009 Copper Production by Country

1,225

1,209

1,054

995

844

702

699

486

452

5,460Chile

Peru

U.S.

China

Indonesia

Australia

Russia

Zambia

Canada

Kazakhstan

(000 tonnes)

• Major producer of base and precious metals

– 2nd largest copper producing country in the world

– Largest producer of gold in Latin America

• Highly prospective country

– 3rd largest exploration budget by country in the world

• Stable mining regulatory environment

• Most major mining companies active in Peru (BHP Billiton, Rio Tinto, Vale, Xstrata, Barrick, Teck, etc.)

Source: Brook Hunt

Moody’s Baa3; S&P BBB+

3030

Constancia DFS September 2009FEASIBILITY STUDY PARAMETERS

DFS Sept 2009 Prelim. Optimiz. Study Dec 2010

Ore Mined 277.4mm tonnes -

Grades Mined0.43% Cu, 0.012% Mo, 3.69 g/t Ag, 0.05 g/t Au

-

Nominal Mill Capacity 50,000 tpd -LOM Strip Ratio (waste:ore) 1.26 1.2Mine Life 15 years -LOM Cu Recovery 88% -

LOM Avg. Annual ProductionCopper 149mm lbs / 68k tonnes 172mm lbs / 78k tonnesCopper (Years 1-5) 225mm lbs / 102k tonnes -Moly 2.6mm lbs 2mm lbsSilver 1.5mm oz 2mm ozGold 8.9k oz -

Initial Capex US$846mm US$900-$950mmSustaining Capex (incl. Closure) US$147.6mm -

LOM Mining Cost US$1.19/t mined -LOM Processing Cost US$3.85/t ore -LOM G&A Cost US$0.60/t ore -LOM Cash Costs(1) US$0.93/lb Cu -LOM Cash Costs Incl. Sustaining Capex US$0.99/lb Cu US$0.97-$0.99/lb Cu

NPV @ 8% US$494mm US$780-$840mmIRR 19.4% >20%

Commodity PricesUS$2.25/lb CuUS$13/lb Mo

US$12/oz Ag, US$800/oz Au

US$2.50/lb CuUS$13.50/lb Mo

US$14/oz Ag, US$1,000/oz Au(1) LOM average cash costs including royalties and net of by-product credits

Sources:

• Norsemont’s news release titled “Norsemont Mining Announces Positive Constancia Feasibility Study”, dated September 28, 2009, and Norsemont’s NI 43-101 technical report titled “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

• Norsemont’s news release titled “Norsemont Mining Announces Preliminary Results of Constancia Feasibility Study Optimization”, dated December 30, 2010

Water Flow Chart

Source: Constancia Project ESIA dated April 2010 31

3232

Constancia NI 43-101 Mineral Reserves

Grade Contained

Mt Cu (%) Mo (%) Ag (g/t) Au (g/t) Cu (mlb) Mo (mlb) Ag (koz) Au (koz)

Reserves

Proven 161.8 0.45 0.012 3.68 0.05 1,605 43 19,143 260

Probable 115.6 0.40 0.011 3.70 0.05 1,019 28 13,752 186

Total 277.4 0.43 0.012 3.69 0.05 2,625 71 32,895 446

Source: NI 43-101 technical report titled, “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

3333

Constancia NI 43-101 Mineral Resource

Grade Contained

Mt Cu (%) Mo (%) Ag (g/t) Au (g/t) Cu (mlb) Mo (mlb) Ag (koz) Au (koz)

Resources (1)

Measured 138.3 0.44 0.013 3.54 0.04 1,342 40 15,740 178

Indicated 254.2 0.42 0.010 3.81 0.05 2,354 56 31,138 409

Total (M + I) 392.5 0.42 0.011 3.72 0.05 3,695 96 46,878 586

Inferred 48.8 0.35 0.008 3.82 0.06 377 9 5,993 94

(1) Mineral resource estimate at 0.20% copper cut-off grade

Source: NI 43-101 technical report titled, “Constancia Copper Project – Definitive Feasibility Study”, dated September 28, 2009

For more information contact:

John Vincic, VP of Investor Relations and Corporate CommunicationsTel: 416.362.0615Email: john.vincic@hudbayminerals.com