Q4 2019 RESULTS PRESENTATION...76,000tpd in NI-43101 Technical Report on the Constancia mine filed on SEDAR by NorsemontMining, dated February 21, 2011. PROCESSING PLANT THROUGHPUT1

February 21, 2020

Q4 2019 RESULTSPRESENTATION

CAUTIONARY INFORMATION

2

This presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this presentation, 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 theseor similar expressions). All of the forward-looking information in this presentation is qualified by this cautionary note.

Forward-looking information includes, but is not limited to, production, cost and capital and exploration expenditure guidance, anticipated production at the company’s mines and processing facilities, expectations regarding the timing of miningactivities at the Pampacancha deposit, the anticipated timing, cost and benefits of developing the Rosemont project and the outcome of litigation challenging Rosemont's permits, expectations regarding the appointment of a permanent CFO,expectations regarding the impact of the Covid-19 coronavirus outbreak and CN rail blockades on the company’s operations and financial performance, expectations regarding the Lalor gold strategy, including the refurbishment of the NewBritannia mill, and the possibility of optimizing the value of the gold resources in Manitoba, the future potential of the 1901 deposit, including the possibility of identifying additional gold resources, the possibility of converting inferred mineralresource estimates to higher confidence categories, the potential and the company’s anticipated plans for advancing its mining properties surrounding Constancia and the Mason project, anticipated mine plans, anticipated metals prices and theanticipated sensitivity of the company’s financial performance to metals prices, events that may affect the operations and development projects, anticipated cash flows from operations and related liquidity requirements, the anticipated effect ofexternal 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 thecompany 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 orimplied by the forward-looking information.

The material factors or assumptions that Hudbay identified and were applied by the company in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: the timing ofdevelopment and production activities on the Pampacancha deposit; the timing of the Consulta Previa and permitting process for mining the Pampacancha deposit; the timing for reaching additional agreements with individual community membersand no significant unanticipated delays to the development of Pampacancha; the successful completion of the New Britannia project on budget and on schedule; the successful outcome of the Rosemont litigation; the success of mining,processing, exploration and development activities; the scheduled maintenance and availability of the company’s processing facilities; the accuracy of geological, mining and metallurgical estimates; anticipated metals prices and the costs ofproduction; the supply and demand for metals the company produces; the supply and availability of all forms of energy and fuels at reasonable prices; no significant unanticipated operational or technical difficulties; the execution of the company’sbusiness and growth strategies, including the success of its strategic investments and initiatives; the availability of additional financing, if needed; the ability to complete project targets on time and on budget and other events that may affect thecompany’s ability to develop its projects; the timing and receipt of various regulatory and governmental approvals; the availability of personnel for the exploration, development and operational projects and ongoing employee relations; maintaininggood relations with the communities in which the company operates, including the neighbouring Indigenous communities; no significant unanticipated challenges with stakeholders at the company’s various projects; no significant unanticipatedevents or changes relating to regulatory, environmental, health and safety matters; no contests over title to the company’s properties, including as a result of rights or claimed rights of Indigenous peoples or challenges to the validity of thecompany’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 and the refund of certain valueadded 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 generally associated with themining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), uncertainties related to the development and operation of the company’s projects (including risksassociated with the litigation affecting the Rosemont project), risks related to the U.S. district court's recent decisions to set aside the U.S. Forest Service's FROD and the Biological Opinion for Rosemont and related appeals and other legalchallenges, risks related to the new Lalor mine plan, including the schedule and cost for the refurbishment of the New Britannia mill and the ability to convert inferred mineral resource estimates to higher confidence categories, risks related to theschedule for mining the Pampacancha deposit (including risks associated with the Consulta Previa process, risks associated with reaching additional agreements with individual community members and risks associated with the rainy season inPeru, and the impact of any schedule delays), dependence on key personnel and employee and union relations, risks related to political or social unrest or change, risks in respect of Indigenous and community relations, rights and title claims,operational risks and hazards, including the cost of maintaining and upgrading the company’s tailings management facilities and any unanticipated environmental, industrial and geological events, the inability to insure against all risks, failure ofplant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, depletion of the company’sreserves, volatile financial markets that may affect the company’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 relatedto the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, the company’s ability to comply with its pension and otherpost-retirement obligations, the company’s ability to abide by the covenants in its debt instruments and other material contracts, tax refunds, hedging transactions, as well as the risks discussed under the heading “Risk Factors” in the company’smost recent Annual Information Form.

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. The company does not assume any obligation to update or revise any forward-looking information after the date of this presentation or to explain any material difference betweensubsequent actual events and any forward-looking information, except as required by applicable law.

All amounts are in U.S. dollars unless otherwise noted.

3

2019 YEAR IN REVIEW

• Achieved full year production and unit cost guidance in both Peru and Manitoba• Zinc production exceeded the top end of guidance

• Consolidated copper production guidance achieved for the past five consecutive years

• Constancia achieved record mill throughput and record copper recoveries

• Continued strong ESG performance

• Announced updated mine plan for Lalor, more than doubling the annual gold production

• Discovered the 1901 Deposit and published an initial resource estimate 6 months later

• Received final federal permits at Rosemont in April; US District judge made unprecedented ruling against Rosemont in July; commenced appeal in December

• Fully refreshed Board and newly appointed CEO

• Successful Pampacancha surface rights discussions with community, paved way for reaching an agreement in early 2020

2019 Results

Long Life & Mining Friendly Jurisdictions

Free Cash Flow & Prudent Capital Allocation

Experienced Management Team

Strong ESG Performance

Low Cost & Operational Excellence

Copper Focus & Organic Growth Pipeline

Annual Guidance

4

2019 CONSOLIDATED RESULTS

• Achieved all production and unit cost guidance in 2019

• Consolidated copper production of 137k tonnes in 2019

• Strong mill performance at Constancia, capped by operating permit levels

• Consolidated cash costs of $1.14/lb Cu and all-in sustaining cash cost of $2.17/lb Cu in 2019

• Operating cash flow of $307 million in 2019

• Ending cash balance of $396 million

1. Contained metal in concentrate.2. Includes gold and silver production on a gold-equivalent basis. Silver converted to gold at a ratio of 70:1.3. Production on a copper-equivalent basis is calculated by converting contained metal in concentrate produced using LME average prices.4. Cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits. All-in sustaining cash cost includes cash sustaining capital expenditures, capitalized exploration, royalties, corporate G&A and regional costs. 5. Operating cash flow before change in non-cash working capital.

KEY RESULTS SUMMARY

Production1FY 2019 2019

Guidance

Copper kt 137.2 122 – 150

Zinc kt 119.1 100 – 115

Precious Metals2 koz 165.9 150 – 180

Copper-Equivalent3 kt 224.2

Cash Cost4 $lb/Cu $1.14

All-in Sustaining Cash cost4 $lb/Cu $2.17

Operating cash flow5 $m $307

Cash $m $396

Net Debt $m $589

2019 Results







Annual Guidance

PERU OPERATIONS REVIEW

5

• Achieved 2019 copper production guidance and exceeded precious metals and molybdenum production guidance

• Record mill throughput and recoveries in 2019

• Seen sustained results from ongoing recovery improvement initiatives

• Recoveries exceeded NI 43-101 technical report issued March 2018

• Record throughput, reaching the mill’s full year throughput limits imposed by operating permits

• Annual costs in-line with guidance

1. Reported tonnes for ore mined are based on mine plan assumptions and may not reconcile fully to ore milled. 2. Precious metals production includes gold and silver production on a gold-equivalent basis. Silver is converted to gold at a 70:1 ratio.3. Reflects combined mine, mill and G&A costs per tonne of ore milled. Unit costs reflect the deduction of expected capitalized stripping costs.4. Cash cost and sustaining cash cost per pound of copper produced, net of by-product credits.

PERU SUMMARY OF OPERATING STATISTICS

FY 2019 Q4 2019

Ore mined (million tonnes)1 33.3 8.0

Ore milled (million tonnes) 31.4 7.5

Copper grade milled 0.42% 0.42%

Gold grade milled (g/t) 0.04 0.04

Silver grade milled (g/t) 3.64 3.86

Copper recovery 85.7% 85.6%

Gold recovery 48.1% 50.0%

Silver recovery 68.2% 68.2%

Copper contained in conc. (kt) 113.8 26.7

Precious metals contained in conc. (koz)2 55.5 14.0

Combined unit operating costs ($/tonne)3 $9.50 $10.20

Cash cost ($/lb)4 $1.41 $1.66

Sustaining cash cost ($/lb)4 $1.90 $2.47

2019 Results







Annual Guidance

CONSTANCIA OPTIMIZATION

COPPER RECOVERIES

61. Projected throughput of 55,000tpd in NI43-101 Definitive Feasibility Study Technical Report on the Constancia mine filed on SEDAR by Norsemont Mining, dated September 28, 2009. Projected throughput of

76,000tpd in NI-43101 Technical Report on the Constancia mine filed on SEDAR by Norsemont Mining, dated February 21, 2011.

PROCESSING PLANT THROUGHPUT1

Tuning of advance processcontrol system

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

60,000

65,000

70,000

75,000

80,000

85,000

90,000

95,000

Q2'

17

Q3'

17

Q4'

17

Q1'

18

Q2'

18

Q3'

18

Q4'

18

Q1'

19

Q2'

19

Q3'

19

Q4'

19

Copper G

rade Milled (%

)

Mill

Thro

ughp

ut (t

pd)

Daily Ore Throughput (tpd) Mill Capacity (tpd)Copper Grade Milled (%)

Sem

i-Ann

ual M

aint

enan

ce

Sem

i-Ann

ual M

aint

enan

ce

Sem

i-Ann

ual M

aint

enan

ce

Sem

i-Ann

ual M

aint

enan

ce

Sem

i-Ann

ual M

aint

enan

ce

SEEING RESULTS FROM CONTINUOUS OPTIMIZATION INITIATIVES• Increasing throughput and quarterly trend in copper recoveries• Continued integration of an automated, advance process control system• Flotation improvements – optimizing water recovery in the tailings thickener and the

installation of enhanced equipment in the rougher circuit

Sem

i-Ann

ual M

aint

enan

ce

80.1%80.6%

81.2%

82.1%

80.7%

79.7%

85.0%

84.8%

86.2%

84.7%

86.0%85.6%

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

Technical Report Average

2019 Results







Annual Guidance

MANITOBA OPERATIONS REVIEW

7

• Copper and precious metal production met guidance and zinc production exceeded

• Strong performance at 777 and Lalor• 15% increase in 777 ore mined year-over-year

• 22% increase in Lalor ore mined year-over-year

• Achieved full year unit cost guidance as unit costs continue to trend lower compared to previous quarter

1. Reported tonnes for ore mined are based on mine plan assumptions and may not reconcile fully to ore milled. 2. Precious metals production includes gold and silver production on a gold-equivalent basis. Silver is converted to gold at a 70:1 ratio.3. Reflects combined mine, mill and G&A costs per tonne of ore milled. Unit costs reflect the deduction of expected capitalized stripping costs.4. Cash cost and sustaining cash cost per pound of copper produced, net of by-product credits.

MANITOBA SUMMARY OF OPERATING STATISTICS

FY 2019 Q4 2019

Ore mined (kt) 2,647 660

Ore milled (kt) 2,653 685

Copper grade milled 1.01% 0.97%

Zinc grade milled 5.05% 5.04%

Gold grade milled (g/t) 1.92 2.14

Silver grade milled (g/t) 22.6 24.0

Copper recovery 87.2% 86.5%

Zinc recovery 89.0% 88.6%

Gold recovery 58.0% 58.9%

Silver recovery 56.1% 56.5%

Copper contained in conc. (kt)1 23.4 5.8

Zinc contained in conc. (kt)1 119.1 30.6

Precious metals contained in conc. (koz)1,2 110.4 32.0

Combined unit operating costs ($/tonne)3 $134 $128

Cash cost ($/lb)4 ($0.18) ($0.76)

Sustaining cash cost ($/lb)4 $2.63 $2.33

2019 Results







Annual Guidance

MANITOBA OPTIMIZATION

8

BENEFITS OF IMPROVEMENT INITIATIVES• Continued high tonnage out of 777 due to implementation of management systems• Combined unit costs stabilizing at a lower level following the ramp-up of Lalor

in H1 2019

YEAR-TO-DATE COMBINED UNIT OPERATING COSTS777 ORE AND MINING UNIT COSTS

$40

$50

$60

$70

$80

$90

$100

0

50,000

100,000

150,000

200,000

250,000

300,000

Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

Ore Mined Min ing Cost

Mining C

ost (C$/tonne)

146

135

130128

$100

$105

$110

$115

$120

$125

$130

$135

$140

$145

$150

Q1'19 Q2'19 Q3'19 Q4'19

Uni

t Cos

t ($/

tonn

e)

-8%

-4%

-2%

2019 Results







Annual Guidance

3-YEAR PRODUCTION OUTLOOK

9

• Copper production expected to grow by 18% from 2020 to 2022

• Strong zinc production through 2021• Maximizing 777 output as it nears the

end of its mine life in the second quarter of 2022

• Precious metals production expected to grow by 67% from 2020 to 2022• New Britannia gold mill restart expected end

of 2021

• Pampacancha increases gold production in 2021 and 2022

1. Metal reported in concentrate is prior to refining losses or deductions associated with smelter terms. 2. Manitoba production guidance assumes the 777 mine is depleted in the second quarter of 2022, resulting in lower copper and zinc production after its closure.3. Precious metals production includes gold and silver production on a gold-equivalent basis. Silver is converted to gold at a ratio of 89:1.

Production Guidance

Contained Metal in Concentrate1 2020 2021 2022

Manitoba2

Copper (tonnes) 18,000 – 22,000 19,000 – 23,000 13,000 – 15,000

Zinc (tonnes) 105,000 – 125,000 115,000 – 140,000 75,000 – 90,000

Precious metals (oz)3 110,000 – 135,000 110,000 – 135,000 150,000 – 190,000

PeruCopper (tonnes) 80,000 – 95,000 80,000 – 100,000 100,000 – 125,000


Molybdenum (tonnes) 1,300 – 1,600 1,000 – 1,200 1,500 – 1,800

TotalCopper (tonnes) 98,000 – 117,000 99,000 – 123,000 113,000 – 140,000

Zinc (tonnes) 105,000 – 125,000 115,000 – 140,000 75,000 – 90,000


Molybdenum (tonnes) 1,300 – 1,600 1,000 – 1,200 1,500 – 1,800

GROWING COPPER AND GOLD PRODUCTION2019 Results







Annual Guidance

2020 COST GUIDANCE

10

• Manitoba growth capital related to the refurbishment of New Britannia mill as construction activities on track

• Peru growth capital includes initial expenditures for development of the Pampacancha deposit

1. Excludes capitalized costs not considered to be sustaining or growth capital expenditures.2. Manitoba sustaining capital expenditures exclude the anticipated $20 million expected to be spent on improvements to the legacy Flin Flon tailings facilities since they are associated with the updated decommissioning and restoration liability.3. Includes capitalized stripping costs.4. Peru’s growth capital expenditures include costs associated with project development and acquiring the surface rights. Some additional capital costs remain outstanding in recognition of current uses of land and the company intends to enter into

agreements to address these matters prior to commencing mining activities.5. Arizona spending includes capitalized costs associated with the Rosemont and Mason projects. 6. Reflects combined mine, mill and G&A costs per tonne of milled ore. Peru costs reflect the deduction of expected capitalized stripping costs.

CAPEX GUIDANCE ($ MILLIONS)

Capital Expenditures1 2020

Sustaining capital

Manitoba2 100.0

Peru3 100.0

Total sustaining capital 200.0

Growth Capital

Manitoba 80.0

Peru4 70.0

Arizona5 20.0

Total growth capital 170.0

Capitalized exploration 15.0

Total capital expenditures 385.0

EXPLORATION EXPENSE ($ MILLIONS)

Exploration Expenditures 2020

Peru 15.0

Manitoba 10.0

Generative and other 0.0

Total exploration expenditures 25.0

Capitalized spending (15.0)

Total exploration expense 10.0

COMBINED MINE/MILL UNIT OPERATING COST6

2020

Manitoba (C$/tonne) 130 – 140

Peru ($/tonne) 8.30 – 10.25

2019 Results







Annual Guidance

THE HUDBAY ADVANTAGE

Long life assets located in mining friendly jurisdictions

Proven track record of operational excellence and low cost mines

Focused on free cash flow generation and prudent capital allocation

World-class management team with proven mining industry experience

Strong Environmental, Social and Governance (“ESG”) performance

Copper-focused with diversified organic growth pipeline

11

2019 Results







Annual Guidance

LONG LIFE ASSETS LOCATED IN MINING FRIENDLY REGIONS

12

4

7

15

19

17

10

3.5

11

6

2

1

1

9

0.5

Rosemont

Constancia

Lalor

777

Past Production Reserve Life M&I Resource Life Inferred Resource Life

1. Reserve and resource life as of January 1, 2019. 777 mine reserves are expected to be depleted in 2022. Reserve and resource life is updated annually with reserves and resources reporting, anticipated March 2020.2. Contained M&I CuEq metal (exclusive of reserves) divided by 2018 CuEq production rate. Mineral resources that are not mineral reserves do not have demonstrated economic viability.3. Contained Inferred CuEq metal (exclusive of reserves and M&I) divided by 2018 CuEq production rate. Mineral resources that are not mineral reserves do not have demonstrated economic viability.4. Rosemont contained CuEq metal reserves and resources divided by annual LOM CuEq production rate as disclosed in NI 43-101 Technical Report on the Rosemont Project dated March 30, 2017.5. Lalor mineral resources include indicated and inferred resources identified at Snow Lake, New Britannia, Wim, Pen II and 1901 Deposit.6. Sourced from Fraser Institute 2018 Mining Survey’s Investment Attractiveness Index. *Denotes a surveyed region with <10 responses.

1 2

4

5

LOCATED IN TOP MINING FRIENDLY JURISDICTIONS IN THE AMERICAS6

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2019 Results







Annual Guidance

3

PROVEN TRACK RECORD OF OPERATIONAL EXCELLENCE & LOW COST MINES• Proven track record of achieving or exceeding copper production guidance every year

for the past 5 years

• Hudbay is well-positioned on the cash cost curve

• Focus on cost control and continuous improvement initiatives maintains low cost profile

13

C1 CASH COSTS1(US$/lb Cu)

1. Source: Wood Mackenzie’s 2019 by-product C1 cash cost curve (Q4 2019 dataset dated December 2019). Wood Mackenzie’s costing methodology may be different than the methodology reported by Hudbay or its peers in their public disclosure. For details regarding Hudbay’s actual cash costs, refer to Hudbay’s management’s discussion and analysis for the three and twelve months ended December 31, 2019.

110 120 130 140 150 160 170 180 190

2015

2016

2017

2018

2019

(000 tonnes)

Year

Guidance RangeActual Production

CONSOLIDATED COPPER PRODUCTION AND GUIDANCE

2019 Results







Annual Guidance

First Quantum

Turquoise Hill

Lundin Oz Minerals

Capstone

ImperialAntofagastaHudbay

($2.00)

($1.00)

$0.00

$1.00

$2.00

$3.00

0% 25% 50% 75% 100%

• Continuous operational improvements at Constancia have driven costs down, while increasing efficiencies and productivity

LOWEST COST OPEN PIT COPPER MINES IN SOUTH AMERICA (2019)

LEADING OPERATING COST PERFORMANCE

14

CONSTANCIA ONE OF THE LOWEST COST COPPER MINES IN SOUTH AMERICA

1. Wood Mackenzie Q4 2019 dataset; primary copper, open pit sulphide mines in South America. Operating costs include mining, processing and general and administrative expenditures on a per tonne basis. Wood Mackenzie’s costing methodology may be different than the methodology reported by Hudbay or its peers in their public disclosure. For details regarding Hudbay’s costs, refer to Hudbay’s management discussion and analysis for the year ended December 31, 2019.

$8.54 $9.08 $9.46$11.16

$12.20 $12.36 $12.66 $12.67 $12.78 $13.17 $13.92$15.29

$17.67$18.81 $19.09 $19.37

$22.37 $23.23$24.15

$0

$5

$10

$15

$20

$25

$30C

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$46.67

2019 Results







Annual Guidance

FOCUSED ON FREE CASH FLOW GENERATION & PRUDENT CAPITAL ALLOCATION• Generated significant EBITDA and positive free cash flow during the volatile copper price

environment over the last several years due to un-hedged production and stable low-cost profile

• Prudent balance sheet management; next phase of growth focused on low capital, high return brownfield projects with short paybacks on our invested capital

15

1. EBITDA is calculated as revenue less mine operating costs, less SG&A, less exploration and evaluation expense and less amortization of deferred revenue from stream. Free cash flow calculated as operating cash flow before non-cash working capital less sustaining capital expenditures and less interest paid. EBITDA and free cash flow are non-IFRS performance measures with no standardized definition under IFRS.

2. Net debt calculated as total long-term debt less cash and cash equivalents. Net debt is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please refer to Hudbay’smanagement’s discussion and analysis for the twelve months ended December 31, 2019.

EBITDA, CAPEX AND FREE CASH FLOW1 NET DEBT2

($M) ($M)

1,2281,168

1,105 1,0851,035

950

650623 585

536 516466 492 488

577 589

Q1/16Q2/1

6Q3/1

6Q4/1

6Q1/1

7Q2/1

7Q3/1

7Q4/1

7Q1/1

8Q2/1

8Q3/1

8Q4/1

8Q1/1

9Q2/1

9Q3/1

9Q4/1

9

$413

$560 $557

$353

-$178 -$182-$144

-$211

$83

$295 $274

$22

$2.21

$2.82 $2.93

$2.73

2016 2017 2018 2019

EBITDA Sustaining CapExFree Cash Flow Realized Copper Price

2019 Results







Annual Guidance

WORLD-CLASS MANAGEMENT TEAM WITH PROVEN MINING INDUSTRY EXPERIENCE

16

PETER KUKIELSKIPRESIDENT & CEO• More than 30 years of sector

experience in base metals, precious metals and bulk materials across the globe

CASHEL MEAGHERSVP & COO• Extensive background in

exploration, resource and reserve estimation, engineering studies and operations

DAVID BRYSONSVP & CFO• 25 years of financial

experience, key role in securing funding for growth opportunities

EUGENE LEISVP CORP. DEV. & STRATEGY• Over 18 years of global

mining investment banking and corporate development experience

DISPROPORTIONATELY TALENTED MANAGEMENT TEAM FOR HUDBAY’S SIZE

ANDRE LAUZONVP ARIZONA BUSINESS UNIT• Responsible for strategic

initiatives and for identifying growth opportunities in the western United States

OLIVIER TAVCHANDJIANVP EXPL. & GEOLOGY• Over 25 years of experience

in reserve and resource estimation and reporting, exploration and mine planning

ROB ASSABGUIVP MANITOBA B.U.• Over 30 years of sector

experience and provides strategic and operational leadership in Manitoba

DAVID CLARRYVP CSR• Oversees the corporate

standards for health, safety, environment and community relations

PETER AMELUNXENVP TECHNICAL SERVICES• Responsible for managing

internal and external project review, due diligence processes, project & operational governance

JAVIER DEL RIOVP SOUTH AMERICA B.U.• Responsible for strategic and

operational performance in Peru and ensure corporate standards are met in Peru

PATRICK DONNELLYVP & GENERAL COUNSEL• Provides leadership, oversight

and direction on all legal matters involving Hudbay and its operations

ELIZABETH GITAJNVP RISK MANAGEMENT• Experience in various

management positions in the finance areas of risk management, financial reporting and planning

PETER ADAMEKVP FINANCE• Held several progressive senior

roles, oversees financial reporting and information systems and technology

JOHN DOUGLASVP & TREASURER• Over 25 years of experience,

oversees corporate treasury, financial planning, tax and metal marketing functions

2019 Results







Annual Guidance

RAMP-UP FROM FIRST PRODUCTION TO COMMERCIAL PRODUCTION WAS 3X FASTER THAN THE PEER AVERAGE

5 Months

17 Months

57 Months

Constancia PeerAverage

PeerMax

PROVEN MINING INDUSTRY EXPERIENCE

17

1. 1st production commenced December 23, 2014, commercial production achieved April 30, 2015.2. Production calculated as tonnes mined multiplied by grades mined (i.e. assumes 100% recovery). The following metals price assumptions were applied to reserves for purposes of calculating copper equivalent: $3.00/lb Cu, $1.00/lb Zn, $1,260/oz Au and

$18.00/oz Ag. Does not include impact of precious metal streams, as applicable. 3. Constancia reserve at bid date from NI 43-101 Definitive Feasibility Study Technical Report on the Constancia mine filed by Norsemont Mining, dated September 28, 2009.

1

BEST IN CLASS MINE DEVELOPMENT & ADDING VALUE THROUGH EXPLORATION• Constancia’s development and mine ramp-

up was best in class• Hudbay has been successful in significantly

increasing the known reserves at both of its flagship operations• The Lalor mine was an in-house geophysical

discovery on Hudbay's wholly-owned land 0.0

1.0

2.0

3.0

4.0

Reserve at Bid Date Production to Date +Current Reserve

Cop

per E

quiv

alen

t (M

t)

Product ion Reserves

+95% Growth

Maria Reyna,Caballito &Kusiorcco

CONSTANCIA (2009-2019)2

3

0.0

0.3

0.5

0.8

1.0

Initial Reserve Production to Date +Current Reserve

Cop

per E

quiv

alen

t (M

t)

Product ion Reserves

+91% Growth

WIM, Pen II, New Britannia & 1901 Deposit

LALOR (2010-2019)2

2019 Results







Annual Guidance

STRONG ENVIRONMENTAL, SOCIAL & GOVERNANCE (“ESG”) PERFORMANCE

18

INDUSTRY LEADER IN RESPONSIBLE MININGENVIRONMENT

ü Declining energy and GHG emissions metrics per sales

ü Manitoba received 2019 Toward Sustainable Mining Leadership Award

ü Tailings facilities rated “AA” in Manitoba and “A” in Peru according to TSM’s tailings management protocol

ü In 2018, Peru’s water consumption and water intensity declined by 13.3% and 12.6%, respectively

SOCIAL IMPACT

ü Positive impact on surrounding communities in Manitoba through successfully discovering, operating and reclaiming over 25 mines in the last 90 years

ü Recognized for our leading community relations expertise in Peru: since 2012, executed over 90 social agreements with local governments and communities in Peru

ü 15% indigenous employment in Manitoba and approximately 30% local community employment in Peru

ü $4.5 million in community investments and charitable donations

HEALTH & SAFETY

ü Constancia has the best safety track record out of the Peruvian copper mining companies

ü 2019 target to improve on our current 3-year average lost time accident severity of 10.5

ü 2019 target to improve on our 3-year total recordable injury frequency average of 3.7

GOVERNANCE

ü Board refreshed in 2019 with 5 out of 10 new directors

ü 3 female Board Directors

ü Ranked 7th among mining companies in the Globe & Mail’s 2019 Board Games, and 1st among base metal mining companies, and the only base metal company in the top 100

2015 2016 2017 2018

Energy & GHG Emissions Intensity per Sales

Energy GHG EmissionsSource: Bloomberg, February 2020 Source: Ministry of Energy and Mines; LTA=Lost time accident

2019 Results







Annual Guidance

8477 76 75

6755 55

#1(HBM)

#2 #3 #4 #5 #6 #7

Base Metal Mining Company Rankings in Globe & Mail 2019

Board Games

12 13

58 43 37

259 242

#1(HBM)

#2 #3 #4 #5 #6 #7

2015-2019 Safety Record of Peruvian Copper Mining

Companies

Million Man-hours w/out LTA # of LTAs

COPPER-FOCUSED WITH DIVERSIFIED ORGANIC GROWTH PIPELINEHUDBAY’S REVENUE BREAKDOWN BY TYPE1

1. Hudbay’s 2019 gross revenue for the twelve months ended December 31, 2019. Precious metals revenue includes deferred revenue related to the precious metals stream transactions.

2. Hudbay’s production growth source from annual guidance disclosed in on February 20, 2020. 3. Sourced from Wood Mackenzie’s Q4 2019 Dataset dated December 2019.4. As compared to base case production capability.

COPPER SUPPLY/DEMAND OUTLOOK3

19

0

5

10

15

20

25

30

2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030

Mt

Probable ProjectsBase Case Production CapabilityPrimary Demand

~7Mt supply gap in 20304

• Hudbay’s primary source of revenue is from copper• Hudbay offers diversification from its growing gold

exposure

• Strong fundamentals for copper given long-term supply and demand gap

• Increasing portion of demand from renewable energy sources and electrification; copper is a critical component of the “green economy”

3-YEAR HUDBAY PRODUCTION PROFILE2

80

90

100

110

120

130

2020 2021 2022

kt

Copper Production

18% Copper Growth

100

150

200

250

300

2020 2021 2022

koz

67% Precious Metals Growth

Precious Metals Production

58%21%

18%

2%

Cu

Zn

PMs

Mo

$1.3B

2019 Results







Annual Guidance

STRATEGIC VISION & EXECUTION OF STRATEGY

20

Proven Mine Development

• Re-affirmed key elements of strategic vision with a focus on copper in mining friendly jurisdictions

• Greater focus on capital allocation and risk-adjusted returns

• Leveraging 4 key areas of competitive advantage and value creation:1. Successful Exploration

2. Proven Mine Development

3. World Class Efficient Operations

4. ESG Excellence

Capital Allocation &

Risk Adjusted Returns

• Deliver free cash flow from Pampacancha

• Drill Lalor gold to add reserves and extend mine life

• Refurbish New Britannia to increase gold production

SHORT TERM PRIORITIES MEDIUM TERM PRIORITIES• Unlock value at Rosemont and Mason

• Test Constancia regional exploration targets

• Maximize value from Lalor gold

• Accretive acquisitions

VALUE CREATION

ESG Excellence

Successful Exploration

World Class Efficient

Operations

2019 Results







Annual Guidance

LEADING ORGANIC GROWTH PIPELINE

• Through robust exploration and disciplined M&A, Hudbay has built a diversified portfolio of operating mines and an extensive development pipeline

• Hudbay’s portfolio provides unique exposure to both copper and gold, balancing upside exposure from copper with down-side risk protection from gold

HUDBAY HAS BUILT A DIVERSIFIED PORTFOLIO FOCUSED ON COPPER & GOLD GROWTH

PRODUCTIONFEASIBILITY STUDIES COMPLETE

RESOURCEDEFINITIONEXPLORATION

SOUTH AMERICA

Constancia near-mine targetsRegional land package in Peru & Chile

WIM

Acquired 2018

PEN II

Upgraded Resource 2018

NEW BRITANNIA ZONES

Acquired 2015

1901 DEPOSIT

New Discovery 2019Initial Resource 2019

MASON

Acquired 2018

PAMPACANCHA

Acquired 2011Reserve 2012Development 2020

LALOR GOLD

Discovered 2008Mill Acquired 2015Mine Plan 2019

ROSEMONT

Acquired 2014Consolidated 2019

CONSTANCIA

Acquired 2011Developed 2012Production 2014

LALOR

Discovered 2007Developed 2009Production 2012

777

Original Asset Upon IPO 2004

MANITOBALalor in-mine explorationSnow Lake regional land package

UNITED STATES Nevada regional explorationLordsburg

2019 Results







Annual Guidance

21

For More In format ion Contact :

Candace Brûlé, Director, Investor Relations416.814.4387 | [email protected]

Documents

Q4 2019 RESULTS PRESENTATION...76,000tpd in NI-43101 Technical Report on the Constancia mine filed on SEDAR by NorsemontMining, dated February 21, 2011. PROCESSING PLANT THROUGHPUT1