May 2018 INVESTOR PRESENTATION

1

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 these or 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 Hudbay’s mines and processing facilities, the anticipated timing, cost and benefits of developing the Rosemont project and Pampacancha deposit, the anticipated impact of any delays to the start of mining the Pampacancha deposit, the anticipated results of litigation challenging the Rosemont permitting process, anticipated exploration plans, including the planned exploration and development strategy for the Lalor gold zones, the exploration potential at Lalor, including the possibility of converting inferred mineral resources to higher confidence categories and establishing additional mineral resources through testing the continuity of the mineralized zones, the anticipated continued success of utilizing a selective mining method to mine the high grade gold zones, anticipated mine plans, anticipated metals prices and the anticipated sensitivity of the company’s financial performance to metals prices, events that may affect its operations and development projects, the permitting, development and financing of the Rosemont project, the potential to optimize the scale of production at Lalor and to efficiently process the excess base metals ore and initial gold zone ore production at the Flin Flon mill, anticipated cash flows from operations and related liquidity requirements, the anticipated effect of external factors on revenue, such as commodity prices, estimation of mineral reserves and resources, mine life projections, reclamation costs, economic outlook, government regulation of mining operations, and business and acquisition strategies. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Hudbay 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 success of mining, processing, exploration and development activities; the scheduled maintenance and availability of the processing facilities; the accuracy of geological, mining and metallurgical estimates; anticipated metals prices and the costs of production; the supply and demand for metals the company 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 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 complete project targets on time and on budget and other events that may affect the company’s ability to develop its projects; the timing and receipt of various regulatory, governmental and joint venture partner approvals; the availability of personnel for the exploration, development and operational projects and ongoing employee relations; the ability to secure required land rights to develop the Pampacancha deposit; maintaining good relations with the communities in which the company operates, including the communities surrounding the Constancia mine and Rosemont project and First Nations communities surrounding the Lalor and Reed mines; no significant unanticipated challenges with stakeholders at the company’s various projects; no significant unanticipated events or changes relating to regulatory, environmental, health and safety matters; no contests over title to the company’s properties, including as a result of rights or claimed rights of aboriginal peoples; 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 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 generally associated with the mining 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 Hudbay’s projects (including risks associated with the permitting, development and economics of the Rosemont project and related legal challenges), risks related to the exploration and development program at Lalor, including the inability to convert inferred mineral resources to higher confidence categories and to identify additional mineral resources, and risks associated with the selective mining of the high grade gold zones, risks related to the maturing nature of the 777 mine and the pending closure of the Reed mine and their impact on the related Flin Flon metallurgical complex, dependence on key personnel and employee and union relations, risks related to the schedule for mining the Pampacancha deposit (including the timing and cost of acquiring the required surface rights and the cost and impact of any schedule delays), risks related to political or social unrest or change, risks in respect of aboriginal and community relations, rights and title claims, operational risks and hazards, including unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, depletion of Hudbay’s reserves, volatile financial markets 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, the company’s ability to comply with its pension and other post-retirement obligations, Hudbay’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’s most 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. Hudbay 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 between subsequent actual events and any forward-looking information, except as required by applicable law. This presentation 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. This presentation contains certain financial measures which are not recognized under IFRS, such as net debt, cash cost and sustaining cash cost, net of by-product credits, per pound of copper produced. For further details on how Hudbay calculates these measures in respect of its operating assets, please refer to page 39 of Hudbay’s management’s discussion and analysis for the year ended December 31, 2017 available on SEDAR at www.sedar.com and EDGAR at www.sec.gov. All amounts are in U.S. dollars unless otherwise noted.

INVESTMENT HIGHLIGHTS

3

Exploration British Columbia, Canada

Rosemont Arizona, USA

Constancia & Exploration Peru

Exploration Chile

1. Based on Hudbay’s TSX closing share price on April 30, 2018. 2. Liquidity including cash balances as of March 31, 2018. 3. Total long-term debt outstanding as at March 31, 2018.

TSX, NYSE, BVL Symbol HBM

Market Capitalization1 C$2.3 billion

Shares Outstanding 261 million

Available Liquidity2 $0.8 billion

Debt Outstanding3 $1.0 billion DIVERSIFIED COPPER PRODUCER

Strong cash flow generation from un-hedged copper and zinc production Portfolio of long-life, low-cost assets in mining friendly jurisdictions in the Americas Relevant scale with meaningful growth profile Proven “drill and build” value creation strategy Broad range of management experience and technical skill to deliver on plan

Lalor, 777, Reed & Exploration Manitoba, Canada

CONSISTENT STRATEGY SINCE 2010

4

VISION STATEMENT Our vision is to become a top-tier operator of long-life, low cost mines in the Americas

STRATEGIC CRITERIA

Long Life

Low Cost

Mining Friendly

Jurisdictions

Copper Focus

Per Share Accretion

Meaningful Scale

Safety & Responsibility

Exploration

Mine Development

Financial Strength

VALUE DRIVERS

TRACK RECORD OF SAFE, RESPONSIBLE MINING OPERATING IN MANITOBA FOR 90+ YEARS

Founded in Flin Flon, Hudbay has discovered and mined 28 mines in Manitoba over the past 90 years

SOCIALLY RESPONSIBLE Track record of constructive community relations in Peru and elsewhere

FOCUS ON SAFETY Zero lost time accidents at the Constancia mine in 2017

MINIMIZING ENVIRONMENTAL FOOTPRINT Rosemont designed to world-class standards for water efficiency

LAYING FOUNDATION FOR GROWTH Well-defined values that govern culture, conduct and decision-making Implementing organizational design to ensure talent development and effective decision making as we grow 5

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) Reserves

Production

+98% Growth

103

118

129

95 86

78

54 57 59 55

39 45

53 52

35

135 133 122

108 109 106 105 105 103

85 89

71 68 76 79 80

68 67 63 73

80

14

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Norsemont Bid Reserve (Norsemont 2009 Technical Report) Actuals and 2018 Technical Report (Hudbay)

CONSTANCIA COPPER PRODUCTION PROFILE3

ADDING VALUE THROUGH EXPLORATION

6

777 (2004-2017)1

1. Source: Company disclosure. 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.

2. 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. 3. Source: Grey bars from NI 43-101 Technical Report on the Constancia mine filed by Norsemont Mining, dated September 28, 2009; assumes first year of production starting in 2015. Yellow bars are

actual Constancia production for years 2015-2017; years 2018-2036 from NI 43-101 Technical Report on the Constancia Mine dated March 29, 2018.

LALOR (2010-2017)1

Contained Copper in Concentrate (kt)

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) Reserves

Production

+56% Growth

0.0

0.5

1.0

1.5

IPO Reserve Production to Date + Current Reserve

Cop

per E

quiv

alen

t (M

t) Reserves

Production

+31% Growth

CONSTANCIA (2009-2017)1

2

EXPERIENCED MINE DEVELOPER Proven track record of successful new mine development and in-depth mining expertise in both open pit and underground mining Hudbay built 30% of the mines constructed by its peer group in the last ten years and invested 37% of the capital spent by its peer group on mine development

7

% OF MINES CONSTRUCTED1 2007 – 2017

1. Majority ownership in a greenfield development project 2. Capital directed by company on completed mine construction. Excludes Oyu Tolgoi Phase 1 capital directed by Rio Tinto. Eagle capex excludes initial capital directed by Rio Tinto. List of Mines: Hudbay – Lalor, Reed, Constancia; First Quantum – Kevitsa, Sentinel; Turquoise Hill – Oyu Tolgoi; Lundin – Eagle; OZ Minerals – Prominent Hill; Capstone – Minto; Nevsun – Bisha

30%

20% 10%

10%

10%

10%

10%

Hudbay First Quantum Turquoise Hill Lundin OZ Minerals Capstone Nevsun

DIRECTED CAPEX (US$B)2 2007 – 2017

$2.2

$2.1

$0.9

$0.4 $0.3

$0.1

286 338

383 388 397 451

481 531

582

-87 -26

64 83 143

198 229

295 321

Q1 2016 LTM

Q2 2016 LTM

Q3 2016 LTM

2016 Q1 2017 LTM

Q2 2017 LTM

Q3 2017 LTM

2017 Q1 2018 LTM

Operating Cash Flow Free Cash Flow

GROWING FREE CASH FLOW & REDUCING DEBT Continue to grow free cash flow through un-hedged production and stable low-cost operations Reduced net debt position by ~$650 million since 2016

8

OPERATING AND FREE CASH FLOW1

Note: LTM = Last Twelve Months. 1. Operating cash flow is operating cash flow before change in non-cash working capital. Free cash flow calculated as operating cash flow less sustaining capital expenditures and less interest paid. 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’s management’s discussion and analysis for the three months ended March 31, 2018.

($M)

NET DEBT2

($M)

1,228 1,168

1,105 1,085 1,035

950

650 623 585

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018

Net Debt

LOW CASH COSTS Hudbay is positioned in the first quartile of the cost curve

9

2018E COPPER C1 CASH COSTS1 (US $/lb)

2018E COPPER C1 + SUSTAINING CAPEX CASH COST1 (US $/lb)

1. Source: Wood Mackenzie’s 2018 by-product C1 cash cost curve and C1 + sustaining capex cash cost curve (Q1 2018 dataset dated March 2018). 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 months ended March 31, 2018.

Hudbay

First Quantum Turquoise Hill

Lundin

Oz Minerals Capstone

($2.00)

($1.00)

$0.00

$1.00

$2.00

$3.00

0% 25% 50% 75% 100%

Hudbay First Quantum

Turquoise Hill Lundin

Oz Minerals Capstone

($2.00)

$0.00

$2.00

$4.00

$6.00

0% 25% 50% 75% 100%

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

LONG MINE LIVES WITH EXPLORATION POTENTIAL Long life assets provide exposure to multiple commodity price cycles

10 1. Contained M&I CuEq metal (exclusive of reserves) divided by 2017 CuEq production rate. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 2. Contained Inferred CuEq metal (exclusive of reserves and M&I) divided by 2017 CuEq production rate. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 3. 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. 4. Peak to trough performance and average cycle prices based on average annual nominal copper prices.

RESERVE AND RESOURCE LIFE

HISTORICAL COPPER PRICE CYCLES4

19

18

9

3

11

6

2

1

1

1

3

1

Rosemont

Constancia

Lalor

777

Reserve Life M&I Resource Life Inferred Resource Life

3

1 2

2 Years +43% $2.72/lb Avg.

2016 - 2018

5 Years -46% $3.16/lb Avg.

2011 - 2016

12 Years +436% $2.05/lb Avg.

1999 - 2011

4 Years -45% $1.02/lb Avg.

1995 - 1999

0.0

20.0

40.0

60.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Cop

per E

quiv

. Res

erve

s pe

r HB

M S

hare

(C

uEq

lbs/

sh)

Manitoba Peru Arizona Other

0.0

2.0

4.0

6.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Cop

per E

quiv

. Res

erve

s (M

t)

Manitoba Peru Arizona Other

RESERVE GROWTH & PER SHARE ACCRETION

11 Source: Company disclosure. Note: CAGR = Compound Annual Growth Rate. 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.

HUDBAY 2007-2017 RESERVE GROWTH HUDBAY 2007-2017 RESERVE GROWTH PER SHARE

Focused on NAV per share and reserve per share accretion

GROWTH IN MINING FRIENDLY JURISDICTIONS Growth in jurisdictions that support responsible mining in the Americas, with strong rule of law and respect for human rights

12

2018-2023 COPPER PRODUCTION GROWTH3

First Quantum

Lundin OZ Minerals

Capstone

Nevsun

Hudbay

-60% -40% -20% 0% 20% 40% 60% 80% 100%

220% Turquoise Hill

2023 PRODUCTION IN INVESTMENT GRADE JURISDICTIONS2 AND 2018-2023 COPPER PRODUCTION GROWTH3

100%

PER

CEN

TAG

E O

F PR

OD

UC

TIO

N IN

INVE

STM

ENT

GR

ADE

JUR

ISD

ICTI

ON

S2

1. Hudbay disclosure; actual 2017 production and 2017 CuEq reserves. 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.

2. Source: 2023 production figures from Wood Mackenzie’s Q1 dataset dated March 2018. Country credit ratings assigned in accordance with Standard & Poor’s Country Credit Score, where country ratings of BBB- or higher are considered “investment grade” countries valued at 100%; country ratings of BB+ and below are considered “non-investment grade” and valued at 0%; country values weighted on a production basis.

3. Source: Wood Mackenzie’s Q1 dataset dated March 2018.

Canada

Peru

United States 5,383 kt CuEq

13%

43%

44%

HUDBAY 2017 RESERVE BASE1

Canada

Peru 234 kt CuEq

44%

56%

HUDBAY 2017 PRODUCTION1

% OF PROJECTS BY OUTPUT

COPPER GROWTH PROJECTS

Approximately 40% of new production is expected to come from the DRC, Mongolia, Zambia Only 38% of new production is expected to come from mining friendly jurisdictions (Chile, Peru, USA) Approximately 50% of new production is from greenfield projects

13 Source: Wood Mackenzie’s list of base and probable new projects and expansions from 2019-2035 (Q1 2018 dataset dated March 2018).

NEW COPPER PRODUCTION DEPENDENT ON GREENFIELD MINES IN DIFFICULT JURISDICTIONS

Mining Friendly Jurisdictions

4.3 Mtpa

Chile

Peru

USA

DRC

Mongolia

Panama

Zambia

Others

38%

0

5

10

15

20

25

2010 2015 2020 2025 2030

Base Case (Existing) Base Case (Growth) Probable Projects Demand

6Mt Deficit

Mt

COPPER SUPPLY/DEMAND OUTLOOK

Probable projects are required to come on by 2019 in order to balance market; structural deficit exists beyond 2024 Near-term surplus projected by Wood Mackenzie amounts to less than 1% of annual production in any given year and is highly sensitive to supply disruptions An increasing proportion of demand for power is being met from renewable energy sources; copper a critical component of the “green economy” Increase in the demand for electric vehicles will have a significant impact on copper fundamentals; copper demand in EVs expected to increase from 185,000 tonnes in 2017 to 1.74 million tonnes in 2027 Low susceptibility to demand disruption

14

INSUFFICIENT COPPER PROJECTS TO FILL GAP

0 200 400 600 800

1,000 1,200 1,400 1,600 1,800 2,000

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

KtC

u

Car BEV Car HEV Car PHEV Ebus Hybrid Ebus BEV

COPPER SUPPLY/DEMAND OUTLOOK1

ELECTRIC VEHICLE COPPER DEMAND2

1. Source: Wood Mackenzie ‘s Q1 2018 dataset dated March 2018. 2. Source: International Copper Association, “The Electric Vehicle Market and Copper Demand” dated June 2017; research conducted by IDTechEx.

GROWING EXPOSURE TO COPPER Un-hedged copper and zinc production

15

Note: 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. 1. CuEq production for the full year ended December 31, 2017. 2. 2017 Hudbay CuEq reserves.

2017 PRODUCTION BREAKDOWN1

2017 RESERVE BREAKDOWN2

73%

8%

7%

7% 5%

Copper Gold Silver Molybdenum Zinc

68%

19%

9% 4%

Copper Zinc Gold Silver

234 kt CuEq 5,383 kt CuEq

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027ECuEq

Con

tain

ed in

Con

cent

rate

(to

nnes

)

Manitoba Peru Arizona

CONSOLIDATED PRODUCTION PROFILE

Production profile is based on a hypothetical scenario assuming first year of Rosemont construction occurs in 2019; Rosemont project development is conditional upon receipt of final permits and Board approval

16

GROWING COPPER EQUIVALENT PRODUCTION

HUDBAY CONSOLIDATED ANNUAL CUEQ PRODUCTION 1,2

1. Source: Copper equivalent contained in concentrate production sourced from mid-point of 2018 annual guidance, and filed technical reports for 2019 onwards. NI 43-101 Technical Report on the Constancia Mine dated March 29, 2018; NI 43-101 Technical Report on the Lalor Mine dated March 30, 2017; NI 43-101 Technical Report on the 777 Mine dated October 15, 2012; NI 43-101 Technical Report on the Rosemont Project dated March 30, 2017. 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.

2. The information shown here assumes a hypothetical scenario where the first year of construction for Rosemont occurs in 2019 (ie. “year -3” in the Rosemont technical report). Production numbers are shown on an attributable basis (ie. 80% of Rosemont copper production). Development of Rosemont is conditional upon receipt of final permits and the approval of Hudbay’s Board of Directors.

+40% Increase

PROJECT PIPELINE Hudbay has a diversified portfolio of operating mines and an extensive development pipeline to perpetuate production growth

17

Production

Shovel-ready Development

Reed 777 Lalor Constancia

Pampacancha

Constancia Regional Targets

Peru Greenfield

Targets Lalor Cu-Au

ManitobaRegional Targets

B.C. Earn-ins

Chile Greenfield

Targets

Rosemont

Resource Definition / Feasibility / Exploration / Initial Resource

Junior Toeholds

EXPLORATION FOCUS

18

CANADA

PROPERTY OWNERSHIP LAND

SURFACE (HA)

BRITISH COLUMBIA

Ike Optioned 46,203

Pine Optioned 32,865

Joy Optioned 7,346

MANITOBA / SASKATCHEWAN

Goose Lake 100% Owned 398,209

Harmin-Fenton 100% Owned 7,751

Watts River 100% Owned 7,675

Chisel Basin 100% Owned 6,274

Coronation-Birch 100% Owned 5,974

Reed Lake 70% Owned 4,360

Other Manitoba - 77,343

Other Saskatchewan - 114,939

TOTAL 708,939

PERU

PROPERTY OWNERSHIP LAND

SURFACE (HA)

Pinco Pinco 100% Owned 10,600

Llaguen Optioned 8,897

Maria Reyna Optioned 5,850

Kusiorcco 100% Owned 3,962

Kaval 100% Owned 800

Tingo 100% Owned 800

Lucmo 100% Owned 400

Caballito Optioned 120

Other - 142,694

TOTAL 174,123

CHILE

PROPERTY OWNERSHIP LAND

SURFACE (HA)

Undercaliche MOU for Option 219,021

Trilco 100% Owned 24,713

Paleoceno MOU for Option 8,300

San Antonio 100% Owned 1,531

Llahuin Optioned 1,361

TOTAL 254,926

OVER 1.1 MILLION HECTARES OF OWNED OR OPTIONED MINERAL PROPERTIES

Hudbay more than tripled its owned or optioned mineral properties in the last two years

0.0

0.1

0.2

0.3

0.4

0.5

0.6

Freeport McMoRan

First Quantum KAZ Minerals Lundin Hudbay Oz Minerals Capstone Imperial Metals Taseko Turquoise Hill

RELEVANT SCALE & MEANINGFUL GROWTH Hudbay is one of the top investible1 pure play2 copper producers, offering investors relevant scale and meaningful production growth

19

2018E GLOBAL COPPER PRODUCTION (Mt)

2018E-2023E COPPER PRODUCTION GROWTH (%)

-80% -40%

0% 40% 80%

120% 160% 200% 240%

Turquoise Hill Hudbay KAZ Minerals Lundin First Quantum Oz Minerals Imperial Metals Taseko Freeport McMoRan

Capstone

Source: Production sourced from Wood Mackenzie’s Q1 2018 dataset dated March 2018. 1. Reporting issuer with over 50% free float. 2. Over 50% of revenue from copper. 3. Based on closing share prices on March 31, 2018.

1.6Mt

Market Cap3 (US$B): $0.3

Primary Jurisdiction of Growth: USA Mongolia Kazakhstan Chile Panama Australia Canada Canada/USA USA Chile/USA

$25.5 $9.7 $5.4 $4.8 $2.1 $0.4 $0.2 $1.8 $6.2

SOUTH AMERICA BUSINESS UNIT

20

AREQUIPA

Cusco

CUSCO

Matarani

Imata

Arequipa

Cerro Verde

MOQUEGUA

TACNA 100km 0

Las Bambas

Yauri

Tintaya Antapaccay

CONSTANCIA

Lima

PERU

CONSTANCIA

MINE

TOWN

RAILROAD

ROAD

LOW-COST, LONG-LIFE COPPER MINE IN PERU Began production at end of 2014 Developed and maintain meaningful partnerships with the local communities New 2018-2020 collective agreement in place

Location Chumbivilcas, Peru

Ownership 100%

Type of deposit Porphyry copper-molybdenum deposit

Processing On-site processing plant

End products Copper and molybdenum concentrates

LTM Daily ore milled 83k tpd

LTM Cu production1 126kt

LTM Unit operating cost2 $8.78/t

LTM Cash cost per lb Cu3 $1.29/lb

LTM Sustaining capital4 $116m

LTM Sustaining cash cost4 $1.72/lb

Current mine life 19 years

Note: LTM = Last twelve months as of March 31, 2018. 1. Production is contained metal in concentrate. 2. Combined mine, mill and G&A unit operating costs per tonne of ore

processed (after impact of capitalized stripping). 3. Net of by-products. Includes impact of silver and gold streams. 4. Sustaining capital includes capitalized stripping costs, but excludes

Pampacancha project capital. 5. Sustaining cash cost per pound copper produced, includes sustaining

capital costs and royalties.

CONSTANCIA MINE

21

0

65

7580

87

0

20

40

60

80

100

2014 2015 2016 2017 2018

Con

stan

cia

Mill

Thr

ough

put R

ate

(ktp

d) 2011 Projected (76ktpd)

2018 Projected (90ktpd)2012 Projected (85ktpd)

2009 Projected (55ktpd)

109 106 105 105 103

$1.29

$1.05 $0.94

$1.06 $1.12

$1.66 $1.44

$1.11 $1.22 $1.45

2019E 2020E 2021E 2022E 2023E

Cu Production Cash Cost Sustaining Cash Cost

5-YEAR PRODUCTION AND COST1 (2019E-2023E)

CONSTANCIA OPTIMIZATION Annual copper production of 105k tonnes at cash costs of $1.09/lb and sustaining cash costs of $1.38/lb over 5 years (2019-2023) Mining of high-grade Pampacancha satellite deposit intended to enhance Constancia grade starting in 2019; community negotiations ongoing Increasing throughput to 90,000tpd

22

1. Source: NI43-101 Technical Report on the Constancia mine filed by Hudbay on SEDAR, dated March 29, 2018. Production refers to contained metal in concentrate. Cash cost and sustaining cash cost are reported net of by-product credits, are calculated at reserve prices ($3.00/lb Cu, $11.00/lb Mo, $18.00/oz Ag, $1,260/oz Au) and include the impact of the precious metals stream and capitalized stripping. Cash cost includes on-site and off-site costs, and sustaining cash cost includes the addition of royalties and sustaining capital, but excludes Pampacancha project capital.

2. 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. 3. Projected throughput of 76,000tpd in NI-43101 Technical Report on the Constancia mine filed on SEDAR by Norsemont Mining, dated February 21, 2011. 4. Projected throughput of 85,000tpd in NI43-101 Technical Report on the Constancia mine filed by Hudbay on SEDAR, dated October 15, 2012. 5. Projected throughput of 90,000tpd in NI43-101 Technical Report on the Constancia mine filed by Hudbay on SEDAR, dated March 29, 2018. 6. 2014-2016 actuals. 2018E from March 29, 2018 technical report on Constancia.

THROUGHPUT

($/lb Cu) (Kt) ($/lb Cu)

2

3

4

6

Target throughput increased ~64%

from bid date

5

MINING PROPERTIES NEAR CONSTANCIA

Exploration work to be conducted on newly acquired properties near Constancia with potential to provide higher-grade feed to the Constancia mill post-Pampacancha

23

MINERAL PROPERTIES WITHIN TRUCKING DISTANCE OF CONSTANCIA PROCESSING FACILITY

0 5,000 10,000

Meters

Constancia Pit Pampacancha Pit

Caballito

Maria Reyna

Hudbay

Kusiorcco

Caballito/ Maria Reyna

LEGEND Process Plant

Winnipeg

777 LALOR

REED

REED MINE

777 MINE Flin Flon Flin Flon Mill

LALOR MINE

MAN

ITOBA

SASKATCH

EWAN

0 50km

Snow Lake

MINE MILL TOWN RAILROAD ROAD

LALOR MINE

Stall Mill

New Britannia Mill

Snow Lake

0 5km

LALOR MINE Stall Mill

MANITOBA BUSINESS UNIT

24

Location Snow Lake, Manitoba

Ownership 100%

Type of deposit VMS deposit

Processing Stall and Flin Flon mills

End products Refined zinc, zinc and copper concentrates

LTM Daily ore milled 3,060tpd

LTM Zn production1 75kt

LTM Au-Eq. production1 50koz

LTM Cu production1 6kt

LTM Unit operating cost2 C$140/t

Current mine life 9 years

Note: LTM = Last twelve months as of March 31, 2018. 1. Production is contained metal in concentrate; silver converted to gold at a rate

of 70:1. 2. Combined mine, mill and G&A unit operating costs per tonne of ore

processed.

PRODUCING LOW-COST MINE WITH ZINC AND GOLD UPSIDE POTENTIAL

Production shaft with capacity of 6,000tpd Strong ramp-up of ore production; on track for expanded 4,500tpd mine plan by third quarter 2018 Gold zone mining to begin in 2018 to enhance production and support evaluation of gold processing opportunities

LALOR MINE

25

26

Potential for up-dip extension

Ramp from Chisel

Lens 10

Lens 40

base metal zones

gold zones

copper & gold zones

gold zone 25

Lens 31-32

LALOR EXPLORATION LALOR CROSS-SECTION, LOOKING SOUTHWEST

Legend

Lens 25 Possible extension of gold rich Lens 25

Lens 27

Possible Cu-Au feeder of Lens 10

267W01 193W01

296W01 296

283W02 283 273

189W01

Location Flin Flon, Manitoba

Ownership 100%

Type of deposit VMS deposit

Processing Flin Flon mill

End product Refined zinc, zinc and copper concentrates

LTM Daily ore milled 4,440tpd

LTM Cu production1 31kt

LTM Zn production1 59kt

LTM Au-Eq. production1 68koz

LTM Unit operating cost2 C$110/t

Current mine life 3 years

Note: LTM = Last twelve months as of March 31, 2018. 1. Production is contained metal in concentrate; silver converted to gold at

a rate of 70:1. 2. Combined mine, mill and G&A unit operating costs per tonne of ore

processed.

777 MINE

27

STEADY, LOW-COST PRODUCTION Maximizing cash flow to end of mine life Plan to keep processing assets on care and maintenance after mine closure to maintain regional optionality

ARIZONA BUSINESS UNIT

28

Tucson

ROSEMONT

MINE

TOWN

RAILROAD

ARIZONA, US

PIMA

ROAD

Twin Buttes Mine

Sierrita Mine

Tucson

Sonoita

Three Points

Mission Complex

Patagonia

SANTA CRUZ

0 25km

Green Va l ley ROSEMONT

Location Tucson, Arizona

Ownership 80%2

Type of deposit Copper-molybdenum skarn deposit

Processing On-site processing plant

End products Copper and molybdenum concentrates

Avg. LOM Strip Ratio 2.0

Avg. LOM annual Cu production3 112kt

Avg. LOM Unit operating cost4 $7.92/t

Avg. LOM Cash cost per lb Cu5 $1.29/lb

Avg. LOM Annual sustaining capital6 $61m

Avg. LOM Sustaining cash cost7 $1.65/lb

Current mine life 19 years

ROSEMONT PROJECT

Note: “Tons” or “t” on this page refer to short tons, not metric tonnes, unless otherwise noted. LOM = Life of Mine. As per NI 43-101 Technical Report on the Rosemont Project dated March 30, 2017. 1. Economic analysis assumes $3.00/lb Cu, $11.00/lb Mo, and precious metal streaming price of $3.90/oz Ag, subject to 1% annual inflation adjustment after three years. Hudbay basis adjusts for

joint venture partner expected payments to earn into their minority interest and outstanding joint venture loan owed to Hudbay. 2. Hudbay’s ownership in the Rosemont project is subject to an earn-in agreement with United Copper & Moly LLC (“UCM”), a Korean consortium, pursuant to which UCM has earned a 7.95% interest

in the project and may earn up to a 20% interest. 3. Production is contained metal in concentrate. 4. Combined mine, mill and G&A unit operating costs per tonne of ore processed (after impact of capitalized stripping). 5. Net of by-products. Includes impact of precious metal stream. Metal prices per the precious metals stream agreement are as follows: $3.90/oz Ag, $450/oz Au. Other metal price assumptions are

as follows: $3.00/lb Cu, $11.00/lb Mo, $18/oz Ag. 6. Sustaining capital includes capitalized stripping costs. 7. Sustaining cash cost per pound copper produced, includes sustaining capital costs and royalties.

ECONOMICS1

PROJECT HUDBAY

NPV 8% $769m $719m

NPV 10% $496m $499m

IRR (after-tax) 15.5% 17.7%

Payback period 5.2 years 4.9 years

High-quality development project with well-established infrastructure

March 2017 43-101 demonstrates robust project economics 19 year mine life generating 15.5% after-tax project IRR and 17.7% IRR to Hudbay at $3.00/lb Cu

Years 1-10 avg. annual production of 140,000 tons (127,000 metric tonnes) Cu at a cash cost of $1.14/lb

Permitting and community engagement progressing

Positioned to move into construction soon after permitting is complete

29

30

ROSEMONT TIMELINE KEY MILESTONES

2007 2008 2009 2010 2011 2012

2013 2014 2015 2016 2017 2018

Mine Safety and Health Administration Number issued (July)

EPA Hazardous Waste Identification Number received (September)

ADWR Groundwater Withdrawal Permits issued (January)

ADEQ Stormwater Multi-sector General Permit issued (February)

Note: ADWR = Arizona Department of Water Resources; ADEQ = Arizona Department of Environmental Quality; SSSR = Save the Scenic Santa Ritas; FICO = Farmers Investment Co.; FOIA = Freedom of Information Act

ADEQ Construction Stormwater General Permit issued (July)

Arizona Department of Transportation Encroachment Permit issued (March)

ADEQ Aquifer Protection Permit issued (April)

ADEQ Construction Stormwater General Permit issued (July)

ADEQ 401 Certification issued (February)

ADEQ 401 Certification Amendment issued (Nov.)

ADEQ Class II Air Permit renewed (April)

ONLY ONE KEY PERMIT OUTSTANDING: U.S. ARMY CORPS OF ENGINEERS 404 PERMIT MINE PLAN OF OPERATIONS PENDING U.S. FOREST SERVICE APPROVAL

Arizona Corporation Commission and the Line Siting Committee Certificate of Environmental Compatibility issued (March; amended June)

Arizona State Mine Inspector, Arizona Mined Land Reclamation Permit issued (July)

Arizona State Land Department Utility Rights of Way issued (Nov.)

Arizona State Mine Inspector Start-up Notice for Mine Operations filed (September)

Pima County Department of Environmental Quality Air Activity Permit issued (March)

U. S. Forest Service Final Record of Decision issued (June)

Town of Sahuarita Right of Way Encroachment Permit issued (June)

Pima County Flood Control District Permit renewed(June)

U.S. Forest Service Final Environmental Impact Statement Complete (December)

U.S. Forest Service Draft Environmental Impact Statement Released (October)

Hudbay Acquires the Rosemont Project (July)

Arizona Superior Court determines that County's Outdoor Lighting Code does not apply to Rosemont (May)

Mine Plan of Operations filed with U.S. Forest Service (July)

ADEQ Class II Air Permit issued (January)

Project opponents (SSSR, FICO) sue U.S. Forest Service over alleged violations of Federal Advisory Committee Act and FOIA; request for preliminary injunction is denied and parties then stipulate to dismissal

Rosemont appeals County's denial of air permit; Court agrees that County acted arbitrarily and capriciously (then State asserts jurisdiction)

Court upholds ADEQ's issuance of Aquifer Protection Permit (Nov.) ADEQ and Rosemont

successfully defend air permit through litigation (July)

Court agrees with ADEQ and Rosemont in County's attempted appeal of 401 Certification (January)

0

500

1000

1500

2000

2500

Total initial capital

Stream upfront

payment

Proposed equipment financing

Joint venture earn-in

payment

Joint venture share of

remaining capital

Hudbay's share of capital

ROSEMONT INITIAL CAPITAL COST BREAKDOWN

$ million

Site wide $42

Mining $474

Process plant $671

Site services & utilities $22

Internal infrastructure $127

External infrastructure $114

Common construction facilities $51

EPCM services $107

Owner’s cost $313

Total initial capital $1,921

ROSEMONT INITIAL CAPEX & FUNDING

3-year construction period; $144 million in year 1, $861 million in year 2, $768 million in year 3, remaining capital in ramp-up period

~5% growth and 15% contingency added per item

31

INITIAL CAPITAL COST ESTIMATE OF $1.9 BILLION

HUDBAY’S SHARE OF CAPITAL IS APPROXIMATELY $1.1 BILLION

$1,921

($M)

$230 $200

$106 $277

$1,108

2018 OBJECTIVES

32

Continue to focus on generating free cash flow and increasing net asset value

Advance in-house brownfield growth opportunities Complete Lalor paste plant and ramp up base metal ore throughput from Lalor to 4,500 tonnes per day Pampacancha Lalor gold

Advancing permitting and technical work at Rosemont

Test promising exploration targets near Constancia and Lalor and at greenfield sites in Peru, Chile and Canada

Continue to evaluate exploration and acquisition opportunities that meet our strategic criteria

33

APPENDIX

APPENDIX CONTENTS

34

CONTENTS SLIDE#

2018 Guidance 35-36

Financial Flexibility 37

Global Refined Zinc Market Balance 38

Constancia Site Map 39

Maria Reyna Historical Drill Results 40

Constancia Mine Plan Summary 41

Lalor Mine Plan Summary 42

Rosemont: World Class Environmental Mitigation 43

CONTENTS SLIDE#

Leverage to Commodities 44

Precious Metals Stream Overview 45

Peru Mineral Reserves 46

Peru Mineral Resources 47

Manitoba Reserves & Resources 48

Arizona Reserves & Resources 49

Additional Information 50-51

2018 GUIDANCE

35

CONTAINED METAL IN CONCENTRATE1 2018 GUIDANCE 2017 ACTUAL 2017 GUIDANCE

MANITOBA2

Copper tonnes 27,500 – 32,500 37,411 32,500 – 42,500

Zinc tonnes 105,000 – 130,000 135,156 125,000 – 150,000

Precious Metals3 ounces 120,000 – 145,000 106,918 90,000 – 110,000

Combined Unit Operating Costs4 C$/tonne ore processed C$110 - 123 C$118 C$88 – 108

PERU

Copper tonnes 95,000 – 115,000 121,781 100,000 – 115,000

Precious Metals3 ounces 50,000 – 70,0005 51,493 55,000 – 65,000

Combined Unit Operating Costs4 $/tonne ore processed $7.5 – 9.2 $8.83 $7.20 – 8.80

TOTAL CONSOLIDATED

Copper tonnes 122,500 – 147,500 159,192 132,500 – 157,500

Zinc tonnes 105,000 – 130,000 135,156 125,000 – 150,000

Precious Metals3 ounces 170,000 – 215,0005 158,411 145,000 – 175,000

1.Metal reported in concentrate is prior to refining losses or deductions associated with smelter terms. 2. Includes 100% of Reed mine production; Hudbay owns a 70% interest in the Reed mine. 3.Precious metals production includes gold and silver production on a gold-equivalent basis. Silver converted to gold at a ratio of 70:1. 4.Reflects combined mine, mill and G&A costs per tonne of milled ore. Peru costs are presented in USD and reflect the deduction of expected capitalized stripping costs. Manitoba costs are presented in CAD

and include the cost of ore purchased from the joint venture partner at the Reed mine. 5.As updated in Hudbay’s press release dated May 2, 2018.

PRODUCTION AND UNIT COST

2018 GUIDANCE

36

EXPLORATION

$ MILLIONS

Peru 20

Manitoba 15

Generative and Other 15

TOTAL EXPLORATION EXPENDITURES 50

Capitalized Spending (10)

TOTAL EXPLORATION EXPENSE 40

$ MILLIONS 2018 GUIDANCE 2017 GUIDANCE

SUSTAINING CAPITAL

Manitoba 85 65

Peru2 50 120

TOTAL SUSTAINING CAPITAL 135 185

GROWTH CAPITAL

Manitoba 20 40

Peru 454 25

Arizona3 35 20

TOTAL GROWTH CAPITAL 100 85

Capitalized Exploration 10 2

TOTAL CAPITAL EXPENDITURE 245 272

CAPITAL EXPENDITURE1

1. Excludes capitalized interest. 2. Includes capitalized stripping costs. 3. Capitalized spending. 4. As disclosed in Hudbay’s press release dated May 2, 2018, the majority of Peru’s growth capital is expected to be incurred in 2019 as a result of the anticipated delay in the mining of the Pampacancha

deposit.

FINANCIAL FLEXIBILITY

37

DEBT OUTSTANDING MARCH 31, 2018

AMOUNT DRAWN

INTEREST RATE MATURITY MAINTENANCE

COVENANTS

Senior Unsecured Notes Moody’s B3 rating (stable) S&P B+ rating (stable)

$400 7.250% January 2023 None

$600 7.625% January 2025 None

Credit Facilities Cash Drawdowns Letters of Credit

$133

$0 $133

LIBOR + 2.50%1 July 2021

4.50x Total Debt/EBITDA2 2.00x Secured Debt3/EBITDA

3.00x EBITDA/Interest4

$1.3B TNW5

1. Interest rate fluctuates based on net debt leverage ratio. Interest rate is LIBOR + 2.50% based on the financial results for the twelve months ended March 31, 2018. 2. Consolidated; gross total debt to EBITDA of less than 4.50x in 2018 and 4.00x thereafter. 3. Consolidated; secured debt includes credit facilities and equipment finance borrowings. 4. Consolidated; based on total interest. 5. TNW = tangible net worth.

MARCH 31, 2018 $ MILLIONS

Cash and Cash Equivalents $393

Availability under Credit Facilities $417

Total Available Liquidity $810

GLOBAL REFINED ZINC MARKET BALANCE Fundamentals will support higher prices in the near-term, but supply-side responses from high prices expected to push market into surplus

38

ZINC

Source: Wood Mackenzie, Global Zinc Long-Term Outlook Q1 2018 dated March 2018.

0

20

40

60

80

100

120

140

160

180

200

-1000

-750

-500

-250

0

250

500

750

1000

1250

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

LME Zn Price R

eal c/lb kt

Zn

Refined Surplus (Deficit) Zinc Price

CONSTANCIA SITE MAP

39

Constancia Camp Crushing Area

Sediment Pond

PROCESS PLANT

Fortunia Camp

Chilloroya Town

TAILING MANAGEMENT FACILITY

WASTE ROCK FACILITY

CONSTANCIA PIT

Cunahuri Reservoir

PAMPACANCHA PIT

Main Sediment

Pond Topsoil

Stockpile

NAG Stockpile

WRF Containment

Pond

ORE STOCKPILES

HAUL ROAD

PUBLIC ACCESS ROAD

ROM Pad

PAMPACANCHA SATELLITE DEPOSIT LOCATED ~7km (BY TRUCK) FROM PRIMARY CRUSHER

MARIA REYNA HISTORICAL DRILL RESULTS A summary of the historical drill results from Maria Reyna is contained in the table below, however a qualified person has not independently verified this historical data or the quality assurance and quality control program that was applied during the execution of this drill program for Hudbay and, as such, Hudbay cautions that this information should not be relied upon by investors.

40

Note: The intersections represent core length and are not representative of the width of the possible mineralised zone. Note: For additional information, including drill hole locations and the data verification and quality assurance / quality control carried out by the prior owner, please refer to Management’s Discussion and Analysis for Indico Resources Ltd. (“Indico”) for the year ended May 31, 2014, as filed by Indico on SEDAR on September 29, 2014. 1 Intervals were calculated with maximum of 10m of 0.1% CuEq internal dilution, 0.2% CuEq edge grade, minimum length of 15m. For CuEq calculations the following variables were used: $3.00/lb Cu, $15.00/lb Mo, $21.00/oz Ag; no allowances for metallurgical recoveries were made.

VALE DRILL RESULTS

VALE DRILL INTERSECTIONS AT 0.2% CUEQ1 CUT-OFF

Hole ID From (m) To (m) Ag (ppm) Cu (%) Mo (ppm) CuEq % Interval (m)

DH-001 206 256 1.5 0.20 113 0.27 50 DH-002 0 136 4.1 0.52 78 0.61 136

DH-003 226 256 1.7 0.24 122 0.31 30 460 480 0.3 0.19 62 0.22 20

DH-004 10 240 3.0 0.26 124 0.35 230

336 486 1.5 0.18 147 0.27 150 502 522 0.8 0.19 87 0.24 20

DH-005 10 76 4.8 0.63 122 0.74 66 DH-006 0 114 4.0 0.32 112 0.41 114

DH-007 0 106 2.5 0.39 267 0.55 106

176 216 1.7 0.25 280 0.41 40 232 310 1.0 0.17 272 0.31 78

DH-008 256 394 1.4 0.28 130 0.36 138 432 519.85 1.7 0.23 209 0.36 87.85

DH-009 18 90 1.7 0.28 335 0.47 72

110 172 0.7 0.14 184 0.24 62 196 256 0.9 0.18 106 0.24 60

DH-010 262 314 1.7 0.30 204 0.42 52 344 406 2.1 0.34 641 0.68 62

DH-011 18 178 2.9 0.50 998 1.03 160

374 406 1.1 0.14 175 0.24 32

CONSTANCIA MINE PLAN SUMMARY

41

MINE PLAN SUMMARY – MARCH 29, 2018 TECHNICAL REPORT

2019E 2020E 2021E 2022E 2023E LOM Avg.1

Ore mined million tonnes 37.7 34.0 27.6 28.6 33.6 30.8

Waste mined million tonnes 32.5 32.0 38.1 39.5 35.4 33.7

Strip ratio waste:ore 0.9 0.9 1.4 1.4 1.1 1.1

Ore milled million tonnes 31.3 31.2 31.1 31.1 31.2 31.0

Copper grade milled % Cu 0.41% 0.39% 0.39% 0.39% 0.39% 0.32%

Copper recovery % Cu 84.6% 85.9% 86.0% 86.1% 85.7% 86.0%

Copper production2 000 tonnes 109 106 105 105 103 84

Molybdenum production2 000 tonnes 0.7 2.2 2.7 1.4 1.6 1.1

Gold production2 000 oz 39 78 84 91 57 34

Silver production2 000 oz 2,492 2,074 2,483 2,500 2,663 2,102

On-site costs3 $/t milled $8.41 $8.34 $8.11 $8.34 $7.98 $7.96

Cash cost4 $/lb Cu $1.29 $1.05 $0.94 $1.06 $1.12 $1.44

Sustaining cash cost4 $/lb Cu $1.66 $1.44 $1.11 $1.22 $1.45 $1.75

CAPITAL COSTS:

Sustaining capex $ million $80 $75 $15 $25 $52 $41

Capitalized stripping $ million $8 $15 $21 $10 $22 $16

Total sustaining capex $ million $88 $90 $36 $35 $74 $57

Pampacancha capex $ million $42 $1 $1 - - -

Source: The Constancia Mine, National Instrument 43-101 Technical Report as filed on SEDAR by Hudbay on March 29, 2018. 1. Life-of-mine (“LOM”) average calculated from 2018-2036. 2. Production refers to contained metal in concentrate. 3. On-site costs include mining, milling and G&A costs, and include the impact of capitalized stripping. 4. Cash cost and sustaining cash cost are reported net of by-product credits, are calculated at reserve prices ($3.00/lb Cu, $11.00/lb Mo, $18.00/oz Ag, $1,260/oz Au) and include the impact of the precious metals

stream and capitalized stripping. Cash cost includes on-site and off-site costs, and sustaining cash cost includes the addition of royalties and sustaining capital, but excludes Pampacancha project capital.

LALOR MINE PLAN SUMMARY

42

MINE PLAN SUMMARY – MARCH 30, 2017 TECHNICAL REPORT

2018E 2019E 2020E 2021E 2022E LOM Total1

Ore milled tonnes 1,616,285 1,620,000 1,603,652 1,620,000 1,473,657 12,953,354

Milled daily throughput tonnes per day 4,500 4,500 4,500 4,500 4,100 -

Zinc grade milled % Zn 5.71% 5.62% 4.61% 4.83% 5.72% 4.63%

Copper grade milled % Cu 0.52% 0.48% 0.79% 0.92% 0.95% 0.70%

Gold grade milled g/t Au 2.13 1.86 2.79 2.86 3.16 2.67

Silver grade milled g/t Ag 24.37 21.43 28.43 26.39 26.72 26.97

Zinc production2 000 tonnes 84,723 83,495 66,596 70,810 77,440 579,446

Copper production2 000 tonnes 6,993 6,481 11,168 13,235 12,370 78,689

Gold production2 000 oz 59,202 54,079 83,265 91,994 93,174 653,662

Silver production2 000 oz 591,589 537,611 842,391 909,201 846,328 6,060,893

Mining unit cost3 C$/t mined C$72 C$77 C$77 C$77 C$77 C$78

Milling unit cost3 C$/t milled C$20 C$20 C$20 C$20 C$21 C$22

CAPITAL COSTS:

Development capital C$ million C$42 - - - - C$42

Sustaining capital C$ million C$49 C$31 C$29 C$24 C$21 C$184

Source: The Lalor Mine, National Instrument 43-101 Technical Report as filed on SEDAR by Hudbay on March 30, 2017. 1. Life-of-mine (“LOM”) total calculated from 2018-2027. 2. Production refers to contained metal in concentrate. 3. G&A costs related to shared services incurred in Flin Flon and allocated between 777, Reed and Lalor mines are not included in unit costs.

TECHNOLOGIES EMPLOYED TO REDUCE ENVIRONMENTAL IMPACTS

DRY STACK TAILINGS

Reduces water use by 50%

Reduces land impacts by 80% due to stacking capability

Provides better stability, as well as minimizes aquifer impact

OTHER ADVANCED

TECHNOLOGIES

Permanent buttress in place early to reduce visual impact and accelerate reclamation

Tier 4 engines on equipment to reduce air impacts

Stormwater management system to shed water from the site to ensure less downstream impact

Filtered, shielded, LED lighting on–site to reduce lighting impacts

Attenuated, white-noise back-up alarms to reduce noise impacts

Double-lined process ponds that include a leak collection and recovery system

ROSEMONT: WORLD CLASS ENVIRONMENTAL MITIGATION

43

LEVERAGE TO COMMODITIES Highly leveraged to copper, with additional sensitivity to zinc prices Moderate exposure to changes in C$/US$ exchange rates

44

SENSITIVITY ANALYSIS1

1. Assumes operational performance is consistent with annual guidance for 2018. 2. Operating cash flow before changes in non-cash working capital. 3. Gold price sensitivity also includes the impact of a +/- 10% change in the silver price (2018 assumption is $18/oz Ag).

2018 BASE CHANGE OF 10% REPRESENTED BY:

IMPACT ON OPERATING CASH FLOW2

METAL PRICES:

Copper Price $3.00/lb +/- $0.30/lb +/- $56 million

Zinc Price $1.30/lb +/- $0.13/lb +/- $32 million

Gold Price3 $1,300/oz +/- $130/oz +/- $10 million

EXCHANGE RATES:

C$/US$ 1.25 +/- 0.125 +/- $38 million

PRECIOUS METALS STREAM OVERVIEW

45

PAYMENTS FROM WHEATON PRECIOUS METALS TO HUDBAY

DELIVERY FROM HUDBAY TO WHEATON PRECIOUS METALS

UPFRONT PAYMENTS PRODUCTION PAYMENTS2

777 and Constancia $5.90/oz Silver $400/oz Gold

Rosemont $3.90/oz Silver $450/oz Gold

777 and Constancia $885 million

Rosemont (pending)

$230 million1

Remaining Life of Mine

Silver 100% Gold 50%3

777

CONSTANCIA Remaining Life of Mine

Silver 100% Gold 50%

Life of Mine

Silver 100% Gold 100%

ROSEMONT

1. The stream upfront deposit of $230 million for Rosemont has not yet been received and will be payable upon the satisfaction of certain conditions precedent, including the receipt of permits and the commencement of construction.

2. Payments for production of silver and gold from 777 are subject to 1% annual escalation starting 2015; payments for production of gold and silver from Constancia are subject to 1% annual escalation starting in 2019; payments for production of gold and silver from Rosemont are subject to 1% annual escalation after three years.

3. Percentage of gold streamed at 777 dropped to 50% as of January 1, 2017, from 100%.

PERU MINERAL RESERVES

46

CATEGORY TONNES Cu (%) Mo (g/t) Ag (g/t) Au (g/t)

CONSTANCIA

Proven 455,900,000 0.30 96 2.93 0.035

Probable 72,800,000 0.23 72 3.09 0.035

Total Proven and Probable 528,700,000 0.29 93 2.95 0.035

PAMPACANCHA

Proven 32,400,000 0.59 178 4.48 0.368

Probable 7,500,000 0.62 173 5.75 0.325

Total Proven and Probable 39,900,000 0.60 177 4.72 0.360

Total Mineral Reserves 568,600,000 0.32 99 3.07 0.058

AS AT JANUARY 1, 2018

Note: Totals may not add up correctly due to rounding.

PERU MINERAL RESOURCES

47

AS AT JANUARY 1, 2018

Note: Totals may not add up correctly due to rounding.

CATEGORY TONNES Cu (%) Mo (g/t) Ag (g/t) Au (g/t)

CONSTANCIA

Measured 175,000,000 0.20 51 2.19 0.028

Indicated 180,900,000 0.20 56 2.09 0.033

Inferred 54,100,000 0.24 43 1.71 0.018

PAMPACANCHA

Measured 11,400,000 0.41 101 4.95 0.245

Indicated 6,000,000 0.35 84 5.16 0.285

Inferred 10,100,000 0.14 143 3.86 0.233

Total Measured and Indicated 373,300,000 0.21 56 2.28 0.041

Total Inferred 64,100,000 0.22 59 2.05 0.052

MANITOBA RESERVES & RESOURCES

48

AS AT JANUARY 1, 2018

1. Includes base metal zone, copper-gold zone and gold in contact with base metal zone reserves. 2. Stated at 100%, Hudbay holds a 70% joint venture interest in the Reed mine. 3. Includes gold zone and copper-gold zone resources. Note: totals may not add up correctly due to rounding.

PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t)

Lalor Reserves1 Proven 3,511,000 0.73 6.21 2.37 27.18

Probable 9,484,000 0.65 4.31 2.72 26.03

Total Lalor Mineral Reserve 12,995,000 0.67 4.83 2.62 26.33

777 Reserves Proven 2,625,000 1.78 4.20 1.70 25.97

Probable 1,251,000 1.11 4.33 1.82 25.41

Total 777 Mineral Reserve 3,876,000 1.56 4.24 1.73 25.79

Reed Reserves2 Proven 67,000 2.91 1.16 0.47 7.78

Probable 209,000 3.31 0.40 0.74 6.72

Total Reed Mineral Reserve 276,000 3.21 0.58 0.67 6.98

777 Resources Indicated 736,000 0.99 3.53 1.82 26.24

Inferred 673,000 1.01 4.26 1.72 30.95

Lalor Resources – Base Metal Zone

Indicated 2,100,000 0.49 5.34 1.69 28.10

Inferred 545,000 0.32 8.15 1.45 22.28

Lalor Resources – Gold Zone3

Indicated 1,750,000 0.34 0.40 5.18 30.61

Inferred 4,121,000 0.90 0.31 5.02 27.61

ARIZONA RESERVES & RESOURCES

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AS AT MARCH 30, 2017

MINERAL RESERVES1

CATEGORY Tonnes Cu (%) Mo (%) Ag (g/t)

Proven 426,100,000 0.48 0.012 4.96

Probable 111,000,000 0.31 0.010 3.09

Total 2P Reserves 537,100,000 0.45 0.012 4.58

MINERAL RESOURCES1

CATEGORY Tonnes Cu (%) Mo (%) Ag (g/t)

Measured 161,300,000 0.38 0.009 2.72

Indicated 374,900,000 0.25 0.011 2.60

Total Measured & Indicated 536,200,000 0.29 0.011 2.64

Inferred 62,300,000 0.30 0.010 1.58

1. Based on 100% ownership of the Rosemont project; Hudbay currently owns a 92.05% interest in the project and its ownership interest is subject to an Earn-In Agreement with UCM, pursuant to which UCM has earned a 7.95% interest in the project and may earn up to a 20% interest.

ADDITIONAL INFORMATION The reserve and resource estimates included in this presentation were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves: Definitions and Guidelines.

The mineral resource estimates in this presentation are exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The technical and scientific information in this presentation related to the Constancia mine and the Rosemont project has been approved by Cashel Meagher, P. Geo, Hudbay’s Senior Vice President and Chief Operating Officer. The technical and scientific information related to the Manitoba sites and projects contained in this presentation has been approved by Robert Carter, P. Eng, Hudbay’s General Manager Mining Operations, Manitoba Business Unit. Messrs. Meagher and Carter 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, 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 Hudbay’s annual information form dated March 29, 2018 and the following Technical Reports for each of the company’s material properties as filed by Hudbay on SEDAR at www.sedar.com: NI 43-101 Technical Report on the Constancia Mine dated March 29, 2018; NI 43-101 Technical Report on the Lalor Mine dated March 30, 2017; NI 43-101 Technical Report on the 777 Mine dated October 15, 2012; NI 43-101 Technical Report on the Rosemont Project dated March 30, 2017; and NI 43-101 Technical Report on the Reed Copper Deposit dated April 2, 2012 as filed by VMS Ventures Inc. Quality Assurance/Quality Control procedures for the Lalor exploration program include the systematic insertion of blanks, standards and duplicates into the core sample strings. The results of the control samples are evaluated on a regular basis with batches and are re-analysed and/or resubmitted as needed. There are no drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the preliminary results.

This presentation 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. Information concerning Hudbay’s mineral properties has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from the requirements of the Securities and Exchange Commission (the “SEC”) set forth in Industry Guide 7. Under the SEC's 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 May 10, 2014. 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. 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.

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ADDITIONAL INFORMATION

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Table 1 below provides a summary of the Lalor drill results referenced in this presentation. Table 1: Lalor drill results 1. True widths are estimated based on drill angle and interpreted geometry of mineralization. 2. All gold and copper values are uncut.

Table 2 below provides the coordinates, azimuth and dip of the mineralized intercepts reported in Table 1. Table 2: Supplemental information to the Lalor drill results

Hole ID From (m)

To (m)

Intercept (m)

Depth (m)

Estimated true width(m)1

Cu (%)2

Au (g/t)2

189W01 1197.0 1205.0 8.0 1154 7.1 0.1 9.3 193W01 1041.2 1046.5 5.4 1028 4.1 1.1 2.8 267W01 1120.8 1127.2 6.3 1098 4.5 2.7 11.3

273 1211.8 1215.8 4 1202 2.9 1.9 1.2 283 1242.7 1249.0 6.3 1240 4.2 7.8 5.9

283W02 1270.8 1276.3 5.5 1263 4.1 7.8 2.5 296 1227.5 1233.0 5.5 1184 4.2 5.2 5.6

296W01 1220.5 1228.3 7.8 1175 6.1 3.7 5.4

From To Azimuth at intercept

Dip at intercept Core Size Hole ID Easting Northing Elevation Easting Northing Elevation

189W01 426,663 6,081,675 4,149 426,660 6,081,675 4,142 272 -63 NQ

193W01 427,051 6,081,272 4,273 427,051 6,081,270 4,268 185 -76 NQ

267W01 427,185 6,081,266 4,204 427,183 6,081,266 4,197 242 -79 NQ

273 427,163 6,081,570 4,101 427,162 6,081,570 4,098 206 -79 NQ

283 427,223 6,081,530 4,064 427,222 6,081,530 4,057 248 -83 NQ

283W02 427,263 6,081,461 4,040 427,263 6,081,460 4,035 186 -77 NQ

296 427,251 6,081,311 4,121 427,251 6,081,310 4,115 154 -76 NQ

296W01 427,243 6,081,301 4,130 427,244 6,081,299 4,123 163 -73 NQ

Carla Nawrocki, Director, Investor Relations 416.362.7362 | carla.nawrocki@hudbay.com

FOR MORE INFORMATION CONTACT:

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