2024 Annual Report

Built to Grow

At the close of 2024, Hudbay had three geographically diverse, long-life operating mines with a high-potential fourth project, Copper World, which has now received all the necessary permits for moving forward with development. Our stable operating base, combined with our strengthened financial position, shows that, as we draw near to starting our second century, Hudbay is Built to Grow.

CEO Message

Opening quotation mark In 2027, Hudbay will begin our second century as a mining company, and we are Built to Grow. Our mines, projects and properties provide an outstanding foundation for lasting growth that will make us a better investment, a better partner, a better employer, a better neighbour and a better choice for stakeholders.”

Peter Kukielski President and CEO Read the Full CEO Message

Business and Financial Review

Hudbay delivered record financial performance and a transformed balance sheet in 2024. These achievements were driven by meeting our consolidated production guidance for all metals – with gold production significantly surpassing the top end of the guidance range – and the outperformance of our twice-improved consolidated cash cost guidance.

$2,021.2 million

in annual revenue

$822.5 million

in annual adjusted EBITDA*

Surpassed one million ounces of gold produced at the Lalor mine

Higher mill availability and copper recoveries through optimization efforts at Copper Mountain

All major permits received for the development and operation of Copper World

Advanced drill permitting for the highly prospective Maria Reyna and Caballito properties

* Adjusted EBITDA is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the “Non-GAAP Financial Performance Measures” section in the Company’s management’s discussion and analysis for the period ended December 31, 2024.

People

Our people are key to our success. We are dedicated to creating a safe, inclusive and empowering workplace where employees can thrive and achieve their full potential. By investing in their well-being, professional development and success, we cultivate a values-driven culture that fuels our continued growth.

20%

local employment at our Peru Business Unit

15%

of employees at our Manitoba Business Unit identify as Indigenous

74%

local employment at our BC Business Unit

Monthly employee-led safety meetings at Copper World

Feature Story

Creating an Inclusive and Empowering Space for Women in Mining

READ THE FULL STORY

“Unidas” meeting at Constancia mine in Peru.

Communities

Our success is deeply connected to the communities near our operations. Through local procurement, strategic partnerships and investing in initiatives that create local opportunities, we aim for these communities to thrive. Our goal is to build lasting relationships that empower local populations and contribute to shared prosperity.

$322.8 million

paid in employee wages and benefits

$14.6 million

in community investments

Hudbay conducts annual self-assessments aligned with the Mining Association of Canada’s Towards Sustainable Mining Indigenous and Community Relationships Protocol

In Peru, we signed new sustainable development agreements with six communities in our area of influence

Feature Story

Building on a Foundation of Trust at Copper World

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Billboard by an Arizona road. The text reads, “Hudbay Copper World: The Copper We Need Mined and Made in Arizona.”

Planet

Our responsibility to care for our planet grows as we evolve as an organization. At each stage of mineral development, we prioritize safety, embrace innovation and champion new ways to minimize our environmental impact while adhering to the highest standards.

82%

of total water used was recycled

23%

of waste rock was recycled

102

hectares of land were reclaimed through progressive reclamation efforts

All business units achieved a level A or higher under the TSM Climate Change Protocol