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Guidance

3-Year Production Guidance Outlook

Contained Metal in Concentrate and Doré1 2024 Guidance 2025 Guidance 2026 Guidance
Peru
Copper tonnes 98,000 - 120,000 94,000 - 115,000 80,000 - 100,000
Gold ounces 76,000 - 93,000 70,000 - 90,000 15,000 - 25,000
Silver ounces 2,500,000 - 3,000,000 2,700,000 - 3,300,000 1,500,000 - 1,900,000
Molybdenum tonnes 1,250 - 1,500 1,200 - 1,600 1,500 - 1,900
Manitoba
Gold ounces 170,000 - 200,000 170,000 - 200,000 170,000 - 200,000
Zinc tonnes 27,000 - 35,000 25,000 - 33,000 18,000 - 24,000
Copper tonnes 9,000 - 12,000 8,000 - 12,000 10,000 - 14,000
Silver ounces 750,000 - 1,000,000 800,000 - 1,100,000 800,000 - 1,100,000
British Columbia2
Copper tonnes 30,000 - 44,000 30,000 - 45,000 44,000 - 54,000
Gold ounces 17,000 - 26,000 24,000 - 36,000 24,000 - 29,000
Silver ounces 300,000 - 455,000 290,000 - 400,000 450,000 - 550,000
Total
Copper tonnes 137,000 - 176,000 132,000 - 172,000 134,000 - 168,000
Gold ounces 263,000 - 319,000 264,000 - 326,000 209,000 - 254,000
Zinc tonnes 27,000 - 35,000 25,000 - 33,000 18,000 - 24,000
Silver ounces 3,550,000 - 4,455,000 3,790,000 - 4,800,000 2,750,000 - 3,550,000
Molybdenum tonnes 1,250 - 1,500 1,200 - 1,600 1,500 - 1,900

1Metal reported in concentrate and doré is prior to refining losses or deductions associated with smelter terms.
2Represents 100% of the production from the Copper Mountain mine. Hudbay holds a 75% interest in the Copper Mountain mine.

Capital Expenditure Guidance

Capital Expenditures
(in $ millions) 		2024 Guidance4 Year Ended Dec. 31, 2023 2023 Revised Guidance 5 2023 Original Guidance
Sustaining capital1
Peru2 130.0 132.1 150.0 160.0
Manitoba 55.0 55.8 60.0 75.0
British Columbia – sustaining capital 35.0 30.22 33.02 -
British Columbia – capitalized stripping2 70.0
Total sustaining capital 290.0 218.1 243.0 235.0
Growth capital
Peru 2.0 12.1 10.0 10.0
Manitoba3 10.0 13.5 15.0 15.0
British Columbia 5.0 1.2 2.0 -
Arizona 20.0 21.3 25.0 30.0
Total growth capital 37.0 48.1 52.0 55.0
Capitalized exploration 8.0 7.8 10.0 10.0
Total capital expenditures 335.0 274.0 305.0 300.0

Note: Excludes capitalized costs not considered to be sustaining or growth capital expenditures.
1 Sustaining capital guidance excludes right-of-use lease additions and additions as a result of equipment financing arrangements.
2 Includes capitalized stripping costs.
3 Partially funded by approximately $3 million in Canadian Development Expense flow-through financing proceeds.
4 Capital expenditures are converted into U.S. dollars using an exchange rate of 1.35 C$/US$.
5 Capital expenditure guidance reflects revised guidance issued with third quarter results, including lower anticipated capital spend in Manitoba and Peru, and new British Columbia guidance.

Exploration Guidance

Exploration Expenditures
(in $ millions) 		2024 Guidance1 Year Ended Dec. 31, 2023 2023 Guidance
Peru1 17.0 15.2 15.0
Manitoba2 23.0 10.4 15.0
British Columbia 2.0 3.9 —
Arizona and other 1.0 2.4 —
Total exploration expenditures 43.0 31.9 30.0
Capitalized spending (8.0) (7.8) (10.0)
Total exploration expense 35.0 24.1 20.0

1 2023 exploration guidance excludes $5 million of non-cash amortization of community agreements for exploration properties.
2 Partially funded by approximately $11 million in Canadian Exploration Expense flow-through financing proceeds.

Cash Cost Guidance

Cash cost1 2024 Guidance Year Ended Dec. 31, 2023 2023 Guidance
Peru cash cost per pound of copper2 $/lb 1.25 - 1.60 1.07 1.05 - 1.30
Manitoba cash cost per ounce of gold3 $/oz  700 - 900 727 500 - 800
British Columbia cash cost per pound of copper2 $/lb 2.00 - 2.50 2.50 2.40 - 2.85
Consolidated cash cost per pound of copper $/lb 1.05 - 1.25 0.80 0.80 - 1.10
Consolidated sustaining cash cost per pound of copper $/lb 2.00 - 2.45 1.72 1.80 - 2.25

1 Cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, and cash cost per ounce of gold produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-IFRS Financial Performance Measures” section of this news release.
2 Peru and British Columbia cash cost per pound of copper contained in concentrate assumes by-product credits are calculated using the gold and silver deferred revenue drawdown rates in effect on December 31, 2023 for the streamed ounces in Peru and the following commodity prices: $1,900 per ounce gold, $23.00 per ounce silver, $18.00 per pound molybdenum, $1.15 per pound zinc and an exchange rate of 1.35 C$/US$.
3 Manitoba cash cost per ounce of gold produced, net of by-product credits, contained in concentrate and doré assumes by-product credits are calculated using the following commodity prices: $1.15 per pound zinc, $23.00 per ounce silver, $3.75 per pound copper and an exchange rate of 1.35 C$/US$.