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Reserves and Resources

Lalor Mine


Mineral Reserve and Resource Estimates1,2,3,4,5,6 		Tonnes Zn Grade
(%) 		Au Grade
(g/t) 		Cu Grade
(%) 		Ag Grade
(g/t)
Base Metal Zone Reserves
Proven - Lalor 6,420,000 5.57 2.6 0.47 29.5
Proven - 1901 1,260,000 8.00 2.2 0.32 24.7
Probable - Lalor 1,300,000 4.02 3.2 0.50 32.4
Probable - 1901 380,000 10.01 0.7 0.29 31.0
Total Proven and Probable - Base Metal 9,360,000 5.86 2.6 0.45 29.3
Gold Zone Reserves
Proven - Lalor 3,590,000 0.82 5.9 0.62 28.5
Proven - 1901 50,000 1.22 3.8 0.78 18.7
Probable - Lalor 4,190,000 0.53 5.1 1.05 27.9
Probable - 1901 20,000 0.51 1.6 1.89 5.3
Total Proven and Probable - Gold 7,850,000 0.67 5.4 0.85 28.1
Total Proven and Probable (Base Metal and Gold) 17,200,000 3.50 3.9 0.64 28.7
Base Metal Zone Resources
Inferred - Lalor 1,960,000 5.72 1.5 0.31 30.4
Inferred - 1901 670,000 6.04 1.4 0.22 27.8
Total Inferred - Base Metal 2,630,000 5.80 1.5 0.29 29.7
Gold Zone Resources
Inferred - Lalor 4,170,000 0.28 5.1 1.56 29.0
Inferred - 1901 1,260,000 0.39 4.9 1.49 20.8
Total Inferred - Gold 5,430,000 0.31 5.1 1.54 27.1
Total Inferred (Base Metal and Gold) 8,060,000 2.10 3.9 1.13 28.0

Note: totals may not add up correctly due to rounding.
1 Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability.
2 Mineral resources do not include factors for mining recovery or dilution.
3 Base metal mineral resources are estimated based on the assumption that they would be processed at the Stall concentrator while gold mineral resources are estimated based on the assumption that they would be processed at the New Britannia concentrator.
4 Long-term metal prices of $1.15 per pound zinc, $1,500 per ounce gold, $3.45 per pound copper, and $20.00 per ounce silver with an exchange rate of 1.30 C$/US$ were used to estimate mineral reserves and resources.
5 Lalor mineral reserves and resources are estimated using a minimum NSR cut-off of C$117 per tonne for waste filled mining areas and a minimum of C$127 per tonne for paste filled mining areas.
6 Individual stope gold grades at Lalor were capped at 10 grams per tonne as a prudent estimate until reserves-to-mill reconciliations can be developed to support the recovery of higher-grade gold. This capping method resulted in an approximate 3% reduction in the overall gold reserve grade at Lalor.
7 1901 mineral reserves and resources are estimated using a minimum NSR cut-off of C$110 per tonne.

Snow Lake Regional Deposits - Gold


Mineral Reserve and Resource Estimates1,2,3,4,5,6,7,8 		Tonnes Zn Grade(%) Au Grade
(g/t) 		Cu Grade (%) Ag Grade (g/t)
Probable Reserves
WIM 2,450,000 0.25 1.6 1.63 6.3
3 Zone 660,000 - 4.2 - -
Total Probable (Gold) 3,110,000 0.20 2.2 1.28 5.0
Inferred Resources
Birch 570,000 - 4.4 - -
New Britannia 2,750,000 - 4.5 - -
Total Inferred (Gold) 3,320,000 - 4.5 - -

Note: totals may not add up correctly due to rounding.
1 Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability.
2 Mineral resources in the above tables do not include mining dilution or recovery factors.
3 Gold mineral resources are estimated based on the assumption that they would be processed at the New Britannia concentrator.
4 Long-term metal prices of $1.15 per pound zinc, $1,500 per ounce gold, $3.45 per pound copper, and $20.00 per ounce silver with an exchange rate of 1.30 C$/US$ were used to confirm the economic viability of the mineral reserve estimates.
5 WIM mineral reserves are estimated using a minimum NSR cut-off of C$150 per tonne, assuming processing recoveries of 98% for copper, 88% for gold and 70% for silver based on processing through New Britannia mill's flotation and tails leach circuits.
6 3 Zone mineral reserves are estimated using a minimum NSR cut-off of C$150 per tonne, assuming processing recoveries of 85% for gold based on processing through New Britannia mill's leach circuit.
7 New Britannia mineral resource estimates have been reported at a minimum true width of 1.5 metres and with a cut-off grade varying from 2 grams per tonne (at the lower part of New Britannia) to 3.5 grams per tonne (at the upper part of New Britannia).
8 Mineral reserves and resources were initially estimated using metal price assumptions that vary marginally over the assumptions used to estimate mineral reserves at Lalor. In the Qualified Person’s opinion, the combined impact of these small variations does not have any impact on the mineral reserve and resource estimates.

Snow Lake Regional Deposits - Base Metals


Mineral Reserve and Resource Estimates1,2,3,4,5,6,7 		Tonnes Zn (%) Au Grade(g/t) Cu Grade(%) Ag Grade(g/t)
Indicated Resources
Pen II 470,000 8.89 0.3 0.49 7
Talbot 2,190,000 1.79 2.1 2.33 36
Total Indicated (Base Metals) 2,660,000 3.04 1.8 2.01 31
Inferred Resources
Watts 3,150,000 2.58 1.0 2.34 31
Pen II 130,000 9.81 0.3 0.37 7
Talbot 2,450,000 1.74 1.9 1.13 26
Total Inferred (Base Metals) 5,730,000 2.39 1.3 1.78 28

Note: totals may not add up correctly due to rounding.
1 Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability.
2Mineral resources in the above tables do not include mining dilution or recovery factors.
3 Base metal mineral resources are estimated based on the assumption that they would be processed at the Stall concentrator.
4 Watts mineral resources are estimated using a minimum NSR cut-off of C$150 per tonne, assuming processing recoveries of 90% for copper, 80% for zinc, 70% for gold and 70% for silver.
5 Pen II mineral resources are estimated using a minimum NSR cut-off of C$75 per tonne.
6 Watts and Pen II mineral resources were initially estimated using metal price assumptions that vary marginally over the assumptions used to estimate mineral resources at Lalor. In the Qualified Person’s opinion, the combined impact of these small variations does not have any impact on the mineral resource estimates.
7 Includes 100% of the Talbot mineral resources reported by Rockcliff Metals Corp. in its 2020 NI 43-101 technical report published on SEDAR. Hudbay currently owns a 51% interest in the Talbot project.

Constancia Operations


Mineral Reserve and Resource Estimates1,2,3,4,5 		Tonnes Cu Grade
(%) 		Mo Grade
(g/t) 		Au Grade
(g/t) 		Ag Grade
(g/t)
Constancia Reserves
Proven 426,200,000 0.29 82 0.042 2.90
Probable 56,800,000 0.24 69 0.043 3.06
Total proven and probable - Constancia 483,000,000 0.28 80 0.042 2.92
Pampacancha Reserves
Proven 36,400,000 0.65 177 0.368 5.26
Probable 1,600,000 0.52 234 0.259 6.33
Total proven and probable - Pampacancha 38,000,000 0.65 179 0.364 5.30
Total proven and probable 521,000,000 0.31 87 0.065 3.09
Constancia Resources
Measured 123,800,000 0.22 64 0.038 2.07
Indicated 118,200,000 0.22 65 0.037 2.08
Inferred - Open Pit 51,000,000 0.30 77 0.054 2.69
Inferred - Underground 6,490,000 1.20 69 0.137 8.62
Pampacancha Resources
Measured 9,200,000 0.37 63 0.293 5.71
Indicated 1,500,000 0.39 152 0.223 6.63
Inferred 6,800,000 0.33 102 0.286 5.01
Total measured and indicated 252,700,000 0.23 65 0.048 2.23
Total inferred 64,300,000 0.40 79 0.087 3.53

Note: totals may not add up correctly due to rounding.
1Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability.
2Mineral resources in the above tables do not include mining dilution or recovery factors.
3The open pit mineral reserves and resources are estimated using a minimum NSR cut-off of $6.40 per tonne and assuming metallurgical recoveries (applied by ore type) of 86% for copper on average for the life of mine, while the underground inferred resources at Constancia Norte are based on a 0.65% copper cut-off grade.
4Long-term metal prices of $3.45 per pound copper, $11.00 per pound molybdenum, $1,500 per ounce gold, and $20.00 per ounce silver were used to estimate mineral reserves and resources.
5Mineral resources are based on resource pit designs containing measured, indicated, and inferred mineral resources.




Llaguen Project Mineral


Resource Estimate as at November 1, 20221,2,3,4,5,6 		Tonnes Cu Grade
(%) 		Mo Grade
(g/t) 		Au Grade
(g/t) 		Ag Grade
(g/t) 		CuEq
(%)
Indicated Global
(>= 0.14% Cu)		 271,000,000 0.33 218 0.033 2.04 0.42
Including Indicated High-grade
(>= 0.30% Cu)		 113,000,000 0.49 261 0.046 2.73 0.60
Inferred Global
(>= 0.14% Cu)		 83,000,000 0.24 127 0.024 1.47 0.30
Including Inferred High-grade
(>= 0.30% Cu)		 16,000,000 0.45 141 0.038 2.60 0.52

1CIM definitions were followed for the estimation of mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
2Mineral resources are reported within an economic envelope defined by a pit shell optimization algorithm. This pit shell is defined by a revenue factor of 0.33 assuming operating costs adjusted from Hudbay’s Constancia open pit operation.
3Long-term metal prices of $3.60 per pound copper, $11.00 per pound molybdenum, $1,650 per ounce gold and $22.00 per ounce silver were used for the estimation of mineral resources.
4Metal recovery estimates assume that this mineralization would be processed at a combination of facilities, including copper and molybdenum flotation.
5Copper-equivalent (“CuEq”) grade is calculated assuming 85% copper recovery, 80% molybdenum recovery, 60% gold recovery and 60% silver recovery.
6Specific gravity measurements were estimated by industry standard laboratory measurements.

Copper World Complex


Mineral Resource Estimates1,2,3
Tonnes Cu
Grade
(%) 		Soluble
Cu
Grade
(%) 		Mo
Grade
(g/t) 		Ag
Grade
(g/t)
Flotation Measured 687 0.45 0.05 138 5.1
Indicated 287 0.36 0.06 134 3.6
Total Measured and Indicated 973 0.42 0.05 137 4.6
Inferred 210 0.36 0.05 119 3.9
Leach Measured 105 0.37 0.26 - -
Indicated 94 0.35 0.26 - -
Total Measured and Indicated 200 0.36 0.26 - -
Inferred 52 0.40 0.29 - -

Note: totals may not add up correctly due to rounding.
1Mineral resource estimates that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not include factors for mining recovery or dilution.
2 Mineral resource estimates constrained to a Lerch Grossman pit shell with a revenue factor of 1.0 using a copper price of $3.45 per pound.
3 Using a 0.1% copper cut-off grade and an oxidation ratio lower than 50% for flotation material, and a 0.1% soluble copper cut-off grade and an oxidation ratio higher than 50% for leach material.

Mason Project


Mineral Resource Estimates - January 1, 20221,2,3,4,5 		Tonnes Cu Grade(%) Mo Grade(g/t) Au Grade(g/t) Ag Grade(g/t)
Measured 1,417,000,000 0.29 59 0.031 0.66
Indicated 801,000,000 0.30 80 0.025 0.57
Total Measured and Indicated 2,219,000,000 0.29 67 0.029 0.63
Inferred 237,000,000 0.24 78 0.033 0.73

Note: totals may not add up correctly due to rounding.
1 Mineral resource estimates that are not mineral reserves do not have demonstrated economic viability.
2 Mineral resource estimates do not include factors for mining recovery or dilution.
3 Metal prices of $3.10 per pound copper, $11.00 per pound molybdenum, $1,500 per ounce gold, and $18.00 per ounce silver were used to estimate mineral resources.
4 Mineral resources are estimated using a minimum NSR cut-off of $6.25 per tonne.
5 Mineral resources are based on resource pit designs containing measured, indicated, and inferred mineral resources.

Qualified Person

The technical and scientific information in this news release related to the company’s material mineral projects has been approved by Olivier Tavchandjian, P. Geo, Vice President, Exploration and Geology. Mr. Tavchandjian is a qualified person pursuant to NI 43-101. Additional details on the company’s material mineral projects, including a year-over-year reconciliation of reserves and resources, is included in Hudbay's Annual Information Form for the year ended December 31, 2021 (the “AIF”), which is available on SEDAR at www.sedar.com.