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 6,860,000 5.79 2.6 0.50 29
Proven - 1901 890,000 6.61 2.0 0.40 28
Probable - Lalor 1,190,000 4.32 3.2 0.64 32
Probable - 1901 690,000 9.49 1.4 0.25 30
Gold Zone Reserves
Proven - Lalor 3,950,000 1.03 5.2 0.60 28
Probable - Lalor 3,630,000 0.53 5.7 1.16 28
Total proven and probable 17,200,000 3.68 3.8 0.66 29
Base Metal Zone Resources
Inferred - Lalor 590,000 3.48 2.8 0.31 55
Inferred - 1901 310,000 6.44 2.0 0.85 25
Gold Zone Resources
Inferred - Lalor 5,610,000 0.35 4.6 1.17 26
Inferred - 1901 480,000 0.55 6.7 0.72 37
Total inferred 6,990,000 0.89 4.5 1.05 29

Note: totals may not add up correctly due to rounding.
1Mineral resources are exclusive of mineral reserves and do not have demonstrated economic viability. Mineral resources in the above tables do not include mining dilution or recovery factors.
2 Mineral reserves and resources are estimated using a minimum NSR cut-off of C$105 per tonne for waste filled mining areas and a minimum of C$116 per tonne for paste filled mining areas.
3 Metal prices of $1.10 per pound zinc, $1,500 per ounce gold, $3.10 per pound copper, and $18.00 per ounce silver with an exchange rate of 1.30 C$/US$ were used to confirm the economic viability of the mineral reserve estimates.
4 For Lalor, individual stope gold grades were capped at 10 grams per tonne as a prudent estimate until reserves to mill reconciliations can establish that the high-grade gold can indeed be entirely recovered. This capping method resulted in the reduction of the global gold reserve grade by approximately 3%.
5 Base metal mineral resources are estimated based on the assumptions 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, which is currently being refurbished.
6 1901 mineral resources were initially estimated using metal price assumptions that vary marginally from the assumptions used for reserves. In the Qualified Person’s opinion, the combined impact of these small variations does not have any impact on the mineral resource estimates.

Snow Lake Regional Deposits - Gold


Mineral Reserve and Resource Estimates1,2,3,4,5,6,7
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 Resources2
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 Metal prices of $1.10 per pound zinc, $1,500 per ounce gold, $3.10 per pound copper, and $18.00 per ounce silver with an exchange rate of 1.30 C$/US$ were used to confirm the economic viability of the mineral reserve estimates.
4 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.
5 3 Zone mineral reserves are estimated at 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.
6New 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).
7Gold mineral resources are estimated based on the assumption that they would be processed at the New Britannia concentrator, which is currently being refurbished.

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 Watts and Pen II mineral resources were initially estimated using metal price assumptions that vary marginally over the assumptions used for mineral reserves at Snow Lake. In the Qualified Person’s opinion, the combined impact of these small variations does not have any impact on the mineral resource estimates.
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 Base metal mineral resources are estimated based on the assumption that they would be processed at the Stall concentrator.
7 The above resource estimate table 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 51% interest in the project.

777 Mine


Mineral Reserve and Resource Estimates1
Tonnes Cu Grade
(%)
Zn Grade
(%)
Au Grade
(g/t)
Ag Grade
(g/t)
Mineral Reserves
Proven 1,125,000 1.59 5.09 2.23 31
Probable 399,000 1.11 4.46 1.86 30
Total proven and probable 1,524,000 1.46 4.93 2.13 31
Mineral Resources
Measured 120,000 1.21 7.12 2.31 39
Indicated 90,000 1.77 4.83 1.61 31
Total Measured and Indicated 210,000 1.45 6.13 2.01 35
Inferred - - - - -

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. Mineral reserves and resources calculated using life-of-mine (2021-2022) average metal prices of $2.90 per pound copper, $1.04 per pound zinc (includes premium), $1,767 per ounce gold, $20.67 per ounce silver and using a C$/US$ exchange rate of 1.30.

Constancia Mine


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 436,500,000 0.29 83 0.041 2.88
Probable 56,100,000 0.25 69 0.045 3.09
Total proven and probable - Constancia 492,600,000 0.29 82 0.042 2.90
Pampacancha Reserves
Proven 32,400,000 0.59 178 0.368 4.48
Probable 7,500,000 0.62 173 0.325 5.75
Total proven and probable - Pampacancha 39,900,000 0.60 177 0.360 4.72
Total proven and probable 532,500,000 0.31 89 0.066 3.04
Constancia Resources
Measured 125,500,000 0.22 65 0.038 2.11
Indicated 118,300,000 0.22 65 0.037 2.05
Inferred 46,600,000 0.30 73 0.054 2.72
Pampacancha Resources
Measured 11,400,000 0.41 101 0.245 4.95
Indicated 6,000,000 0.35 84 0.285 5.16
Inferred 10,100,000 0.14 143 0.233 3.86
Total measured and indicated 260,900,000 0.23 67 0.052 2.27
Total inferred 56,700,000 0.27 86 0.086 2.92

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.
3Metal 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 reserves and resources.
4Mineral reserves and resources are estimated using a minimum net smelter return (“NSR”) cut-off of $6.14 per tonne and assuming metallurgical recoveries (applied by ore type) of 85.8% on average for the life of mine.
5Mineral resources are based on resource pit designs containing measured, indicated, and inferred mineral resources.

Rosemont Project


Mineral Reserve Estimates(1)(2)(3)
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 proven and probable 537,100,000 0.45 0.012 4.58

Note: totals may not add up correctly due to rounding.
1 Blocks were classified as Proven or Probable in accordance with CIM Definition Standards 2014
2 Mineral resources are constrained within a computer generated pit using the Lerchs-Grossman algorithm. Metal prices of US$3.15 per pound copper, US$11.00 per pound molybdenum and US$18.00 per ounce of silver were used. Metallurgical recoveries of 90% copper, 63% molybdenum and 75.5% silver were applied. No metallurgical recovery of molybdenum and silver from oxide ore is projected.
3 Based on 100% ownership of the Rosemont project.

Mineral Resource Estimates(1)(2)(3) 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
Total Inferred 62,300,000 0.30 0.010 1.58

1 Mineral resources that are not mineral reserves do not have demonstrated economic viability. Please refer to Schedule A “Glossary of Mining Terms” in our Annual Information form dated March 29, 2020.
2 Mineral resources are constrained within a computer generated pit using the Lerchs-Grossman algorithm. Estimates of mineral resources are based on the following long-term metals prices: $3.15 per pound of copper; $11.00 per pound of molybdenum; and $18.00 per ounce of silver. Metallurgical recoveries of 85% copper, 60% molybdenum and 75% silver were applied to sulfide material. Metallurgical recoveries of 40% copper, 30% molybdenum and 40% silver were applied to mixed material. A metallurgical recovery of 65% for copper was applied to oxide material. NSR was calculated for every model block and is an estimate of recovered economic value of copper, molybdenum, and silver combined. Cut-off grades were set in terms of NSR based on current estimates of process recoveries, total processing and general and administrative operating costs of $5.70 per ton for oxide, mixed and sulfide material.
3 Based on 100% ownership of the Rosemont project.

Mason Project


Mineral Resource Estimates - January 1, 20211,2,3
Tonnes Cu Grade(%) Mo Grade(%) 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

1 Mineral 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 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.
3 Mineral resource estimates are reported as 20 metres by 20 metres by 15 meters blocks above cut-off using a minimum NSR per tonne of $6.25 and a cut-off grade of 0.20% copper.

Qualified Person

The technical and scientific information contained on this website related to the Constancia mine and 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 company’s other material mineral projects contained on this website has been approved by Olivier Tavchandjian, P. Geo, Hudbay’s Vice-President Exploration and Geology. Messrs. Meagher and Tavchandjian 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 at Hudbay’s material properties, 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 the technical reports for the company’s material properties as filed by Hudbay on SEDAR at www.sedar.com.