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Hudbay Minerals Inc.

TSX:HBMLive AI agent

Hudbay is a copper-focused critical minerals mining company with over a century of expertise in the mining cycle.

Investor website: https://hudbayminerals.com/

About

Hudbay is a copper-focused critical minerals mining company with over a century of expertise in the mining cycle. It operates three long-life mines in Canada, Peru, and the United States, producing copper as its primary metal along with gold, zinc, silver, and molybdenum. The company is committed to sustainable practices and creating value for communities, employees, and investors, with a mission to leverage its strengths in community relations, exploration, mine development, and efficient operations.

Verified company data

Cash position
$890.9 million
Shares outstanding
400,356,079
Fully diluted shares
402,015,613
Mineral resource
### Mineral Reserves and Resources as of January 1, 2026 ### Constancia Operations | **Mineral Reserve and Resource Estimates1,2,3,4,5,6** | **Tonnes** | **Cu Grade**<br>**(%)** | **Mo Grade**<br>**(g/t)** | **Au Grade**<br>**(g/t)** | **Ag Grade**<br>**(g/t)** | | --- | --- | --- | --- | --- | --- | | **Constancia Reserves** | | Proven | 458,800,000 | 0.243 | 75 | 0.036 | 2.39 | | Probable | 28,300,000 | 0.193 | 68 | 0.034 | 1.98 | | Total Proven and Probable - Constancia | 487,100,000 | 0.240 | 74 | 0.036 | 2.37 | | **Pampacancha Reserves** | | Proven | 900,000 | 0.216 | 128 | 0.307 | 3.57 | | Probable | - | - | - | - | - | | Total Proven and Probable - Pampacancha | 900,000 | 0.216 | 128 | 0.307 | 3.57 | | **Total Proven and Probable** | **488,000,000** | **0.240** | **74** | **0.036** | **2.37** | | **Constancia Resources** | | Measured | 106,300,000 | 0.232 | 74 | 0.036 | 2.36 | | Indicated | 70,400,000 | 0.222 | 87 | 0.032 | 2.00 | | Inferred - Open Pit | 27,700,000 | 0.271 | 71 | 0.049 | 2.54 | | Inferred - Underground | 6,500,000 | 1.200 | 69 | 0.140 | 8.62 | | **Pampacancha Resources** | | Inferred | - | - | - | - | - | | **Total Measured and Indicated** | **176,700,000** | **0.228** | **79** | **0.034** | **2.22** | | **Inferred** | **34,200,000** | **0.447** | **71** | **0.067** | **3.70** | 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 reserves are estimated using a minimum NSR cut-off of $7.30 per tonne at Pampacancha, $7.30 per tonne at Constancia and assuming metallurgical recoveries (applied by ore type) of 85.29% for copper on average for the life of mine. 3Mineral resource estimates are based on resource pit design and do not include factors for mining recovery or dilution. 4The open pit mineral resources are estimated using a minimum NSR cut-off of $7.30 per tonne and assuming metallurgical recoveries (applied by ore type) of 84.6% 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. 5Long-term metal prices of $4.40 per pound copper, $17.00 per pound molybdenum, $2,800 per ounce gold and $32.00 per ounce silver were used to confirm the economic viability of the mineral reserve estimates and to estimate mineral resources. 6There are no additional mineral resources left at Pampacancha where mining activities have been completed in 2025. ### Mineral Reserves and Resources as of January 1, 2026 ### Llaguen | **Mineral Reserve and Resource Estimates1,2,3,4,5,6** | **Metric Tonnes** | **Cu Grade**<br>**(%)** | **Mo Grade**<br>**(g/t)** | **Au Grade**<br>**(g/t)** | **Ag Grade**<br>**(g/t)** | **CuEq**<br>**(%)** | | --- | --- | --- | --- | --- | --- | --- | | **Indicated Global**<br>**(>= 0.14% Cu)** | **271,000,000** | **0.33** | **218** | **0.033** | **2.04** | **0.42** | | Including Indicated High-grade <br>(>= 0.30% Cu) | 113,000,000 | 0.49 | 261 | 0.046 | 2.73 | 0.60 | | **Inferred Global**<br>**(>= 0.14% Cu)** | **83,000,000** | **0.24** | **127** | **0.024** | **1.47** | **0.30** | | Including Inferred High-grade <br>(>= 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.
Projects
["Cuprus-White Lake: The Cuprus-White Lake project is located about 10 kilometres southeast of Flin Flon, consisting of 3,384 hectares including 94 claims. Historically, the area included the Cuprus mine, which produced 463,000 tonnes at grades of 3.25% copper and 1.3 grams per tonne gold in the early 1950s and the White Lake mine, which produced 850,000 tonnes at grades of 1.98% copper and 0.72 grams per tonne gold over ten years in the 1970s and 1980s. The geology in the area hosts favourable juvenile arc rocks on several parallel horizons, and most historical drilling was done without modern geophysical targeting.","Westarm: The Westarm project is located 14 kilometres south of Flin Flon, with three primary claims covering 727 hectares. The region saw production of over 1.4 million tonnes from the 1970s to 1990s, with average grades of 3.2% copper and 1.58 grams per tonne gold. A compilation of historical work programs outlined 210 surface drillholes with only 16% of the holes at depths below 300 metres, and numerous VTEM anomalies.","North Star: The North Star area is located 17 kilometres east of Flin Flon and includes 22 claims consisting of 406 hectares. The region had two historical producing mines, the North Star mine with production of over 242,000 tonnes with average grades of 6.11% copper and 0.34 grams per tonne gold, and the Don Jon mine with production of 79,000 tonnes at 3.09% copper and 0.96 grams per tonne gold. Both were in operation in the 1950s, with the region having seen limited modern exploration techniques. The area has had an IP survey of over half the property with favourable chargeability anomalies that warrant further investigation."]
Leadership
Peter Kukielski (CEO, Committed to setting the Gold Standard in Copper with extensive experience in mining and leadership.), not discovered, not discovered, not discovered

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