HBM

Nexa Resources S.A. NEXA is scheduled to report second-quarter 2026 results after the closing bell on Aug. 5. NEXA is expected to deliver a year-over-year improvement in earnings in the quarter, aided by a strong pricing environment and higher production numbers.The Zacks Consensus Estimate for second-quarter total sales is pegged at $935 million, suggesting an improvement of 32% from the prior-year quarter’s actual. The consensus mark for earnings has moved up 30.4% to 73 cents per share, which indicates a year-over-year upsurge of 563.6%. Image Source: Zacks Investment Research Over the trailing four quarters, Nexa Resources’ earnings beat the Zacks Consensus Estimate thrice and missed the same in the remaining quarter. NEXA has an average trailing four-quarter earnings surprise of 59.9%. The trend is shown in the chart below. Image Source: Zacks Investment Research Our proven model does not conclusively predict an earnings beat for Nexa Resources this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.You can uncover the best stocks before they are reported with our Earnings ESP Filter.Earnings ESP: The Earnings ESP for Nexa Resources is 0.00%.Zacks Rank: NEXA currently sports a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here. NEXA’s first-quarter 2026 performance is likely to have reflected a strong pricing environment. Through the quarter, copper prices averaged $6.19 per pound, suggesting 31% year-over-year growth. Silver and gold jumped 118.7% and 37.4% year over year, respectively. Lead prices inched up 0.2%.Along with NEXA, the rise in metal prices is also aiding its peers Hudbay Minerals Inc. HBM  and Anglo American plc. NGLOY.On the production front, zinc output is expected to remain a key growth driver following 79 kt production in the first quarter, up 18% year over year, driven by record quarterly production at the Aripuanã mine.In late May, the company announced that it was gradually resuming production at its Cajamarquilla smelter in Peru, which was temporarily suspended following a fire on May 13. Nexa Resources expects a production impact of 7,000 tons of refined zinc, indicating 2% of annual production due to the temporary production halt at Cajamarquilla. However, the company expects to recover the lost production in the second half of 2026.Nexa Resources’ 2026 guidance points to a 6% year-over-year increase in consolidated zinc production, primarily driven by higher output from Aripuanã, Atacocha and Vazante, partially offset by lower volumes at Cerro Lindo and El Porvenir due to mine sequencing. This is expected to have impacted the second-quarter zinc production as well.  After a 16% decline in the first quarter of 2026, copper production is expected to decline 17% in 2026, mainly reflecting the planned mining of lower-grade zones. Lead production in 2026 is expected to be broadly stable compared with 2025. Silver production was down 3% year over year in the first quarter. Silver production is projected to decline 3% in 2026.At the midpoint of the 2026 guidance, total metal sales volumes are expected to increase 3% from the 2025 actual, reflecting a partial recovery from the lower 2025 base, which was impacted by operational challenges at the Brazilian smelters and low Treatment Charges. Cost dynamics are likely to have presented some headwinds. Nexa Resources expects a 4% increase in consolidated run-of-mine costs in 2026, driven by higher costs at Vazante, Cerro Lindo and El Porvenir at the mid-point, attributed to lower treated ore volumes, higher energy costs and unfavorable foreign currency variations. These increases are expected to have been partially offset by reductions at Aripuanã and Atacocha, reflecting efficiency gains and lower variable costs. In 2026, consolidated conversion costs are forecast to remain at similar levels to 2025.Overall, Nexa Resources’ second-quarter 2026 performance is likely to have been shaped by a favorable pricing environment, strong zinc production and improving smelting operations, partially offset by weaker copper volumes and modest cost inflation. Nexa Resources stock has rocketed 171.2% in a year, outperforming the Zacks Mining - Miscellaneous industry’s 39.1% jump. Meanwhile, the Basic Materials sector has risen 27.5% and the S&P 500 has rallied 22.7%. Image Source: Zacks Investment ResearchThe company also outperformed its peers like Hudbay Minerals and Anglo American, which have soared 146.3% and 83.3%, respectively, in the same time frame. Image Source: Zacks Investment Research Nexa Resources’ stock is currently trading at a forward 12-month earnings multiple of 4.33X, which is a discount to the industry average of 14.69X. Image Source: Zacks Investment Research Meanwhile, Hudbay Minerals and Anglo American are trading higher at 13.03X and 17.95X, respectively. NEXA is focused on optimizing its portfolio to concentrate its efforts on its core operations. In sync with this, the company completed the divestment of its Otavi and Namibia North project in late 2025.Nexa Resources is executing its long-term strategy to replace and expand its mineral reserves and resources. The efforts have already extended current life-of-mine plans across its portfolio, pushing Aripuanã’s life to 2041 and El Porvenir to 2036. NEXA is currently executing Phase I of its Cerro Pasco Integration Project, which is an operational initiative to physically link El Porvenir and Atacocha underground mines. The integration will extend the life of mine at the Cerro Pasco Complex more than 15 years while boosting the operating cash flow. Nexa Resources is poised to benefit from the current increase in metal prices and higher production expectations. The company’s ongoing exploration and investment strategies will further aid growth. While its appealing valuation makes the stock attractive, cost inflation and lower copper volumes suggest caution for new investors. Existing shareholders should stay invested in the NEXA stock to benefit from its solid long-term growth prospects. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Nexa Resources S.A. (NEXA) : Free Stock Analysis Report HudBay Minerals Inc (HBM) : Free Stock Analysis Report Anglo American (NGLOY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in HudBay Minerals Inc? Here are five stocks we like better. Strong second-quarter results: Hudbay Minerals reported $631 million in revenue, $321 million in adjusted EBITDA and $114 million in adjusted net earnings, while producing 28,000 tonnes of copper and 51,000 ounces of gold. The company remains on track to meet full-year production guidance and posted record trailing-12-month adjusted EBITDA of $1.3 billion. Solid financial position and operational progress: Hudbay generated more than $100 million in free cash flow after sustaining capital expenditures and ended the quarter with over $1 billion in liquidity and $80 million in net cash. Production improved at Copper Mountain, while Manitoba operations are expected to benefit from staffing and grade improvements in the second half. Copper growth pipeline advancing: Brownfield investments are expected to lift consolidated copper production 24% to roughly 150,000 tonnes next year. Copper World remains targeted for a final investment decision later this year and first production in late 2029, while the Cactus and Mason projects support Hudbay’s longer-term goal of reaching approximately 250,000 tonnes of annual copper production by decade-end. Copper Stocks Are Getting a Bigger Spotlight as Gold’s Rally Cracks Hudbay Minerals (NYSE:HBM) reported second-quarter results marked by steady operating performance, record trailing-12-month adjusted EBITDA and continued progress on its copper growth pipeline, including projects in Arizona and British Columbia. The company generated $631 million in revenue and $321 million in adjusted EBITDA during the quarter. Adjusted net earnings attributable to owners totaled $114 million, or $0.28 per share, while operating cash flow before changes in non-cash working capital was $210 million. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? The Copper Shortage Is Coming—These 3 Miners Are Ready Chief Executive Officer Peter Kukielski said Hudbay produced 28,000 tonnes of copper and 51,000 ounces of gold in the quarter and remains on track to meet full-year production guidance for all metals. Consolidated cash costs were negative $0.40 per pound of copper, while sustaining cash costs were $1.39 per pound. “We achieved record trailing 12-month adjusted EBITDA of $1.3 billion,” Kukielski said, citing the company’s copper and gold diversification and cost-control efforts. Gold represented 38% of Hudbay’s gross revenue during the second quarter. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Top Growth Picks: 3 Low-Cost Stocks That Could Double in Value After sustaining capital expenditures but before growth investments, Hudbay generated more than $100 million in free cash flow, similar to the first quarter. Over the past 12 months, the company generated more than $400 million in free cash flow. As of June 30, Hudbay had more than $1 billion in liquidity, including $890 million in cash and cash equivalents, and reported a net cash position of $80 million. Hudbay also announced executive changes. Eugene Lei was appointed President and Chief Financial Officer, while Rob Carter was named Chief Operating Officer. Carter will succeed Andre Lauzon, who plans to retire at the end of September. → Oil Prices Are Surging and These 4 Stocks Are Cashing In Kukielski said Lei had been instrumental in the company’s transformation since becoming CFO in 2022, including efforts to strengthen the balance sheet, advance Copper World and establish a capital-allocation framework. He credited Carter with helping revitalize Manitoba operations and bringing operational practices to the company’s Copper Mountain operation in British Columbia. At Constancia in Peru, Hudbay produced 19,000 tonnes of copper, 5,000 ounces of gold, 565,000 ounces of silver and 277 tonnes of molybdenum. Production was modestly lower than the prior quarter because of a planned semiannual plant maintenance shutdown. The operation moved 24 million tonnes of total material during the quarter, including its highest monthly total material moved in a decade during May. Hudbay received permit amendments allowing annual milling capacity at Constancia to rise to 34 million tonnes from 31 million tonnes. The company expects pebble crushers being installed at the site to support higher throughput beginning in the third quarter. Peru cash costs were $1.66 per pound of copper, reflecting lower gold by-product credits following the depletion of the Pampacancha gold stockpile, higher fuel prices and the maintenance shutdown. Separately, temporary port closures caused by ocean swells deferred about 10,000 dry metric tonnes of copper concentrate sales into early July. In Manitoba, Hudbay produced 40,000 ounces of gold, 2,300 tonnes of copper, 4,800 tonnes of zinc and 209,000 ounces of silver. Production declined from the first quarter because of lower tonnes milled, though the company expects higher second-half output due to grade sequencing and greater ore output from Lalor. The company faced labor availability constraints at Lalor during the quarter but said corrective steps are underway. Lauzon said Hudbay hired roughly 100 employees, brought in contractors to advance the 1901 deposit and expanded training and retention programs. Carter said production improved in June and July following those measures. A June hoist gearbox failure at Lalor was repaired within several days using a critical spare. Carter described the issue as isolated and said the company does not expect it to be a continuing problem. Manitoba gold cash costs were $776 per ounce, within the company’s full-year guidance range. Hudbay said it is working toward an updated long-term profile for the Snow Lake operations based on reserves, with Carter describing a potential enhanced five-year gold-production profile during the question-and-answer session. At Copper Mountain in British Columbia, Hudbay produced 6,500 tonnes of copper, 5,600 ounces of gold and 71,000 ounces of silver. Output improved from the first quarter on higher ore mined, better grades and higher mill throughput. Mining reached a record 30 million tonnes of total material moved, supported by a record daily average mining rate of 331,000 tonnes. Mill throughput averaged approximately 40,000 tonnes per day, the highest quarterly average since Hudbay acquired the operation. The primary SAG mill was taken offline in late June for roughly one month to replace its feed-end head. Carter said the mill restarted July 28 and that Hudbay remains confident it can reach its permitted 50,000-tonnes-per-day capacity later in the second half. The second SAG mill reached commercial production and has recently operated at up to 20,000 tonnes per day, according to Carter. Hudbay said its brownfield investments are expected to increase consolidated copper production by 24% to roughly 150,000 tonnes next year. At Copper World in Arizona, feasibility work is 95% complete and a final investment decision remains targeted for later this year, with first production expected in the second half of 2029. Kukielski said the definitive feasibility study for Copper World will show higher capital expenditures than the 2023 pre-feasibility study, due to inflation and design changes intended to preserve future mill-expansion options. He said the magnitude of the increase has not yet been finalized but does not expect a “blowout.” The company now expects release of the study to be more likely in early fourth quarter than in the third quarter. In June, Copper World received $52 million from long-term municipal bonds with a 4.5% fixed interest rate and an initial mandatory tender date in 2036. Hudbay also completed its acquisition of Arizona Sonoran, adding the Cactus copper project. The company plans to spend about $30 million on Cactus during the second half of 2026 for an updated pre-feasibility study, site de-risking and exploration. The updated study is expected in the second half of 2027. Management said Cactus is expected to follow Copper World in the company’s development sequence, while the Mason project in Nevada is also advancing through a pre-feasibility study targeted for completion in the second half of 2027. Hudbay said it sees a path to approximately 250,000 tonnes of annual copper production by the end of the decade and 500,000 tonnes by the middle of the following decade, assuming staged development of Copper World, Cactus and Mason. HudBay Minerals Inc is a Canada-based mining company engaged in the exploration, development and production of base and precious metals. Its primary products include copper, zinc, gold and silver concentrates, which are sold to smelters and refiners worldwide. The company's operations span multiple stages of the mining cycle, from resource definition and feasibility studies to mine construction, extraction and reclamation. The company traces its roots back to 1927, when it was established as Hudson Bay Mining & Smelting Co Limited. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "HudBay Minerals Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

For the quarter ended June 2026, HudBay Minerals (HBM) reported revenue of $631.3 million, up 17.7% over the same period last year. EPS came in at $0.28, compared to $0.19 in the year-ago quarter. The reported revenue represents a surprise of -2.75% over the Zacks Consensus Estimate of $649.17 million. With the consensus EPS estimate being $0.30, the EPS surprise was -6.67%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how HudBay Minerals performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Payable metal sold - Copper - British Columbia: 5,559.00 Ton versus the 11-analyst average estimate of 5,752.64 Ton. Payable metal sold - Gold - Peru: 4,042.00 Oz compared to the 3,720.47 Oz average estimate based on 11 analysts. Realized Sales Prices - Silver: $52.5 per ounce versus the 11-analyst average estimate of $72.7 per ounce. Realized Sales Prices - Gold: $4312 per ounce versus $4859.9 per ounce estimated by 11 analysts on average. Revenue from external customers- Peru: $273.3 million versus $290.99 million estimated by 10 analysts on average. Compared to the year-ago quarter, this number represents a +5.3% change. Revenue from external customers- British Columbia: $99.6 million versus the nine-analyst average estimate of $99.38 million. The reported number represents a year-over-year change of +18.9%. Revenue from external customers- Manitoba: $258.4 million versus $292.18 million estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a +33.9% change. Revenue from contracts: $658.4 million versus $685.72 million estimated by 11 analysts on average. Compared to the year-ago quarter, this number represents a +25.1% change. Revenue from contracts- Zinc: $9.6 million versus $13.73 million estimated by 10 analysts on average. Compared to the year-ago quarter, this number represents a +35.2% change. Revenue from contracts- Silver: $34.1 million compared to the $39.3 million average estimate based on 10 analysts. The reported number represents a change of +145.3% year over year. Revenue from contracts- Molybdenum: $18.4 million versus the 10-analyst average estimate of $13.64 million. The reported number represents a year-over-year change of -3.7%. Revenue from contracts- Copper: $333.8 million versus the 10-analyst average estimate of $352.6 million. The reported number represents a year-over-year change of +12.4%. View all Key Company Metrics for HudBay Minerals here>>> Shares of HudBay Minerals have returned -7.8% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HudBay Minerals Inc (HBM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

HudBay Minerals (HBM) came out with quarterly earnings of $0.28 per share, missing the Zacks Consensus Estimate of $0.3 per share. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -6.67%. A quarter ago, it was expected that this mining company would post earnings of $0.34 per share when it actually produced earnings of $0.4, delivering a surprise of +17.65%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. HudBay Minerals, which belongs to the Zacks Mining - Miscellaneous industry, posted revenues of $631.3 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.75%. This compares to year-ago revenues of $536.4 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. HudBay Minerals shares have added about 9.7% since the beginning of the year versus the S&P 500's gain of 8.5%. While HudBay Minerals has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for HudBay Minerals was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.38 on $743.65 million in revenues for the coming quarter and $1.55 on $2.86 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Miscellaneous is currently in the bottom 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. MP Materials Corp. (MP), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +115.4%. The consensus EPS estimate for the quarter has been revised 650% lower over the last 30 days to the current level. MP Materials Corp.'s revenues are expected to be $99.95 million, up 74.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HudBay Minerals Inc (HBM) : Free Stock Analysis Report MP Materials Corp. (MP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

TORONTO, July 29, 2026 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM) released its second quarter 2026 financial results today. All amounts are in U.S. dollars, unless otherwise noted. “Hudbay delivered another quarter of steady operating performance and industry-leading margins, with record trailing twelve month adjusted EBITDA of $1.3 billion, driven by our unique copper and gold diversification and focus on cost control,” said Peter Kukielski, Chief Executive Officer. “Our diversified operations in Canada and Peru continued to achieve operating efficiencies and deliver strong gold by-product credits, which have more than offset external cost pressures and allowed us to improve our 2026 full-year consolidated cash cost guidance. We generated over $100 million in free cash flow during the quarter and more than $200 million in free cash flow through the first half of the year, allowing us to prudently reinvest in high-return growth opportunities across the business to enhance our exposure to copper and gold. Our Copper World project is on track for sanctioning later in 2026, and our recent acquisition of the Cactus project brings together two highly complementary assets in Arizona and solidifies our position as a premier Americas-focused copper producer with a pipeline of long-life, low-cost assets in tier-one jurisdictions. “I am also very pleased to announce two key executive leadership appointments that will position Hudbay for the next phase of transformational growth. The appointment of Eugene Lei as President and Chief Financial Officer is a significant milestone for Hudbay and recognizes his passion and strategic vision for the long-term success of the Company. Eugene has been instrumental in the significant transformation of the Company since becoming Chief Financial Officer in 2022. He successfully executed the strategic plan to unlock Copper World, including achieving our stated balance sheet targets ahead of schedule and helping to facilitate the Copper World partnership with Mitsubishi. Rob Carter’s appointment as Chief Operating Officer recognizes the significant impact he has had on the business through revitalizing our Manitoba operations into becoming a sustainable cash flow contributor and bringing that expertise to our British Columbia operations. As Andre Lauzon embarks on his well-deserved retirement, I am confident that Eugene’s strategic foresight in the President role and Rob’s operational leadership as Chief Operating Officer will accelerate our growth pipeline and continue to maximize shareholder returns.” Delivered Strong Second Quarter Financial Results; Production Guidance Reaffirmed and Cost Guidance Improved Achieved quarterly revenue of $631.3 million, net earnings attributable to ownersi of $137.4 million, quarterly adjusted EBITDAi of $321.2 million and adjusted net earnings attributable to ownersi of $113.5 million in the second quarter, driven by steady operating performance, attractive operating margins and strong exposure to copper and gold across Hudbay's diversified operating portfolio. Steady production continued in the second quarter with consolidated copper and gold production of 28,267 tonnes and 51,234 ounces, respectively, with higher copper production in line with quarterly cadence expectations while gold production was slightly lower than quarterly cadence expectations. Industry-leading margins continued with consolidated cash costi and sustaining cash costi, net of by-product credits, of $(0.40) and $1.39 per pound of copper, respectively, in the second quarter of 2026. Reaffirmed full year 2026 consolidated production guidance including 110,000 to 138,000 tonnes of copper and 217,000 to 272,000 ounces of gold. Improved full year 2026 consolidated cash costi guidance to $(0.45) to $(0.25) per pound of copper from $(0.30) to $(0.10) per pound as costs are tracking well below the low end of the guidance range given strong exposure to gold by-product credits and continued operating efficiencies are more than offsetting higher input costs for fuel and consumables. Peru operations produced 19,446 tonnes of copper and 5,282 ounces of gold in the second quarter of 2026, in line with quarterly cadence expectations with a planned semi-annual plant maintenance shutdown during the quarter. Peru cash costi, net of by-product credits, of $1.66 per pound outperformed the low end of the 2026 annual guidance range of $1.70 to $2.10 per pound despite the lower planned production and higher fuel costs. Manitoba operations produced 40,344 ounces of gold, 2,366 tonnes of copper, 4,760 tonnes of zinc and 209,478 ounces of silver in the second quarter of 2026, slightly lower than quarterly cadence expectations. Manitoba cash costi of $776 per ounce of gold was within the annual guidance range of $500 to $800 per ounce. British Columbia operations produced 6,455 tonnes of copper, 5,608 ounces of gold and 71,178 ounces of silver in the second quarter of 2026, in line with quarterly cadence expectations. British Columbia cash costi of $3.22 per pound of copper was higher than the annual cost guidance range of $1.50 to $2.50 primarily due to elevated fuel prices and timing of equipment maintenance. British Columbia cash cost is expected to improve in the second half of the year, in line with the annual guidance range. Second quarter earnings per share attributable to owners was $0.34 reflecting strong gross profit margins as a result of the continued focus on strong cost control and higher metal prices more than offsetting higher input costs. After adjusting for various non-cash items on a pre-tax basis, second quarter adjusted earningsi per share attributable to owners was $0.28. Cash and cash equivalents were $890.9 million and total liquidityii was $1,044.6 million at the end of the second quarter of 2026, despite using cash to retire over $200 million in long term debt and benefitting from the approximate $420 million initial cash contribution from Mitsubishi Corporation ("Mitsubishi") received on closing of the Copper World joint venture transaction in January 2026. Continued Strong Cash Flow Generation and Prudent Balance Sheet Management Hudbay's unique copper and gold diversification across its operations provides exposure to higher copper and gold prices, which together with a focus on cost control across the business, continues to realize strong margins and generate significant free cash flow. While the majority of Hudbay's revenue continues to be derived from copper production, revenue from gold production represents a meaningful portion of total revenues. Gold revenues were 38% of total revenue in the second quarter of 2026. Cash generated from operating activities was $297.0 million during the second quarter of 2026, reflecting an increase of $85.7 million compared to the first quarter partially as a result of favourable changes in non-cash working capital. Operating cash flow before changes in non-cash working capital was $210.1 million during the second quarter of 2026, relatively consistent with the first quarter. Delivered free cash flowi generation of $101.8 million during the second quarter of 2026, representing a similar level of free cash flow generation to the first quarter through continued strong operating margins and cost controls, resulting in more than $200 million of free cash flow generated in the first half of 2026 despite investing over $200 million of sustaining capital in the business over this period. Achieved quarterly adjusted EBITDAi of $321.2 million in the second quarter of 2026, resulting in record trailing twelve month adjusted EBITDAi of $1,271.6 million. Achieved net debti of negative $80.5 million as at June 30, 2026, representing an $86.1 million improvement from the first quarter of 2026 and positioning the Company well to reinvest in high-return growth capital projects across the business. Net debt to adjusted EBITDA ratioi was negative 0.1x in the second quarter of 2026, significantly improved from 0.4x in the fourth quarter of 2025 as a result of the initial proceeds received from Mitsubishi on closing of the Copper World joint venture transaction along with strong cash flows from operations. Consistent with Hudbay’s prudent balance sheet management and focus on cost of capital, Hudbay repaid $472.5 million of its outstanding 2026 senior unsecured notes on maturity on April 1, 2026, using a combination of cash on hand and a $272 million draw on its low-cost revolving credit facilities, providing the Company with enhanced financial flexibility in advance of a Copper World sanctioning decision later this year. Received proceeds of an offering of $52 million in aggregate principal amount of solid waste disposal revenue bonds with an initial mandatory tender date in 2036. These long-term, low-cost, non-amortizing U.S. municipal bonds, may be used for certain eligible costs associated with the development of Copper World. Hudbay's enhanced Capital Allocation Framework is embedded into its annual financial planning cycle to provide a holistic approach to capital allocation decisions to maximize long-term risk-adjusted returns, including capital deployment into brownfield projects, greenfield projects, strategic investments and exploration, while considering debt repurchases, share buybacks and dividends. Advancing Generational Growth Investments to Further Enhance Copper and Gold Exposure The Copper World definitive feasibility study (“DFS”) is progressing well, and a project sanctioning decision continues to be on track for late 2026. The DFS is expected to include scope for future mill expansion optionality. Completed the acquisition of Arizona Sonoran Copper Company Inc. ("Arizona Sonoran") to bring together two highly complementary copper growth assets in Arizona and strengthen Hudbay’s position as a premier Americas-focused copper company with a pipeline of long‑life, low‑cost assets located in tier-one jurisdictions. The acquisition of Arizona Sonoran enhances Hudbay’s long‑term copper production profile and expands its U.S. growth pipeline through the staged development of Copper World and Cactus. Hudbay expects to spend approximately $30 million at Cactus in the second half of 2026 to advance an updated pre-feasibility study, perform site de-risking activities, conduct exploration activities and for other ongoing site costs. Continued to advance a large Snow Lake exploration program to further increase near-term production and mineral reserves, test regional satellite deposits for additional mill feed to utilize available capacity at Stall and explore the large land package for a new anchor deposit to meaningfully extend mine life. Celebrated the official groundbreaking of the New Ingerbelle expansion project at Copper Mountain, marking a significant milestone for the operation and its long-term future in British Columbia, enhancing the copper and gold production profile and securing a longer mine life. Growth capital expenditures in British Columbia in 2026 are expected to increase by approximately $30 million to $115 million, due to additional costs associated with the development of infrastructure for New Ingerbelle. Received approval from the government in Peru to further increase annual mill processing capacity at Constancia to 34 million tonnes of ore per annum from the previously permitted 31 million tonnes, enabling additional capacity to further optimize Constancia’s operations and deliver strong copper production. Advanced initial pre-feasibility study activities at the Mason copper project in Nevada. Summary of Second Quarter Results Hudbay's diversified asset portfolio delivered consolidated copper production of 28,267 tonnes and consolidated gold production of 51,234 ounces in the second quarter of 2026. Consolidated copper production was higher than the first quarter of 2026 as higher mill throughput in British Columbia more than offset lower planned mill throughput in Peru. Consolidated gold production was lower than the first quarter of 2026 primarily due to lower milled gold grades. Consolidated silver production of 845,161 ounces was higher than the first quarter of 2026 due to higher grades and recoveries in British Columbia. Zinc production of 4,760 tonnes in the second quarter of 2026 also increased compared to the previous quarter, primarily reflecting higher ore grades at the Manitoba operations. Cash generated from operating activities was $297.0 million during the second quarter of 2026, reflecting an increase of $85.7 million compared to the first quarter of 2026, partially as a result of favourable changes in non-cash working capital. Operating cash flow before changes in non-cash working capital was $210.1 million during the second quarter of 2026 and remained relatively consistent with the first quarter of 2026. Adjusted EBITDAi was $321.2 million in the second quarter of 2026, a decrease compared to the record $421.9 million achieved in the first quarter of 2026 primarily due to lower sales volumes, partially offset by higher copper prices. The lower sales volumes in the second quarter of 2026 were impacted by a temporary build-up of concentrate inventory at the port in Peru. This accumulation was caused by ocean swells that resulted in temporary port closures and delayed scheduled shipments of approximately 10,000 dry metric tonnes of copper concentrate, which were delivered in the first half of July 2026. Net earnings attributable to owners was $137.4 million, or $0.34 per share, in the second quarter of 2026 compared to $190.4 million, or $0.48 per share, in the first quarter of 2026. The decrease is primarily the result of lower revenue due to lower sales volumes of all metals. Adjusted net earnings attributable to ownersi and adjusted net earnings per share attributable to ownersi in the second quarter of 2026 were $113.5 million and $0.28 per share, respectively, after adjusting for various non-cash items on a pre-tax basis including a $38.2 million mark-to-market revaluation net gain on various financial instruments such as investments and share-based compensation, a non-cash $12.0 million foreign exchange loss, and an $11.5 million business interruption insurance recovery related to the Manitoba mandatory wildfire evacuations shutdowns in 2025, among other items. This compares to adjusted net earnings attributable to ownersi and net earnings per share attributable to ownersi of $161.0 million and $0.40 per share, respectively, in the first quarter of 2026. The decrease is a result of lower realized metal prices for gold and the aforementioned lower sales volumes. Consolidated cash costi, net of by-product credits, in the second quarter of 2026 was $(0.40) per pound of copper, compared to record low cash cost of $(1.80) per pound in the first quarter of 2026. The increase from the first quarter of 2026 was a result of lower by-product credits from lower gold volumes. Consolidated sustaining cash costi, net of by-product credits, in the second quarter of 2026 was $1.39 per pound of copper, compared to $0.00 per pound in the first quarter of 2026. This increase was primarily due to the same factors impacting consolidated cash costi noted above. Consolidated all-in sustaining cash costi, net of by-product credits, in the second quarter of 2026 was $1.80 per pound of copper, higher than the first quarter of 2026 due to the same reasons noted above, partially offset by lower corporate general and administrative ("G&A") costs from the impact of the revaluation of Hudbay's share-based compensation. As at June 30, 2026, total liquidityii was $1,044.6 million, including $890.9 million in cash and cash equivalents, which excludes $49.8 million in U.S. municipal bond proceeds that is classified as restricted cash, and undrawn availability of $153.7 million under Hudbay's revolving credit facilities. Net debti at the end of the second quarter was negative $80.5 million, marking an $86.1 million improvement from first quarter of 2026 primarily as a result of positive cash flows from operations. Hudbay expects that the current liquidity, together with cash flows from operations, will be sufficient to meet the Company's liquidity needs for the remainder of 2026. 1 As at June 30, 2026 cash and cash equivalents include $334.5 million in cash held by Copper World LLC. These funds are contractually restricted solely for the advancement of the Copper World project and are not available to the general Hudbay group.2 Net debt and net debt to adjusted EBITDA are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-GAAP Financial Performance Measures" section of this news release.3 Hudbay calculates net debt as total long-term debt less cash and cash equivalents and restricted cash related to unspent proceeds of its senior unsecured municipal bond financing.4 Working capital is determined as total current assets less total current liabilities as defined under IFRS and disclosed on the consolidated interim financial statements. 1 Adjusted earnings attributable per share, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the “Non-GAAP Financial Performance Measures” section of this news release. 1 Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products. 2 Includes total payable gold and silver in concentrate and in doré sold and other secondary products. 3 Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-GAAP Financial Performance Measures” section of this news release. Peru Operations Review 1Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. 2Pampacancha has been depleted as of December 31, 2025. 3Strip ratio is calculated as waste mined divided by ore mined. 4Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. 5Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-GAAP Financial Performance Measures" section of this news release. The Peru operations continued to demonstrate steady operating performance during the second quarter of 2026, with production and costs in line with full-year expectations following the depletion of Pampacancha at the end of 2025. The Company continues to advance the installation of pebble crushers at Constancia to increase mill throughput rates starting in the third quarter of 2026, which will allow the mine to deliver steady annual copper production despite lower grades following the depletion of Pampacancha. In the second quarter of 2026, the Peru operations produced 19,446 tonnes of copper, 5,282 ounces of gold, 564,505 ounces of silver and 277 tonnes of molybdenum. Production of copper, gold and molybdenum was slightly lower compared to the first quarter of 2026, reflecting the planned semi-annual plant maintenance shutdown during the second quarter of 2026. Hudbay is on track to achieve its 2026 production guidance for all metals in Peru. Total material moved during the second quarter of 2026 was 23.9 million tonnes, consistent with ore mined in the first quarter of 2026, and, in May the highest monthly total material moved over the last ten years was achieved. Peru realized improved productivity from enhanced fleet efficiency and the implementation of haulage optimization strategies. Mill throughput levels averaged approximately 86,000 tonnes per day during the second quarter of 2026, a marginal decrease compared to the first quarter of 2026, primarily due to the scheduled semi-annual plant maintenance shutdown and the processing of more metallurgically complex ore during the second quarter of 2026. Milled copper grades decreased slightly compared to the first quarter of 2026 due to blending targets implemented to control contaminants in the concentrate. As expected, overall gold grades declined primarily due to the transition away from the higher-grade gold contributions from the Pampacancha stockpile. Metal recoveries remained in line with expectations. Combined mine, mill and G&A unit operating costi in the second quarter of 2026 was $14.06 per tonne, which increased by 21% compared to first quarter of 2026, primarily due to higher fuel prices and the planned semi-annual plant maintenance shutdown in May 2026. Cash costi, net of by-product credits, in the second quarter of 2026 was $1.66 per pound of copper, an increase compared to the first quarter of 2026, primarily due to lower gold by-product credits resulting from lower gold volumes given the completion of mining of the high gold content Pampacancha stockpile in the first quarter, combined with higher fuel prices in the second quarter and the planned semi-annual plant maintenance shutdown in May 2026. This increase was partially offset by lower profit sharing. Despite the increase, cash cost for the quarter continued to outperform the low-end of the 2026 guidance range as a result of strong operating cost performance and higher by-product prices more than offsetting external cost pressures. Hudbay is well positioned to achieve the full year 2026 cash cost guidance range in Peru. Sustaining cash costi, net of by-product credits, in the second quarter of 2026 was $2.71 per pound of copper, an increase compared to the first quarter of 2026, primarily due to the same reasons affecting cash costs above, as well as higher community agreement payments. Sales volumes were impacted by a temporary build-up of concentrate inventory at the port caused by ocean swells that resulted in temporary port closures and delayed scheduled shipments. As a result, approximately 10,000 dry metric tonnes of copper concentrate sales were deferred to the first half of July. In April 2026, Constancia was recognized as the safest open pit operation in Peru during the local National Mining Safety Contest for its performance in 2025. This award reflects the Company's unwavering commitment to safety and validates Constancia's compliance with the highest operational safety and regulatory standards. Manitoba Operations Review 1 Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled.2 Gold and silver recovery includes total recovery from concentrate and doré.3 Total metal reported in concentrate is prior to deductions associated with smelter terms and includes other secondary products. Doré includes sludge, slag and carbon fines.4 lncludes other secondary products.5 Reflects combined mine, mill and G&A costs per tonne of ore milled.                                                 6 Excludes $3.2 million or C$14 per tonne of overhead costs incurred during temporary suspension during the three months ended June 30, 2025.7 Combined unit cost, cash cost, sustaining cash cost per ounce of gold produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-GAAP Financial Performance Measures” section of this news release.8 Excludes $3.2 million or $74 per ounce of overhead costs incurred during temporary suspension during the three months ended June 30, 2025. The Manitoba operations continued to execute its strategic initiatives during the second quarter of 2026, navigating short-term operational hurdles while positioning the business for an expected strong second half of the year. To address labour availability constraints, Hudbay engaged an experienced mining contractor to advance the 1901 deposit. This strategic decision has enabled the team to redeploy its skilled internal workforce to other critical development areas at Lalor. The Company has simultaneously increased its internal capacity, onboarding over 100 new employees in 2026 who are currently undergoing upskilling to enhance long-term operational self-sufficiency in Manitoba. While the operations experienced minor production impacts from an unplanned hoist gearbox failure at Lalor in June, the hoist is now repaired and fully operational, and the team strategically prioritized high-value gold zones to maintain consistent feed for the New Britannia mill. These initiatives position the business to support higher production volumes and grades in the second half of 2026, which remains aligned with annual production guidance in Manitoba. The Manitoba operations produced 40,344 ounces of gold, 2,366 tonnes of copper, 4,760 tonnes of zinc and 209,478 ounces of silver in the second quarter of 2026. Compared to the first quarter of 2026, production of gold, copper and silver was lower primarily due to lower tonnes milled, while zinc production was slightly higher. Production in the second half of 2026 is expected to be higher than the first half of 2026 due to grade sequencing and higher ore output from Lalor, as previously disclosed. Hudbay is on track to achieve its 2026 production guidance for all metals in Manitoba. The Lalor mine hoisted an average of approximately 3,500 tonnes of ore per day in the second quarter of 2026, strategically prioritizing gold zones to secure optimal feed for the New Britannia mill. Total ore mined in the second quarter of 2026 was lower than the first quarter of 2026, primarily driven by reduced workforce availability, which limited effective utilization of equipment and workplaces. In the second quarter of 2026, gold grades decreased by 7% when compared to the first quarter of 2026, driven by planned mine sequencing. The 1901 deposit delivered approximately 7,600 tonnes of development ore in the second quarter of 2026. Looking ahead, the plan is to continue to prioritize exploration and infill drilling, orebody access and critical infrastructure development as 1901 progresses toward full production in late 2027. The New Britannia mill processed approximately 1,900 tonnes per day in the second quarter of 2026, matching the gold ore output from Lalor during the quarter. New Britannia continued to achieve steady gold recoveries of approximately 90%, reflecting ongoing optimization efforts. The Stall mill processed less ore in the second quarter than the first quarter of 2026, consistent with the Lalor base metal production. The Stall mill achieved gold recoveries of 71% during the second quarter of 2026, continuing to reflect recovery focused initiatives. The Company also initiated early works on installing new tailings lines between the two mills, which is expected to increase the pipeline capacity to enable higher throughput and leaching of gold-bearing material at New Britannia from base metal ore originally processed at Stall mill. Combined mine, mill and G&A unit operating costsi in the second quarter of 2026 were C$300 per tonne, an increase compared to the first quarter of 2026 as a result of marginally higher onsite costs and lower ore milled due to reduced workforce availability, limiting the effective utilization of equipment and workplaces, as well as the failure of a critical hoist gearbox motor at Lalor. Cash costi, net of by-product credits, in the second quarter of 2026 was $776 per ounce of gold. This represents a 90% increase compared to the first quarter of 2026, primarily due to lower gold production and higher unit operating costs across mining, milling activities and G&A, impacted by the same factors as combined mine, mill and G&A unit operating costs. Despite the increase, cash cost was within the guidance range for 2026 and Hudbay remains on track to achieve its full year cash cost guidance range in Manitoba. Sustaining cash costi, net of by-product credits, in the second quarter of 2026 was $1,358 per ounce of gold, higher than the first quarter of 2026 primarily due to the same factors affecting cash costs along with higher sustaining capital. The Snow Lake operations advanced key sustaining capital environmental projects during the second quarter, including construction of a cyanide recycling initiative at the New Britannia mill and construction of a dam lift at the Anderson Tailings Impoundment Area. Both projects remain on schedule for completion by the end of 2026. British Columbia Operations Review 1Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled. 2Strip ratio is calculated as waste mined divided by ore mined. 3Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs. 4Combined unit operating cost, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-GAAP Financial Performance Measures” section of this news release. 5Copper Mountain mine results are stated at 100%. On April 30, 2025 Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%. Hudbay continued to advance its multi-year optimization plan at Copper Mountain, achieving significant milestones in mining productivity, operational improvements and project execution in the second quarter of 2026. The British Columbia operations produced 6,455 tonnes of copper, 5,608 ounces of gold, and 71,178 ounces of silver in the second quarter of 2026, which increased compared to the first quarter of 2026 for all metals as a result of higher ore mined, improved grades and higher throughput. Hudbay is on track to achieve its 2026 production guidance for all metals in British Columbia and continues to expect higher production in the second half of the year as the mill improvement projects take effect. In May 2026, Copper Mountain received the 2025 John Ash Safety Award from the BC Ministry of Mining and Critical Minerals, recognizing Copper Mountain as the safest open pit mine in British Columbia in 2025, demonstrating Hudbay’s sustained focus on safety. Mining activities reached a record total material movement of approximately 30.1 million tonnes in the second quarter of 2026, driven by an optimized mining sequence and improved operational performance, while self-performing the construction of the east haul road for the New Ingerbelle project. As part of the accelerated stripping program, these production efficiencies resulted in a record daily average mining rate of 331,000 tonnes per day, ahead of budget. This ramp-up was supported by the successful commissioning of a new production shovel in April 2026. Total ore mined at Copper Mountain in the second quarter of 2026 was 3.3 million tonnes, an increase of 12% compared to the first quarter of 2026. During the second quarter of 2026, blending initiatives from the main pit maintained stable ore feed to the mill, allowing the operation to prioritize waste stripping activities to expose higher-value mining fronts in the future. The mine is now positioned favourably to unlock higher-grade copper from the main pit in late 2026, and more specifically in 2027 and 2028. Mill performance continues to demonstrate improvement following the optimization efforts initiated in 2025. The second semi-autogenous grinding (“SAG”) mill delivered increased throughput in the quarter, reaching commercial production in May and averaging 12,000 tonnes per day thereafter. Throughput continues to ramp up, with some days exceeding 20,000 tonnes per day in late June and into July. The primary SAG mill was temporarily shut down on June 26, 2026 and will be offline until the end of July to complete the feed end head maintenance program. The replacement is tracking on schedule and will remove the constraints previously in place due to the localized damage to the feed end head that occurred in September 2025. While repairs are underway on the primary SAG mill, the second SAG continues to operate. Total mill throughput is expected to ramp up to 50,000 tonnes per day in the second half of 2026, once the primary SAG mill resumes operation. Despite the operating constraints on the primary SAG, the mill processed 3.6 million tonnes of ore during the second quarter of 2026, an increase of 17% compared to the first quarter of 2026, benefitting from improved operating parameters from the second SAG mill and the temporary conveyor system trial in place to divert crushed pebbles from the primary SAG to the second SAG. Based on the successful trial, a more permanent system is being constructed and is scheduled to be commissioned by the fourth quarter. Milled copper grades during the second quarter of 2026 were higher compared to the first quarter of 2026, driven by a greater proportion of ore feed mined from a higher-grade phase in the second quarter of 2026. Copper and gold recoveries during the quarter declined to 77% and 63%, respectively. This decline resulted from the ramp-up of mill throughput during the second quarter which revealed a grinding constraint in the ball mills, resulting in increased grind size and lower overall recoveries compared to the first quarter of 2026. Several grinding initiatives are underway, alongside flotation advanced process controls to improve recoveries. Combined mine, mill and G&A unit operating costs in the second quarter of 2026 were C$25.52 per tonne milled, a marginal increase compared to the first quarter of 2026, primarily driven by higher mining and G&A costs, partially offset by lower milling costs and higher milled throughput. Cash costi and sustaining cash costi, net of by-product credits, were $3.22 and $6.23, respectively, per pound of copper in the second quarter of 2026. Cash costi was higher than in the first quarter of 2026 primarily as a result of higher mining costs, less deferred stripping and lower by-product credits, partially offset by higher copper production. The increase in mill availability in the second quarter of 2026 allowed for higher mill throughput and enhanced operational efficiencies. Although second quarter cash cost was above the 2026 guidance range due to external cost pressures, Hudbay expects to achieve the full year 2026 cash cost guidance range in British Columbia. Key Leadership Appointments Hudbay is pleased to announce senior management team appointments as the Company positions itself for the next phase of transformational growth. Eugene Lei has been appointed President and Chief Financial Officer, with Peter Kukielski continuing as Chief Executive Officer. Robert Carter has been appointed Chief Operating Officer, transitioning from Andre Lauzon who will retire at the end of September. Mr. Lei has been Chief Financial Officer since 2022 and has been responsible for providing strategic financial and capital markets leadership at Hudbay. He has been instrumental in the Company’s significant transformation, and under his leadership, Hudbay successfully executed the strategic plan to unlock Copper World, which included achieving stated balance sheet targets ahead of schedule and prudently allocating capital to maximize shareholder value. He currently serves as the Chair of the Copper World Joint Venture board. Mr. Lei joined Hudbay in 2012 and progressed through several senior management roles with increasing executive responsibilities. He has over 25 years of global mining finance, investment banking and corporate development experience. Prior to joining Hudbay, Mr. Lei was Managing Director, Mining at Macquarie Capital Markets, working as an advisor on transformative mining mergers and acquisitions and leading equity capital markets offerings. He holds a Bachelor of Commerce (Honours) degree from Queen’s University. In 2025, Mr. Lei was the recipient of the Globe and Mail’s Report on Business 2025 Canada’s Best Executive Award in the Finance category. In 2015, Mr. Lei received the Canadian Institute of Mining, Metallurgy and Petroleum’s CIM-Bedford Canadian Young (under 40) Mining Leaders Award. Mr. Carter was appointed Senior Vice President, Canada in June 2025, and as leader of the Canadian operations, he has been responsible for the strategic oversight of Hudbay’s business activities in Manitoba and British Columbia. His leadership in Manitoba revitalized the operations into a sustainable cash flow contributor and he has strategically positioned the British Columbia operations for long-term success. Mr. Carter’s extensive experience with a deep focus on safety and continuous improvement has been invaluable at the operations and is seen through consistent operational execution. Previously, he held the role of Vice President, Manitoba Business Unit since April 2022 and prior to that was the General Manager of the Company’s Manitoba mines since 2018. He has held various other positions at Hudbay, including Manager of the Lalor Mine in Manitoba and Director of Business Development and Technical Services in Hudbay’s corporate group. He has nearly 30 years of mining industry experience in technical, operational and senior leadership roles, with the majority of those years at Hudbay. Mr. Carter holds a Bachelor of Science, Geological Engineering from the University of Manitoba and is a Professional Engineer registered with Professional Engineers Ontario and Engineers Geoscientists of Manitoba. The Company is grateful for Mr. Lauzon’s significant contributions since joining Hudbay in 2016. Mr. Lauzon was the architect of the Copper World project, and his valued expertise as Chief Operating Officer has positioned the Company’s operating and growth platform for long-term success. Mr. Lauzon has worked closely with Mr. Lei over the past several years on operational finance and growth, focusing the business on delivering strong free cash flow. He has also worked closely with Mr. Carter in optimizing the Company’s Canadian operations and de-risking many growth projects across the business, and Mr. Carter’s appointment ensures a seamless transition in accordance with Hudbay’s succession planning. In his retirement, Mr. Lauzon will also provide on-going consulting and advisory services to Hudbay. Hudbay has appointed Sebastien Fortin as Vice President and Head of the British Columbia Business Unit (“BCBU”). Mr. Fortin has been serving as Acting Head of the BCBU since October 2025 after first joining Copper Mountain as General Manager of Operations in 2024. Under his leadership, the operations have achieved many productivity and safety objectives, and he continues to drive significant improvements across the business to position Copper Mountain for long-term success. Mr. Fortin is a Professional Mining Engineer and he previously worked at Teck Resources for 16 years in several senior technical roles before joining Hudbay. He holds a bachelor's degree in Geological Engineering and a master’s degree in Mining Engineering, both from Laval University, and is a graduate of the MBA Program at Simon Fraser University. Hudbay also announced that Warren Flannery is taking on an expanded role as Vice President and Head of the Arizona Business Unit, and he will continue to support Javier Del Rio, Senior Vice President and Head of Hudbay USA. Under this enhanced role, Mr. Flannery is responsible for leading the business development and operational readiness of Copper World and the advancement of the Cactus project through feasibility studies and key de-risking initiatives. He previously held the role of Vice President of Copper World since August 2024 and he first joined Hudbay in 2023 as Vice President, Business Planning and Reclamation. Mr. Flannery is an experienced mining professional with over 30 years of extensive experience in mine operations, planning and project development at global companies. Prior to joining Hudbay, Mr. Flannery was the head of the mining technical group at CIBC’s global mining corporate and investment banking arm for ten years. He is a Professional Engineer and holds a master’s degree in Mineral Economics from the Colorado School of Mines and a bachelor’s degree in Mining Engineering from Queen’s University. Continued Free Cash Flow Generation Driven by Strong Operating Margins; External Cost Pressures Insulated by Diversified Copper and Gold Exposure Hudbay's unique copper and gold diversification across its operations provides exposure to strong commodity prices, which together with a focus on cost control across the business, continues to realize strong margins and generate attractive free cash flow. While the majority of Hudbay's revenue continues to be derived from copper production, revenue from gold production represents a meaningful portion of total revenues, with gold accounting for 38% of total revenue in the second quarter of 2026. Hudbay’s cost control efforts are focused on navigating external cost pressures, such as higher fuel and consumable costs. The Company continues to manage costs and deliver strong margins through initiatives to further improve throughput and enhance operating efficiencies. Despite such external cost pressures in the second quarter, Hudbay achieved consolidated cash costi of negative $0.40 per pound of copper and generated operating cash flow of over $200 million and free cash flow of over $100 million, similar to the first quarter of 2026. Hudbay continues to benefit from its diversified platform with significant by-product credits from gold production. The Company had $890.9 million in cash and cash equivalents and net debti of negative $80.5 million at the end of the second quarter of 2026. Hudbay's strong cash position and continued prudent balance sheet management position the Company well to advance its generational growth investments across the portfolio and allocate capital to the highest risk-adjusted return opportunities to deliver significant value for stakeholders. Copper World DFS Progressing Well and Project Sanctioning on Track for Late 2026 In January 2026, Hudbay announced the closing of the joint venture transaction with Mitsubishi, securing a premier, long-term strategic partner for the development of Copper World. The $420 million of initial proceeds received at closing from Mitsubishi will be used to directly fund the remaining DFS costs and pre-sanctioning costs in addition to the initial project development costs for Copper World. Mitsubishi will contribute an additional $180 million within 18 months of closing to complete its 30% minority investment and will also fund its pro-rata 30% share of future equity capital contributions. Feasibility activities for the Copper World DFS are progressing well, with 95% of the engineering work completed, and a sanctioning decision remains on track for later in 2026. The DFS is expected to reflect higher capital expenditures as compared to the 2023 pre-feasibility study primarily due to typical cost inflation along with new capital related to project scope changes that would allow for future mill expansion optionality, while continuing to generate robust economics.On June 24, 2026, Copper World LLC received proceeds of an offering of $52.0 million aggregate principal amount of solid waste disposal revenue bonds due July 2, 2036 (the “Municipal Bonds”). The Municipal Bonds were issued by the Arizona Industrial Development Authority at par and carry a fixed interest rate of 4.5% per annum, with interest payable by Copper World LLC semi-annually. The Municipal Bond proceeds may be used for certain eligible costs associated with the development of the Copper World project and are treated as restricted cash on Hudbay’s balance sheet. Completion of the Arizona Sonoran Acquisition to Create the Third Largest Copper District in North America On June 24, 2026, Hudbay successfully completed its previously announced acquisition of Arizona Sonoran ("ASCU"), pursuant to which Hudbay acquired all of the issued and outstanding common shares of ASCU not already owned by Hudbay (the “ASCU Transaction”). As a result of the completion of the ASCU Transaction, Arizona Sonoran became a wholly-owned subsidiary of Hudbay and Hudbay acquired 100% ownership of Arizona Sonoran’s Cactus project. In aggregate, Hudbay issued 46,794,082 Hudbay common shares under the ASCU Transaction to former Arizona Sonoran shareholders as consideration for their shares. Following the closing of the ASCU Transaction, the Arizona Sonoran shares were de-listed from the Toronto Stock Exchange (“TSX”) and Arizona Sonoran ceased to be a reporting issuer pursuant to applicable Canadian securities laws. The ASCU Transaction brings together two highly complementary copper growth assets in Arizona and strengthens Hudbay’s position as a premier Americas-focused copper company with a pipeline of long-life, low-cost assets located in tier-one jurisdictions. The ASCU Transaction is expected to enhance Hudbay’s long-term copper production profile, expand its U.S. growth pipeline, and generate significant operational efficiencies and regional synergies with Hudbay's staged development of Copper World and Cactus. Hudbay expects to spend approximately $30 million at Cactus in the second half of 2026 to advance an updated pre-feasibility study (“PFS”), perform site de-risking activities, conduct exploration activities and for other ongoing site costs. The updated Cactus PFS is expected to be completed in the second half of 2027. New Ingerbelle Expansion Project Underway to Enhance Copper and Gold Production Profile at Copper Mountain In June 2026, Hudbay celebrated the official groundbreaking of the New Ingerbelle expansion project at Copper Mountain, marking a significant milestone for the operation and its long-term future in British Columbia. The event was attended by Hudbay’s executive team, employees, B.C.'s Minister of Mining and Critical Minerals, the B.C. Mining Association, the Chief of the Upper Similkameen Indian Band, regional representatives, and leaders from the local community. The event was also recognized by Canada’s Minister of Energy and Natural Resources. New Ingerbelle enhances the copper and gold production profile and secures a longer mine life at Copper Mountain. Based on current mineral reserves, New Ingerbelle is projected to produce approximately 750,000 tonnes of copper, 900,000 ounces of gold and 5.5 million ounces of silver over the life of mine. Designed to access higher-grade mineralization, the expansion also features a stripping ratio approximately three times lower than current mining areas. The groundbreaking comes shortly after the Government of British Columbia added New Ingerbelle to its list of priority resource projects, recognizing initiatives that support economic growth, responsible resource development and long-term value creation across the province. The New Ingerbelle expansion received key mining permits on February 19, 2026 from the British Columbia Major Mines Office (“MMO”) following a robust review and consultation process. Throughout the permitting process, Hudbay proactively engaged with the MMO, local communities, the Upper Similkameen Indian Band (“USIB”) and the Lower Similkameen Indian Band (“LSIB”) to ensure transparency and collaborative oversight and to seek consensus, although as previously disclosed, the LSIB subsequently submitted an application for judicial review of the regulatory decision to grant the New Ingerbelle permit amendment. With key permits in place, Hudbay is advancing important infrastructure required for the expansion, including an access road, a bridge across the Similkameen river and an east haul road connecting New Ingerbelle to existing operations. Growth capital expenditures in British Columbia in 2026 are expected to increase by approximately $30 million to $115 million related to additional costs associated with infrastructure development at New Ingerbelle. Hudbay expects similar levels of growth capital investments in British Columbia in 2027 related to the continued infrastructure development at New Ingerbelle, which is expected to achieve first production in late 2028. The Company has also initiated a targeted drilling program at New Ingerbelle, focusing on upgrading existing inferred resources to reserves to further optimize and extend the mine life at Copper Mountain. Peru Regulatory Approval Received to Further Increase Mill Throughput at Constancia Hudbay received approval from the National Environmental Certification Service for Sustainable Investments in Peru to amend its environmental permit and further increase annual mill processing capacity at Constancia. The approval was received in late June and represented the fifth environmental permit amendment at Constancia. The amended permit increases the processing capacity of the Constancia mill to 34 million tonnes of ore per annum from the previously permitted 31 million tonnes. In March 2026, Hudbay received permit approval to increase mill throughput capacity to 31 million tonnes from 29.9 million tonnes per annum. As part of the Company’s continuous improvement efforts, the updated permit enables additional capacity to further optimize Constancia’s operations and deliver strong copper production. Hudbay’s efforts to increase mill throughput align with the Peru Ministry of Energy and Mines’ regulatory framework, which permits operational flexibility to operate up to 10% above nominal daily capacity. Hudbay achieved total ore processed of 30.3 million tonnes and 31.9 million tonnes in 2025 and 2024, respectively. With this permit amendment, Hudbay is aligning its operational capacity to support the new level of 34 million tonnes per annum, while maintaining the standard operational flexibility to handle daily increases of up to 10% above permitted levels. Large Exploration Drill Program Continues in Snow Lake Hudbay continues to execute the largest exploration program in Snow Lake in the Company’s history through extensive geophysical surveying and drilling campaigns as part of Hudbay's multi-pronged exploration strategy: Near-mine Exploration at Lalor and 1901 to Further Increase Near-term Production and Extend Mine Life – Near-mine exploration at the Lalor mine and the adjacent 1901 deposit continued to support near-term production growth and mine life extension. The exploration program will continue during the remainder of 2026 to potentially increase mineral reserves and resources and enable additional resource conversion. At the 1901 deposit, activities are focused on exploration and definition drilling, orebody access and establishing the critical infrastructure required to support full production beginning in late 2027. Exploration activities at 1901 will include step-out drilling to potentially extend the orebody, as well as infill drilling aimed at converting inferred mineral resources within the gold lenses to mineral reserves. Evaluating Significant Gold Production Potential from Past-Producing New Britannia mine – Acquired through the New Britannia mill acquisition in 2015, the past-producing New Britannia mine provides potential for significant incremental gold production in Snow Lake. The Company is developing an exploration plan to test down plunge extensions and underexplored areas between known deposits at the mine. Hudbay plans to conduct infill and expansion drilling at the 3 Zone, a satellite deposit to New Britannia, with three drills scheduled for later in 2026. Testing Regional Satellite Deposits to Utilize Available Processing Capacity and Increase Production – Hudbay’s extensive regional land package includes an attractive portfolio of deposits in Snow Lake within trucking distance of the Snow Lake processing infrastructure, including the Talbot, Rail, Pen II, Watts and WIM deposits. With available mill processing capacity at the Stall mill, the Company continues to progress exploration work across the region to define satellite deposits to potentially increase production and extend the life of the Snow Lake operations beyond 2041. During the second quarter of 2026, the infill drilling program at Talbot was completed as well as the geotechnical drilling required for PFS activities. The Company is also testing additional targets to expand the footprint of the deposit at depth. Hudbay intends to update Rockcliff’s prior mineral resource estimate for Talbot using Hudbay’s standard methods. Exploring Large Land Package for New Anchor Deposit to Significantly Extend Mine Life – A majority of the land claims acquired as part of the Rockcliff acquisition in 2023 have been untested by modern deep geophysics, which was the discovery method for the Lalor deposit. The large geophysics program underway consisting of surface electromagnetic surveys using cutting edge techniques that enable the team to detect targets at depths of almost 1,000 metres below surface. The planned 2026 geophysics program includes 600 kilometres of ground electromagnetic surveys and an extensive airborne geophysics survey. Mason Project Commences Pre-feasibility Study Activities The Mason project is a 100% owned greenfield copper deposit located in the historic Yerington District of Nevada and is one of the largest undeveloped copper porphyry deposits in North America. Hudbay views the Mason project as a long-term future development asset as part of the Company’s pipeline of high-quality copper growth opportunities. Hudbay completed a preliminary economic assessment on Mason in 2021 which contemplated a 27-year mine life with average annual copper production of approximately 140,000 tonnes over the first ten years of full production. The Company recently initiated PFS activities at Mason and expects to spend approximately $20 million in evaluation expenses at Mason for the remainder of 2026. The Mason PFS is expected to be completed in the second half of 2027. Dividend Declared A quarterly dividend of C$0.01 per share was declared on July 28, 2026. The dividend will be paid out on September 8, 2026 to shareholders of record as of close of business on September 25, 2026. Website Links Hudbay: www.hudbay.com Management’s Discussion and Analysis:https://www.hudbayminerals.com/MDA726 Financial Statements:https://www.hudbayminerals.com/FS726 Conference Call and Webcast Qualified Person and NI 43-101 The technical and scientific information in this news release related to all of Hudbay’s material mineral projects other than the Copper Mountain mine has been approved by Olivier Tavchandjian, P. Geo., Senior Vice President, Exploration and Technical Services. The technical and scientific information in this news release related to the Copper Mountain mine has been approved by Marc-Andre Brulotte, P. Geo., Executive Director, Global Mineral Resource Evaluation. Messrs. Tavchandjian and Brulotte 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 mineral 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 are available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Non-GAAP Financial Performance Measures Adjusted net earnings (loss) attributable to owners, adjusted net earnings (loss) per share attributable to owners, adjusted EBITDA, net debt, net debt to adjusted EBITDA, free cash flow, cash cost, sustaining and all-in sustaining cash cost per pound of copper produced, cash cost and sustaining cash cost per ounce of gold produced, combined unit cost and ratios based on these measures are non-GAAP performance measures. These measures do not have a meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS and are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. Management believes adjusted net earnings (loss) attributable to owners and adjusted net earnings (loss) per share attributable to owners provides an alternate measure of the Company’s performance for the current period and gives insight into its expected performance in future periods. These measures are used internally by the Company to evaluate the performance of its underlying operations and to assist with its planning and forecasting of future operating results. As such, the Company believes these measures are useful to investors in assessing the Company’s underlying performance. Hudbay provides adjusted EBITDA to help users analyze the Company’s results and to provide additional information about its ongoing cash generating potential in order to assess its capacity to service and repay debt, carry out investments and cover working capital needs. Net debt is shown because it is a performance measure used by the Company to assess its financial position. Net debt to adjusted EBITDA is shown because it is a performance measure used by the Company to assess its financial leverage and debt capacity. Free cash flow is shown as it provides investors and management additional information in assessing the Company's ability to generate cash flow from current operations after investing in capital to sustain the operations. Cash cost, sustaining and all-in sustaining cash cost per pound of copper produced are shown because the Company believes they help investors and management assess the performance of its operations, including the margin generated by the operations and the Company. Cash cost and sustaining cash cost per ounce of gold produced are shown because the Company believes they help investors and management assess the performance of its Manitoba operations. Combined unit cost is shown because Hudbay believes it helps investors and management assess the Company’s cost structure and margins that are not impacted by variability in by-product commodity prices. The following tables provide detailed reconciliations to the most comparable IFRS measures. Adjusted Net Earnings (Loss) Reconciliation 1 Includes changes in fair value of the gold prepayment liability, Canadian junior mining investments, other financial assets and liabilities at fair value through net earnings and share-based compensation (recoveries) expenses. Also includes gains and losses on disposition of investments.                                        Adjusted EBITDA Reconciliation 1 Share-based compensation expenses reflected in cost of sales and selling and administrative expenses. Net Debt Reconciliation 1 As at June 30, 2026 cash and cash equivalents includes $334.5 million in cash held by Copper World LLC. These funds are contractually restricted for the advancement of the Copper World project and are not available to the general Hudbay group.2 Hudbay calculates net debt as total long-term debt less cash and cash equivalents and restricted cash related to unspent proceeds of its senior unsecured municipal bond financing. For further information on the restricted cash related to unspent proceeds of senior unsecured municipal bond financing please see note 11 in the consolidated interim financial statements. 1 Share-based compensation expense reflected in cost of sales and administrative expenses.2 LTM (last twelve months) as of June 30, 2026.Free Cash Flow Reconciliation 1 Excludes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites.2 LTM (last twelve months) as at June 30, 2026.Copper Cash Cost Reconciliation 1 Contained copper in concentrate. 1 Per pound of copper produced.2 By-product credits are computed as revenue per consolidated financial statements, including amortization of deferred revenue and pricing and volume adjustments.3 Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements. Variable consideration adjustments are cumulative adjustments to gold and silver stream deferred revenue primarily associated with the net change in mineral reserves and resources or amendments to the mine plan that would change the total expected deliverable ounces under the precious metal streaming arrangement. For the three months ended June 30, 2026 the variable consideration adjustments amounted to $nil (three months ended June 30, 2025 - $nil and March 31, 2026 - loss of $0.1 million). 4 Certain of the Company’s properties are subject to royalty arrangements based on mineral production at the properties. Royalties include net smelter return (“NSR”) royalty and price participation agreements.5 Depreciation is based on concentrate sold.6 As per the consolidated financial statements. 1 Contained copper in concentrate. 1 Per pound of copper produced.2 By-product credits are computed as revenue per consolidated financial statements, including amortization of deferred revenue and pricing and volume adjustments.3 Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements. 4 Depreciation is based on concentrate sold.5 As per the consolidated interim financial statements. 1 Contained copper in concentrate. 1 Per pound of copper produced.2 By-product credits are computed as revenue per consolidated financial statements, including amortization of deferred revenue and pricing and volume adjustments.3 Depreciation is based on concentrate sold.4 As per consolidated interim financial statements. Sustaining and All-in Sustaining Cash Cost Reconciliation 1 Includes accretion of decommissioning relating to non-productive sites, and accretion and amortization of community agreements capitalized to Other assets.2 Other non-sustaining capital costs include Copper World capitalized costs, Cactus Project capitalized costs, capitalized interest, capitalized exploration, right-of-use lease asset additions, equipment financing asset additions, growth capital expenditures and reclassification related to capital spares.3 Includes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites. Gold Cash Cost and Sustaining Cash Cost Reconciliation 1 Contained gold in concentrate and doré. 1 Per ounce of gold produced.2 By-product credits are computed as revenue per consolidated financial statements, amortization of deferred revenue, pricing and volume adjustments.3 Depreciation is based on concentrate sold.4 As per consolidated interim financial statements. Combined Unit Cost Reconciliation 1 G&A as per cash cost reconciliation above.2 Other G&A primarily includes profit sharing costs.3 As per consolidated interim financial statements. 1 G&A as per cash cost reconciliation above.2 As per consolidated interim financial statements. Forward-Looking Information        This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “budget”, “guidance”, “scheduled”, “estimates”, “forecasts”, “strategy”, “target”, “intends”, “objective”, “goal”, “understands”, “anticipates” and “believes” (and variations of these or similar words) and statements that certain actions, events or results “may”, “could”, “would”, “should”, “might” “occur” or “be achieved” or “will be taken” (and variations of these or similar expressions). All of the forward-looking information in this news release is qualified by this cautionary note. Forward-looking information includes, but is not limited to, statements with respect to Hudbay’s production, cost and capital and exploration expenditure guidance, Hudbay’s ability to advance and complete the multi-year optimization of the Copper Mountain mine in British Columbia, including with respect to the primary SAG mill repairs and related ramp-up plans, the implementation of stripping strategies and the expected benefits therefrom, the expected timing and benefits of British Columbia growth initiatives, including with respect to the development timelines associated with New Ingerbelle and any challenges to the New Ingerbelle permits (including LSIB’s recent application for judicial review), the estimated timelines and pre-requisites for sanctioning the Copper World project, including the completion and anticipated results of (and costs associated with) the DFS and the potential timing of a project sanctioning decision, expectations regarding the benefits of (and costs associated with) sanctioning of the Copper World project, expectations regarding the potential impact of recent policy decisions from the United States government, the benefits, timing and consummation of the definitive agreement with Wheaton Precious Metals Corp. (“Wheaton”) in respect of the enhanced precious metals stream at Copper World, the expected benefits of Manitoba growth initiatives, including the use of the exploration drift at the 1901 deposit and the potential utilization of excess capacity at the Stall mill, the ability for Hudbay to complete mill throughput enhancements at its operating business units in Peru, British Columbia and Manitoba, Hudbay’s future deleveraging strategies and Hudbay’s ability to deleverage and repay debt as needed, expectations regarding the benefits of the ASCU Transaction and the acquisition of the Cactus project, expectations regarding the timing and costs associated with the updated Cactus PFS, expectations regarding Hudbay’s cash balance and liquidity and related cash management strategies, expectations regarding Hudbay’s capital planning strategies, including but not limited to Hudbay’s enhanced Capital Allocation Framework, expectations regarding sustaining capital projects, including but not limited to the construction of a cyanide recycling initiative at the New Britannia mill and construction of a dam lift at the Anderson Tailings Impoundment Area, expectations regarding tax synergies, expectations regarding the ability to conduct exploration work and execute on exploration programs on its properties and to advance related drill plans, Hudbay’s evaluation and assessment of opportunities to reprocess tailings using various metallurgical technologies, the anticipated impact of brownfield and greenfield growth projects on Hudbay’s performance, anticipated exploration and expansion opportunities and extension of mine life in Snow Lake and Hudbay’s ability to find a new anchor deposit near Hudbay’s Snow Lake operations, anticipated future drill programs and exploration activities and any results expected therefrom, potential updates to Rockcliff’s prior mineral resource estimate for the Talbot project, the enhancement of stakeholder engagement and advancement of a pre-feasibility study and related test work at the Mason copper project in Nevada, expectations regarding the timing and costs associated with the Mason PFS, anticipated mine plans, anticipated metals prices and the anticipated sensitivity of Hudbay’s financial performance to metals prices, events that may affect Hudbay’s operations and development projects, anticipated cash flows from operations and related liquidity requirements, the ability to successfully obtain proceeds from insurance claims, the ability to achieve Hudbay’s climate change goals and initiatives, the anticipated effect of external factors on revenue, such as commodity prices, estimation of mineral reserves and resources, mine life projections, reclamation costs, economic outlook, government regulation of mining operations, and business and acquisition strategies. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Hudbay at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Hudbay has identified and were applied in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: the ability to achieve production, cost and capital and exploration expenditure guidance; no significant interruptions to Hudbay's operations due to social or political unrest in the regions Hudbay operates, including the navigation of the complex political and social environment in Peru and the resolution of grievances raised by local communities and their residents; the ability to consummate the definitive agreement with Wheaton in respect of the enhanced precious metals stream at Copper World; no interruptions to Hudbay's plans for advancing the Copper World project, including with respect to the completion of the DFS, timing of a project sanctioning decision, and any successful challenges to the Copper World permits; no interruptions to Hudbay’s plans for advancing New Ingerbelle, including with respect to any challenges to the New Ingerbelle permits; Hudbay's ability to successfully advance and complete the optimization of the Copper Mountain operations, and develop and maintain good relations with key stakeholders; the ability to execute on its exploration plans and to advance related drill plans; the ability to advance the exploration program at the Maria Reyna and Caballito properties; the success of mining, processing, exploration and development activities; the scheduled maintenance and availability of Hudbay's processing facilities; the accuracy of geological, mining and metallurgical estimates; anticipated metals prices and the costs of production; the supply and demand for metals Hudbay produces; the supply and availability of all forms of energy and fuels at reasonable prices; no significant unanticipated operational or technical difficulties; no significant interruptions to operations due to adverse effects from extreme weather events, including forest fires that have affected and may continue to affect the regions in which Hudbay operates; the execution of Hudbay's business and growth strategies, including the success of its strategic investments and initiatives; the availability of additional financing, if needed; the ability to deleverage and repay debt, as needed; the ability to complete project targets on time and on budget and other events that may affect Hudbay's ability to develop Hudbay's projects; the timing and receipt of various regulatory and governmental approvals; the availability of personnel for Hudbay's exploration, development and operational projects and ongoing employee relations; maintaining good relations with the employees at Hudbay's operations; maintaining good relations with the labour unions that represent certain of Hudbay employees in Manitoba and Peru; maintaining good relations with the communities in which Hudbay operates, including the neighbouring Indigenous communities and local governments; no significant unanticipated challenges with stakeholders at Hudbay's various projects; no significant unanticipated events or changes relating to regulatory, environmental, health and safety matters; no contests over title to Hudbay's properties, including as a result of rights or claimed rights of Indigenous peoples or challenges to the validity of Hudbay's unpatented mining claims; the timing and possible outcome of pending litigation and no significant unanticipated litigation; certain tax matters, including, but not limited to current tax laws and regulations, changes in taxation policies and the refund of certain value added taxes from the Canadian and Peruvian governments; and no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices and foreign exchange rates). The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks related to the failure to effectively advance and complete the optimization of the Copper Mountain mine operations including with respect to the primary SAG mill repairs and related ramp-up plans, political and social risks in the regions Hudbay operates, including the complex political and social environment in Peru and potential disruptions to operations arising from community protests and grievances, risks generally associated with the mining industry and the current geopolitical environment, including future commodity prices, the potential implementation or expansion of tariffs, currency and interest rate fluctuations, energy and consumable prices, supply chain constraints and general cost escalation in the current inflationary environment, uncertainties related to the development and operation of Hudbay’s projects, the risk of an indicator of impairment or impairment reversal relating to a material mineral property, risks associated with the development of new projects, risks associated with acquisitions, investments and other strategic transactions including but not limited to the recent acquisition of ASCU, risks related to the Copper World project, including the risk of capital cost escalation, risks related to ongoing litigation in respect of the project’s air permit and certain land rights, risks from community opposition, project delivery risks, joint venture risks and financing risks, risks related to the Lalor mine plan, including the ability to convert inferred mineral resource estimates to higher confidence categories, dependence on key personnel and employee and union relations, risks related to political or social instability, unrest or change, risks in respect of Indigenous and community relations, rights and title claims, operational risks and hazards, including the cost of maintaining and upgrading Hudbay’s tailings management facilities and any unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks (including any unanticipated significant interruptions to operations due to adverse effects from extreme weather events), failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, depletion of Hudbay’s reserves, volatile financial markets and interest rates that may affect Hudbay’s ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, Hudbay’s ability to comply with Hudbay’s pension and other post-retirement obligations, Hudbay’s ability to abide by the covenants in Hudbay’s debt instruments and other material contracts, tax refunds, hedging transactions, cybersecurity risks and risks related to the reliability and security of Hudbay’s information technology and operational technology systems, including risks arising from cyber-attacks, ransomware, phishing and other malware, risks associated with the use of artificial intelligence technologies, as well as the risks discussed under the heading “Risk Factors” in Hudbay’s most recent Annual Information Form which is available on the Company’s SEDAR+ profile at www.sedarplus.ca and the Company’s EDGAR profile at www.sec.gov. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law. Note to United States Investors This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which may differ materially from the requirements of United States securities laws applicable to U.S. issuers. About Hudbay Hudbay (TSX, NYSE: HBM) is a copper-focused critical minerals mining company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States. Hudbay’s operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the Company, which is complemented by meaningful gold production and by-product zinc, silver and molybdenum. Hudbay’s growth pipeline includes the Copper World project in Arizona (United States), the Cactus project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its existing operations. The value Hudbay creates and the impact it has is embodied in its purpose statement: “We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities.” Hudbay’s mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations. For further information, please contact:Candace BrûléSenior Vice President, Capital Markets & Corporate Affairs (416) [email protected] ____________________i Adjusted net earnings - attributable to owners and adjusted net earnings per share - attributable to owners, adjusted EBITDA, cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, cash cost, sustaining cash cost per ounce of gold produced, net of by-product credits, combined unit cost, net debt, net debt to adjusted EBITDA ratio and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the “Non-GAAP Financial Performance Measures” section of this news release. ii Liquidity includes $890.9 million in cash and cash equivalents as well as undrawn availability of $153.7 million under Hudbay's revolving credit facilities.

Wall Street expects a year-over-year increase in earnings on higher revenues when HudBay Minerals (HBM) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 29. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This mining company is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of +79%. Revenues are expected to be $684.1 million, up 27.5% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 2.7% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For HudBay Minerals, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -9.95%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination makes it difficult to conclusively predict that HudBay Minerals will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that HudBay Minerals would post earnings of $0.34 per share when it actually produced earnings of $0.40, delivering a surprise of +17.65%. Over the last four quarters, the company has beaten consensus EPS estimates two times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. HudBay Minerals doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HudBay Minerals Inc (HBM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Vancouver, British Columbia--(Newsfile Corp. - June 11, 2026) - NovaRed Mining Inc. (CSE: NRED) (OTCQB: NREDF) ("NovaRed" or the "Company") is pleased to provide a summary of recent reported results relating to the Wilmac Copper-Gold Project (the "Project"). The Project comprises 16,078 hectares of mineral tenures located within the Quesnel porphyry belt in the Similkameen Mining Division of British Columbia, southwest of Princeton, and approximately 10 kilometres west of Hudbay Minerals Inc.'s ("Hudbay") producing Copper Mountain Mine. According to Hudbay, Copper Mountain hosts Proven and Probable Mineral Reserves of 345 million tonnes grading 0.26% copper and 0.12 g/t gold.1 "The most important characteristic of Wilmac is what has not yet been tested. The interpreted intrusive complex sits down-dropped relative to Copper Mountain along the Boundary Fault - largely blind, largely unexposed, and with minimal systematic drilling at the depths where porphyry systems typically deliver" commented Brian Goss, Chief Executive Officer of NovaRed Mining Inc. "Our soil geochemistry, rock sampling, and core re-examination all point in the same direction: porphyry-style alteration and mineralization consistent with a buried system of potential scale. The 2026 geophysical program at the North Lamont target is our next step toward defining the geometry of that system and sequencing our drill program accordingly." The Project is situated in a well-documented copper-gold porphyry belt and is located proximal to an actively producing copper mine, with ore produced from multiple copper-gold alkalic porphyry deposits comprising the mine. The mine is located within the Copper Mountain Camp, comprising multiple intrusions, ranging from barren to mineralized, within a composite intrusive complex. This is the geological setting interpreted for the Project, down dropped relative to the Copper Mountain Camp by the Boundary Fault such that an interpreted intrusive complex is located at a deeper level and is, therefore, largely unexposed, comprising an essentially blind intrusive complex. Evidence in support of a potential intrusive complex has been identified in outcrop (i.e., the North Lamont Grid), in drill core (i.e., the Trojan Condor Corridor) and in geophysical survey results (i.e., the Lamont and Wilmac surveys). The interpreted intrusive complex includes, but is not limited to, ultramafic (i.e., pyroxenite, hornblendite), mafic (i.e., gabbro) and intermediate (i.e., diorite) intrusive phases and is, therefore, a multi-phase intrusive complex. Analytical results from multiple soil sampling programs across the Property document anomalous to highly anomalous copper results (indicating potential for underlying copper-bearing mineralization) as well as elevated Sr/Y (indicating one or more favourable "fertile" or "wet" magmas) and V/Sc ratios (indicating magmas transitional between reduced and more favourable oxidized magmas). In particular, a spatial association between groups and clusters of anomalous copper-bearing soils and intense magnetic anomalies is interpreted to indicate targeting intense magnetic highs may present an optimal method for identifying potentially copper-bearing deposits. Anomalous copper-in-soil anomalies are supported by a more limited set of analyses from rock samples, documenting several areas having anomalous copper values (i.e., the Trojan and Wilmac MINFILE occurrences). The best mineralisation identified to date from the Project was returned from the Wilmac MINFILE area in 2023. Copper results are anomalous and very encouraging, ranging from a lower cut-off of 200 ppm to two values in excess of 1% (1.235% and 1.670%). The average of nine samples was 6,390 ppm, or 0.639%, copper.2 Samples were taken from within, and immediately adjacent to, a series of three northwest - southeast oriented trenches excavated in predominantly coarse-grained to pegmatitic hornblendite. Piles of excavated material at the southeast end of the middle and western trenches have abundant epidote altered and chalcopyrite mineralized material. Epidote alteration is present as selective replacement of primary phenocrysts, patchy alteration of the matrix and as epidote veins. Sulphides are present as both pyrite and, to a slightly lesser degree, chalcopyrite, predominantly hosted within quartz-carbonate veins and weakly to moderately developed stockworks. Several instances of possible AB porphyry-style veins (quartz-carbonate veins having sulphide cores) were noted. To date, there are three high priority areas for subsequent diamond drilling. In order of priority, they are the Wilmac, the Lamont / North Lamont, and the Trojan-Condor Corridor areas. A limited drill program was completed by a previous operator on the Trojan-Condor Corridor claims in 2014. Four drill holes (labelled WS14-001 to WS14-004) totalling approximately 728 metres were completed. The relatively shallow holes (between 135 and 215 metres deep) targeted copper showings and IP chargeability anomalies identified by the 2011 survey.3 Although results were modest, they are interpreted to document a classic copper-gold Alkalic Porphyry signature: epidote-carbonate-quartz veinlets, thin stockworks with pyrite ± trace chalcopyrite, and patchy to locally pervasive epidote and sericite alteration. The holes are interpreted to have been collared above a large hydrothermal system associated with multiple copper-bearing porphyry centres. Driving the interpreted hydrothermal system is a buried intrusive complex having porphyry-style alteration, porphyry-style networks of sulphide veins, and porphyry-style intervals of copper mineralization. In addition, evidence of faulting and the presence of younger Princeton Group cover rocks are interpreted to have obscured deeper, potentially better-mineralized portions of the hydrothermal system to the east. Re-examination and further sampling of the 2014 drill core in 2024 returned additional valuable information and quantitative analytical results, as follows: weakly to, very locally, moderately well developed, vein stringers and stockworks (≤0.5 metres), interpreted to be consistent with porphyry-style mineralization; intervals consisting of porphyry-style mineralization (i.e., thick, vein-controlled to stockwork mineralization) rather than individual narrow, vein-style mineralization; further analysis returned thicker, porphyry-style results for copper, confirming the high value of "… 953 ppm copper … across 3.27 metres of diorite containing a weak quartz-carbonate-pyrite stockwork zone"4 with a weighted average copper grade of 1,084 ppm over 3.13 metres between 97.87 and 101.00 metres. Two additional intervals returned moderately anomalous values: (1) 262 ppm copper over 24.16 metres between 87.70 and 111.86 metres in WS14-001, and (2) 381 ppm copper over 26.83 metres between 83.00 and 111.86 metres in WS14-002. These broad, low-grade intervals are interpreted by the Company's QP as consistent with the peripheral alteration halo of an alkalic porphyry system, where higher-grade mineralization is typically developed at depth within the causative intrusive complex; and more, and varied, alteration styles present throughout the core, dominated by sericite and epidote alteration. Gabbro, pyroxenite, and diorite exhibit rare to weak patchy, with more prevalent, but variable, selective replacement and pervasive epidote alteration with traces of chalcopyrite and are occasionally cut by narrow (<1 to 2cm thick) carbonate, epidote and quartz veinlets with traces of chalcopyrite. Summary The Project is interpreted to host potential for identification of one (or more) Cu-Au porphyry deposits similar to those being actively mined at Copper Mountain, approximately 10 km east. Favourable indicators for porphyry potential include, but are not limited to: location within a well established and well documented porphyry belt, proximity to an actively producing mine, numerous anomalous to highly anomalous copper-in-soil results, anomalous to highly anomalous copper results from analysis of rock samples, porphyry-style alteration, including sericite and epidote alteration, porphyry-style mineralization, from both trench exposures and in drill core, evidence for a multi-phase intrusive complex in outcrop, from geophysics and drilling, spatial association of porphyry-style alteration and mineralization with high intensity magnetic anomalies, and spatial association with a large, high intensity magnetic anomaly similar to that associated with the intrusive complex documented in the Copper Mountain Camp and the Copper Mountain Mine, separated by the regionally significant Boundary Fault. Next Steps Building on the results summarized above, the Company is advancing a planned 2026 field program on the Wilmac Copper-Gold Project, with the objective of further defining and refining the three priority drill targets identified to date. Further details of the 2026 field program will be provided in a subsequent news release. REFERENCES Hudbay Minerals Inc., "Hudbay Provides Annual Reserve and Resource Update with Mine Life Extensions and Improved Three-Year Production Outlook," news release dated March 27, 2026; mineral reserves estimated in accordance with CIM Definition Standards incorporated by reference in NI 43-101 Walker, R.T. (2023). ASSESSMENT REPORT - WEST PRINCETON PROJECT, Assessment Report, dated October 26, 2023, 127 p. Crooker, G. (2015). Core drilling report on the Tulameen Project, Whipsaw Target Area, Similkameen Mining Division, Assessment Report 35488, dated February, 2015, 82 p. Walker, R.T. (2025). ASSESSMENT REPORT - WEST PRINCETON PROJECT, Assessment Report, Vol. I, dated February 15, 2025, 145 p. QUALIFIED PERSON The scientific and technical information in this news release has been reviewed and approved by Rick Walker, P.Geo., a Qualified Person as defined by National Instrument 43-101 ("NI 43-101"). Mr. Walker is not independent of the Company within the meaning of NI 43-101. ABOUT NOVARED MINING INC. NovaRed Mining Inc. (CSE: NRED) (OTCQB: NREDF) is a mineral exploration company focused on the identification, acquisition, exploration and development of copper-gold porphyry projects in British Columbia, leveraging an artificial intelligence-enhanced geospatial technology platform that it developed to identify and evaluate prospective mineral properties. The Company's optioned Wilmac copper-gold project comprises 16,078 hectares located within the Quesnel porphyry belt in the Similkameen Mining Division, southwest of Princeton and approximately 10 kilometres west of Hudbay Minerals Inc.'s producing Copper Mountain Mine. For more information, visit novaredmining.com. Readers are cautioned that the discussion of mineralization on adjacent or similar properties, including the Copper Mountain Mine, is not necessarily indicative of the mineralization or potential of the Wilmac Project. The Company has no interest in, or right to acquire any interest in, any such adjacent properties. ON BEHALF OF NOVARED MINING INC.Brian GossChief Executive OfficerT: 775-340-2395E: [email protected] FORWARD-LOOKING INFORMATION This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding: the completion of the Company's 2026 geophysical program at the Wilmac Copper-Gold Project, including the IP/AMT survey at the North Lamont target; the integration and interpretation of the resulting geophysical, geochemical, and magnetic datasets; the upgrade of the North Lamont target's drill priority following such integration; the identification of drill targets on the Project; the conduct of additional four-acid soil sampling across the broader anomaly footprint at the North Lamont target; the geological interpretation of the underlying magnetic anomaly as a predominantly blind, multi-phase intrusive complex with potential to host porphyry copper-gold mineralization; and the Company's intention and ability to satisfy the cash payment, share issuance, and exploration expenditure milestones required to exercise the option agreements respecting the Wilmac Copper-Gold Project, including the Trojan-Condor Corridor, and to earn a 70% interest in the Property. Forward-looking information is based on a number of assumptions that, while considered reasonable by the Company at the date of this news release, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such assumptions include, without limitation: the availability of adequate funding to complete the proposed and ongoing exploration; the ability of the Company's geophysical contractors to complete the 2026 program on schedule; favourable weather, terrain, and field conditions for completion of the IP/AMT survey; access to the Project area; the availability of qualified personnel and analytical laboratory capacity; the accuracy of current geological interpretations, including those based on historical data acquired by the Company; the receipt of acceptance for filing by the Canadian Securities Exchange of the Trojan-Condor Corridor option amending agreement; the continued cooperation of the optionors under the terms of the relevant option agreements; and the continuity of mineralization, alteration, and intrusive lithologies on the Project. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information. Important risk factors include, but are not limited to: the continued availability of capital and financing; the ability to satisfy option earn-in requirements on the timelines contemplated, including with respect to the Trojan-Condor Corridor; failure to receive acceptance for filing by the Canadian Securities Exchange of the Trojan-Condor Corridor option amending agreement on the timelines contemplated, or at all; risks inherent in mineral exploration, including the possibility that exploration results, including the IP/AMT survey results at North Lamont, may not support the geological interpretations described in this news release or upgrade the priority of the target; adverse weather or terrain conditions that may delay or prevent fieldwork; the possibility that historical exploration data acquired by the Company may not be reproducible by current methods or may be subject to limitations not previously identified; tenure grant, renewal and permitting outcomes, including under British Columbia's revised mineral tenure system; Indigenous and community consultation requirements; changes in applicable laws and regulations; the ability to retain key personnel and contractors; litigation; failure of counterparties to perform their contractual obligations; and general economic, market or business conditions. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by applicable securities laws. Neither the CSE nor its Market Regulator (as that term is defined in CSE policies) accepts responsibility for the adequacy or accuracy of this news release. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301042

Hudbay Minerals Inc.'s (TSE:HBM) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that shareholders have noticed something concerning in the numbers. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. Importantly, our data indicates that Hudbay Minerals' profit received a boost of US$440m in unusual items, over the last year. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And that's as you'd expect, given these boosts are described as 'unusual'. Hudbay Minerals had a rather significant contribution from unusual items relative to its profit to March 2026. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. As we discussed above, we think the significant positive unusual item makes Hudbay Minerals' earnings a poor guide to its underlying profitability. As a result, we think it may well be the case that Hudbay Minerals' underlying earnings power is lower than its statutory profit. But the good news is that its EPS growth over the last three years has been very impressive. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. In terms of investment risks, we've identified 1 warning sign with Hudbay Minerals, and understanding this should be part of your investment process. This note has only looked at a single factor that sheds light on the nature of Hudbay Minerals' profit. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.