February 20, 2019 Q4 2018 RESULTS PRESENTATION

CAUTIONARY INFORMATION Thispresenta,oncontainsforward-lookinginforma,onwithinthemeaningofapplicableCanadianandUnitedStatessecuri,eslegisla,on.Allinforma,oncontainedinthispresenta,on,otherthanstatementsofcurrentandhistorical fact, is forward-looking informa,on.O@en,butnotalways, forward-looking informa,oncanbe iden,fiedby theuseofwords suchas “plans”, “expects”, “budget”, “guidance”, “scheduled”, “es,mates”,“forecasts”,“strategy”,“target”,“intends”,“objec,ve”,“goal”,“understands”,“an,cipates”and“believes”(andvaria,onsoftheseorsimilarwords)andstatementsthatcertainac,ons,eventsorresults“may”,“could”,“would”,“should”,“might”“occur”or“beachieved”or“willbetaken”(andvaria,onsoftheseorsimilarexpressions).Alloftheforward-lookinginforma,oninthispresenta,onisqualifiedbythiscau,onarynote.Forward-lookinginforma,onincludes,butisnotlimitedto,produc,on,costandcapitalandexplora,onexpenditureguidance,an,cipatedproduc,onatthecompany’sminesandprocessingfacili,es,an,cipatedfinancialperformanceandcon,nuedleveragetothecopperprice,theexpectedbenefitsofimplemen,ngthemetallurgicalrecoveryandop,miza,onini,a,vesattheConstanciaprocessingplantandexpecta,onsregardingthescheduleforacquiringthePampacanchasurfacerightsandminingthePampacanchadeposit,thean,cipated,ming,costandbenefitsofdevelopingtheRosemontprojectandexpecta,onsregardingthefinalRosemontpermits and any li,ga,on challenging Rosemont's permits, expecta,ons regarding the Lalor gold strategy, including the refurbishment of theNew Britanniamill, the low costs of the opera,on and the possibility ofop,mizingthevalueofthecompany'sgoldresourcesinManitoba,thepossibilityofconver,nginferredmineralresourcees,matestohigherconfidencecategories,thepoten,alandthecompany’san,cipatedplansforadvancingitsminingproper,essurroundingConstanciaandtheAnnMasonproject,an,cipatedmineplans,expecta,onsregardingthecoppermarketandthelikelihoodofastructuralsupplydeficit,an,cipatedmetalspricesandthean,cipatedsensi,vityofthecompany’sfinancialperformancetometalsprices,eventsthatmayaffectitsopera,onsanddevelopmentprojects,an,cipatedcashflowsfromopera,onsandrelatedliquidityrequirements, the an,cipated effect of external factors on revenue, such as commodity prices, es,ma,on ofmineral reserves and resources,mine life projec,ons, reclama,on costs, economic outlook, governmentregula,onofminingopera,ons,andbusinessandacquisi,onstrategies.Forward-lookinginforma,onisnot,andcannotbe,aguaranteeoffutureresultsorevents.Forward-lookinginforma,onisbasedon,amongotherthings,opinions,assump,ons,es,matesandanalysesthat,whileconsideredreasonablebythecompanyatthedatetheforward-lookinginforma,onisprovided, inherentlyaresubjecttosignificantrisks,uncertain,es,con,ngenciesandotherfactorsthatmaycauseactualresultsandeventstobemateriallydifferentfromthoseexpressedorimpliedbytheforward-lookinginforma,on.Thematerialfactorsorassump,onsthatHudbayiden,fiedandwereappliedbythecompanyindrawingconclusionsormakingforecastsorprojec,onssetoutintheforward-lookinginforma,oninclude,butarenotlimitedto:theschedulefortherefurbishmentoftheNewBritanniamillandthesuccessofthecompany’sLalorgoldstrategy;obtainingthefinalpermitsforRosemontandobtaininganyrequiredjointventurepartnerapprovalstoadvance the project; the ability to secure required land rights to develop and commencemining the Pampacancha deposit; the success ofmining, processing, explora,on and development ac,vi,es; the scheduledmaintenanceandavailabilityoftheprocessingfacili,es;theaccuracyofgeological,miningandmetallurgicales,mates;an,cipatedmetalspricesandthecostsofproduc,on;thesupplyanddemandformetalsthecompanyproduces;thesupplyandavailabilityofallformsofenergyandfuelsatreasonableprices;nosignificantunan,cipatedopera,onalortechnicaldifficul,es;theexecu,onofHudbay’sbusinessandgrowthstrategies,includingthesuccessofitsstrategicinvestmentsandini,a,ves;theavailabilityofaddi,onalfinancing,ifneeded;theabilitytocompleteprojecttargetson,meandonbudgetandothereventsthatmayaffectthecompany’sabilitytodevelopitsprojects;the,mingandreceiptofvariousregulatory,governmentalandjointventurepartnerapprovals;theavailabilityofpersonnelfortheexplora,on,developmentandopera,onalprojectsandongoingemployeerela,ons;maintaininggoodrela,onswiththecommuni,es inwhichthecompanyoperates, includingthecommuni,essurroundingtheConstanciamineandRosemontprojectandFirstNa,onscommuni,essurroundingtheLalormine;nosignificantunan,cipatedchallengeswithstakeholdersatthecompany’svariousprojects;nosignificantunan,cipatedeventsorchangesrela,ngtoregulatory,environmental,healthandsafetyma[ers;nocontestsover,tletothecompany’sproper,es,includingasaresultofrightsorclaimedrightsofaboriginalpeoples;the,mingandpossibleoutcomeofpendingli,ga,onandnosignificantunan,cipatedli,ga,on;certaintaxma[ers, including,butnot limitedtocurrenttax lawsandregula,onsandtherefundofcertainvalueaddedtaxesfromtheCanadianandPeruviangovernments;andnosignificantandcon,nuingadversechangesingeneraleconomiccondi,onsorcondi,onsinthefinancialmarkets(includingcommoditypricesandforeignexchangerates).The risks,uncertain,es, con,ngenciesandother factors thatmaycauseactual results todiffermaterially fromthoseexpressedor impliedby the forward-looking informa,onmay include,butarenot limited to, risksgenerallyassociatedwiththeminingindustry,suchaseconomicfactors(includingfuturecommodityprices,currencyfluctua,ons,energypricesandgeneralcostescala,on),uncertain,esrelatedtothedevelopmentandopera,onofthecompany’sprojects(includingrisksassociatedwiththepermi\ng,developmentandeconomicsoftheRosemontprojectandrelatedlegalchallenges),risksrelatedtothenewLalormineplan,includingtheschedulefortherefurbishmentoftheNewBritanniamillandtheabilitytoconvertinferredmineralresourcees,matestohigherconfidencecategories,risksrelatedtothescheduleforminingthePampacanchadeposit(including the,mingandcostofacquiring therequiredsurfacerightsandthe impactofanyscheduledelays), risks relatedto thematuringnatureof the777mineand its impacton therelatedFlinFlonmetallurgicalcomplex,dependenceonkeypersonnelandemployeeandunionrela,ons,risksrelatedtopoli,calorsocialunrestorchange,risksinrespectofaboriginalandcommunityrela,ons,rightsand,tleclaims,opera,onalrisksand hazards, including unan,cipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transporta,on and otherinfrastructuretooperateasan,cipated,compliancewithgovernmentandenvironmentalregula,ons,includingpermi\ngrequirementsandan,-briberylegisla,on,deple,onofthecompany’sreserves,vola,lefinancialmarketsthatmayaffectthecompany’sabilitytoobtainaddi,onalfinancingonacceptableterms,thefailuretoobtainrequiredapprovalsorclearancesfromgovernmentauthori,esona,melybasis,uncertain,esrelatedtothegeology,con,nuity,gradeandes,matesofmineralreservesandresources,andthepoten,alforvaria,onsingradeandrecoveryrates,uncertaincostsofreclama,onac,vi,es,thecompany’sabilitytocomplywithitspensionandotherpost-re,rementobliga,ons,thecompany’sabilitytoabidebythecovenantsinitsdebtinstrumentsandothermaterialcontracts,taxrefunds,hedgingtransac,ons,aswellastherisksdiscussedundertheheading“RiskFactors”inHudbay’smostrecentAnnualInforma,onForm.Shouldoneormorerisk,uncertainty,con,ngencyorotherfactormaterializeorshouldanyfactororassump,onproveincorrect,actualresultscouldvarymateriallyfromthoseexpressedorimpliedintheforward-lookinginforma,on.Accordingly,youshouldnotplaceunduerelianceonforward-lookinginforma,on.Hudbaydoesnotassumeanyobliga,ontoupdateorreviseanyforward-lookinginforma,ona@erthedateofthispresenta,onortoexplainanymaterialdifferencebetweensubsequentactualeventsandanyforward-lookinginforma,on,exceptasrequiredbyapplicablelaw.Thispresenta,onhasbeenpreparedinaccordancewiththerequirementsofthesecuri,eslawsineffect inCanada,whichmaydiffermateriallyfromtherequirementsofUnitedStatessecuri,eslawsapplicabletoU.S.issuers.Thispresenta,oncontainscertainfinancialmeasureswhicharenotrecognizedunderIFRS,suchasnetdebt,cashcostandsustainingcashcost,netofby-productcredits,perpoundofcopperproducedandcombinedunitopera,ngcosts.ForfurtherdetailsonhowHudbaycalculatesthesemeasuresinrespectofitsopera,ngassets,pleaserefertopage45ofHudbay’smanagement’sdiscussionandanalysisforthethreeandtwelvemonthsendedDecember31,2018availableonSEDARatwww.sedar.comandEDGARatwww.sec.gov.AllamountsareinU.S.dollarsunlessotherwisenoted. 2

AGENDA !   Corporate Review

!   2018 achievements !   Consolidated results and free cash flow generation

!   Peru Business Unit !   2018 performance !   Project development review !   Regional potential

!   Manitoba Business Unit !   2018 performance !   New Lalor reserve and resource estimate and updated mine plan !   Regional potential

!   Arizona Business Unit !   2019 guidance !   Strategy

!   Overview !   Returns and leverage to copper

!   Near-term and medium-term catalysts

3

2018 ACHIEVEMENTS OPERATIONAL AND GROWTH INITIATIVES

4

Utilized technology and process improvements to drive additional efficiencies in our operations

Consolidated copper production exceeded 2018 guidance by 14%1, zinc and precious metals were within 2018 guidance ranges

Generated $274 million in free cash flow2 and reduced net debt

Completed test mining of Lalor gold zone to enhance Lalor’s economics and better understand the potential for gold processing options

Acquired and advanced satellite deposits near Constancia

Acquired the Ann Mason property in Nevada through accretive transaction

✔

✔

✔✔

✔✔

1.  Increase over the mid-point of the 2018 guidance range. 2.  Free cash flow calculated as operating cash flow before change in non-cash working capital less sustaining capital expenditures and less interest paid.

OP

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2018 CONSOLIDATED RESULTS

!   Consolidated production of copper-equivalent contained metal in concentrate of 57kt in Q4 and 247kt in 2018

!   Consolidated cash costs of $0.94/lb Cu and sustaining cash cost of $1.52/lb Cu in 2018

!   Cash generated from operating activities of $480 million in 2018

!   Ending cash balance of $515 million

5

KEY RESULTS SUMMARY

FY 2018 Q4 2018 Q3 2018

Production1

Copper kt 154.6 37.2 40.5

Zinc kt 115.6 27.4 26.2

Precious Metals2 koz 176.4 42.5 42.7

Copper-Eq3 kt 238.8 56.9 59.3

Cash Cost4 $lb/ Cu $0.94 $0.94 $0.88

All-in Sustaining Cash cost4 $lb/ Cu $1.52 $1.73 $1.43

EPS Reported $/sh $0.33 $(0.01) $0.09

Cash from operating activities

$m $480 $137 $114

Cash $m $515 $460

Net Debt $m $466 $516

Liquidity $m $937 $878

1.  Contained metal in concentrate. 2.  Includes gold and silver production on a gold-equivalent basis. Silver converted to gold at a ratio of

70:1. 3.  Production on a copper-equivalent basis is calculated by converting contained metal in concentrate

produced using average realized prices. 4.  Cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits.

All-in sustaining cash cost includes sustaining capital expenditures, capitalized exploration, royalties and corporate G&A.

GROWING FREE CASH FLOW & REDUCING DEBT ! Achieved 2016 cost reduction target of over $100 million; continued to generate positive

free cash flow through un-hedged production and stable low-cost operations

! Reduced net debt position by more than $750 million since 2016

OPERATING AND FREE CASH FLOW1

Note: LTM = Last Twelve Months. 1.  Operating cash flow is operating cash flow before change in non-cash working capital. Free cash flow calculated as operating cash flow less sustaining capital expenditures and less interest paid. 2.  Net debt calculated as total long-term debt less cash and cash equivalents. Net debt is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a

detailed reconciliation, please refer to Hudbay’s management’s discussion and analysis for the three and twelve months ended December 31, 2018.

($M) NET DEBT2

($M)

6

1,228 1,168

1,105 1,085 1,035

950

650 623 585

536 516 466

Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18

Net Debt

286 338

383 388 397

451 481

531 582 589

557

493

-87

-26

64 83

143

198 229

295 321

348 333

274

Q1/16 LTM

Q2/16 LTM

Q3/16 LTM

2016 Q1/17 LTM

Q2/17 LTM

Q3/17 LTM

2017 Q1/18 LTM

Q2/18 LTM

Q3/18 LTM

2018

Operating Cash Flow Free Cash Flow

! Mill operating at ~90,000 tpd5 and achieving ~85% copper recoveries in the fourth quarter

! Copper production of 31kt due to strong head grades, mill throughput and recoveries

! Combined unit operating costs reflect higher costs of operating moly plant more than planned ! Moly sales increased revenue by $12.9

million in 2018, more than offsetting the additional moly plant costs of $2.7 million

PERU SUMMARY OPERATING STATISTICS

FY 2018 Q4 2018 Q3 2018

Ore mined (million tonnes)1 34.4 7.3 8.8

Ore milled (million tonnes) 31.3 7.7 8.0

Copper grade milled 0.47% 0.48% 0.48%

Gold grade milled (g/t) 0.05 0.06 0.05

Silver grade milled (g/t) 4.08 4.26 4.05

Copper recovery 82.6% 84.8% 85.0%

Gold recovery 47.4% 48.5% 51.1%

Silver recovery 66.5% 71.6% 70.3%

Copper contained in conc. (kt) 122.2 30.8 33.0

Precious metals contained in conc. (koz)2 63.2 18.2 16.6

Molybdenum contained in conc. (kt) 0.9 0.3 0.2

Combined unit operating costs ($/tonne)3 $9.44 $9.88 $8.68

Cash cost ($/lb)4 $1.36 $1.31 $1.22

Sustaining cash cost ($/lb)4 $1.57 $1.65 $1.38 1.  Reported tonnes for ore mined are based on mine plan assumptions and may not reconcile fully to ore milled. 2.  Precious metals production includes gold and silver production on a gold-equivalent basis. Silver is converted to gold at a 70:1 ratio. 3.  Reflects combined mine, mill and G&A costs per tonne of ore milled. Unit costs reflect the deduction of expected capitalized stripping costs. 4.  Cash cost and sustaining cash cost per pound of copper produced, net of by-product credits. 5.  After accounting for 5-day semi-annual mill maintenance shutdown scheduled in November 2018.

7

PERU OPERATIONS REVIEW

! Constancia is the lowest cost copper mine in South America ! Continuous operational improvements at Constancia have driven costs down,

while increasing efficiencies and productivity

LOWEST COST OPEN PIT COPPER MINES IN SOUTH AMERICA (2018)

INDUSTRY LEADING COST PERFORMANCE

1. 2018 forecasted operating costs include mining, processing and general and administrative expenditures on a per tonne basis. Source: Wood Mackenzie (Q4 2018 dataset; primary copper, open pit sulphide mines in South America). Wood Mackenzie’s costing methodology may be different than the methodology reported by Hudbay or its peers in their public disclosure. For details regarding Hudbay’s costs, refer to Hudbay’s management discussion and analysis for the three and twelve months ended December 31, 2018.

$8.88 $9.73 $9.91

$10.57 $10.93 $11.22 $11.61 $11.67 $12.02 $12.80

$13.96 $14.19 $14.36 $14.69 $15.18 $15.69 $16.21 $16.99 $17.27

$18.24

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

$20.00

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1 (U

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8

10%

28% 41% 42% 44% 46%

59% 59%

105% 110%

Constancia Mt. Milligan Antucoya Red Chris Las Bambas Sierra Gorda Toromocho Ministro Hales Boleo Caserones

$1.5 $1.3 $1.4

$0.4

$4.2

$2.9 $2.2 $2.2

$0.9

$2.0 $1.7 $1.6 $1.9

$0.6

$6.0

$4.2 $3.5 $3.5

$1.8

$4.2

Constancia Mt. Milligan Antucoya Red Chris Las Bambas Sierra Gorda Toromocho Ministro Hales Boleo Caserones

Location Peru Canada Chile Canada Peru Chile Peru Chile Mexico Chile

Majority Owner Hudbay Thompson Creek Antofagasta Imperial MMG / Glencore KGHM Chinalco Codelco Kores Pan Pacific

First Production 2014 2013 2015 2015 2016 2014 2013 2014 2015 2014

Processing Rate (tpd) 80,000 60,000 82,000 30,000 140,000 110,000 117,000 50,000+ Roaster 8,200 105,000

Capex Dollar Increase ($B) $0.2 $0.4 $0.6 $0.2 $1.8 $1.3 $1.3 $1.3 $0.9 $2.2

BEST IN CLASS MINE DEVELOPMENT ! Constancia’s capital cost performance was best in class when compared to other

greenfield open pit copper mines in the Americas

9 Source: SNL, Wood Mackenzie, public filings. All figures in USD excluding Red Chris (CAD) and Mt. Milligan (CAD)

Feasibility Capex at Construction Decision (US$B)

Final Constructed Capex (US$B)

CAPITAL COST INCREASE AT GREENFIELD OPEN PIT COPPER MINES IN THE AMERICAS

Peer Average: 57%

CAPITAL COST INCREASE RELATIVE TO FEASIBILITY STUDY

! Constancia’s timeline from feasibility to first production and the subsequent ramp-up to nameplate capacity production was the fastest among recently built projects

TIME FROM FIRST PRODUCTION TO FULL CAPACITY OPERATIONS (MONTHS)

10

5 8 9 9

12 17

28

44 46+

52+

Source: SNL, Wood Mackenzie, public filings and BMO Capital Markets report “In 2018, It’s All About Cobre Panama” dated January 11, 2018. Full capacity date as disclosed by the producing company (when available) Boleo and Caserones have not achieved full capacity.

CONSTANCIA RAMP-UP USED AS BHP’S BENCHMARK FOR ESCONDIDA

BEST IN CLASS MINE RAMP-UP

55

75 79

87

0

20

40

60

80

100

2009 Technical Report

2011 Technical Report

2017 Actual 2018 Actual

Con

stan

cia

Mill

Thr

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put R

ate

(ktp

d)

109 106 105 105 103

$1.29

$1.05 $0.94

$1.06 $1.12

$1.66 $1.44

$1.11 $1.22

$1.45

2019E 2020E 2021E 2022E 2023E

Cu Production Cash Cost Sustaining Cash Cost

5-YEAR PRODUCTION AND COST2 (2019E-2023E)

CONSTANCIA OPTIMIZATION !   Increasing throughput to 90,000 tpd while achieving targeted recoveries !   Annual copper production of 105k tonnes at cash costs of $1.09/lb and

sustaining cash costs of $1.38/lb over 5 years (2019-2023) !   Mining of high-grade Pampacancha satellite deposit intended to enhance

Constancia grade; community negotiations ongoing

1.  Projected throughput of 55,000tpd in NI43-101 Definitive Feasibility Study Technical Report on the Constancia mine filed on SEDAR by Norsemont Mining, dated September 28, 2009. Projected throughput of 76,000tpd in NI-43101 Technical Report on the Constancia mine filed on SEDAR by Norsemont Mining, dated February 21, 2011. 2017 throughput based on actual full year results and 2018 throughput based on actual results for the nine month period ended September 30, 2018.

2.  Source: NI43-101 Technical Report on the Constancia mine filed by Hudbay on SEDAR, dated March 29, 2018. Production refers to contained metal in concentrate. Cash cost and sustaining cash cost are reported net of by-product credits, are calculated at reserve prices ($3.00/lb Cu, $11.00/lb Mo, $18.00/oz Ag, $1,260/oz Au) and include the impact of the precious metals stream and capitalized stripping. Cash cost includes on-site and off-site costs, and sustaining cash cost includes the addition of royalties and sustaining capital, but excludes Pampacancha project capital. Production assumes mining of Pampacancha commences in 2019.

THROUGHPUT1

($/lb Cu) (Kt) ($/lb Cu)

Throughput increased ~60%

from bid date

11

CONSTANCIA REGIONAL POTENTIAL ! We work with all levels of government and local communities to develop stable operations

and to maximize the impact of our social investment in our area of influence and beyond ! Since 2012, executed over 90 social agreements with local governments and communities ! Pleased with progress on Pampacancha negotiations to date ! Exploration work to be conducted on newly acquired properties near Constancia with

potential to provide higher-grade feed to the Constancia mill post-Pampacancha ! Recently entered into community agreement in respect of two properties

MINERAL PROPERTIES WITHIN TRUCKING DISTANCE OF CONSTANCIA PROCESSING FACILITY

12

Pampacancha

Constancia Caballito

Maria Reyna & Kusiorcco

2.5km

136m at 0.6% Cu Eq from surface (Vale)

Historical production at over 5% Cu

K/Th radiometric data indicative of potassic alteration associated with a mineralizing porphyry system

! Ore mined decreased 5% versus Q3 2018 as a result of the Reed mine closure, offset by higher Lalor mine output

! The Reed mine closure impacted operating costs and cash costs

! Lalor mine is on track to achieve 4,500 tpd in Q1 2019

! Announced updated reserve and resource estimates and mine plan for Lalor

! New Lalor reserve estimate increased in-situ contained gold by 65%

! Lalor’s annual gold production doubles from current levels

Manitoba Summary Operating Statistics

FY 2018 Q4 2018 Q3 2018

Ore mined (kt) 2,553 562 593

Ore milled (kt) 2,625 574 626

Copper grade milled 1.36% 1.24% 1.32%

Zinc grade milled 4.93% 5.35% 4.73%

Gold grade milled (g/t) 1.86 1.88 1.83

Silver grade milled (g/t) 24.30 24.67 22.68

Copper recovery 90.7% 89.8% 90.6%

Zinc recovery 89.3% 89.4% 88.6%

Gold recovery 60.8% 59.4% 60.2%

Silver recovery 59.7% 58.0% 60.1%

Copper contained in conc. (kt)1 32.4 6.4 7.5

Zinc contained in conc. (kt)1 115.6 27.4 26.2

Precious metals contained in conc. (koz)1,2 113.2 24.3 26.1

Combined unit operating costs ($/tonne)3 $130 $143 $123

Cash cost ($/lb)4 $(0.64) $(0.87) $(0.61)

Sustaining cash cost ($/lb)4 $0.96 $1.55 $1.23 1.  Reported tonnes for ore mined are based on mine plan assumptions and may not reconcile fully to ore milled. 2.  Precious metals production includes gold and silver production on a gold-equivalent basis. Silver is converted to gold at a 70:1 ratio. 3.  Reflects combined mine, mill and G&A costs per tonne of ore milled. Unit costs reflect the deduction of expected capitalized stripping costs. 4.  Cash cost and sustaining cash cost per pound of copper produced, net of by-product credits.

13

MANITOBA OPERATIONS REVIEW

LALOR UPDATED MINE PLAN HIGHLIGHTS NEW BRITANNIA MILL THE OPTIMAL PROCESSING SOLUTION FOR LALOR GOLD

!   Gold recoveries increased to 93% at New Britannia from 53% at Stall

INCREASED LALOR RESERVES ACROSS ALL METALS

!   Gold reserve grade increased by over 1.0 g/t (+44%) with higher tonnage1

!   In-situ contained gold, copper, zinc and silver increased by 65%, 23%, 11% and 15%, respectively1

INCREASED LIFE-OF-MINE PRODUCTION

!   Life-of-mine gold, copper, zinc and silver production increased by 91%, 16%, 13% and 21%, respectively, compared to the 2017 Technical Report2

MEANINGFUL GOLD PRODUCTION AT INDUSTRY-LEADING CASH COSTS

! Lalor set to produce 140,000 ounces of gold annually3 with sustaining cash costs of $450/oz gold, positioning Lalor as one of the lowest cost gold mines in Canada

!   Significant zinc and copper revenue provides diversified commodity exposure

SNOW LAKE CAMP EXPLORATION POTENTIAL

!   Over 4 million tonnes of M&I and 11 million tonnes of inferred material within trucking distance of Stall and New Britannia that could provide additional mill feed

14 1.  Compared to the 2018 annual information form dated March 28, 2018, adjusted for 2018 production depletion. 2.  LOM contained metal in concentrate compared to the NI 43-101 technical report dated March 30 ,2017 for the period starting January 1, 2019. 3.  First 5 years average once New Britannia is refurbished, sustaining cash costs net of by-products.

15

LALOR IN-HOUSE DISCOVERY & DEVELOPMENT

2007 DISCOVERY

! Initial discovery hole drilled

! Gold zone and copper-gold zone identified in 2009

2009 DEVELOPMENT

! Construction commenced on Phase 1 ramp access from Chisel North mine

! In 2010, Board authorized full construction of Phase 2 main production shaft

2012-2014 INITIAL PRODUCTION

! Phase 1 completed in 2012; Phase 2 completed in 2014

! On time and on budget

! Stall mill refurbished in 2014

2017-2018 OPTIMIZATION

! Plans to expand to 4,500tpd

! Completion of paste backfill plant

2015 NEW BRITANNIA MILL

! Acquired the nearby New Britannia mill for ~$10 million

! New Britannia is past producing gold mill on care & maintenance

2018 GOLD BUSINESS

! Infill drilling in Au and Cu-Au zones

! Completion of gold processing option trade-off studies

! Acquired the nearby Wim deposit

2019 EXPANSION

! Increase reserves and resources

! Updated mine plan for gold zone

! Refurbishment of New Britannia mill commences

2020+ MINE LIFE EXTENSION

! Conversion of Lalor mine resources to reserves

! Define satellite deposits as potential additional feed

! In-mine exploration potential

! In 2022, New Britannia operational

LALOR AU AND CU-AU RICH LENSES

16

LALOR CROSS-SECTION, LOOKING SOUTHWEST

! Over the past 12 months, we focused on infill drilling and test mining the Au rich Lens 25 and remodeling the Cu-Au rich Lens 27

Potential for up-dip extension

Ramp from Chisel

Lens10

Lens40

Lens31-32

Lens25PossibleextensionofgoldrichLens25

230m

Lens27

PossibleCu-AufeederofLens10

500m

267W01 193W01

296W01

296

283W02 283 273

189W01 base metal zones

gold zones

copper & gold zones

gold zone 25

Legend

LALOR PRODUCTION AND CASH COSTS !   Improved production profile at low cash costs

17

GOLD PRODUCTION AND CASH COSTS ZINC PRODUCTION AND CASH COSTS

IMPROVED PRODUCTION PROFILE

1.  The following metals price assumptions were applied to production for purposes of calculating gold equivalent: $3.00/lb Cu, $1.00/lb Zn, $1,260/oz Au and $18.00/oz Ag. 2.  Source: Grey bars from NI 43-101 Technical Report on the Lalor mine filed by Hudbay Minerals, dated March 30, 2017; assumes first year of production starting in 2017. Yellow bars are actual Lalor

production for years 2017-2019; years 2019-2028 from NI 43-101 Technical Report on the Lalor Mine dated February 19, 2019.

Contained Gold Equivalent in Concentrate and Dore (koz)

239 253 242 270

298 306

258

197 179

135

29

245 238 261 262

286 314 324 339

294

173 195 186

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

2017 Technical Report (Hudbay)

Actuals and 2019 Technical Report (Hudbay)

79 88 89 63 70 64 32 18 26 23

$0.61 $0.73 $0.55 -$0.05 $0.03 -$0.18

-$1.21 -$0.87 -$0.68

-$1.08

-$4.00

-$2.00

$0.00

$2.00

$4.00

-

25

50

75

100

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Cas

h C

osts

(US$

/lb n

et)

Zinc

Pro

duct

ion

(kt)

Zinc Production Cash Costs (Net of By-Products)

69 58 75 143 137 138 172 114 119 108

-$672 -$308

$35 $268 $211 $85

$333 $581 $448 $278

-$3,000

-$2,000

-$1,000

$0

$1,000

$2,000

$3,000

-

50

100

150

200

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Cas

h C

osts

(US$

/oz

net)

Gol

d Pr

oduc

tion

(koz

)

Gold Production Cash Costs (Net of By-Products)

LALOR GOLD POSITIONING !   Lalor becomes a meaningful gold producer as one of the lowest cost gold mines in Canada

18

2017A GOLD PRODUCTION1 (K OZ)

1.  Source: SNL for other mines. Snow Lake Gold first 5 years of New Britannia production and Sustaining Cash Cost at By-product credits calculated using the following assumptions: zinc price of $1.28 per pound in 2019, $1.27 per pound in 2020, $1.17 per pound 2021 and long-term (includes premium); gold price of $1,250 per ounce in 2019, $1,300 per ounce in 2020 and 2021, $1,250 per ounce in 2022 and long-term; copper price of $3.00 per pound in 2019, $3.10 per pound in 2020, $3.20 per pound in 2021 and 2022, and $3.10 per pound long-term; silver price of $16.50 per ounce in 2019, $18.00 per ounce in 2020 and long-term; C$/US$ exchange rate of 1.30 in 2019 and 1.25 in 2020 and long-term.

2.  Annual mine free cash flow calculated as US$1,300/oz minus Sustaining Cash Cost multiplied by annual production

2017A GOLD BY-PRODUCT SUSTAINING CASH COSTS1 (US$/OZ)

ESTIMATED ANNUAL MINE FREE CASH FLOW2 AT $1,300/OZ (US$M) $353

$245 $168 $164 $135 $124 $120 $93 $88 $87 $70 $69 $63 $46 $41 $40 $38 $26 $25 $20 $17 $17 $9 $4

($2) ($7) ($22) ($31)

Can

adia

n M

alar

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onde

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True

Nor

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($605)

$450 $528 $598 $599 $742 $755 $774 $834 $843 $845 $852 $881 $972 $979 $1,043 $1,062 $1,064 $1,092 $1,095 $1,146 $1,174 $1,181 $1,210 $1,304 $1,735 $1,870 $2,075

New

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True

Nor

th

633 571

376 353 349 305 272 236 209 200 196 194 167 157 141 111 99 91 86 84 67 59 55 51 49 48 28 16

Can

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Youn

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Tim

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Gol

d

Gol

dex

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nd

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Sea

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e

Proven + Probable Reserves

Copper Gold Silver Zinc Gold Eq(1) Gold Gold Eq(1)

(Mt) (%) (g/t) (g/t) (%) (g/t) (koz) (koz)

Lalor - Base Metal Zone 10.7 0.59% 2.97 26.87 5.60% 7.37 1,020 2,533Lalor - Cu-Au Zone 3.0 1.08% 6.72 23.39 0.36% 9.01 645 865

Total 13.7 0.70% 3.78 26.11 4.46% 7.73 1,664 3,398

Indicated Resources (Exclusive of 2P Reserves)

Copper Gold Silver Zinc Gold Eq(1) Gold Gold Eq(1)

(Mt) (%) (g/t) (g/t) (%) (g/t) (koz) (koz)

WIM 3.9 1.71% 1.57 6.68 0.26% 4.60 197 576Pen II 0.5 0.49% 0.35 6.81 8.89% 6.09 5 92

Total 4.4 1.58% 1.44 6.69 1.19% 4.76 202 668

Inferred Resources

Copper Gold Silver Zinc Gold Eq(1) Gold Gold Eq(1)

(Mt) (%) (g/t) (g/t) (%) (g/t) (koz) (koz)

Lalor - Base Metal Zone 1.4 0.70% 4.49 43.58 2.30% 7.51 200 334Lalor - Cu-Au Zone 4.5 1.08% 4.38 20.42 0.35% 6.63 636 962WIM 0.7 1.03% 1.76 4.65 0.37% 3.71 41 87Birch & 3 Zone 1.7 0.00% 5.34 0.00 0.00% 5.34 288 288New Britannia 2.8 0.00% 4.51 0.00 0.00% 4.51 399 399Pen II 0.1 0.37% 0.30 6.85 9.81% 6.34 1 27

Total 11.2 0.59% 4.35 14.01 0.57% 5.83 1,565 2,097

Tonnage

Tonnage

Tonnage

Contained

Contained

Contained

Grade

Grade

Grade

SNOW LAKE REGIONAL POTENTIAL

19

HUDBAY HAS A LARGE PROSPECTIVE LAND PACKAGE IN THE SNOW LAKE BELT WITH SIGNIFICANT GOLD EXPLORATION POTENTIAL

1.  The following metals price assumptions were applied to production for purposes of calculating gold equivalent: $3.00/lb Cu, $1.00/lb Zn, $1,260/oz Au and $18.00/oz Ag.

!   There are considerable resources beyond reserves in Snow Lake that could provide long-term feed for New Britannia and Stall

20

RESERVES AND RESOURCES IN THE SNOW LAKE CAMP (M TONNES AND M OZS)

1) Includes inferred resources at New Britannia, Birch and 3 Zone, Pen II and WIM Metal price assumptions for AuEq calculation: $3.00/lb Cu, $1.00/lb Zn, $1,260/oz Au, $18.00/oz Ag

SNOW LAKE REGIONAL POTENTIAL

11.4 10.7

0.5

1.4

0.1

3.0

3.9

4.5

5.2

2018 Lalor Reserves 2019 Lalor Reserves WIM and Pen II (Indicated)

Lalor (Inferred)

New Britannia Area (Inferred)

Tonnage - Base Metal Material (Mt) Tonnage - Cu-Au Material (Mt)

Old Plan 53% Au Recovery

New Plan 93% Au Recovery

2P Reserves at Lalor Satellite Deposits (Indicated)

4.4Mt 0.7 M oz AuEq

Lalor and New Britannia (Inferred)

11.2Mt 2.1 M oz AuEq

Contains 1.0 Moz Au

2.6 Moz AuEq

Contains 1.7 Moz Au

3.4 Moz AuEq

Contains 0.8 Moz Au

1.3 Moz AuEq

Contains 0.2 Moz Au

0.7 Moz AuEq

Contains 0.7 Moz Au

0.8 Moz AuEq

13.7Mt 3.4M oz AuEq

1

!   Lens 17 (not yet in resources) is a Cu-Au rich analog to Lens 27 identified based on 7 surface holes. Drilling planned in 2019: !   Phase 1 to confirm upper portion in Q2 2019 !   Phase 2: Potential connection to Lens 10 (Zn rich) in 2H 2019

21

IN-MINE GOLD EXPLORATION TARGETS AT LALOR

IN-MINE EXPLORATION – GOLD

Looking N-W

17 Lens

10 Lens

27 Lens

Phase 2

Phase 1

Surface Exploration Holes

Shaft Exhaust Raise

Hole ID From (m)

To(m)

Intercept(m)

Depth(m)

Estimated true width(m)1

Cu(%)2

Au(g/t)2

193W01 1041.2 1046.5 5.4 1028 4.1 1.1 2.8267W01 1120.8 1127.2 6.3 1098 4.5 2.7 11.3

273 1211.8 1215.8 4 1202 2.9 1.9 1.2283 1242.7 1249.0 6.3 1240 4.2 7.8 5.9

283W02 1270.8 1276.3 5.5 1263 4.1 7.8 2.5296 1227.5 1233.0 5.5 1184 4.2 5.2 5.6

296W01 1220.5 1228.3 7.8 1175 6.1 3.7 5.41.  True widths are estimated based on drill angle and interpreted geometry of mineralization. 2.  All gold and copper values are uncut.

LENS 17 CU-AU INTERSECTIONS

! Hudbay has a long history of delivering additional tonnage beyond the initial reserves in the Flin Flon and Snow Lake VMS camps

22

RESERVES IN THE FLIN FLON AND SNOW LAKE CAMP (MILLION TONNES)

MANITOBA EXPLORATION SUCCESS

0 5 10 15 20 25 30

Mandy North Star Birch Lake

Flexar Cuprus

Ghost & Lost Photo

Rod Dickstone

White Lake Coronation

Chisel Pit Westarm

Centennial Schist Lake

Spruce Konuto

Reed Anderson Osborne

Chisel Callinan

Chisel U/G Stall Lake

Lalor Trout Lake

777 Flin Flon

Reserve Tonnage (Mt)

Initial Reserves

Added Reserves

62.5 Mt

0.0

1.0

2.0

3.0

4.0

Reserve at Bid Date Production to Date + Current Reserve

Cop

per E

quiv

alen

t (M

t) Reserves

Production

+98% Growth

103

118

129

95 86

78

54 57 59 55

39 45

53 52

35

135 133 122

108 109 106 105 105 103

85 89

71 68 76 79 80

68 67 63 73

80

14

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Norsemont Bid Reserve (Norsemont 2009 Technical Report) Actuals and 2018 Technical Report (Hudbay)

CONSTANCIA COPPER PRODUCTION PROFILE3

ADDING VALUE THROUGH EXPLORATION 777 (2004-2017)1

1.  Source: Company disclosure. Production calculated as tonnes mined multiplied by grades mined (i.e. assumes 100% recovery). The following metals price assumptions were applied to reserves for purposes of calculating copper equivalent: $3.00/lb Cu, $1.00/lb Zn, $1,260/oz Au and $18.00/oz Ag. Does not include impact of precious metal streams, as applicable.

2.  Constancia reserve at bid date from NI 43-101 Definitive Feasibility Study Technical Report on the Constancia mine filed by Norsemont Mining, dated September 28, 2009. 3.  Source: Grey bars from NI 43-101 Technical Report on the Constancia mine filed by Norsemont Mining, dated September 28, 2009; assumes first year of production starting in 2015. Yellow bars are

actual Constancia production for years 2015-2017; years 2018-2036 from NI 43-101 Technical Report on the Constancia Mine dated March 29, 2018.

LALOR (2010-2018)1

Contained Copper in Concentrate (kt)

0.0

0.5

1.0

1.5

IPO Reserve Production to Date + Current Reserve

Cop

per E

quiv

alen

t (M

t) Reserves

Production

+31% Growth

CONSTANCIA (2009-2017)1

2

23

0.0

0.3

0.5

0.8

1.0

Initial Reserve Production to Date + Current Reserve

Cop

per E

quiv

alen

t (M

t) Reserves

Production

+91% Growth

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2019E 2020E 2021E 2022E 2023E

CuE

q C

onta

ined

in C

once

ntra

te (t

onne

s) Manitoba Peru Arizona (80%)

ROSEMONT PROJECT DEVELOPMENT !   Consolidated annual production

illustrates the projected outlook assuming a Rosemont construction decision occurs in 2019

!   Rosemont expected to increase copper-equivalent production by 45% over the next five years

!   Opportunity to add value and de-risk Rosemont with financing/JV options

!   Rosemont has the potential to add over $400 million3 in annual EBITDA

!   This compares to Hudbay’s LTM EBITDA of $538 million4

CONSOLIDATED ANNUAL CUEQ PRODUCTION 1,2

1.  Source: Copper equivalent contained in concentrate production sourced from mid-point of 2018 annual guidance, and filed technical reports for 2019 onwards. NI 43-101 Technical Report on the Constancia Mine dated March 29, 2018; NI 43-101 Technical Report on the Lalor Mine dated March 30, 2017; NI 43-101 Technical Report on the 777 Mine dated October 15, 2012; NI 43-101 Technical Report on the Rosemont Project dated March 30, 2017. The following metals price assumptions were applied to reserves for purposes of calculating copper equivalent: $3.00/lb Cu, $1.00/lb Zn, $1,260/oz Au and $18.00/oz Ag.

2.  The information shown here assumes a scenario where the first year of construction for Rosemont occurs in 2019 (ie. “year -3” in the Rosemont technical report). Production numbers are shown on an attributable basis (ie. 80% of Rosemont copper production). Development of Rosemont is conditional upon receipt of final permits and the approval of Hudbay’s Board of Directors.

3.  Rosemont annual EBITDA calculated based on year 1-10 average annual production of 127,000 tonnes and C1 cash costs of $1.14/lb, multiplied by Hudbay’s 80% attributable interest, and assumes a $3.00/lb copper price.

4.  Hudbay’s last-twelve-months (LTM) EBITDA calculated as results from operating activities, add depreciation and amortization, less non-cash change in deferred revenue on the cash flow statement, add asset impairment loss. The average LME copper price over the same period was $2.96/lb.

+45% Increase

24

ROSEMONT PERMITTING MILESTONES

2014

Note: ADWR = Arizona Department of Water Resources; ADEQ = Arizona Department of Environmental Quality; SSSR = Save the Scenic Santa Ritas; FICO = Farmers Investment Co.; FOIA = Freedom of Information Act

ADEQ Construction Stormwater General Permit issued (July)

Arizona Department of Transportation Encroachment Permit issued (March)

ADEQ 401 Certification issued (February)

ADEQ 401 Certification Amendment issued (Nov.)

ADEQ Class II Air Permit renewed (April) Arizona State Land

Department Utility Rights of Way issued (Nov.)

Pima County Department of Environmental Quality Air Activity Permit issued (March)

U. S. Forest Service Final Record of Decision issued (June) Pima County Flood Control District Permit renewed (June)

Hudbay Acquires the Rosemont Project (July)

Arizona Superior Court determines that County's Outdoor Lighting Code does not apply to Rosemont, enabling Hudbay to continue to add appropriate lighting installations to preserve the safety of site operations (May)

Court upholds ADEQ's issuance of Aquifer Protection Permit (Nov.)

ADEQ and Rosemont successfully defend air permit through litigation (July)

Court agrees with ADEQ and Rosemont in County's attempted appeal of 401 Certification (January)

Hudbay issues an updated technical report with improved resource and reserve availability (March)

2015 2016 2017 2018

22,910 metres of drilling completed

28,384 metres of drilling completed

! Granted six permits for Rosemont since Hudbay’s acquisition of the project, including the Final Record of Decision issued by the U.S. Forest Service

! Successfully defended five lawsuits related to Rosemont permits

! Issued updated Technical Report with improved resource and reserve availability; continue to de-risk project in advance of construction

! Only one key permit outstanding: U.S. Army Corps of engineers 404 permit

! Army Corps of Engineers (“ACOE”) completed consultation process; expected to be in the final stages of permit review

! Mine Plan of Operations pending U.S. Forest Service approval

25

2019 GUIDANCE !   Copper production expected to

decrease by ~12% compared to 2018, primarily due to Reed mine closure in 2018

!   Manitoba zinc grades expected to be lower in 2019, in line with mine plans

!   Peru 2019 precious metals production guidance has potential to increase with Pampacancha

!   Planned dam raise in Peru in 2019 increases sustaining capital compared to 2018

!   Arizona spending would increase significantly if permitting is completed and early works commence in 2019

26

2019 PRODUCTION AND UNIT COST GUIDANCE1 Manitoba Production

Copper kt 22,000 – 25,000 Zinc kt 100,000 – 115,000 Precious Metals2 koz 105,000 – 125,000 Peru Production

Copper kt 100,000 – 125,000 Precious Metals2 koz 45,000 – 55,000 Molybdenum kt 1,100 – 1,200 Total Production

Copper kt 122,000 – 150,000 Zinc kt 100,000 – 115,000 Precious Metals2 koz 150,000 – 180,000 Molybdenum kt 1,100 – 1,200

Unit Costs3

Manitoba C$/tonne 115 - 135

Peru $/tonne 7.90 – 9.70

1.  Contained metal in concentrate. 2.  Precious metals production includes gold and silver production on a gold-equivalent basis. Silver converted to gold at a ratio of 70:1. 3.  Reflects combined mine, mill and G&A costs per tonne milled of ore. Combined unit costs are non-IFRS financial performance measures with no standardized definition under IFRS.

For further information, please see our MD&A for the three and twelve months ended December 31, 2018.

2019 CAPEX GUIDANCE ($ MILLIONS) Sustaining Capital Manitoba 100.0

Peru 95.0

Total 195.0

Growth Capital Manitoba 10.0

Peru 45.0

Arizona 20.0

Total 75.0

Capitalized exploration 15.0

Total Capital Expenditures 285.0

CONSISTENT STRATEGY SINCE 2010

27

VISION STATEMENT ! Our vision is to become a top-tier operator of long-life, low cost mines in

the Americas

STRATEGIC CRITERIA Long Life

Low Cost

Mining Friendly

Jurisdictions

Copper Focus

Per Share Accretion

Meaningful Scale Exploration

Project Development

ESG Excellence

Financial Strength

Efficient Operations

VALUE DRIVERS

19

18

10

3

11

6

2

1

1

1

7

1

-3

-7

-14

Rosemont

Constancia

Lalor

777

Reserve Life M&I Resource Life Inferred Resource Life Past Production

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

LONG MINE LIVES WITH EXPLORATION POTENTIAL !   Long life assets provide exposure to multiple commodity price cycles

1.  Reserve and resource life as of January 1, 2018, with the exception of Lalor which is as of January 1, 2019 consistent with the updated reserve and resource estimate announced February 19, 2019 (Including indicated and inferred resources identified at New Britannia, Wim and Pen II).

2.  Contained M&I CuEq metal (exclusive of reserves) divided by 2017 CuEq production rate. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 3.  Contained Inferred CuEq metal (exclusive of reserves and M&I) divided by 2017 CuEq production rate. Mineral resources that are not mineral reserves do not have demonstrated economic viability. 4.  Rosemont contained CuEq metal reserves and resources divided by annual LOM CuEq production rate as disclosed in NI 43-101 Technical Report on the Rosemont Project dated March 30, 2017. 5.  Peak to trough performance and average cycle prices based on average annual nominal copper prices.

RESERVE AND RESOURCE LIFE1

HISTORICAL COPPER PRICE CYCLES5

2 3

2 Years +34% $2.65/lb Avg.

2016 - 2018

5 Years -46% $3.16/lb Avg.

2011 - 2016

12 Years +436% $2.05/lb Avg.

1999 - 2011

4 Years -45% $1.02/lb Avg.

1995 - 1999

28

4

LOW CASH COSTS ! Hudbay is positioned in the first quartile of the cost curve

2019E COPPER C1 CASH COSTS1 (US $/lb)

2019E COPPER C1 + SUSTAINING CAPEX CASH COST1 (US $/lb)

1.  Source: Wood Mackenzie’s 2019 by-product C1 cash cost curve and C1 + sustaining capex cash cost curve (Q4 2018 dataset dated December 2018). Wood Mackenzie’s costing methodology may be different than the methodology reported by Hudbay or its peers in their public disclosure. For details regarding Hudbay’s actual cash costs, refer to Hudbay’s management’s discussion and analysis for the three and twelve months ended December 31, 2018. 29

Hudbay

First Quantum

Turquoise Hill Lundin

Oz Minerals Capstone

Imperial Antofagasta

($2.00)

$0.00

$2.00

$4.00

$6.00

0% 25% 50% 75% 100%

Hudbay First Quantum Turquoise Hill

Lundin Oz Minerals

Capstone

Imperial

Antofagasta

($2.00)

($1.00)

$0.00

$1.00

$2.00

$3.00

0% 25% 50% 75% 100%

PER SHARE ACCRETION

30

HUDBAY RESOURCE GROWTH PER SHARE1,2

! Focused on NAV per share and reserve and resource per share accretion

HUDBAY RESERVE GROWTH PER SHARE1

1.  Reserve and resources as of January 1, 2018, with the exception of Manitoba, which is incorporates Lalor reserves and resources as of January 1, 2019 consistent with the updated reserve and resource estimate announced February 19, 2019 (Including indicated and inferred resources identified at New Britannia, Wim and Pen II).

2.  2017 illustrates the pro-forma resources with the inclusion of the recent addition of Ann Mason (Nevada). Source: Company disclosure. Note: CAGR = Compound Annual Growth Rate. The following metals price assumptions were applied to reserves for purposes of calculating copper equivalent: $3.00/lb Cu, $1.00/lb Zn, $1,260/oz Au and $18.00/oz Ag. Does not include impact of precious metal streams, as applicable.

0.0

40.0

80.0

120.0

160.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Cop

per E

quiv

. Res

ourc

es p

er H

BM

Sha

re

(CuE

q lb

s/sh

)

Manitoba Peru Arizona Other Nevada

0.0

20.0

40.0

60.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Cop

per E

quiv

. Res

erve

s pe

r HB

M S

hare

(C

uEq

lbs/

sh)

Manitoba Peru Arizona Other

+147% Growth

+9% CAGR

First Quantum

Lundin OZ

Minerals

Capstone Imperial Antofagasta Hudbay

-100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100%

GROWTH IN MINING FRIENDLY JURISDICTIONS !   Growth in jurisdictions that support responsible mining in the Americas, with

strong rule of law and respect for human rights

2018-2023 COPPER PRODUCTION GROWTH3

2023 PRODUCTION IN INVESTMENT GRADE JURISDICTIONS2 AND 2018-2023 COPPER PRODUCTION GROWTH3

100%

PER

CEN

TAG

E O

F PR

OD

UC

TIO

N IN

INVE

STM

ENT

GR

AD

E JU

RIS

DIC

TIO

NS2

1.  Hudbay disclosure; actual 2018 production and 2017 CuEq reserves. The following metals price assumptions were applied to reserves for purposes of calculating copper equivalent: $3.00/lb Cu, $1.00/lb Zn, $1,260/oz Au and $18.00/oz Ag. Does not include impact of precious metal streams, as applicable.

2.  Source: 2023 production figures from Wood Mackenzie’s Q4 dataset dated December 2018. Country credit ratings assigned in accordance with Standard & Poor’s Country Credit Score, where country ratings of BBB- or higher are considered “investment grade” countries valued at 100%; country ratings of BB+ and below are considered “non-investment grade” and valued at 0%; country values weighted on a production basis.

3.  Source: Wood Mackenzie’s Q4 dataset dated December 2018.

Canada

Peru

United States 5,383 kt CuEq

13%

43%

44%

HUDBAY 2017 RESERVE BASE1 HUDBAY 2018 PRODUCTION1

220% Turquoise Hill

31

Canada

Peru 227 kt CuEq

41%

59%

0.0 0.1 0.2 0.3 0.4 0.5 0.6

Freeport McMoRan

First Quantum KAZ Minerals Lundin Hudbay Oz Minerals Capstone Taseko Imperial Metals

RELEVANT SCALE & MEANINGFUL GROWTH ! Hudbay is one of the top investible1 pure play2 copper producers, offering

investors relevant scale and meaningful production growth

32

2018E GLOBAL COPPER PRODUCTION (Mt)

2018E-2023E COPPER PRODUCTION GROWTH (%)

Source: Production sourced from Wood Mackenzie’s Q4 2018 dataset dated December 2018. 1.  Reporting issuer with over 50% free float. 2.  Over 50% of revenue from copper. 3.  Based on closing share prices on December 31, 2018.

1.6Mt

Market Cap3 (US$B): $0.1

Primary Jurisdiction of Growth: USA Canada Panama Australia Chile Kazakhstan Canada/USA USA Chile/USA

$14.9 $5.6 $3.0 $3.0 $2.0 $0.2 $1.2 $0.1

-80%

0%

80%

160%

Hudbay Imperial Metals First Quantum Oz Minerals Lundin KAZ Minerals Taseko Freeport McMoRan

Capstone

ENVIRONMENTAL AND SOCIAL TRACK RECORD SOCIALLY RESPONSIBLE ! Track record of constructive community relations in Peru

and elsewhere ! 1st place award for Community Relations at the 3rd

Community Relations International Conference at the Mines Engineers Institute of Peru, August 2016

! Award for Social Responsibility, Expomina Peru, September 2018

! Recognition for our program of agricultural development in Chumbivilcas, Peru at Proactivo, November 2018

RESTORING THE ENVIRONMENT ! Reed mine reclamation activities underway

MINIMIZING ENVIRONMENTAL FOOTPRINT ! Rosemont designed to world-class standards for water

efficiency

LAYING FOUNDATION FOR GROWTH ! Well-defined values that govern culture, conduct and

decision-making ! Implementing organizational design to ensure talent

development and effective decision making as we grow 33

REED MINE RECLAMATION BEFORE AND AFTER

45% 45%

(42%)

30%

17%

30%

(17%)

6%

46%

18%

(34%)

15%

(50%)

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

2016 2017 2018 2019 YTD

Hudbay Copper Peer Median

RETURNS AND LEVERAGE TO COPPER !   Hudbay has consistently provided investors with leverage to the copper price

and has met or outperformed the peer median in 3 of the last 4 years

34

Annual Total Shareholder Return (“TSR”) calculated from January 1 – December 31 of a given year. See appendix for detailed breakdown of TSR per company. Peer set as per the 2018 Hudbay Management Circular and includes: First Quantum, Imperial, Antofagasta, Lundin, Capstone, Oz Minerals, Turquoise Hill, Nevsun. TSR calculated in CAD (excluding copper, which is in USD) and includes reinvested dividends as calculated by Bloomberg. 1.  Nevsun TSR in 2018 ends at February 6, 2018 the day prior to Lundin’s first offer to acquire the company. 2.  2019 YTD is based on share prices to February 19, 2019. 3.  Nevsun R² ends at February 6, 2018 the date of Lundin’s initial offer to acquire the company.

ANNUAL TSR – HUDBAY, COPPER PRICE AND PEER GROUP1

2

0.44

0.40 0.37

0.26 0.25 0.22 0.21

0.14

0.05

HBM ANTO LUN CS TRQ OZL III FM NSU

PEER LEVERAGE TO COPPER PRICE (2016-2018, R2 of Monthly Returns)

3

25.8 3.5 1.1 9.8 10.9 6.5 8.0 2.7 4.8 4.5 3.2 3.0 3.9 3.2 2.0 3.9 4.0 3.4 3.0 3.3

2.6

0.40%

2.63%

0.85%

0.39% 0.51%

0.58%

0.38%

0.55% 0.59%

0.32%

0.57%

0.38% 0.37%

0.26% 0.18%

0.48% 0.37%

0.45% 0.42% 0.25% 0.28%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

Pebble Resolution La Granja NuevaUnion Quellaveco Twin Metals Los Helados West Wall Rio Blanco Ann Mason Haquira Polo Sur Vizcachitas Schaft Creek Casino Galeno Rosemont Canariaco Norte

Trapiche Harper Creek Constancia

Northern Dynasty

Rio Tinto Rio Tinto Teck Anglo American

Antofagasta NGEx Resources

Glencore Zijin Hudbay First Quantum Antofagasta Los Andes Copper

Teck Western Copper and

Gold

China Minmetals

Hudbay Candente Copper

Minas Buenaventura

Taseko Hudbay

Mea

sure

d +

Indi

cate

d C

oppe

r Gra

de (%

)

Mea

sure

d +

Indi

cate

d (s

olid

) and

In

ferr

ed (d

otte

d) C

onta

ined

Cop

per

(Mt)

LARGEST UNDEVELOPED GREENFIELD COPPER DEPOSITS IN HUDBAY’S JURISDICTIONS1

SCARCITY OF COPPER ASSETS ! Ann Mason is one of the largest undeveloped copper resources in Hudbay’s preferred jurisdictions

! The 3rd largest “actionable” resource that was held within a junior company ! A high priority exploration project to target near-surface, high-grade mineralization

! Acquiring a high quality resource in a safe jurisdiction that is similar in scale to Constancia and Rosemont for an enterprise value of approximately $15M compared to our 2018 exploration budget of $50M

! Ann Mason is a PEA-staged project in Nevada with potential to be developed after Rosemont ! Hudbay will conduct exploration and advance technical studies without rushing into a development decision ! Numerous opportunities to enhance the project’s value under Hudbay’s stewardship

1. Hudbay’s jurisdictions of interest are Canada, USA, Chile and Peru. Source: S&P Global Market Intelligence, company filings and Hudbay’s latest reserve and resource update

Hudbay Major Junior

35

PROJECT PIPELINE ! Hudbay has a diversified portfolio of operating mines and an extensive

development pipeline to perpetuate production growth

Produc'on

Shovel-readyDevelopment

777 Lalor Constancia

Pampacancha

ConstanciaRegional Targets

Peru and Chile

Greenfield Targets

Lalor Mine Life

Extension

Ann Mason

B.C. Earn-ins

Rosemont

ResourceDefini'on/Feasibility/Explora'on/Ini'alResource

Junior Toeholds

ManitobaRegional Targets

36

Lalor Gold

NEAR-TERM CATALYSTS ROSEMONT PERMITTING MILESTONES !   Army Corps of Engineers (“ACOE”) completed consultation process and expected to be

in the final stages of 404 Water permit review LALOR MINE RAMP-UP AND MINE LIFE EXTENSION !   On track to achieve 4,500 tpd at Lalor in Q1 2019 !   Upgrading Lalor inferred resources to reserves !   Incorporating Wim, New Britannia zones and Pen II into the mine plan !   New Britannia to commence operations in 2022 CONSTANCIA REGIONAL POTENTIAL !   Mining of high-grade Pampacancha satellite deposit intended to enhance Constancia

grade starting; community negotiations ongoing !   Exploration work to be conducted on newly acquired properties near Constancia with

potential to provide higher-grade feed to the Constancia mill post-Pampacancha

SNOW LAKE REGIONAL POTENTIAL !   Drilling at Lalor and other known deposits for growth potential !   Advance exploration activities on large land package in the Snow Lake region

37

NEAR-TERM CATALYSTS (CONT’D) ANN MASON EXPLORATION

!   Testing potential high-grade targets that could enhance project economics

GRASSROOTS EXPLORATION

!   Continued exploration activities on 885,000 hectares of prospective grassroots exploration properties in Chile, Peru and Canada

ROSEMONT PROJECT DEVELOPMENT

!   Full project sanctioning expected once market conditions improve with prudent financing package in place (primarily sourced from operating cash flow generation); Hudbay share of capital is ~US$1.1B

!   Intend to advance Rosemont with early works program following permitting with a focus on advancing development bottlenecks such as water and power line construction

38

HUDBAY INVESTMENT RATIONALE

!   Consistent long-term growth strategy and world-class asset base

!   Proven track record of successful project development

!   Operational excellence and value creation through successful exploration

!   Focused on free cash flow generation and prudent capital allocation

!   Robust project pipeline with an abundance of near-term and medium-term catalysts

!   Strong Environmental, Social and Governance (“ESG”) track record

39

APPENDIX

40

TOTAL SHAREHOLDER RETURN (TSR) !   2019 YTD, Hudbay’s TSR of 30% is the highest of our peers and ranked 1st out of 8 peers

!   In 2018, Hudbay ranks in the 37th percentile, in 2017 Hudbay ranks second only to Antofagasta and in 2016 Hudbay ranks in the middle of the group

41

TSR calculated in CAD (excluding copper, which is in USD) and includes reinvested dividends as calculated by Bloomberg. 1.  Nevsun TSR in 2018 ends at February 6, 2018 the day prior to Lundin’s first offer to acquire the company. 2.  2019 YTD is based on share prices to February 19, 2019.

(2) Period 2016 2017 2018 2019 YTDStart Date: 2016-01-01 2017-01-01 2018-01-01 2019-01-01End Date: 2016-12-31 2017-12-31 2018-12-31 2019-02-19Copper (USD) 17% 30% (17%) 6%Hudbay 45% 45% (42%) 30%TSR Peer Group (Ranked by 2019 YTD)First Quantum 159% 32% (37%) 29%Imperial Metals (9%) (44%) (54%) 25%Lundin 68% 33% (31%) 17%Oz Minerals 95% 21% (3%) 15%Antofagasta 18% 55% (17%) 13%Turquoise Hill 23% (0%) (48%) 10%Capstone 186% 14% (58%) (3%)Nevsun(1) 16% (25%) (15%)Mean of Peers 69% 11% (33%) 15%Median of Peers 46% 18% (34%) 15%75th Percentile of Peers 111% 32% (17%) 21%25th Percentile of Peers 17% (7%) (49%) 11%Hudbay TSR 45% 45% (42%) 30%Hudbay Percentile Rank P50% P94% P37% P100%Hudbay Peer Group Rank 5 out of 9 2 out of 9 6 out of 9 1 out of 8

PERU MINERAL RESERVES

CATEGORY TONNES Cu (%) Mo (g/t) Ag (g/t) Au (g/t)

CONSTANCIA

Proven 455,900,000 0.30 96 2.93 0.035

Probable 72,800,000 0.23 72 3.09 0.035

Total Proven and Probable 528,700,000 0.29 93 2.95 0.035

PAMPACANCHA

Proven 32,400,000 0.59 178 4.48 0.368

Probable 7,500,000 0.62 173 5.75 0.325

Total Proven and Probable 39,900,000 0.60 177 4.72 0.360

Total Mineral Reserves 568,600,000 0.32 99 3.07 0.058

AS AT JANUARY 1, 2018

Note: Totals may not add up correctly due to rounding. 42

PERU MINERAL RESOURCES AS AT JANUARY 1, 2018

Note: Totals may not add up correctly due to rounding.

CATEGORY TONNES Cu (%) Mo (g/t) Ag (g/t) Au (g/t)

CONSTANCIA

Measured 175,000,000 0.20 51 2.19 0.028

Indicated 180,900,000 0.20 56 2.09 0.033

Inferred 54,100,000 0.24 43 1.71 0.018

PAMPACANCHA

Measured 11,400,000 0.41 101 4.95 0.245

Indicated 6,000,000 0.35 84 5.16 0.285

Inferred 10,100,000 0.14 143 3.86 0.233

Total Measured and Indicated 373,300,000 0.21 56 2.28 0.041

Total Inferred 64,100,000 0.22 59 2.05 0.052

43

SNOW LAKE RESERVES & RESOURCES AS AT JANUARY 1, 2019

Note: totals may not add up correctly due to rounding.

PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t)

Base Metal Zone Proven 5,137,000 0.76 7.13 2.37 26.31

Probable 5,552,000 0.44 4.19 3.52 27.39

Gold Zone Proven 58,000 0.80 2.65 5.46 39.09

Probable 2,928,000 1.09 0.31 6.74 23.08

Total Lalor Mineral Reserve 13,675,000 0.70 4.46 3.78 26.11

Base Metal Zone Inferred 1,385,000 0.70 2.30 4.49 43.58

Gold Zone Inferred 4,516,000 1.08 0.35 4.38 20.42

Total Lalor Mineral Resource 5,901,000 0.99 0.81 4.41 25.85

WIM Indicated 3,900,000 1.71 0.26 1.57 6.68

Inferred 700,000 1.03 0.37 1.76 4.65

Pen II Indicated 500,000 0.49 8.89 0.35 6.81

Inferred 100,000 0.37 9.81 0.30 6.85

New Britannia Zones Inferred 4,400,000 - - 4.82 -

44

FLIN FLON RESERVES & RESOURCES AS AT JANUARY 1, 2018

1.  Stated at 100%, Hudbay holds a 70% joint venture interest in the Reed mine. Note: totals may not add up correctly due to rounding.

PROPERTY CATEGORY TONNES Cu (%) Zn (%) Au (g/t) Ag (g/t)

777 Reserves Proven 2,625,000 1.78 4.20 1.70 25.97

Probable 1,251,000 1.11 4.33 1.82 25.41

Total 777 Mineral Reserve 3,876,000 1.56 4.24 1.73 25.79

Reed Reserves1 Proven 67,000 2.91 1.16 0.47 7.78

Probable 209,000 3.31 0.40 0.74 6.72

Total Reed Mineral Reserve 276,000 3.21 0.58 0.67 6.98

777 Resources Indicated 736,000 0.99 3.53 1.82 26.24

Inferred 673,000 1.01 4.26 1.72 30.95

45

ARIZONA RESERVES & RESOURCES AS AT MARCH 30, 2017

MINERAL RESERVES1

CATEGORY Tonnes Cu (%) Mo (%) Ag (g/t)

Proven 426,100,000 0.48 0.012 4.96

Probable 111,000,000 0.31 0.010 3.09

Total 2P Reserves 537,100,000 0.45 0.012 4.58

MINERAL RESOURCES1

CATEGORY Tonnes Cu (%) Mo (%) Ag (g/t)

Measured 161,300,000 0.38 0.009 2.72

Indicated 374,900,000 0.25 0.011 2.60

Total Measured & Indicated 536,200,000 0.29 0.011 2.64

Inferred 62,300,000 0.30 0.010 1.58

1. Based on 100% ownership of the Rosemont project; Hudbay currently owns a 92.05% interest in the project and its ownership interest is subject to an Earn-In Agreement with UCM, pursuant to which UCM has earned a 7.95% interest in the project and may earn up to a 20% interest.

46

ADDITIONAL INFORMATION The reserve and resource estimates included in this presentation were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves: Definitions and Guidelines.

The mineral resource estimates in this presentation are exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The inferred mineral resources referenced in this presentation are considered too speculative geologically to have the economic considerations applied to them to enable them to be categorized as mineral reserves and are therefore not included in the Lalor mine plan. It cannot be assumed that the inferred mineral resources will be successfully converted to mineral reserves through further drilling.

The technical and scientific information in this news release related to the Constancia mine and Rosemont project has been approved by Cashel Meagher, P. Geo, Hudbay’s Senior Vice President and Chief Operating Officer. The technical and scientific information related to the Manitoba sites and projects (including the Lalor gold zone) contained in this news release has been approved by Olivier Tavchandjian, P. Geo, Hudbay’s Vice-President Exploration and Geology. Messrs. Meagher and Tavchandjian are qualified persons pursuant to NI

43 101. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources at Hudbay’s material properties, as well as data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see the Technical Reports for the company’s material properties as filed by Hudbay on SEDAR at www.sedar.com and, as it relates to Lalor, Hudbay’s February 19, 2019 press release titled “Hudbay Announces Increased Lalor Mineral Reserves and Resources and Updated Mine Plan that Confirms Substantial Increase in Gold Production”.

A detailed description of the key assumptions, parameters and methods used to estimate the mineral reserves and resources disclosed in this presentation for Lalor, 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, will be provided by the end of the first quarter of 2019 in a NI 43-101 technical report to be filed by Hudbay on SEDAR at www.sedar.com.

This presentation 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.

47

ADDITIONAL INFORMATION

48

Table 1 below provides a summary of the Lalor drill results referenced in this presentation. Table 1: Lalor drill results 1.  True widths are estimated based on drill angle and interpreted geometry of mineralization. 2.  All gold and copper values are uncut.

Table 2 below provides the coordinates, azimuth and dip of the mineralized intercepts reported in Table 1. Table 2: Supplemental information to the Lalor drill results

Hole ID From (m)

To(m)

Intercept(m)

Depth(m)

Estimated true width(m)1

Cu(%)2

Au(g/t)2

189W01 1197.0 1205.0 8.0 1154 7.1 0.1 9.3193W01 1041.2 1046.5 5.4 1028 4.1 1.1 2.8267W01 1120.8 1127.2 6.3 1098 4.5 2.7 11.3

273 1211.8 1215.8 4 1202 2.9 1.9 1.2283 1242.7 1249.0 6.3 1240 4.2 7.8 5.9

283W02 1270.8 1276.3 5.5 1263 4.1 7.8 2.5296 1227.5 1233.0 5.5 1184 4.2 5.2 5.6

296W01 1220.5 1228.3 7.8 1175 6.1 3.7 5.4

From To Azimuth at intercept

Dip at intercept Core SizeHole ID Easting Northing Elevation Easting Northing Elevation

189W01 426,663 6,081,675 4,149 426,660 6,081,675 4,142 272 -63 NQ

193W01 427,051 6,081,272 4,273 427,051 6,081,270 4,268 185 -76 NQ

267W01 427,185 6,081,266 4,204 427,183 6,081,266 4,197 242 -79 NQ

273 427,163 6,081,570 4,101 427,162 6,081,570 4,098 206 -79 NQ

283 427,223 6,081,530 4,064 427,222 6,081,530 4,057 248 -83 NQ

283W02 427,263 6,081,461 4,040 427,263 6,081,460 4,035 186 -77 NQ

296 427,251 6,081,311 4,121 427,251 6,081,310 4,115 154 -76 NQ

296W01 427,243 6,081,301 4,130 427,244 6,081,299 4,123 163 -73 NQ

Candace Brûlé, Director, Investor Relations 416.814.4387 | candace.brule@hudbay.com

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