Waterton Announces Update to Slate of Director Nominees

Waterton Precious Metals Fund II Cayman, LP and Waterton Mining Parallel Fund Offshore Master, LP (the "Funds"), each of which are managed by Waterton Global Resource Management, Inc. (the "Investment Adviser", the Investment Adviser together with the Funds ("Waterton" or "We")), owning approximately 12.1% of the issued and outstanding shares (the “Shares”) of Hudbay Minerals Inc. ("Hudbay" or the "Company") (TSX:HBM) (NYSE: HBM), today announced an update to its slate of director candidates nominated to serve on the Board of Directors (the “Board”) of Hudbay.

Waterton has given permission to A.E. Michael Anglin to withdraw from its slate of nominees in order to allow him to join the board of Hudbay competitor Antofagasta plc. While Waterton continues to think that Mr. Anglin would have been a stellar addition to the Hudbay Board, Mr. Anglin has expressed to Waterton that as a result of the questionable tactics employed by Hudbay during the proxy contest, he would prefer to take advantage of the Antofagasta position, which would be a conflict of interest if he were seated on the Hudbay Board. The Company had previously announced on April 5, 2019 that it was recommending shareholders vote for Mr. Anglin and fellow Waterton nominee David Smith on the Company’s proxy card.

“We congratulate Mike on his appointment to the Antofagasta Board and thank him for his contributions to our campaign to drive change at Hudbay,” said Isser Elishis, Managing Partner and CIO of Waterton. “We wish him all the best and look forward to the voices of shareholders being heard at the Hudbay Annual Meeting on May 7^th.”

“I continue to believe that Hudbay has tremendous potential,” Mr. Anglin stated. “Unfortunately, I had expected the Hudbay Board to conduct itself in a more professional manner during this proxy contest. In addition, to avoid a conflict of interest I have discussed the situation with Waterton and will be taking the opportunity to serve at Antofagasta.”

About Waterton

Waterton is an investment firm that manages capital for global institutional investors, sovereign wealth funds and endowments. The firm has ~US$2 billion in assets under management and focuses solely on the metals and mining sector. Waterton has a culture of thoroughness and a disciplined approach to capital allocation, and utilizes its significant industry expertise to produce out-sized risk-adjusted returns.