Hudbay Plan of Arrangement with Copper Mountain Overwhelmingly Supported by Shareholders at Special Meetings - Seite 2

Diversification – A geographically balanced portfolio in tier-one mining jurisdictions with approximately 55% of net asset valueⁱ (“NAV”) estimated to be from North American assets and 45% of NAV estimated to be from South American assets;

Copper-Focused – A copper-focused portfolio with expected 2023 copper production of more than 150,000 tonnes in the second quartile position on the copper cost curveⁱⁱ, complemented by meaningful gold production;

Efficiencies – An estimated US$30 millionⁱⁱⁱ per year of operating efficiencies and corporate synergies, including approximately US$20 million per year from operating cost reductions through the application of Hudbay’s operating efficiency practices to the Copper Mountain mine;

Deleveraging – Well-positioned for accelerated deleveraging in the near-term from increased diversification of cash flows and enhanced exposure to rising copper prices;

Capital Allocation – An ability to maximize value from a larger organic growth pipeline by more efficiently allocating capital to projects that yield the highest risk-adjusted returns; the combined company’s greater cash flow generation and strong balance sheet will enhance the ability to advance brownfield expansion opportunities and prudently develop Hudbay’s Copper World project in Arizona, which will deliver meaningful growth to the combined company; and

Valuation Re-rating Potential – The strategic and financial benefits from the Transaction ultimately position the combined company for a valuation re-rating.

Transaction Effective Date

In addition to shareholder approvals received, the Transaction is subject to final court approval and the satisfaction of certain other customary closing conditions for transactions of this nature. The Toronto Stock Exchange has conditionally approved the listing of the Hudbay common shares to be issued in connection with the Transaction, and the requisite regulatory approval for the Transaction under the Competition Act (Canada) has been obtained. It is currently anticipated that the effective date of the Transaction will occur on or about June 20, 2023.