Hudbay Minerals Inc. ("Hudbay" or the "Company") ((TSX, NYSE:HBM) today released its annual mineral reserve and resource update and issued new three-year production guidance. All amounts are in U.S. dollars, unless otherwise noted.

  • Affirmed 2026 production guidance and issued new 2027 and 2028 production guidance, demonstrating increased copper and strong gold production from Hudbay's stable operating platform with three long-life operations in tier-one mining jurisdictions in the Americas.
  • Consolidated copper production is expected to average 147,000i tonnes per year over the next three years, an increase of 24% from 2025 production. Consolidated copper production is expected to average 159,000i tonnes per year in 2027 and 2028, representing a 28% increase from expected 2026 production. This reflects the benefits from the expected completion of the optimization efforts at Copper Mountain and mill throughput improvement projects at Constancia in 2026.
  • Strong complementary gold exposure with consolidated gold production expected to average 243,000i ounces per year over the next three years, reflecting continued strong production in Manitoba and the expected contribution from New Ingerbelle in British Columbia starting in 2028.
  • Constancia's expected mine life extends to 2040, reflecting higher mill throughput rates contributing to a 9% increase in expected average annual copper production to 90,000i tonnes per year in 2027 and 2028 from 2026 levels.
  • Snow Lake's expected mine life extended by four years to 2041, with average annual gold production of 190,000i ounces expected over the next three years from continued strong mill throughput rates at New Britannia.
  • Copper Mountain's expected mine life extended by two years to 2045, with significantly higher copper and gold production averaging 57,500i tonnes and 38,500i ounces, respectively, per year over 2027 and 2028, an increase of 92% and 43%, respectively, from 2026 levels. This increase reflects higher mill throughput, higher grades from completion of the accelerated stripping program in late 2026 and the expected contribution from New Ingerbelle starting in 2028.
  • Large exploration program in Snow Lake continues to execute a threefold strategy focused on near-mine exploration to increase near-term production and mineral reserves, testing regional satellite deposits for additional ore feed to utilize available capacity at the Stall mill, and exploring the large land package for a potential new anchor deposit to meaningfully extend mine life.
  • Definitive feasibility study at Copper World on track for completion in mid-2026 with a sanctioning decision expected in 2026. Closed the accretive $600 million joint venture transaction with Mitsubishi Corporation ("Mitsubishi") in January 2026, securing a premier, long-term 30% strategic partner for the development of Copper World and achieving the key financial elements of the Company's 3-P plan.