Hudbay Minerals (HBM) Q3 2026 Earnings Call Transcript

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DATE

Nov. 12, 2026

CALL PARTICIPANTS

• Senior Vice President, Capital Markets and Corporate Affairs - Candace Brule
• Chief Executive Officer - Peter Kukielski
• President and Chief Financial Officer - Eugene Lei
• Chief Operating Officer - Rob Carter

TAKEAWAYS

• Revenue -- $766 million, representing a new quarterly record driven by steady operating performance and exposure to copper and gold.
• Adjusted EBITDA -- $413 million, contributing to a record trailing 12-month adjusted EBITDA of over $1.5 billion.
• Free Cash Flow -- $202 million, reflecting higher production and strong operating margins during the quarter.
• Consolidated Copper Production -- 30,000 tonnes, increasing from the second quarter due to operating efficiencies across the portfolio.
• Consolidated Gold Production -- 70,000 ounces, supported by record performance in Manitoba and stable operations in Peru.
• Adjusted Net Earnings -- $150 million, or $0.34 per share, as higher metal prices more than offset increased input costs.
• Cash Cost Guidance -- Negative $0.55 to negative $0.35 per pound of copper, improved for the second time this year from previous guidance due to operational efficiencies and gold credits.
• Sustaining Cash Cost Guidance -- $1.40 to $1.80 per pound of copper, reflecting a $0.30 improvement from the original annual guidance.
• Sustaining Capital Expenditures -- $35 million lower than original 2026 guidance, driven by lower capitalized stripping in Peru and British Columbia and capital deferrals.
• Total Liquidity -- $964 million as of Sept. 30, including $789 million in cash and $175 million in undrawn credit availability.
• Net Debt-to-EBITDA -- 0.0x, following a $22 million repayment of the outstanding revolving credit facility.
• Peru Copper Production -- 21,000 tonnes, supported by record mill throughput at Constancia of approximately 91,000 tonnes per day.
• Manitoba Gold Production -- 57,000 ounces, driven by record gold recoveries of 92% at the New Britannia mill and 74% at the Stall mill.
• British Columbia Copper Production -- 6,600 tonnes, representing a quarter-over-quarter increase due to higher head grades and improved recoveries.
• Copper World Growth Capital -- $2 billion, required for initial construction following the final investment decision reached with partner Mitsubishi.
• Copper World Production -- 102,000 tonnes of average annual copper over the first 10 years, according to the project's base case.
• Copper World Funding Plan -- $1.5 billion in committed or planned capital, including $600 million from Mitsubishi, $230 million from Wheaton, and up to $650 million in project-level debt.
• Constancia Mill Performance -- 91,000 tonnes per day, a 7% increase from the second quarter due to higher plant availability and lower ore hardness.
• New Britannia Throughput -- 2,250 tonnes per day, achieving a new quarterly record while aligning with gold ore output from the Lalor mine.
• Total Material Moved -- 27 million tonnes at Copper Mountain, reflecting the ongoing execution of the accelerated stripping program.
• 2027 Production Outlook -- 25% increase in consolidated copper production, driven by higher grades at Copper Mountain and increased throughput in Peru.

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RISKS

• Rob Carter warned that "sustaining this [50,000 tonnes per day] run rate remains a little bit of a challenge" at the Copper Mountain mill, as the team focuses on grinding performance stability.
• Rob Carter noted that the Lower Similkameen Indian Band filed a "judicial review" in March 2026 regarding provincial government administrative decisions related to permit amendments.
• CFO Lei indicated that year-to-date results reflect "higher site operating costs, including elevated fuel prices" at the British Columbia operations.

SUMMARY

Hudbay Minerals Inc. (NYSE:HBM) achieved record quarterly revenue and EBITDA, driven by operational efficiencies and strong metal prices across its Americas-focused portfolio. Management reported that the company reached a final investment decision for the construction and development of the Copper World project in Arizona, which is expected to double consolidated annual copper production to approximately 250,000 tonnes. The company lowered its full year 2026 consolidated cash cost guidance for a second time this year, reflecting strong gold by-product credits and the completion of major operational turnaround milestones in British Columbia. Management confirmed that the company remains on track to meet annual production guidance for the 12th consecutive year for copper and sixth consecutive year for gold.

• CEO Kukielski stated that drilling at Constancia "intersected a potential new high-grade feeder system," representing the most promising exploration results at the site in a decade.
• The company reported the first quarter of positive free cash flow at Copper Mountain since its acquisition, supported by a 108% increase in quarterly material movement compared to levels prior to ownership.
• Management reported that an experienced mining contractor was embedded at the 1901 deposit in Manitoba to address labor availability constraints and accelerate underground development.
• The company upsized its revolving credit facilities to $700 million from $450 million and extended the maturity to Nov. 2030, increasing pro forma liquidity to $1.2 billion.
• The updated Snow Lake mine plan reflects a 37% increase in gold production over the next five years, with average annual production targets of 185,000 ounces.
• Management stated that the Copper World project is expected to contribute $1.1 billion in U.S. taxes over its initial 15-year mine life and create over 1,000 jobs during construction.
• CFO Lei reported that pre-feasibility studies for the Cactus and Mason projects are advancing, with the Cactus study expected to be released in the third quarter of 2027.

INDUSTRY GLOSSARY

• By-product credits: Revenue from secondary metals (like gold or silver) that is deducted from the cost of producing the primary metal (copper).
• Doré: An unrefined alloy of gold and silver produced at a mine site.
• FID: Final Investment Decision, the point at which a company commits to the full execution and funding of a project.
• IRR: Internal Rate of Return, a metric used to estimate the profitability of potential investments.
• Molybdenum: A metallic element often produced as a by-product of copper mining, used primarily in steel alloys.
• NPV: Net Present Value, the value of all future cash flows over the life of an investment discounted to the present.
• Pebble crusher: Equipment used in a mill to crush hard rocks that circulate in the grinding circuit, improving overall throughput.
• Rougher line: The first stage in a flotation circuit where the bulk of the target mineral is recovered from the ore.
• Stripping program: The process of removing overburden or waste rock to expose ore in an open-pit mine.
• Tailings: The materials left over after the process of separating the valuable fraction from the uneconomic fraction of an ore.

Full Conference Call Transcript

Operator: Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Hudbay Minerals Third Quarter 2026 Results Conference Call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded today, November 12, 2026, at 11:00 a.m. Eastern Time. I will now turn the conference over to Candace Brule, Senior Vice President, Capital Markets and Corporate Affairs. Please go ahead.

Candace Brule: Thank you, operator. Good morning, and welcome to Hudbay's Third Quarter 2026 Results Conference Call. Hudbay's financial results were issued this morning and are available on our website at www.hudbay.com. A corresponding PowerPoint presentation is available on the Investor Events section of our website, and we encourage you to refer to it during this call. Our presenter today is Peter Kukielski, Hudbay's Chief Executive Officer. Accompanying Peter for the Q&A portion of the call will be Eugene Lei, our President and Chief Financial Officer, and Rob Carter, our Chief Operating Officer.

Please note that comments made on today's call may contain forward-looking information, and this information, by its nature, is subject to risks and uncertainties, and as such, actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, please consult the company's relevant filings on SEDAR+ and EDGAR. These documents are also available on our website. As a reminder, all amounts discussed on today's call are in U.S. dollars unless otherwise noted. And now I'll pass the call over to Peter Kukielski.

Peter Gerald Kukielski: Thank you, Candace. Good morning, everyone, and thank you for joining us. Hudbay delivered record results in the third quarter, and our operating performance has positioned us well to achieve our annual consolidated copper production guidance for the 12th consecutive year and annual consolidated gold production guidance for the sixth consecutive year. The strength of our diversified operating platform and the dedication of our people helped us achieve record mill throughput at Constancia, significant increases in mine productivity at Lalor, record mill throughput at New Britannia and record gold recoveries at Stall. At Copper Mountain, our 3-year operational turnaround delivered the first quarter of positive free cash flow since our acquisition.

Following the quarter, we reached a significant milestone with the final investment decision for the construction and development of Copper World. These milestones come on the eve of Hudbay's Centennial, and we were pleased to recently be recognized as a 2026 TSX 30 top performer, ranking among the top 30 performing stocks over the past 3 years. Furthermore, we were ranked as one of Canada's top growing companies by The Globe and Mail's Report on Business and as one of Fortune's fastest-growing companies in 2026. These recognitions reflect our consistent operational execution, strong financial performance and commitment to delivering shareholder returns as a premier Americas-focused copper producer. Starting on Slide 3.

Hudbay delivered record performance this quarter with revenue of $766 million, achieving a new quarterly record, and adjusted EBITDA of $413 million, resulting in record trailing 12-month adjusted EBITDA of over $1.5 billion. The strong results this quarter were driven by steady operating performance, attractive operating margins and strong exposure to copper and gold across Hudbay's diversified operating portfolio. During the third quarter, our operations delivered consolidated copper production of 30,000 tonnes and gold production of 70,000 ounces, increasing compared to the second quarter due to operating efficiencies throughout the business. We have reaffirmed our full year 2026 consolidated production guidance for all metals given our strong operating performance year-to-date.

We continue to demonstrate industry-leading margins during the third quarter with consolidated cash costs of negative $0.19 per pound of copper and sustaining cash cost of $1.61 per pound of copper. Year-to-date results are trending well below the low end of the consolidated cost guidance ranges as our operating efficiencies and strong exposure to gold by-product credits have more than offset external cost pressures. This has allowed us to improve our full year 2026 consolidated cash cost guidance for a second time this year to a range of negative $0.55 to negative $0.35 per pound of copper. This is an additional improvement of $0.10 from the previously updated guidance range.

We are also improving our full year 2026 consolidated sustaining cash cost guidance to a range of $1.40 to $1.80 per pound of copper, a $0.30 improvement from the original guidance range. Full year consolidated sustaining capital expenditures are expected to be $35 million lower than 2026 guidance with lower capitalized stripping in Peru and BC as well as capital deferrals and efficiencies. During the third quarter, operating cash flow before change in noncash working capital was $314 million, an increase of $104 million compared to the second quarter.

Adjusted net earnings were $150 million or $0.34 per share, reflecting strong gross profit margins from the continued focus on cost efficiencies and higher metal prices more than offsetting higher input costs. Slide 4 demonstrates the continued strong free cash flow generation as a result of our steady operating performance and strong margins. We generated $202 million in free cash flow during the quarter, an increase of approximately $100 million compared to the second quarter through higher production and continued strong operating margins. And as I mentioned earlier, this quarter was the first quarter of positive free cash flow at Copper Mountain since our acquisition.

Over the first 9 months of the year, we have generated more than $400 million of free cash flow even after investing over $325 million of sustaining capital in the business, resulting in record trailing 12-month free cash flow of $631 million. As of September 30, our total liquidity was $964 million, including $789 million in cash and $175 million of undrawn availability on our revolving credit facilities. At the end of the quarter, we had a net cash position of $0.1 million, bringing our net debt-to-EBITDA ratio to 0.0x. Consistent with our prudent balance sheet management and balanced capital allocation framework during the quarter, we repaid $22 million of the outstanding $272 million draw of our revolving credit facility.

Subsequent to quarter end, we proactively amended and extended our revolving credit facilities, upsizing the capacity to $700 million from $450 million and extending the maturity by 2 years to November 2030. The amended agreement includes an improved pricing grid and greater financial flexibility that reflects our robust cash flow, strong balance sheet position and recently upgraded credit rating. After adjusting for the $250 million increase in size of the credit facilities, our pro forma liquidity is approximately $1.2 billion. As shown on Slide 5, our Peru operations continue to demonstrate steady operating performance with production and costs well positioned to achieve our annual guidance ranges.

The Constancia mill achieved record throughput of approximately 91,000 tonnes per day in the third quarter and is on track to achieve 34 million tonnes per annum in 2027. We completed the installation of a third rougher line in September, which immediately had a positive impact on recoveries. We also continue to advance the installation of 2 pebble crushers with commissioning expected later this month. Together, these enhancements will allow Constancia to continue to deliver steady annual copper production despite lower grades following the depletion of Pampacancha at the end of 2025. During the third quarter, the Peru operations produced 21,000 tonnes of copper, 5,000 ounces of gold, 577,000 ounces of silver and 301 tonnes of molybdenum.

Copper and molybdenum production was slightly higher compared to the second quarter, reflecting higher mill throughput because of efficiency improvements and the impact of the semiannual plant maintenance shutdown last quarter. Gold production was comparable to the second quarter. We are on track to achieve our 2026 production guidance for all metals in Peru with gold expected to exceed the top end of the guidance range. Total material moved was 25 million tonnes during the third quarter, achieving a new monthly record in July. Total ore mined increased by 16% to 12.7 million tonnes compared to the second quarter, supported by active mining across 3 exposed ore phases and positive reconciliation.

Our focus on mining exclusively in 1 pit unlocks operational efficiencies, including shorter hauling distances, haul route optimizations and high truck fleet utilization. The record mill throughput of 91,000 tonnes per day was a 7% increase compared to the second quarter, primarily due to higher plant availability and lower ore hardness as well as the benefits of increased mill processing capacity supported by the recently approved permit amendment. Third quarter cash costs in Peru were $2.23 per pound of copper. This increased from the prior quarter due to lower silver and gold by-product credits, higher profit sharing, higher fuel prices and higher fuel consumption from increased material moved. Cash costs for the quarter were above the 2026 guidance range.

However, year-to-date cash costs continue to outperform the low end of the full year guidance range, so we remain well positioned to achieve the 2026 cash cost guidance in Peru. Moving to our Manitoba operations on Slide 6. We delivered a strong third quarter, achieving key operational performance targets and executing on our commitment to deliver a stronger second half of 2026. Our Manitoba operations produced 57,000 ounces of gold, 3,000 tonnes of copper, 3,700 tonnes of zinc and 268,000 ounces of silver in the third quarter. Production increased compared to the second quarter as a result of higher mill throughput and improved gold feed grades.

We are on track to achieve our 2026 production guidance for all metals in Manitoba. Performance at the Lalor mine improved significantly during the quarter with improved equipment utilization driving efficiencies in underground development and increases in mine production. To address prior labor availability constraints and accelerate development at the 1901 deposit, we embedded an experienced mining contractor, which allows our skilled internal workforce to be redeployed toward critical development areas at Lalor. In tandem, we have expanded our internal capacity by onboarding over 150 new employees this year. Our underground improvement efforts during the quarter included operational testing of a roadheader continuous mining unit to understand its potential in lateral development.

The Lalor mine hoisted an average of 4,200 tonnes of ore per day during the quarter, strategically prioritizing gold feed. Development activity at the 1901 deposit focused on exploration and infill drilling, ore body access and critical infrastructure with late 2027 remaining the targeted time line for full production. The New Britannia mill achieved a new quarterly throughput record averaging 2,250 tonnes per day in the quarter, aligning with gold ore output from Lalor. The mill achieved gold recoveries of approximately 92%, reaching a new quarterly record. The Stall mill demonstrated higher throughput compared to the second quarter of 2026, while achieving record gold recoveries of 74% as a result of our recovery-focused initiatives.

We initiated early works on the Stall Hot Tails Leaching Project, which will unlock additional gold recovery from material processed at the Stall mill through leaching at New Britannia. We have also initiated early evaluation work on processing legacy tailings and mineralized piles to utilize excess mill capacity. We continue to advance key sustaining capital environmental initiatives, including the cyanide recycling project at New Britannia and the dam lift at Anderson tailings, both of which remain on track for completion by year-end. Manitoba gold cash costs in the third quarter were $403 per ounce, a decrease of 48% compared to the second quarter, driven by higher gold production and higher byproduct credits.

We are well positioned to achieve our 2026 cash cost guidance range in Manitoba. At our operations in British Columbia, we achieved significant milestones in mining productivity, operational performance and project execution in the third quarter, as outlined on Slide 7. We also received ISO 14001 and ISO 45001 certifications at Copper Mountain, reflecting our focus on safety and environmental management. The positive free cash flow generation at Copper Mountain this quarter demonstrates the benefits from our continued operating efficiencies, recent mill improvement initiatives and the ongoing execution of the accelerated stripping program. Copper Mountain produced 6,600 tonnes of copper, 7,000 ounces of gold and 52,000 ounces of silver in the third quarter.

Compared to the second quarter, copper and gold production increased with higher head grades and improved recoveries more than offsetting the impact of the primary SAG mill maintenance downtime. We are on track to achieve our 2026 production guidance for all metals in British Columbia. Total material movement at Copper Mountain was 27 million tonnes in the quarter, which continues to be elevated with the accelerated stripping program. During the quarter, total ore mined increased 56% quarter-over-quarter, driven by favorable ore release timing from the North Pit. Mill copper grades averaged 0.27% in the quarter and copper recoveries slightly increased to approximately 80%. British Columbia cash costs were $3.09 per pound of copper.

The improvement from the prior quarter reflects higher copper production, lower treatment and refining charges and strong by-product credits, which offset the higher site operating costs. Year-to-date costs reflect higher site operating costs, including elevated fuel prices, and we expect full year cash costs to track toward the high end of the annual guidance range in British Columbia. The next slide highlights the progress we have made with our optimization efforts at Copper Mountain since our acquisition, leveraging our strong operational expertise and social license to unlock significant value. Quarterly material movement has more than doubled, increasing 108% compared to the levels prior to our ownership.

With a 3-year stripping program ending this year, we anticipate delivering higher grades starting next year, which together with the benefits of our mill enhancements is expected to result in a doubling of our annual copper production in British Columbia. During the third quarter, following the scheduled replacement of the primary SAG mill feed and head in July, the mill has achieved successive monthly mill throughput increases. In September, the mill achieved mill throughput of approximately 43,500 tonnes per day. We remain on track to achieve the target of 50,000 tonnes per day by the end of the year, which would represent a 44% increase compared to the mill throughput prior to our ownership.

These operational improvements have allowed us to significantly improve cash costs and deliver a long-term sustainable operation that will generate strong free cash flow. I'm very pleased with the progress the team has made to turn around this operation and unlock significant value at Copper Mountain. Turning to Slide 9. As part of our global exploration program, we continue to look for ways to extend mine life across our operations. This program has resulted in some exciting exploration news in Peru. At Constancia, recent drilling intersected a potential new high-grade feeder system, including over 200 meters of 0.43% copper and 0.03% molybdenum.

For context, that is almost 50% higher copper grade and 3x the molybdenum grade that was processed in the third quarter. The 2 deep diamond drill holes successfully intersected lateral and down-dip extensions of the porphyry system and mineralized breccia zones below and adjacent to the Constancia pit. This has been the most promising exploration results we've seen at Constancia over the past decade. Notably, the holes intersected significant widths of mineralized breccia extending beyond the limits of the current resource at grades higher than current reserve grades. Follow-up drilling is underway, along with geological vectoring to test the geometry and structural controls and determine the scale of mineralization down plunge and at depth.

This high-grade system has the potential to enhance Constancia's long-term production profile. Slide 10 provides an update on our growth and exploration activities in Canada, where high-return brownfield opportunities and prospective exploration programs across Manitoba and British Columbia are being advanced to continue to extend mine life and increase production. In Manitoba, we are executing an extensive exploration program across our highly prospective land package of more than 400,000 hectares, which extends across the Flin Flon and Snow Lake Greenstone Belt. Our strategy focuses on 3 avenues of opportunity. First, focusing on converting our 1.5 million ounces of gold in inferred resources to reserves through infill drilling.

We are confident in our ability to do so based on historical track records of converting approximately 90% of inferred resources to reserves at Lalor over the past 5 years. Second, we continue to extend the current mine life of our anchor deposit, Lalor and 1901, which continue to show potential for extensions of high-grade stacked lenses and remain open down plunge. During the third quarter, advancement of underground exploration drifts at Lalor and 1901 established new drilling platforms that will enable additional infill drilling and testing for extensions along mineralized trends.

And third, we are highly focused on looking for a new anchor deposit through regional exploration and advancing the Britannia Gold Project, which I will discuss later in the presentation. In British Columbia, following the June groundbreaking at New Ingerbelle, the infrastructure development continues to progress on schedule, derisking the path to first production in late 2028. We completed the West Access road and established a temporary construction bridge to facilitate the installation of the permanent bridge. New Ingerbelle is expected to support continuous operations beyond 2040 and provide access to higher grade ore at approximately 1/3 of the strip ratio seen in recent historical mining areas.

We are also nearing completion of a 66,000-meter infill and expansion drilling program of New Ingerbelle, which will potentially allow us to convert additional inferred resources to measured and indicated and test for possible extensions beyond the limits of the current mineral resource. The drilling remains on track for completion in the fourth quarter with results to be reflected in our annual reserve and resource update in March 2027. Additional geotechnical drilling and geometallurgical sampling are underway to support mine plan optimization and metallurgical recovery modeling. Slide 11 highlights the recent Snow Lake mine plan announcement and the significant increase in life of mine gold production.

The updated mine plan reflects a 37% increase in gold production over the next 5 years and a 60% increase in total gold production over the life of mine based on current mineral reserves compared to the prior technical report. The updated mine plan maintains average production of 185,000 ounces of gold over the next 5 years, reflecting several optimization initiatives, including higher mill throughput at New Britannia and higher gold recoveries at the Stall mill to better utilize the combined 6,300 tonnes per day of processing capacity. Snow Lake's reserve mine life has been extended to 2043 with total current mineral reserve estimates of 27 million tonnes, including roughly 2 million ounces of gold.

The increase is due to resource conversion at Lalor and 1901, higher reserves at the WIM and 3 Zone satellite deposits and the first reserve estimates for Talbot and Rail. The updated mine plan represents a conservative view based on Hudbay's historical high resource to reserve conversion rate. The mine plan has been optimized for higher mill throughput rates at New Britannia, increasing milling rates from the current 2,000 tonnes per day, exceeding the nameplate of 1,500 tonnes per day and ramping up to 2,300 tonnes per day starting in 2027.

It also reflects the benefits from the Stall Hot Tails Leaching Project that aims to recover additional gold and silver through expansion of the cyanide leaching and carbon infrastructure at New Britannia to accommodate material from Stall to increase overall gold and silver recoveries starting in early 2028. The full technical report was filed last week. Slide 12 highlights the Britannia Gold Project, where multiple targets are being developed down-plunge and along strike from known mineralization across a mineralized corridor that spans 5 historical deposits. All of the deposits remain open at depth with high-grade ore shoots tracking in predictable plunge directions and the large untested gaps along strike between the known deposits represent immediate potential for new discoveries.

During the quarter, digitalization and remodeling of decades of historical data identified several high-priority target areas laterally and down-plunge. Drilling from surface is underway in parallel with our assessment of options to restore historical underground access from the New Britannia shaft infrastructure, which provides the potential for accelerated access. Altogether, the Britannia Gold Project provides the opportunity to redevelop an underexplored, past-producing deposit with the potential to become a new anchor in the Snow Lake camp. Moving to Copper World on Slide 13. We have taken a significant step towards establishing a major U.S. copper division. Together with our partner, Mitsubishi, we announced the final investment decision to proceed with the construction and development of Copper World.

This will be the next major copper mine in the United States and one of the largest open pit copper mines in the country. First production is targeted for the second half of 2029, establishing Hudbay's strategic footprint in the region. The final investment decision is supported by the robust economic returns with low capital intensity outlined in the definitive feasibility study, which delivers average annual copper production of 102,000 tonnes over the first 10 years at attractive cash costs of $1.65 per pound of copper. The base case contemplates a 15-year mine life based on mineral reserves of 319 million tonnes and requires only state and local permits.

The base case further optimizes the 2023 pre-feasibility mine plan with an in-pit crushing and conveying system in year 4 and an expansion of the concentrator from 60,000 tonnes per day to 90,000 tonnes per day in year 5. The concentrator expansion enables a 43% increase in average annual copper production to 120,000 tonnes in year 6 to 10 compared to the first 5 years. The base case generates an after-tax net present value or NPV of $1.2 billion and an internal rate of return or IRR of 17% at a long-term copper price of $5 per pound. At a $6 copper price, the NPV increases to $2.3 billion and the IRR increases to 22%.

The extension case contemplates a 37-year mine life utilizing only measured and indicated mineral resources and expands mining activities onto federal lands in year 10, subject to obtaining federal permits. It maintains annual copper production of 117,000 tonnes from years 11 to 20 and generates an after-tax NPV of $2.5 billion and an IRR of 19% at $5 per pound of copper. The extension case NPV increases to $4 billion and the IRR increases to 24% at a copper price of $6.

Copper World is anticipated to increase our consolidated annual copper production to approximately 250,000 tonnes, doubling our current production levels, and it is expected to deliver peer-leading low cash cost of $1.65 per pound over the first 10 years as summarized on Slide 14 and 15. The initial growth capital of $2 billion includes approximately $200 million related to changes in project scope since the 2023 pre-feasibility study. We have put in place a prudent low leverage funding plan that will maximize risk-adjusted returns. Sources of capital include Mitsubishi's $600 million initial investment and Wheaton's $230 million stream deposit with a plan to put in place up to $650 million in project level debt financing, representing less than 30% leverage.

This defers Hudbay's first capital contribution to 2028 with our contribution expected to be roughly $500 million, representing less than 25% of the initial growth capital. With this funding structure, the levered IRR to Hudbay increases to 32% in the base case at a $5 copper price and to 44% in the extension case at a $6 copper price. With the sanctioning of Copper World, we now expect full year growth expenditures related to the Copper World Joint Venture to total $245 million in 2026, an increase of $110 million related to project construction and development costs in the fourth quarter.

The Copper World project is expected to generate significant benefits for the community and local economy in Arizona through significant job creation, tax revenue and economic development. Copper World is expected to contribute more than $1.1 billion in U.S. taxes over the 15-year mine life in the base case and up to $3.7 billion over the 37-year mine life in the extension case. We expect to create more than 1,000 jobs during construction, over 500 permanent operating roles and up to 3,000 indirect employment opportunities at Copper World. Slide 16 benchmarks Copper World's capital intensity against peer projects and recently completed builds.

The project maintains an attractive capital intensity of approximately $22,600 per annual tonne of copper production, positioning it well relative to peers. What differentiates Hudbay is our track record of low-risk, low capital intensity projects such as our Copper Mountain optimization project and our Constancia greenfield project built more than a decade ago. We will leverage this proven track record of efficient mine building expertise and operational excellence to deliver our next major copper mine development in Copper World, followed by Cactus to build the third largest copper district in North America.

Concluding on Slide 17, our focus on demonstrating continued operational excellence while prudently advancing our many organic growth opportunities will deliver significant copper production growth in the near term, medium term and long term. Our portfolio of long-life assets in Tier 1 jurisdictions provides a strong foundation for growth. With brownfield investments at our operating mines in Peru, Manitoba and British Columbia, we are expected to increase consolidated copper production by more than 25% starting next year. With the sanctioning of Copper World, our annual copper production will double to approximately 250,000 tonnes.

And with the staged development of Cactus and Mason to follow, we have an attractive pathway to more than 500,000 tonnes of copper per year in the next decade. What sets Hudbay apart is its low-risk, low capital intensity growth located in some of the best mining jurisdictions in the world, underpinned by our unique diversification in copper and gold exposure, strong margins and a rock-solid balance sheet. As we continue to advance all these attractive growth initiatives across the portfolio, we remain committed to prudently allocating capital to the highest risk-adjusted return opportunities that will double our copper production per share and generate strong value for our stakeholders.

We have the right assets, the right team and the financial strength to execute on our strategic plans as we continue to solidify our position as the premier Americas-focused copper producer. And with that, we are pleased to take your questions.

Operator: [Operator Instructions] Our first question is from Richard Garchitorena with Barclays.

Richard Garchitorena: Congrats on all the progress. My first question is on the outlook for '26 and '27. Given you've maintained the production guidance for '26, pretty wide range for the fourth quarter. Maybe you could talk about where you think you could maybe come in at the high end versus low end across each of your operations in '26 and how they are set up in terms of run rates for -- as you exit fourth quarter into '27?

Peter Gerald Kukielski: Thanks, Richard. This is Peter. Thanks. Great question. Thanks for the kind words about the quarter. Eugene, do you want to comment a little bit on the outlook?

Chi-Yen Lei: Yes. Thanks, Richard. We're pleased to reaffirm our production guidance for the year. We're tracking toward the midpoint of both copper and gold production. Pleased to have done that. And as you'll see that after 3 quarters, we're approximately 75% through the production for the 9 months and on track to meet that. As we look toward 2027, we're looking for increased production in copper. I think as Peter highlighted, the 3-year stabilization and optimization program will be complete at Copper Mountain, and we're looking to have about a 25% increase in consolidated copper production in 2027.

We expect our gold production to be around the same levels given the strong outlook and performance that we've seen at our Manitoba operations and the stable operations that we've showed in Peru. With the brownfield enhancements, both the third rougher line and the pebble crushers in Peru, we're looking to increase throughput in Peru in 2027, and that's going to, again, help us increase a little bit of that production in copper. So we're really pleased to reaffirm 2026 and '27 looks even brighter for us.

Peter Gerald Kukielski: No, I was going to say, Richard, just add to what Eugene has said that obviously, in 2027, the biggest contributor to increased production will be BC and cadence may tilt slightly towards H2.

Richard Garchitorena: Okay. Got it. I appreciate that color. And then maybe just as a follow-up on Copper World, congrats on the FID again. On the CapEx, I guess, with the initial growth CapEx of $2.07 billion includes $200 million in scope changes since the 2023 PFS. I was wondering if you could just give some color into what the scope changes are within that number and how that potentially could benefit in terms of synergies going forward as you develop Cactus and potentially Mason down the line?

Peter Gerald Kukielski: Yes, Richard, so the additional $200 million is pretty well no-regrets changes to the scope. It's money that will be very, very well spent and would avoid significant downtime with respect to future expansion. So we've done a lot of -- we're doing a lot of preparatory work for a future expansion that would minimize downtime, which otherwise would take the operation down for weeks or months at a time. The breakdown of the $200 million is roughly $40 million of mine development and bulk earthwork adjustments.

Then there's about $60 million for the concentrator capital, which is -- includes primary crusher upgrades, some larger cyclone feed pumps, upgraded ball mill, space allocation for the larger grinding circuit, et cetera, that sort of thing. And then there's some $50 million included for enhancements to the tailings storage facility and then about $50 million or so in indirects.

Operator: The next question is from Orest Wowkodaw with Scotiabank.

Orest Wowkodaw: A couple of questions on Copper Mountain, if I could. It sounds like the major repairs or not repairs, upgrades were done in Q3. Can you give us an update on what performance is looking like from a throughput perspective here quarter-to-date in Q4? And then I'm wondering if when we think about '27 for Copper Mountain, the 50,000 tonnes a day, is that also sort of second half weighted and we should expect more of a ramp-up of throughput through the first half?

Robert Carter: Yes. Orest, it's Rob Carter here. I can take that. Yes, let's just maybe just replay the quarter just a little bit, right? So the primary SAG was temporarily down for about 33 days in the quarter, right? So after that, we did see, call it, month-over-month improvements on the ramp-up. September was about 43,500 tonnes per day. And through that process, we've really demonstrated what I call like sprint capacity exceeding more than 50,000 tonnes per day and really several days there. However, really sustaining this run rate remains a little bit of a challenge for us. And really, the team is focused on operating maintenance and really stabilizing the grinding performance.

And I guess I would say as well is that we're very confident that the mill remains on track to ramp up to its 50,000 tonnes per day going into the end of the year. We did have a little bit of planned maintenance and some ball mill liners as well as some screen decks and discharge grates that we kind of struggled with a little bit in October. And we really got the cadence here up at the beginning of November. And we truly believe that we've got the right team, the mill is capable of producing this, and we will exit the year around 50,000 tonnes per day.

And then when we -- I think the second part of your question was around 2027. So we'll exit the year at 50,000 tonnes per day. We will continue that through all of 2027. And then I think maybe Eugene kind of highlighted a little bit. It is more back-end weighted for grade, right? So North Pit finishes mining here in December. We're really back into Pit 3. And the really higher grade of 0.4% and 0.5% really comes in H2 2027. In saying that, though, we do have about 2.5 million tonnes of ore ahead of the crusher here right now, and we've never been in that position before.

Orest Wowkodaw: I appreciate that. If I could ask a follow-up. Just on -- in Peru and Constancia, the drill results you disclosed today, can you speak more about that in terms of the potential? And I'm just wondering, does that -- does this mean you potentially both extend or could extend the mine life, but also maybe maintain a higher level of copper production for longer than we previously thought?

Robert Carter: Yes, I can take that, Orest. I think you kind of hit it there, right? So I would say we're very excited about the 2 exploration holes at Constancia. They intersected really significant core lengths of mineralization in a breccia that's really extending the limits of the current resource at grades that you can see that are much higher than the current reserves that we're mining today. These intersections likely represent a potential new high-grade feeder system, right? And that feeder system is really aligned with the main fault structure like the Yanak Fault along the more southwest side of the pit.

We've seen some positive reconciliations from mining along this structure due to -- uncovering really pockets of really high-grade skarn that were really not identified in the drilling. Yes, and we've got follow-up drilling. It is currently underway. I'd say with further positive assay results from this, we could expect to see an increase in our mineral resource update for Constancia next year. And I would say we'll take a little bit more time to define the potential reserves and include it in the mine plan, but it definitely has the potential for really long-term production profile and to optimize the mine plan really post 2030 when the grade seems to naturally decrease.

So it will really help it to prop it up. And we're very excited about this.

Operator: The next question is from George Eadie with UBS.

George Eadie: Just focusing on Copper Mountain a little bit more. So for next year, FY '27, could you give us a bit of a steer of on-site cost here? Year-to-date, I think you're running at around $265 million annualized. How does this look next year? Is it sort of sideways or potentially lower? And then also maybe CapEx, thinking sort of $100 million, is that sort of the right level as the stripping campaign wraps up there, too?

Robert Carter: Yes, I can answer that. It's Rob Carter here. Yes, as we go into next year on a mining cost, obviously, mining cost was slightly elevated in Q3. The unit cost, I think, was about $35, something like that. Obviously, there was a fair bit of planned maintenance. We had some higher diesel prices and some other equipment maintenance. But as we kind of go into Q4, things are starting to stabilize. So from a unit cost basis, we're roughly somewhere between $20 to $25, and we kind of expect that roughly to be next year as well. And then converting that to really a cash cost. Next year is a very significant year for us on metal production.

We will be doubling our metal production in 2027. The cash costs are in line with kind of low $2 type of cash cost really per pound range.

Chi-Yen Lei: If I could add, with capital coming down, Eugene. There was a significant amount of capital for 2026, both in sustaining capital and the capitalized stripping. That program comes to an end. So you'll see the sustaining cash cost drop significantly to around that $3 per pound level.

George Eadie: And sorry, Eugene, what's total CapEx spend at site like $100 million all in? Is that sort of a best guess then?

Chi-Yen Lei: That's a good ballpark. We haven't released the '27 estimate yet. But yes, it's a significant drop from well over $150 million to around $100 million level.

George Eadie: Yes. No, that's awesome. I mean things look a lot better at Copper Mountain, so well done. Maybe just one last, Rob, quarter this grade, like your comments before 0.4, 0.5 second half next year, but is sort of 0.3 around the right level today? And sort of how do we think about first half? Is it sort of low 0.3 is the best guess as well?

Robert Carter: Yes. So I think we're referring to grades here at Copper Mountain. I think our average grade in Q3 was about 0.27. Q4, we believe we're going to exit the year around about 0.3, 0.31. We'll likely maintain that 0.3 or just a little bit above for the majority really of the first half of next year and then really move into the 0.4 and 0.5 and further takes us into those type of grades at the first half of 2028 as well.

Operator: The next question is from Lawson Winder with Bank of America Merrill Lynch.

Lawson Winder: If I could, I'd like to ask about just Copper World and the regulatory environment there. So just with respect to groundwater in Arizona, it was certainly a part of the Democratic platform in the midterms. And obviously, Copper World has its water permit and things are well underway. But can you just speak to water use at the project relative to industry standards and then the proportion of recycled water and how that project stacks up? And then similarly, are there any ongoing permits that are still outstanding needed as work proceeds on that project?

Peter Gerald Kukielski: Lawson, we have all the permits required to extract groundwater sufficient for the base case at Copper World as well as for the extension case. So we've completed drilling of wells to supply all of this water. We've also voluntarily committed to recharge over 100% of the groundwater that we withdraw for Copper World, and we're using water sourced from outside the region as well. So we've done a bunch of storage in the interim and have actually complied with a significant piece of the commitment already, but we're planning to recharge 105% of the water that we use in the end. So we don't see -- foresee any issues.

Lawson Winder: And in terms of ongoing permits to proceed construction, I mean do you have everything in hand that you could possibly need to get the project right through to commercial production?

Peter Gerald Kukielski: We have all of the primary permits that we need to get through to commercial production. There are the odd little construction permits here and there that are required from local authorities and things. But in general, we have all of the permits in place to proceed with construction.

Lawson Winder: Okay. Understand. That's great. And then maybe putting the cart ahead of the horse just a little bit here, but the model for Copper World here was to get the project well along to, or at least close to a sanctioning decision and then finalize a partnership for that. I mean when you think about Cactus and Mason, is that type of partnership profile something that you guys would consider with those assets? I guess I'll just leave the question there.

Peter Gerald Kukielski: In general, the base case for Cactus is we have the capacity to be able to fund it ourselves. So for the next couple of years, in any case, we're looking at spending about $30 million a year, concluding the studies, the study work that we need to do on the PFS side and the DFS side. We have no plans at the moment to enter into a JV, but it certainly is something that we could consider in the future, depending on what the needs for capital are on a risk-adjusted basis. But base case is we'll do it ourselves.

But we do know that it's regarded very highly by many of the counterparties with whom we had discussions with respect to Copper World.

Operator: The next question is from Charles Ehidiamhen with Jefferies.

Charles Ehidiamhen: I'm asking on behalf of Fahad. So maybe my first question is on the LSIB judicial review. Can you clarify the specific grounds of the challenge and the remedy being sought? I mean, I appreciate that you remain confident that the permits would be upheld, but if for any reason, the court doesn't rule in your favor, what's the realistic downside here? Is there like a potential delay to 2028 first production or permit and maintenance? Just any color on that would be helpful.

Robert Carter: Yes, I can answer that, Charles. It's Rob here. So the Lower Similkameen Indian Band filed an application for a judicial review in March of 2026. This is really regarding the provincial government's administrative decision related to issue the permit amendment and really the consultation process. So Hudbay is part of this -- or participating in this process, and we're supporting the province's regulatory process really as well. So the permit remains in effect today. We've got active dialogue with LSIB and Upper Similkameen Indian Band as well as part of our participation agreement mechanisms. Construction activities continue to advance, and we remain confident in the regulatory process.

And we really expect the court to uphold that decision at a hearing that's anticipated in the first quarter of next year, right? So like I said, we maintain an active relationship. We're engaged constructively having our mechanisms that we have as our participation agreement as part of our joint committees that we have with Upper and Lower. And yes, we believe the process will be upheld.

Charles Ehidiamhen: Okay. Just second question on Copper World here. I think there was some news recently about the Senate advancing the permitting reform bill. I'm just curious if this change -- whether this change could change the way you're thinking about Copper World longer term?

Peter Gerald Kukielski: This is Peter. Not really. The primary point is that we only require state permits for Copper World Phase 1. If the regulatory environment changes with respect to the legislation that is underway right now and it proceeds on the basis that it's currently proposed, I think it may be helpful with respect to advancing Phase 2 at the time, but we have plenty, plenty of time in order to be able to advance Phase 2. And if you look at precedent, other companies who have received permits to expand on to -- 3 companies have received permits to expand on to federal land for expansion phases, the typical amount of time taken is about 4 years.

So we're not considering expanding on to private land for quite a while. So we have plenty of time ahead of us. So there is no real impact of this legislation, although we think if it passes in its current form, it will be marginally positive for the project going down the road.

Operator: The next question is from Martin Pradier with Veritas.

Martin Pradier: I have two questions. The first one is on Chile and a little bit -- you're installing the pebble crushers would be a lot of downtime in the quarter. Does this have a ramp-up time or is quick once it is installed? And then the last thing on that one is some update on the satellite deposits that you have been talking about in the past. And in terms of Copper World, how much of the workforce has been mobilized? And when does the construction start and if you have the equipment on site to start construction?

Peter Gerald Kukielski: Sure, Martin. So the first question was with respect to pebble crushers in Peru. We expect to commission those this month. We don't expect there to be any downtime associated with the commissioning because you're literally just turning on a switch and feeding into the milling circuit. And we expect the contribution of those pebble crushers to be in place before the end of the year. On the satellite deposits, you heard we spoke a little bit about the drilling success that we've had in the Constancia pit itself. So that's on the one hand, is a further source of potential production post 2030. On Maria Reyna and Caballito, we are still going through the permitting process.

We still do not have the prior consultation permits in hand, and those are unlikely to be touched during the remainder of this year, while local elections are underway. Once local elections are underway, we'll get back to it, and we should have an update on that sometime later on next year. Your third question with respect to Copper World and the workforce. So from an operating perspective or from the operating company, we have roughly 180 people out of 220 or so that will be required by the end of the year.

On the construction side, we have commitments for all of the primary long lead equipment that are required, such as SAG mills, ball mills, the gearless drives, et cetera. We have made commitments on the trucks that we require or the trucking fleet that we will require. And then with progress itself in the field, we are in the process of installing the water pipeline. We have all of that material on site right now. I think we're about 60% complete with the water pipeline. So things are underway. We will ramp up the construction workforce as is required and reflected in the construction schedule. We've seen no problems doing that so far.

Operator: The next question is from Anita Soni with CIBC World Markets.

Anita Soni: If I could ask about recovery rates, starting with Peru. I'm wondering how recovery rates will look in Q4 and 2027 for copper recovery.

Robert Carter: Yes, I can answer that, Anita. It's Robert. Yes, it's -- I think Peter kind of touched on a little bit in the discussion earlier on about the third rougher flotation line. So that came in place or was commissioned roughly in September, and we immediately saw about a 2% uplift, right, from the recovery model that we were predicting, right? So we've continued to take that through in October. We've seen some pretty good recoveries kind of in the mid-80% range, right?

And then along with that, right, so helping us through on the capacity side of things as we complete our ramp-up this year to achieve approximately like 93,000 tonnes per day going into next year, right, we've got 34 million tonnes per annum. The pebble crushers are going to help further kind of support that. And we believe we're going to be roughly in from a recovery basis, really around that 84% to 85% recovery.

Anita Soni: All right. That's what I was driving at because I think that's what I have in my model and Q3 was a little light. And then just going to BC, a similar question in terms of the recovery rate profile. Now that you're looking to exit the year at higher processing rate, how would that impact the recovery rate?

Robert Carter: Yes. Let's talk maybe just a little bit about it. I think we had -- the quarter was roughly 79% or 80% kind of on recovery. Obviously, those can fluctuate with the different ore types. I talked a little bit earlier is that there's some ore that's coming in from North Pit, a little bit softer, right, a little bit of different recovery metrics from that and really from really Pit 3, right? So we expect to be in a very similar range for recoveries in Q4. And then as we enter next year, I think everybody notices recovery grade models, the grade increases, generally recovery increases there as well.

So we're looking at somewhere for budgeting somewhere between about 81% to 83% recoveries for next year.

Anita Soni: Okay. And then just lastly, on the gold side of the equation in Peru, I noticed you still have your guidance of 15,000 to 20,000 ounces, but I think you're almost there. So is there -- with 3 quarters. So is there a reason why you just kept the gold guidance where it's at, it looks like you'll probably exceed it? Or is it just not material enough for you to worry about?

Robert Carter: Yes. I don't know, maybe it's too material. I can kind of maybe answer that maybe a little quicker. Obviously, we're very pleased with the gold performance really year-to-date. And as of October month end, we have already exceeded the top end of the guidance for gold.

Anita Soni: Okay. So no reason to expect any kind of change from your year-to-date performance on gold?

Robert Carter: No.

Operator: The next question is from Rodrigo Gotardo from BTG Pactual.

Rodrigo Gotardo: I have two questions on my side. First one, it's on regards to capital allocation. We now see Hudbay in a very comfortable net cash position. And despite having all these attractive growth projects ahead, we see Hudbay well positioned to fund this growth pipeline, especially with the structure on Copper World and so. So given the supportive balance sheet and the supportive metal prices, do you see room for some opportunistic M&A? If yes, do you have some preferences for commodities or jurisdictions? Also on this capital allocation profile, do you see some room for more meaningful shareholder remuneration given all the supportive backdrop? That's my first question.

Peter Gerald Kukielski: Rodrigo, it's Peter. Thanks for the question. Look, I think that, as you know, we have an attractive pipeline of high-return brownfield and greenfield opportunities, and we are focused on allocating capital to the highest risk-adjusted return opportunities. As you indicate, the strength of the balance sheet plus the proceeds from the JV transaction positions us very well to continue to allocate capital to advance these high-quality organic initiatives and to create value. On the inorganic side, what I would say is that we continue to look for opportunities that meet our very, very stringent criteria. We've got a very skilled team when it comes to highly efficient operations and world-class development projects.

But our strategy hasn't changed, and we will continue to be disciplined as we evaluate assets that fit our strategic and financial criteria. We know that copper assets are scarce. We would only pursue opportunities that are accretive and value creating for shareholders. So yes, it's very, very difficult to find these things, but we certainly continue to look. And if something came up that met those criteria, we would certainly consider it. Our focus would be entirely on copper, though.

Chi-Yen Lei: Rodrigo, it's Eugene Lei here. With respect to capital returns, as Peter highlighted, we have a very holistic capital allocation framework that allows us to make -- allocate capital to highest risk-adjusted returns. And this allows us to not only develop the Copper World with low leverage without the requirement for hedging and for -- to put the balance sheet at risk while making generational investments in the brownfields projects across our entire platform. We're in a privileged position to be able to also reduce debt and target a net debt-to-EBITDA level below 1x throughout this development cycle.

We think this is a low-risk way for us to have prudent growth, balanced growth, and we expect to continue to do so. As we look forward into 2027, we expect strong free cash flow generation from our 3 operating assets. We have some growth capital ahead of us in terms of Copper World and advancing both brownfield projects in Manitoba and Peru and BC, but also advancing Mason and Cactus, the recently acquired project. And so I think that is our focus. But as we have excess cash flow and no lack of opportunity, we'll look at shareholder returns.

You will notice that we had increased our dividend earlier this year for the first time in Hudbay's history, and that's with an eye to long-term sustainable returns to shareholders, and we're beginning to be able to look at that at the same time as allocating capital to our projects. And so I think this is a prudent way to advance the company and to grow the company, and we look forward to being a sustainable dividend payer once Copper World is complete, that we're starting that even earlier than we expected today.

Rodrigo Gotardo: That's very clear. My second question goes in regards to the other 2 projects. So we now expect the PFS on Cactus and Mason in the second half of next year. So could you share with us how is it advancing some of your findings on this project, especially how do you see the current findings on these studies versus the previous numbers published on the technical reports?

Chi-Yen Lei: Thank you for your question. We're really pleased with our acquisition of Cactus and our due diligence findings prior to acquisition have proven to be consistent with what we've seen with the project and the team 3 months into ownership. We are running trade-off studies on a number of the assumptions that we had made and also doing some tollgate work on a lot of the feasibility work that the team has advanced. So all this comes together into an updated Hudbay pre-feasibility study for the project. We're well underway on that. I think there's over 16 trade-off studies we're doing there, and we're excited to move that project forward.

The time line for that is to take -- is to issue a pre-feasibility study in the third quarter next year and then move into a feasibility study that will take roughly a year with some of those opportunities more fleshed out for potential FID by the end of 2028. And that is the target for Cactus, and we're really on track with that and building the team, taking some of the team members who had been doing sort of the technical work and engineering work at Copper World and applying them to Cactus, but also building out an independent team at Cactus so that it's ready for FID in about 1.5 years' time.

At the same time, with a totally separate team, we're advancing the Mason project in Nevada. And that pre-feasibility study is now about 47% complete. We're really excited to have another option for our growth in the United States, and we're really refreshing the study that was last done in 2021 and taking into account a lot of the lessons that we've learned as we've gone through the full PEA to feasibility process with Copper World. And we're building out a very significant U.S. regional team that's going to support all 3 of the projects and really be a cornerstone of Hudbay's growth for the next decade.

Operator: This concludes the question-and-answer session. I'd like to turn the conference back over to Candace Brule for any closing remarks.

Candace Brule: Thank you, operator, and thank you, everyone, for joining us today. If you have any further questions, please feel free to reach out to our Investor Relations team. Thanks, and have a great day.

Operator: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

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