Hudbay produces 118,188 t Cu, 267,934 oz Au in 2025

Executive Summary

• Hudbay Minerals Inc. announced preliminary production results for the full year and fourth quarter ended December 31, 2025, achieving its consolidated copper and gold production guidance for the year despite operational disruptions.
• The company reported full-year 2025 consolidated production of approximately 118,188 tonnes of copper and 267,934 ounces of gold, marking the 11th consecutive year of meeting copper guidance and the 5th consecutive year of meeting gold guidance.
• Pro forma cash and cash equivalents as of December 31, 2025, stand at approximately $992 million, reflecting the recent closing of the Copper World joint venture transaction, with total pro forma liquidity exceeding $1.4 billion.

Key Details

• Full-Year 2025 Consolidated Production:
  • Copper: ~118,188 tonnes
  • Gold: ~267,934 ounces
  • Zinc: ~17,646 tonnes
  • Silver: ~3,468,143 ounces
  • Molybdenum: ~1,282 tonnes
• Fourth Quarter 2025 Consolidated Production:
  • Copper: ~33,069 tonnes
  • Gold: ~84,298 ounces
  • Silver: ~1,002,985 ounces
  • Zinc: ~5,703 tonnes
  • Molybdenum: ~325 tonnes
• Peru Operations (Constancia):
  • Full-Year 2025: ~85,155 tonnes copper, ~74,480 ounces gold, ~2,415,134 ounces silver.
  • Q4 2025: ~25,038 tonnes copper, ~32,865 ounces gold, ~731,017 ounces silver.
  • Gold production far exceeded the top end of the 2025 guidance range due to efficient mining of the high-grade Pampacancha satellite deposit.
  • Pampacancha was fully depleted in December 2025 (accelerated from early 2026), leading to reduced stripping activities and expected grade resequencing in 2026-2027.
• Manitoba Operations (Snow Lake):
  • Full-Year 2025: ~173,453 ounces gold, ~9,249 tonnes copper, ~17,646 tonnes zinc, ~800,198 ounces silver.
  • Q4 2025: ~47,423 ounces gold, ~3,326 tonnes copper, ~5,703 tonnes zinc, ~214,493 ounces silver.
  • Gold and zinc production were below the low end of guidance; copper and silver met expectations.
  • Impacted by an eight-day power outage in October and production deferrals due to wildfire evacuations.
  • New Britannia mill achieved record monthly throughput in December 2025.
• British Columbia Operations (Copper Mountain):
  • Full-Year 2025: ~23,784 tonnes copper, ~20,001 ounces gold, ~252,811 ounces silver.
  • Q4 2025: ~4,705 tonnes copper, ~4,010 ounces gold, ~57,475 ounces silver.
  • Copper production was below the low end of guidance due to reduced throughput at the primary SAG mill and higher use of low-grade stockpiles.
  • Construction of the permanent feeder for the new second SAG mill was completed in December 2025.
  • Mill throughput is now expected to ramp up to the targeted 50,000 tonnes per day in mid-2026 (delayed from early 2026).
• Financial Position:
  • Unaudited cash and cash equivalents as of Dec 31, 2025: ~$569 million.
  • Pro forma cash and cash equivalents (post-Copper World JV closing): ~$992 million.
  • Undrawn availability under revolving credit facilities: $425 million.
  • Total pro forma liquidity: >$1.4 billion.
• Future Guidance:
  • Full Q4 and full-year 2025 financial results, along with 2026 production and cost guidance, will be released before market open on Friday, Feb. 20, 2026.
  • Conference call scheduled for Friday, Feb. 20, 2026, at 11 a.m. ET.

Notable Quotes

• "We are proud to have achieved full-year production guidance for our two primary metals, copper and gold, after overcoming several temporary operational interruptions in 2025, which demonstrates the resilience and strength of our diversified operating platform," said Peter Kukielski, Hudbay's president and chief executive officer.
• "Our operations delivered steady production performance in the fourth quarter and maintained a rigorous focus on operational efficiencies and stabilization, resulting in a strong finish to the year. Notably, we achieved a standout fourth quarter in Peru with the efficient mining of the high-grade Pampacancha satellite deposit, allowing us to far exceed the top end of the 2025 gold production guidance range in Peru."