Northwire Canada EditionWednesday, November 11, 2026
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Gold 4,030.20 −2.0% Silver 51.23 −2.8% Copper 6.27 −1.2% Oil 86.04 −0.9% Palladium 1,024.00 +0.2% NVX 0.910 +0.0% MSR 0.435 +0.0% ELE 22.85 −4.0% ALS 53.01 −2.2% APM 5.13 −6.6% AVL 5.46 −5.4% NG 8.84 −9.0% ATY 0.220 −2.2% CN 0.125 −10.7% PMET 3.22 −4.2% ITH 1.99 −11.6% VMET 12.33 −6.9% ABX 56.41 −5.6% PUR 0.370 +8.8% SCY 0.085 +6.2% AUMN 0.300 +7.1% Gold 4,030.20 −2.0% Silver 51.23 −2.8% Copper 6.27 −1.2% Oil 86.04 −0.9% Palladium 1,024.00 +0.2% NVX 0.910 +0.0% MSR 0.435 +0.0% ELE 22.85 −4.0% ALS 53.01 −2.2% APM 5.13 −6.6% AVL 5.46 −5.4% NG 8.84 −9.0% ATY 0.220 −2.2% CN 0.125 −10.7% PMET 3.22 −4.2% ITH 1.99 −11.6% VMET 12.33 −6.9% ABX 56.41 −5.6% PUR 0.370 +8.8% SCY 0.085 +6.2% AUMN 0.300 +7.1%
Earnings

Hudbay Delivers Record Fourth Quarter and Full Year 2025 Results; Achieves 2025 Consolidated Copper and Gold Production and Cost Guidance

By The Northwire Desk — AI Analysis Feb 20, 2026 · 06:00 HBM · 33.86 HudBay Minerals Inc.
HBM · Price

Executive Summary

  • Hudbay reported record 2025 full‑year revenue of $2.2 bn and adjusted EBITDA of $1.06 bn, delivering over $380 m free cash flow.
  • Fourth‑quarter results showed record quarterly revenue ($732.9 m) and adjusted EBITDA ($385.9 m), with consolidated copper production of 33,069 t and gold production of 84,298 oz.
  • The company announced 2026 guidance: consolidated copper production 124,000 t (≈5% increase) and gold production 244,500 oz, together with a new quarterly dividend of C$0.01 per share (100% increase).

Key Details

  • Financial Performance 2025
  • Revenue: $2.211 bn (up from $2.021 bn in 2024)
  • Adjusted EBITDA: $1,060.9 m (record)
  • Net earnings attributable to owners: $568.5 m ($1.44 per share)
  • Free cash flow: $387.9 m (record)

  • Net debt reduced to $439.7 m; net‑debt/EBITDA ratio 0.4×

  • Quarterly Highlights Q4 2025

  • Revenue: $732.9 m (record)
  • Adjusted EBITDA: $385.9 m (record)
  • Consolidated copper production: 33,069 t; gold production: 84,298 oz

  • Cash cost (net of by‑product credits): $(0.63)/lb copper; sustaining cash cost $0.94/lb

  • Operational Results

  • Peru: 85,155 t Cu, 74,480 oz Au (gold exceeded guidance); cash cost $1.08/lb Cu.
  • Manitoba: 9,249 t Cu, 173,453 oz Au; cash cost $549/oz Au (outperformed guidance).

  • British Columbia: 23,784 t Cu, 20,001 oz Au; cash cost $3.06/lb Cu (within guidance).

  • Deleveraging

  • Repurchased $39.3 m senior unsecured notes in Q4 2025, reducing total debt by $185.1 m YoY.

  • Post‑closing of Copper World JV (Jan 2026) cash & equivalents ≈ $992 m; undrawn credit facility $424.8 m → total liquidity > $1.4 bn.

  • Copper World Joint Venture

  • Closed $600 m JV with Mitsubishi (Jan 2026); Mitsubishi contributed $420 m upfront, with an additional $180 m to be funded within 18 months.

  • Proceeds fund feasibility study and pre‑sanctioning costs; project IRR to Hudbay ≈ 90%.

  • Capital Allocation & Growth

  • Total sustaining capital 2026 guidance: $435 m (Peru $140 m, Manitoba $105 m, BC $60 m).
  • Growth capital (excluding Copper World) 2026: $140 m (Peru $40 m, Manitoba $15 m, BC $85 m).

  • Copper World growth capital 2026: $135 m (feasibility & de‑risking).

  • Exploration Updates

  • Talbot (Snow Lake) drill program returned four economic intercepts; six rigs deployed for 2026.
  • 1901 deposit development progressing toward production in late 2027.

  • New Ingerbelle permitting referred to statutory decision makers (Jan 2026); expected permit receipt Q1 2026.

  • Dividend

  • Board approved quarterly dividend of C$0.01 per share (record date Feb 19, payable Mar 27).

  • Annualized dividend now C$0.04 per share, a 100% increase – first dividend hike in company history.

  • Guidance 2026

  • Consolidated copper: 124,000 t (mid‑point) (+5% YoY)
  • Consolidated gold: 244,500 oz (–9% YoY)
  • Consolidated cash cost (net of by‑product credits): $(0.30) to $(0.10)/lb Cu
  • Sustaining cash cost (net of by‑product credits): $1.70 to $2.10/lb Cu

  • Total sustaining capital: $435 m; growth capital (ex‑Copper World): $140 m

  • Outlook & Forward‑Looking Statements

  • Anticipated ramp‑up of BC mill throughput to 50,000 t/d in H2 2026.
  • Completion of Copper World DFS by mid‑2026; sanction decision expected later in 2026.
  • Continued focus on cost control, balance‑sheet strength, and high‑return brownfield investments.
Read the original news release →

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