{"success":true,"data":{"pressRelease":{"id":"153781","rtpr_id":"nGNX3Lq7Ns-20260928","ticker":"HBM","exchange":"TSX","all_tickers":["HBM"],"title":"Hudbay Enhances Gold Production Profile at Snow Lake, Extends Reserve Mine Life to 18 Years and Identifies Further Growth Potential from Resource Conversion and the Britannia Gold Project","author":"Globe Newswire","published_at":"2026-09-28T10:00:00.669Z","article_body":"TORONTO, Sept. 28, 2026 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay”\nor the “Company”) (TSX, NYSE: HBM) today released an updated mine plan for\nits Snow Lake operations in Manitoba, Canada. All amounts are in U.S. dollars,\nunless otherwise noted.\n* Snow Lake’s proven and probable reserve mine life extended by an\nadditional two years to 2043, which together with the four-year extension\nannounced in March 2026 represents a total of six years added to the reserve\nmine life. \n* Updated 2026-2030 five-year average annual gold production to 185,000 ounces\nfrom continued strong mill throughput rates at New Britannia and higher gold\nrecoveries at Stall, representing a 37% increase in total gold production from\nan additional 250,000 ounces produced over the same five-year period in the\n2021 technical report(i).\n* Total life-of-mine gold production increased by 60% to 2.8 million ounces\nfrom 1.8 million ounces in the 2021 technical report(i).\n* Updated 2026-2030 five-year average gold cash costs(ii) to $821 per ounce\nand five-year average sustaining cash costs(ii) to $1,379 per ounce,\nmaintaining industry leading operating margins.\n* Snow Lake mineral reserve estimates increased to 27 million tonnes\ncontaining 2.0 million ounces of gold, representing a 38% increase in tonnage\nfrom the January 1, 2026 mineral reserve estimate.\n* Snow Lake mineral resource estimates increased to 21 million tonnes\ncontaining 1.5 million ounces of gold, representing a 26% increase in tonnage\nfrom the January 1, 2026 mineral resource estimate, despite significant\nresource-to-reserve conversion. \n* Life-of-mine plan based on reserve estimates and represents a conservative\nview based on Hudbay’s historical high resource-to-reserve conversion rate\nof 90%(iii) and ongoing exploration activities.\n* 1901 exploration and development activities are progressing well, and the\nproject is on track to achieve full production in late 2027. \n* Stall hot tailings project is underway and is expected to be commissioned in\nearly 2028, resulting in further increases in gold and silver recoveries.\n* Longer-term production profile enhancement and reserve mine life extensions\nexpected from continued conversion of mineral resources at Lalor, exploration\nat 1901 to unlock gold potential, reprocessing of Anderson tailings in Snow\nLake, and additional exploration at existing satellite deposits in pursuit of\na new anchor deposit.\n* The Britannia Gold Project presents a new anchor deposit opportunity to\nmeaningfully add gold production and significantly extend mine life well\nbeyond current reserves.\n“This enhanced Snow Lake mine plan unlocks roughly 60% more gold production\nover the mine life and maintains an average of 185,000 ounces over the next\nfive years, demonstrating the incredible value that we have created through\nsuccessful exploration and continuous improvement initiatives,” said Peter\nKukielski, Hudbay’s Chief Executive Officer. “Transitioning this operation\nfrom a zinc-rich operation to a leading Canadian gold operation over the last\nfive years has been transformative for Hudbay and we look forward to\nsustainable production in the decades ahead. The strong margins and steady\ngold production will ensure Snow Lake continues to be a meaningful free cash\nflow contributor and provide complementary gold exposure for Hudbay. This gold\ndiversification becomes even more valuable as we continue to advance our\nattractive copper growth pipeline to deliver significant long-term value for\nour stakeholders.”\n\n“I am very pleased with the Manitoba team’s execution of a focused\nexploration program and the advancement of many high-return, low-capital\nintensity growth initiatives in Snow Lake to deliver this robust mine plan,”\nsaid Robert Carter, Hudbay’s Chief Operating Officer. “We have delivered\non the strategy of targeting more than 180,000 ounces of annual gold\nproduction and we are well-positioned to continue to deliver that profile well\ninto the next decade. The Snow Lake Greenstone Belt continues to be a highly\nprospective region and provides significant upside potential. Future\nopportunities include unlocking additional reserves through continued\nconversion of the 1.5 million gold ounces in inferred resources, further\nextending the reserve mine life beyond 2043 and exploring for the next major\nanchor deposit in Snow Lake.”\n\nHudbay’s 100% owned Snow Lake operations in Manitoba include the Lalor\ngold-copper-zinc mine, the New Britannia gold mill, the Stall base metals\nconcentrator, the 1901 zinc-gold deposit, several satellite deposits and the\nformer producing New Britannia gold mine currently on care and maintenance\n(“the Britannia Gold Project”). The Lalor mine achieved commercial\nproduction in 2014 and reached a significant milestone in December 2024 with\nthe recovery of its one millionth ounce of gold from the mine. In 2025, an\nexploration drift was successfully completed to reach the 1901 mineralized\nzone to conduct underground exploration activities and establish critical\ninfrastructure ahead of full production, which is expected in late 2027.\n\nHudbay increased its Snow Lake land package by more than 250% in 2023 through\nthe acquisition of Rockcliff Metals Corp. (“Rockcliff”), which included\nthe addition of several known deposits within trucking distance of the Snow\nLake processing infrastructure, including the Talbot copper-zinc-gold deposit\nand the Rail copper-gold deposit. Hudbay signed its first-ever exploration\nagreement with the Kiciwapa Cree Nation related to Rail in 2024, followed by\nan exploration agreement with the Mosakahiken Cree Nation related to Talbot in\n2025. Hudbay advanced drilling campaigns to expand the resource base at the\nsatellite properties and upgrade mineral resources to mineral reserves,\nresulting in the inclusion of the Talbot and Rail deposits as mineral reserves\nin the Snow Lake updated mine plan.\n\nRecent near-mine exploration at Lalor and regional exploration at the\nsatellite properties have extended mine life through increased mineral\nreserves, unlocked additional gold ounces and added mineral resources to\nsupport further long-term production growth.\n\nUnlocking Additional Gold Ounces Through Increased Mineral Reserves and\nExtended Mine Life to 2043\n\nCurrent mineral reserve estimates in Snow Lake as of September 1, 2026 total\n27.0 million tonnes with approximately 2.0 million ounces of gold and a\nreserve mine life to 2043. This represents an increase in mineral reserves of\n7.5 million tonnes, unlocking 124,000 ounces of additional gold, and further\nextends mine life by two additional years, in each case as compared to the\nprior mineral reserve estimates dated January 1, 2026. Together with the\nincrease in mineral reserves and four year mine life extension announced early\nthis year, the Company has added a total of 510,000 ounces of gold contained\nin reserves and six years of additional mine life in Snow Lake.\n\nThe increase in reserves and extension of mine life is due to reserve\nconversion at Lalor and 1901 and higher reserves at the WIM and 3 Zone\nsatellite deposits, in addition to the first reserve estimate for the Talbot\nand Rail satellite deposits following the completion of infill and\ngeotechnical drilling. Please refer to Figure 1 for a summary of the additions\nto mineral reserves. Hudbay expects to continue to achieve high-grade resource\nto reserve conversions and to further optimize the mine plan.\n\nFurther background on each of the deposits included in the Snow Lake reserve\nmine plan is below:\n* Lalor – A geophysical discovery by Hudbay in 2007; the development of\nLalor was approved in 2012 at a time when Lalor had an initial mine life of 10\nyears. Successful exploration since inception has delineated an approximate\n300% increase in gold reserves, replacing depletion, and after having been in\noperation for 12 years, Lalor continues to have a reserve mine life of 11\nyears today.\n* 1901 – The 1901 deposit was discovered in 2019, and in 2020 and 2021\nHudbay conducted infill drilling, metallurgical testing and a pre-feasibility\nstudy. Underground drilling continues from an exploration drift to de-risk the\npathway to full production at the end of 2027 and delineate additional gold\nreserves. 1901 is expected to increase the total mining rate from the Lalor\nshaft to 5,000 tonnes per day.\n* 3 Zone – Acquired by Hudbay in 2015 as part of the acquisition of New\nBritannia, this gold-rich deposit is located three kilometres from the New\nBritannia mill and is expected to come into production later this decade to\nsupplement gold ore feed from Lalor.\n* WIM – Acquired by Hudbay in 2018, this copper-gold deposit is located 15\nkilometres from the New Britannia mill and is expected to come into production\nafter 3 Zone and contribute gold ore feed to the New Britannia mill after\nLalor is depleted.\n* Talbot – Consolidated 100% ownership of this copper-zinc-gold deposit\nthrough Hudbay’s acquisition of Rockcliff in 2023. A successful infill\ndrilling program was completed during the second quarter of 2026 as well as\ngeotechnical drilling required for pre-feasibility study activities, which\nupgraded 2.7 million tonnes of mineral resources to reserves with\napproximately 130,000 ounces of gold, 52,000 tonnes of copper and a 10 year\nmine life.\n* Rail – Also acquired as part of Hudbay’s acquisition of Rockcliff in\n2023, Hudbay’s 2024 drill program yielded new intersections of high-grade\ncopper-gold mineralization. These results and the interpretation of historical\ndrilling results were used to update the geological model and assess its\neconomic potential. Rail has 1.5 million tonnes of reserves at 1.96% copper\nand 0.50 grams per tonne gold and is expected to provide feed for the Stall\nmill and come into production as 1901 is depleted.\nCurrent mineral reserves for Lalor, 1901 and other Snow Lake satellite\ndeposits as of September 1, 2026 are summarized in the following table.\n\n Snow Lake Mineral Reserve Estimates (1,2,3,4,5,6)                      000 Tonnes  Au Grade (g/t)  Cu Grade (%)  Zn Grade (%)  Ag Grade (g/t)  \n Gold Zone Reserves                                                                                                                             \n Gold Zone Proven                                                                                                                               \n Lalor                                                                  4,667       3.78            0.43          0.70          21.8            \n Subtotal                                                               4,667       3.78            0.43          0.70          21.8            \n Gold Zone Probable                                                                                                                             \n Lalor                                                                  5,901       3.20            0.87          0.27          14.6            \n 1901                                                                   341         2.66            0.75          0.68          15.2            \n WIM                                                                    3,653       1.17            1.29          0.21          5.1             \n Subtotal                                                               9,895       2.43            1.02          0.26          11.1            \n Total Proven and Probable - Gold                                       14,562      2.86            0.83          0.37          14.5            \n Base Metal Zone Reserves                                                                                                                       \n Base Metal Proven                                                                                                                              \n Lalor                                                                  4,977       2.02            0.32          4.15          25.7            \n 1901                                                                   970         1.54            0.29          7.61          23.9            \n Subtotal                                                               5,947       1.94            0.32          4.71          25.4            \n Base Metal Probable                                                                                                                            \n Lalor                                                                  822         1.39            0.38          3.97          23.0            \n 1901                                                                   307         2.17            0.27          7.27          27.4            \n Talbot                                                                 2,710       1.46            1.92          1.14          26.5            \n Rail                                                                   1,510       0.53            1.96          0.55          5.6             \n Subtotal                                                               5,349       1.23            1.60          1.76          20.1            \n Total Proven and Probable - Base Metal                                 11,296      1.60            0.92          3.32          22.9            \n Total Gold and Base Metal Reserves - Proven and Probable                                                                                       \n Lalor                                                                  16,367      2.92            0.55          1.76          20.5            \n 1901                                                                   1,618       1.89            0.38          6.08          22.8            \n Talbot                                                                 2,710       1.46            1.92          1.14          26.5            \n WIM                                                                    3,653       1.17            1.29          0.21          5.1             \n Rail                                                                   1,510       0.53            1.96          0.55          5.6             \n Gold and Base Metal Proven and Probable                                25,857      2.31            0.87          1.67          18.2            \n Britannia Gold Project – 3 Zone Probable                               1,153       2.81            -             -             -               \n Total Proven and Probable – All Deposits                               27,010      2.33            -             -             -               \n\n(1) Totals may not add up correctly due to rounding.\n(2) The economic viability of the mineral reserve estimates was confirmed\nusing metal prices of $1.25 per pound of zinc, $3,600 per ounce of gold, $5.00\nper pound of copper, and $40.00 per ounce of silver with an exchange rate of\n1.33 C$/US$. Lalor and 1901 mineral reserves were estimated using a minimum\nNSR cut-off for Stall mill ore material of C$160 longhaul and C$199 post\npillar and a minimum NSR cut-off for New Britannia ore material of C$184 for\nlonghaul and C$223 for post pillar.\n(3) 3Zone, Talbot and Rail mineral reserves identified at an NSR cut-off value\nof C$150 per tonne. The NSR considers the metallurgical recoveries via\nprocessing at the Stall mill. WIM mineral reserves identified at an NSR\ncut-off value of C$125 per tonne.\n(4) WIM mineral reserves are estimated assuming processing recoveries of 98%\nfor copper, 88% for gold, and 70% for silver based on processing through New\nBritannia’s flotation and tails leach circuits.\n(5) 3 Zone mineral reserves are estimated assuming processing recoveries of\n85% for gold based on processing through New Britannia’s leach circuit.\n(6) Mineral reserves include internal and external dilution and mining\nrecovery.\n\nSnow Lake Updated Mine Plan Maintains 185,000 Ounce Annual Gold Production\nProfile to 2030 and Demonstrates a 60% Increase(i) in Life-of-Mine Gold\nProduction\n\nHudbay’s updated Snow Lake mine plan based solely on mineral reserve\nestimates reflects a 37% increase in gold production over the next five\nyears(i) and a 60% increase in total gold production over the life-of-mine\ncompared to the 2021 technical report(i), as outlined in Figure 2. Three-year\naverage annual production from 2026 to 2028 of approximately 190,000 ounces of\ngold and 11,500 tonnes of copper is consistent with previously issued\nthree-year production guidance. The updated Snow Lake mine plan maintains\naverage production of 185,000 ounces of gold over the next five years(i)\nreflecting several optimization initiatives including higher mill throughput\nat New Britannia and higher gold recoveries at the Stall mill to better\nutilize the combined 6,300 tonnes per day of processing capacity, as shown in\nFigure 3 and further described below.\n* Higher Mining Rate – The updated Snow Lake mine plan reflects a mining\nramp up to approximately 2.0 million tonnes per year and maintaining this\nprofile over the next decade. The mine plan reflects Lalor operating at 4,000\nto 4,500 tonnes per day, supplemented by contributions from the 1901 deposit\nand several additional satellites to supplement Lalor mill feed and increase\ntotal ore mined to approximately 5,000 tonnes per day.\n* Increased New Britannia Mill Throughput – The New Britannia mill has a\nnameplate design of 1,500 tonnes per day and a permitted capacity of 2,500\ntonnes per day. Snow Lake’s mine plan has been optimized for higher mill\nthroughput rates at New Britannia maximizing gold production and cash flows.\nThe New Britannia mill currently operates at more than 2,000 tonnes per day,\ncontinuing to exceed expectations, and the updated mine plan reflects New\nBritannia ramping up to 2,300 tonnes per day starting in 2027.\n* Better Utilization of Available Processing Capacity at Stall – The Stall\nmill has a nameplate capacity of 3,800 tonnes per day but is currently\noperating at approximately 2,300 tonnes per day. The updated Snow Lake mine\nplan takes advantage of the spare capacity at Stall by adding 1901 zinc-rich\nreserves to the mine plan and maintains future optionality for other regional\ndeposits. The updated mine plan reflects Stall throughput ramping up to 3,000\ntonnes per day by 2030.\n* Stall Hot Tails Leaching Project – Stall has a history of continuous\nimprovement projects increasing copper and precious metal recoveries,\nincluding the recovery improvement program that was completed in 2023 and\nincreased gold recoveries from 58% in 2022 to more than 70% today. The Stall\nHot Tails Leaching project continues this trend and aims to recover additional\ngold and silver through expansion of cyanide leaching and carbon\ninfrastructure at New Britannia to accommodate material from Stall.\nCommissioning of this project is expected in early 2028 and it is anticipated\nto increase combined mill gold and silver recoveries as shown in Figure 4.\n Snow Lake Production Profile (1)       2026E  2027E  2028E  2029E  2030E  2031-2035 (5Yr avg)  2036-2040 (5Yr avg) (4)  LOM Total (1)  \n Ore Mined                                                                                                                              \n Lalor and1901             000 tonnes   1,512  1,702  1,742  1,749  1,748  1,570                1,318                    18,938         \n Regional deposits         000 tonnes   -      -      -      -      247    544                  748                      9,025          \n Total Ore Mined           000 tonnes   1,512  1,702  1,742  1,749  1,996  2,114                1,275                    27,963         \n Gold grade                g/t Au       4.67   3.97   3.59   3.53   3.03   2.07                 1.58                     2.41           \n Copper grade              % Cu         0.78   0.69   0.77   0.85   0.67   0.62                 1.03                     0.83           \n Zinc grade                % Zn         1.86   2.06   1.48   1.91   1.42   1.90                 1.36                     1.62           \n Silver grade              g/t Ag       26.7   22.6   20.9   22.4   17.0   16.6                 16.1                     17.7           \n Ore Milled                                                                                                                             \n New Britannia             000 tonnes   758    872    874    874    879    871                  872                      15,301         \n Stall                     000 tonnes   771    830    868    875    1,117  1,243                1,008 (5)                12,679         \n Total Ore Milled          000 tonnes   1,529  1,702  1,742  1,749  1,996  2,114                1,275                    27,980         \n Combined Recovery – New Britannia and Stall                                                                                            \n Gold recovery             %            88.3   85.5   91.2   91.1   90.5   89.4                 86.4                     88.9           \n Copper recovery           %            90.1   89.8   91.4   91.9   91.8   86.5                 89.6                     89.7           \n Zinc recovery (2)         %            82.3   87.6   84.0   86.9   83.8   86.1                 86.2 (5)                 85.9           \n Silver recovery           %            74.6   73.4   79.5   79.1   77.1   76.5                 81.7                     77.6           \n Production                                                                                                                             \n Gold                      000 ounces   201    186    183    181    176    126                  57                       1,931          \n Copper                    000 tonnes   11     11     12     14     12     11                   12                       209            \n Zinc                      000 tonnes   18     28     19     26     22     31                   11                       325            \n Silver                    000 ounces   967    909    931    998    840    865                  522                      12,380         \n Total AuEq (3)            000 ounces   262    250    247    255    242    186                  90                       2,716          \n Total CuEq (3)            000 tonnes   87     82     82     82     75     61                   29                       883            \n\n(1) LOM totals reflect the mine plan for full year 2026 to 2043 and may be\nslightly different than the mineral reserve estimates which are as of\nSeptember 1, 2026. Totals may not add up correctly due to rounding.\n(2) Zinc recoveries reflect zinc circuit at Stall mill only.\n(3) Copper and gold equivalent production assumes the following commodity\nprices: $6.09 per pound of copper for 2026, $5.80 per pound of copper for\n2027, $5.50 per pound of copper for 2028 to 2030 and $5.00 per pound of copper\nlong-term; $4,472 per ounce of gold for 2026, $4,200 per ounce of gold for\n2027, $4,000 per ounce of gold for 2028, $3,900 per ounce of gold for 2029,\n$3,750 per ounce of gold for 2030 and $3,600 per ounce of gold long-term; $70\nper ounce of silver for 2026, $57.50 per ounce of silver for 2027, $55.00 per\nounce of silver for 2028, $50 per ounce of silver for 2029, $45 per ounce of\nsilver for 2030 and long-term; $1.59 per pound of zinc for 2026, $1.40 per\npound of zinc for 2027, $1.35 per pound of zinc for 2028, $1.30 per pound of\nzinc for 2029 and 2030, and $1.25 per pound of zinc long-term.\n(4) Individual mine and mill averages reflect their respective operating\nperiods during 2036–2040 and therefore do not sum to the five-year total\naverages.\n(5) Stall mill ends processing in 2037 - amounts represent ore milled and\nrecoveries in 2036-2037.\n\nExecuting Low-Capital Intensity Brownfield Growth Projects to Deliver Strong\nReturns\n\nThe Snow Lake capital expenditures profile reflects several growth\ninitiatives, including the completion of the development of the 1901 deposit,\nthe implementation of the Stall Hot Tails Leaching project and the optionality\nmaintained from developing the regional satellite deposits. Sustaining capital\nexpenditures reflect underground capitalized development activities, equipment\npurchases and tailings dam capital required to maintain operations.\n\nHudbay expects to continue to significantly enhance this conservative mine\nplan based solely on mineral reserve estimates by prioritizing high grade\nresource to reserve conversions from the Lalor and 1901 deposits with lower\nassociated capital expenditures.\n\nCombined mining, milling and G&A unit operating costs on a tonne milled basis\nremains relatively unchanged over the mine life as the increase in mill\nthroughput offsets higher mining costs as mining activities go deeper and\nhaulage distances increase. Over the next five years, average gold cash\ncosts(ii) of $821 per ounce and average sustaining cash costs(ii) of $1,379\nper ounce benefit from continued strong gold production and by-product\ncredits. Without any further exploration success, cash costs are expected to\nincrease in the 2030s but maintain highly attractive margins when compared to\nother gold operations and long-term gold price estimates.\n\n Snow Lake Capital and Cost Profile            2026E  2027E  2028E  2029E  2030E  2031-2035 (5Yr avg)  2036-2040 (5Yr avg)  LOM Total (1)  \n Capital Expenditures                                                                                                                      \n Sustaining Capital                                                                                                                        \n Lalor and 1901            $ millions          57     75     62     68     53     13                   -                    379            \n Plant and other           $ millions          47     7      18     15     3      5                    4                    143            \n Regional deposits         $ millions          -      -      -      -      14     17                   27                   235            \n Growth Capital                                                                                                                            \n Lalor and 1901            $ millions          14     13     4      -      -      -                    -                    31             \n Plant and other           $ millions          10     48     -      19     -      -                    -                    77             \n Regional deposits         $ millions          -      4      32     28     4      83                   -                    480            \n Unit Costs and Cash Costs on a Gold Basis Capital                                                                                         \n Unit operating costs      C$/tonne processed  262    254    261    263    256    235                  221                  240            \n Cash cost (2)             $/ounce             485    762    912    829    1,163  1,518                1,175                1,110          \n Sustaining cash cost (2)  $/ounce             1,086  1,295  1,473  1,402  1,682  1,813                1,742                1,560          \n\n(1) LOM totals reflect the mine plan for full year 2026 to 2043 and may be\nslightly different than the mineral reserve estimates which are as of\nSeptember 1, 2026. For unit operating costs and cash costs, LOM represents the\naverage annual cost. Totals may not add up correctly due to rounding.\n(2) Cash costs and sustaining cash costs on a gold basis assumes the\nfollowing commodity prices: $6.09 per pound of copper for 2026, $5.80 per\npound of copper for 2027, $5.50 per pound of copper for 2028 to 2030 and $5.00\nper pound of copper long-term; $4,472 per ounce of gold for 2026, $4,200 per\nounce of gold for 2027, $4,000 per ounce of gold for 2028, $3,900 per ounce of\ngold for 2029, $3,750 per ounce of gold for 2030 and $3,600 per ounce of gold\nlong-term; $70 per ounce of silver for 2026, $57.50 per ounce of silver for\n2027, $55.00 per ounce of silver for 2028, $50 per ounce of silver for 2029,\n$45 per ounce of silver for 2030 and long-term; $1.59 per pound of zinc for\n2026, $1.40 per pound of zinc for 2027, $1.35 per pound of zinc for 2028,\n$1.30 per pound of zinc for 2029 and 2030, and $1.25 per pound of zinc\nlong-term.\n\nMineral Resources Increase by 26% and Provide Significant Opportunity to\nFurther Increase Gold Production and Extend Mine Life\n\nTotal mineral resources (exclusive of mineral reserves) have increased by 4.2\nmillion tonnes in 2026, despite significant resource-to-reserve conversion.\nThis was through additional resource expansion at Lalor and 1901, in addition\nto successful exploration at the regional satellite deposits to delineate\nadditional resources as well as the inclusion of the Britannia Gold Project,\nas shown in Figure 1 and detailed below.\n\n Snow Lake Mineral Resource Estimates (1,2,3,4,5,6)                          000 Tonnes  Au Grade (g/t)  Cu Grade (%)  Zn Grade (%)  Ag Grade (g/t)  \n Gold Zone Resources - Inferred                                                                                                                      \n Lalor                                                                       1,540       3.38            1.90          0.19          12.4            \n 1901                                                                        3,300       2.87            0.94          0.49          10.2            \n WIM                                                                         1,120       1.44            0.70          0.25          3.4             \n Total Gold Zone Resources – Inferred                                        5,960       2.73            1.14          0.36          9.5             \n Base Metal Resources – Inferred                                                                                                                     \n Lalor                                                                       140         1.94            0.28          5.14          32.5            \n 1901                                                                        780         2.19            0.23          6.55          41.6            \n Talbot                                                                      880         2.23            1.52          1.17          29.6            \n Rail                                                                        740         1.03            3.29          0.55          8.9             \n Watts                                                                       3,150       1.00            2.34          2.58          31.0            \n Pen II                                                                      600         0.30            0.46          9.09          6.8             \n Total Base Metal Resource - Inferred                                        6,290       1.28            1.85          3.31          27.2            \n Total Gold and Base Metal Resources – Inferred                                                                                                      \n Lalor                                                                       1,680       3.26            1.77          0.60          14.1            \n 1901                                                                        4,080       2.74            0.80          1.65          16.2            \n Talbot                                                                      880         2.23            1.52          1.17          29.6            \n WIM                                                                         1,120       1.44            0.70          0.25          3.4             \n Rail                                                                        740         1.03            3.29          0.55          8.9             \n Watts                                                                       3,150       1.00            2.34          2.58          31.0            \n Pen II                                                                      600         0.30            0.46          9.09          6.8             \n Total Gold and Base Metal Resources - Inferred                              12,250      1.98            1.51          1.88          18.6            \n Britannia Gold Project – Inferred                                                                                                                   \n Upper Britannia                                                             3,180       2.83            -             -             -               \n Lower Britannia                                                             2,520       3.44            -             -             -               \n Boundary                                                                    1,420       2.23            -             -             -               \n Birch                                                                       1,140       2.51            -             -             -               \n Total Britannia Gold Project - Inferred                                     8,260       2.87            -             -             -               \n\n(1) Totals may not add up correctly due to rounding.\n(2) Mineral resources listed in the chart above are exclusive of mineral\nreserves. Mineral resources that are not mineral reserves do not have\ndemonstrated economic viability.\n(3) Mineral resources in the above table do not include mining dilution or\nrecovery factors.\n(4) Base metal mineral resources are estimated based on the assumption that\nthey would be processed at the Stall concentrator while gold mineral resources\nare estimated based on the assumption that they would be processed at the New\nBritannia concentrator.\n(5) Metal prices of $1.25 per pound of zinc, $3,600 per ounce gold, $5.00 per\npound copper, and $40.00 per ounce silver with an exchange rate of 1.33 C$/US$\nwere used to estimate mineral resources.\n(6) Mineral resources are estimated using a minimum NSR cut-off of C$160 per\ntonne for Lalor and 1901, C$125 per tonne for WIM and C$150 per tonne for all\nother deposits.\n\nSignificant Resource Expansion Potential Through the Britannia Gold Project\n\nIn addition to the 12.3 million tonnes of inferred mineral resources in the\nregional satellite deposits, Hudbay has significantly expanded the inferred\nresources at the Britannia Gold Project to 8.3 million tonnes:\n* Britannia Gold Project was a Significant Historic Gold Producer – Acquired\nby Hudbay in 2015 with the acquisition of the New Britannia gold mill, the New\nBritannia mine is a former producing gold mine that produced approximately\n600,000 ounces between 1949 and 1958 and an additional 800,000 ounces between\n1995 and 2005. The Britannia Gold Project includes the New Britannia mine and\nnearby gold zones.\n* Significant Mineral Resources Remain accessible at New Britannia – Hudbay\nis advancing plans for potential future development and rehabilitation of the\nexisting mining infrastructure at the New Britannia mine to unlock significant\nincremental gold production in Snow Lake.\n* Mineralized Corridor Spans Five Major Deposits – All of the deposits\nremain open at depth with high-grade ore shoots tracking in a predictable\nplunge direction, as shown in Figure 5.\n* Surface Exploration Underway – Large, untested gaps between the known\ndeposits and along the strike of the major controlling thrust fault to the\neast present immediate potential for new discoveries and resource expansion.\nInitial target testing is underway from surface and future underground\nexploration plans can be accelerated through existing underground\ninfrastructure.\nSnow Lake Operational and Exploration Upside Potential\n\nHudbay continues to advance many brownfield expansion and exploration\nopportunities to further optimize the mine plan to maintain current annual\ngold production levels beyond 2030, extend mine life beyond 2043 and explore\nfor new anchor deposits to provide significant gold production growth beyond\nthe 180,000-ounce annual target. This includes executing an extensive\nexploration program in Snow Lake through geophysical surveying and\nmulti-phased drilling campaigns on the highly prospective land package, as\nreferenced in Figure 6.\n\n1)   Conversion of Large Inferred Resources to Further Increase Production\nand Extend Mine Life – Continued infill drilling of existing resource base\nat Lalor and known satellites will continue to support mine plan optimization.\n* * Potential to convert the 1.5 million ounces of gold in inferred resources\nto reserves through infill drilling.\n* Hudbay has historically converted approximately 90% of inferred resources to\nreserves at the Lalor deposit over the past five years(iii).\n2)   Additional Mill Optimization Initiatives – Evaluating additional\nmill throughput enhancements to further increase annual production levels.\n* * New Britannia has steadily increased its milling rate since refurbishment\nwas completed in 2021, and the current plan assumes increasing New\nBritannia’s milling rate to 2,300 tonnes per day.\n* Hudbay will evaluate opportunities to further increase mill throughput at\nNew Britannia to fully utilize its full permitted capacity of 2,500 tonnes per\nday.\n3)   Reprocessing of Snow Lake Tailings to Unlock Additional Gold Ounces\n– Advance engineering work to evaluate the viability of reprocessing\ntailings from the Anderson Tailings Impoundment Area (“ATIA”) in Snow\nLake.\n* * Advance engineering work to evaluate the potential of reprocessing\ntailings from the Anderson Tailings Impoundment Area (“ATIA”) in Snow\nLake.\n* Hudbay has identified 20 to 30 million tonnes of material at approximately\n0.8 to 1.0 gram per tonne gold at ATIA that could potentially be reprocessed.\n* Drilling, metallurgical studies and dredging trials are planned in 2027-2029\nto confirm potential.\n4)   Extension of the Current Anchor Deposit – Maximize value from\nexisting infrastructure through mine life extension at the highest margin\ndeposits, while extending the window of opportunity to discover a new anchor\ndeposit.\n* * Lalor and 1901 provide high NSR value per tonne and remain open down\nplunge.\n* Mine life extensions at the current anchor will further increase cash flows\nand defer growth capital associated with the development of satellite\ndeposits.\n5)   Discovery of a New Anchor Deposit – Meaningfully add to current\nproduction levels and significantly extend mine life through the discovery of\nthe next major anchor deposit in Snow Lake.\n* * The Britannia Gold Project provides the opportunity to re-develop an\nunderexplored, past-producing deposit with the potential to become a new\nanchor in the Snow Lake camp, as shown in Figure 5 and discussed above.\n* Regional exploration on the large and highly prospective land package,\nincluding exploration for both volcanogenic massive sulphide (VMS) and\norogenic gold deposits.\nSnow Lake Site Tour\n\nHudbay is hosting a site visit by analysts and investors to its Snow Lake\noperations in Manitoba on Thursday, October 1, 2026. A copy of the site visit\npresentation, which will contain operational and other updates, will be\navailable on Hudbay’s website at www.hudbay.com.\n\nQualified Person and NI 43-101\n\nHudbay's mineral resource estimates in this news release are exclusive of\nmineral reserves. Mineral resources that are not mineral reserves do not have\ndemonstrated economic viability.\n\nThe technical and scientific information in this news release has been\napproved by Marc-Andre Brulotte, P. Geo., Executive Director, Global Mineral\nResource Evaluation. Mr. Brulotte is a qualified person pursuant to National\nInstrument 43-101 - Standards of Disclosure for Mineral Projects (“NI\n43-101”).\n\nA copy of the NI 43-101 technical report will be made available on Hudbay’s\nSEDAR+ profile at www.sedarplus.ca and on Hudbay’s EDGAR profile at\nwww.sec.gov within the next 45 days. This technical report will support the\napplicable disclosure in this news release and will be the current technical\nreport in respect of the Snow Lake operations and shall supersede and replace\nall prior technical reports relating to the Snow Lake operations.\n\nForward-Looking Information\n\nThis news release contains forward-looking information within the meaning of\napplicable Canadian and United States securities legislation. Forward-looking\ninformation is not, and cannot be, a guarantee of future results or events.\nForward-looking information is based on, among other things, opinions,\nassumptions, estimates and analyses that, while considered reasonable by the\nCompany at the date the forward-looking information is provided, inherently\nare subject to significant risks, uncertainties, contingencies and other\nfactors that may cause actual results and events to be materially different\nfrom those expressed or implied by the forward-looking information.\n\nForward-looking information includes, but is not limited to, statements with\nrespect to the Company’s expectations regarding the production, cost profile\nand development timelines of its Snow Lake operations, including with respect\nto its anticipated mine life, the potential to extend the mine life, the\npotential to convert inferred mineral resources into mineral reserves based on\nhistorical conversion rates, opportunities to and further optimize the mine\nplan, the potential of the Stall Hot Tails Leaching project to improve metal\nrecoveries, the potential of the Britannia Gold Project, including its\npotential to become a new anchor deposit, the potential to reprocess tailings\nfrom the ATIA, as well as expectations regarding metals prices, operating and\ncapital costs and other assumptions. Forward-looking information is based on,\namong other things, opinions, assumptions, estimates and analyses that, while\nconsidered reasonable by the Company at the date the forward-looking\ninformation is provided, inherently are subject to significant risks,\nuncertainties, contingencies and other factors that may cause actual results\nand events to be materially different from those expressed or implied by the\nforward-looking information.\n\nThe material factors or assumptions that Hudbay has identified and were\napplied in drawing conclusions or making forecasts or projections set out in\nthe forward-looking information include, but are not limited to:\n* the ability to achieve production, cost and capital expenditure forecasts;\n* the ability to obtain the necessary permits and social license to develop\nthe satellite deposits that have been included in the Snow Lake mine plan;\n* the ability to execute on the Company’s exploration plans and to advance\nrelated drill plans;\n* the success of mining, processing, exploration and development activities;\n* the scheduled maintenance and availability of the Company’s processing\nfacilities;\n* the accuracy of geological, mining and metallurgical estimates;\n* anticipated metals prices and the costs of production;\n* the supply and demand for metals the Company produces;\n* the supply and availability of all forms of energy and fuels at reasonable\nprices;\n* no significant unanticipated operational or technical difficulties;\n* the availability of additional financing, if needed;\n* the ability to complete project targets on time and on budget and other\nevents that may affect the Company’s ability to develop its projects;\n* the timing and receipt of various regulatory and governmental approvals;\n* the availability of personnel for the Company’s exploration, development\nand operational projects and ongoing employee relations;\n* maintaining good relations with the employees at the Company’s operations;\n* maintaining good relations with the labour unions that represent certain of\nthe Company’s employees in Manitoba;\n* maintaining good relations with the communities in which the Company\noperates, including neighbouring Indigenous communities and local governments;\n* no significant unanticipated challenges with stakeholders at the Company’s\nvarious projects;\n* no significant unanticipated events or changes relating to regulatory,\nenvironmental, health and safety matters;\n* no contests over title to the Company’s properties, including as a result\nof rights or claimed rights of Indigenous people;\n* no significant unanticipated litigation;\n* certain tax matters, including, but not limited to current tax laws and\nregulations, changes in taxation policies and the refund of certain value\nadded taxes from the Canadian government; and\n* no significant and continuing adverse changes in general economic conditions\nor conditions in the financial markets (including commodity prices and foreign\nexchange rates).\nThe risks, uncertainties, contingencies and other factors that may cause\nactual results to differ materially from those expressed or implied by the\nforward-looking information may include, but are not limited to, risks\ngenerally associated with the mining industry and the current geopolitical\nenvironment, including fluctuations in commodity prices, the potential\nimplementation or expansion of tariffs, currency and interest rate\nfluctuations, energy and consumable prices, supply chain constraints and\ngeneral cost escalation in the current inflationary environment, uncertainties\nrelated to the development and operation of the Company’s projects, risks\nassociated with the development of new projects, risks related to the Snow\nLake mine plan, including the ability to sequence the permitting and\ndevelopment of multiple satellite deposits, risks related to historical\nagreements in respect of the New Britannia mine, risks related to reclamation\nand closure liabilities, dependence on key personnel and employee and union\nrelations, risks related to political or social instability, unrest or change,\nrisks in respect of Indigenous and community relations, rights and title\nclaims, operational risks and hazards, including the cost of maintaining and\nupgrading the Company’s tailings management facilities and any unanticipated\nenvironmental, industrial and geological events and developments and the\ninability to insure against all risks, failure of plant, equipment, processes,\ntransportation and other infrastructure to operate as anticipated, compliance\nwith government and environmental regulations, including permitting\nrequirements and anti-bribery legislation, depletion of the Company’s\nreserves, volatile financial markets and interest rates that may affect the\nCompany’s ability to obtain additional financing on acceptable terms, the\nfailure to obtain or maintain required permits or approvals from government\nauthorities on a timely basis, uncertainties related to the geology,\ncontinuity, grade and estimates of mineral reserves and resources and the\npotential for variations in grade and recovery rates, uncertain costs of\nreclamation activities, the Company’s liquidity risks and its ability to\naccess capital on acceptable terms, tax refunds, hedging transactions,\ncybersecurity risks and risks related to the reliability and security of the\nCompany’s information technology and operational technology systems,\nincluding risks arising from cyber attacks, ransomware, phishing and other\nmalware, risks associated with the use of artificial intelligence\ntechnologies, operational disruptions arising from environmental events such\nas wildfires or other forms of extreme weather, as well as the other risks\ndiscussed under the heading “Risk Factors” in Hudbay’s most recent\nAnnual Information Form for the year ended December 31, 2025 and under the\nheading “Financial Risk Management” in the Company’s most recent annual\nmanagement’s discussion and analysis for the year ended December 31, 2025\nwhich are available on the Company’s SEDAR+ profile at www.sedarplus.ca and\nthe Company’s EDGAR profile at www.sec.gov.\n\nShould one or more risk, uncertainty, contingency or other factor materialize\nor should any factor or assumption prove incorrect, actual results could vary\nmaterially from those expressed or implied in the forward-looking information.\nAccordingly, you should not place undue reliance on forward-looking\ninformation. Hudbay does not assume any obligation to update or revise any\nforward-looking information after the date of this news release or to explain\nany material difference between subsequent actual events and any\nforward-looking information, except as required by applicable law.\n\nAbout Hudbay\n\nHudbay (TSX, NYSE: HBM) is a copper-focused critical minerals mining company\nwith three long-life operations and a world-class pipeline of copper growth\nprojects in tier-one mining jurisdictions of Canada, Peru and the United\nStates.\n\nHudbay’s operating portfolio includes the Constancia mine in Cusco (Peru),\nthe Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in\nBritish Columbia (Canada). Copper is the primary metal produced by the\nCompany, which is complemented by meaningful gold production and by-product\nzinc, silver and molybdenum. Hudbay’s growth pipeline includes the Copper\nWorld project in Arizona (United States), the Cactus project in Arizona\n(United States), the Mason project in Nevada (United States), the Llaguen\nproject in La Libertad (Peru) and several expansion and exploration\nopportunities near its existing operations.\n\nThe value Hudbay creates and the impact it has is embodied in its purpose\nstatement: “We care about our people, our communities and our planet. Hudbay\nprovides the metals the world needs. We work sustainably, transform lives and\ncreate better futures for communities.” Hudbay’s mission is to create\nsustainable value and strong returns by leveraging its core strengths in\ncommunity relations, focused exploration, mine development and efficient\noperations.\n\nFor further information, please contact:\n\nCandace Brûlé\nSenior Vice President, Capital Markets & Corporate Affairs \n(416) 362-8181\ninvestor.relations@hudbay.com\n\n____________________\n(i) Average gold production over the 2026 to 2030 five-year period. Total\nlife-of-mine (“LOM”) gold production compares total LOM gold production in\nthe 2021 technical report to total LOM gold production in the 2026 updated\nmine plan plus actual production since 2021. \n(ii) Cash costs and sustaining cash costs are non-GAAP financial performance\nmeasures with no standardized definition under IFRS. For detailed\nreconciliations and further information on why Hudbay believes cash costs and\nsustaining cash costs are useful performance indicators, please refer to the\nCompany's most recent management's discussion and analysis for the period\nended June 30, 2026 under the heading “Non-GAAP Financial Performance\nMeasures”.\n(iii) Resource-to-reserve conversion rate based on the historical conversion\nat the Lalor deposit from 2022 to 2026.\n\nFigure 1: Continuously Expanding Reserves in Snow Lake\n\nHudbay has continuously extended the mine life of Snow Lake through reserve\nexpansion and upgrading of resources at satellite deposits, which has more\nthan offset mining depletion since the prior technical report published in\n2021.\n\n\n\nFigure 2: Unlocking Additional Gold Production and Extending Mine Life Through\nSuccessful Exploration\nSnow Lake maintains a robust gold production profile for the next 10 years,\naveraging 185,000 ounces of gold per year from 2026 to 2030 and 126,000 ounces\nof gold per year from 2031 to 2035, largely supported by Lalor, followed by\nproduction from the remaining satellites to 2043. The previous technical\nreport published in 2021 reflected a ten year mine life for Lalor to 2030 with\nsatellite deposits in production from 2031 to 2037.\n\n\n\nFigure 3: Snow Lake Production Profile by Ore Body\n\nLalor provides a majority of the ore for the next 11 years with 1901, 3 Zone,\nTalbot, Rail and WIM providing the additional ore feed and supporting a\ncombined 18 year mine life based on reserves. This profile is expected to be\nfurther enhanced with additional exploration to convert resources to reserves\nand extend mine life beyond 2043.\n\n\n\n\n\nFigure 4: Optimizing Processing Infrastructure and Increasing Total Gold\nRecoveries\n\nThe updated Snow Lake mine plan reflects optimized ore feed to New Britannia\nand Stall mills, higher mill throughput at New Britannia and higher gold\nrecoveries at Stall.\n\n\n\nFigure 5: Britannia Gold Project\n\nHudbay has the opportunity to re-develop a past-producing gold complex into a\npotential new anchor deposit with the Britannia Gold Project around the New\nBritannia mill. Multiple targets are being developed down-plunge and along\nstrike from the known mineralization.\n\n\n\nFigure 6: Regional Snow Lake Satellite Deposits\n\nHudbay increased its land package in Snow Lake by 250% in 2023, adding several\nregional satellite properties located within trucking distance of the\nCompany’s processing infrastructure. The Company then launched a significant\nmulti-year geophysics program that included surface electromagnetic surveys\nusing modern technology to target depths up to 1,000 metres. These efforts\nwill continue in 2026 and 2027 with the largest geophysics program in\nHudbay’s history.\n\n\nPhotos accompanying this announcement are available at:\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/5a657ae8-a7d8-450a-9455-41510e3589b6\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/0f72699a-1978-493f-9a31-05384e0a7b99\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/f6b9d735-c166-4508-8225-a83d5b65f8c9\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/d46974a3-5787-453e-89ec-7ef27f3c8032\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/275b3086-4063-48a7-8502-7d3d6b88efa9\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/417acfc4-0206-4ab9-9234-4223c7dd169f\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/e7253de4-9b89-4fcc-a22c-59a6c04bf215\n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/9d9d3efb-2d50-4d61-9be5-64f7243288ab)\nFigure 1: \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/5a657ae8-a7d8-450a-9455-41510e3589b6/en)\nContinuously Expanding Reserves in Snow LakeFigure 2: \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/0f72699a-1978-493f-9a31-05384e0a7b99/en)\nUnlocking Additional Gold Production and Extending Mine Life Through\nSuccessful ExplorationFigure 3: \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/f6b9d735-c166-4508-8225-a83d5b65f8c9/en)\nSnow Lake Production Profile by Ore BodyFigure 3: Snow Lake Production Profile\nby Ore Body \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/d46974a3-5787-453e-89ec-7ef27f3c8032/en)\nLalor provides a majority of the ore for the next 11 years with 1901, 3 Zone,\nTalbot, Rail and WIM providing the additional ore feed and supporting a\ncombined 18 year mine life based on reserves. This profile is expected to be\nfurther enhanced with additional exploration to convert resources to reserves\nand extend mine life beyond 2043.Figure 4: Optimizing Processing\nInfrastructure and Increasing Total Gold Recoveries \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/275b3086-4063-48a7-8502-7d3d6b88efa9/en)\nThe updated Snow Lake mine plan reflects optimized ore feed to New Britannia\nand Stall mills, higher mill throughput at New Britannia and higher gold\nrecoveries at Stall. Figure 5: \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/417acfc4-0206-4ab9-9234-4223c7dd169f/en)\nBritannia Gold ProjectFigure 6: \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/e7253de4-9b89-4fcc-a22c-59a6c04bf215/en)\nRegional Snow Lake Satellite Deposits\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX3Lq7Ns-20260928","title":"Hudbay Enhances Gold Production Profile at Snow Lake, Extends Reserve Mine Life to 18 Years and Identifies Further Growth Potential from Resource Conversion and the Britannia Gold Project","author":"Globe Newswire","ticker":"HBM","created":"2026-09-28T10:00:00.669Z","tickers":["HBM"],"exchange":"TSX","article_body":"TORONTO, Sept. 28, 2026 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay”\nor the “Company”) (TSX, NYSE: HBM) today released an updated mine plan for\nits Snow Lake operations in Manitoba, Canada. All amounts are in U.S. dollars,\nunless otherwise noted.\n* Snow Lake’s proven and probable reserve mine life extended by an\nadditional two years to 2043, which together with the four-year extension\nannounced in March 2026 represents a total of six years added to the reserve\nmine life. \n* Updated 2026-2030 five-year average annual gold production to 185,000 ounces\nfrom continued strong mill throughput rates at New Britannia and higher gold\nrecoveries at Stall, representing a 37% increase in total gold production from\nan additional 250,000 ounces produced over the same five-year period in the\n2021 technical report(i).\n* Total life-of-mine gold production increased by 60% to 2.8 million ounces\nfrom 1.8 million ounces in the 2021 technical report(i).\n* Updated 2026-2030 five-year average gold cash costs(ii) to $821 per ounce\nand five-year average sustaining cash costs(ii) to $1,379 per ounce,\nmaintaining industry leading operating margins.\n* Snow Lake mineral reserve estimates increased to 27 million tonnes\ncontaining 2.0 million ounces of gold, representing a 38% increase in tonnage\nfrom the January 1, 2026 mineral reserve estimate.\n* Snow Lake mineral resource estimates increased to 21 million tonnes\ncontaining 1.5 million ounces of gold, representing a 26% increase in tonnage\nfrom the January 1, 2026 mineral resource estimate, despite significant\nresource-to-reserve conversion. \n* Life-of-mine plan based on reserve estimates and represents a conservative\nview based on Hudbay’s historical high resource-to-reserve conversion rate\nof 90%(iii) and ongoing exploration activities.\n* 1901 exploration and development activities are progressing well, and the\nproject is on track to achieve full production in late 2027. \n* Stall hot tailings project is underway and is expected to be commissioned in\nearly 2028, resulting in further increases in gold and silver recoveries.\n* Longer-term production profile enhancement and reserve mine life extensions\nexpected from continued conversion of mineral resources at Lalor, exploration\nat 1901 to unlock gold potential, reprocessing of Anderson tailings in Snow\nLake, and additional exploration at existing satellite deposits in pursuit of\na new anchor deposit.\n* The Britannia Gold Project presents a new anchor deposit opportunity to\nmeaningfully add gold production and significantly extend mine life well\nbeyond current reserves.\n“This enhanced Snow Lake mine plan unlocks roughly 60% more gold production\nover the mine life and maintains an average of 185,000 ounces over the next\nfive years, demonstrating the incredible value that we have created through\nsuccessful exploration and continuous improvement initiatives,” said Peter\nKukielski, Hudbay’s Chief Executive Officer. “Transitioning this operation\nfrom a zinc-rich operation to a leading Canadian gold operation over the last\nfive years has been transformative for Hudbay and we look forward to\nsustainable production in the decades ahead. The strong margins and steady\ngold production will ensure Snow Lake continues to be a meaningful free cash\nflow contributor and provide complementary gold exposure for Hudbay. This gold\ndiversification becomes even more valuable as we continue to advance our\nattractive copper growth pipeline to deliver significant long-term value for\nour stakeholders.”\n\n“I am very pleased with the Manitoba team’s execution of a focused\nexploration program and the advancement of many high-return, low-capital\nintensity growth initiatives in Snow Lake to deliver this robust mine plan,”\nsaid Robert Carter, Hudbay’s Chief Operating Officer. “We have delivered\non the strategy of targeting more than 180,000 ounces of annual gold\nproduction and we are well-positioned to continue to deliver that profile well\ninto the next decade. The Snow Lake Greenstone Belt continues to be a highly\nprospective region and provides significant upside potential. Future\nopportunities include unlocking additional reserves through continued\nconversion of the 1.5 million gold ounces in inferred resources, further\nextending the reserve mine life beyond 2043 and exploring for the next major\nanchor deposit in Snow Lake.”\n\nHudbay’s 100% owned Snow Lake operations in Manitoba include the Lalor\ngold-copper-zinc mine, the New Britannia gold mill, the Stall base metals\nconcentrator, the 1901 zinc-gold deposit, several satellite deposits and the\nformer producing New Britannia gold mine currently on care and maintenance\n(“the Britannia Gold Project”). The Lalor mine achieved commercial\nproduction in 2014 and reached a significant milestone in December 2024 with\nthe recovery of its one millionth ounce of gold from the mine. In 2025, an\nexploration drift was successfully completed to reach the 1901 mineralized\nzone to conduct underground exploration activities and establish critical\ninfrastructure ahead of full production, which is expected in late 2027.\n\nHudbay increased its Snow Lake land package by more than 250% in 2023 through\nthe acquisition of Rockcliff Metals Corp. (“Rockcliff”), which included\nthe addition of several known deposits within trucking distance of the Snow\nLake processing infrastructure, including the Talbot copper-zinc-gold deposit\nand the Rail copper-gold deposit. Hudbay signed its first-ever exploration\nagreement with the Kiciwapa Cree Nation related to Rail in 2024, followed by\nan exploration agreement with the Mosakahiken Cree Nation related to Talbot in\n2025. Hudbay advanced drilling campaigns to expand the resource base at the\nsatellite properties and upgrade mineral resources to mineral reserves,\nresulting in the inclusion of the Talbot and Rail deposits as mineral reserves\nin the Snow Lake updated mine plan.\n\nRecent near-mine exploration at Lalor and regional exploration at the\nsatellite properties have extended mine life through increased mineral\nreserves, unlocked additional gold ounces and added mineral resources to\nsupport further long-term production growth.\n\nUnlocking Additional Gold Ounces Through Increased Mineral Reserves and\nExtended Mine Life to 2043\n\nCurrent mineral reserve estimates in Snow Lake as of September 1, 2026 total\n27.0 million tonnes with approximately 2.0 million ounces of gold and a\nreserve mine life to 2043. This represents an increase in mineral reserves of\n7.5 million tonnes, unlocking 124,000 ounces of additional gold, and further\nextends mine life by two additional years, in each case as compared to the\nprior mineral reserve estimates dated January 1, 2026. Together with the\nincrease in mineral reserves and four year mine life extension announced early\nthis year, the Company has added a total of 510,000 ounces of gold contained\nin reserves and six years of additional mine life in Snow Lake.\n\nThe increase in reserves and extension of mine life is due to reserve\nconversion at Lalor and 1901 and higher reserves at the WIM and 3 Zone\nsatellite deposits, in addition to the first reserve estimate for the Talbot\nand Rail satellite deposits following the completion of infill and\ngeotechnical drilling. Please refer to Figure 1 for a summary of the additions\nto mineral reserves. Hudbay expects to continue to achieve high-grade resource\nto reserve conversions and to further optimize the mine plan.\n\nFurther background on each of the deposits included in the Snow Lake reserve\nmine plan is below:\n* Lalor – A geophysical discovery by Hudbay in 2007; the development of\nLalor was approved in 2012 at a time when Lalor had an initial mine life of 10\nyears. Successful exploration since inception has delineated an approximate\n300% increase in gold reserves, replacing depletion, and after having been in\noperation for 12 years, Lalor continues to have a reserve mine life of 11\nyears today.\n* 1901 – The 1901 deposit was discovered in 2019, and in 2020 and 2021\nHudbay conducted infill drilling, metallurgical testing and a pre-feasibility\nstudy. Underground drilling continues from an exploration drift to de-risk the\npathway to full production at the end of 2027 and delineate additional gold\nreserves. 1901 is expected to increase the total mining rate from the Lalor\nshaft to 5,000 tonnes per day.\n* 3 Zone – Acquired by Hudbay in 2015 as part of the acquisition of New\nBritannia, this gold-rich deposit is located three kilometres from the New\nBritannia mill and is expected to come into production later this decade to\nsupplement gold ore feed from Lalor.\n* WIM – Acquired by Hudbay in 2018, this copper-gold deposit is located 15\nkilometres from the New Britannia mill and is expected to come into production\nafter 3 Zone and contribute gold ore feed to the New Britannia mill after\nLalor is depleted.\n* Talbot – Consolidated 100% ownership of this copper-zinc-gold deposit\nthrough Hudbay’s acquisition of Rockcliff in 2023. A successful infill\ndrilling program was completed during the second quarter of 2026 as well as\ngeotechnical drilling required for pre-feasibility study activities, which\nupgraded 2.7 million tonnes of mineral resources to reserves with\napproximately 130,000 ounces of gold, 52,000 tonnes of copper and a 10 year\nmine life.\n* Rail – Also acquired as part of Hudbay’s acquisition of Rockcliff in\n2023, Hudbay’s 2024 drill program yielded new intersections of high-grade\ncopper-gold mineralization. These results and the interpretation of historical\ndrilling results were used to update the geological model and assess its\neconomic potential. Rail has 1.5 million tonnes of reserves at 1.96% copper\nand 0.50 grams per tonne gold and is expected to provide feed for the Stall\nmill and come into production as 1901 is depleted.\nCurrent mineral reserves for Lalor, 1901 and other Snow Lake satellite\ndeposits as of September 1, 2026 are summarized in the following table.\n\n Snow Lake Mineral Reserve Estimates (1,2,3,4,5,6)                      000 Tonnes  Au Grade (g/t)  Cu Grade (%)  Zn Grade (%)  Ag Grade (g/t)  \n Gold Zone Reserves                                                                                                                             \n Gold Zone Proven                                                                                                                               \n Lalor                                                                  4,667       3.78            0.43          0.70          21.8            \n Subtotal                                                               4,667       3.78            0.43          0.70          21.8            \n Gold Zone Probable                                                                                                                             \n Lalor                                                                  5,901       3.20            0.87          0.27          14.6            \n 1901                                                                   341         2.66            0.75          0.68          15.2            \n WIM                                                                    3,653       1.17            1.29          0.21          5.1             \n Subtotal                                                               9,895       2.43            1.02          0.26          11.1            \n Total Proven and Probable - Gold                                       14,562      2.86            0.83          0.37          14.5            \n Base Metal Zone Reserves                                                                                                                       \n Base Metal Proven                                                                                                                              \n Lalor                                                                  4,977       2.02            0.32          4.15          25.7            \n 1901                                                                   970         1.54            0.29          7.61          23.9            \n Subtotal                                                               5,947       1.94            0.32          4.71          25.4            \n Base Metal Probable                                                                                                                            \n Lalor                                                                  822         1.39            0.38          3.97          23.0            \n 1901                                                                   307         2.17            0.27          7.27          27.4            \n Talbot                                                                 2,710       1.46            1.92          1.14          26.5            \n Rail                                                                   1,510       0.53            1.96          0.55          5.6             \n Subtotal                                                               5,349       1.23            1.60          1.76          20.1            \n Total Proven and Probable - Base Metal                                 11,296      1.60            0.92          3.32          22.9            \n Total Gold and Base Metal Reserves - Proven and Probable                                                                                       \n Lalor                                                                  16,367      2.92            0.55          1.76          20.5            \n 1901                                                                   1,618       1.89            0.38          6.08          22.8            \n Talbot                                                                 2,710       1.46            1.92          1.14          26.5            \n WIM                                                                    3,653       1.17            1.29          0.21          5.1             \n Rail                                                                   1,510       0.53            1.96          0.55          5.6             \n Gold and Base Metal Proven and Probable                                25,857      2.31            0.87          1.67          18.2            \n Britannia Gold Project – 3 Zone Probable                               1,153       2.81            -             -             -               \n Total Proven and Probable – All Deposits                               27,010      2.33            -             -             -               \n\n(1) Totals may not add up correctly due to rounding.\n(2) The economic viability of the mineral reserve estimates was confirmed\nusing metal prices of $1.25 per pound of zinc, $3,600 per ounce of gold, $5.00\nper pound of copper, and $40.00 per ounce of silver with an exchange rate of\n1.33 C$/US$. Lalor and 1901 mineral reserves were estimated using a minimum\nNSR cut-off for Stall mill ore material of C$160 longhaul and C$199 post\npillar and a minimum NSR cut-off for New Britannia ore material of C$184 for\nlonghaul and C$223 for post pillar.\n(3) 3Zone, Talbot and Rail mineral reserves identified at an NSR cut-off value\nof C$150 per tonne. The NSR considers the metallurgical recoveries via\nprocessing at the Stall mill. WIM mineral reserves identified at an NSR\ncut-off value of C$125 per tonne.\n(4) WIM mineral reserves are estimated assuming processing recoveries of 98%\nfor copper, 88% for gold, and 70% for silver based on processing through New\nBritannia’s flotation and tails leach circuits.\n(5) 3 Zone mineral reserves are estimated assuming processing recoveries of\n85% for gold based on processing through New Britannia’s leach circuit.\n(6) Mineral reserves include internal and external dilution and mining\nrecovery.\n\nSnow Lake Updated Mine Plan Maintains 185,000 Ounce Annual Gold Production\nProfile to 2030 and Demonstrates a 60% Increase(i) in Life-of-Mine Gold\nProduction\n\nHudbay’s updated Snow Lake mine plan based solely on mineral reserve\nestimates reflects a 37% increase in gold production over the next five\nyears(i) and a 60% increase in total gold production over the life-of-mine\ncompared to the 2021 technical report(i), as outlined in Figure 2. Three-year\naverage annual production from 2026 to 2028 of approximately 190,000 ounces of\ngold and 11,500 tonnes of copper is consistent with previously issued\nthree-year production guidance. The updated Snow Lake mine plan maintains\naverage production of 185,000 ounces of gold over the next five years(i)\nreflecting several optimization initiatives including higher mill throughput\nat New Britannia and higher gold recoveries at the Stall mill to better\nutilize the combined 6,300 tonnes per day of processing capacity, as shown in\nFigure 3 and further described below.\n* Higher Mining Rate – The updated Snow Lake mine plan reflects a mining\nramp up to approximately 2.0 million tonnes per year and maintaining this\nprofile over the next decade. The mine plan reflects Lalor operating at 4,000\nto 4,500 tonnes per day, supplemented by contributions from the 1901 deposit\nand several additional satellites to supplement Lalor mill feed and increase\ntotal ore mined to approximately 5,000 tonnes per day.\n* Increased New Britannia Mill Throughput – The New Britannia mill has a\nnameplate design of 1,500 tonnes per day and a permitted capacity of 2,500\ntonnes per day. Snow Lake’s mine plan has been optimized for higher mill\nthroughput rates at New Britannia maximizing gold production and cash flows.\nThe New Britannia mill currently operates at more than 2,000 tonnes per day,\ncontinuing to exceed expectations, and the updated mine plan reflects New\nBritannia ramping up to 2,300 tonnes per day starting in 2027.\n* Better Utilization of Available Processing Capacity at Stall – The Stall\nmill has a nameplate capacity of 3,800 tonnes per day but is currently\noperating at approximately 2,300 tonnes per day. The updated Snow Lake mine\nplan takes advantage of the spare capacity at Stall by adding 1901 zinc-rich\nreserves to the mine plan and maintains future optionality for other regional\ndeposits. The updated mine plan reflects Stall throughput ramping up to 3,000\ntonnes per day by 2030.\n* Stall Hot Tails Leaching Project – Stall has a history of continuous\nimprovement projects increasing copper and precious metal recoveries,\nincluding the recovery improvement program that was completed in 2023 and\nincreased gold recoveries from 58% in 2022 to more than 70% today. The Stall\nHot Tails Leaching project continues this trend and aims to recover additional\ngold and silver through expansion of cyanide leaching and carbon\ninfrastructure at New Britannia to accommodate material from Stall.\nCommissioning of this project is expected in early 2028 and it is anticipated\nto increase combined mill gold and silver recoveries as shown in Figure 4.\n Snow Lake Production Profile (1)       2026E  2027E  2028E  2029E  2030E  2031-2035 (5Yr avg)  2036-2040 (5Yr avg) (4)  LOM Total (1)  \n Ore Mined                                                                                                                              \n Lalor and1901             000 tonnes   1,512  1,702  1,742  1,749  1,748  1,570                1,318                    18,938         \n Regional deposits         000 tonnes   -      -      -      -      247    544                  748                      9,025          \n Total Ore Mined           000 tonnes   1,512  1,702  1,742  1,749  1,996  2,114                1,275                    27,963         \n Gold grade                g/t Au       4.67   3.97   3.59   3.53   3.03   2.07                 1.58                     2.41           \n Copper grade              % Cu         0.78   0.69   0.77   0.85   0.67   0.62                 1.03                     0.83           \n Zinc grade                % Zn         1.86   2.06   1.48   1.91   1.42   1.90                 1.36                     1.62           \n Silver grade              g/t Ag       26.7   22.6   20.9   22.4   17.0   16.6                 16.1                     17.7           \n Ore Milled                                                                                                                             \n New Britannia             000 tonnes   758    872    874    874    879    871                  872                      15,301         \n Stall                     000 tonnes   771    830    868    875    1,117  1,243                1,008 (5)                12,679         \n Total Ore Milled          000 tonnes   1,529  1,702  1,742  1,749  1,996  2,114                1,275                    27,980         \n Combined Recovery – New Britannia and Stall                                                                                            \n Gold recovery             %            88.3   85.5   91.2   91.1   90.5   89.4                 86.4                     88.9           \n Copper recovery           %            90.1   89.8   91.4   91.9   91.8   86.5                 89.6                     89.7           \n Zinc recovery (2)         %            82.3   87.6   84.0   86.9   83.8   86.1                 86.2 (5)                 85.9           \n Silver recovery           %            74.6   73.4   79.5   79.1   77.1   76.5                 81.7                     77.6           \n Production                                                                                                                             \n Gold                      000 ounces   201    186    183    181    176    126                  57                       1,931          \n Copper                    000 tonnes   11     11     12     14     12     11                   12                       209            \n Zinc                      000 tonnes   18     28     19     26     22     31                   11                       325            \n Silver                    000 ounces   967    909    931    998    840    865                  522                      12,380         \n Total AuEq (3)            000 ounces   262    250    247    255    242    186                  90                       2,716          \n Total CuEq (3)            000 tonnes   87     82     82     82     75     61                   29                       883            \n\n(1) LOM totals reflect the mine plan for full year 2026 to 2043 and may be\nslightly different than the mineral reserve estimates which are as of\nSeptember 1, 2026. Totals may not add up correctly due to rounding.\n(2) Zinc recoveries reflect zinc circuit at Stall mill only.\n(3) Copper and gold equivalent production assumes the following commodity\nprices: $6.09 per pound of copper for 2026, $5.80 per pound of copper for\n2027, $5.50 per pound of copper for 2028 to 2030 and $5.00 per pound of copper\nlong-term; $4,472 per ounce of gold for 2026, $4,200 per ounce of gold for\n2027, $4,000 per ounce of gold for 2028, $3,900 per ounce of gold for 2029,\n$3,750 per ounce of gold for 2030 and $3,600 per ounce of gold long-term; $70\nper ounce of silver for 2026, $57.50 per ounce of silver for 2027, $55.00 per\nounce of silver for 2028, $50 per ounce of silver for 2029, $45 per ounce of\nsilver for 2030 and long-term; $1.59 per pound of zinc for 2026, $1.40 per\npound of zinc for 2027, $1.35 per pound of zinc for 2028, $1.30 per pound of\nzinc for 2029 and 2030, and $1.25 per pound of zinc long-term.\n(4) Individual mine and mill averages reflect their respective operating\nperiods during 2036–2040 and therefore do not sum to the five-year total\naverages.\n(5) Stall mill ends processing in 2037 - amounts represent ore milled and\nrecoveries in 2036-2037.\n\nExecuting Low-Capital Intensity Brownfield Growth Projects to Deliver Strong\nReturns\n\nThe Snow Lake capital expenditures profile reflects several growth\ninitiatives, including the completion of the development of the 1901 deposit,\nthe implementation of the Stall Hot Tails Leaching project and the optionality\nmaintained from developing the regional satellite deposits. Sustaining capital\nexpenditures reflect underground capitalized development activities, equipment\npurchases and tailings dam capital required to maintain operations.\n\nHudbay expects to continue to significantly enhance this conservative mine\nplan based solely on mineral reserve estimates by prioritizing high grade\nresource to reserve conversions from the Lalor and 1901 deposits with lower\nassociated capital expenditures.\n\nCombined mining, milling and G&A unit operating costs on a tonne milled basis\nremains relatively unchanged over the mine life as the increase in mill\nthroughput offsets higher mining costs as mining activities go deeper and\nhaulage distances increase. Over the next five years, average gold cash\ncosts(ii) of $821 per ounce and average sustaining cash costs(ii) of $1,379\nper ounce benefit from continued strong gold production and by-product\ncredits. Without any further exploration success, cash costs are expected to\nincrease in the 2030s but maintain highly attractive margins when compared to\nother gold operations and long-term gold price estimates.\n\n Snow Lake Capital and Cost Profile            2026E  2027E  2028E  2029E  2030E  2031-2035 (5Yr avg)  2036-2040 (5Yr avg)  LOM Total (1)  \n Capital Expenditures                                                                                                                      \n Sustaining Capital                                                                                                                        \n Lalor and 1901            $ millions          57     75     62     68     53     13                   -                    379            \n Plant and other           $ millions          47     7      18     15     3      5                    4                    143            \n Regional deposits         $ millions          -      -      -      -      14     17                   27                   235            \n Growth Capital                                                                                                                            \n Lalor and 1901            $ millions          14     13     4      -      -      -                    -                    31             \n Plant and other           $ millions          10     48     -      19     -      -                    -                    77             \n Regional deposits         $ millions          -      4      32     28     4      83                   -                    480            \n Unit Costs and Cash Costs on a Gold Basis Capital                                                                                         \n Unit operating costs      C$/tonne processed  262    254    261    263    256    235                  221                  240            \n Cash cost (2)             $/ounce             485    762    912    829    1,163  1,518                1,175                1,110          \n Sustaining cash cost (2)  $/ounce             1,086  1,295  1,473  1,402  1,682  1,813                1,742                1,560          \n\n(1) LOM totals reflect the mine plan for full year 2026 to 2043 and may be\nslightly different than the mineral reserve estimates which are as of\nSeptember 1, 2026. For unit operating costs and cash costs, LOM represents the\naverage annual cost. Totals may not add up correctly due to rounding.\n(2) Cash costs and sustaining cash costs on a gold basis assumes the\nfollowing commodity prices: $6.09 per pound of copper for 2026, $5.80 per\npound of copper for 2027, $5.50 per pound of copper for 2028 to 2030 and $5.00\nper pound of copper long-term; $4,472 per ounce of gold for 2026, $4,200 per\nounce of gold for 2027, $4,000 per ounce of gold for 2028, $3,900 per ounce of\ngold for 2029, $3,750 per ounce of gold for 2030 and $3,600 per ounce of gold\nlong-term; $70 per ounce of silver for 2026, $57.50 per ounce of silver for\n2027, $55.00 per ounce of silver for 2028, $50 per ounce of silver for 2029,\n$45 per ounce of silver for 2030 and long-term; $1.59 per pound of zinc for\n2026, $1.40 per pound of zinc for 2027, $1.35 per pound of zinc for 2028,\n$1.30 per pound of zinc for 2029 and 2030, and $1.25 per pound of zinc\nlong-term.\n\nMineral Resources Increase by 26% and Provide Significant Opportunity to\nFurther Increase Gold Production and Extend Mine Life\n\nTotal mineral resources (exclusive of mineral reserves) have increased by 4.2\nmillion tonnes in 2026, despite significant resource-to-reserve conversion.\nThis was through additional resource expansion at Lalor and 1901, in addition\nto successful exploration at the regional satellite deposits to delineate\nadditional resources as well as the inclusion of the Britannia Gold Project,\nas shown in Figure 1 and detailed below.\n\n Snow Lake Mineral Resource Estimates (1,2,3,4,5,6)                          000 Tonnes  Au Grade (g/t)  Cu Grade (%)  Zn Grade (%)  Ag Grade (g/t)  \n Gold Zone Resources - Inferred                                                                                                                      \n Lalor                                                                       1,540       3.38            1.90          0.19          12.4            \n 1901                                                                        3,300       2.87            0.94          0.49          10.2            \n WIM                                                                         1,120       1.44            0.70          0.25          3.4             \n Total Gold Zone Resources – Inferred                                        5,960       2.73            1.14          0.36          9.5             \n Base Metal Resources – Inferred                                                                                                                     \n Lalor                                                                       140         1.94            0.28          5.14          32.5            \n 1901                                                                        780         2.19            0.23          6.55          41.6            \n Talbot                                                                      880         2.23            1.52          1.17          29.6            \n Rail                                                                        740         1.03            3.29          0.55          8.9             \n Watts                                                                       3,150       1.00            2.34          2.58          31.0            \n Pen II                                                                      600         0.30            0.46          9.09          6.8             \n Total Base Metal Resource - Inferred                                        6,290       1.28            1.85          3.31          27.2            \n Total Gold and Base Metal Resources – Inferred                                                                                                      \n Lalor                                                                       1,680       3.26            1.77          0.60          14.1            \n 1901                                                                        4,080       2.74            0.80          1.65          16.2            \n Talbot                                                                      880         2.23            1.52          1.17          29.6            \n WIM                                                                         1,120       1.44            0.70          0.25          3.4             \n Rail                                                                        740         1.03            3.29          0.55          8.9             \n Watts                                                                       3,150       1.00            2.34          2.58          31.0            \n Pen II                                                                      600         0.30            0.46          9.09          6.8             \n Total Gold and Base Metal Resources - Inferred                              12,250      1.98            1.51          1.88          18.6            \n Britannia Gold Project – Inferred                                                                                                                   \n Upper Britannia                                                             3,180       2.83            -             -             -               \n Lower Britannia                                                             2,520       3.44            -             -             -               \n Boundary                                                                    1,420       2.23            -             -             -               \n Birch                                                                       1,140       2.51            -             -             -               \n Total Britannia Gold Project - Inferred                                     8,260       2.87            -             -             -               \n\n(1) Totals may not add up correctly due to rounding.\n(2) Mineral resources listed in the chart above are exclusive of mineral\nreserves. Mineral resources that are not mineral reserves do not have\ndemonstrated economic viability.\n(3) Mineral resources in the above table do not include mining dilution or\nrecovery factors.\n(4) Base metal mineral resources are estimated based on the assumption that\nthey would be processed at the Stall concentrator while gold mineral resources\nare estimated based on the assumption that they would be processed at the New\nBritannia concentrator.\n(5) Metal prices of $1.25 per pound of zinc, $3,600 per ounce gold, $5.00 per\npound copper, and $40.00 per ounce silver with an exchange rate of 1.33 C$/US$\nwere used to estimate mineral resources.\n(6) Mineral resources are estimated using a minimum NSR cut-off of C$160 per\ntonne for Lalor and 1901, C$125 per tonne for WIM and C$150 per tonne for all\nother deposits.\n\nSignificant Resource Expansion Potential Through the Britannia Gold Project\n\nIn addition to the 12.3 million tonnes of inferred mineral resources in the\nregional satellite deposits, Hudbay has significantly expanded the inferred\nresources at the Britannia Gold Project to 8.3 million tonnes:\n* Britannia Gold Project was a Significant Historic Gold Producer – Acquired\nby Hudbay in 2015 with the acquisition of the New Britannia gold mill, the New\nBritannia mine is a former producing gold mine that produced approximately\n600,000 ounces between 1949 and 1958 and an additional 800,000 ounces between\n1995 and 2005. The Britannia Gold Project includes the New Britannia mine and\nnearby gold zones.\n* Significant Mineral Resources Remain accessible at New Britannia – Hudbay\nis advancing plans for potential future development and rehabilitation of the\nexisting mining infrastructure at the New Britannia mine to unlock significant\nincremental gold production in Snow Lake.\n* Mineralized Corridor Spans Five Major Deposits – All of the deposits\nremain open at depth with high-grade ore shoots tracking in a predictable\nplunge direction, as shown in Figure 5.\n* Surface Exploration Underway – Large, untested gaps between the known\ndeposits and along the strike of the major controlling thrust fault to the\neast present immediate potential for new discoveries and resource expansion.\nInitial target testing is underway from surface and future underground\nexploration plans can be accelerated through existing underground\ninfrastructure.\nSnow Lake Operational and Exploration Upside Potential\n\nHudbay continues to advance many brownfield expansion and exploration\nopportunities to further optimize the mine plan to maintain current annual\ngold production levels beyond 2030, extend mine life beyond 2043 and explore\nfor new anchor deposits to provide significant gold production growth beyond\nthe 180,000-ounce annual target. This includes executing an extensive\nexploration program in Snow Lake through geophysical surveying and\nmulti-phased drilling campaigns on the highly prospective land package, as\nreferenced in Figure 6.\n\n1)   Conversion of Large Inferred Resources to Further Increase Production\nand Extend Mine Life – Continued infill drilling of existing resource base\nat Lalor and known satellites will continue to support mine plan optimization.\n* * Potential to convert the 1.5 million ounces of gold in inferred resources\nto reserves through infill drilling.\n* Hudbay has historically converted approximately 90% of inferred resources to\nreserves at the Lalor deposit over the past five years(iii).\n2)   Additional Mill Optimization Initiatives – Evaluating additional\nmill throughput enhancements to further increase annual production levels.\n* * New Britannia has steadily increased its milling rate since refurbishment\nwas completed in 2021, and the current plan assumes increasing New\nBritannia’s milling rate to 2,300 tonnes per day.\n* Hudbay will evaluate opportunities to further increase mill throughput at\nNew Britannia to fully utilize its full permitted capacity of 2,500 tonnes per\nday.\n3)   Reprocessing of Snow Lake Tailings to Unlock Additional Gold Ounces\n– Advance engineering work to evaluate the viability of reprocessing\ntailings from the Anderson Tailings Impoundment Area (“ATIA”) in Snow\nLake.\n* * Advance engineering work to evaluate the potential of reprocessing\ntailings from the Anderson Tailings Impoundment Area (“ATIA”) in Snow\nLake.\n* Hudbay has identified 20 to 30 million tonnes of material at approximately\n0.8 to 1.0 gram per tonne gold at ATIA that could potentially be reprocessed.\n* Drilling, metallurgical studies and dredging trials are planned in 2027-2029\nto confirm potential.\n4)   Extension of the Current Anchor Deposit – Maximize value from\nexisting infrastructure through mine life extension at the highest margin\ndeposits, while extending the window of opportunity to discover a new anchor\ndeposit.\n* * Lalor and 1901 provide high NSR value per tonne and remain open down\nplunge.\n* Mine life extensions at the current anchor will further increase cash flows\nand defer growth capital associated with the development of satellite\ndeposits.\n5)   Discovery of a New Anchor Deposit – Meaningfully add to current\nproduction levels and significantly extend mine life through the discovery of\nthe next major anchor deposit in Snow Lake.\n* * The Britannia Gold Project provides the opportunity to re-develop an\nunderexplored, past-producing deposit with the potential to become a new\nanchor in the Snow Lake camp, as shown in Figure 5 and discussed above.\n* Regional exploration on the large and highly prospective land package,\nincluding exploration for both volcanogenic massive sulphide (VMS) and\norogenic gold deposits.\nSnow Lake Site Tour\n\nHudbay is hosting a site visit by analysts and investors to its Snow Lake\noperations in Manitoba on Thursday, October 1, 2026. A copy of the site visit\npresentation, which will contain operational and other updates, will be\navailable on Hudbay’s website at www.hudbay.com.\n\nQualified Person and NI 43-101\n\nHudbay's mineral resource estimates in this news release are exclusive of\nmineral reserves. Mineral resources that are not mineral reserves do not have\ndemonstrated economic viability.\n\nThe technical and scientific information in this news release has been\napproved by Marc-Andre Brulotte, P. Geo., Executive Director, Global Mineral\nResource Evaluation. Mr. Brulotte is a qualified person pursuant to National\nInstrument 43-101 - Standards of Disclosure for Mineral Projects (“NI\n43-101”).\n\nA copy of the NI 43-101 technical report will be made available on Hudbay’s\nSEDAR+ profile at www.sedarplus.ca and on Hudbay’s EDGAR profile at\nwww.sec.gov within the next 45 days. This technical report will support the\napplicable disclosure in this news release and will be the current technical\nreport in respect of the Snow Lake operations and shall supersede and replace\nall prior technical reports relating to the Snow Lake operations.\n\nForward-Looking Information\n\nThis news release contains forward-looking information within the meaning of\napplicable Canadian and United States securities legislation. Forward-looking\ninformation is not, and cannot be, a guarantee of future results or events.\nForward-looking information is based on, among other things, opinions,\nassumptions, estimates and analyses that, while considered reasonable by the\nCompany at the date the forward-looking information is provided, inherently\nare subject to significant risks, uncertainties, contingencies and other\nfactors that may cause actual results and events to be materially different\nfrom those expressed or implied by the forward-looking information.\n\nForward-looking information includes, but is not limited to, statements with\nrespect to the Company’s expectations regarding the production, cost profile\nand development timelines of its Snow Lake operations, including with respect\nto its anticipated mine life, the potential to extend the mine life, the\npotential to convert inferred mineral resources into mineral reserves based on\nhistorical conversion rates, opportunities to and further optimize the mine\nplan, the potential of the Stall Hot Tails Leaching project to improve metal\nrecoveries, the potential of the Britannia Gold Project, including its\npotential to become a new anchor deposit, the potential to reprocess tailings\nfrom the ATIA, as well as expectations regarding metals prices, operating and\ncapital costs and other assumptions. Forward-looking information is based on,\namong other things, opinions, assumptions, estimates and analyses that, while\nconsidered reasonable by the Company at the date the forward-looking\ninformation is provided, inherently are subject to significant risks,\nuncertainties, contingencies and other factors that may cause actual results\nand events to be materially different from those expressed or implied by the\nforward-looking information.\n\nThe material factors or assumptions that Hudbay has identified and were\napplied in drawing conclusions or making forecasts or projections set out in\nthe forward-looking information include, but are not limited to:\n* the ability to achieve production, cost and capital expenditure forecasts;\n* the ability to obtain the necessary permits and social license to develop\nthe satellite deposits that have been included in the Snow Lake mine plan;\n* the ability to execute on the Company’s exploration plans and to advance\nrelated drill plans;\n* the success of mining, processing, exploration and development activities;\n* the scheduled maintenance and availability of the Company’s processing\nfacilities;\n* the accuracy of geological, mining and metallurgical estimates;\n* anticipated metals prices and the costs of production;\n* the supply and demand for metals the Company produces;\n* the supply and availability of all forms of energy and fuels at reasonable\nprices;\n* no significant unanticipated operational or technical difficulties;\n* the availability of additional financing, if needed;\n* the ability to complete project targets on time and on budget and other\nevents that may affect the Company’s ability to develop its projects;\n* the timing and receipt of various regulatory and governmental approvals;\n* the availability of personnel for the Company’s exploration, development\nand operational projects and ongoing employee relations;\n* maintaining good relations with the employees at the Company’s operations;\n* maintaining good relations with the labour unions that represent certain of\nthe Company’s employees in Manitoba;\n* maintaining good relations with the communities in which the Company\noperates, including neighbouring Indigenous communities and local governments;\n* no significant unanticipated challenges with stakeholders at the Company’s\nvarious projects;\n* no significant unanticipated events or changes relating to regulatory,\nenvironmental, health and safety matters;\n* no contests over title to the Company’s properties, including as a result\nof rights or claimed rights of Indigenous people;\n* no significant unanticipated litigation;\n* certain tax matters, including, but not limited to current tax laws and\nregulations, changes in taxation policies and the refund of certain value\nadded taxes from the Canadian government; and\n* no significant and continuing adverse changes in general economic conditions\nor conditions in the financial markets (including commodity prices and foreign\nexchange rates).\nThe risks, uncertainties, contingencies and other factors that may cause\nactual results to differ materially from those expressed or implied by the\nforward-looking information may include, but are not limited to, risks\ngenerally associated with the mining industry and the current geopolitical\nenvironment, including fluctuations in commodity prices, the potential\nimplementation or expansion of tariffs, currency and interest rate\nfluctuations, energy and consumable prices, supply chain constraints and\ngeneral cost escalation in the current inflationary environment, uncertainties\nrelated to the development and operation of the Company’s projects, risks\nassociated with the development of new projects, risks related to the Snow\nLake mine plan, including the ability to sequence the permitting and\ndevelopment of multiple satellite deposits, risks related to historical\nagreements in respect of the New Britannia mine, risks related to reclamation\nand closure liabilities, dependence on key personnel and employee and union\nrelations, risks related to political or social instability, unrest or change,\nrisks in respect of Indigenous and community relations, rights and title\nclaims, operational risks and hazards, including the cost of maintaining and\nupgrading the Company’s tailings management facilities and any unanticipated\nenvironmental, industrial and geological events and developments and the\ninability to insure against all risks, failure of plant, equipment, processes,\ntransportation and other infrastructure to operate as anticipated, compliance\nwith government and environmental regulations, including permitting\nrequirements and anti-bribery legislation, depletion of the Company’s\nreserves, volatile financial markets and interest rates that may affect the\nCompany’s ability to obtain additional financing on acceptable terms, the\nfailure to obtain or maintain required permits or approvals from government\nauthorities on a timely basis, uncertainties related to the geology,\ncontinuity, grade and estimates of mineral reserves and resources and the\npotential for variations in grade and recovery rates, uncertain costs of\nreclamation activities, the Company’s liquidity risks and its ability to\naccess capital on acceptable terms, tax refunds, hedging transactions,\ncybersecurity risks and risks related to the reliability and security of the\nCompany’s information technology and operational technology systems,\nincluding risks arising from cyber attacks, ransomware, phishing and other\nmalware, risks associated with the use of artificial intelligence\ntechnologies, operational disruptions arising from environmental events such\nas wildfires or other forms of extreme weather, as well as the other risks\ndiscussed under the heading “Risk Factors” in Hudbay’s most recent\nAnnual Information Form for the year ended December 31, 2025 and under the\nheading “Financial Risk Management” in the Company’s most recent annual\nmanagement’s discussion and analysis for the year ended December 31, 2025\nwhich are available on the Company’s SEDAR+ profile at www.sedarplus.ca and\nthe Company’s EDGAR profile at www.sec.gov.\n\nShould one or more risk, uncertainty, contingency or other factor materialize\nor should any factor or assumption prove incorrect, actual results could vary\nmaterially from those expressed or implied in the forward-looking information.\nAccordingly, you should not place undue reliance on forward-looking\ninformation. Hudbay does not assume any obligation to update or revise any\nforward-looking information after the date of this news release or to explain\nany material difference between subsequent actual events and any\nforward-looking information, except as required by applicable law.\n\nAbout Hudbay\n\nHudbay (TSX, NYSE: HBM) is a copper-focused critical minerals mining company\nwith three long-life operations and a world-class pipeline of copper growth\nprojects in tier-one mining jurisdictions of Canada, Peru and the United\nStates.\n\nHudbay’s operating portfolio includes the Constancia mine in Cusco (Peru),\nthe Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in\nBritish Columbia (Canada). Copper is the primary metal produced by the\nCompany, which is complemented by meaningful gold production and by-product\nzinc, silver and molybdenum. Hudbay’s growth pipeline includes the Copper\nWorld project in Arizona (United States), the Cactus project in Arizona\n(United States), the Mason project in Nevada (United States), the Llaguen\nproject in La Libertad (Peru) and several expansion and exploration\nopportunities near its existing operations.\n\nThe value Hudbay creates and the impact it has is embodied in its purpose\nstatement: “We care about our people, our communities and our planet. Hudbay\nprovides the metals the world needs. We work sustainably, transform lives and\ncreate better futures for communities.” Hudbay’s mission is to create\nsustainable value and strong returns by leveraging its core strengths in\ncommunity relations, focused exploration, mine development and efficient\noperations.\n\nFor further information, please contact:\n\nCandace Brûlé\nSenior Vice President, Capital Markets & Corporate Affairs \n(416) 362-8181\ninvestor.relations@hudbay.com\n\n____________________\n(i) Average gold production over the 2026 to 2030 five-year period. Total\nlife-of-mine (“LOM”) gold production compares total LOM gold production in\nthe 2021 technical report to total LOM gold production in the 2026 updated\nmine plan plus actual production since 2021. \n(ii) Cash costs and sustaining cash costs are non-GAAP financial performance\nmeasures with no standardized definition under IFRS. For detailed\nreconciliations and further information on why Hudbay believes cash costs and\nsustaining cash costs are useful performance indicators, please refer to the\nCompany's most recent management's discussion and analysis for the period\nended June 30, 2026 under the heading “Non-GAAP Financial Performance\nMeasures”.\n(iii) Resource-to-reserve conversion rate based on the historical conversion\nat the Lalor deposit from 2022 to 2026.\n\nFigure 1: Continuously Expanding Reserves in Snow Lake\n\nHudbay has continuously extended the mine life of Snow Lake through reserve\nexpansion and upgrading of resources at satellite deposits, which has more\nthan offset mining depletion since the prior technical report published in\n2021.\n\n\n\nFigure 2: Unlocking Additional Gold Production and Extending Mine Life Through\nSuccessful Exploration\nSnow Lake maintains a robust gold production profile for the next 10 years,\naveraging 185,000 ounces of gold per year from 2026 to 2030 and 126,000 ounces\nof gold per year from 2031 to 2035, largely supported by Lalor, followed by\nproduction from the remaining satellites to 2043. The previous technical\nreport published in 2021 reflected a ten year mine life for Lalor to 2030 with\nsatellite deposits in production from 2031 to 2037.\n\n\n\nFigure 3: Snow Lake Production Profile by Ore Body\n\nLalor provides a majority of the ore for the next 11 years with 1901, 3 Zone,\nTalbot, Rail and WIM providing the additional ore feed and supporting a\ncombined 18 year mine life based on reserves. This profile is expected to be\nfurther enhanced with additional exploration to convert resources to reserves\nand extend mine life beyond 2043.\n\n\n\n\n\nFigure 4: Optimizing Processing Infrastructure and Increasing Total Gold\nRecoveries\n\nThe updated Snow Lake mine plan reflects optimized ore feed to New Britannia\nand Stall mills, higher mill throughput at New Britannia and higher gold\nrecoveries at Stall.\n\n\n\nFigure 5: Britannia Gold Project\n\nHudbay has the opportunity to re-develop a past-producing gold complex into a\npotential new anchor deposit with the Britannia Gold Project around the New\nBritannia mill. Multiple targets are being developed down-plunge and along\nstrike from the known mineralization.\n\n\n\nFigure 6: Regional Snow Lake Satellite Deposits\n\nHudbay increased its land package in Snow Lake by 250% in 2023, adding several\nregional satellite properties located within trucking distance of the\nCompany’s processing infrastructure. The Company then launched a significant\nmulti-year geophysics program that included surface electromagnetic surveys\nusing modern technology to target depths up to 1,000 metres. These efforts\nwill continue in 2026 and 2027 with the largest geophysics program in\nHudbay’s history.\n\n\nPhotos accompanying this announcement are available at:\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/5a657ae8-a7d8-450a-9455-41510e3589b6\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/0f72699a-1978-493f-9a31-05384e0a7b99\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/f6b9d735-c166-4508-8225-a83d5b65f8c9\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/d46974a3-5787-453e-89ec-7ef27f3c8032\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/275b3086-4063-48a7-8502-7d3d6b88efa9\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/417acfc4-0206-4ab9-9234-4223c7dd169f\nhttps://www.globenewswire.com/NewsRoom/AttachmentNg/e7253de4-9b89-4fcc-a22c-59a6c04bf215\n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/9d9d3efb-2d50-4d61-9be5-64f7243288ab)\nFigure 1: \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/5a657ae8-a7d8-450a-9455-41510e3589b6/en)\nContinuously Expanding Reserves in Snow LakeFigure 2: \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/0f72699a-1978-493f-9a31-05384e0a7b99/en)\nUnlocking Additional Gold Production and Extending Mine Life Through\nSuccessful ExplorationFigure 3: \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/f6b9d735-c166-4508-8225-a83d5b65f8c9/en)\nSnow Lake Production Profile by Ore BodyFigure 3: Snow Lake Production Profile\nby Ore Body \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/d46974a3-5787-453e-89ec-7ef27f3c8032/en)\nLalor provides a majority of the ore for the next 11 years with 1901, 3 Zone,\nTalbot, Rail and WIM providing the additional ore feed and supporting a\ncombined 18 year mine life based on reserves. This profile is expected to be\nfurther enhanced with additional exploration to convert resources to reserves\nand extend mine life beyond 2043.Figure 4: Optimizing Processing\nInfrastructure and Increasing Total Gold Recoveries \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/275b3086-4063-48a7-8502-7d3d6b88efa9/en)\nThe updated Snow Lake mine plan reflects optimized ore feed to New Britannia\nand Stall mills, higher mill throughput at New Britannia and higher gold\nrecoveries at Stall. Figure 5: \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/417acfc4-0206-4ab9-9234-4223c7dd169f/en)\nBritannia Gold ProjectFigure 6: \n(https://www.globenewswire.com/NewsRoom/AttachmentNg/e7253de4-9b89-4fcc-a22c-59a6c04bf215/en)\nRegional Snow Lake Satellite Deposits\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-09-28T10:00:00.76118718Z","server_sent_at_ms":1790589600761},"received_at":"2026-09-28T10:00:00.831Z","source_url":null},"analysis":{"id":"142571","press_release_id":"153781","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["Life-of-mine plan relies on forward metal price assumptions ($3,600/oz long-term gold); cash costs rise in the 2030s absent further exploration success","Satellite deposit development contingent on permitting and social license; mine plan based solely on reserves (conservative) with resource conversion still pending"],"eventType":"operations_update","narrative":"Hudbay released an updated mine plan for its Snow Lake operations extending the proven and probable reserve mine life by two years to 2043, an 18-year total after a combined six years of extensions since early 2026.\n\nFive-year average annual gold production is updated to 185,000 ounces (37% above the 2021 technical report) and life-of-mine gold production rises 60% to 2.8 million ounces, at five-year average cash costs of $821 per ounce and sustaining cash costs of $1,379 per ounce.\n\nReserves rose 38% in tonnage to 27 million tonnes containing 2.0 million ounces of gold, with resources up 26%, and the Britannia Gold Project (8.3 million inferred tonnes) is identified as a potential new anchor deposit.\n\nThe company expects the plan to keep Snow Lake a meaningful free cash flow contributor and complement its copper growth pipeline.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Snow Lake reserve life extended to 2043 with a 60% jump in life-of-mine gold production at low cash costs -- Snow Lake transforms into a durable free cash flow engine for Hudbay."},"keyFigures":{"customDimensions":{"reserve_tonnes":"27 million tonnes","reserve_gold_oz":"2.0 million ounces","resource_tonnes":"21 million tonnes","resource_gold_oz":"1.5 million ounces","reserve_mine_life_end":"2043","additional_lom_gold_oz":"510,000","reserve_mine_life_years":18,"reserve_tonnage_increase":"38%","britannia_inferred_tonnes":"8.3 million tonnes","gold_cash_cost_per_oz_5yr":"$821","resource_tonnage_increase":"26%","lom_gold_production_increase":"60%","five_year_production_increase":"37%","life_of_mine_gold_production_oz":"2,800,000","sustaining_cash_cost_per_oz_5yr":"$1,379","five_year_avg_gold_production_oz":"185,000"}},"quotedText":"This enhanced Snow Lake mine plan unlocks roughly 60% more gold production over the mine life and maintains an average of 185,000 ounces over the next five years","namedEntities":{"people":[{"name":"Peter Kukielski","role":"CEO"},{"name":"Robert Carter","role":"COO"},{"name":"Marc-Andre Brulotte","role":"Executive Director, Global Mineral Resource Evaluation; qualified person"},{"name":"Candace Brûlé","role":"SVP, Capital Markets & Corporate Affairs"}],"products":["Lalor mine","New Britannia gold mill","Stall concentrator","1901 deposit","Britannia Gold Project","Talbot deposit","Rail deposit","WIM deposit","3 Zone deposit","Stall Hot Tails Leaching project","Anderson Tailings Impoundment Area"],"companies":[{"name":"Hudbay Minerals Inc.","ticker":"HBM","relationship":"filer"},{"name":"Rockcliff Metals Corp.","relationship":"acquired 2023, added Snow Lake satellite deposits"}],"dollarAmounts":[{"amount":"$821 per ounce","context":"five-year average gold cash costs 2026-2030"},{"amount":"$1,379 per ounce","context":"five-year average sustaining cash costs 2026-2030"}]},"materialImpact":{"score":4,"reasoning":"Updated Snow Lake mine plan extends reserve mine life to 2043 (18 years), raises five-year average gold production to 185,000 oz (a 37% increase vs. the 2021 technical report) with 60% higher life-of-mine gold production and industry-leading cash costs. Materially positive re-rating of the Snow Lake asset, though a technical update rather than an immediate cash event."},"tickerRelevance":{"others":[],"primary":"HBM"},"globalImportance":35,"audienceRelevance":40,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap miner with retail and gold-bug following","eventGravity":"mine life extension and production profile upgrade, not a financing or M&A event","sectorWeight":"gold/copper price-sensitive sector with high retail attention","householdBrandBoost":"none","retailFavoriteBoost":"moderate for HBM among gold miners"}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":4,"narrative":"Hudbay released an updated mine plan for its Snow Lake operations extending the proven and probable reserve mine life by two years to 2043, an 18-year total after a combined six years of extensions since early 2026.\n\nFive-year average annual gold production is updated to 185,000 ounces (37% above the 2021 technical report) and life-of-mine gold production rises 60% to 2.8 million ounces, at five-year average cash costs of $821 per ounce and sustaining cash costs of $1,379 per ounce.\n\nReserves rose 38% in tonnage to 27 million tonnes containing 2.0 million ounces of gold, with resources up 26%, and the Britannia Gold Project (8.3 million inferred tonnes) is identified as a potential new anchor deposit.\n\nThe company expects the plan to keep Snow Lake a meaningful free cash flow contributor and complement its copper growth pipeline.","key_figures":{"customDimensions":{"reserve_tonnes":"27 million tonnes","reserve_gold_oz":"2.0 million ounces","resource_tonnes":"21 million tonnes","resource_gold_oz":"1.5 million ounces","reserve_mine_life_end":"2043","additional_lom_gold_oz":"510,000","reserve_mine_life_years":18,"reserve_tonnage_increase":"38%","britannia_inferred_tonnes":"8.3 million tonnes","gold_cash_cost_per_oz_5yr":"$821","resource_tonnage_increase":"26%","lom_gold_production_increase":"60%","five_year_production_increase":"37%","life_of_mine_gold_production_oz":"2,800,000","sustaining_cash_cost_per_oz_5yr":"$1,379","five_year_avg_gold_production_oz":"185,000"}},"named_entities":{"people":[{"name":"Peter Kukielski","role":"CEO"},{"name":"Robert Carter","role":"COO"},{"name":"Marc-Andre Brulotte","role":"Executive Director, Global Mineral Resource Evaluation; qualified person"},{"name":"Candace Brûlé","role":"SVP, Capital Markets & Corporate Affairs"}],"products":["Lalor mine","New Britannia gold mill","Stall concentrator","1901 deposit","Britannia Gold Project","Talbot deposit","Rail deposit","WIM deposit","3 Zone deposit","Stall Hot Tails Leaching project","Anderson Tailings Impoundment Area"],"companies":[{"name":"Hudbay Minerals Inc.","ticker":"HBM","relationship":"filer"},{"name":"Rockcliff Metals Corp.","relationship":"acquired 2023, added Snow Lake satellite deposits"}],"dollarAmounts":[{"amount":"$821 per ounce","context":"five-year average gold cash costs 2026-2030"},{"amount":"$1,379 per ounce","context":"five-year average sustaining cash costs 2026-2030"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-28T10:00:11.948Z","global_importance":35,"audience_relevance":40,"importance_components":{"tickerTier":"mid-cap miner with retail and gold-bug following","eventGravity":"mine life extension and production profile upgrade, not a financing or M&A event","sectorWeight":"gold/copper price-sensitive sector with high retail attention","householdBrandBoost":"none","retailFavoriteBoost":"moderate for HBM among gold miners"}},"durationMs":9886,"modelName":"glm-5.3-flashx"}}