Mr. Peter Kukielski reports

HUDBAY ANNOUNCES PRELIMINARY 2025 PRODUCTION RESULTS AND ACHIEVES 2025 CONSOLIDATED COPPER AND GOLD PRODUCTION GUIDANCE

Hudbay Minerals Inc. has released preliminary production results for the three months and year ended Dec. 31, 2025. All amounts are in U.S. dollars, unless otherwise noted.

Highlights:

• Achieved 2025 consolidated copper and gold production guidance, despite the mandatory wildfire evacuation shutdowns and temporary operational interruptions resulting in production deferrals during the year;
• 2025 represents the 11th consecutive year in which Hudbay achieved its annual consolidated copper production guidance since Constancia declared commercial production and its fifth consecutive year achieving its annual consolidated gold production guidance since establishing stand-alone gold production guidance;
• Strong operational performance in the fourth quarter with approximately 33,069 tonnes of copper produced and 84,298 ounces of gold produced, resulting in full-year 2025 consolidated production of approximately 118,188 tonnes of copper and 267,934 ounces of gold;
• Pro forma year-end cash and cash equivalents of approximately $992-million, after giving effect to the recent closing of the Copper World joint venture transaction.

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

Fourth quarter 2025 preliminary production results

During the fourth quarter of 2025, Hudbay had consolidated production of approximately 33,069 tonnes of copper, 84,298 ounces of gold, 1,002,985 ounces of silver, 5,703 tonnes of zinc and 325 tonnes of molybdenum.

Peru operations had the strongest quarter of the year in the fourth quarter. Production was approximately 25,038 tonnes of copper, 32,865 ounces of gold and 731,017 ounces of silver in the fourth quarter, with continued strong copper and gold grades from Pampacancha and less ore processed from low-grade stockpiles compared with the third quarter of 2025. The company continued to optimize the mine plan in the fourth quarter with more ore mined from Pampacancha than previously expected, resulting in the accelerated depletion of Pampacancha in late December as opposed to early 2026 and enabling Hudbay to exceed the top end of the 2025 Peru gold guidance range.

Manitoba operations produced approximately 47,423 ounces of gold in the fourth quarter, slightly lower than quarterly cadence expectations as a result of unplanned downtime in October with eight days of winter storm power outages, offset by record monthly throughput at the New Britannia mill in December. Manitoba operations also produced approximately 3,326 tonnes of copper, 5,703 tonnes of zinc and 214,493 ounces of silver in the fourth quarter.

British Columbia operations produced approximately 4,705 tonnes of copper, 4,010 ounces of gold and 57,475 ounces of silver in the fourth quarter. While the operations completed construction of the permanent feeder for the new second semi-autogenous grinding (SAG) mill in December, total throughput in the fourth quarter was constrained by the primary SAG mill requiring unplanned maintenance early in the fourth quarter, as previously disclosed.

Full-year 2025 preliminary production results

Hudbay achieved 2025 consolidated production guidance for copper and gold, with full-year production of approximately 118,188 tonnes of copper and 267,934 ounces of gold, based on preliminary fourth quarter results. In 2025, the operations also produced approximately 17,646 tonnes of zinc, 3,468,143 ounces of silver and 1,282 tonnes of molybdenum. Two thousand twenty-five represents the 11th consecutive year in which Hudbay achieved its annual consolidated copper production guidance since Constancia declared commercial production and its fifth consecutive year achieving its annual consolidated gold production guidance since establishing stand-alone gold production guidance.

Peru operations achieved 2025 production guidance for copper, with gold production far exceeding the top end of the 2025 guidance range. Based on preliminary production results for the fourth quarter, Constancia produced approximately 85,155 tonnes of copper, 74,480 ounces of gold and 2,415,134 ounces of silver in 2025. Hudbay optimized the mine plan in the second half of 2025 by prioritizing Pampacancha mining activities and fully depleting the satellite deposit in December while also leveraging more stockpiled ore during the third quarter as the company adapted its mine plan to social unrest in the region. These short-term mine plan changes resulted in reduced stripping activities in 2025, which is expected to result in some grade resequencing in 2026 and 2027 while maintaining production within the previous guidance ranges for 2026 and 2027.

Based on preliminary production results for the fourth quarter, Manitoba operations produced approximately 173,453 ounces of gold, 9,249 tonnes of copper, 17,646 tonnes of zinc and 800,198 ounces of silver for full-year 2025. Production was below the low end of the guidance range for gold and zinc while copper and silver met expectations in 2025. These production levels are impressive given the significant impacts of unexpected downtime from an eight-day power outage in October and over two months of production deferrals due to wildfire evacuations and ramp-up activities throughout the summer. In addition, zinc production was below the guidance range due to the prioritization of gold production in Manitoba. Production levels in 2026 are expected to be higher than those in 2025 as operations have fully normalized after the weather-related interruptions in 2025, as demonstrated with New Britannia achieving record total monthly throughput in December.

British Columbia operations produced approximately 23,784 tonnes of copper in 2025 based on preliminary production results for the fourth quarter. Copper production is below the low end of the production guidance range while the operations achieved full-year production guidance for gold and silver, with approximately 20,001 ounces of gold and 252,811 ounces of silver produced in 2025. As previously disclosed, copper production in 2025 was impacted by reduced throughput at the primary SAG mill in the fourth quarter and a higher portion of low-grade stockpiles utilized as ore feed in 2025. With the completion of the permanent feeder for the secondary SAG mill project in December, the secondary SAG mill continued to demonstrate positive contributions to overall throughput in the fourth quarter. As previously disclosed, Hudbay expects mill throughput to ramp up to the targeted 50,000 tonnes per day in mid-2026 as opposed to early 2026 due to the impacts of reduced throughput at the primary SAG mill.

Robust balance sheet

As of Dec. 31, 2025, Hudbay had approximately $569-million in unaudited cash and cash equivalents. After the recently closed Copper World joint venture transaction, Hudbay's pro forma cash and cash equivalents as at Dec. 31, 2025, are approximately $992-million. In addition, Hudbay has undrawn availability of $425-million under Hudbay's revolving credit facilities as of Dec. 31, 2025, increasing total pro forma liquidity to over $1.4-billion.

Fourth quarter 2025 results conference call

Hudbay plans to issue a news release containing the fourth quarter and full-year 2025 results as well as 2026 production and cost guidance before the market opens on Friday, Feb. 20, 2026, and will post it on the company's website. Hudbay senior management will host a corresponding conference call on Friday, Feb. 20, 2026, at 11 a.m. ET to discuss the results. An archived audio webcast will be available on Hudbay's website following the call.

Fourth quarter 2025 results conference call and webcast details

Date:  Friday, Feb. 20, 2026

Time:  11 a.m. ET

Webcast:  on the Hudbay website

Dial-in numbers:  1-833-752-3516 or 647-846-8185

Disclaimer regarding preliminary financial information

This news release contains preliminary financial information and production results for the three months and year ended Dec. 31, 2025, and the preliminary information included herein is based only upon the information available to the company as of the date of this news release. The preliminary information contained herein is not a comprehensive summary of the company's financial results for the applicable periods. The company's actual financial and production results may differ from the preliminary information contained herein, due to several factors, including, but not limited to, the completion of operational and financial closing procedures and final audit adjustments. The company's external auditor has not audited or reviewed the preliminary information included in this news release.

About Hudbay Minerals Inc.

Hudbay is a copper-focused critical minerals mining company with three long-life operations and a world-class pipeline of copper growth projects in Tier 1 mining jurisdictions of Canada, Peru and the United States.

Hudbay's operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the company, which is complemented by meaningful gold production and byproduct zinc, silver and molybdenum. Hudbay's growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru), and several expansion and exploration opportunities near its existing operations.

The value Hudbay creates and the impact it has is embodied in its purpose statement: "We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities." Hudbay's mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations.

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