Ms. Candace Brule reports

HUDBAY FILES TECHNICAL REPORT FOR ITS SNOW LAKE OPERATIONS IN MANITOBA

Further to the company's news release dated Sept. 28, 2026, Hudbay Minerals Inc. has filed a National Instrument 43-101 technical report for its Snow Lake operations in Manitoba.

Hudbay's 100-per-cent-owned Snow Lake operations in Manitoba include the Lalor gold-copper-zinc mine, the New Britannia gold mill, the Stall base metal concentrator, the 1901 zinc-gold deposit, several satellite deposits, and the former producing New Britannia gold mine currently on care and maintenance.

As disclosed in the Sept. 28, 2026, news release, the highlights of the 2026 technical report include:

• An enhanced gold production profile with a 37-per-cent increase in gold production over the next five years;
• Total life-of-mine gold production increased by 60 per cent to 2.8 million ounces compared with 1.8 million ounces in the 2021 technical report;
• The updated mine plan maintains average annual production of 185,000 ounces of gold over the next five years, reflecting several optimization initiatives, including higher mill throughput at New Britannia and higher gold recoveries at the Stall mill to better utilize the combined 6,300 tonnes per day of processing capacity; Snow Lake's proven and probable reserve mine life is extended to 2043;
• Mineral reserve estimates increased to 27 million tonnes containing 2.0 million ounces of gold, representing a 38-per-cent increase in tonnage from the Jan. 1, 2026, mineral reserve estimate; the increase in reserves and mine life extension is driven by reserve conversion at Lalor and 1901, higher reserves at the WIM and 3 Zone satellite deposits, and the first reserve estimate for the Talbot and Rail satellite deposits;
• Life-of-mine plan is based on reserve estimates and reflects a conservative view based on Hudbay's historical high resource-to-reserve conversion rate of 90 per cent.

A copy of the 2026 technical report will be available on Hudbay's corporate website, Hudbay's SEDAR+ profile and on Hudbay's EDGAR profile.

Qualified person and National Instrument 43-101

The 2026 technical report is titled "National Instrument 43-101 Technical Report, Lalor and Snow Lake Operations, Manitoba, Canada," with an effective date of Sept. 1, 2026.

The technical and scientific information in this news release has been approved by Marc-Andre Brulotte, PGeo, executive director, global mineral resource evaluation. Mr. Brulotte is a qualified person pursuant to National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

The 2026 technical report has been prepared pursuant to NI 43-101 under the supervision of Mr. Brulotte. It constitutes the current technical report in respect of Hudbay's Snow Lake operations and supersedes and replaces all prior technical reports relating to the Snow Lake operations.

About Hudbay Minerals Inc.

Hudbay is a copper-focused critical mineral 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 Cactus 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 are 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 safe, efficient operations.

We seek Safe Harbor.