TORONTO, Ontario — January 16, 2026 — Leads & Copy — Hudbay Minerals Inc. (TSX, NYSE: HBM) announced preliminary production results for the three months and year ended December 31, 2025.
The company achieved its 2025 consolidated copper and gold production guidance, despite mandatory wildfire evacuation shutdowns and temporary operational interruptions.
Peter Kukielski, Hudbay’s President and Chief Executive Officer, said the company is proud to have achieved full-year production guidance for copper and gold after overcoming several temporary operational interruptions in 2025. He said this demonstrates the resilience and strength of their diversified operating platform.
Kukielski added that their 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. He noted they achieved a standout fourth quarter in Peru with the efficient mining of the high-grade Pampacancha satellite deposit, allowing them to far exceed the top end of the 2025 gold production guidance range in Peru.
Fourth Quarter 2025 Preliminary Production Results
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 during the fourth quarter of 2025.
Peru operations had the strongest quarter of the year in the fourth quarter, with production of approximately 25,038 tonnes of copper, 32,865 ounces of gold and 731,017 ounces of silver. 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.
Manitoba operations produced approximately 47,423 ounces of gold in the fourth quarter. 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.
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. In 2025, the operations also produced approximately 17,646 tonnes of zinc, 3,468,143 ounces of silver and 1,282 tonnes of molybdenum.
Peru operations achieved 2025 production guidance for copper, with gold production far exceeding the top end of the 2025 guidance range. Constancia produced approximately 85,155 tonnes of copper, 74,480 ounces of gold and 2,415,134 ounces of silver in 2025.
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 the full year 2025.
British Columbia operations produced approximately 23,784 tonnes of copper in 2025 and 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.
Robust Balance Sheet
As of December 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 December 31, 2025, are approximately $992 million.
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 open on Friday, February 20, 2026, and will post it on the Company’s website. Hudbay senior management will host a corresponding conference call on Friday, February 20, 2026, at 11:00 a.m. ET to discuss the results.
Candace Brûlé
Senior Vice President, Capital Markets & Corporate Affairs
(416) 362-8181
investor.relations@hudbay.com
Source: Hudbay
