Hudbay Minerals Inc.
For the period ended Jun 30, 2025. Filed Aug 14, 2025.
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Jun 30, 2025 · Filed Aug 14, 2025
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EX-99.1 · 24. Segmented information
24. Segmented information
Hudbay has the following reportable segments identified by the individual mining operations of Manitoba, British Columbia, Peru, as well as Arizona which holds our Copper World project. Corporate and other activities are not considered an operating segment and are included as a reconciliation to total consolidated results. Corporate and other activities include the Company's exploration activities in Chile, Canada and the State of Nevada. These exploration entities are not individually significant, as they do not meet the minimum quantitative thresholds for standalone segment disclosure.
| Three months ended June 30, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Peru · Manitoba · BritishColumbia · Arizona · Corporate and otheractivities · Total | |||||||||
| Revenue from external customers | $259.6 | $193.0 | $83.8 | $ | - | $ | - | $536.4 | |
| Cost of sales | |||||||||
| Mine operating costs | 127.8 | 74.3 | 61.4 | - | - | 263.5 | |||
| Depreciation and amortization | 56.0 | 23.6 | 16.8 | - | - | 96.4 | |||
| Gross profit | 75.8 | 95.1 | 5.6 | - | - | 176.5 | |||
| Selling and administrative expenses | - | - | - | - | 20.7 | 20.7 | |||
| Exploration expenses | 5.4 | 4.0 | - | - | - | 9.4 | |||
| Other expenses (income) | 3.4 | 4.2 | 0.7 | 0.1 | (1.3) | 7.1 | |||
| Re-evaluation adjustment - environmental provision | - | (13.8) | - | - | - | (13.8) | |||
| Results from operating activities | $67.0 | $100.7 | $4.9 | $(0.1) | $(19.4) | $153.1 | |||
| Net interest expense on long term debt | 15.6 | ||||||||
| Accretion on streaming arrangements | 5.2 | ||||||||
| Change in fair value of financial instruments | (4.1) | ||||||||
| Other net finance income | (16.7) | ||||||||
| Income before tax | 153.1 | ||||||||
| Tax expense | 38.4 | ||||||||
| Net income for the period | $114.7 | ||||||||
HUDBAY MINERALS INC.Notes to Unaudited Condensed Consolidated Interim Financial Statements(in millions of US dollars, except where otherwise noted)For the three and six months ended June 30, 2025 and 2024
| Three months ended June 30, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Peru · Manitoba · BritishColumbia · Arizona · Corporateand otheractivities · Total | |||||||||
| Revenue from external customers | $204.8 | $142.6 | $78.1 | $ | - | $ | - | $425.5 | |
| Cost of sales | |||||||||
| Mine operating costs | 116.8 | 71.7 | 61.8 | - | - | 250.3 | |||
| Depreciation and amortization | 58.9 | 24.7 | 14.0 | - | - | 97.6 | |||
| Gross profit | 29.1 | 46.2 | 2.3 | - | - | 77.6 | |||
| Selling and administrative expenses | - | - | - | - | 18.4 | 18.4 | |||
| Exploration expenses | 4.1 | 2.2 | (0.3) | - | - | 6.0 | |||
| Other expenses | 5.0 | 3.7 | 2.4 | - | 0.1 | 11.2 | |||
| Re-evaluation adjustment - environmental provision | - | (2.7) | - | - | - | (2.7) | |||
| Results from operating activities | $20.0 | $43.0 | $0.2 | $ | - | $(18.5) | $44.7 | ||
| Net interest expense on long term debt | 18.5 | ||||||||
| Accretion on streaming arrangements | 6.0 | ||||||||
| Change in fair value of financial instruments | 13.2 | ||||||||
| Other net finance costs | 6.6 | ||||||||
| Income before tax | 0.4 | ||||||||
| Tax expense | 20.7 | ||||||||
| Net loss for the period | $(20.3) | ||||||||
HUDBAY MINERALS INC.Notes to Unaudited Condensed Consolidated Interim Financial Statements(in millions of US dollars, except where otherwise noted)For the three and six months ended June 30, 2025 and 2024
| Six months ended June 30, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Peru · Manitoba · BritishColumbia · Arizona · Corporateand otheractivities · Total | |||||||||
| Revenue from external customers | $549.3 | $417.8 | $164.2 | $ | - | $ | - | $1,131.3 | |
| Cost of sales | |||||||||
| Mine operating costs | 256.3 | 146.8 | 115.9 | - | - | 519.0 | |||
| Depreciation and amortization | 124.2 | 47.5 | 32.8 | - | - | 204.5 | |||
| Gross profit | 168.8 | 223.5 | 15.5 | - | - | 407.8 | |||
| Selling and administrative expenses | - | - | - | - | 34.4 | 34.4 | |||
| Exploration expenses | 8.7 | 14.6 | - | - | - | 23.3 | |||
| Other expenses (income) | 5.4 | 6.7 | 2.4 | 0.2 | (2.4) | 12.3 | |||
| Re-evaluation adjustment - environmental provision | - | (1.0) | - | - | - | (1.0) | |||
| Results from operating activities | $154.7 | $203.2 | $13.1 | $(0.2) | $(32.0) | $338.8 | |||
| Net interest expense on long term debt | 31.5 | ||||||||
| Accretion on streaming arrangements | 9.6 | ||||||||
| Change in fair value of financial instruments | (9.3) | ||||||||
| Other net finance income | (17.4) | ||||||||
| Income before tax | 324.4 | ||||||||
| Tax expense | 110.5 | ||||||||
| Net income for the period | $213.9 | ||||||||
HUDBAY MINERALS INC.Notes to Unaudited Condensed Consolidated Interim Financial Statements(in millions of US dollars, except where otherwise noted)For the three and six months ended June 30, 2025 and 2024
| Six months ended June 30, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Peru · Manitoba · BritishColumbia · Arizona · Corporateand otheractivities · Total | |||||||||
| Revenue from external customers | $492.7 | $311.8 | $146.0 | $ | - | $ | - | $950.5 | |
| Cost of sales | |||||||||
| Mine operating costs | 245.6 | 149.7 | 118.7 | - | - | 514.0 | |||
| Depreciation and amortization | 129.9 | 51.3 | 25.7 | - | - | 206.9 | |||
| Gross profit | 117.2 | 110.8 | 1.6 | - | - | 229.6 | |||
| Selling and administrative expenses | - | - | - | - | 35.0 | 35.0 | |||
| Exploration expenses | 6.3 | 10.7 | - | - | 1.6 | 18.6 | |||
| Other expenses | 8.2 | 6.9 | 3.6 | 8.2 | 0.6 | 27.5 | |||
| Re-evaluation adjustment - environmental provision | - | (8.0) | - | - | - | (8.0) | |||
| Results from operating activities | $102.7 | $101.2 | $(2.0) | $(8.2) | $(37.2) | $156.5 | |||
| Net interest expense on long term debt | 37.7 | ||||||||
| Accretion on streaming arrangements | 12.2 | ||||||||
| Change in fair value of financial instruments | 20.2 | ||||||||
| Other net finance costs | 18.2 | ||||||||
| Income before tax | 68.2 | ||||||||
| Tax expense | 70.0 | ||||||||
| Net loss for the period | $(1.8) | ||||||||
HUDBAY MINERALS INC.Notes to Unaudited Condensed Consolidated Interim Financial Statements(in millions of US dollars, except where otherwise noted)For the three and six months ended June 30, 2025 and 2024
| June 30, 2025 | ||||||
|---|---|---|---|---|---|---|
| Peru | Manitoba | BritishColumbia | Arizona | Corporateand otheractivities | Total | |
| Total assets | $2,380.7 | $499.4 | $1,234.1 | $785.5 | $728.9 | $5,628.6 |
| Total liabilities | 887.9 | 410.0 | 303.8 | 16.1 | 1,147.5 | 2,765.3 |
| Property, plant and equipment1 | 1,885.9 | 616.0 | 999.6 | 773.9 | 40.7 | 4,316.1 |
| Other Non-Current Assets2 | 52.4 | 19.8 | 10.2 | 0.2 | 0.5 | 83.1 |
| 1 Included in Corporate and other activities are $27.7 million of property, plant and equipment that is located in Nevada. | ||||||
| 2 Other non-current assets includes receivables, inventory, intangibles and other assets. | ||||||
| December 31, 2024 | ||||||
|---|---|---|---|---|---|---|
| Peru | Manitoba | BritishColumbia | Arizona | Corporateand otheractivities | Total | |
| Total assets | $2,410.0 | $547.4 | $1,076.0 | $757.3 | $696.9 | $5,487.6 |
| Total liabilities | 960.0 | 421.3 | 281.9 | 14.7 | 1,162.3 | 2,840.2 |
| Property, plant and equipment1 | 1,897.1 | 595.1 | 900.7 | 747.1 | 41.4 | 4,181.4 |
| Other Non-Current Assets2 | 47.8 | 17.2 | 8.0 | 0.2 | 0.6 | 73.8 |
| 1 Included in Corporate and other activities is $27.7 million of property, plant and equipment that is located in Nevada. | ||||||
| 2 Other non-current assets includes receivables, inventory, intangibles and other assets. | ||||||
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