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Hudbay Minerals Inc.

For the period ended Dec 31, 2025. Filed Mar 27, 2026.

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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.

FY2025 · Filed Mar 27, 2026

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HBM$20.91+1.6%Stored close · as of Nov 6, 2026
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EX-99.2 · (g) Mining tax effect of temporary differences:

(g) Mining tax effect of temporary differences:

The tax effects of temporary differences that give rise to significant portions of the deferred mining tax assets and liabilities at December 31, 2025 and 2024 are as follows:

CanadaDec. 31, 2025Dec. 31, 2024
Property, plant and equipment$(40.5)$(40.2)
Other13.912.8
$(26.6)$(27.4)
PeruDec. 31, 2025Dec. 31, 2024
Property, plant and equipment$(5.6)$(7.5)

For the year ended December 31, 2025, Hudbay had unrecognized deferred mining tax assets of approximately $8.8 million (December 31, 2024 - $9.1 million).

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