Hudbay Minerals Inc.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). All of the forward-looking information in this news release is qualified by this cautionary note.

Forward-looking information includes, but is not limited to, the results and findings of the DFS, including the production, operating cost, capital cost and cash cost estimates, the projected valuation metrics and rates of return, the cash flow and EBITDA projections, statements regarding the anticipated permitting requirements and project design, including processing and tailings facilities, metal recoveries, mine life and production rates for the Copper World project, the expected funding requirements for the Copper World project, the potential to further enhance the economics of the Copper World project and optimize the design in the future, including with respect to the potential extension of the mine activities onto federal lands as part of the Extension Case described herein and the potential to advance and possibly implement the Concentrate Leach Facility option, the possibility of extending the life of the mine, and the expected social and environmental benefits of the Copper World project, including with respect to the local communities and stakeholders. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information.

The material factors or assumptions that Hudbay identified and were applied by the Company in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to:

• the ability to achieve production and cost estimates described in this news release on expected timelines;

• the ability to obtain and maintain all required permits and authorizations to develop and operate the Copper World project in accordance with the Base Case presented in this news release;

• the accuracy of the feasibility and pre-feasibility estimates of costs presented in this news release;

• no capital cost escalation on the growth capital presented in this news release due to inflationary or other factors;

• if a decision is made at a future date to pursue the Extension Case, the ability to obtain and maintain all additional permits and authorizations required to develop and operate the Copper World project in accordance with the Extension Case presented in this news release;

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• the feasibility of aspects of the Base Case and Extension Case that to date have been completed to pre-feasibility levels;

• no delays or disruptions due to litigation challenging the permitting requirements, permits, land or other authorizations for the Copper World project and no significant unanticipated litigation;

• the potential advancement and implementation of the Concentrate Leach Facility;

• the ability to acquire additional small parcels of land within Copper World's property boundary;

• the potential extension of the mine activities onto federal lands;

• the success of exploration and development activities;

• the accuracy of geological, mining and metallurgical estimates;

• anticipated metals prices and the costs of production;

• the supply and demand for metals the Copper World project produces;

• the supply and availability of groundwater and surface water;

• the supply and availability of all forms of energy, fuels and other consumables at reasonable prices;

• no significant unanticipated operational or technical difficulties;

• the availability of additional financing, if needed;

• the stability of the joint venture partnership with Mitsubishi;

• the ability to complete Copper World project targets on time and on budget;

• the availability of personnel for exploration, development and operational projects and ongoing employee relations;

• the ability to maintain working relations with the local communities, including the neighbouring communities and local governments in Arizona;

• no significant unanticipated challenges with Pima County or other stakeholders at Copper World;

• no significant unanticipated events or changes relating to regulatory, environmental, health and safety matters;

• no contests over title to Hudbay's properties, including as a result of rights or claimed rights of Indigenous peoples or challenges to the validity of its unpatented mining claims;

• the ability to receive the upfront stream deposit of $230 million from Wheaton at the commencement of construction in accordance with the amended and restated precious metals purchase agreement;

• no disputes in respect of agreements that were previously entered into by Augusta Resource Corporation ("Augusta") in respect of the former Rosemont Copper project;

• certain tax matters, including, but not limited to the mining tax regime in Arizona; and

• no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices and foreign exchange rates).

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the mining industry and the current geopolitical environment, including future commodity prices, currency and interest rate fluctuations, water availability, energy and consumable prices, supply chain constraints and general cost escalation in the current inflationary environment, risks related to project delivery and financing; risks and uncertainties related to obtaining the permit amendments required to implement the expansion projects contemplated in the Base Case; risks and uncertainties related to the pre-feasibility study level of the engineering and cost estimates in respect of the expansion projects included in the Base Case; ongoing and potential litigation processes and other legal challenges that could affect the Copper World project (including in respect of any future authorizations or agreements that may be required), risks related to acquiring additional small parcels of land within Copper World's property boundary, risks related to political or social instability and changes in government and government policy, risks related to changes in law, risks in respect of community relations, risks related to contracts that were entered into by Augusta in respect of the former Rosemont Copper project, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, risks related to the timing and implementation of the Concentrate Leach Facility, climate change related risks and uncertainties, as well as the risks discussed elsewhere in the Technical Report, under the heading "Risk Factors" in Hudbay's most recent annual information form and under the heading "Financial Risk Management" in Hudbay's most recent annual management's discussion and analysis.

Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. The Company does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.

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