Hudbay Minerals Inc.

2.2 Terms of Reference

This Technical Report conforms with the 2014 CIM Definition Standards and the requirements of NI 43-101.

Notwithstanding that the Technical Report has an effective date of September 30, 2026, the mineral resource and mineral reserve estimates contained in this Technical Report are estimated as of August 1, 2026.

Additional drilling collected since 2023 has focused on collecting geotechnical information to support engineering studies and condemnation drilling, with also some limited infill drilling of the areas as preparation for pre-stripping activities. The cut-off date for drilling assay results used in the 2023 resource model was March 1, 2023, and remains unchanged for the 2026 Definitive Feasibility Study.

Additional mineralogical studies and metallurgical test work have been conducted since 2023 on material collected at all the deposits included in the scope of this Definitive Feasibility Study to confirm the operating parameters of the flotation processing flow sheet.

The capital costs, sustaining capital costs, and operating costs have been reviewed and updated to reflect the current plan, and are expressed in 2026 dollars.

All illustrations (including Maps and Figures) that have been included in this Technical Report shall be deemed to be dated as of the effective date of this Technical Report and prepared by Hudbay unless expressly stated otherwise.