Hudbay Minerals
Annual Report 2024

Plain-text annual report

2024 Annual Report Built to Grow 2 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT Table of Contents CEO MESSAGE 3 OUR FEATURE STORIES 7 OUR COMPANY 13 Overview 14 Values and Purpose 15 Corporate Governance 16 Board of Directors 17 Business Conduct 19 Risk Management 21 Strategy 23 Management Team 24 BUSINESS AND FINANCIAL REVIEW 25 Overview 26 Key Accomplishments 27 Operations and Financial Summary 28 Business Activities 29 Financials 31 Business Objectives for 2025 32 SUSTAINABILITY APPROACH 33 Sustainability Governance 36 Materiality 40 Stakeholder Engagement 43 United Nations Sustainable Development Goals 46 Human Rights and Security 48 Tailings Stewardship 50 Responsible Supply Chain 52 PEOPLE 54 Our Approach 57 Peru 59 Manitoba 62 British Columbia 64 Arizona and Nevada 66 COMMUNITIES 68 Our Approach 69 Peru 71 Manitoba 73 British Columbia 75 Arizona and Nevada 78 PLANET 80 Our Approach 82 Peru 85 Manitoba 88 British Columbia 91 Arizona and Nevada 94 SUSTAINABILITY PERFORMANCE 96 Basis of Reporting 97 Key Performance Data  98 2024 Targets and Achievements 121 2025 Targets 122 GRI and SASB Content Index 123 ABOUT THIS REPORT 143 Contact Us 147 Glossary 148 Our Annual Report Welcome to Hudbay’s 2024 Annual Report. Most recently, it has been called our Integrated Annual Report and, before that, our Annual Sustainability Report. It continues to capture our strategic priorities and direction, offers annual financial and sustainability performance (aligned with recognized global reporting standards), and provides insights and feature stories about Hudbay’s priorities, activities and operations. Bird’s eye view of the Copper Mountain mine. Cover and inside front photographs taken by Alexandre Gilbert, Haul Truck Driver at Copper Mountain mine, British Columbia; used with permission. 3 Hudbay 2024 Annual Report OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT CEO MESSAGE Built to Grow In 2027, Hudbay will begin our second century as a mining company, and we are Built to Grow. Our mines, projects and properties provide an outstanding foundation for lasting growth that will make us a better investment, a better partner, a better employer, a better neighbour and a better choice for stakeholders. A Year of Achievements 2024 was a year of notable achievements for Hudbay across all our operations, projects and corporate activities. These achievements, built on work we accomplished in 2023 and on the solid foundation we have assembled in recent years, demonstrate the growing strength of our operating portfolio and the remarkable potential of our project pipeline. In 2024, Hudbay met – and in many cases outperformed – our consolidated production and cost goals. We also achieved significant permitting milestones that will help to extend the life of our existing operations while helping to open the way to developing new mines. Additionally, we fortified our balance sheet, reducing debt and improving our free cash flow while maintaining strict cost discipline and creating value for our shareholders. Hudbay’s strong performance and prudent fiscal management have helped to expand our universe of investors and contributed to the exceptional response to our equity offering in May. During the year, we built on the strengths that define what we call the Hudbay way. In Peru, Manitoba, British Columbia, Arizona and Nevada, we continued to focus on building rewarding, positive relationships with communities near our operations and projects. Our results and commitment to dialogue and transparency showed how a well-run, well-managed mine can be a source of lasting value for all Hudbay stakeholders. At all our operations, we took steps that align with our commitment to the environment and the overall reduction of emissions. At the same time, we are also working to meet or advance our other environmental and social commitments. Across our company, we moved to acknowledge our people, strengthen our culture, and help to develop a new generation of leaders who will guide Hudbay as it enters a period of lasting growth and expansion. Peter Kukielski, President and Chief Executive Officer 4 Hudbay 2024 Annual Report OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT CEO MESSAGE Peru Throughout 2024, Constancia continued demonstrating why it is a cornerstone of Hudbay’s current and long-term success. Production at the mine, still the lowest-cost open pit copper mine in South America, was within our guidance for the year. In September, in line with our mine plan, we completed a stripping program at Pampacancha, which allowed us to deliver higher copper and gold grades to the Constancia mill in the fourth quarter. Another key event that could benefit Hudbay significantly was a regulatory change approved by the Peruvian government that allows mining companies to increase mill throughput by up to 10% above previously permitted levels. As a result, we are now evaluating opportunities to further increase mill throughput as early as 2026 to partially offset the grade decline after Pampacancha is depleted in late 2025. This work is underway, including trials on pebble rejection and engineering on pebble crushers, all aimed at increasing production at the mill in the near term. As the Pampacancha satellite deposit nears the end of its productive life, Hudbay is advancing the drill permitting process for the Maria Reyna and Caballito exploration properties, which both received approval for their environmental impact assessment applications in 2024. Our focus on expanding operations aligns with our March 2024 announcement that Constancia’s expected mine life had been extended by three years to 2041. Manitoba This was a strong year for the entire company, but it was a truly remarkable year for the Manitoba Business Unit (MBU), which delivered significant and, in some cases, record-breaking achievements across several fronts. In the first quarter of the year, we received approval from the Manitoba Environment and Climate Change Ministry to increase the maximum production rate of the New Britannia mill above its nameplate capacity to 2,500 tonnes per day. The approval aligned with our long-term objective to increase gold production from Snow Lake and coincided with a year of record-breaking quarterly performances from New Britannia. In line with this exceptional performance, in December 2024, the MBU reported that it had recovered one million gold ounces from Lalor, a landmark achievement in a year in which we also exceeded the top end of our guidance for gold production of 200,000 ounces. During the year at Snow Lake, the MBU embarked on the most extensive exploration and geophysical assessment program in Hudbay’s history. Exploration teams conducted electromagnetic surface surveys over a 25-square-kilometre area and initiated a drilling program to test our recently acquired Cook Lake claims and the former Rockcliff properties as well as areas for mine life extension around Lalor. In Flin Flon, we moved forward with studies on reprocessing tailings, which we expect will allow us to recover critical minerals and precious metals while delivering environmental and social benefits for the region. Additionally, we advanced plans with Marubeni Corporation of Japan to test priority targets in Flin Flon under our exploration partnership. Building strong relationships with Indigenous communities is a longstanding priority for the MBU. In 2024, several community-of-interest meetings were held with Indigenous communities to discuss future exploration and geophysical programs within their traditional territories. Over the course of the year, the MBU has received letters of support for geophysical programs, and positive progress is being made in negotiating exploration agreements. In February 2025, we signed our first exploration agreement with the Kiciwapa Cree Nation, affirming our commitment to consultation and meaningful collaboration. The MBU also realized several key environmental objectives, and by year-end, it achieved an 11% reduction in propane use and a 4% reduction in diesel consumption compared to 2023. British Columbia In 2024, frequently drawing on lessons learned at Constancia, we advanced our stabilization plan at Copper Mountain, which will allow us to shift our focus towards mine optimization in the year ahead. This effort will require adding personnel, making additional capital investments and expanding our operational footprint – all essential steps in meeting our ultimate goal of achieving the permitted capacity of 50,000 tonnes of ore per day through our mill. Over the year, we have hired more than 100 new employees, most of whom will work on mining and processing-related activities. We expect to hire a similar number in 2025. Our investments in upgrading infrastructure, including expanding our vehicle fleet and switching our third ball mill to a SAG (semi- autogenous grinding) mill, are expected to contribute to steady improvements in production and recoveries. At the same time, we are also seeing the cost of production steadily decrease. Our focus on lasting growth includes moving forward with a permit amendment application that will allow us to recommence mining the existing Ingerbelle pit just west of the Copper Mountain main pit (referred to as “New Ingerbelle”). We are engaging and consulting with First Nations near our operations, which includes negotiating amended Participation Agreements. Restarting mining activities at New Ingerbelle will, we believe, deliver long-term economic and social benefits to local First Nations bands, communities and other stakeholders. Another key step for our Copper Mountain plan was the appointment of John Ritter as head of our British Columbia Business Unit in January 2024. John brings more than 30 years of mining experience to his role and is ideally suited to oversee our optimization plan to bring Copper Mountain in line with Hudbay’s other operations in terms of cost, reliability and performance. In December, we added to the depth and experience of our senior team at Copper Mountain with the appointment of Sebastien Fortin to the position of General Manager. 5 Hudbay 2024 Annual Report OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT CEO MESSAGE Planning for the future at Copper World, Arizona. Arizona and Nevada In 2024, Hudbay made progress in permitting our Copper World project in Arizona and establishing good relations with stakeholders in the vicinity of our projects in Arizona and Nevada. In August, we received the Aquifer Protection Permit (APP) for Copper World and on January 2, 2025, we received the Air Quality Permit (AQP). Along with the Mined Land Reclamation Plan (MLRP) approval issued in 2021, Hudbay now has all three permits required for the development and operation of Copper World. The APP and AQP were both issued by the Arizona Department of Environmental Quality. Both permits were received after robust public review and comment processes. It is gratifying to note that, of the thousands of comments received during the AQP public review, approximately 70% were positive. During the permitting process for the APP and AQP, Hudbay made it a priority to engage with all stakeholders by connecting with the public and providing the facts about the project. (See our feature story Building on a Foundation of Trust at Copper World.) We believe that Hudbay now has the best fully permitted development project in the Americas. We are also confident that, as people better understand the project and the benefits it will bring to Arizona, public support will continue to grow. With all three permits in hand, we have completed one of the three steps required under our three prerequisites, or 3-P plan, for sanctioning the development of the project. The prerequisites are: 1. permits, now complete; 2. the completion of a definitive feasibility study with an internal rate of return of greater than 15%; and 3. a prudent financing strategy, including a committed minority joint venture partner and maintaining a strong balance sheet. In 2025, we plan to advance the required feasibility studies and select a minority joint venture partner, with a view towards a sanctioning decision in 2026. When Copper World comes on stream, it will be one of the most significant copper producers in the United States and will play a critical role in the country’s supply chain. As part of our long-term strategic plan for the project, in 2024 we made a number of key appointments to strengthen our Arizona team. Warren Flannery, who had been our Vice President of Business Planning and Reclamation, was named Vice President of Copper World, and Robert Comer was appointed as Executive Director, External Affairs & Legal. Most recently, in February 2025, we added Kim Hackney as Project Director for Copper World. Warren will work with Javier Del Rio, Senior Vice President, US Business Unit, on leading the Copper World project through feasibility, construction and operation. Hudbay’s Mason project in Nevada is another high-potential copper asset. In 2024, we continued our engagement efforts by establishing positive relationships with local government and Native American tribes near the project. 6 Hudbay 2024 Annual Report OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT CEO MESSAGE A Transformed Balance Sheet In a capital-intensive sector like mining, a strong balance sheet (see our feature story Building a Stronger Balance Sheet) is essential to facilitating performance and growth and delivering attractive returns to our investors. Hudbay has always prided itself on being a low-cost operator. Still, in recent years, we have intensified our efforts to control costs, reduce debt and increase the free cash generated by our operations. Hudbay currently enjoys an expanded base of operating mines, a proven track record for financial discipline and consistently strong operating results, and we offer unique copper and gold diversification in Peru and North America. Our exposure to higher copper and gold prices during the year helped to generate significant free cash flow, which, in turn, has helped to raise interest among investors. That interest was powerfully demonstrated in May 2024 when we raised $386 million (net) through a successful equity offering. The proceeds were used to further deleverage our balance sheet and to accelerate copper growth. The equity offering attracted several new shareholders and further improved our trading liquidity, and we ended the year as one of the best performing copper equities in our peer group. 1 Net debt and net debt to adjusted EBITDA ratio are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the “Non-GAAP Financial Performance Measures” section in the Company’s management’s discussion and analysis for the period ended December 31, 2024. On August 30, we made our final payment under the gold prepayment facility that was used to fund the New Britannia mill refurbishment. Retiring this debt increased our exposure to higher gold production in Snow Lake and contributed to generating more free cash flow, especially in a higher gold price environment. By the end of 2024, after six consecutive quarters of lowering debt and generating significant free cash flow, we had reduced our net debt1 by more than $500 million and had a net debt to adjusted EBITDA ratio1 of 0.6x, successfully achieving one of the self-imposed criteria we had set for sanctioning Copper World. Building on Sustainability Five years from now, Hudbay expects to have at least four operating mines – three in North America and one in Peru. Inevitably, as our operations expand, so will our environmental footprint. Yet, we remain committed to minimizing that footprint. With respect to climate risks, our ESG Steering Committee, a subset of our senior management team tasked with providing a deeper level of oversight and planning for sustainability matters, conducted a thorough analysis of our GHG reduction efforts. In January 2025, the committee introduced a new approach to GHG reduction targets that focuses on site-specific targets and better reflects the diversified nature of our business. This aligns with our strategy, allows us to better track our results and is intended to provide greater transparency for stakeholders. Our sustainability strategies and achievements are detailed in the Planet section of this report, but some notable highlights include: • For the sixth year in a row, our Peru Business Unit received level AAA ratings on all three protocol indicators set out in the TSM Biodiversity Conservation Management Protocol and the IFC Ecosystem Services Performance Standard. • Increased use of battery electric vehicles over diesel vehicles at our Lalor mine, which reduced emissions and contributed to a reduction in operating costs of up to 75%. • Switched primarily to renewable diesel for fuelling haul trucks at Copper Mountain (see our feature story Renewable Diesel “Early Mover” Approach at Copper Mountain Helps Hudbay Pursue Emissions Reduction Goals). Our commitment to sustainability also extends to our workplaces and our various impacts on local populations. Everywhere Hudbay operates, we contribute to local economies as an employer and a customer. At our mines, we also provide training that gives people valuable, portable skills that open doors to opportunity. We are also committed to the principles of diversity and inclusion across the business and strive to make sure that those principles are embedded in our culture and embodied in our workforce. Looking Forward I’ve been in mining long enough to be cautious about predictions; then, I consider our outstanding portfolio of operating mines and high-potential projects. I look at our strengthened financial position, our record as a sustainable, low-cost operator, the ongoing role of gold as a store of value and the growing demand for copper as an essential metal in the transition to renewable energy. Keeping all this in mind, I am confident that Hudbay is embarking on a time of transformative growth. To meet the challenges of this opportunity, we must continue to build on the foundational pillars of our company – safe, dependable mines in Tier 1 mining jurisdictions, a prudent approach to progressive growth in producing both copper and gold and seeking out partners who can work with us on capital-intensive projects, and a razor-sharp focus on efficiency and cost. As Hudbay enters a period that we expect to be characterized by strong performance and equally strong returns, I want to thank the people who made it happen. I want to thank our investors, whose faith and confidence have allowed us to overcome obstacles and pursue opportunities; our leadership team, whose imagination and mining know-how are helping to write an exciting chapter in Hudbay’s ongoing story; and Hudbay’s employees, across North and South America – their commitment and effort make our success possible. Sincerely, Peter Kukielski President and Chief Executive Officer 7 Hudbay 2024 Annual Report CEO MESSAGE OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR FEATURE STORIES 7 Hudbay 2024 Annual Report F E AT U R E S T O R Y Building on a Foundation of Trust at Copper World A R I Z O N A In the popular imagination, mines and mining projects are typically situated in remote, lonely locations. Hudbay’s Copper World is just an hour’s drive from Tucson, Arizona’s second-largest city, with a population of more than half a million. Everywhere Hudbay operates, we recognize that building strong relationships with local communities and thoroughly explaining the challenges and benefits of a well-managed, modern mining operation are essential. In 2024, Hudbay developed a comprehensive communications and messaging strategy for effectively telling our story to the citizens of Tucson and a broader range of people throughout Arizona, who will be impacted, directly or indirectly, by the development of the Copper World mine. The initial phase of the Copper World project is located entirely on private land owned by Hudbay and requires only state and local permits to advance. The proposed mine is expected to produce 85,000 tonnes of copper per year over a 20-year mine life, while contributing over $850 million in US taxes and creating more than 400 direct jobs and 3,000 indirect jobs in Arizona. In 2021, Copper World received approval for its Mined Land Reclamation Plan from the Arizona State Mine Inspector. In August 2024, after a robust public process, it received the Aquifer Protection Permit from the Arizona Department of Environmental Quality (ADEQ). A billboard in Arizona is part of Hudbay’s campaign to provide people with the facts about Copper World. 8 Hudbay 2024 Annual Report CEO MESSAGE OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR FEATURE STORIES An ad supporting Copper World greets travellers at Tucson International Airport. In 2024, Copper World participated in the Air Quality Permit review process by the ADEQ. A public comment period, from July 2024 to September 2024, was a key part of the process. During that period, over 2,200 positive comments in support of Copper World were received by the ADEQ. Much of this public support was driven by a comprehensive education, engagement and communications campaign, managed by Hudbay’s US Business Unit, that included: • a dedicated Copper World website; • targeted social media and email messaging; • digital advertising (including YouTube and streaming ads); • airport advertising; • local market television advertising; and • advertising through the Arizona Daily Star, in print and online. Mining Matters Arizona is a website operated by a coalition of mining and business supporters. It is dedicated to highlighting the importance of a dependable domestic mineral supply for the United States and the contribution that responsible mining makes to Arizona’s prosperity. The website featured an online tool that simplified the commentary submission process for residents, and ultimately 2,231 positive comments were received by the ADEQ. QR codes featured on airport posters, online advertising and ads in the Arizona Daily Star connected users to the dedicated Copper World Arizona website, managed by Hudbay. On the site, users could find extensive background information on the project and the proposed mine, as well as a robust FAQ section. Site users could also send comments or questions directly to Hudbay and sign up for an email list that provides updates on the project. Along with the successful permitting process, in September 2024, Hudbay received further indications of the success of our communications efforts and the growing support for Copper World. In the third annual survey commissioned by the Tucson Metro Chamber of Commerce, the Arizona Mining Association and the University of Arizona School of Mining and Mineral Resources, over 72% of Southern Arizona voters supported copper mining and 53% of voters supported the Copper World project, after being given a detailed description of the proposed mine. On January 2, 2025, Hudbay received the Air Quality Permit from the ADEQ, the final key permit required for the Copper World project. 9 Hudbay 2024 Annual Report CEO MESSAGE OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR FEATURE STORIES Statistics Canada shows over 20% of Canada’s working-age population is between 55 and 64. Those statistics are not replicated at Hudbay, which has projects and operations across two continents. Still, they made the Company mindful of the importance of succession planning and fostering a culture that supports the transfer of values, knowledge and experience while providing the next generation of leaders with opportunities to learn and grow. In 2027, Hudbay will celebrate more than 100 years in business. That record for longevity shows that we know what it takes to build and maintain an organization that can remain relevant, competitive and successful for generations. Our hundredth anniversary comes as Hudbay enters a period with extraordinary potential for sustainable growth and profitability. In recent years, we have focused more on purpose, culture, succession planning, skills and leadership development to ensure we realize that potential. In 2023, Hudbay introduced our new purpose statement. Creation of the statement, which captures the approach and values that have guided us for close to a century, was instigated by work our South American Business Unit did to define their purpose. It drew on input from across the company and will guide us into our next century. Also, in 2023, we launched our two-year culture plan, culminating in 2024. Based in part on our 2021 employee engagement survey findings, the plan’s goal was to foster a culture aligned with our purpose, values and business strategy, and defined by five attributes: collaborative, agile, accountable, connected and performance driven. 9 Hudbay 2024 Annual Report F E AT U R E S T O R Y Building on Experience C O R P O R AT E A meeting at the Copper World project in Arizona. 10 Hudbay 2024 Annual Report CEO MESSAGE OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR FEATURE STORIES Tomorrow’s leaders building their problem-solving skills at ONETeam training in Arizona. Featuring a mix of company-wide and specific local business unit initiatives, our culture plan focused on: • expanding and supporting employee resource groups; • furthering our commitment to diversity, equity and inclusion; • improving internal communications across the company; • providing resources for self-directed individual development; and • implementing programs for identifying, training and developing high-potential employees. Talent development is integral to achieving another human resources priority at Hudbay – succession planning. With the long-life growth potential offered by Copper World and through exploration initiatives in Manitoba and Peru, Hudbay is entering a period characterized by remarkable possibilities. At the same time, we recognize that some of our senior leaders will be retiring over that time. So, we are consciously creating opportunities for those leaders to share their insights and experience – particularly when building relationships and managing people – with the next generation of leaders. And, just as we would with copper and gold resources, we need to create a talent pipeline that reflects our increasingly diverse workforce while ensuring we have robust individual development plans in place to move people up within that pipeline to assume senior-level roles and responsibilities. Two programs, ONEImpact and ONETeam, are essential in our talent and leadership development approach. ONEImpact is a two-year leadership development program for a cohort of high-performing, high-potential leaders from across the company. Throughout the program, participants are provided coaching and training that includes engaging discussions with senior executives, various leadership courses, and 360-degree reviews that identify strengths and opportunities. In the second year, participants develop a two-year strategic plan related to their function at their business unit, which they present to both their manager and their manager once removed. It is an opportunity for invaluable feedback and guidance and to make a significant contribution to their business unit. ONETeam was initially developed by the Manitoba Business Unit to support their team of supervisors in developing the invaluable “soft skills” – such as communication, creativity, teamwork and conflict resolution – that define a successful leader. Based on its success and impact in Manitoba, ONETeam has now been adopted as a company-wide leadership program and rolled out in British Columbia and Arizona. 11 Hudbay 2024 Annual Report CEO MESSAGE OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR FEATURE STORIES 11 Hudbay 2024 Annual Report F E AT U R E S T O R Y Building a Stronger Balance Sheet C O R P O R AT E In 2024, Hudbay substantially reduced net debt1 by $512 million, a 50% reduction. We permanently retired $245 million of combined debt repayments and gold prepayment liability reductions, and we delivered six successive quarters of free cash flow, which helped inspire investor confidence. 1 Net debt is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the “Non-GAAP Financial Performance Measures” section in the Company’s management’s discussion and analysis for the period ended December 31, 2024. Investors demonstrated this confidence in their response to our May 2024 bought deal equity offer, which was oversubscribed and raised gross proceeds of $402.5 million and net proceeds of $386.2 million. The proceeds, together with approximately $350 million in free cash flow generation from our operations in 2024, allowed us to significantly reduce our net debt1. The cumulative impact of our financial focus has been to transform the balance sheet from one of the highest leveraged to the lowest in our peer group. The transformation was driven by a series of decisions taken by Hudbay over the years to focus on enhancing the operating platform, deliver strong free cash flows and deleverage our balance sheet, while still actively pursuing growth and creating value for all the Company’s stakeholders. Hudbay’s decision to remain primarily focused on copper, an essential metal for a world working towards decarbonization and increased electrification, with complementary exposure to gold, a recognized store of enduring value in uncertain times, continues to attract investors. Beyond that, what sets Hudbay apart is our track record as a low-cost producer and our portfolio of strong-performing mines and high-potential projects. Still, even with that foundation, we made the strategic choice to pursue measures that would further strengthen our balance sheet. View of Copper Mountain mine administration building/truck shop from progressive reclamation area. 12 Hudbay 2024 Annual Report CEO MESSAGE OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR FEATURE STORIES Overlooking the Copper Mountain mine in British Columbia. However, focusing on prudent financial management does not mean missing opportunities. In 2023, when we saw the chance to acquire Copper Mountain – an undervalued, under-resourced asset – we moved on it. The acquisition expanded Hudbay’s operating portfolio, which, from an investor perspective, helped diversify and mitigate risk. Following the acquisition, we have invested in people and stabilization initiatives at the mine so that it can reach its potential for productivity and profitability. We believe that Hudbay’s next great opportunity for growth will be the development of our Copper World project in Arizona, and we are advancing that plan with a disciplined financial approach. In October 2022, Hudbay introduced its three prerequisites plan (3-P), which set out specific targets that had to be met before the company would move forward in development. These included Permits (all three have now been received), Plan (which is on track as we move forward on a definitive feasibility study [DFS] that can establish an internal rate of return of more than 15%) and Prudent Financing Strategy. Since releasing the 3-P plan, Hudbay has significantly reshaped and strengthened its balance sheet. Over the course of 2024, we generated $823 million in adjusted EBITDA1 and reduced our net debt1 by $512 million, which helped to improve our net debt to adjusted EBITDA ratio1 to 0.6x. Simply stated, we were able to significantly advance toward achieving the prudent financing goals set out in our 3-P strategy. 1 Adjusted EBITDA, net debt and net debt to adjusted EBITDA ratio are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the “Non-GAAP Financial Performance Measures” section in the Company’s management’s discussion and analysis for the period ended December 31, 2024. With permits in hand and a significantly deleveraged balance sheet, we can start the process of finding the right minority joint venture partner for the project, which remains an important part of our Prudent Financing Strategy. Given the outstanding potential of Copper World (one of the highest-grade undeveloped and fully permitted copper projects in the Americas), Hudbay’s strong financial performance, and our history of successfully developing and operating low-cost mines in the Americas, we believe Hudbay is a very attractive partner. We anticipate strong interest from firms that would like to work with us and to participate in the funding of DFS activities and the further development of Copper World. Hudbay has done the work – exercising cost discipline, making smart acquisitions and building a better balance sheet. We are now well positioned to move forward on Copper World while further enhancing our operations at Copper Mountain and Constancia, pursuing exploration opportunities in Manitoba and Peru, and continuing to generate strong returns for our investors. CEO MESSAGE OUR FEATURE STORIES BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR COMPANY 13 Hudbay 2024 Annual Report Our Company Hudbay is a copper-focused critical minerals company with three long-life operations and a pipeline of copper growth projects in Tier 1 mining jurisdictions (Canada, Peru and the United States). Hudbay’s operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Hudbay’s growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru), and several expansion and exploration opportunities near our existing operations. IN THIS SECTION Overview 14 Values and Purpose 15 Corporate Governance 16 Board of Directors 17 Business Conduct 19 Risk Management 21 Strategy 23 Management Team 24 14 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR COMPANY Values and Purpose Corporate Governance Board of Directors Business Conduct Risk Management Strategy Management Team Overview The value Hudbay creates and the impact it has is embodied in its purpose statement: “We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities.” Hudbay’s mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations. The Company is governed by the Canada Business Corporations Act, and its shares are listed under the symbol “HBM” on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima. Peru Constancia mine (Chumbivilcas) – 17-year mine life • 100% ownership • Open pit long-life copper/molybdenum mine • 90,000-tonnes-per-day (tpd) concentrator processes Constancia and Pampacancha ore • Annual average copper (Cu) and gold (Au) production of 88,000 tonnes and 31,000 ounces, respectively,1 which includes continued higher copper and gold grades from Pampacancha into the fourth quarter of 2025 • Operating the higher-grade copper/gold satellite open pit Pampacancha mine from 2021 until the end of 2025 Exploration properties near Constancia • Maria Reyna • Caballito • Kusiorcco Llaguen (Otuzco) – development project • 100% ownership • Open pit copper project 1 Annual average over the 2025–2027 period using the midpoint of three-year annual guidance for Peru dated March 27, 2025. 2 Annual average over the 2025–2027 period using the midpoint of three-year annual guidance for Manitoba dated March 27, 2025. 3 Annual average over the 2025–2027 period using the midpoint of three-year annual guidance for British Columbia dated March 27, 2025. 4 Based on Phase I of the Copper World mine plan, as contemplated in the PFS dated September 8, 2023. Manitoba, Canada Snow Lake – 13-year mine life • 100% ownership • Lalor is an underground gold/zinc/silver/ copper mine • 1901 is an underground zinc/gold deposit • New Britannia mill processes gold-rich ore and Stall concentrator processes base metal ore • Annual average Au production of more than 193,000 ounces2 Exploration properties • WIM • New Britannia • Talbot • Pen II • Watts British Columbia, Canada Copper Mountain – 19-year mine life • Acquired by Hudbay in 2023 • 100% ownership • Open pit copper/gold/silver mine • Targeted 50,000 tpd mill throughput • Annual average Cu and Au production of 44,000 tonnes and 28,600 ounces, respectively3 United States Copper World (Arizona) – 20-year mine life4 • 100% ownership • Open pit copper project • Expected annual average Cu production of 85,000 tonnes over the mine life of Phase I4 • Phase I with a 20-year mine life, requiring only state and local permits • Phase II has the potential to further extend the mine life with an expansion onto federal land Mason (Nevada) – 27-year mine life • 100% ownership • Open pit copper project Other Properties • Tailings reprocessing projects in Flin Flon, Manitoba • Flin Flon exploration projects in partnership with Marubeni • Greenfield exploration properties in Canada, Peru, the United States and Chile MANITOBA Lalor 1901, WIM, 3 Zone Exploration ARIZONA Copper World Exploration PERU Constancia Pampacancha Exploration NEVADA Mason Exploration BRITISH COLUMBIA Copper Mountain CHILE Exploration Operations Development Exploration 15 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR COMPANY Overview Corporate Governance Board of Directors Business Conduct Risk Management Strategy Management Team Values and Purpose Values and Purpose We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities. WE TRANSFORM LIVES We invest in our employees, their families and local communities through long-term employment, local procurement and economic development to improve their quality of life and ensure the communities benefit from our presence. WE OPERATE RESPONSIBLY From exploration to closure, we operate safely and responsibly, we welcome innovation and we strive to minimize our environmental footprint while following leading operating practices in all facets of mining. WE PROVIDE CRITICAL METALS We produce copper and other metals needed for everyday products and essential for applications to support the energy transition towards a more sustainable future. Mission To create sustainable value and strong returns by leveraging our core strengths in community relations, focused exploration, mine development and efficient operations. Values Dignity and Respect We treat our stakeholders and each other in ways that bring out the very best in each of us. Caring We sustain and contribute to the well-being of people and the environment in which we operate. Openness We speak freely and listen with care about opportunities, issues and concerns. Trustworthiness We can count on each other to do the right thing, and we follow through on our commitments. 16 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR COMPANY Overview Values and Purpose Board of Directors Business Conduct Risk Management Strategy Management Team Corporate Governance Corporate Governance Hudbay’s purpose, mission and core values serve as guiding principles and support strong governance. Effective leaders, who are committed to transparency, accountability and ethical conduct, shape the Company’s culture and ensure responsible decision-making for long-term success. The Board of Directors at Hudbay is responsible for providing direction and oversight to the Company. Our Corporate Governance Guidelines establish uniform expectations for the functioning of the Board, its committees, individual directors and senior management. This includes upholding the highest standards of ethical conduct and prioritizing the Company’s and shareholders’ best interests. Our Board members possess strong judgment and character, and the knowledge to contribute meaningfully to the Company. As of January 1, 2025, 9 out of 10 Board members were independent, non-executive directors, with Peter Kukielski, Hudbay’s President and CEO, being the sole non‑independent, executive director. The Board actively promotes diversity in gender, viewpoints, backgrounds, experiences and other demographics, including representation of Indigenous peoples, persons with disabilities and members of visible minority groups. As part of the Copper Mountain acquisition in 2023, we added Jeane Hull and Paula Rogers as two new directors, further enhancing the diversity of our Board. Jeane Hull brings over 35 years of operational leadership and engineering experience in mining, and Paula Rogers has 25 years of expertise in corporate governance, treasury, mergers and acquisitions, financial reporting and tax within Canadian-based international public companies. As of January 1, 2025, 40% of our directors were women and 20% of our other directors identified as a member of an Indigenous group or as a visible minority. The Board has five standing committees – Audit; Compensation and Human Resources; Corporate Governance and Nominating; Environmental, Health, Safety and Sustainability; and Technical – to assist the Board in fulfilling its duties. Hudbay earned an “A” overall ESG rating in MSCI’s latest annual ESG Ranking, and our corporate governance ranked in the top 20% of all assessed companies. The “A” rating places Hudbay in MSCI’s “Leaders” category, recognizing industry-leading management of significant ESG risks and opportunities. Additionally, Hudbay received an Industry Top-Rated Badge from Sustainalytics. This signifies that we are within the top 10% of companies with the lowest ESG risk scores in their defined peer group. To learn more, see our MANAGEMENT INFORMATION CIRCULAR. Corporate office employees at Hudbay’s Toronto headquarters. 17 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR COMPANY Overview Values and Purpose Corporate Governance Business Conduct Risk Management Strategy Management Team Board of Directors Board of Directors As of January 1, 2025, the following members were elected to Hudbay’s Board of Directors: Learn more: BOARD OF DIREC TORS’ BIOGR APHIES GOVERNANCE POLICIES, STANDARDS, GUIDELINES AND COMMIT TEE CHARTERS MANAGEMENT INFORMATION CIRCUL AR David Smith Chair Carol T. Banducci Director Igor Gonzales Director Jeane L. Hull Director Carin S. Knickel Director Director Since 2019 2017 2013 2023 2015 Independent Yes Yes Yes Yes Yes Gender (M/F) M F M F F Peter Kukielski President and CEO George Lafond Director Stephen A. Lang Director Colin Osborne Director Paula C. Rogers Director Director Since 2019 2022 2019 2018 2023 Independent No Yes Yes Yes Yes Gender (M/F) M M M M F 18 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR COMPANY Overview Values and Purpose Corporate Governance Business Conduct Risk Management Strategy Management Team Board of Directors When assessing director nominees, we consider relevant skills and expertise, judgment and character, diversity, and the extent to which the interplay of an individual’s expertise, skills, knowledge and experience with that of other members of the Board will build a board that is effective, diverse, collegial and responsive to the needs of the Company. For a more detailed matrix, see our Management Information Circular.   Indicates a high degree of experience or expertise in the subject area.   Indicates a reasonable degree of knowledge or some experience in the subject area. Board Representation Smith Banducci Gonzales Hull Knickel Kukielski Lafond Lang Osborne Rogers Audit Committee Member Member Chair Compensation and Human Resources Committee Member Member Chair Corporate Governance and Nominating Committee Chair Member Member Environmental, Health, Safety and Sustainability Committee Member Chair Member Member Technical Committee Member Chair Member Category Skill/Experience Smith Banducci Gonzales Hull Knickel Kukielski Lafond Lang Osborne Rogers Leadership Public Company CEO Functional Experience Business Strategy, Capital Markets and M&A Finance and Financial Reporting Health, Safety, Environment and Operations Government Relations and Regulatory Affairs Communities and Sustainability Project Development and Execution Core Industry Mine Planning, Metallurgy and Geology Mining Industry Governance Corporate Governance Human Resources/Executive Compensation Risk Management Other International Business 60% identify as a member of a designated group1 1 Includes women, Indigenous peoples and visible minorities. 70% have a high degree of experience or expertise in ESG2 2 Includes at least one of health, safety, environment and operations, and communities and sustainability. 19 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR COMPANY Overview Values and Purpose Corporate Governance Board of Directors Risk Management Strategy Management Team Business Conduct Business Conduct As we continue to grow, our commitment to maintaining the highest standards of conduct becomes even more critical. These standards, rooted in our core values, are articulated in our Code of Business Conduct and Ethics (the Code), as well as the Supplier Code of Conduct and Ethics. Our Customer Code of Conduct and Ethics establishes similar expectations for all customers engaging with Hudbay. These principles encompass avoiding conflicts of interest, ensuring compliance with legal requirements, safeguarding confidential information, maintaining a safe and healthy workplace, and fostering a culture of respect. Upholding these values is essential to sustaining trust and integrity as our organization evolves. All Board members and employees are required to confirm their commitment to and understanding of our Code of Business Conduct when they join the Company. Directors and executive officers must also disclose any conflicts of interest to the Board. Each year, individuals with a Hudbay email address reaffirm their compliance with the Code, Confidentiality and Insider Trading Policy and Statement on Anti-Corruption. Additionally, they acknowledge their understanding of our Whistleblower Policy, which strictly prohibits discrimination, harassment or retaliation against those reporting conduct that violates our Code or any applicable laws. While employees are free to participate in the political process as private citizens, our Code prohibits political contributions made on behalf of Hudbay. The Company remains committed to non-partisanship, ensuring engagement with all relevant government officials regardless of their political affiliations. Compliance Training Oversight of our global compliance program is provided by our Legal group. This includes adherence to our annual Certification Policy, which requires all new employees to read the Code when hired or appointed and acknowledge that they will abide by the Code. The Certification Policy also requires that all directors, officers and active employees across the organization annually certify their understanding of the Code and acknowledge they will abide by the Code. We regularly conduct training sessions across the organization relating to applicable laws prohibiting bribery to ensure employees, especially those who may interact with government officials and other third parties, understand such laws and know how to comply with them. In early 2024, we completed an online certification campaign in which all active employees were provided copies of the Code and our key compliance policies (including anti-corruption policies) and asked to e-sign the policies to certify their understanding of the policies and their compliance with them. Building on our commitment to compliance and continuous improvement, we updated our Global Supplier Due Diligence Policy in January 2024, based on insights from an internal audit of vendor onboarding procedures in Peru and recommendations from a third-party review. The revisions were implemented to address key findings and align our practices with evolving global standards. Specifically, the updates aim to respond to internal audit findings regarding vendor onboarding in Peru, address OECD requirements related to due diligence and conflict minerals, integrate anti-slavery and responsible sourcing standards, and support our transition to automated due diligence screening tools. A hallway chat at the Copper World office in Arizona. CEO MESSAGE OUR FEATURE STORIES BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR COMPANY Overview Values and Purpose Corporate Governance Board of Directors Risk Management Strategy Management Team Business Conduct On the phone at the Lalor mine in Snow Lake, Manitoba. 20 Hudbay 2024 Annual Report Risks, Issues or Complaints We conduct thorough assessments of bribery and corruption risks relevant to our business units and corporate office. Risks in Peru continue to pose the most significant challenges due to difficulties in monitoring compliance among contractors, agents and potentially employees as the Company grows, coupled with increased enforcement of anti- corruption laws. To mitigate these risks, we conduct targeted training on the Canadian Corruption of Foreign Public Officials Act (CFPOA) and the US Foreign Corrupt Practices Act (FCPA) for specific groups or roles deemed appropriate. This includes anti-corruption compliance training in Peru that addresses jurisdiction-relevant matters. We also have internal controls to pre-emptively detect potential violations and carry out ongoing monitoring of elevated risk vendors. In 2024, there were no reported corruption incidents and no accusations of corruption involving employees, business partners or legal cases. There were 10 incidents reported to our third-party whistleblower service in 2024. Although none of these incidents involved substantial allegations of fraud or breaches of our Code, some claims, most of which were unsubstantiated, concerned behaviour contrary to applicable policies and procedures. Stakeholders can report issues through various channels, including the following: • All projects and operating sites have a grievance process dedicated to addressing community concerns. Further details on community concerns in 2024 are presented in the Communities section of this report. • Shareholders can communicate directly with our Board of Directors by emailing our Board Chair at chair@hudbay.com. The Chair of Hudbay’s Audit Committee oversees confidential reports regarding perceived violations of the Company’s internal and accounting controls, auditing matters, or violations of our Code or Supplier Code of Conduct via our whistleblower hotline. The reports are managed in accordance with our Whistleblower Policy, and the committee chair ensures reports are appropriately investigated. Reports can be submitted by calling +1 877 457-7318 or visiting www.clearviewconnects.com. • Canada’s National Contact Point (NCP) for the Organisation for Economic Co-operation and Development (OECD) serves as a platform for dialogue, aiding businesses, employee organizations and other concerned parties in resolving issues. Canada’s NCP can be reached by email at ncp.pcn@international.gc.ca or by calling +1 343 203-2341. • The independent Canadian Ombudsperson for Responsible Enterprise (CORE) investigates human rights complaints related to Canadian companies operating overseas. More information about CORE’s roles and responsibilities and complaint process is available on its website. 21 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR COMPANY Overview Values and Purpose Corporate Governance Board of Directors Business Conduct Strategy Management Team Risk Management Risk Management Our operations, exploration and other activities are governed by a diverse framework of laws and regulations across multiple jurisdictions. We take a disciplined approach to identifying new and heightened risks, recognizing that these risks can vary significantly depending on the legal, environmental and social contexts of each region. As we continue to grow and adapt, robust risk management is vital to achieving our business objectives and ensuring long-term success. We employ a comprehensive strategy to address complex risks and opportunities, with a particular focus on critical sustainability challenges such as climate change, water stewardship and community relations. By prioritizing effective risk management, we build resilience and accountability in an ever-changing global landscape. Hudbay’s Enterprise Risk Management (ERM) framework provides a unified approach to identifying, analyzing and mitigating existing and emerging strategic risks. This framework is designed to embed effective risk management practices and tools into the organization’s culture, systems and processes. The Board of Directors oversees Hudbay’s risk management by evaluating the Company’s principal risks. The Audit Committee supports this by recommending policies and monitoring systems designed to manage these risks. Each committee is responsible for overseeing specific risks as assigned by the Board or the Audit Committee and reviewing management’s risk management strategies. Hudbay’s executives are responsible for: • Operating within the risk appetite set by the Board; • Integrating risk management into strategic planning, budgeting, resource allocation and operational processes, including human resources, finance and compliance; and • Actively monitoring and addressing key business risks. Risks are assigned to individuals with the relevant expertise and knowledge to ensure effective management and monitoring. Each business unit maintains risk registers, overseen by their respective vice presidents. Risks are consolidated at the company level, with Tier 1 and Tier 2 risks reported to the Board and appropriate oversight committees. Control room of the New Britannia smelter in Manitoba. For detailed information on Hudbay’s long-term and emerging risks and their potential impact on the business, please refer to the “Risk Factors” section of our Annual Information Form. 22 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR COMPANY Overview Values and Purpose Corporate Governance Board of Directors Business Conduct Strategy Management Team Risk Management Precautionary Approach Hudbay is dedicated to applying the precautionary approach throughout the mine lifecycle – a risk management principle that emphasizes preventive measures when an activity may pose potential risks to human health or the environment. We prioritize preventive actions when they are within our capability and when potential harm, though scientifically plausible, remains uncertain. By conducting baseline environmental and social impact assessments, we identify risks and develop action plans to avoid, mitigate or manage potentially significant impacts. This includes implementing appropriate monitoring and management systems, and ensuring responsible land reclamation and mine closure. Stakeholder input is actively sought at every stage. Further details on how Hudbay integrates the precautionary approach into its material sustainability practices can be found throughout this report. Climate Risks We are dedicated to understanding and addressing the short-, medium- and long-term risks associated with climate change for our business and the communities in which we operate. The Board’s Environmental, Health, Safety and Sustainability (EHSS) Committee oversees climate-related risks. Through our ERM process, corporate and site leaders identify, review and manage such risks, with each risk assigned to a designated risk owner. To date, we have reviewed the following climate risks: • Short- and medium-term climate risks – In our most recent survey of locations, we did not identify any significant short- or medium-term climate risks. Limited changes are expected in the medium term, affirming our current climate resilience approach. • Medium-term greenhouse gas (GHG) emissions-related risks – In our latest assessment, we identified medium-term GHG emissions-related risks. These include the cost of carbon, regulatory considerations and product market risks, particularly concerning emissions intensity per unit of product. To mitigate these risks, we have developed a GHG emissions reduction approach that we anticipate will have no adverse impact on our business performance. To mitigate climate risks and deliver on our GHG reduction commitments, the ESG Steering Committee, a group of leadership team members charged with providing a deeper level of planning for sustainability matters, conducted a thorough analysis of our GHG reduction efforts. In January 2025, following this review, the committee approved a new approach that better reflects the diversified nature of our business. This approach considers the differences between underground and open pit mining operations, and the unique demands of various business units in different locations. Moving forward, we are committed to GHG intensity reduction targets for each of our business units that align with their operational context. This will allow us to better track our performance and provide greater transparency for stakeholders. The demand for copper to support the energy transition remains strong, and we are confident that the shift to measuring business unit–specific GHG intensity not only addresses GHG mitigation risks but also positions us favourably in the evolving landscape of sustainability and climate action. The Task Force on Climate-related Financial Disclosures (TCFD) recommendations are voluntary guidelines focused on assessing climate-related risks and opportunities for businesses. Since 2021, we have mapped our disclosures to the TCFD’s 11 disclosure recommendations across four key areas – governance, strategy, risk management, and metrics and targets. Our TCFD disclosures are available on page 42 of this report. Emergency Response and Crisis Management Hudbay has plans and procedures to ensure business continuity during crises or emergencies. The corporate office and each business unit maintain a crisis management and preparedness plan to identify potential crises and develop an appropriate response. The corporate office provides oversight of business unit plans and centrally manages potential enterprise-wide risks such as cyber threats and global pandemics. Crisis management teams conduct regular training and exercises to maintain readiness. Our development, and use, of our crisis management procedures is reflected in our TSM scores. 23 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR COMPANY Overview Values and Purpose Corporate Governance Board of Directors Business Conduct Risk Management Management Team Strategy Strategy Our mission is to create sustainable value and strong returns by leveraging our core strengths in community relations, focused exploration, mine development and efficient operations. We believe that copper is the commodity with the best long-term supply/demand fundamentals and offers shareholders the greatest opportunity for sustained risk-adjusted returns. Copper is essential for achieving energy transition and AI technology needs – it is one of the most heavily utilized metals in renewable energy systems and is a key component for power networks, circuit boards and cooling systems in data processing centres. Through the discovery and successful development of economic mineral deposits, and through highly efficient low-cost operations to extract the metals, we believe sustainable value will be created for all stakeholders. Hudbay’s successful development, ramp-up and operation of the Constancia open pit mine in Peru, our long history of underground mining and full lifecycle experience in northern Manitoba, our track record of reserve expansion through effective exploration, and our organic pipeline of copper development projects, including Copper World and Mason, provide us with a competitive advantage to deliver sustainable value relative to other mining companies of similar scale. Over the past decade, we have built a world-class asset portfolio by executing a consistent long- term growth strategy focused on copper. We continuously work to generate strong free cash flow and optimize the value of our producing assets through exploration, brownfield expansion projects, and efficient and safe operations. Furthermore, we intend to sustainably grow Hudbay through the exploration and development of our robust project pipeline, as well as through the acquisition of other properties that fit our stringent strategic criteria. To ensure that any investment in our existing assets or acquisition of other mineral assets is consistent with our purpose and mission, we have established a number of criteria for evaluating these opportunities. The criteria include the following: • Sustainability – We are focused on jurisdictions that support responsible mining activity. Our current geographic focus is on select investment-grade countries in the Americas, with strong rule of law and respect for human rights, consistent with our longstanding focus on environmental, social and governance (ESG) principles. • Copper Focus – We believe copper is the commodity with the best long-term supply/ demand fundamentals. Global copper mine supply is challenged due to declining industry grades, limited exploration success and an insufficient pipeline of development-ready projects, while demand will continue to increase through global decarbonization initiatives and the rapid growth in AI data processing centres. We believe this long-term supply/demand gap will create opportunities for increased risk-adjusted returns. While our primary focus is on copper, we recognize and value the polymetallic nature of copper deposits and, in particular, the counter-cyclical nature of gold in our portfolio. • Quality – We are focused on investing in long-life, low-cost, expandable, high-quality assets that can capture peak pricing of multiple commodity price cycles and can generate free cash flow through the troughs of price cycles. • Potential – We consider the full spectrum of acquisition and investment opportunities, from early-stage exploration to producing assets, that offer significant incremental potential for exploration, development, expansion and optimization beyond the stated resources and mine plan. • Process – We develop a clear understanding of how an investment or acquisition can create value through our robust due diligence and capital allocation process, which applies our technical, social, operational and project execution expertise. • Operatorship – We believe value is created through leveraging Hudbay’s competitive advantages in safe and efficient operations as well as effective exploration, project development and community relations. While operatorship is a key criterion, we are open to joint ventures and partnerships that de-risk our portfolio and increase risk-adjusted returns. • Capital Allocation – We pursue investments and acquisitions that are accretive to Hudbay on a per share basis. Given that our strategic focus includes allocating capital to assets at various stages of development, when evaluating accretion, we will consider measures such as internal rate of return (IRR), return on invested capital (ROIC), net asset value per share, and the contained reserves and resources per share. 24 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT OUR COMPANY Overview Values and Purpose Corporate Governance Board of Directors Business Conduct Risk Management Strategy Management Team Learn more: MANAGEMENT TEAM BIOGRAPHIES Management Team Hudbay’s proven management team is responsible for executing our strategies and demonstrating our purpose. As of January 1, 2025, the following were members of Hudbay’s management team: Peter Kukielski President and Chief Executive Officer Eugene Lei Chief Financial Officer Andre Lauzon Chief Operating Officer Javier Del Rio Senior Vice President, US Business Unit Patrick Donnelly Senior Vice President, Legal and Organizational Effectiveness Olivier Tavchandjian Senior Vice President, Exploration and Technical Services Candace Brûlé Vice President, Investor Relations, Financial Analysis and External Communications Robert Carter Vice President, Manitoba Business Unit Jon Douglas Vice President and Treasurer Warren Flannery Vice President, Copper World Mark Gupta Vice President, Corporate Development Thomas Karanikolas Vice President, Finance John Ritter Vice President, British Columbia Business Unit Luis Santivañez Vice President, South America Business Unit Matt Taylor Vice President, Metallurgy and Business Planning CEO MESSAGE OUR FEATURE STORIES OUR COMPANY SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT BUSINESS AND FINANCIAL REVIEW Business and Financial Review 25 Hudbay 2024 Annual Report Hudbay delivered record financial performance and a transformed balance sheet in 2024. These achievements were driven by meeting our consolidated production guidance for all metals – with gold production significantly surpassing the top end of the guidance range – and the outperformance of our twice-improved consolidated cash cost guidance. IN THIS SECTION Overview 26 Key Accomplishments 27 Operations and Financial Summary 28 Business Activities 29 Financials 31 Business Objectives for 2025 32 CEO MESSAGE OUR FEATURE STORIES OUR COMPANY SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT BUSINESS AND FINANCIAL REVIEW Key Accomplishments Operations and Financial Summary Business Activities Financials Business Objectives for 2025 Overview A view from inside the pit at Constancia. 26 Hudbay 2024 Annual Report Hudbay delivered strong free cash flow generation and significant deleveraging efforts, and our successful equity offering in May contributed to reducing our net debt1 by $512 million in 2024 while helping to transform our balance sheet so that Hudbay’s balance sheet now occupies the lowest leverage position among our peers. Consequently, we are excellently positioned to unlock significant near-term and long-term value for our stakeholders by reinvesting in our portfolio of high-return growth projects. Our near-term brownfield growth projects include mill improvement projects in British Columbia and Peru, which we expect to increase mill throughput levels starting in 2026. Copper World, our Arizona project, is now fully permitted, and we are looking forward to prudently moving this high-quality copper development project forward to a construction- sanctioning decision in 2026. Once in production, we expect Copper World to increase our consolidated copper production by more than 50% from current levels. 1 Net debt is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the “Non-GAAP Financial Performance Measures” section in the Company’s management’s discussion and analysis for the period ended December 31, 2024. 27 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT BUSINESS AND FINANCIAL REVIEW Overview Operations and Financial Summary Business Activities Financials Business Objectives for 2025 Key Accomplishments Key Accomplishments 1 Adjusted EBITDA is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the “Non-GAAP Financial Performance Measures” section in the Company’s management’s discussion and analysis for the period ended December 31, 2024. • Achieved record annual revenue of $2,021.2 million and record annual adjusted EBITDA1 of $822.5 million. • Enhanced operating platform achieved 2024 consolidated production guidance for all metals, with record gold production exceeding the top end of the 2024 guidance range. Full-year consolidated copper production of 137,943 tonnes, gold production of 332,240 ounces and silver production of 3,983,851 ounces increased by 5%, 7% and 11%, respectively, compared to full-year 2023. • Received all major permits required for the development and operation of Copper World with the receipt of the Air Quality Permit in January 2025 and the Aquifer Protection Permit in August 2024. Copper World is now the highest grade, and lowest capital intensity, fully permitted copper project in the Americas. • Successfully completed the planned stripping program at Pampacancha in September to unlock significantly higher copper and gold grades in the fourth quarter of 2024, which, together with maintaining strong operating performance at Constancia, generated meaningful free cash flow in Peru. • At the end of 2024, Hudbay surpassed a total of one million ounces of gold produced at the Lalor mine in Snow Lake, Manitoba. In 2024, the Snow Lake operations achieved record annual gold production, exceeding the top end of the gold production guidance range, with 214,225 ounces produced. • The New Britannia mill achieved record throughput levels of approximately 2,000 tonnes per day in 2024, exceeding its original design capacity of 1,500 tonnes per day and its 2024 budgeted capacity of 1,800 tonnes per day. After three years of operations, a post-project review of the New Britannia refurbishment investment has increased the unlevered internal rate of return to 36% from 19% at project sanction in 2020. • Implemented post-acquisition plans to stabilize the Copper Mountain operations through mining fleet ramp-up activities and increased mill reliability and performance. Efforts are now focused on optimizing the operations in 2025 and 2026. • Advanced drill permitting for the highly prospective Maria Reyna and Caballito properties near Constancia through the multi-step regulatory process. • Large 2024 exploration program in Snow Lake continued testing targets near Lalor and regional satellite properties throughout the winter months. 2025 exploration plans include a large geophysics program and follow-up drilling at Lalor Northwest, along with the testing of a deep geophysical target at the Cook Lake North property. Miner on a catwalk at the Constancia mine in Peru. 28 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT BUSINESS AND FINANCIAL REVIEW Overview Key Accomplishments Business Objectives for 2025 Financials Business Activities Operations and Financial Summary Operations and Financial Summary Financial Summary FINANCIAL PERFORMANCE (in $ millions) DEC. 31, 2024 DEC. 31, 2023 Revenue $ 2,021.2 $ 1,690.0 Earnings before tax 251.6 151.8 Net earnings 67.8 69.5 Basic earnings per share 0.20 0.22 Operating cash flow before change in non-cash working capital 691.1 570.0 FINANCIAL CONDITION (in $ millions) DEC. 31, 2024 DEC. 31, 2023 Cash and cash equivalents $ 581.8 $ 249.8 Working capital4 511.3 135.8 Total assets 5,487.6 5,312.6 Total long-term debt 1,107.5 1,287.5 Equity5 2,553.2 2,096.8 4 Working capital is determined as total current assets less total current liabilities as defined under IFRS and disclosed in the consolidated financial statements. 5 Equity attributable to owners of the Company. Operations Summary For the years ended December 31 OPERATING PERFORMANCE (metal in concentrate and doré)1 2024 2023 Production Copper (tonnes) 137,943 131,691 Gold (ounces) 332,240 310,429 Silver (ounces) 3,983,851 3,575,234 Zinc (tonnes) 33,339 34,642 Molybdenum (tonnes) 1,323 1,566 Payable metal sold Copper (tonnes) 125,094 124,996 Gold2 (ounces) 335,342 276,893 Silver2 (ounces) 3,549,816 3,145,166 Zinc (tonnes) 25,120 28,779 Molybdenum (tonnes) 1,287 1,462 Consolidated cash cost per pound of copper produced3 Cash cost ($/lb) 0.46 0.80 Sustaining cash cost ($/lb) 1.62 1.72 All-in sustaining cash cost ($/lb) 1.88 1.92 1 Metal reported in concentrate and doré are prior to refining losses or deductions associated with smelter contract terms. 2 Includes total payable gold and silver in concentrate and doré sold. 3 Cash costs, sustaining cash costs and all-in sustaining cash costs are non-GAAP financial performance measures with no standardized definition under IFRS. For further details on why Hudbay believes cash costs are a useful performance indicator, please refer to the Company’s management’s discussion and analysis for the period ended December 31, 2024. 29 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT BUSINESS AND FINANCIAL REVIEW Overview Key Accomplishments Operations and Financial Summary Business Objectives for 2025 Financials Business Activities Business Activities 1 Cash costs are a non-GAAP financial performance measure with no standardized definition under IFRS. For further details on why Hudbay believes cash costs are a useful performance indicator, please refer to the Company’s management’s discussion and analysis for the period ended December 31, 2024. Peru • Peru achieved guidance for all metals and exceeded the top end of the gold production guidance range as additional gold benches were prioritized in the fourth quarter. • Full-year production of copper, gold and molybdenum in 2024 was 99,001 tonnes, 98,226 ounces and 1,323 tonnes, respectively. • Full-year cash costs1 of $1.18 per pound outperformed the 2024 annual guidance range. • Delivered record copper recoveries of 88% in Q4. • Successful completion of the planned stripping program at Pampacancha in September unlocked significantly higher copper and gold grades in the fourth quarter of 2024, which, together with maintaining strong operating performance at Constancia, has generated meaningful free cash flow in Peru. • Constancia remains the lowest cost open pit copper mine in South America. • Evaluating opportunities to further increase mill throughput after the Peruvian government approved a regulatory change in June 2024 to allow mining companies to increase throughput by up to 10% above permitted levels. Manitoba • Manitoba exceeded the top end of the gold and copper production guidance ranges and achieved the guidance ranges for all other metals. • For the full-year 2024 in Manitoba, production of gold, copper and silver increased by 14%, 3% and 17%, respectively, compared to 2023, mainly due to higher production from gold and copper-gold zones and better than expected gold grades. • Manitoba full-year gold production of 214,225 ounces, a record performance, exceeded the top end of the 2024 guidance range of 170,000 to 200,000 ounces. • Full-year cash costs1 of $606 per ounce outperformed the lower end of 2024 annual guidance range of $700 to $900 per ounce. • Development of an access drift to the 1901 deposit in Snow Lake is progressing well, and first ore mining is expected in the second quarter of 2025 to enable confirmation of the optimal mining method for the deposit and complete drilling to convert gold resources to reserves. • Continuing to advance Flin Flon tailings reprocessing opportunities through metallurgical test work and early economic evaluation to assess the possibility of producing critical minerals and precious metals while reducing the environmental footprint. British Columbia • In British Columbia, for the full-year 2024, production of copper, gold and silver was 26,406 tonnes, 19,789 ounces and 280,499 ounces, respectively. • Copper production was below the low end of the guidance range as a result of lower grades in stockpiled ore and reduced throughput during the mill stabilization period, while gold production was within the guidance range. • Mill performance optimization is underway to improve throughput to enhanced levels, with the goal of achieving sustainable and higher mill throughput later in 2025. • Reactivated the full mining fleet and additional haul trucks. • Optimization efforts resulted in higher mill availability of 92% and copper recoveries of 82% in 2024, compared to 85% and 80%, respectively, in 2023. A crusher at the Copper Mountain mine in British Columbia. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT BUSINESS AND FINANCIAL REVIEW Overview Key Accomplishments Operations and Financial Summary Business Objectives for 2025 Financials Business Activities Team meeting at Copper World office, Arizona. 30 Hudbay 2024 Annual Report Arizona and Nevada • Received all major permits required for the development and operation of Copper World with the receipt of the Air Quality Permit in January 2025 and the Aquifer Protection Permit in August 2024. Copper World is now the highest grade, and lowest capital intensity, fully permitted copper project in the Americas. • Expanded our US team to build bench strength and establish leadership positions, under Javier Del Rio, Senior Vice President of the US Business Unit, including the appointments of Warren Flannery as Vice President of Copper World, Robert Comer as Copper World’s Executive Director of External Affairs & Legal and Kim Hackney as Project Director of Copper World. • Commenced a minority joint venture partner process early in 2025, and feasibility studies are underway to advance Copper World towards a sanction decision in 2026. 1 Net debt is a non-GAAP financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the “Non-GAAP Financial Performance Measures” section in the Company’s management’s discussion and analysis for the period ended December 31, 2024. Corporate • Cash and cash equivalents and short-term investments increased by $332.0 million to $581.8 million during 2024 due to a successful equity offering and strong operating cash flows bolstered by higher copper and gold prices, which enabled a $512.0 million reduction in net debt1 during 2024. • Repurchased and retired a total of $82.6 million of senior unsecured notes during the year. • Repaid $100 million of prior drawdowns under our revolving credit facilities during the year. • Fully repaid the gold prepay facility, with $62.3 million in gold deliveries in 2024 and the final payment completed in August. • We have delivered six consecutive quarters of meaningful free cash flow generation as a result of recent brownfield investments, continuous operational improvement efforts and steady cost control across the business. • Achieved further improved long-term balance sheet resilience with a proactive three-year extension of the Company’s senior secured revolving credit facilities from October 2025 to November 2028. The extended credit facilities provide increased financial flexibility to accretively maintain the 4.50% coupon 2026 senior unsecured notes outstanding to maturity and advance Copper World towards a sanctioning decision in accordance with the 3-P plan. 31 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT BUSINESS AND FINANCIAL REVIEW Overview Key Accomplishments Operations and Financial Summary Business Activities Business Objectives for 2025 Financials Financials 1 Adjusted EBITDA, net debt, net debt to adjusted EBITDA ratio, cash costs and sustaining cash costs are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the “Non-GAAP Financial Performance Measures” section in the Company’s management’s discussion and analysis for the period ended December 31, 2024. 2024 was an outstanding year for Hudbay. We delivered record annual results, led by record gold production from Manitoba and record revenues. These achievements position us for a period of sustained growth. Over the course of the year, Hudbay’s enhanced operating platform achieved 2024 consolidated production guidance for all metals, with record gold production exceeding the top end of the 2024 guidance range. Record copper equivalent production, along with strong metal prices, resulted in record annual revenue of $2,021.2 million and record annual adjusted EBITDA1 of $822.5 million. In Peru, the completion of planned stripping activities at Pampacancha unlocked higher copper and gold grades. In addition, record gold production was achieved in Manitoba in 2024 through a combination of higher metallurgical recoveries at New Britannia and Stall mill, despite processing lower gold grades year-over-year. Strong cost control and meaningful exposure to gold byproduct credits resulted in better-than- expected consolidated 2024 cash cost1 and sustaining cash cost1 per pound of copper produced, net of byproduct credits, of $0.46 and $1.62, respectively, which is an improvement of 43% and 6%, respectively, compared to 2023. Operating cash flow before change in non-cash working capital increased to a record $691.1 million in 2024 from $570.0 million in 2023. It was primarily the result of higher metal prices, gold sales volumes and the incremental contribution margin from the Copper Mountain mine. This was partially offset by a significant increase in cash taxes paid of $132.5 million, compared to $54.8 million in 2023, mainly at our Peru operations. We took several prudent measures in 2024 to significantly improve the strength of our balance sheet and increase financial flexibility, including a total of $245 million of combined debt repayments and gold prepayment liability reductions. Hudbay has delivered six consecutive quarters of meaningful free cash flow generation as a result of recent brownfield investments, continuous operational improvement efforts and steady cost control across the business. As a result of the continued cash flow generation and our deleveraging efforts, we have substantially reduced our net debt1 to $525.7 million as of December 31, 2024, as compared to $1,037.7 million at the end of 2023. The net debt1 reduction, together with higher levels of adjusted EBITDA1 over the last 12 months, has significantly improved our net debt to adjusted EBITDA ratio1 to 0.6x compared to 1.6x at the end of 2023. To learn more, please see our CONSOLIDATED FINANCIAL STATEMENTS and MANAGEMENT’S DISCUSSION AND ANALYSIS. Hudbay celebrates 20 years on the TSX with bell opening ceremony at the Toronto Stock Exchange in downtown Toronto. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT BUSINESS AND FINANCIAL REVIEW Overview Key Accomplishments Operations and Financial Summary Business Activities Financials A bird’s-eye view of workers at the Copper Mountain mine. Business Objectives for 2025 32 Hudbay 2024 Annual Report Business Objectives for 2025 Our key objectives for 2025 are to: 1. Deliver strong copper and gold production levels from diversified operating platform. 2. Maintain solid operating cost performance, achieving industry-leading margins. 3. Generate healthy cash flow to enhance financial position for high-return reinvestment. 4. Focus on financial discipline with stringent capital allocation criteria. 5. Maintain New Britannia record performance and Snow Lake operational improvements. 6. Implement Copper Mountain mill optimization projects to drive improved performance. 7. Evaluate mill throughput increases at Constancia with a pebble crusher installation. 8. Advance Copper World project through definitive feasibility studies and the remaining elements of the 3-P plan required for sanctioning, including potential joint venture partnership. 9. Drill the 1901 deposit from the underground access drift to test for extensions. 10. Advance plans to drill the prospective Maria Reyna and Caballito properties. 11. Execute extensive exploration program in Snow Lake to target new discoveries to utilize excess capacity at the Stall mill and further enhance production. 12. Advance economic studies for the reprocessing of Flin Flon tailings. 13. Explore new discoveries near Flin Flon with the Marubeni exploration partnership. 14. Identify opportunities to reduce GHG emissions and update targets to reflect site-specific targets. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH 33 Hudbay 2024 Annual Report Sustainability Approach Our commitment to care for people, communities and the planet has created a strong foundation for our continued progress. We are guided by our values and responsible practices, which are underpinned by the policies, procedures and numerous voluntary codes to which we adhere. These tools allow us to build a future rooted in environmental stewardship, ethical operations and meaningful community partnerships. IN THIS SECTION Sustainability Governance 36 Materiality 40 Stakeholder Engagement 43 United Nations Sustainable Development Goals 46 Human Rights and Security 48 Tailings Stewardship 50 Responsible Supply Chain 52 34 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain 34 Hudbay 2024 Annual Report F E AT U R E S T O R Y Renewable Diesel “Early Mover” Approach at Copper Mountain Helps Hudbay Pursue Emissions Reduction Goals B R I T I S H C O L U M B I A The Province of British Columbia has been advancing its vision for a low-carbon future since 2010. To achieve a 30% reduction in carbon intensity by 2030, the province passed the Low Carbon Fuels Act in 2022, which took effect on January 1, 2024. The Act together with its regulations is known as British Columbia’s Low Carbon Fuel Standard (LCFS). Evaluations at Copper Mountain mine in BC showed that emissions from diesel fuel usage at the mine’s operations have consistently accounted for more than 90% of Scope 1 emissions. These emissions are attributable to the non-electrified pieces of our mining fleet – a fleet that includes a combination of electric and diesel-powered haul trucks, shovels and drills, as well as several dozers, loaders and excavators. Using low-emissions fuels, such as Hydrogenation-Derived Renewable Diesel (HDRD), most commonly known as renewable diesel, has shown evidence of greatly reducing greenhouse gas emissions, contributing to the province’s carbon goals. As part of Copper Mountain’s GHG reduction strategy, an operational field test of HDRD was conducted for one year on two haul trucks, initiated in 2022 and concluded in 2023. A total of 5,000 hours of controlled and measured testing and technical evaluations was completed in co-operation with Cummins and Komatsu SMS Equipment. This groundbreaking HDRD trial achieved the following results: • 1%–2% power output reduction (not detectable in the truck); • 3%–5% increase in fuel consumption by volume (due to HDRD being a lower density); • 5% reduction in diesel exhaust fluid consumption; and • 20%–60% reduction in particulate matter (engine soot). Use of HDRD reduces the non-biogenic, or fossil-based, CO2 that is released to the atmosphere. The CO2 released from the on-site combustion of HDRD fuel that is biogenic in nature is reported separately as “biogenic CO2” in both the Environment and Climate Change Canada and BC GHG reporting programs and is excluded from BC’s carbon pricing model, known as the BC Output-Based Pricing System (OBPS), which came into effect April 1, 2024. Under the BC OBPS, the use of HDRD reduces total compliance emissions, or taxable emissions, which results in significant industrial carbon tax savings at Copper Mountain mine. Trolley-assist haul truck at the Copper Mountain mine. 35 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain The province of BC achieved a 10% carbon intensity reduction from 2010 to 2020 through the LCFS program, and is targeting 30% by 2030. Goals include driving innovation, reducing emissions, increasing low-carbon fuel availability, supporting energy- efficient strategies and attracting future fuel investments. ATMOSPHERE ATMOSPHERE NON-BIOGENIC CO2 FOSSIL FUEL B I O - B A S E D F E E D S T O C K S B I O G E N I C C O 2 The HDRD used at Copper Mountain is a hydrotreated oil made from raw materials, such as vegetable oil, used cooking oil and animal fat sourced from the food industry. The fuel is a viable drop-in replacement that reduces fossil- based non-biogenic CO2 emissions released to the atmosphere, with no changes required to diesel engine hardware or calibration. While in 2024 HDRD was more expensive than regular ultra-low sulphur diesel, LCFS financially supports the use of low-carbon fuels as a market transformation policy. It does this by issuing carbon credits in proportion to the amounts of measurable greenhouse gas reductions achieved when alternative fuels such as HDRD and low- carbon renewable hydroelectricity are substituted for conventional carbon-based fossil fuels. A Dual Renewable Approach: Electric Hybrid and Renewable Diesel Integration Informed by the HDRD trial, Copper Mountain’s decarbonization strategy evolved to include the implementation of HDRD as an alternative fuel source in addition to the electrification of key mining equipment. Copper Mountain took the trial one step further by using HDRD in an Electric Hybrid Komatsu 830E-5 Trolley Assist–equipped haul truck, creating an even cleaner production haul truck. The two alternative fuel sources to power the haul truck were BC Hydro–produced low-carbon hydroelectricity while on the trolley ramp, and low-emissions renewable diesel fuel while off the ramp. In August 2023, after successful tests at Copper Mountain, Cummins approved the use of HDRD for all its diesel high-horsepower engines. Hudbay subsequently authorized its fleetwide use in 2024. Hudbay’s sustainability and procurement team, in partnership with PetroValue, developed a strategy to secure favourable fuel pricing and carbon credits for the 2024 HDRD supply while establishing a logistics supply chain for HDRD from the refinery in the US to the Copper Mountain mine site. 2024 results from fleetwide use of HDRD at Copper Mountain: • Approximately 24,500,000 litres of HDRD consumed • Complete reduction of non-biogenic CO2 emissions (biogenic CO2 emissions are still released with HDRD) vs. regular diesel • Under the BC OBPS, total compliance emissions subject to carbon pricing reduced by 64,700 tonnes of CO2 equivalent as compared to total emissions (due to the exclusion of biogenic CO2) Lower-Carbon Mining Needs Continued Innovation, Streamlining and Support Major haulage truck manufacturers for open pit mines are actively designing systems to replace diesel power with low-carbon alternatives. A wide range of government policy measures are available to support early movers in applying low-carbon technology in the challenging mining sector. Incentives, investments and partnerships – such as those with Hudbay, Komatsu SMS Equipment, Cummins Power Systems and PetroValue Fuel Products, along with government and research institutions such as CleanBC and BC LCFS – are key to supporting the mining industry’s emissions reduction goals while maintaining business competitiveness. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Materiality Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain Sustainability Governance Sustainability Governance Effective sustainability governance is the foundation for driving meaningful progress on sustainability goals and aligning with stakeholder priorities. We ensure our core strategies and operations support our sustainability governance framework through clearly defined leadership roles, established accountability mechanisms and an ongoing commitment to building a culture of transparency and responsibility. The Board’s five committees – particularly the Environmental, Health, Safety and Sustainability (EHSS) Committee – oversee Hudbay’s sustainability activities. Meeting quarterly, the EHSS Committee ensures robust governance by reviewing our human rights, social, environmental, health and safety policies, systems and programs. It assesses key EHSS risks and monitors the effectiveness of our management systems through certification processes and Towards Sustainable Mining (TSM) performance assessments. The President and CEO is responsible for day‑to‑day business operations, while the Chief Operating Officer (COO) establishes the Company’s sustainability governance. Business unit and operations leaders are accountable for achieving and maintaining sustainable projects and operations and are supported by dedicated personnel who manage the daily health, safety, environmental, community relations, human rights and other sustainability matters. An ESG Steering Committee has been established at the corporate office, encompassing a subset of our executive management, to provide a deeper level of oversight and planning for all sustainability matters. Hudbay employees at work in Manitoba. 36 Hudbay 2024 Annual Report 37 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Materiality Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain Sustainability Governance BOARD OF DIRECTORS CEO COO CFO SVP, LEGAL AND ORGANIZATIONAL EFFECTIVENESS VPs OPERATIONS & PROJECTS CORPORATE SUSTAINABILITY TEAM EXECUTIVE DIRECTOR, INTERNAL AUDIT AUDIT COMMITTEE EHSS COMMITTEE Systems, support, and internal assurance for Code of Business Conduct Systems, support, and internal assurance for environment, health & safety and social performance Allocation of resources and oversight to ensure responsible operations Systems, support, and internal assurance for financial and regulatory compliance SUSTAINABILITY MANAGEMENT FRAMEWORK Hudbay’s Sustainability Management Framework forms the foundation for operating in an environmentally and socially responsible manner. Our comprehensive management systems – which include our Code of Business Conduct, Human Rights Policy, Environmental, Health, Safety and Sustainability Policy, Supplier Code of Conduct and Ethics and Customer Code of Conduct and Ethics – articulate our sustainability commitments throughout the business and value chain. Each operation maintains a formal management system supporting sustainability performance, with health and safety and environmental components certified to ISO 45001 and 14001 standards, respectively. In 2024, our Manitoba and Peru business units maintained their ISO certifications; Copper Mountain conducted an ISO Gap Analysis of their existing management system against ISO 14001 and ISO 45001. We are working towards certification of Copper Mountain’s EHS system. In collaboration with the corporate office, the sustainability team implemented new management routines under the direction of the COO in 2024. These include monthly calls with safety leads at each business unit and quarterly calls focused on environmental and community topics, led by respective subject matter experts. These routines enhance the reporting structure from business units to the corporate office and the Board committee, while fostering collaboration and best practice sharing among leads across the organization. This year saw an extensive review and overhaul of our Management System, which is the structure that contains our company-wide policies and procedures. Most updates were made to company-wide policies. The related Information System integrates information to manage incidents and corrective actions, injuries and stakeholder engagement activities, which also improves data security and the audit trail. 38 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Materiality Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain Sustainability Governance Towards Sustainable Mining As a voluntary Mining Association of Canada (MAC) member, we participate in MAC’s Towards Sustainable Mining (TSM) program. This program empowers mining companies to fulfill society’s demand for minerals, metals and energy products in a socially, economically and environmentally responsible manner through site-level performance assessments. TSM is globally recognized as an industry-leading practice and has been adopted by national mining associations beyond Canada. Today, 12 other countries – Argentina, Australia, Botswana, Brazil, Colombia, Finland, Guatemala, Mexico, Norway, Panama, the Philippines and Spain – have adopted the program. Our participation in TSM supports Hudbay’s accountability and transparency through site-level evaluations and public reporting across the following protocols: Community and People • Indigenous and community relationships • Safe, healthy and respectful workplaces • Crisis management and communications planning • Equitable, diverse and inclusive workplaces • Prevention of child and forced labour Environment and Climate Change • Climate change • Biodiversity conservation • Water stewardship • Tailings management TSM is required for MAC members’ Canadian operations; however, we go beyond this requirement and implement it at all our operations with a goal to achieve a minimum level A rating across all indicators, which is evidence of good performance and that commitments and accountabilities are in place. In 2024, we achieved an A rating or above across all indicators. All business units achieved AA or higher under the Safety and Health Protocol. For the Tailings Management Protocol, Constancia achieved AAAs across five indicators; Copper Mountain mine received four AAs and one AAA rating; and Manitoba received five As across all indicators. All business units achieved a AAA rating across all Biodiversity Conservation Management indicators, with the exception of one AA rating for Copper Mountain mine for biodiversity reporting. Each business unit achieved at least one AAA rating in Water Stewardship, with Constancia achieving four AAAs, Copper Mountain achieving three AAs, and Manitoba one AA and one A. Under the Indigenous and Community Relationships Protocol, Constancia achieved AAAs across all indicators; Copper Mountain achieved two AAAs, and Copper Mountain mine and Manitoba Business Unit each achieved three AAs. Manitoba had two A ratings under this protocol. All business units received a level A or higher under the Climate Change Protocol. We publicly report these assessments on the MAC website. MAC’s TSM Responsible Sourcing Alignment Supplement maps the TSM protocols to emerging performance frameworks, such as the International Council on Mining and Metals (ICMM) Mining Principles, the World Gold Council’s (WGC) Responsible Gold Mining Principles and the Responsible Minerals Initiative (RMI) Risk Readiness Assessment, which includes the International Copper Alliance and Copper Mark. The process of developing a consolidated mining standard with a multi-stakeholder oversight system started in November 2023 with Copper Mark, ICMM, MAC and WGC. It continued throughout 2024 with both industry and non- industry stakeholders. Hudbay is contributing to this effort through our active participation in the initiative’s industry advisory group to advise, with others, on the actual content of the standard, the verification process and the claims process. As of November 2024, the process entered the public consultation stage. Under the TSM framework, third-party verification is required every three years, while annual self-assessments are conducted in between. This year, third-party verification was being completed for Copper Mountain, with Peru and Manitoba conducting self-assessments and scheduled for third-party verification in 2025. One new and one revised protocol were finalized by MAC in mid-2023. The new Equitable, Diverse and Inclusive Workplaces Protocol requires the development and implementation of associated strategies, commitments, programs and objectives. The revised version of the Safety and Health Protocol (now called the Safe, Healthy and Respectful Workplaces Protocol) and the new EDI Protocol underwent internal assessment to identify initial gaps to be considered prior to formal performance submissions. International Systems and Performance Standards We use the following international best practice standards to guide our sustainability efforts and drive continuous improvement: • ISO 14001 – environmental management systems standard • ISO 45001 – occupational health and safety management systems standard • Towards Sustainable Mining – the Mining Association of Canada’s set of tools and indicators to drive performance and ensure key mining risks are managed responsibly • Voluntary Principles on Security and Human Rights – an operating framework that ensures security practices include respect for human rights • IFC Performance Standards – the International Finance Corporation (IFC), part of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries. Hudbay follows the IFC’s Performance Standards on Environmental and Social Sustainability at our Constancia site in Peru. 39 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Materiality Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain Sustainability Governance Disclosing our sustainability performance in the most transparent way possible is a responsible business practice and vital for building and preserving stakeholder trust. Hudbay voluntarily participates in the following international reporting standards, disclosure frameworks and programs: • Global Reporting Initiative (GRI) – an independent, international organization that provides the world’s most widely used standards for sustainability reporting, known as the GRI Standards • CDP (formerly the Carbon Disclosure Project) – a non-profit that runs the global disclosure system for thousands of organizations to manage environmental matters such as water use, biodiversity impacts and climate change strategies • Sustainability Accounting Standards Board (SASB) – an independent non-profit organization that aims to improve industry- specific standards for the disclosure of financially material sustainability information • Task Force on Climate-related Financial Disclosures (TCFD) – an organization established by the Financial Stability Board to improve the reporting of climate-related risks and opportunities The disclosures in this report have been mapped to the GRI Universal Standards, the SASB Metals & Mining Standard and the TCFD. Industry Involvement Hudbay is an active participant in the jurisdictions where we operate with industry associations and multi-stakeholder groups through membership, financial support, knowledge-sharing and involvement in committees and working groups. Memberships include: • Alianza para Obras por Impuestos – ALOXI (Alliance for Works for Taxes) • American Exploration and Mining Association • Arizona Chamber of Commerce & Industry • Arizona Mining Association • Arizona Small Business Association • Arizona Trails Association • Several Arizona Chambers of Commerce – Greater Vail Area, Green Valley/Sahuarita, Tucson Hispanic, Tucson Metro • Asociación Vida Perú (a non-profit organization that donates medical equipment and medicines) • BlackNorth Initiative • Cámara de Comercio Perú Canadá (Peru–Canada Chamber of Commerce) • Canadian Council for Indigenous Business • Canadian Institute of Mining, Metallurgy and Petroleum and relevant societies • Coalition for Energy Efficient Comminution (CEEC) (an international, not-for-profit, registered charity committed to sharing energy-efficient mining and mineral processing solutions) • Cusco Chamber of Commerce • Empresarios por la Educación (a Peruvian private sector organization to develop and promote educational projects) • Extractive Industries Transparency Initiative (EITI) • Flin Flon and District Chamber of Commerce • Indigenous Chamber of Commerce (Manitoba) • Instituto de Ingenieros de Minas del Perú (Peruvian mining engineers association) • International Zinc Association • Manitoba Employers Council • Metropolitan Pima Alliance • Mining Association of British Columbia • Mining Association of Canada • Mining Association of Manitoba Inc. • Mining Foundation of the Southwest (US) • Mining Safety Round Table (a collaborative group of safety-committed mining companies that share experiences and identify best practices) • National Mining Association (US) • National Society of Mining, Oil and Energy (SNMPE) (Peru) • Nevada Mining Association • Nogales–Santa Cruz Chamber of Commerce • Saskatchewan Mining Association • Snow Lake Chamber of Commerce • Sociedad de Comercio Exterior del Perú – COMEX (Peruvian business association made up of the largest export and import companies) • Sociedad Geológica del Perú – SGP (Peruvian geological association) • Southeast Arizona Economic Development Group • Southeastern Arizona Contractors Association • Southern Arizona Business Coalition • WAAIME (the Women’s Auxiliary to the American Institute of Mining, Metallurgical, and Petroleum Engineers – Peruvian Section) • Women in Mining Peru – WiM PERU • Yerington Chamber of Commerce 40 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain Materiality Materiality Our material sustainability issues are those that have the most significant potential impacts on the economy, the environment, and people and human rights. As part of our commitment to ensure our priorities align with changes in our business and address emerging issues, we conducted a double materiality assessment in 2024, which considers both the financial materiality of sustainability topics to the Company, and the impact of the Company’s activities on the environment and society. This comprehensive approach highlights the importance of a dual perspective, encouraging stakeholders to assess both the impact of sustainability factors on the Company’s financial performance and the influence of the Company’s operations in the broader world. Our material topics list was revised since the last assessment in 2020. We engaged external consultants to conduct a peer review and standards review. Out of this review, we developed a set of questions that we sent to an expanded pool of participants, including the Board and external stakeholders such as insurers, analysts, customers and investors. Notably, we compared the results from the questionnaire with our Enterprise Risk Management (ERM), including comparing the topics to our financial material threshold. This alignment between risk management frameworks and materiality assessments is emphasized both by SASB and IFRS S1, a framework developed by ISSB (International Sustainability Standards Board). Methodology Our assessment was conducted internally and supported by a third-party consulting firm: • Identified key material topics after doing peer, standards and rating agency reviews (SASB, GRI, MSCI) • Involved external stakeholders for the first time through a questionnaire • Incorporated inward impact questions for the first time (for example, financial impact/materiality) • Allowed direct feedback via questionnaire with open-ended questions • Feedback alignment with ERM • Validation session with ESG Steering Committee We will continue working to incorporate the results into the company strategy through 2025. For a full description of the material topic definitions, please see our Glossary. The 2024 review identified five material topics and 21 priority issues, ranked by financial impact on the business and potential external impact on communities and the environment. Higher business risk issues typically involve external elements that can pose challenges to manage directly, such as community perceptions, fluctuations in metal prices or individual behaviours. Conversely, lower business risk issues have less impact on our business or can be directly mitigated through our systems and processes. Corresponding sections of this report discuss our due diligence and mitigation for these risks. A discussion at Manitoba’s Stall mill. 41 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain Materiality Summary of Our Material Topics and Priority Issues Environment Air emissions Climate change mitigation and resilience Energy and GHG management Integrated mine closure Land and biodiversity Tailings and waste management Water management Labour Diversity, equity and inclusion Health and safety Labour relations Workforce training and development Governance Business ethics and transparency Data privacy and cybersecurity Government relations and public policy Economic Economic impact Responsible procurement Society Community relations Human rights Indigenous relations Local market presence Security practices Highly material topics Material topics Relevant topics Financially material 42 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain Materiality The following table shows the alignment of our priority issues with the GRI Standards, the SASB Metals & Mining Standard and the TCFD recommendations. Specific reporting indicators are disclosed in our reporting framework index. PRIORITY ISSUE GRI STANDARDS SASB TCFD Business ethics and transparency Governance Anti-corruption Business ethics and transparency Government relations and public policy Strategy, policies and practices Community relations Stakeholder engagement Security practices Human rights assessment Local communities Community relations Indigenous relations Rights of Indigenous Peoples Security, human rights and rights of Indigenous Peoples Health and safety Occupational health and safety Workforce health and safety Labour relations Labour/management relations Labour relations Workforce training and development Employment Labour practices Economic impact Economic performance Indirect economic impacts Procurement practices Water management Water Water management Tailings and waste management Effluents and waste Waste and hazardous materials management Climate change mitigation and resilience Economic performance Energy Emissions Greenhouse gas emissions Energy management Governance Metrics and targets Boundaries Following our materiality review, we considered how to report on our material topics and where exceptions lie within boundaries of our reporting. Based on stakeholder expectations and business risk, the following requirements were deemed appropriate: • Safety statistics are tracked and reported for all contractor activities under Hudbay contracts and Hudbay supervision (e.g., activities of contractors working on Hudbay sites, activities of exploration contractors). • Environmental incidents related to transportation between Hudbay locations are generally tracked, reviewed and reported by Hudbay. • Grievances are accepted and investigated with respect to local contractors and security activities related to Hudbay and are included in grievance numbers and characterization in this report. • Scope 2 greenhouse gas emissions are calculated and reported. Exploration sites have special considerations in our reporting: • Sites for which we do not maintain managerial control are excluded. • Corporate exploration with managerial control over the site is included and reported by country, although we do not collect or report energy, GHG emissions or local market presence data. • Business unit exploration with managerial control over the site is included and embedded in the business unit numbers. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain Visitors take a tour of the Lalor mine on Family Day. Stakeholder Engagement 43 Hudbay 2024 Annual Report Stakeholder Engagement Authentic and continuous engagement with diverse stakeholders – including employees, shareholders, suppliers, government officials, communities of interest, rights holders and others – is essential to our ability to prioritize and address impacts effectively. Meaningful and frequent engagement, in ways that are relevant to each stakeholder, community of interest, topic or concern, provides valuable insight into their needs and expectations. Our Stakeholder Engagement Standard and supporting guidance detail the requirements for understanding perspectives and addressing concerns, while our Shareholder Engagement Policy promotes open dialogue between our Board of Directors and shareholders. Additionally, we seek out opportunities to contribute, collaborate and share knowledge with industry associations and multi-stakeholder initiatives, which have the added benefits of a platform to address issues, challenges and lessons learned, while promoting best practices. There are examples throughout this report, including involvement in the Mining Association of Manitoba’s (MAMI) Central Canada Mineral Exploration Convention and engagement with the Rotary of Smith Valley in Nevada. 44 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain Stakeholder Engagement 2024 Engagement Activities and Topics The following table lists key stakeholders and how we engaged with them in 2024: STAKEHOLDER GROUP KEY TOPICS/CONCERNS RAISED ENGAGEMENT MECHANISMS EXAMPLES OF ENGAGEMENT IN 2024 Shareholders, debtholders, investors and analysts • Production growth from Pampacancha and New Britannia • Free cash flow generation • Copper World exploration and development plans • Closure of the 777 mine, and potential tailings reprocessing opportunity in Flin Flon and Snow Lake • Exploration updates • Mergers and acquisitions • Political and social context in Peru • Inflationary pressures on costs • Tailings facility safety • Industry conference participation (20 events) • Investor meetings and presentations, road shows and conference calls (over 300 events) • Virtual Annual General Meeting of Shareholders • Tours of mining operations and project sites • Board–shareholder engagement • Website, news releases and other public disclosures • Social media posts • Expanded regions for investor road shows, including two trips to meet with investors in Dubai. • Participated in the Denver Gold Show as one of a few copper companies for the fifth consecutive year. Details on these and other engagement activities are discussed further in the Tailings Stewardship and Climate Change sections and on our Investors site. Employees and contractors • Health and safety • Work processes • Business performance • Understanding of compensation and benefits • Opportunities for personal development • Compliance with environmental requirements • Training for policies, permits or other requirements • Diversity, equity and inclusion • CEO email messages • Senior management site visits • Town hall meetings • Orientation and training programs • One-on-one and small group manager/staff meetings • Health and wellness committees and activities • Diversity and Inclusion Committee • Hudbay intranet • Staff newsletters • Launched comprehensive leadership training for frontline supervisors in Manitoba. • Held virtual events, including town halls, to keep employees informed about the business. • Launched “Camp Chronicles” newsletter in Snow Lake for employees residing at camp. • Launched Unidas (“United”) support network for women in mining in Peru. • Developed a structured training calendar incorporating technical, leadership and wellness topics. Details on these and other engagement activities are discussed further in the People section. Unions • New collective bargaining agreements • Updates on mine life and activities related to closure • Mobility • Seniority • Outstanding grievances • Health and safety • Meetings with union leaders on outstanding issues • Regular on-site visits • Formal grievance processes • Joint health and safety committees • Held monthly meetings with the union that represents employees in Peru. • Negotiated new collective bargaining agreements with all unions in Manitoba, ratified before expiration of prior contract. • Negotiated new collective bargaining agreement in Peru. Details on these and other engagement activities are discussed further in the People section. 45 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain Stakeholder Engagement STAKEHOLDER GROUP KEY TOPICS/CONCERNS RAISED ENGAGEMENT MECHANISMS EXAMPLES OF ENGAGEMENT IN 2024 Local communities and Native American/ Indigenous groups • Development project updates • Community and area activities and investments • Safety and environmental concerns • Land use • Water use and quality • Local employment and procurement • Training programs for community members • Cultural protection, awareness and dissemination • Educating employees on intercultural competency, conflict resolution, human rights and anti-racism • Future operations plans (operating life) • Community information and consultation meetings/ dialogue tables • Community partnerships • Site tours and open houses • Site grievance/community response processes • Community relations offices • Cultural awareness workshops and other training • Conducted a citizen participation workshop with the Uchucarcco community in Peru. • Held several community-of-interest meetings with Indigenous communities in Manitoba to discuss future exploration and geophysical programs within their traditional territories. In February 2025, we signed our first exploration agreement with the Kiciwapa Cree Nation. • Provided funding, strategic support and training to various Snow Lake infrastructure projects, including the water and sewer renewal project and repairs to curling rink roof. • Engaged Native American tribes in archaeological surveys at Copper World and welcomed ceremonies to honour sacred artifacts found on prehistoric sites during data recovery phase. • Engaged with Community Water Company of Green Valley (CWC) to advance the Project Renews initiative to transport water to a recharging facility, ensuring replenishment of the local aquifer. • Developed a work plan in collaboration with Upper Similkameen Indian Band (USIB) and Lower Similkameen Indian Band (LSIB) to address concerns and gaps in New Ingerbelle permit amendment application at Copper Mountain. • Hosted hundreds of community members for the annual Princeton Mining Days event in BC and hosted monthly Town of Princeton meetings. Details on these and other engagement activities are discussed further in the Communities section. Customers • Achieving agreed-on terms of delivery for products • Provision of information on product safety and product origin • Compliance with environmentally and socially responsible performance and risk management • Direct contact • Industry and business forums • Managed production interruptions • Continued to engage with our customers around the world and deliver our products in an environmentally and socially responsible manner. Details on these and other engagement activities are discussed further in the Responsible Supply Chain section. 46 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality Stakeholder Engagement Human Rights and Security Tailings Stewardship Responsible Supply Chain United Nations Sustainable Development Goals United Nations Sustainable Development Goals Hudbay acknowledges that the mining sector can make meaningful contributions to achieving the 17 Sustainable Development Goals (SDGs) outlined in the UN’s 2030 Agenda for Sustainable Development. While certain SDGs directly align with our industry activities, others require collaboration with governments, civil society and various organizations. Although our actions are guided by the needs of our stakeholders and communities, we recognize that many of these initiatives support progress toward the SDGs. We remain committed to identifying, measuring and communicating our contributions, as well as integrating SDG considerations into our planning and reporting processes. The table below highlights the SDGs most relevant to Hudbay and our corresponding efforts to advance them. SDG LINK TO TOPIC No Poverty Feature Story > Building on a Foundation of Trust at Copper World Communities > Our Approach • Indigenous Engagement • Economic Contributions • Local Hiring and Procurement • Community Development Good Health and Well-being Sustainability Approach People > Our Approach • Health and Safety Communities > Our Approach • Economic Contributions Gender Equality Our Company > Corporate Governance People > Feature Story > Creating an Inclusive and Empowering Space for Women in Mining: Hudbay Peru’s “Unidas” Program People > Our Approach • Diversity and Inclusion Key Performance Data Table (Employees) • Workforce Diversity Clean Water and Sanitation Sustainability Approach > Tailings Stewardship Planet > Feature Story > Project Renews: A Community-Driven Solution for Water Sustainability Planet > Our Approach • Water Decent Work and Economic Growth Feature Story > Building on a Foundation of Trust at Copper World Feature Story > Building on Experience Feature Story > Building a Stronger Balance Sheet Business and Financial Review 47 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality Stakeholder Engagement Human Rights and Security Tailings Stewardship Responsible Supply Chain United Nations Sustainable Development Goals SDG LINK TO TOPIC Industry, Innovation and Infrastructure Feature Story > Building on a Foundation of Trust at Copper World Sustainability Approach > Tailings Stewardship Communities > Our Approach Planet > Our Approach Responsible Consumption and Production Sustainability Approach > Tailings Stewardship Sustainability Approach > Responsible Supply Chain • Supply Chain Performance • Products Planet > Our Approach Climate Action Our Company > Risk Management • Climate Risks Sustainability Approach > Feature Story > Renewable Diesel “Early Mover” Approach at Copper Mountain Helps Hudbay Pursue Emissions Reduction Goals Planet > Our Approach • Climate Change Life on Land Planet > Our Approach • Land and Biodiversity • Closure and Reclamation Key Performance Data Table (Environment) • Land Use • Sites Requiring Biodiversity Management Plans • Habitats Protected or Restored • IUCN Red List Species Peace, Justice and Strong Institutions Our Company > Business Conduct • Compliance Training Sustainability Approach > Human Rights and Security • Security Practices Sustainability Approach > Responsible Supply Chain People > Our Approach • Diversity and Inclusion 48 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality Stakeholder Engagement United Nations Sustainable Development Goals Tailings Stewardship Responsible Supply Chain Human Rights and Security Equipment inspection at Stall mill. Human Rights and Security Guided by our core values of dignity and respect, we are dedicated to creating an environment that empowers everyone to thrive. Our Human Rights Policy clearly upholds the principles of the Universal Declaration of Human Rights, and together with our Code of Business Conduct, reinforces our commitment to respecting human rights across our operations. Our commitment to fair labour practices includes a zero-tolerance policy for forced, compulsory or child labour while respecting the culture, customs and traditions of all individuals. We proactively work to prevent human rights violations within our sphere of influence. The most recent third- party verifications of TSM performance at our Peru, Manitoba and British Columbia business units confirmed the presence of processes and controls, aligned with jurisdictional risk, to ensure that no forced labour is used or children under the age of 15 are employed. In May 2023, the Canadian Parliament passed Bill S-211, the Fighting Against Forced Labour and Child Labour in Supply Chains Act. The Act, which went into effect on January 1, 2024, requires certain government agencies and Canadian companies that produce or import goods produced outside of Canada to submit detailed reporting on the risks of modern slavery and forced labour within their supply chains. Because Hudbay meets the reporting obligation criteria under the Act, we submitted our first report on April 17, 2024, ahead of the May 31, 2024, due date. This included assessing gaps between what we currently disclose in the TSM Child and Forced Labour Protocol and the requirements of the new law. The UN Guiding Principles on Business and Human Rights is a framework for businesses to respect human rights, encompassing a public commitment, a due diligence process to assess risks and a method for providing remedies to impacted individuals. We recognize that respecting human rights is foundational to managing social risks and opportunities. Supporting guidance materials ensure we mitigate impacts, employ security practices informed by understanding community concerns, engage communities and key stakeholders, and continuously improve our awareness of potential community matters that may pose risks to Hudbay personnel and assets. If issues do arise, we have mechanisms in place to support claimants that include various channels outlined in the Risks, Issues or Complaints section of this report. In 2024, no human rights issues were raised or reported through our Board. Community grievances handled at site are disclosed in the Communities section under each business unit. In October 2024, we reached a final settlement with all plaintiffs in three civil lawsuits brought against the Company regarding alleged actions that occurred in Guatemala in 2007 and 2009. Hudbay was named in the civil suits because of its ownership of the Fenix nickel project, which was acquired in 2008. In one of the lawsuits, brought by 11 female plaintiffs, the allegations against the Guatemalan company that owns the project predate Hudbay’s ownership. In 2011, Hudbay divested itself of its holdings in Guatemala and has had no operations there since that time. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality Stakeholder Engagement United Nations Sustainable Development Goals Tailings Stewardship Responsible Supply Chain Human Rights and Security New Britannia mill, Manitoba. 49 Hudbay 2024 Annual Report Security Practices Our Security Policy and Corporate Plan integrates our Human Rights Policy, detailing how we assess risks, secure work environments, and safeguard our employees, contractors and assets. Our objective is to respond appropriately to security threats, minimize conflicts, and build and maintain trust with communities and stakeholders. Changes to Hudbay’s security procedures are in progress: the intent is to have a stand-alone security policy and subsequent procedures for each site to follow based on site risks and the applicability of components such as the Voluntary Principles. The Security Policy and Corporate Plan assesses and ranks the security risk level of each operation, and detailed risk assessments at each location define specific actions based on risk levels: • Low risk – Requires an annual review of the corporate risk assessment, an annual advisory site visit, a local social risk assessment, training on the Voluntary Principles on Security and Human Rights (VPs) for security management, and increased awareness of the VPs as they relate to contracted private and public security personnel. • Medium risk – Requires at least an annual audit of site security practices using the Global Compact Canada VPs framework, at least one annual advisory visit, structured programs to implement the VPs (including training), a grievance mechanism for security-related complaints, and active participation in forums that promote security and human rights. • High risk – Requires an annual audit by an independent Voluntary Principles Organization (VPO)–recognized auditor, a grievance mechanism for security-related complaints, and engagement with national and international organizations on security practices. All our operating and exploration sites are categorized as low risk except for Constancia in Peru, which is medium risk due to the country’s history of social and political unrest. This requires more rigorous risk evaluation and management. Our operations, projects and exploration sites with security personnel follow the VPs to minimize security-related impacts on communities and align practices with internationally recognized human rights principles. All contracts between Hudbay and security services require adherence to the VP framework, the UN Code of Conduct for Law Enforcement Officials and the UN Basic Principles on the Use of Force and Firearms by Law Enforcement Officials. Governments have the primary responsibility for maintaining law and order, but whenever we rely on public security providers, the VPs require their actions to align with the protection of human rights. 50 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Responsible Supply Chain Tailings Stewardship Tailings Stewardship Designed to store mine tailings safely, engineered tailings storage facilities (TSFs) play a crucial role in mining operations and managing the fine-grained material, typically in paste or slurry form, that remains after minerals are extracted from crushed ore. Uncontained tailings releases can have catastrophic impacts on people and the environment, so ensuring TSFs are properly designed, constructed, operated and maintained is an industry priority. Tailings Management Protocol Guides Our Actions As a member of MAC, we manage and evaluate our tailings management practices in accordance with and against TSM’s Tailings Management Protocol. Following the 2020 launch of the Global Industry Standard on Tailings Management (GISTM), which set new benchmarks for the safe management of tailings facilities worldwide, MAC reviewed the GISTM requirements and integrated elements that enhance tailings safety into the TSM protocols. TSM’s well-established implementation framework and rigorous verification processes are recognized as advantages over GISTM. Key investors also consider achieving a level A or higher across all protocol indicators, along with compliance with the Canadian Dam Association (CDA) Dam Safety Guidelines, to be as robust as adhering to GISTM. The TSM protocol’s five performance indicators assess the following practices: • Tailings management policy and commitment • Tailings management system and emergency preparedness • Assigned accountability and responsibility for tailings management • Annual tailings management review • Site-specific operation, maintenance and surveillance processes One of the TSM program’s key strengths is its interconnectedness, where different protocols complement and reinforce each other. For example, while the Indigenous and Community Relationships Protocol evaluates overall community engagement, the Tailings Management Protocol focuses specifically on engagement related to tailings activities that could impact public safety. We require our business units to maintain a level A or higher rating for the protocol. In the latest TSM assessment, our Manitoba, British Columbia and Peru business units received level A, AA and AAA ratings, respectively, across all five indicators. British Columbia’s ratings were externally verified. A tailings facility at the Copper Mountain mine in Princeton, British Columbia. 51 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Responsible Supply Chain Tailings Stewardship Tailings Governance Our Tailings Governance Charter defines the governance for the effective management of tailings facilities throughout all stages of design, construction, operation and closure. 2024 was the first full year of operating with our updated charter, which more clearly defines roles and responsibilities and enhancements to improve how information flows from operating sites, through the corporate office and to the Board. Our Tailings Management System (TMS) includes two layers for supporting responsible tailings management: • A site- or business unit–level TMS maintained by the personnel responsible for day-to-day activities, including planning, monitoring, risk identification and reporting. • The Corporate Tailings Governance Charter details corporate and Board responsibilities to ensure tailings are adequately managed. Hudbay’s COO serves as the Accountable Executive Officer (AEO), who is the senior executive responsible for the safe management of tailings at all facilities and engages directly with the Board on any tailings-related issues. Each business unit has a Vice President with similar accountabilities to the AEO for facilities within their business unit, as well as a responsible person who provides regular updates to the Vice President. A Tailings Governance Team (TGT) supports the AEO and provides support to the business units. Members of the TGT include senior leaders in operations, technical services, exploration, business planning, reclamation and sustainability. Key third-party roles include: • Independent technical review board (ITRB) – An independent expert panel conducts systematic evaluations of the technical aspects of tailings facilities and operations at least annually (typically twice per year, with one being on-site for active sites) throughout the lifecycle. • Engineer of record (EOR) – A qualified individual verifies that facilities are designed, constructed and operating in accordance with performance objectives and all applicable guidelines, standards and regulatory requirements. • Dam safety review provider – An external expert conducts dam safety reviews (DSRs), independent of the ITRB and EOR, at the frequency dictated by the associated risk, as per the CDA Dam Safety Guidelines. • Insurance inspector – An external provider completes periodic reviews, inspections and reports on the insured facilities. Site-Level Tailings Stewardship Hudbay manages five TSFs – three (including two on care and maintenance) at our Manitoba Business Unit, one at Constancia in Peru and one at Copper Mountain in British Columbia. Details on these facilities are available in our Mine Tailings Disclosure Table posted on our website. There were no significant incidents at any of our TSFs that threatened human health or the environment in 2024. Our Constancia operation in Peru stores tailings in an engineered tailings management facility (TMF). At all our operations, sensors located throughout the TMFs provide each mine’s control centre with information on rain impact, water levels, depth and drainage. In 2024, some repairs were required to the sensors at Constancia, after which normal operations resumed. An external audit was completed at Constancia in 2024, increasing the TSM score to an AAA rating. In Manitoba, regulatory approval to trial a shift from subaqueous to subaerial deposition at the Anderson Tailings Impoundment Area (ATIA) at Snow Lake advanced efforts to enhance space efficiency, address seasonal challenges and defer future capital expenses for dam raises. Securing approval for the subaerial tailings deposition trial study marked a significant milestone in optimizing the ATIA and represented a notable permitting achievement. This accomplishment demonstrates the strong partnership between industry and government, and reflects a commitment to responsible, safe and innovative operations. The trial introduces a new deposition method that aims to enhance tailings management efficiency, paving the way for improved utilization of the facility while meeting regulatory expectations. Additionally, the creation of a dedicated coordinator position for legacy sites and decommissioning highlights a focused approach to reclamation and long-term environmental stewardship. At our Copper Mountain mine in British Columbia, the orebody is a low sulphidation, carbonate- hosted copper deposit, resulting in non-acidic mine tailings. Stored in a natural valley, these tailings are further constrained by sand dams on each end of the valley. The dams, built using a rigorous modified centreline construction method with coarse, free-draining sand, contain a small volume of water that is recycled for mineral processing. The technical design of this TMF ensures geotechnical stability and safe operation. The third-party verification confirmed a performance level of AA. 52 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain Responsible Supply Chain Mining can play a role in supporting the transition to a more sustainable future. As the first stage of a complex value chain, we ensure due diligence measures are in place that align with our commitment to high standards of conduct to reduce risk, while supporting the communities where we operate through local employment and procurement. Hudbay works with hundreds of suppliers and subcontractors across diverse jurisdictions. We have the greatest influence on supply chain activities related to our operations, on-site contractors, local suppliers and Hudbay products up to the point from which they are shipped (at the plant gate in Manitoba, the concentrate shed at the mill in British Columbia and the port loading facility in Peru). All suppliers are screened for corruption risks in accordance with our Global Supplier Due Diligence Policy. Our legal function conducts due diligence on suppliers with an elevated risk, and our internal audit function reviews the contract/supplier screening process. Supporting local businesses through procurement is an important way for communities to benefit from our presence. In addition to standard due diligence, each operation monitors on-site and local suppliers. We seek suppliers who share our values and work in partnership with us to continuously improve our performance. Our Supplier Code of Conduct and Ethics (Supplier Code of Conduct) states our expectations for honest and ethical business conduct from our suppliers. As a condition of doing business with Hudbay, our contracts generally require suppliers to: • Read, accept and comply with our Supplier Code of Conduct (or a comparable standard) and all other applicable compliance policies, including our Statement on Anti-Corruption, Human Rights Policy, and Environmental Health and Safety Policy • Comply with all applicable laws, rules and regulations, including anti-corruption laws, anti-money laundering laws, anti-slavery laws and sanctions • Protect confidential information • Respect human rights and observe Hudbay’s Human Rights Policy • Establish practices and procedures that protect the health and safety of workers and the environment • Accept Hudbay’s supplier due diligence process • Report suspected violations of the Supplier Code of Conduct and applicable compliance policies by any supplier or Hudbay personnel Our Customer Code of Conduct and Ethics mirrors these standards for customers. Our marketing function ensures smelters that receive our concentrate follow responsible mineral production processes through a questionnaire. If any concern with a customer arises, we carry out more detailed due diligence that may include engaging a legal firm or consultant to investigate (which may include an audit) or conducting site visits, if needed. Vendors who supply Copper Mountain meet the public as part of Mining Day in downtown Princeton, British Columbia. 53 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT SUSTAINABILITY APPROACH Sustainability Governance Materiality Stakeholder Engagement United Nations Sustainable Development Goals Human Rights and Security Tailings Stewardship Responsible Supply Chain Supply Chain Performance The direct supply chain for our metal products originates in Hudbay’s mines in Manitoba, British Columbia and Peru. The indirect supply chain for energy, goods and services used in transforming ore and concentrate into products includes thousands of suppliers, who provide operating and maintenance supplies, energy and fuels, and capital goods: • In Peru, our top 50 suppliers accounted for 81% of our spending, and 95% of our spending was with suppliers based in Peru. • In Manitoba, our supplier base relates to production operations and capital projects. Our top 50 suppliers represented 77% of our spending, and 97% of our spending was with suppliers in Canada. • In British Columbia, our top 50 suppliers accounted for 84% of our spending, and 90% of our spending was with suppliers in Canada. Hudbay’s top 10 suppliers in 2024 were (in alphabetical order): Coporación Primax S.A. CN (CAD) Enel Generacion Peru S.A.A. Epiroc Canada Ferreyros Sociedad Anónima GIW Industries Inc. PetroValue Products Canada Servco Canada SMS Equipment Stracon S.A. Products We produce copper concentrate, gold and silver doré, zinc concentrate and molybdenum concentrate. These products are critical to modern society, with demand for responsibly sourced copper increasing as global decarbonization accelerates, cities expand, and the demand and adoption of electric vehicles rise. Of the products produced at our operations in Canada and Peru in 2024: • Hudbay sold and delivered the majority of its copper concentrate to traders and smelters in Asia, with a lesser portion sold to buyers in the Americas. The smelting process and refining of the copper content ultimately result in 99.99% pure copper, an essential metal for modern living. • The silver/gold doré production from our Snow Lake operations is sent to a refinery in Canada, and the resulting precious metals credits were sold to Canadian financial institutions. • The zinc concentrate produced at our Snow Lake operations is sold mainly to smelters in Canada and Europe. • The molybdenum concentrate produced in Peru is sold and delivered to buyers in Asia and the Americas. • The copper concentrate produced at Copper Mountain in British Columbia was transported by truck to the port in Vancouver and shipped to refineries in Japan. The safety data sheets that accompany our products provide details of their composition, toxicology, handling, storage and exposure hazards. We further meet our product stewardship commitments by collaborating with governments and industry associations, the International Molybdenum Association and the European Copper Institute, to guide our compliance with international requirements such as those provided by the International Maritime Organization (IMO). The IMO specifies hazard classification criteria for bulk cargoes, and the International Convention for the Prevention of Pollution from Ships (MARPOL) restricts the disposal of bulk cargo residues classified as “harmful to the marine environment” (HME) under the amended Annex V of the MARPOL convention. Based on the European Copper Institute determination of the MARPOL classification for Constancia’s copper concentrates and other assessments, all Hudbay copper concentrates have been confirmed as not HME. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE 54 Hudbay 2024 Annual Report People Our people are key to our success. We are dedicated to creating a safe, inclusive and empowering workplace where employees can thrive and achieve their full potential. By investing in their well-being, professional development and success, we cultivate a values-driven culture that fuels our continued growth. IN THIS SECTION Our Approach 57 Peru 59 Manitoba 62 British Columbia 64 Arizona and Nevada 66 CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Our Approach Peru Manitoba British Columbia Arizona and Nevada 55 Hudbay 2024 Annual Report F E AT U R E S T O R Y Creating an Inclusive and Empowering Space for Women in Mining: Hudbay Peru’s “Unidas” Program P E R U The mining sector faces significant gender equity challenges. In Peru, despite a 30% increase in mining employment over the last decade, women’s participation has risen by only 1%. As a result, women make up just 6% of the industry’s total workforce and earn an average of 4,000 PEN (Peruvian sol) less annually than their male counterparts1. Beyond representation, women also face systemic challenges, including workplace harassment, sexual harassment and difficulties returning to work after maternity leave. 1 Ministry of Energy and Mines report, Women and the Future of Mining. To address these barriers, Hudbay Peru launched the Unidas (or “United”) program in 2024 – a platform created by women for women to foster inclusion, support and empowerment within the Company. This initiative provides a safe space for participants to share experiences, build solidarity and collectively reflect on their challenges. With the program’s core focus on sisterhood, parity and empathy, participants engage in structured group sessions of 5 to 15, guided by a trained facilitator. Meetings occur in confidential “safety rooms” to ensure privacy, and resources such as empathy maps and communication tools like WhatsApp groups enhance interaction and trust-building. After a February test meeting took place, several sessions were held throughout 2024, with participation rates ranging from 12% to 15%. “Unidas” meeting at Constancia mine in Peru. 56 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Our Approach Peru Manitoba British Columbia Arizona and Nevada Supporting women in mining at Constancia. I am convinced that these types of programs not only open doors but also foster an inclusive and respectful environment towards women. What I value most is that it not only focuses on the professional field but also on the personal well-being of women, giving us the tools to balance both aspects of our lives. I hope that this program continues to be a source of inspiration and growth for many more women and that it continues to transform the organizational culture towards a more just and equitable one.” ~  Unidas participant The topics, suggested during the program development phase, included the following: • Stopping harassment – Tools to address and prevent sexual and workplace harassment • Balancing work and family – Practical strategies for navigating family responsibilities alongside career demands • Returning to work post-maternity – Support for reintegrating into the workplace after leave • Effective communication – Skills for addressing workplace conflicts constructively Building a Foundation for Cultural Change The program aims to dismantle feelings of isolation, strengthen decision-making skills, and promote diversity and positive relationships by encouraging open dialogue and trust. Through this initiative, Hudbay Peru is not only laying the groundwork for long-term cultural change but is also creating a pathway for a mining environment where women feel heard, valued and supported. Notably, organizers noticed participants liked sharing personal experiences and observations at the conclusion of each session in a safe place. In 2025, organizers will encourage these moments of reflection when sessions resume on a bi‑monthly basis. They will also implement improvements noted in 2024, including drawing on more male participation. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Peru Manitoba British Columbia Arizona and Nevada Our Approach Our Approach Hudbay’s values drive a culture of safety, inclusivity and collaboration. We embrace diverse perspectives and empower employees to grow alongside our organization. Our Code of Business Conduct and Ethics states our expectations that everyone representing Hudbay honestly and ethically engage in business and comply with all applicable laws. Our Environmental, Health, Safety and Sustainability and Diversity policies state our dedication to continuously improving our systems and practices. These efforts aim to protect people, foster an inclusive workplace and cultivate a sense of belonging for all. Health and Safety Comprehensive management systems play a pivotal role in effectively managing the health and safety risks inherent in our activities. These systems provide a structured framework for identifying, assessing and mitigating potential hazards. We conduct annual self-assessments of our performance against the Mining Association of Canada’s (MAC) Towards Sustainable Mining (TSM) Safety and Health Protocol. In the 2024 evaluation, our Peru Business Unit achieved level AAA ratings across all indicators. British Columbia and Manitoba achieved level AAA ratings on four indicators, and one level AA rating. All three business units have identified their top fatality risks and the critical controls that must be in place before a task is performed. Workers at the mine conduct assessments (verifications) to ensure critical controls are in place and effective. To hold ourselves accountable, we set annual public safety targets to improve our total recordable injury frequency rate (based on ICMM classification criteria) and our lost time injury severity rate from our current three-year average. In 2024, we achieved both of these targets. Our occupational health programs diligently monitor workplace risks, including hearing loss and illnesses caused by airborne agents. We also have several initiatives to address mental health and well-being. This includes helping individuals and managers recognize mental health issues and receive the necessary attention and care. 20% local employment at our Peru Business Unit Page 59 74% local employment at our BC Business Unit Page 64 15% of employees at our Manitoba Business Unit identify as Indigenous Page 62 CREATING AN INCLUSIVE AND EMPOWERING SPACE FOR WOMEN IN MINING: HUDBAY PERU’S “UNIDAS” PROGRAM Hudbay Peru launched the Unidas (or “United”) program in 2024 – a platform created by women for women to foster inclusion, support and empowerment within the Company. Page 55 57 Hudbay 2024 Annual Report 2021 2022 2023 2024 1.4 1.3 1.2 1.1 TOTAL RECORDABLE INJURY FREQUENCY (lost time, restricted work and medical treatment injuries per 200,000 hours worked) 2021 2022 2023 2024 94.91 11.0 4.9 13.4 LOST TIME INJURY SEVERITY (days lost per 200,000 hours worked) 1 In addition to acknowledging our June 2021 fatality through the convention of adding 6,000 days to our lost time injury severity for 2021, this tragic event is also represented in our redoubled efforts around safety culture, training and oversight. 58 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Peru Manitoba British Columbia Arizona and Nevada Our Approach Culture and Engagement We aim to be an employer of choice in every region where we operate by cultivating a respectful workplace culture that empowers individuals to realize their full potential. Our “OneHudbay” managerial leadership approach prioritizes the growth and career advancement of every employee. Central to OneHudbay is a rigorous and structured talent management and succession planning approach. We use various employee engagement channels and tools, including town hall meetings, workshops, internal emails and videos from senior leaders, and our company intranet. Regular employee engagement surveys provide us with the feedback we need to build a stronger culture that attracts and retains top talent in competitive labour markets. Supporting OneHudbay is our Human Resources Information System (HRIS), which includes several talent management solutions and provides detailed workforce analytics. Diversity and Inclusion We define “diversity” as the unique traits and characteristics that distinguish individuals, including race, gender, religion, national origin, indigeneity, sexual orientation and life experiences. In contrast, “inclusion” refers to the behaviours and social norms that create a sense of belonging. Together, diversity and inclusion drive greater employee engagement and productivity. In a top-down approach, our company-wide Diversity Policy states Hudbay’s commitment to creating an inclusive and equitable organizational culture, and seeks to ensure a diverse representation of women and designated groups (for example, Indigenous peoples, persons with disabilities, and visible minorities) on the Board and in senior management. To further guide our efforts, a committee composed of a broad cross-section of employees at the corporate office has been formed to support the Company’s diversity and inclusion initiatives and to monitor its progress and commitments. In 2024, the committee conducted our first internal assessment of the new ED&I TSM Protocol in order to comply with MAC TSM requirements and build an internal action plan to comply with the TSM metrics. The committee also organized a speaker series, beginning with a session featuring a panel of Hudbay executives, including the President and CEO, discussing diversity and inclusion and answering questions from employees. Series topics that followed included Inclusive Leadership, Indigenous Education and Toronto Youth Homelessness, with plans to continue the series in 2025. Furthermore, each site prioritizes employment opportunities for local communities and Indigenous groups, ensuring our workforce mirrors the demographics of our operational areas and is in alignment with our diversity and inclusion objectives. Workforce Rights We respect workers’ rights, including the right to a workplace free from harassment and discrimination. Approximately 1,180 full-time, part-time and contract employees (40% of our employees) are represented by a union, and we respect the rights of our employees to join a union and engage in the collective bargaining process. Our goal is to collaborate with the seven unions that represent our employees on solutions for mutual benefit. 59 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Our Approach Manitoba British Columbia Arizona and Nevada Checking details at Constancia mine. Peru Peru At Constancia’s remote camp, we listen to our employees, prioritize their well-being and implement measures to ensure safety, diversity and belonging, creating an environment where people can thrive. As of the end of 2024, the Peru Business Unit had 1,074 employees, including 180 term employees (those with contracts that end on a specific date). Of our full-time employees, 100% are from Peru, 20% are from the local communities (primarily Chilloroya and Uchucarcco) and 12% are women. Building a Culture of Safety Through Diligence and New Measures In 2024, one lost time accident occurred on April 20 due to a trommel screen falling, resulting in 205 lost days. Our commitment to safety saw a total of 171,912 hours of safety training over the year taken by both employees and contractors, with Critical Risks training amounting to 88,000 hours (7,060 hours by employees and 80,940 hours by contractors). Three safety campaigns were conducted: Critical Risks, Defensive Driving, and Hazard Identification and Risk Assessment, engaging a total of 2,271 participants, comprising both Hudbay employees and contractor company staff. A mobile application called Hudbay’s Safety App, which was developed in 2023, is now fully implemented for Hudbay and contractor companies’ employees. It contains safety tools such as verification of critical controls, incident and conditions reporting, and the type of PPE required according to the specific risk in the workplace. Through the app’s reporting function, 1,745 substandard acts and conditions were reported, of which 81% were recorded by employees and 19% by contractors. As of November 2024, 92% of reports have been addressed and closed. Critical Control Validations (CCV) is the process designed to verify that critical controls to manage high-risk tasks or mitigate specific hazards are in place and used consistently and effectively. In 2024, 158,442 CCVs were recorded, of which 15% were recorded by Hudbay employees and 85% by contractors. To ensure we have a clear understanding, and therefore can change behaviours that lead to accidents, Constancia identified its top 10 fatality risks, assigned two supervisors to each critical risk to demonstrate visible felt leadership and accountability, and defined the criteria for CCV. 60 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Our Approach Manitoba British Columbia Arizona and Nevada Peru In 2024, Constancia achieved the “Healthy Company Management” recertification from SGS Peru, one of the world’s leading testing, inspection and certification companies, demonstrating the Peru Business Unit’s success in creating a workplace that is safe and healthy, and its commitment to helping everyone feel valued. The established 10 Fatality Risks Schedule was updated in 2024 whereby the first critical risk, “Loss of control of the vehicle and powered equipment,” was broken down into six classifications to provide more specific data given the variety of vehicles and equipment used every day. Further, because exposure to vibration in mining equipment poses a significant health risk, we are implementing a real-time vibration monitoring system to take preventive and corrective actions and reduce the probability of musculoskeletal disorders. Security From May 21 to May 24, 2024, in Peru, an external audit was conducted to assess compliance with the Voluntary Principles on Security and Human Rights (VPSHR). The final report, issued on November 5, 2024, identified 18 findings across various areas and 21 improvement opportunities; it also recognized 11 best practices in Constancia’s processes and operations. Cross-functional performance metrics were implemented that focused on security alert management, emergency response equipment inspections and Brigade training compliance under Plan EME-005, with a 95% average goal for all management. Monthly compliance tracking includes information sharing and feedback to ensure alignment and unified continuous improvement. In 2024, the Emergency Response Team and brigade members from the different areas of the mining unit controlled two forest fires that were started outside our property and for reasons beyond our control. The first, on August 14, impacted 6.1 square kilometres and was controlled the same day, with subsequent hot spots managed by August 16. The second fire, on September 11, was contained the next day after affecting 15 square kilometres. A risk assessment followed and led to a plan to acquire specialized equipment and implement enhanced security measures in critical areas to address this threat. This includes an electrical shielding system, which allows the safe movement of people between parking lots and offices, helping to reduce man-hours lost due to electrical storms. The design is complete, and the electrical shielding system will be active at the Constancia dining room, administrative offices, workshop and warehouse offices, and the change room for mining truck drivers. Looking Ahead In 2025, we plan to update the Critical Risk and Control Review Program and continue workshops on advanced accident investigation. Leveraging AI, we aim to predict accidents, environmental impacts and security incidents while increasing the digitization of safety tools for hazard identification and risk assessment. Additionally, we will resume virtual reality (3D) training that was put on hold to help optimize safety education through immersive and effective learning experiences, driving a more informed and safer workplace. Empowering Growth and Workforce Development Our employee programs are developed to support the Peru Business Unit’s people strategy, which is based on three pillars: • “Be Hudbay” aims to boost employee engagement by aligning them with the Company’s mission, purpose and values. • “Be Longer” focuses on attracting, retaining and developing top talent, creating a positive workplace culture for long-term commitment. • “Be Great” supports career development through learning opportunities, training programs and opportunities for promotions within the Company. The “Be Longer” program continues to provide internship opportunities for the adult dependents of employees, with 29 participants this year (10 in operational areas and 19 in support functions). “It’s Time to Talk” sessions facilitated open feedback from employees through monthly meetings, addressing issues such as transportation, accommodations and workplace services, leading to improvements that were completed in 2024, like upgraded buses to transport workers to and from the mine site and private living quarters for technicians and operators. Under the “Be Great” pillar, training included leveraging LinkedIn Learning, with 80 employees completing courses on learning agility and continuous improvement. After completion of these initial courses, employees have access to a full catalogue of self-paced training. Our collaboration with SENATI, the largest technical and professional training institute in Peru, continued this year with 42 employees completing online technical courses and more than 80 employee graduates. Training expanded to team-building activities, including five sessions with union leaders to enhance collaboration ahead of collective bargaining. Plans for 2025 include certifications for technical roles in the processing plant and change management training to equip employees with tools to adapt to organizational shifts. This year, 78 scholarships were awarded, 36 of which were tied to union collective bargaining agreements, 32 were for employees’ children and 10 were for employees pursuing university studies. 61 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Our Approach Manitoba British Columbia Arizona and Nevada Peru Building a Culture of Diversity and Belonging The “Nuestras Voces” (Our Voices) program in Peru is focused on promoting diversity, equity and inclusion across all areas. The acronym VOICES highlights the key priorities for fostering a workplace where everyone can thrive: • Values – Demonstrate our values • Openness – Model inclusive leadership • Inclusion – Value all communities and interest groups • Confidence – Foster a psychologically safe environment • Education – Promote opportunities through education • Sustainability – Empower schools in the Chumbivilcas province with access to quality learning One objective of the VOICES program is to increase the percentage of women in the workforce to 30%. Supporting this goal, in 2024, were the following initiatives: The “Responsible Maternity” program enhances our maternity policy by extending the legally required 98 days of leave to 183 days. Since its implementation, the increase in new mothers during the first year suggests that this extended benefit provides significant support and may be positively influencing employee well-being and retention. Unidas, or “United”, is a support network to help create change for women in mining. It emerged from an internal committee formed in 2023 to explore programs and improvements to create a more respectful workplace and combat unwanted behaviours such as sexual harassment, discrimination and challenges in returning to work after maternity leave. This new program in the Peru Business Unit offers women the space to share their unique experiences in mining. Please see our feature story Creating an Inclusive and Empowering Space for Women in Mining: Hudbay Peru’s “Unidas” Program. Since its launch in 2021, the Hatun Warmi (“Great Woman”) program has provided 23 women from local communities with training and skills to operate heavy machinery, 15 of whom graduated and are currently working for Hudbay Peru. We have discontinued this program until more heavy-machinery workers are required. Collaboration and Trust: Building Positive Union Relations We maintain a collective bargaining agreement with the Unified Workers Union of Constancia (SUTRAMICOH), which outlines the working rules and terms and conditions of employment for approximately 55% of our Peru Business Unit employees. We place a strong emphasis on collaboration with SUTRAMICOH and, during the year, held monthly meetings with union representatives through a formal labour relations committee to discuss ongoing concerns such as uniforms, transportation and accommodations. Labour relations were strengthened through the successful ratification of the 2024 collective bargaining agreement in July, ensuring continued alignment on key priorities. Overall, there is a very positive relationship with the union, and we maintain open lines of communication to address topics of concern. Looking Ahead Key priorities for 2025 include advancing succession planning to address an aging workforce by identifying and developing future leaders. Enhanced mentoring programs, particularly for women, will build on the success of the Unidas program. Workforce planning in preparation for the closing of Pampacancha will also be critical as operations adjust to upcoming changes, ensuring a resilient and well-prepared team for future needs. 62 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Our Approach Peru British Columbia Arizona and Nevada Underground miner at the Lalor workshop in Snow Lake, Manitoba. Manitoba Manitoba Through our employee initiatives, we aim to further integrate safety, inclusivity and innovation into our culture, while building stronger connections to our workforce and community. Through these efforts, we can build an engaged and forward- thinking team, ready to meet the challenges of the future. As of the end of 2024, the Manitoba Business Unit (MBU) employed 1,100 personnel, including full-time permanent, casual and contracted employees, with the majority (80%) focused on supporting Snow Lake operations. 15% of our employees in Manitoba identify as Indigenous and 20% are women. Building a Resilient and Healthy Workforce In 2024, the MBU focused on building and attracting talent. Programs included comprehensive supervisory training for frontline supervisors to enhance leadership capabilities, restarting marketing efforts to attract work-ready candidates, and developing a training program for entry-level positions in partnership with the Northern Sector Council. From an evolving regulatory perspective, as part of meeting federal government pay equity requirements, a diverse team with representation from all unions and staff was established to develop the program, ensure compliance and address new legislative language. Progress was also achieved across four key committees: • The Modified Work Committee is being revamped to engage employees unable to perform their regular roles in meaningful, value-added work. • The Death Benefit Committee was revitalized to provide essential support for employees and their families during challenging times. • The Camp Committee continues to address camp-related concerns: this year, there were comfort upgrades and technology improvements in the form of upgraded internet infrastructure. The “Camp Chronicles” newsletter was launched to keep employees who stay at camp informed and engaged, featuring biographies of camp employees, news articles and highlights from camp and work life. 63 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Our Approach Peru British Columbia Arizona and Nevada Manitoba • The Wellness Committee delivered various health initiatives this year, including new fitness facilities. It is also developing a strategic plan to create a more comprehensive and impactful wellness program for the workforce. Developing Our People Building on the success of prior workshops, we embedded a coaching and mentoring framework, led by an in-house facilitator, to ensure lasting impact. For example, sessions on the drug and alcohol policy were paired with wellness initiatives, such as peer support groups and leadership training on managing difficult conversations. This holistic approach integrates technical, leadership and wellness training through a robust learning calendar. Our commitment to engaging all communities in the mining sector is exemplified by the Mining Fundamentals program, developed in partnership with the Northern Sector Council. This initiative focuses on strengthening skills and creating meaningful employment opportunities while building capacity within Indigenous communities. By providing essential training and hands-on exposure to mining environments, the program supports workforce diversification and aligns with our broader strategy to attract and integrate Indigenous people into roles across all levels of the industry. Fostering Collaboration with Unions A significant achievement was the negotiation of new collective bargaining agreements (CBAs) with all unions, reaching a 3.5-year agreement ratified before the prior contract expired in June. This outcome was driven by respectful, collaborative and transparent conversations, fostering strong relationships and shared commitment to key priorities, including safety and operational improvements. Initiatives such as inviting union leadership to tour operations further strengthened mutual understanding and enhanced grievance resolution processes. To ensure a smooth transition, changes to the CBAs were effectively implemented, with management teams receiving comprehensive education on the updates. These efforts continue to reinforce a strong foundation for ongoing co-operation and partnership. Safety and Innovation The lost time injury severity rate for the business unit was 10.6 in 2024, which was down from 18.7 in 2023 and better than our goal of 17.7. We experienced eight lost time accidents, contributing to a total recordable injury frequency rate across the business unit of 3.0 (using corporate ICMM-based classification), which met our target of 3.6. Our Home Safe Everyday initiative started with a perception survey to better understand our safety culture to drive impactful and meaningful safety improvements. Phase 2 of the initiative included establishing leadership teams to drive improvement in three key areas: governance, leadership and high-potential prevention. In late 2024, we entered Phase 3, which focuses on measuring critical control validations, felt leadership and recognition of individual safety performance, in addition to ongoing leadership development and coaching. Leadership teams are evaluating results and adjusting systems to continue to drive safety and innovation. Mine Day: Strengthening Community Ties On September 14, 2024, Lalor Mine hosted a memorable Family Day event, welcoming approximately 300 employees and their families for an unforgettable experience. The day began at the Snow Lake Community Centre, where participants received PPE before heading to the mine site. Highlights included a thrilling journey down the shaft to the 910-metre level, where families toured the mobile shop, explored mining equipment and even participated in the “tag-in” process to experience and connect with the work of their family members. The event wrapped up with a barbecue, cooked by the local 7106 United Steelworkers Union. Feedback was overwhelmingly positive, building stronger connections between employees, their families and Hudbay. Looking Ahead In 2025, the focus remains on fostering community, culture and professional growth. Key initiatives include building on the structured training calendars encompassing technical, leadership and wellness topics; enhancing leadership skills through expanded coaching and mentorship programs; strengthening ties with Indigenous communities; and rebuilding recruiting channels through universities and high schools. We also aim for continued collaboration with unions to support our workforce and reduce high rates of absenteeism, influenced in part by increased legislated leave policies. Surveys and union consultations are underway to address root causes, including addiction, mental health and camp conditions – topics that we will continue to examine through our integrated training sessions. 64 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Our Approach Peru Manitoba Arizona and Nevada Miner leans against a haul truck tire at Copper Mountain mine. British Columbia British Columbia Our British Columbia Business Unit made significant advancement over the year, focusing on aligning talent with strategic goals while addressing employee feedback, enhancing diversity and maintaining a strong safety culture. Looking ahead, together we aim to streamline processes, expand training opportunities and strengthen connections with the local workforce. As of the end of 2024, the British Columbia Business Unit employed 681 workers, 74% of whom were hired from the local community. 13% of our BC employees identify as Indigenous and 18% are women. Building the Workforce: Growth, Adaptation and Recruitment Between December 2023 and January 2025, the British Columbia Business Unit saw a 53% increase in site employees, driven by the demands of Hudbay’s completed acquisition of the Copper Mountain Mining Corporation, and an emphasis on talent optimization. As recruitment efforts reached unprecedented levels, new initiatives were deferred so the focus could remain on stabilizing operations. This period of high recruitment activity signified a major transformation for the organization, marked by new approval processes and clearer lines of accountability, setting the foundation for future growth. While turnover and departures led to a loss of institutional knowledge, they also presented opportunities for progress. With a more unified vision, Copper Mountain mine is poised to move forward while creating a collaborative environment that prioritizes shared goals. Engaging Employees Through Listening and Acting Employee feedback remains a key component of Copper Mountain mine’s strategy. This year’s employee engagement survey, which included hourly workers, achieved a 56% participation rate. The survey answers provided insights into key concerns, including compensation, safety culture and communication. The Company responded to several concerns highlighted in the survey, including addressing equipment needs, improving organizational planning and enhancing leadership support. 65 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Our Approach Peru Manitoba Arizona and Nevada British Columbia Employees and a Mining Day volunteer meet at the pickup spot before mine tours begin. Cultivating an Inclusive and Diverse Workplace Culture Copper Mountain mine’s applicant tracking system expanded access to a wider pool of candidates to support an increase in Indigenous applicants. Although we recognize there is a natural diversity that exists across roles, spanning from metallurgy to accounting, we want to continue to improve our diversity metrics. In alignment with these goals, the Human Resources team has taken Indigenous Awareness Training through the Mining Industry Human Resources (MiHR) Council as well as the Indigenous Canada training provided through the University of Alberta (U of A). Senior leadership was given the option of taking either the MiHR or the U of A training. We have requested input from Upper Similkameen Indian Band (USIB) and Lower Similkameen Indian Band (LSIB) on the cultural awareness training material that we prepared, drawn from the bands’ websites. Once confirmed by the bands, it will be incorporated into onboarding material. We are also exploring how we partner with the bands and community on safety concerns and cultural awareness to support greater understanding of these topics. Local Hiring Commitments As a drive-in-drive-out model, Copper Mountain mine has a commitment to hire locally, and we first consider those candidates from nearby communities who can meet the pre-employment requirements. Copper Mountain mine also supports the USIB & LSIB Tax-Free Exemption Initiative, enhancing its competitive edge as a regional employer; however, we recognize that this program must be driven by the bands. Building a Culture of Safety Copper Mountain mine prioritizes a strong safety culture through several key programs. These include the implementation of Life-Saving Rules to prevent fatalities and reduce risks, critical control verifications to ensure key risk mitigation measures are effective, and visible felt leadership to evaluate and manage safety risks before significant changes are made. We are also exploring a positive recognition program to help mitigate hazards with the Joint Occupational Health, Safety and Environmental Committee (JOHSEC) in 2025. With no fatalities to date and ongoing improvements in safety metrics, we remain committed to continuous improvement. This includes regularly reviewing recent safety incidents, assessing Hudbay’s safety protocols and standards, and promoting a culture of safety awareness across all operations. Looking Ahead In 2025, Copper Mountain mine will implement Hudbay’s Human Resources Information System to streamline compliance training, onboarding and employee management. A dedicated recruiter will increase visibility at job fairs, and we will partner with industry organizations to launch a 12-week mining essentials course for women, youth and newcomers. This program will provide critical skills and exposure to mining careers, which will contribute to strengthening Copper Mountain’s workforce and community connections for long-term success. 66 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Our Approach Peru Manitoba British Columbia Inspecting the grounds at Copper World, Arizona. Arizona and Nevada Arizona and Nevada With the Mined Land Reclamation Plan approved before 2024, the Aquifer Protection Permit (APP) approved in August 2024 and the Air Quality Permit (AQP) issued in January 2025, Copper World has all major permits required for development and operation. At the end of 2024, our US Business Unit had 57 full-time employees building a strong safety-first approach and a cohesive team culture to support future growth at the Copper World project in Arizona and the Mason project in Nevada. An enhanced pre-feasibility study (PFS) for Phase I of the Copper World project in 2023 estimated the creation of 400 direct and 3,000 indirect jobs. To support local employment, we plan to implement apprenticeship readiness programs and community-based workforce training for both skilled trades and technical-level roles. Similarly, the Mason project’s 2021 preliminary economic assessment (PEA) projected 600 contractors for construction and 300 full-time operational roles, with an additional 2,000 indirect jobs anticipated, primarily benefiting nearby communities. Building a Safety Foundation To ensure a safe and healthy workplace as we advance the Copper World project, several key programs and initiatives are in place. We implemented a critical risk management program to eliminate injuries and fatalities through a three-phased approach of identifying critical risks, determining controls and conducting field verifications, all completed by the end of 2024. An all-volunteer emergency response team, consisting of a coordinator and four members, handles medical emergencies with first aid and CPR certification, collaborating with external resources as needed. Monthly employee-led safety meetings are intended to put safety at the forefront and to create an inclusive and collaborative culture. Team members present safety topics and conduct mock Mine Safety and Health Administration (MSHA) audits across the site. Topics in 2024 included lock-out policies, left-side of the road driving and general updates from each department. A compliance program ensures that all contractors adhere to health and safety requirements by submitting the necessary documentation. Additionally, occupational health sampling, including respiratory, dust and noise monitoring, was conducted this year alongside annual audiometric exams to safeguard employees’ hearing and overall health. 67 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PEOPLE Our Approach Peru Manitoba British Columbia Arizona and Nevada People’s Committee Guiding Principles • Build trust through transparency and responsiveness • Encourage collaboration, openness and learning • Create a safe environment to explore new ideas • Hold ourselves accountable and set realistic expectations and goals • Include a wide range of people, voices, ideas and information that support our mission • Earn industry recognition of our employees Connecting with Stakeholders Industry Recognition: Hudbay Proud Two Hudbay employees from the Copper World project were featured in “I Am Mining,” a new video series by the American Exploration & Mining Association (AEMA) to bring miners’ personal stories to life – highlighting the hard work, dedication and community impact of those in the mining industry. From safety innovations to family legacies, these stories show how mining is not only a job, but a way of life. We are proud to see Deidra Strada, Environmental Scientist, and Ricky Hansen, Assistant Supervisor and Trainer, talk about their personal and professional journeys as members of the mining community. Building Connections: Celebrating Tradition, Community and Team Spirit On Saturday, September 14, Hudbay’s US Business Unit hosted its first Ranch Day at Rosemont Ranch, located in the scenic Sonoita area. Owned by Hudbay, Rosemont Ranch is a vital part of Arizona operations, functioning not only as a working cattle ranch but also demonstrating the Company’s commitment to environmental stewardship, conservation and support for the local rural community and its traditions. Organized by the People’s Committee, the event provided employees and their families with a relaxing afternoon at the Ranch, with opportunities to learn more about its ranching operations while connecting with colleagues and their families. Ranch Day guests enjoyed live music, arts and crafts, face painting, roping, blacksmithing and cattle penning demonstrations led by our dedicated Ranch Team. The festivities were capped off by food trucks serving a barbecue lunch and other refreshments. Events like Ranch Day allow us to engage with our teams and their families, strengthen community ties and offer a deeper understanding of our local operations. We look forward to building on this successful day, making it a lasting tradition. People’s Committee Now in its third year, the mission of the People’s Committee is to put our people first by understanding their interests and concerns, influence our company culture, and facilitate recommendations to leadership to further establish Hudbay as a diverse, inclusive, engaged and overall great place to work. Annual goal setting is directed by employees and progress is reported. In 2024, leadership training and Ranch Day (see “Connecting with Stakeholders” at right) were the two initiatives brought forward and completed by this group. Planning for 2025, the committee is exploring improving the onboarding process for both contract and full-time employees, and introducing an internal newsletter and an employee recognition program. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT COMMUNITIES 68 Hudbay 2024 Annual Report Communities Our success is deeply connected to the communities near our operations. Through local procurement, strategic partnerships and investing in initiatives that create local opportunities, we aim for these communities to thrive. Our goal is to build lasting relationships that empower local populations and contribute to shared prosperity. IN THIS SECTION Our Approach 69 Peru 71 Manitoba 73 British Columbia 75 Arizona and Nevada 78 CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT COMMUNITIES Peru Manitoba British Columbia Arizona and Nevada Our Approach Our Approach We prioritize meaningful connections with communities by understanding their needs, assessing potential impacts and maintaining open dialogue, creating the foundation for long-term partnerships that support mutual growth and shared success. Hudbay’s Code of Business Conduct and Ethics, along with the Stakeholder Engagement Standard, outline clear processes and requirements for fostering strong, long-term relationships throughout a mine’s lifecycle. These documents set expectations for stakeholder engagement, social investment, risk management, and prompt resolution of complaints or grievances. To ensure accountability, Hudbay conducts annual self- assessments aligned with the Mining Association of Canada’s (MAC) Towards Sustainable Mining (TSM) Indigenous and Community Relationships Protocol. This protocol evaluates how effectively the Company engages communities of interest in meaningful dialogue and decision-making, while ensuring processes align with the principles of free, prior and informed consent (FPIC) to respect the rights of Indigenous peoples. In the 2024 TSM Indigenous and Community Relationships Protocol assessment, Constancia achieved level AAA ratings across all five indicators. Copper Mountain mine received level AAA ratings on two indicators and three level AA ratings. The Manitoba Business Unit also achieved AAA ratings on three indicators, and AA ratings on two indicators. $322.8M paid in employee wages and benefits $14.6M in community investments 69 Hudbay 2024 Annual Report Building Bridges in the Mineral Sector Hudbay operates on traditional and ancestral lands in Manitoba, including the territory of the Swampy Cree, Woodland Cree, Anishinaabe, OjiCree, Dene and the National Homeland of the Red River Métis. Hudbay acknowledges the land on which it operates and supports long-term socio-economic development in the communities. Manitoba’s Indigenous Relations Lead co-chaired an Elders panel for the Mining Association of Manitoba’s (MAMI) Central Canada Mineral Exploration Convention (CCMEC) in November. The panel featured Indigenous and Métis resource workers, ensuring content had a more comprehensive representation of the convention participants. In addition to the panel, the team assisted MAMI with Indigenous protocols for keynote speakers and presentations, addressing practical questions such as working and speaking with Elders, passing tobacco, and other teachings and ceremonies. These efforts bridge the learning curve for MAMI and non-Indigenous participants, demonstrating respect and understanding of Indigenous traditions and the value they bring to the industry. 2021 2022 2023 2024 87.6 103.6 192.6 387.1 LOCAL PROCUREMENT ($ millions) 2021 2022 2023 2024 9.3 10.1 9.3 14.6 COMMUNITY INVESTMENTS AND CHARITABLE DONATIONS ($ millions) 70 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT COMMUNITIES Peru Manitoba British Columbia Arizona and Nevada Our Approach Community Relationships We build meaningful relationships with communities near our exploration and operating sites by engaging with key stakeholders early and maintaining consistent communication. At each operation, development project and exploration site, we identify stakeholders, assess potential impacts and create comprehensive engagement plans. These plans aim to establish collaborative and respectful processes with communities affected by or interested in our activities. Additionally, our site-based community response systems document stakeholder concerns and grievances, ensuring they are carefully investigated and resolved in a timely and appropriate manner. Indigenous Engagement Respect for the cultures and heritage of the communities near our operations is a guiding principle of our approach. We recognize the distinct rights, culture and traditional history of Indigenous peoples, acknowledging their deep connections to the land and water. At our operations and exploration sites, we develop archaeological monitoring and cultural resource plans to safeguard cultural artifacts. Through collaboration with community members and groups, we aim to identify, protect and celebrate the cultural richness of the regions where we operate. Economic Contributions We create positive impacts through job creation, generating business opportunities, meeting tax and royalty commitments, and investing in community-focused socio-economic initiatives and infrastructure projects. Our payments to governments and organizations fully comply with the legal frameworks of each jurisdiction where we operate, and we actively support global initiatives such as the Extractive Industries Transparency Initiative (EITI) to promote revenue transparency and accountability. As a member of Peru’s National Society of Mining, Oil and Energy, we support the government’s efforts to implement EITI requirements. Our compliance with Canada’s Extractive Sector Transparency Measures Act (ESTMA) provides an equivalent level of reporting to the EITI standard, and we filed our annual ESTMA report in May 2024. Local Hiring and Procurement Our Local Procurement and Employment Standard requires sites to engage stakeholders to maximize local hiring and procurement opportunities. This includes supporting government and civil society programs identified and prioritized by the communities to build local capacity and skills for both mining jobs and other livelihoods that stimulate socio-economic development and strengthen the community. We collaborate with diverse stakeholders and organizations to identify opportunities for local employment and procurement. By supporting community-driven programs, we aim to enhance skill development for mining roles and other careers, contributing to broader socio-economic growth and community resilience. Community Development We work with communities early in the mine lifecycle to align with their priorities and ensure that our presence delivers lasting, positive outcomes. Our Community Giving and Investment Standard establishes requirements and processes for contributions and investments. It emphasizes community involvement, mutual benefits and partnerships. These investments largely focus on infrastructure and socio- economic development initiatives that build resilience, sustainable livelihoods and independence from the mine’s operations. In Peru and British Columbia, we maintain formal agreements with communities, districts, provinces and other different levels of government that outline our community investment commitments. Multi-stakeholder committees, comprising Hudbay and local representatives, play a critical role in identifying, approving and monitoring projects defined in these agreements. Collaborating with government agencies, community development organizations and subject matter experts enhances the effectiveness and maximizes the impact of the programs. We encourage our employees to support causes they care about. At the corporate level, Hudbay offers employees one paid day off each year to volunteer, participates in matching certain employee donations and supports capacity building for disadvantaged communities. In 2024, we continued to support Youth Without Shelter (YWS), serving as the title sponsor for YWS’s annual Cover Me Urban event. Hudbay employees purchased tickets as well as volunteered at the event, which raised more than $140,000 to support its mission to provide shelter, education and training to homeless youth. Resettlement and Land Use Our goal is to avoid resettlement whenever possible. When resettlement is unavoidable, Hudbay follows international standards, including IFC Performance Standard 5. This involves minimizing adverse impacts on those displaced through measures such as fair compensation and ensuring that those affected are actively engaged in the process. In 2024, we did not undertake any resettlement activities. 71 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT COMMUNITIES Our Approach Manitoba British Columbia Arizona and Nevada Peru Hudbay Peru inaugurates a modern health centre in Uchucarcco, Chumbivilcas, through the Works for Taxes (OxI) mechanism with an investment exceeding 15 million soles. Benefiting more than 2,000 residents of the community and surrounding area, the facility includes areas for outpatient consultations, emergencies, clinical pathology, a pharmacy and staff residence. The project highlights Hudbay’s ongoing commitment to improving healthcare infrastructure in the Cusco region, where the Company ranks among Peru’s top 20 OxI investors. Peru In Peru, our commitment to transparent communication and proactive engagement drives initiatives aligned with community priorities: health, infrastructure, agricultural development, education and the environment. Together, we are creating the foundation for lasting growth and shared progress. In Peru, Hudbay has reaffirmed its commitment to sustainability and social development through a strategic focus guided by three pillars: increasing local enterprise integration, delivering impactful social programs and cultivating constructive relationships with stakeholders at all levels. This focus was evident: new sustainable development agreements were signed in 2024 with six communities in our area of influence, and the final Pampacancha extension agreement was signed on November 14. These achievements would not be possible without the day-to-day dedication of the community relations field team. Throughout the year, Hudbay engaged in over 7,500 interactions involving more than 3,480 local stakeholders. We participated in 40 communal assemblies and conducted 10 meetings within each community. We also encouraged our stakeholders to experience mining life through guided tours of our operations and mines; in 2024 we saw hundreds of people from different groups visit our Constancia operation. Local Procurement Our efforts to incorporate local businesses into our value chain continue to grow. Year-over-year, there is increased participation from local providers and higher procurement spending. In 2024, two local companies were responsible for transporting 35% of mining concentrates, and this amount is projected to rise to 45% in 2025. Additionally, we awarded personnel transportation contracts to a local company, starting January 2025. In 2024, we spent US$31.2 million with local suppliers, an increase of approximately $800,000 compared to 2023. We also encourage our suppliers to hire from the local communities. At the end of 2024, our contractor partners employed 254 people from the local communities. 72 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT COMMUNITIES Our Approach Manitoba British Columbia Arizona and Nevada Peru Celebrating the launch of the new Uchucarcco health centre. 2024 Community Activities Our social development investments focus on projects aligning with the five priorities identified by the communities: health, infrastructure, agricultural development, education and the environment. Through Peru’s “Work for Taxes” program – a public-private funding mechanism – we allocate a portion of income taxes upfront to finance public works. Upon project completion, we receive a tax certificate covering 100% of the investment. Hudbay continues to rank among the top 10 companies in Peru using this mechanism. Below are some of the projects that we helped advance in 2024. • By the close of 2024, the Chilloroya Health Centre was approximately 70% complete and on schedule for delivery to local authorities by February 2025. The $4.5 million investment by Hudbay in the rural community of Chilloroya aims to enhance the health and well-being of the population and improve the life expectancy for approximately 1,505 people in the area. The Centre will provide outpatient consultation, emergency and urgent care, clinical pathology and pharmacy services. • Hudbay Peru conducted and financed a pre-investment study in 2023 for extensive renovations involving nearly a complete teardown and reconstruction of the existing Public Defense and Access to Justice Headquarters at Chumbivilcas in Santo Tomás district. The Ministry of Justice and Human Rights awarded Hudbay Peru the contract for financing and execution, with an agreement signed the second week of December 2024. The improvements to this centre will raise the level of trust for vulnerable populations who seek legal aid and advisory services. The centre will benefit 5,000–10,000 residents once operational. • Since 2017, the Agricultural Development Program has supported over 1,400 beneficiaries across 10 communities with an investment of $1 million per year. In 2024, Hudbay Peru invested over $69,000 to construct 13 new fodder warehouses in Merques, Velille district, bringing the total to 39 warehouses for the community. This initiative, executed by local contracting company BHR Ingenieros & Consultores SAC, supports local livestock activity and enhances food security and the regional economy. Currently, 25 warehouses are already benefiting Merques residents, marking this project as the third phase of this infrastructure’s development. • Enhancement of the Conchopata Municipal Stadium in Chumbivilcas is scheduled for completion in early 2025. Our investment of $690,000 for this project will help fund a synthetic grass sports field, professional athletics track with drainage, a 480-metre perimeter fence, improved access with a retaining wall, and a reinforced concrete grandstand with toilets. This initiative aims to promote physical and social well-being by encouraging sports like football and athletics while fostering community ties and creating a healthy recreational space for all ages. Other projects included the Chilloroya River Project, which focuses on preserving aquatic ecosystems; a medical campaign that provided health screening and medical services to more than 4,200 people across six communities over eight consecutive days in collaboration with the Chumbivilcas Health Network and Asociación Vida Perú; and a community hall complex and cemetery. Collectively, Hudbay’s investment in these initiatives totalled $7.8 million. In 2024, a total of 68 grievances were registered. Of these, 68% were related to the procurement of goods and services, 12% to labour issues, 13% to property damage, 4% to environmental concerns and 3% to breaches of agreements. 73 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT COMMUNITIES Our Approach Peru British Columbia Arizona and Nevada NORTH direction singing and smudging as part of National Indigenous Peoples Day celebrations. Manitoba Manitoba Through meaningful engagement and prioritizing cultural understanding, the Manitoba Business Unit is expanding impactful programs in Snow Lake and other communities. These initiatives empower partnerships, respect traditions and create an environment for lasting shared value. Our approach to engaging Indigenous and other communities of interest near our mining operations and exploration activities is guided by best practices. This includes adhering to the criteria established by the Canadian Council for Indigenous Business’s Partnership Accreditation in Indigenous Relations (PAIR) program. The PAIR program offers a structured framework for evaluating policies, practices and performance, ensuring an authentic commitment to build strong and positive relationships with Indigenous communities in Canada. Its criteria have informed several of our programs and initiatives, helping us engage in meaningful and impactful ways. Every three years, Hudbay’s Manitoba Business Unit undergoes a PAIR assessment. In 2022, we achieved Silver-level certification. We are still the only mining company in Manitoba at that level and one of only two mining companies in Canada to earn this distinction. Looking ahead to April 2026, we aim to elevate our certification to Gold-level status through significantly improved Indigenous engagement in 2025, further strengthening our recognition and commitment to Indigenous relations. Deepening Indigenous Engagement and Cultural Awareness Plans for Manitoba’s Indigenous Engagement Team to expand came to fruition in early 2025 with the addition of a coordinator and an administrative assistant, strengthening connections with Indigenous communities. Renamed Indigenous Relations, the team now encompasses broader responsibilities across exploration, environment and human resources. One of these roles is dedicated to overcoming language barriers by translating materials into Cree, ensuring that the community’s voice is heard and understood. 74 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT COMMUNITIES Our Approach Peru British Columbia Arizona and Nevada Manitoba The Indigenous Relations team led several impactful initiatives to enhance cultural awareness and build stronger relationships with the Indigenous communities of interest where we operate in Manitoba. These include the following: • Creation of a 10-element Indigenous Relations Strategy – This strategy was thoughtfully orchestrated to provide high-level guidance to improve Indigenous relations and move towards economic reconciliation. As part of the strategy, an Indigenous Relations Policy was drafted as a framework for the MBU to set its intention and direction as well as measurable objectives and targets. Multiple engagements with various Indigenous community leadership and members were held to communicate the strategy as well as operational updates; exploration program information; environmental impacts and mitigation measures; business and employment opportunities; and collaboration on projects and initiatives. • Indigenous Circle for Everyone (ICE) Program – This employee program, which first launched in 2022, continues to provide an invaluable platform for cultural education and dialogue. In 2024, the monthly speaker series featured over 20 sessions on diverse topics such as traditional medicine harvesting, treaty land entitlements, storytelling, reconciliation in industry, Métis entrepreneurship, and Missing and Murdered Indigenous Women. The year’s programming ended with winter solstice teachings in December. • Orange Shirt Day and National Indigenous Peoples Day – Rolled into a week-long event with community participation, activities included cultural performances, smudging ceremonies and a traditional “Indian taco” meal, offering opportunities for meaningful cross- cultural engagement. • Community smudging – The team collaborated with the communities to organize smudging ceremonies at New Britannia, Lalor Mine, Lalor Camp, Snow Lake and the Flin Flon Administration Building, promoting cultural awareness, respect and understanding. This sacred Indigenous practice, which uses traditional medicines like sage and sweetgrass, is believed to purify spaces and individuals, creating a sense of balance and harmony. Flin Flon Aboriginal Friendship Centre Our partnership with the Friendship Centre flourished over the year, particularly during National Indigenous Peoples Day, where the Manitoba Business Unit sponsored cultural performances from local communities. Weekly Elder gatherings have also become a focal point for relationship-building, with our Indigenous Relations Lead playing an active role in the program. This consistent presence strengthens trust and integrates Indigenous perspectives into company operations and culturally attuned resource development. Community Planning and Infrastructure Hudbay is committed to supporting the community by working as a true partner to create long-term benefits for everyone. In 2024, the Manitoba Business Unit provided strategic planning assistance to the Snow Lake Town Council, helping them prioritize key initiatives, establish timelines and identify projects that align with community goals while also offering mutual benefits that support Hudbay’s objectives. Beyond planning, there were several impactful community projects that the business unit supported over the year. These included sponsoring the wage for a new Recreation Director in partnership with Snow Lake to enhance community well-being, co-funding the completion of upgrades to Snow Lake’s water and sewer renewal project, funding inspectors and training for employees at the water treatment plant, and assisting with community projects like repairing the curling rink roof. Hudbay contributes to the wages of an Economic Development Officer for the Flin Flon and Creighton areas. In Flin Flon, a community need was determined for an aqua centre, which Hudbay is supporting. This is an approach that supports our community through skills, experience and resources, ensuring a collaborative approach that goes beyond monetary contributions. 2024 Community Investments In 2024, the Manitoba Business Unit’s Donations Committee reviewed and allocated more than $324,000 in community contributions. Major donations included: • Wapawikoscikan Community School ($8,400) • Community Adult Learning Centre ($6,000) • Flin Flon Junior Bombers ($21,000) • Indigenous Chamber of Commerce ($5,500) • Lord’s Bounty Foodbank ($2,500) There were 146 complaints registered in 2024. This year, all of our grievances were labour-related concerns filed with one of our five unions. No community grievances were registered. Labour grievances related to collective agreements are managed through a different process than the one used to address community grievances. Looking Ahead The Manitoba Business Unit is committed to finalizing and ratifying the Indigenous Relations Policy and Strategy in 2025. This framework will formalize engagement protocols and align Traditional Knowledge with exploration and environmental initiatives. In February 2025, we signed our first exploration agreement with the Kiciwapa Cree Nation, affirming our commitment to consultation and meaningful collaboration, and to supporting local employment, procurement and sustainable development. 75 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT COMMUNITIES Our Approach Peru Manitoba Arizona and Nevada Hockey Night in Princeton, British Columbia. Copper Mountain mine sponsored a game night for the local Junior “A” Hockey League team. British Columbia British Columbia Copper Mountain is committed to hiring locally and building strong, mutually beneficial relationships with neighbouring communities, particularly within the traditional, unceded territory of the smƏlqmix people, represented by the Upper Similkameen Indian Band (USIB) and the Lower Similkameen Indian Band (LSIB) First Nations. As we focus on delivering positive outcomes related to Participation Agreements and the New Ingerbelle project, we will continue to address all concerns with respect and transparency, making every effort to ensure that our work creates positive, lasting outcomes for all. Building Mutual Trust and Opportunity in the SmƏlqmix Territory Copper Mountain operates on the unceded territories of the smƏlqmix people, represented by the USIB and the LSIB First Nations. Since 2019, the mine has maintained Participation Agreements (PA) with both USIB and LSIB, which are set for review every five years, to ensure the PAs continue to reflect the needs of the communities while building lasting, collaborative and mutually beneficial relationships. In 2023, both bands approached us to initiate renegotiation discussions to amend these agreements, with a focus on improving benefits and environmental oversight. Renegotiations resumed in April 2024 with eight meetings held this past year covering topics such as administration of the PAs, safety, environment, land use, donations, business opportunities, employment opportunities, reclamation and permitting. The permitting process for the New Ingerbelle project, which will extend the life of the mine beyond 2027 by an additional 13 years to 2040, is running in parallel with the PA renegotiations. Copper Mountain is proceeding through the Major Mines Office (MMO) coordinated authorizations process to amend Mines Act and Environmental Management Act (EMA) Permits. 76 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT COMMUNITIES Our Approach Peru Manitoba Arizona and Nevada British Columbia There was a submission for screening to the MMO, USIB and LSIB on January 19, 2024, followed by two rounds of screening held from January to October. Copper Mountain worked with USIB and LSIB on the development of a work plan that would address USIB and LSIB concerns regarding gaps in the application, with commitments from Hudbay and timelines for completion. Numerous engagement sessions were held throughout 2024 to gather input and feedback on the application and project design, including two separate community meetings in July at which Hudbay presented on the New Ingerbelle project to over 150 USIB and LSIB community members and to the Chief and Council for both bands. Hudbay hired Falkirk Environmental Consultants to support First Nations engagement and permitting, and to support end land use planning engagement for the mine. Hudbay agreed to provide financial support for an independent third-party review to be conducted simultaneously with the Mine Review Committee (MRC) review process. Following these comprehensive efforts, the application was submitted for a third round of screening at the end of March 2025. A recent increased recognition of the importance of integrating Indigenous Knowledge (IK) across our operations is a shift we hope will contribute to meaningful conversations and progress for both the PAs and the New Ingerbelle projects. This approach demands that all proponents emphasize meaningful engagement with First Nations – rather than merely adhering to timelines – so that IK can shape all the topics that are of concern to the First Nations and to a successful mine operation, including environmental baseline studies and assessments, archaeology, air and dust, water management, human health and ecological risk assessments, cumulative effects, end land use planning, and overall project design. Engaging with Our Nearby Communities The Town of Princeton has a long-established relationship with the mining industry, especially the Copper Mountain operation. Many of Copper Mountain’s staff and leaders reside locally and actively contribute to community life. We regularly engage with the mayors and councillors of Princeton and Keremeos, and representatives from the Regional District of Okanagan– Similkameen (RDOS), to discuss development plans, explore economic opportunities and address community concerns. In 2024, as part of the ongoing mine permitting process – encompassing the proposed New Ingerbelle project – we held regular meetings with officials from Princeton, Keremeos and the RDOS. Additional channels for engagement include a monthly newsletter focused on environmental topics sent to all staff and communities of interest, the Copper Mountain mine website and feedback form, and the Hudbay British Columbia Facebook page. The former Minister of Mining and Critical Metals, Josie Osborne, and former MLA Roly Russell participated in a town hall with mine employees, followed by lunch with management representatives in March. Two introductory meetings were held in early 2024 to introduce John Ritter, who joined Hudbay in January 2024 as the VP of the British Columbia Business Unit, to the Chiefs and Council of both LSIB and USIB. Detailed feedback from our local communities regarding Copper Mountain mine’s engagement process and outcomes is an important step for us to understand where improvements are needed. Overall, engagement outcomes feedback in 2024 revealed that First Nations want to see more meaningful conversations, action and follow-up meetings to help improve outcomes. The Town of Princeton, Village of Keremeos and RDOS are satisfied with the outcomes and support the mine for the long term, and feel they are kept informed and therefore connected to the mine. There were no grievances formally registered in 2024. TSM External Verification In 2024, Copper Mountain mine completed its TSM external verification (scheduled every three years). The TSM verifier reviewed documents, conducted a site visit in November, interviewed employees and consulted with select communities of interest to confirm compliance with Level A or higher standards against multiple protocols that fall under the pillars of Communities and People, Environmental Stewardship and Energy Efficiency. Copper Mountain mine also participated in the TSM–Copper Mark assurance pilot, supported by a MAC-conducted media scan to guide the verifier’s risk-based approach. Communities of interest were notified in advance and invited to engage directly with the verifier. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT COMMUNITIES Our Approach Peru Manitoba Arizona and Nevada Mining Day visitors gather at the pickup spot before touring the mine at Copper Mountain. British Columbia 77 Hudbay 2024 Annual Report 2024 Community Activities Mining Day remains a successful annual event to support Copper Mountain’s community engagement efforts. Open to the public, this year we welcomed over 500 participants to the mine, with reserved tickets for members of USIB and LSIB, the Town of Princeton and the Village of Keremeos. The day involved a four-hour guided mine tour featuring four stops: an overview of mining processes at the pit lookout; interactive displays on minerals processing and tour of the mill; a visit to the tailings management facility, showcasing the site’s water reclaim system; and the reclamation area, where progressive reclamation efforts are explained. The tour concluded with a live mining blast, followed by a community gathering with food and vendor contributions, and activities for children. Princeton Mayor Spencer Coyne addressed the guests and was also the recipient of a “pie in the face” delivered by our General Manager, as part of the BC Mining for Miracles fundraising challenge that culminated at the event and which raised more than $40,000 for the BC Children’s Hospital. The British Columbia Business Unit is the largest employer in the Princeton area, contributing significantly to the local economy and supporting various causes through a robust sponsorship and donation program to help address community concerns. In 2024, 28 organizations and local businesses were recipients of either sponsorships or donations which exceeded $100,000, including: • Vermilion Forks Elementary School in Princeton • Syilx Basketball (LSIB) • Princeton Slo-Pitch • Lower Similkameen Community Services Society • Princeton Rodeo Club • Logan Lake Athlete Society • Princeton Posse Minor Hockey Association 78 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT COMMUNITIES Our Approach Peru Manitoba British Columbia The Copper World team was proud to participate in the University of Arizona’s Mines for Limitless Minds event, organized by the School of Mining and Mineral Resources. Arizona and Nevada Arizona and Nevada By engaging openly with all stakeholders and prioritizing transparency, we’ve strengthened community trust during the permitting stage. We’ve addressed concerns and set the foundation for responsible, long-term contributions to Arizona and Nevada’s economic development and environmental quality. Advancing the Copper World Project With all three key permits now approved, we recognize that our dedicated efforts over the past several years have laid a strong foundation for continued progress and future success. On August 29, the Arizona Department of Environmental Quality’s release of a draft Aquifer Protection Permit marked a significant milestone. Throughout the public comment period, we actively encouraged community participation, engaging both supporters and opponents, and hosting meetings where questions were asked, concerns were expressed, and feedback was addressed. As a result, we reinforced the credibility of the permitting process, bolstered community trust and further reduced the risk of future litigation. As our engagement deepened, we continued to build meaningful relationships with local Native American tribes, offering site visits and working with tribal representatives to conduct data- gathering efforts, including the collection of plant and mineral samples. We also increased our outreach to municipalities, regulators, homeowner groups and civic organizations. We tailored our communications channels to reach various demographics that included presentations, quarterly emails and signage in community establishments. We also launched a project-specific microsite and social media channels to share FAQs, collect stakeholder feedback and issue regular updates. 79 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT COMMUNITIES Our Approach Peru Manitoba British Columbia Arizona and Nevada Building Support and Momentum These activities were complemented by broader polling and public opinion surveys, which continued to show strong support for copper mining in Southern Arizona. Tucson Metro Chamber, Arizona Mining Association and, for the first time, the University of Arizona School of Mineral Resources collaborated and conducted a poll with an approval rating increase of 2% compared to a similar poll in 2022. With each new interaction, we strengthened the project’s social support, ensuring that stakeholders not only understood our plans for the Copper World project, but also have ample opportunity to help shape them. Meanwhile, our commitment to long-term sustainability took a tangible step forward with planned investments in the “Project Renews” water recharge initiative, which will help maintain environmental balance as the project moves toward feasibility and eventual construction decisions. These collective efforts continue to build the momentum and community approval for Copper World. By respecting community priorities; advancing a rigorous, transparent permitting process; and demonstrating genuine responsiveness to stakeholder input, we are creating a space for a responsible and lasting contribution to Arizona’s economic and environmental future. Engaging at Mason Our Mason project in Nevada, located approximately 85 kilometres southeast of Reno, in the Mason Valley Copper District, continued to advance our stakeholder engagement strategy, which is focused on strengthening local trust and transparency before entering the permitting phase. Throughout the year, our dedicated Community Relations Lead held numerous face-to-face discussions with diverse stakeholder groups, including two community open houses in Yerington, 15 meetings with tribal representatives, 5 with local ranchers, 23 with community organizations and 7 with government officials. Presentations included audiences with the Rotary of Yerington, Rotary of Smith Valley, Lions Club, Farm Bureau, Yerington Paiute Tribe and Walker River Paiute Tribe. By partnering with groups that oppose the project, we can identify shared priorities – such as the importance of water availability and quality. This has led to tangible steps, including a partnership to create hydrogeologic characterization for a baseline study, allowing stakeholder input before the permitting process begins. On the economic and policy front, we discussed the Copper World project’s planned copper cathode plant with Nevada Governor Joe Lombardo, highlighting how a similar approach could be applied in Nevada to finish copper domestically, rather than sending concentrates overseas. Inspired by this idea, the Governor’s Office of Economic Development and the Nevada Mining Association are now exploring the viability of a state-supported finishing plant that could keep the value chain local and support the region’s long-term economic development. While the concept is still in its early stages, it may ultimately benefit future projects like Mason. 2024 Community Investments We invested $10,000 in our scholarship program, designed in partnership with the Yerington Paiute and Walker River Paiute tribes, which offer educational opportunities that align with community needs, whether in healthcare, social services or business development. We also invested a total of $39,500 to support the following community programs in Arizona and Nevada: • Walker River Basin Community Foundation • Through a Child’s Eyes Foundation • Mason Valley Fire Works • Santa Cruz County Fair and Rodeo • Smith Valley Chapter – Rocky Mountain Elk Foundation • Smith Valley Friends of the Library No complaints at the Copper World or Mason projects were formally registered through our grievance system in 2024. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET 80 Hudbay 2024 Annual Report Our responsibility to care for our planet grows as we evolve as an organization. At each stage of mineral development, we prioritize safety, embrace innovation and champion new ways to minimize our environmental impact while adhering to the highest standards. IN THIS SECTION Our Approach 82 Peru 85 Manitoba 88 British Columbia 91 Arizona and Nevada 94 Planet 81 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Our Approach Peru Manitoba British Columbia Arizona and Nevada F E AT U R E S T O R Y Project Renews: A Community-Driven Solution for Water Sustainability A R I Z O N A Water is a lifeline in the arid landscapes of Arizona’s Upper Santa Cruz Basin. Arizona’s Central Arizona Project (CAP) was designed to transport water from the Colorado River to the central and southern parts of the state, addressing regional water shortages. The pipeline stops just south of Tucson, leaving the last 60 miles of the state – between Tucson and the southern border – without direct access to CAP water. Recognizing the long-term need to address declining aquifer levels, Hudbay is working with the Community Water Company of Green Valley (CWC) in a joint venture to implement Project Renews, which will extend the CAP water pipeline and replenish local water resources. Hudbay has committed to fully funding Project Renews, an extension of the pipeline to a recharge facility, where water can be used to replenish the aquifer. This will be accomplished by constructing a 36-inch diameter pipeline, delivering water from the Colorado River to the Green Valley and Sahuarita communities. By directing this water back into the aquifer, Project Renews ensures long-term water security for the region’s residents and ecosystems. This initiative benefits local communities, agricultural users and surrounding areas by ensuring a more reliable water supply. This partnership marks the first instance of an industrial entity proactively addressing its potential impact on local water resources during the development phase of its project. Beyond securing a sustainable water future, Project Renews has been shaped by community input and engagement, particularly in discussions about how the 72-acre recharge facility’s surrounding parkland will be used. Local residents and environmental groups have contributed ideas for incorporating green spaces, walking trails and educational areas that promote public awareness of water conservation efforts. This ensures that the project is not only a technical achievement but also a community asset, enhancing public spaces and providing recreational benefits. Project Renews has been steadily progressing over the past 10 years and is currently about 20% complete. Hudbay has proactively taken steps to mitigate the potential impact of its operations on local water resources. We are committed to accelerating the project as production nears to ensure it is completed before drawing any water from its wells. Project Renews stands as a model for forward- thinking water conservation. By combining scientific expertise, industrial partnership and community-driven decision-making, the initiative paves the way for a resilient and water-secure future in Green Valley and Sahuarita. Through collaboration and responsible stewardship, Project Renews will leave a lasting impact, ensuring that generations to come can thrive in harmony with Arizona’s unique desert environment. 81 Hudbay 2024 Annual Report An Arizona waterway. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Peru Manitoba British Columbia Arizona and Nevada Our Approach Our Approach Hudbay is committed to advancing environmentally responsible mineral exploration and mining, as explicitly stated in our Environmental, Health, Safety and Sustainability Policy. By mitigating environmental impacts, by adhering to regulations and through a series of internal and external audits on our management systems, we ensure sustainable practices that align with our long-term commitment to responsible growth. Eco-efficiency improvements, aiming to achieve more with less, are a key measure of our performance. We track our use of resources and integrate eco-efficiency considerations into investment decisions and business planning processes. For example, our Authorization of Expenditure process includes environmentally efficient considerations to identify opportunities for reducing GHG emissions while lowering costs and increasing productivity. Monitoring eco-efficiency metrics allows us to identify improvements, adjust production methods, or adopt new technologies to reduce resource consumption. Land and Biodiversity Our Biodiversity Conservation Standard aims to preserve healthy ecosystems and biodiversity throughout the mine lifecycle. Each site assesses local conditions – such as threatened and endangered species, protected areas and critical habitat – and the potential impacts of Hudbay’s activities. Site-specific biodiversity and ecosystem services management plans apply the mitigation hierarchy, which emphasizes avoiding and minimizing any negative impacts, restoring sites no longer used by a project, and identifying the need for offsets if impacts remain. Our standard aligns with the TSM Biodiversity Conservation Management Protocol and the IFC Ecosystem Services Performance Standard. Our Peru Business Unit received level AAA ratings on all three protocol indicators for the seventh year in a row. Our Manitoba Business Unit also received across-the-board level AAA ratings, and our British Columbia Business Unit received two level AAA ratings and one AA rating. We also report our biodiversity data and performance to the CDP (formerly the Carbon Disclosure Project). 82% of total water used was recycled Page 84 23% of waste rock was recycled Page 84 102 hectares of land were reclaimed through progressive reclamation efforts Page 84 PROJECT RENEWS: A COMMUNITY-DRIVEN SOLUTION FOR WATER SUSTAINABILITY Water is a lifeline in the arid landscapes of Arizona’s Upper Santa Cruz Basin. Arizona’s Central Arizona Project was designed to transport water from the Colorado River to the central and southern parts of the state, addressing regional water shortages. Page 81 82 Hudbay 2024 Annual Report Hudbay’s updated climate change targets include 2030 GHG emissions reduction targets specific to each business unit and are focused on those areas where the Company believes it can achieve the biggest impact. Hudbay’s Climate Change Targets BUSINESS UNIT1 2030 GHG EMISSIONS REDUCTION TARGET2 Peru (2022 baseline) • 99% reduction in Scope 2 GHG emissions intensity (tonnes of Scope 2 emissions per kilotonne of ore processed) Snow Lake3 (2022 baseline) • 25% reduction in Scope 1 GHG emissions intensity (tonnes of Scope 1 emissions per kilometre) British Columbia (2024 baseline) • 5% reduction in Scope 1 GHG emissions intensity (tonnes of Scope 1 emissions per kilometre) 1 Baseline year of 2022 for operations owned at inception of Hudbay’s climate change strategy and first full year of operations for assets acquired since 2022. 2 Site-level GHG reporting may vary from these targets as we use internationally accepted emissions factors for the data shown in this report and for corporate purposes. Kilometre results from each business unit may vary depending on the amount of uphill versus downhill hauling and other areas of material movement during mining operations. 3 Includes baseline year data for Snow Lake operations only and excludes impact of Flin Flon operations in Manitoba, which were closed in 2022. Find out more by visiting hudbayminerals.com 83 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Peru Manitoba British Columbia Arizona and Nevada Our Approach Hudbay strives to maintain biodiversity and effectively manage wild animal and plant populations near our operations. Climate Change Under the TSM Climate Change Protocol, we annually assess our processes, management systems and reporting mechanisms to manage our energy use and GHG emissions. In 2024, all our business units achieved a level A or higher rating across all protocol indicators, and Manitoba and Peru received level AA ratings for the facility climate change management indicator. We also again achieved a level A rating for the corporate-focus indicator related to setting meaningful targets for emissions reduction and focusing on climate adaptation. In 2024, Hudbay integrated the Company’s overall climate change strategy of reducing Scope 1 and Scope 2 greenhouse gas (GHG) emissions into its long-range financial plans. We believe the best way to hold ourselves accountable to meaningful GHG reductions is to measure our efficiency against key process drivers, while recognizing the unique characteristics of our various business units, such as fluctuating strip ratios in open pit mines and changing development profiles at underground mines. As we assess Scope 1 GHG emissions, we measure our efficiency based on the total distance travelled to move the material we mine: • For open pit mines, we include the total kilometres for hauling ore to the crusher and waste to the tailings management facility. Our forecasts assume a constant fuel consumption rate that is applied to the kilometres, which may vary depending on the amount of uphill versus downhill hauling, and we expect to incorporate more detailed projections in the future. • For underground mines, we include the total kilometres for hauling ore to the shaft and waste to the final backfill location. This accounts for most of the mining activity; however, we plan to evaluate other material movement that may be captured in the future. Regarding Scope 2 GHG emissions, the largest driver is associated with the electrical power source for operating the processing facilities and mine hoists. We evaluate our Scope 2 performance based on tonnes of ore processed, which can improve as we source renewable power and improve the processing efficiency at our operations. In Peru, our current Scope 2 emissions are significant, and our efforts are focused on reducing Scope 2 intensity by sourcing renewable energy supply and continuing to further increase mill throughput. In Manitoba and British Columbia, we have minimal Scope 2 emissions as the electrical grid is nearly all hydroelectric, and therefore our efforts are focused on reducing Scope 1 GHG intensity. Air Hudbay’s operations do not generate any major point source air emissions, such as stack emissions or releases through a confined air stream. Our primary air emissions are particulate matter like dust and fuel emissions, mainly from blasting activities, ore excavation and vehicles on unpaved roads. To maintain safe air quality on and around our sites, we employ controls (such as dust suppression systems), conduct regular monitoring and fully comply with air emissions laws, regulations and reporting requirements in the countries where we operate. 84 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Peru Manitoba British Columbia Arizona and Nevada Our Approach Everywhere we operate, Hudbay is committed to maintaining water quality and minimizing our impact on water resources. Water Water is vital for healthy communities and ecosystems and is essential to our operations. Our water management approach focuses on running our operations in a manner that avoids conflicts with other water users and minimizes our impact on water resources. Each site develops a water management plan, assessing water quality, quantity and availability and considering the needs of local communities and other users. These plans undergo regular reviews and updates. None of our current operations are in water-stressed areas. We annually report on our water management practices against the TSM Water Stewardship Protocol. Our Peru Business Unit achieved a level AAA rating on four indicators; Manitoba received two AAA ratings, one level AA rating and one level A rating; and British Columbia achieved three level AA ratings and one level AAA rating. In 2024, we saw a 28% increase in our water withdrawn from external sources. The increase was a result of programs Peru has in place for catching rainwater and reusing waste water. We saw a 2% reduction in surface and groundwater withdrawn. Approximately 80% of our total water use was recycled or reused. Hudbay has been actively participating in CDP’s annual water questionnaire since 2010. Waste and Tailings All Hudbay operations have plans to reduce, reuse, recycle and responsibly dispose of hazardous and non-hazardous waste. Because facilities that store tailings (the residual material after minerals are extracted from the crushed ore) present higher risks, we have additional processes and resources to effectively manage these risks. The Tailings Stewardship section includes a detailed discussion of our tailings management approach. Sites are required to manage waste rock in adherence to environmental regulations and industry standards and in a manner that minimizes the potential for acid rock drainage – which is caused when certain minerals in the rock interact with air and water. Waste rock and tailings may be classified as potentially acid- generating (PAG) or non-acid-generating (NAG). We address the potential impact of PAG-classified material by reusing (where possible) or disposing of it in contained areas engineered to prevent acidic runoff. Closure and Reclamation Our closure plans ensure compliance with all legal frameworks and regulations within the jurisdictions where we operate. They also align with TSM’s Mine Closure Framework, which goes beyond legal and regulatory requirements to address the social aspects of closure. We are committed to working with stakeholders – in particular, the communities closest to our mines – to develop mine closure plans that mitigate the socio-economic impacts of closure. For example, at Copper Mountain, we are supporting the local First Nations communities in the development of a community-based end land use plan (ELUP) that incorporates their desired recreational and traditional end land uses. This plan will be a key part of the site’s comprehensive ELUP. Our closure plans include identifying opportunities to rehabilitate areas that are either no longer required for mining activities or are on lands we own that will not be mined. For instance, at Constancia, we have reforested grazing lands we own but are not needed for mining, and at our Mason exploration project, we have revegetated and reclaimed areas once used as roads and drill pads for exploration to their pre-disturbed state. Closed mine sites are rehabilitated to achieve an agreed-upon beneficial post-mining use. Post- closure activities involve ongoing maintenance and monitoring to ensure successful and intended progress toward closure objectives. 85 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Our Approach Manitoba British Columbia Arizona and Nevada Collecting soil samples in the vicinity of Constancia mine in Peru. Peru Peru Peru is committed to applying best practices in environmental stewardship, which includes complying with all environmental laws and regulations. We aim to meet and, whenever possible, exceed stakeholders’ expectations by always striving to do better. Meeting Compliance and Performance Expectations The Peru Business Unit sets annual environmental key performance indicators (KPIs). In 2024, the business unit successfully achieved its overall reduction targets, as well as all the targets in four areas identified as key to their continuous improvement goals: Environmental Management, Socio-environmental, Environmental Quality and Sustainability. The following activity and program highlights demonstrate the efforts of the Peru Business Unit over the year: Environmental Management In 2024, the Ministry of the Environment’s enforcement agency (OEFA) conducted inspections of Constancia’s environmental standards and regulation compliance, marking the sixth consecutive year with no violations during regular inspections, a distinction not held by any other mine in Peru. OEFA also reviewed community concerns, such as sediment pollution, but found no breaches of standards. Drone technology enhanced monitoring in pit areas, and water and air quality consistently met regulatory parameters. Only one minor incident occurred that required inspection, involving a copper concentrate truck accident; all material was fully recovered with no environmental impact. Socio-environmental The business unit achieved 100% completion of participatory monitoring activities in 2024, including quarterly water and air assessments, annual soil evaluations and ad-hoc requests for specific monitoring activities. Local authorities and community representatives actively participated in these efforts through communal assemblies, which provided a platform for open dialogue while addressing environmental concerns. This process resolved a river pollution claim by clarifying standards and trends, which ultimately contributed to building trust, despite initial uncertainty. 86 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Our Approach Manitoba British Columbia Arizona and Nevada Peru Checking water quality near our operations in Peru. In 2024, Constancia received a “Blue Certificate” from Peru’s National Water Authority, naming Hudbay as a water-responsible and supportive company under the framework of the Water Footprint Program. Environmental Quality In 2024, Constancia received a “Blue Certificate” from the National Water Authority, naming Hudbay as a water-responsible and supportive company under the framework of the Water Footprint Program. During the year, no parameters were exceeded due to our operations. Concerning surface water quality, there were fecal coliform exceedances in the Chilloroya River related to uncontrolled discharge from the Chilloroya Community Wastewater Treatment Plant and other anthropogenic activities such as cattle raising. Sustainability Constancia once again received two stars from the Ministry of Environment for accurate carbon footprint measurement and external validation. The consulting firm AENOR verified our disclosures in the report. In 2025, the business unit will focus on achieving three-star recognition through a further decrease of emissions by replacing diesel with electricity to power pit dewatering pumps. Waste Management Managing waste responsibly is another key sustainability objective. In 2024, 6,557,927 kilograms of solid waste were generated, including 1,450,645 kilograms of hazardous waste and 5,107,282 kilograms of non-hazardous waste. The Peru Business Unit recycled 75% of the total waste generated. There was a 36% reduction in the organic waste generated in canteens, saving $33,000. Improvements in waste management are attributed to a number of activities such as upgrades and enhancements in technology, such as the Waste Xpress system, as well as advocacy efforts. AUTOMATING SLUDGE RECYCLING The Peru Business Unit started using new equipment in November 2024 to manage non- harmful sewage sludge captured in the filters of wastewater treatment plants to enrich the topsoil used for progressive closure. Previously, sludge was dried in designated areas to 20% humidity and underwent quality assurance testing, then transported to sites where it was mixed with other organic material. The automatic system now uses a dryer with chemicals and water, reducing the processing time and eliminating the manual labour previously required at this stage. In 2024, 907,811 kilograms of sludge was recovered and used, saving $215,000. CHANGING RECYCLING LAWS Regulatory changes limiting mining truck tire recycling to major tire manufacturers in 2022 prompted the Peru Business Unit to collaborate with peers to find a more economical alternative. Through our membership with the National Society of Mining, Oil and Energy (SNMPE), the business unit successfully advocated for regulatory amendments. As of December 2024, in partnership with Ferreycorp in Lima and Ingecol in La Joya, Arequipa, 24 tires are now recycled monthly. At the end of this year, the Constancia Mining Unit had 680 end-of-life tires, and a total of 247 were removed. This change has not only simplified the process, but it has also reduced costs while involving smaller businesses in tire recycling. 87 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Our Approach Manitoba British Columbia Arizona and Nevada Peru Managing Water Quality and Consumption In 2024, 100% of the operating parameters were controlled and there were no exceedances with respect to the maximum allowable limits of Peruvian legislation and IFC in the discharges of waste water treatment plants (WWTPs). Major achievements include a 40% increase in the treatment capacity of the Constancia Domestic WWTP to 420 cubic metres per day, the installation of a sludge dehydrator and the start-up of a sensor system at the WWTPs. Constancia installed a monitoring sensor system in the WWTP that provides real-time performance data. Sensors were installed on each line from both plants, setting parameters to measure oxygen, sludge levels and other key indicators to meet national standards. Following minor repairs to damaged sensors, the control system is operational and provides consistent real-time monitoring. WATER QUALITY Surface water quality at Constancia in 2024 trended alkaline both upstream and downstream of the facility, with a pH range of 6.8 to 9.7 units. The Environmental Quality Standard for Water Category 3 Subcategory D1 (vegetable irrigation) and D2 (animal drinking) establishes a maximum pH value of 8.4 and 8.5, respectively, which was exceeded at all monitoring stations on the Chilloroya River. It should be noted that this alkaline trend of the Chilloroya River and main streams is consistent with the environmental baseline and is also included as exception parameters in the Third Amendment of the Environmental and Social Impact Study of the Constancia Mining Unit. This behaviour is typical of the dry season (May to November). Other exceedances were observed along the Chilloroya River, the upper part of the Soropata ravine and in the Huayllachane ravine. These resulted from reasons such as uncontrolled discharge from the Chilloroya Community WWTP, activities such as cattle raising, mineral characteristics of the Constancia pit, and other site- specific conditions not related to mining activities. Managing Our Carbon Footprint Peru offers the greatest opportunity for reducing our GHG emissions, as it accounts for approximately 90% of our total direct (Scope 1) and indirect (Scope 2) emissions. Notably, 50% of Constancia’s emissions stem from Scope 2 GHG sources, so the 10-year power purchase agreement (PPA) with ENGIE Energía Perú – signed in 2023 to secure 100% renewable energy starting in 2026 – was a key step toward meeting GHG reduction goals. The PPA provides flexible, cost-efficient renewable energy with no minimum spend or penalties and renewable energy certificates (RECs) to ensure a fully carbon-neutral energy supply for Constancia. The energy audit that followed the PPA identified opportunities and recommended feasibility studies for reducing energy use and GHG emissions. These included modifying water pumps in the process plant, improving the system that transports water from the tailings facility, and transitioning from diesel-generated substations to grid power with new energy management controls. While some diesel-powered systems, including pumps and generators, have already been replaced with grid electricity, the reduction in emissions is modest due to continued reliance on diesel for mining trucks and the energy- intensive process of crushing harder minerals. The other project that was implemented was blower control optimization, including venting elimination and admission regulation. Other feasibility studies did not progress due to a lack of sustainable alternatives, such as transitioning the truck fleet to renewables, which faced technological challenges, high resource investment and excessive waste generation. Remediation and Biodiversity Updates Progressive Closure Activities Constancia’s Progressive Closure Committee, composed of employees from permits, sustainability, mine planning, technical services and environmental controls, continued its annual progressive reclamation plan in 2024, with the goal of completing the closure of 7.6 hectares in 2025. Reclamation activities included engineering, land grading, organic soil application, water management structure installation and planting native seeds. Local companies were engaged for earth movement, with timing and seeding aligned to the rainy season to ensure vegetation was established by the end of 2024. Looking Ahead Constancia participated in a sustainability development award program by the National Society of Oil and Minerals, which recognizes sector-wide contributions aligned with the SDGs. The prize criteria emphasize projects involving communities and addressing key SDGs such as water, energy and job creation. Constancia’s 2024 submission, A Strategy to Face Global Warming at the Business Unit, highlighted initiatives like improved water and energy management, dehydration systems for wastewater treatment, the automated car wash that recirculates more than 80% of the water used in operations, construction of two community reservoirs and a reforestation project in the local area. Unfortunately, the National Society of Oil and Minerals did not consider Constancia’s project and has publicly apologized for this oversight. We will again apply for this prize in 2025. In development for 2025 are two new projects that we hope will help reinstate the Blue Certificate (Certificado Azul) and award us three-star carbon footprint recognition. We are confident we will once again achieve ISO 14001 recertification for environmental management. 88 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Our Approach Peru British Columbia Arizona and Nevada Manitoba Manitoba The Manitoba Business Unit continued to strengthen its commitment to responsible environmental management, focusing on innovative solutions, collaboration and measurable progress. Significant achievements included advancing our subaerial tailings deposition trial study, which reflects a partnership between industry and government, and developing comprehensive strategies to optimize energy use and reduce greenhouse gas emissions. Through robust reclamation planning, biodiversity initiatives and waste management improvements, we integrated sustainable practices into every aspect of our operations to support long-term environmental stewardship. Following a departmental restructuring, the environment division now operates as two distinct groups to enhance focus and expertise and improved management outcomes in both areas. The environmental team’s focus is on the regulatory compliance of operating sites and government relationships, as well as science and strategic oversight, while the geoengineering team specializes in geoengineering and tailings management, leveraging technical and engineering expertise. Further, both groups reduced reliance on external consultants. By leveraging the team’s internal expertise and ensuring workloads were appropriately managed, the environmental group achieved approximately $200,000 in savings by completing work previously outsourced to consultants. Under the new structure, staff were also able to take on more challenging and rewarding projects. Camera-equipped drones are used to monitor conditions at the Anderson Tailings Impoundment Area near Snow Lake, Manitoba. 89 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Our Approach Peru British Columbia Arizona and Nevada Manitoba High-Impact Environmental Strategy In early 2024, under the newly developed Manitoba Business Unit Environmental Strategy, each operating department set a minimum of one measurable target, achievable within the year, that reduces environmental impact. Historically, targets were restricted by policies with prescribed reductions in energy and water usage. In contrast, this new strategy modernized the approach by identifying high-impact opportunities for meaningful change and a comprehensive approach to evaluating environmental performance. By reviewing various aspects of our environmental performance and data under EHS – such as water usage, spills and other environmental incidents – we identified their alignment with upcoming business goals and activities. We also assessed the environmental implications of these new activities. This comprehensive review revealed which programs would have the most significant impact, as opposed to individual departments evaluating their own data in isolation. The strategy aligns with broader business goals, integrating emissions reductions into both short-term actions and long-term planning. Efforts include evaluating electric fleet infrastructure, converting propane heating to electric, and exploring innovative fuel additives. This shift from smaller, incremental improvements to larger, strategic initiatives is already delivering results, with 75% of department environmental objectives achieved by the end of 2024. Energy and Emissions Reduction With a renewed focus on emissions reductions and adoption of the new Environmental Strategy, management identified diesel and propane usage as the most significant areas for energy and emissions reductions. Lalor mine operations committed to a bold 3% reduction in propane and far exceeded this target, with a propane reduction of 8%, as well as a 5% reduction in diesel usage. For 2025, we have five battery electric vehicle (BEV) units budgeted to add to the five units currently operating to further reduce our reliance on diesel equipment. We will also focus on the deployment of electrical infrastructure to support the BEV fleet, such as charging stations and posts, and a battery swap bay. Other initiatives and opportunities developed by the business unit to support Hudbay’s overall GHG reduction strategy will continue rolling out and are aimed at improving diesel efficiency and exploring technologies that prioritize the largest emitters. Waste Management The construction of a new Class 1 regional waste disposal ground (WDG) was a milestone in waste management completed in 2023 and operational in January 2024. The Snow Lake WDG facility, built to modern regulatory standards, is the first of its kind in Manitoba for a mining company. It allows for the disposal of municipal and non-hazardous industrial waste generated from Hudbay operations within the Snow Lake region, including the New Britannia mill and Lalor mine. The Class 1 WDG meets the highest standards, featuring a lined leachate basin, and requires stricter waste segregation and diversion measures, supported by continued implementation of the Waste Prevention, Management and Recycling Policy the business unit implemented in 2022. Tailings Management A significant achievement in permitting in 2024 was the approval and launch of a three-year subaerial tailings deposition trial study at the Anderson Tailings Impoundment Area (ATIA) in Snow Lake operations, which previously used a subaqueous method. The limited trial study will evaluate the feasibility of controlled subaerial placement of tailings within designated areas of the ATIA, a new deposition style for the facility. The project aims to optimize tailings deposition by improving facility efficiency and utilization while operating in a responsible and regulatory- compliant manner. A high level of collaboration and sharing of information and data between industry and government contributed to a flexible approach and timely trial launch. The trial is a valuable opportunity that affords an exit strategy before full implementation should unforeseen challenges arise. 90 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Our Approach Peru British Columbia Arizona and Nevada Manitoba Natural pollinator garden outside New Britannia mill. Garden includes native flower and grass species found in Manitoba that local pollinators and small wildlife enjoy. Biodiversity A formal framework was developed to better manage biodiversity impacts across operations in the region to align with corporate standards. This included creating a species database for operating areas to proactively evaluate potential impacts during new projects. While many biodiversity activities have long existed, this strategy will consolidate efforts into a formalized, organized plan, expected to roll out fully in 2025. Reclamation and Closure To address site decommissioning and reclamation, the Decommissioning and Reclamation Obligation (DRO) Group was established. This team resides under the Geoengineering and Tailings division of the Environment group, and for the first time, the team has a full-time coordinator dedicated to legacy sites and decommissioning activities. Closure work continued at Reed mine and Trout Lake mine, which involves removing contaminated material and soil remediation. These efforts contribute to a comprehensive five-year DRO targeting remaining liabilities and assigning budget to advancing cleanup priorities for official closure. In December 2024, demolition work began on Hudbay’s former smelter facility in Flin Flon, which was operational from 1930 until 2010, when the smelter permanently shut down. Demolition of the anode building, the converter aisle and furnace area are complete, with material such as scrap metal and salvaged byproducts (such as those left in tanks or roasters) scheduled to be transported by rail in early 2025. This multi-year project focuses on recycling the majority of smelter infrastructure, with the added benefit of reducing a hazard, and therefore reducing closure cost liabilities. 91 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Our Approach Peru Manitoba Arizona and Nevada Environmental monitoring location near the east dam of Copper Mountain’s tailings management facility. British Columbia British Columbia Copper Mountain’s expanded environment team, collaborative First Nations engagement and innovative decarbonization efforts are driving environmental stewardship forward. From addressing sulphate loads to pioneering low-emissions technologies, we are poised for a sustainable future with proactive risk management and continuous improvement. Environmental Risk Management and Continuous Improvement Copper Mountain’s expanded environment team is significantly enhancing its ability to monitor, trial and manage environmental risks. Now a team of nine, this growth allows for proactive risk management, such as this year’s effort to address sulphate load challenges in the water systems. With more personnel on the ground, Copper Mountain is better positioned to explore and trial effective solutions for environmental management. Energy and Emissions Copper Mountain continued progress in aligning with Hudbay’s GHG reduction goals by identifying and refining decarbonization opportunities. Supporting this goal is a range of activities that include submitting funding applications, completing feasibility studies, and implementing projects that are followed by ongoing verification of emissions reduction. Throughout the year, the following initiatives have played a key role in advancing decarbonization efforts at Copper Mountain: • Commissioning a third electric rotary blasthole drill at the mine, funded by a $1 million grant from the CleanBC Industry Fund and $1 million from the Federal Low Carbon Economy Challenge. • Continued operations of our Komatsu PC8000-11 (the largest electric surface mining excavator), the newest of our three electric shovels, which each have the ability to displace on average 270 litres of diesel per operating hour. 92 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Our Approach Peru Manitoba Arizona and Nevada British Columbia • Use of renewable diesel, also known as hydrotreated vegetable oil (HVO) fuel, to power 100% of the fleet from spring to fall. This achievement and details about our advocacy for renewable diesel emissions reporting are featured in our Sustainability Approach spotlight story, Renewable Diesel “Early Mover” Approach at Copper Mountain Helps Hudbay Pursue Emissions Reduction Goals. • Third-party verification and site visit completed in May 2024 for the 2023 GHG emissions quantification. Powered by hydroelectricity, Copper Mountain’s trolley-assist system can displace approximately 400 litres per operating hour, or one tonne of CO2 emissions. Testing of trolley-capable haul trucks was undertaken in 2022 and 2023, supported by funding from the CleanBC Industry Fund and BC Hydro. Good utilization of trolley assist in 2023 led to the use of 4,859,080 kWh of hydroelectricity – instead of diesel – to power the haul trucks for ore transportation. In 2024, a post-project emissions intensity report and verification statement for the systems for the 2022 and 2023 measurement periods was submitted to CleanBC. Environmental Data and Management Systems Two new air quality monitoring stations were installed to enhance environmental monitoring and data collection, improving our ability to analyze and understand air quality trends. A high-tech rain and snow gauge was also introduced to refine climate monitoring capabilities. A gap analysis of the existing management system was conducted against ISO 14001 (Environmental Management) and ISO 45001 (Occupational Health and Safety) standards, identifying areas for improvement to meet international benchmarks. An action plan will be developed (including an ISO manual), followed by process implementation, leading to certification. Sharing Data for a Better Future As a partner organization, Copper Mountain has supported the BC Ministry of Mining and Critical Minerals on the Energy and Mines Digital Trust (EMDT) project through the pilot and production phases. The project enables natural resource companies to share their ESG performance with global organizations through third-party verified digital credentials. The collaborative partnership with the EMDT team continues, with early participation in another project under the United Nations Transparency Protocol (UNTP): Critical Raw Materials, focused on GHG emissions and intensity credentials that can be shared with our investors and partners across the supply chain. In 2024, Copper Mountain also participated in the Canadian Institute of Mining panel entitled Empowering Responsible Mining Through EMDT’s Digital Trust and Verification Tools. Collaborating with First Nations on Permitting and Reclamation Significant engagement efforts are underway to progress the New Ingerbelle joint permit (Mines Act and Environmental Management Act permits) amendment application through permitting and advancing the PA renegotiations. Copper Mountain, in collaboration with USIB and LSIB, is addressing application gaps and concerns raised through a shared work plan that was developed during application screening. The revised resubmission in Q1 2025 includes commitments for an independent third-party review of the application; continued study and assessment related to archaeology, human health and ecological risk, and cumulative effects; continued collaboration on end land use planning; and a commitment to support First Nations–led use and occupancy mapping studies. Additionally, the following amendment applications for permitting related to effluents, air emissions and landfill closure were submitted in 2024: • Environmental Management Act Permit 00261 (effluent permit) and Permit 05385 (refuse) » Similkameen River Discharges permit amendment • Landfill Permit with a closure plan for Copper Mountain mine landfill in development A major milestone was the first End Land Use Planning (ELUP) Workshop held with USIB and LSIB, and four follow-up ELUP working group meetings held in 2024. The sessions focused on progressive reclamation processes, landform design, site preparation, and decisions on seedlings and trees to be planted. The work culminated in a Reclamation Research Plan that was submitted by Copper Mountain to the BC Ministry of Mining and Critical Minerals in collaboration with USIB and LSIB. 93 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Our Approach Peru Manitoba Arizona and Nevada British Columbia Input and collaboration with First Nations on additional topics related to the environment in 2024 included the following: • Annual reclamation monitoring • Ingerbelle soil remediation project • New Ingerbelle archaeological impact assessment • Similkameen River Valley and other ecological assessments • Annual Biological Effects Monitoring Program (BEMP), Wolfe Creek watershed assessment, Wolfe Lake and Lorne Lake paleolimnology study • ITRB (independent tailings review board) – technical consultants representing the bands started participating in spring 2024 sessions and again in fall sessions • Quarterly Joint Implemental Committee (JIC) updates shared (meetings currently not taking place; updates sent in digital presentation format) • Joint Technical Committee (JTC) meetings as needed The operation’s progressive reclamation process, initiated in 2018 with small-scale trials, includes an objective to commence progressive reclamation on 25 hectares annually until 2025. In collaboration with Metro Vancouver and Arrow Transportation, Copper Mountain uses Class A biosolids and wood fibre to create reclamation soil. Water Management Initiatives Significant initiatives in 2024 included groundwater interception assessments in the East Dam seepage area to address sulphate levels. Additionally, the expanded Environment team successfully submitted an effluent permit amendment application which would enable controlled water discharge to the Similkameen River and improve water quality from the tailings management facility. Two meetings with the Independent Water Review Board took place where Copper Mountain received key recommendations and positive feedback on our water stewardship. Biodiversity and Wildlife Management Copper Mountain is committed to supporting biodiversity and managing wildlife in and around its operations. Trail cameras and bat monitors in the Similkameen River Valley were installed to collect essential data on local species, while Copper Mountain actively engages First Nations in bat monitoring installations and reptile surveys. This collaborative approach will provide critical insights into local biodiversity. Wildlife safety remains a priority, with ongoing bear awareness training and participation in the WildSafeBC Business Pledge to ensure the safety of both team members and wildlife. As part of the pledge, Hudbay commits to a review by a WildSafeBC Community Coordinator to ensure practices are in place, such as securing waste on site to avoid attracting animals, training staff to follow WildSafe practices and reporting conflicts with wildlife to the Conservation Officer Service. Copper Mountain also plans to support wild sheep research in 2025 through engagement with the BC Wild Sheep Society. Despite cuts to government funding, this initiative reflects employee-driven efforts and aligns with the TSM biodiversity criteria for partnerships. Additional research initiatives include expanded studies on fish habitat in the Similkameen River, which help inform management strategies for sensitive aquatic environments. Looking Ahead Continued funding support for wild sheep health research will support biodiversity and ecosystem balance, while further collaboration with First Nations will focus on advancing reclamation research. Copper Mountain will host a tour as part of the BC Technical Research Committee on Reclamation symposium in September 2025. The event will showcase the business unit’s progressive reclamation initiatives and provide an opportunity for peer feedback. 94 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Our Approach Peru Manitoba British Columbia Arizona and Nevada Located 28 miles southeast of Tucson, Arizona, Phase 1 of Copper World is planned entirely on private land owned by Hudbay. Arizona and Nevada As of January 2025, Copper World has achieved full permitting as a copper development project and is set to advance toward a sanctioning decision in 2026. Recognizing its vital role in supporting the clean energy transition and addressing the growing global demand for copper, we remain committed to environmental stewardship – prioritizing the protection of water resources and its intersection with the biodiversity of the region. Securing Key Permits for Copper World In August 2024, the Aquifer Protection Permit (APP), a second critical milestone, was successfully issued with no appeals – an unprecedented achievement given the region’s history of permit disputes. This was attributable to a strong application, and a quality and transparent process which included a comprehensive response to public comments. The public comment phase for the Class II Air Quality Permit was completed in 2024, and this third and final permit was issued in early January 2025. In late January, a group of opponents appealed the grant of the AQP, but we are confident the permitting will be upheld. Meeting Copper Demand with a Lower- Carbon Footprint In Phase I, a sulphide concentrator will initially produce copper concentrate. With the future addition of a concentrate leach facility and a solvent extraction-electrowinning plant, the project will shift to “Made in America” copper cathode production. This transition is expected to reduce energy consumption by over 10% and lower GHG and sulphur dioxide emissions by eliminating the need for overseas shipping, smelting and refining. 95 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT PLANET Our Approach Peru Manitoba British Columbia Arizona and Nevada To support our commitment to reduce GHG emissions across all of Hudbay’s operations, we have continued to explore additional opportunities to minimize environmental impacts. These efforts include assessing the feasibility of sourcing renewable energy locally, using autonomous or electric haul trucks, and pursuing diverse post-reclamation land uses such as domestic renewable energy production. Additionally, acquiring private land could accelerate the adoption of a dry stack tailings deposition, significantly reducing water consumption, which is a key consideration for the region. Advancing Environmental Stewardship and Compliance Copper World continues to demonstrate a commitment to environmental management and sustainability. The project is designed as a net-neutral water user, recharging 100% of extracted water back into the aquifer. Monitoring and reporting protocols, mandated under the permits, ensure compliance with all water quality and environmental standards. Additionally, ongoing reclamation research and fieldwork, such as archaeological surveys and biological assessments, highlight careful management of sensitive cultural and ecological resources. Notably, site tours with tribes – including Zuni, Hopi and Apache in 2024 – have facilitated transparency and collaboration, particularly for significant archaeological findings. Project Renews An initiative by the Community Water Company of Green Valley (CWC), Project Renews addresses declining aquifer levels in Arizona’s Upper Santa Cruz Basin. The project aims to transport CWC’s Central Arizona Project (CAP) water allocation from the CAP terminus at Pima Mine Road and I-19 to a recharge facility on Old Nogales Highway. This involves constructing a 36-inch diameter pipeline to deliver Colorado River water to the Green Valley and Sahuarita areas, thereby replenishing the local aquifer. Hudbay has committed to funding the construction of Project Renews as part of its dedication to water recharge conservation in the Green Valley/ Sahuarita region. Please see our feature story Project Renews: A Community-Driven Solution for Water Sustainability. Safeguarding Local Biodiversity and Ecosystems Mine feature closures are nearing completion, ensuring legacy impacts from historic mining activities are mitigated prior to work commencing on new earthworks. Through surveys that cover the entire footprint of the permit plan, we create inventories and plans, preserving environmental integrity while progressing the project. Surveys have been conducted to identify and relocate sensitive plant species. The survey findings inform species-specific protocols that address the protection of populations, including desert tortoises, bats and migratory birds, during critical lifecycles such as nesting and migratory periods. Continued Engagement on Water Stewardship at Mason The preliminary economic assessment (PEA) published in 2021 highlighted the significant potential of our Mason project in Nevada’s Mason Valley Copper District, one of the largest undeveloped copper porphyry deposits in North America. (The Mason project’s measured and indicated mineral resources are comparable in size to Constancia in Peru.) Throughout Hudbay’s continued engagement with local, government and other key stakeholders, concerns primarily related to water impacts remain a focus. In response, we have initiated work on a comprehensive groundwater model to better understand groundwater systems and support informed water management decisions. To ensure transparency and build trust, we are providing funding for a partnership with concerned stakeholder groups for an independent consultant to review the groundwater modelling work. This process enables stakeholders to actively engage in model development and supports an independent review of our approach. CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE 96 Hudbay 2024 Annual Report IN THIS SECTION Basis of Reporting 97 Key Performance Data  98 2024 Targets and Achievements 121 2025 Targets 122 GRI and SASB Content Index 123 Sustainability Performance 97 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Basis of Reporting Basis of Reporting All financial information is presented in US dollars except where otherwise indicated. All operating data is reported using the metric system. Some metrics are reported on both an absolute basis and an intensity basis against key drivers of efficiency at our operations. Safety data frequency rates are measured per 200,000 hours worked. Data Measurement Techniques Data is measured or estimated, and operations are asked to explain significant deviations in year-over-year trends. The performance data is reported at a mix of operational and corporate levels. Data is checked and approved at the site level and reviewed for consistency by the corporate team. We provide safety and environmental incident definitions so that all operations report incidents consistently. Greenhouse gas (GHG) emissions are calculated using internationally accepted and publicly available factors for emissions. Most of the performance data for water and energy is metered. We purchase all our electricity from local grids. Utility grid statistics are therefore used to compile GHG numbers related to purchased electricity. Data for the financial and human resources indicators is collected and compiled using the information submitted on a standard template by each site. Environmental and societal data is collected and compiled using a software system. We provide instruction and criteria for indicators based on GRI Standards, TCFD, SASB, CDP questionnaires and Towards Sustainable Mining (TSM) protocols and frameworks. 98 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data Key Performance Data 1 These metrics may vary from site-level reporting as we use internationally accepted emissions factors for the data in this report. In addition, kilometre results may vary depending on the amount of uphill versus downhill hauling and other material movement. 2 These numbers include the Snow Lake operation only and exclude the impact of the Flin Flon operations prior to its closure in 2022. These numbers may vary from total Manitoba data shown elsewhere in this report. 3 2023 ore processed in British Columbia represents the full year of operations. Hudbay acquired the operations in June 2023. CLIMATE CHANGE INTENSITY METRICS1 2024 2023 2022 Business unit performance Peru Distance trucked (kilometres) 3,725,976 3,667,033 3,331,084 Scope 1 GHG emissions (kilotonnes of CO2 equivalent) 156 159 149 Peru GHG intensity (tonnes of Scope 1 GHG emissions per kilometre) 0.042 0.043 0.045 Ore processed (million tonnes) 31.9 30.7 30.5 Scope 2 GHG emissions (kilotonnes of CO2 equivalent) 155 125 123 Peru GHG intensity (tonnes of Scope 2 GHG emissions per kilotonne of ore processed) 4.850 4.072 4.033 Snow Lake2 Distance trucked (kilometres) 230,720 218,139 255,499 Scope 1 GHG emissions (kilotonnes of CO2 equivalent) 25 26 30 Snow Lake GHG intensity (tonnes of Scope 1 GHG emissions per kilometre) 0.107 0.121 0.118 Ore processed (million tonnes) 1.6 1.6 1.5 Scope 2 GHG emissions (kilotonnes of CO2 equivalent) 0.3 0.2 0.2 Snow Lake GHG intensity (tonnes of Scope 2 GHG emissions per kilotonne of ore processed) 0.158 0.148 0.157 British Columbia Distance trucked (kilometres) 2,168,930 1,471,732 N/av Scope 1 GHG emissions (kilotonnes of CO2 equivalent) 105 67 N/av British Columbia GHG intensity (tonnes of Scope 1 GHG emissions per kilometre) 0.048 0.046 N/av Ore processed (million tonnes) 12.7 13.63 N/av  Scope 2 GHG emissions (kilotonnes of CO2 equivalent) 7 8 N/av British Columbia GHG intensity (tonnes of Scope 2 GHG emissions per kilotonne of ore processed) 0.555 0.588 N/av 99 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data ECONOMIC (in $ millions, unless otherwise stated) 2024 2023 2022 2021 2020 Direct economic value generated and distributed  Profit (loss) before tax $ 251.6 $ 152.0 $ 95.8 $ (217.4) $ (144.6) Revenues $ 2,021.2 $ 1,690.0 $ 1,461.4 $ 1,501.6 $ 1,088.7 Operating costs Canada 613.8 470.4 338.0 706.2 450.0 United States 8.3 3.8 99.9 39.4 6.1 Peru 533.1 527.1 435.6 379.9 311.3 Total $ 1,155.2 $ 1,001.3 $ 873.6 $ 1,125.8 $ 767.7 Employee wages and benefits Canada 212.3 173.7 176.2 183.1 168.2 United States 8.4 7.6 9.0 5.5 4.0 Peru 102.1 75.8 52.9 60.8 50.6 Total $ 322.8 $ 257.1 $ 238.1 $ 249.4 $ 222.8 Payments to government Taxes paid Canada 8.5 2.6 3.5 2.7 2.2 United States 0.0 0.0 0.0 0.1 0.0 Peru 129.01 56.3 36.3 28.0 24.1 Total $ 137.5 $ 58.9 $ 39.9 $ 30.8 $ 26.3 1 Increase mainly due to increased income tax. 100 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data ECONOMIC (in $ millions, unless otherwise stated) 2024 2023 2022 2021 2020 Municipal taxes and grants Canada 71.9 28.1 13.6 14.4 10.9 United States 1.3 0.1 0.5 0.3 0.2 Peru 17.6 9.9 19.2 12.2 10.5 Total $ 90.8 $ 38.1 $ 33.4 $ 30.8 $ 21.6 Penalties and interest paid Canada 0.0 0.0 0.0 0.0 0.0 United States 0.0 0.0 0.0 0.0 0.0 Peru 0.4 0.1 0.1 0.0 0.1 Total $ 0.4 $ 0.1 $ 0.1 $ 0.0 $ 0.1 Payments to providers of capital Dividends paid 5.5 4.5 4.0 4.1 3.8 Interest payments made to providers of loans 67.9 74.0 63.8 84.4 81.5 Financing fees paid Canada 10.5 5.3 4.5 8.5 4.7 Peru 2.4 6.9 7.8 11.2 11.5 Total $ 12.9 $ 12.2 $ 12.3 $ 19.6 $ 16.2 Capital expenditures – cash flow basis $ 347.1 $ 281.0 $ 309.0 $ 377.4 $ 361.2 Payments – local communities for land use (in $000s) Canada 0.01 19.8 27.9 3.1 0.0 United States 0.0 0.0 0.0 0.0 0.0 Peru 5,470.0 10,476.0 35,232.0 26,195.0 98,322.0 Total land use payments $ 5,470.0 $ 10,495.8 $ 35,259.9 $ 26,198.1 $ 98,322.0 1 Previous payments were specifically for development of a trailer park and airport in Snow Lake, which has been completed. 101 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data ECONOMIC (in $ millions, unless otherwise stated) 2024 2023 2022 2021 2020 Public benefit Community investments and charitable donations (in $000s) Canada 406.3 357.9 449.2 702.8 552.3 United States 26.5 32.6 38.4 94.5 93.0 Peru 14,191.0 8,891.0 9,599.0 8,480.0 4,633.0 Total community investments and donations1 $ 14,623.8 $ 9,281.5 $ 10,086.6 $ 9,277.3 $ 5,278.4 Resettlement investment (Peru) (in $000s) $ 0.02 $ 199.0 $ 1,288.0 $ 43.0 $ 0.0 1 Political donations are included in this total; however, in accordance with Hudbay policy, political donations were $0. 2 Resettlement payments in the previous three reporting years were a continuation of commitments made for the operation of the Constancia mine. Negotiation agreements have concluded. EMPLOYEES 2024 2023 2022 2021 2020 Total workforce Full-time employees Manitoba 946 933 974 1,323 1,392 Corporate 91 74 75 75 76 Arizona 57 43 42 60 28 British Columbia 666 547 N/av N/av N/av Peru 868 865 833 787 739 Total full-time employees 2,628 2,462 1,924 2,245 2,235 102 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data EMPLOYEES 2024 2023 2022 2021 2020 Employment Part-time employees Manitoba 0 0 0 34 31 Corporate 1 0 1 0 0 Arizona 1 2 2 0 4 British Columbia 0 0 N/av N/av N/av Peru 0 0 0 0 0 Total part-time employees 2 2 3 34 35 Contract (term) employees Manitoba 39 36 47 56 51 Corporate 2 2 3 2 1 Arizona 0 0 16 45 1 British Columbia 15 0 N/av N/av N/av Peru 209 183 247 139 165 Total contract employees 265 221 313 242 218 Co-op and summer students hired Manitoba 3 3 4 26 20 Corporate 0 0 0 0 4 Arizona 0 2 0 3 0 British Columbia 15 15 N/av N/av N/av Peru 58 18 42 33 30 Total co-op/summer students 76 38 46 62 54 Employees represented by collective bargaining agreements 1,181 1,182 1,089 1,332 1,389 Percentage of employees represented by trade unions (includes all full-time and part-time employees) 45% 55% 57% 58% 61% 103 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data EMPLOYEES 2024 2023 2022 2021 2020 Number of strikes or lockouts exceeding one week Manitoba 0 0 0 0 0 Corporate 0 0 0 0 0 Arizona 0 0 0 0 0 British Columbia 0 0 N/av N/av N/av Peru 0 0 0 0 0 Total 0 0 0 0 0 Employee turnover (voluntary and involuntary, unless noted; includes all full-time employees) Manitoba 96 139 469 254 179 Corporate 16 14 10 13 10 Arizona 15 29 29 46 10 British Columbia 87 97 N/av N/av N/av Peru 96 78 93 81 104 Total 310 357 601 394 303 Employee turnover – age distribution <30 30% 26% 27% 29% 21% 30–50 42% 47% 44% 45% 42% >50 28% 27% 29% 26% 37% Employee turnover – gender Male 80% 75% 76% 80% 82% Female 20% 25% 24% 20% 18% Voluntary turnover rate (Hudbay total) 7% 9% 9% 14% 9% Involuntary turnover rate (Hudbay total) 4% 5% 22% 2% 5% 104 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data EMPLOYEES 2024 2023 2022 2021 2020 New employee hires Manitoba 98 52 78 189 172 Corporate 30 9 11 13 8 Arizona 26 15 32 35 16 British Columbia 216 127 N/av N/av N/av Peru 131 128 194 112 146 Total 501 331 315 349 342 New hires – age distribution <30 22% 44% 45% 45% 36% 30–50 52% 41% 46% 44% 54% >50 9% 14% 9% 11% 11% New hires – gender Male 77% 78% 71% 68% 80% Female 23% 22% 29% 32% 20% Net number of full-time employees added (decreased) Canada 654 505 (419) (70) (12) United States 15 1 14 32 3 Peru 35 32 94 48 11 Total 704 538 (311) 10 2 Senior management from local community 71 10 2 5 5 1 This only includes Peru, British Columbia and Arizona. Data is unavailable for Manitoba and Corporate. 105 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data EMPLOYEES 2024 2023 2022 2021 2020 Number of contractor full-time equivalent staff Manitoba 284 249 553 710 456 Peru 2,621 2,662 2,389 2,838 1,774 British Columbia 89 53 N/av N/av N/av Arizona 19 13 117 37 14 Person-hours of work (including contractors) North America 3,931,325 5,384,923 5,157,627 5,583,816 3,902,648 South America 8,220,752 6,191,724 6,364,413 7,551,957 6,257,428 Total person-hours 12,152,077 11,576,647 11,522,040 13,135,773 10,160,076 Employees receiving regular performance and career development reviews (includes all full-time employees) Percentage reviewed 56% 55% 75% 62% 59% Hudbay total workforce age distribution (includes all full-time employees) <30 12% 13% 14% 16% 14% 30–50 62% 61% 62% 59% 63% >50 25% 26% 24% 25% 23% Composition of employees Workforce diversity (includes all full-time employees) Female Manitoba 19% 18% 17% 19% 18% Corporate 40% 41% 38% 42% 41% Arizona 26% 28% 27% 29% 32% British Columbia 19% 18% N/av N/av N/av Peru 15% 16% 15% 10% 12% Total 18% 18% 17% 17% 17% 106 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data EMPLOYEES 2024 2023 2022 2021 2020 Percentage of workforce that are Indigenous (MBU and BCBU only) 14% 14% 13% 16% 15% Percentage of workforce that are disabled (MBU only) 2% 2% 2% 2% 2% Percentage of workforce that are visible minorities (MBU only) 7% 7% 6% 7% 5% Composition of executive management and corporate governance bodies Board of Directors (ratio male to female) 1.8:1 1.4:1 2.7:1 2.3:1 2.3:1 Age distribution <30 0% 0% 0% 0% 0% 30–50 0% 9% 9% 10% 10% >50 100% 91% 91% 90% 90% Executive management (ratio male to female) 11.0:1 14.0:1 5.5:1 6.0:1 13.0:1 Age distribution <30 0% 0% 0% 0% 0% 30–50 45% 57% 45% 47% 43% >50 55% 43% 55% 53% 57% Ratio of annual compensation of highest paid individual to mean total compensation Canada (MBU) 5.4:1 4.7:1 3.5:1 7.4:1 7.1:1 Canada (BCBU) 6.0:1 3.7:1 N/av N/av N/av Canada (including business units and corporate office) 26.0:1 19.2:1 24.4:1 30.8:1 23.0:1 Peru 10.7:1 11.5:1 29.1:1 16.1:1 14.5:1 United States (ABU) 17.7:1 5.4:1 10.8:1 32.5:1 8.8:1 Workforce represented in formal joint management–worker Health and Safety Committees Percentage represented 98%1 99% 98% 97% 99% 1 Hudbay’s Arizona employees are currently not covered because the size of their office does not require it. 107 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data EMPLOYEES 2024 2023 2022 2021 2020 Health and safety performance (per 200,000 hours worked, except where noted) Lost time injury frequency (LTI) Manitoba 0.9 0.8 1.4 0.6 0.6 Manitoba contractors 0.0 0.0 0.0 0.1 0.2 British Columbia 3.0 0.3 N/av N/av N/av British Columbia contractors 0.0 0.0 N/av N/av N/av Peru 0.1 0.0 0.1 0.0 0.1 Peru contractors 0.0 0.1 0.0 0.0 0.0 Arizona 0.0 0.0 0.0 0.0 0.0 Arizona contractors 0.0 0.0 0.0 0.0 0.0 Other North America (not including MBU, BCBU and ABU) 0.0 0.0 0.0 0.0 0.0 Other North America contractors (not including MBU, BCBU and ABU) 0.0 0.0 0.0 0.0 0.0 Other South America (not including Peru) 0.0 0.0 0.0 0.0 0.0 Other South America contractors (not including Peru) 0.0 0.0 0.0 0.0 0.0 Total 0.4 0.2 0.3 0.2 0.2 108 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data EMPLOYEES 2024 2023 2022 2021 2020 Lost time injury severity (SEV) Manitoba 25.2 29.3 42.2 8.8 10.5 Manitoba contractors 0.0 0.0 0.0 826.5 6.1 British Columbia 67.91 7.3 N/av N/av N/av British Columbia contractors 0.0 0.0 N/av N/av N/av Peru 15.52 0.0 0.0 0.0 0.0 Peru contractors 0.0 0.4 7.0 0.2 0.0 Arizona 0.0 0.0 0.0 0.0 0.0 Arizona contractors 0.0 0.0 0.0 0.0 0.0 Other North America (not including MBU, BCBU and ABU) 0.0 0.0 0.0 0.0 0.0 Other North America contractors (not including MBU, BCBU and ABU) 0.0 0.0 0.0 0.0 0.0 Other South America (not including Peru) 0.0 0.0 0.0 0.0 0.0 Other South America contractors (not including Peru) 0.0 0.0 0.0 0.0 0.0 Total 13.4 4.9 11.0 94.9 3.4 1 Increase mainly the result of one incident, which involved a bus driving into a soft spot on the haul road, jarring multiple occupants and causing a range of injuries. Corrective actions coming out of this incident include establishing criteria for on-site personnel carrier transportation. 2 Increase due to one injury that resulted in several months of lost time. 109 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data EMPLOYEES 2024 2023 2022 2021 2020 Total recordable injury frequency Manitoba 3.4 5.0 3.8 2.8 2.7 Manitoba contractors 1.7 5.0 4.0 5.7 3.4 British Columbia 4.4 1.7 N/av N/av N/av British Columbia contractors 3.2 1.8 N/av N/av N/av Peru 0.2 0.1 0.1 0.1 0.2 Peru contractors 0.1 0.3 0.2 0.4 0.4 Arizona 0.0 0.0 6.6 5.2 4.2 Arizona contractors 0.0 7.6 0.8 0.0 0.0 Other North America (not including MBU, BCBU and ABU) 0.0 1.3 0.0 0.0 0.0 Other North America contractors (not including MBU, BCBU and ABU) 0.0 0.0 0.0 0.0 0.0 Other South America (not including Peru) 0.0 0.0 0.0 0.0 0.0 Other South America contractors (not including Peru) 0.0 0.0 0.0 0.0 0.0 Total 1.1 1.2 1.3 1.4 1.3 110 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data EMPLOYEES 2024 2023 2022 2021 2020 First aid (FA) frequency Manitoba 18.3 17.8 17.0 14.0 18.1 Manitoba contractors 16.6 12.3 17.4 14.5 12.6 British Columbia 26.5 13.6 N/av N/av N/av British Columbia contractors 7.6 10.8 N/av N/av N/av Peru 0.2 0.7 0.2 0.2 0.2 Peru contractors 0.4 0.3 1.0 0.8 0.8 Arizona 4.6 4.5 9.9 2.6 0.0 Arizona contractors 9.9 0.0 0.0 1.2 0.0 Other North America (not including MBU, BCBU and ABU) 0.0 0.0 9.3 0.0 0.0 Other North America contractors (not including MBU, BCBU and ABU) 0.0 0.0 0.0 0.0 0.0 Other South America (not including Peru) 0.0 0.0 0.0 0.0 0.0 Other South America contractors (not including Peru) 0.0 0.0 0.0 0.0 0.0 Total 6.3 4.5 5.7 4.9 6.4 Fatality 0 0 0 1 0 Reportable occurrences (defined as EHS incidents required by Hudbay policy to be reported to our Board of Directors) 72 95 67 61 57 SOCIETY 2024 2023 2022 2021 2020 Total number of incidents of discrimination (and actions taken) 0 1 0 0 0 Land use disputes 0 0 0 2 0 Resettlements Number of households (Peru only) 0 0 0 0 0 Number of individuals (Peru only) 0 0 0 0 0 111 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data SOCIETY 2024 2023 2022 2021 2020 Number and percentage of sites assessed for corruption risks Number – sites 4 4 4 4 4 Percentage 100% 100% 100% 100% 100% Employees that anti-corruption policies have been communicated to Number 1,410 1,242 1,162 354 546 Percentage 54%1 50%  47% 58% 90% Governance body members that anti-corruption policies have been communicated to Number 10 12 11 10 10 Percentage 100% 100% 100% 100% 100% Governance body members that received training on anti-corruption2 Number 10 12  11 10 10 Percentage 100% 100% 100% 100% 100% Security practices (security personnel training)  Hudbay security personnel trained on human rights policies and procedures Number 12 17 18 16 21 Percentage 100% 100% 100% 89% 100% Contractor security personnel trained on human rights policies and procedures Number 111 118 181 129 125 Percentage 100% 100% 100% 100% 100% Value of fines or sanctions for non-compliance with laws and regulations $0 $0  $0  $0  $0  1 Hudbay’s anti-corruption training varies from year to year. On an annual basis, all directors, officers and employees with Hudbay email addresses, accounting for approximately 50% of our workforce this year, are required to read and sign off on our compliance policies (including our Whistleblower Policy, Code of Business Conduct and Ethics, Statement on Anti-Corruption, and Confidentiality and Insider Trading Policy). 2 Board directors are required to complete the same annual certification process as our employees with respect to our key compliance policies. In addition, our directors are encouraged to attend third-party educational programs, particularly with the Institute of Corporate Directors, where they have access to educational materials and are invited to training seminars throughout the year. For more information, see our Management Information Circular. 112 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data SOCIETY 2024 2023 2022 2021 2020 Grievances about impacts on society Number filed through formal grievance mechanisms 68 61 85 55 64 Number addressed during reporting period 68 61 85 55 64 Number resolved during reporting period 52 38 75 46 53 Number filed prior to the reporting period that were resolved during the reporting period 21 0 0 0 0 Details about total concerns Environment  3 7 5 3 7 Labour and commercial practices 2001 252 235 132 151 Resettlement/livelihood 2 0 3 1 9 Human rights 0 2 0 1 1 Other 9 5 11 48 26 Closure plans Total number of sites 8 6 5 6 4 Number of company sites that have closure plans 8 6 5 6 4 Percentage of total sites with closure plans 100% 100% 100% 100% 100% Number of advanced exploration projects that have closure plans 3 3 2 4 2 Percentage of advanced exploration projects that have closure plans 100% 100% 100% 100% 100% Overall financial provision representing the present value of future cash flows relating to estimated closure costs per Canadian Generally Accepted Accounting Principles (in $000s) $296,900 $315,341 $276,402 $467,800 $343,132 1 This includes labour grievances filed through the union complaints mechanism. As per accepted definitions of grievance mechanisms on society, these are not included in the data above for the number filed through formal grievance mechanisms, but are considered separately through our unions. 113 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data SOCIETY 2024 2023 2022 2021 2020 Report whether operations have implemented local community engagement, impact assessments and development programs in line with the Stakeholder Engagement Standard Manitoba Yes Partial Partial Yes  Yes British Columbia Yes Yes N/av N/av N/av Arizona Yes Yes Yes Yes Yes Peru Yes Yes Yes Yes Yes Report whether operations are taking place in or adjacent to Indigenous peoples’ territories Manitoba Yes Yes Yes Yes  Yes British Columbia Yes Yes N/av N/av N/av Arizona Yes Yes Yes Yes Yes Peru Yes Yes Yes Yes Yes Artisanal/small-scale and informal mining Manitoba No artisanal/ small-scale or informal mining No artisanal/ small-scale or informal mining No artisanal/ small-scale or informal mining No artisanal/ small-scale or informal mining No artisanal/ small-scale or informal mining British Columbia No artisanal/ small-scale or informal mining No artisanal/ small-scale or informal mining N/av N/av N/av Arizona No artisanal/ small-scale or informal mining No artisanal/ small-scale or informal mining No artisanal/ small-scale or informal mining No artisanal/ small-scale or informal mining No artisanal/ small-scale or informal mining Peru1 Yes Yes  Yes Yes Yes 1 Informal mining at Pampacancha ended through negotiations with the community and miners. Informal mining is taking place on some of our mineral claim areas for which we do not control surface rights, but this is not in the vicinity of or impacting our operations. 114 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data ENVIRONMENT 2024 2023 2022 2021 2020 Direct energy consumption by primary energy source (terajoules)1 Propane 259 580 749 544 624 Diesel 3,807 2,986 2,049 1,815 1,393 Gasoline 42 10 17 19 15 Other 0 0 0 0 0 Total 4,109 3,576 2,815 2,378 2,031 Direct energy consumption by business unit (terajoules) Manitoba 401 440 962 760 846 Peru 2,230 1,981 1,853 1,618 1,185 British Columbia 1,478 1,156 N/av N/av N/av Indirect energy consumption by business unit (terajoules) Manitoba 798 764 1,843 3,222 3,422 Peru 2,624 2,594 2,553 2,555 2,300 British Columbia 1,819 1,968 N/av N/av N/av Total electricity consumed 5,241 5,326 4,396 5,777 5,722 Indirect energy sold/credits (terajoules) Electricity 0.00 0.00 0.00 0.00 0.00 Total indirect energy consumed by organization (terajoules) 5,241 5,326 4,396 5,777 5,722 1 Several direct energy metrics were revised based on updated data. 115 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data ENVIRONMENT 2024 2023 2022 2021 2020 Total direct (Scope 1) and indirect (Scope 2) greenhouse gas emissions (kilotonnes of CO2 equivalent)1 Scope 1: Direct CO2e emissions Manitoba 26 28 61 48 53 Peru 156 159 149 130 92 British Columbia 105 67 N/av N/av N/av Total direct CO2e emissions 287 254 210 178 144 Scope 2: Indirect CO2e emissions2 Manitoba 0.4  1   1   3   3  Peru 155  125   123   123   132  British Columbia 7  8  N/av N/av N/av Total indirect CO2e emissions 162 134 124 126 135 Total Scope 1 and Scope 2 emissions 449 388 333 304 286 NOx, SOx and other significant air emissions (kilotonnes) NOx, SOx Manitoba 0.00 0.00 0.00 0.00 0.00 British Columbia 0.00 0.00 N/av N/av N/av Peru 0.00 0.00 0.00 0.00 0.00 Arizona 0.00 0.00 0.00 0.00 0.00 Total 0.00 0.00 0.00 0.00 0.00 1 GHG emissions reporting may differ from site-level reporting because we use emissions factors sourced from internationally accepted, publicly available information in this report. Sites may use different emissions factors approved by their regional governments. Reported GHG emissions exclude any potential reductions from renewable diesel. 2 We report location-based energy consumption, not market-based. A location-based method reflects the average emissions intensity of grids on which energy consumption occurs (using mostly grid-average emissions factor data). 116 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data ENVIRONMENT 2024 2023 2022 2021 2020 Particulate Manitoba 0.78 0.55 0.37 0.69 0.43 British Columbia 0.00 0.00 N/av N/av N/av Peru 0.00 0.00 0.00 0.00 N/av Arizona 0.00 0.00 0.00 0.00 0.00 Total 0.78 0.55 0.37 0.69 0.43 Total water withdrawal (000 cubic metres)1 Surface water 6,359 6,556 6,317 11,478 12,093 Groundwater 5,055 5,058 5,190 4,704 4,540 Rainwater collected directly and stored by the organization 10,486 5,901 7,223 8,479 7,705 Waste water from another organization 2,469 0.00 0.00 0.00 0.00 Municipal water supplies 0.00 0.41 0.25 0.20 0.08 Total water withdrawal 24,369 17,516 18,730 24,661 24,338 Total water consumed 101,226 75,148 83,616 83,930 81,811 Percentage and total volume of water recycled and reused Total volume (000 cubic metres) 82,982 57,632 64,885 59,242 57,474 Percentage 82% 77% 78% 71% 70% 1 Variations in water withdrawal are mainly due to enhanced rain and waste water collection in Peru. 117 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data ENVIRONMENT 2024 2023 2022 2021 2020 Total water discharged (000 cubic metres) Flin Flon Creek 906 526 8,241 11,521 14,342 Wekusko Lake 3,470 5,662 2,411 1,685 4,370 Woosey Creek 1,407 1,293 1,398 1,462 1,824 Namew Lake 40 30 30 40 35 Herblet Lake 339 243 435 473 576 Similkameen River 22 16 N/av N/av N/av Chilloroya River 2,470 1,820 2,591 2,445 1,981 Total water discharged 8,653 9,590 15,106 17,627 23,128 Total number of significant spills1 0 0 0 0 1 Volume (liquid) (m3) 0 0 0 0 50 Volume (solid) (tonnes) 0 0 0 0 0 Hazardous waste disposed of at external facility (tonnes) 1,007 758 726 660 468 Total amounts of waste (tonnes) Overburden 2,761,886 1,033,993 116,237 299,498 65,738 Waste rock 69,426,370 87,553,953 38,700,044 35,408,474 23,992,684 Tailings 45,483,586 45,174,643 31,120,463 31,694,502 28,044,090 Total amounts of waste recycled (tonnes) Waste rock used as backfill 15,879,691 26,684,642 583,730 0 2,770 Waste rock used for tailings structures 9,332,528 7,616,782 5,528,824 6,783,750 9,385,125 Tailings used for backfill 331,111 363,698 722,570 726,428 688,613 Tailings used for tailings structures 4,618,228 N/av N/av N/av N/av Total 30,161,558 34,665,122 6,835,124 7,510,178 10,076,508 1 We define a significant spill as anything that causes a moderate or higher impact on the physical or biological environment, which may include limited impairment of ecosystem function, impact to surface or groundwater, or impact to drinking water supply. 118 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data ENVIRONMENT 2024 2023 2022 2021 2020 Number of fines or sanctions for non-compliance with environmental laws and regulations 31 0 2 2 0 Land use (hectares) – mineral tenure Manitoba and Saskatchewan 550,731 594,168 645,861 611,642 603,506 British Columbia N/av N/av N/av N/av N/av Nunavut 21 21 21 21 21 Total Canada 550,752 594,189 645,882 505,908 603,527 Arizona 11,619 11,619 11,619 11,575 11,532 Nevada 14,394 14,394 14,394 14,394 14,394 New Mexico 0 1,917 1,917 1,917 1,917 Total United States 26,013 27,930 27,929 28,960 16,311 Peru 159,545 162,045 161,245 160,845 160,754 Total South/Central America 159,545 162,045 162,776 9,462 162,285 Total 736,310 784,164 836,587 515,371 782,123 Land use (hectares) – surface rights Manitoba and Saskatchewan 7,813 7,829 7,819 7,724 7,718 British Columbia N/av N/av N/av N/av N/av Nunavut 0 0 0 0 0 Total Canada 7,813 7,829 7,819 7,724 7,718 Arizona 3,755 3,755 3,646 3,251 3,249 Nevada 86 86 86 86 86 New Mexico 0 0 0 0 0 Total United States 3,841 3,841 3,731 4,347 3,335 1 Two of these fines are from our British Columbia Business Unit, related to an inspection conducted in October 2022, under different ownership, where Copper Mountain was found in non-compliance. Since acquisition, Copper Mountain has been in compliance with all permits and licences/regulatory requirements. The third fine was a non‑monetary warning issued at our Manitoba Business Unit. 119 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data ENVIRONMENT 2024 2023 2022 2021 2020 Peru 5,547 9,462 9,462 9,462 9,462 Total South/Central America 5,547 9,462 9,462 9,462 9,462 Total 17,200 21,133 21,013 21,533 20,516 Land use (hectares) – disturbed land Manitoba and Saskatchewan 1,746 1,661 1,649 N/av N/av British Columbia N/av N/av N/av N/av N/av Nunavut 0 0 0 0 0 Total Canada 1,746 1,661 1,649 N/av N/av Arizona 47 23 251 N/av N/av Nevada 0 0 0 N/av N/av New Mexico 0 0 0 N/av N/av Total United States 47 23 251 N/av N/av Peru 1,886 1,850 1,790 1,709 1,620 Total South/Central America 1,886 1,850 1,790 1,709 1,620 Total 3,679 3,533 3,690 1,709 1,620 Sites requiring biodiversity management plans Number of sites legally requiring plans 1 1 2 2 2 Number of sites with voluntary plans in place 3 5 2 2 1 Habitats protected or restored (hectares) Protected 49 49 49 49 49 Restored 102 24 88 107 84 Partnerships exist No No No No No Status at close of reporting period Monitoring Monitoring Monitoring Monitoring Monitoring 120 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index Key Performance Data ENVIRONMENT 2024 2023 2022 2021 2020 IUCN Red List species and National Conservation List species1 Critically endangered 0 3 3 2 2 Endangered 9 11 7 11 6 Vulnerable 26 35 23 26 26 Near threatened 8 26 32 16 24 Least concern 526 335 329 351 342 1 Species recorded in 2024 are based on increased alignment among our business units on the KPI, resulting in a more inclusive number of species across the business. 121 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2025 Targets GRI and SASB Content Index 2024 Targets and Achievements 2024 Targets and Achievements TARGET ACHIEVEMENT DETAILS Health and Safety Match or improve on our three-year total recordable injury frequency average of 1.35 (based on ICMM classification criteria) Achieved Achieved a 1.14 TRIF rate. Further explanation about our performance is provided in the People section. Community Execute Participation Agreements covering New Ingerbelle Partially achieved More information is provided in the Communities section. Environment Complete studies that further advance our goals to reduce GHG emissions Partially achieved Integrated GHG forecasts into the long-range financial plans and advanced many GHG reduction initiatives across the business units aligned with corporate climate change strategy. Updated climate change targets set in early 2025. More information is provided in the Planet section. Financial Excellence/Growth Production – all metals within public guidance ranges Achieved Exceeded budgeted targets. More information is provided in the Management’s Discussion and Analysis. Operating cash flow – meet budgeted target Achieved Exceeded budgeted targets. More information is provided in the Management’s Discussion and Analysis. Operations – MBU to complete drift to 1901 within 10% of budgeted cost Partially achieved The development of an access drift to the 1901 deposit in Snow Lake is progressing well, and first ore mining is expected in the second quarter of 2025 to enable confirmation of the optimal mining method for the deposit. Operations – BCBU mill stabilization, mine production and projects contemplated in budget are on schedule Partially achieved Advanced a number of stabilization and optimization initiatives, but anticipated benefits from mill optimization not yet realized. 122 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements GRI and SASB Content Index 2025 Targets 2025 Targets Health and Safety • Match or improve on our three-year total recordable injury frequency average of 1.14 (based on ICMM classification criteria) Community • Reach agreements with our British Columbia First Nations neighbours and advance New Ingerbelle permitting • Reach exploration agreements with Manitoba First Nations • Avoid operational shutdowns at our Peru operations due to community/political activity Environment • Identify further opportunities to reduce GHG emissions and update corporate targets • Enhance water management systems in British Columbia Governance • Add directors to replace departing directors and complete third-party Board governance review Financial Excellence/Growth • Production – all metals within public guidance ranges • Operating cash flow – meet budgeted target 123 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 2: GENERAL DISCLOSURES 1. The Organization and Its Reporting Practices 2-1 Organizational details Our Company (see page 13) Business and Financial Review (see page 25) Website > About Us 2-2 Entities included in the organization’s sustainability reporting About This Report (see page 144) Annual Information Form (see page 5) 2-3 Reporting period, frequency and contact point About This Report (see page 144) 2-4 Restatements of information There are no restatements of information from previous reports. 2-5 External assurance External assurance was conducted only for the financial data in the 2024 Annual Report, and Hudbay does not have a policy pertaining to external assurance of sustainability data. 2. Activities and Workers 2-6 Activities, value chain and other business relationships CEO Message (see page 3) Business and Financial Review (see page 25) Business and Financial Review > Business Activities (see page 29) Sustainability Approach > Responsible Supply Chain > Supply Chain Performance (see page 53) Sustainability Approach > Responsible Supply Chain > Products (see page 53) Sustainability Performance > Key Performance Data (see page 99) EM-MM-000.A Production of (1) metal ores and (2) finished metal products 2-7 Employees Sustainability Performance > Key Performance Data (see page 101) EM-MM-000.B Total number of employees, percentage contractors 2-8 Workers who are not employees Sustainability Performance > Key Performance Data (see page 102) EM-MM-000.B Total number of employees, percentage contractors Financially material 124 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 2: GENERAL DISCLOSURES 3. Governance 2-9 Governance structure and composition Our Company > Corporate Governance (see page 16) Our Company > Board of Directors (see page 17) Our Company > Management Team (see page 24) Sustainability Approach > Sustainability Governance (see page 36) Management Information Circular Website > About Us > Board Website > About Us > Governance Website > Disclosure Centre > Committees 2-10 Nomination and selection of the highest governance body Management Information Circular Website > About Us > Governance Website > Disclosure Centre > Committees 2-11 Chair of the highest governance body Our Company > Corporate Governance (see page 16) Our Company > Board of Directors (see page 17) Management Information Circular Website > About Us > Board 2-12 Role of the highest governance body in overseeing the management of impacts Our Company > Corporate Governance (see page 16) Our Company > Risk Management (see page 21) Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Stakeholder Engagement (see page 43) Communities > Our Approach (see page 69) Corporate Governance Guidelines and Board Charter 2-13 Delegation of responsibility for managing impacts Our Company > Corporate Governance (see page 16) Sustainability Approach > Sustainability Governance (see page 36) 2-14 Role of the highest governance body in sustainability reporting Environmental, Health, Safety and Sustainability Committee Charter The EHSS (Board-level) Committee reviews and approves the content within the Annual Report. 2-15 Conflicts of interest Our Company > Business Conduct (see page 19) Sustainability Approach > Sustainability Governance (see page 36) 125 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 2: GENERAL DISCLOSURES 3. Governance 2-16 Communication of critical concerns Our Company > Business Conduct > Risks, Issues or Complaints (see page 20) Our Company > Risk Management (see page 21) Sustainability Approach > Stakeholder Engagement (see page 43) Sustainability Approach > Human Rights and Security (see page 48) Sustainability Performance > Key Performance Data (see page 111) Whistleblower Policy 2-17 Collective knowledge of the highest governance body Annual Information Form (see page 58) Website > About Us > Board 2-18 Evaluation of the performance of the highest governance body Corporate Governance Guidelines and Board Charter 2-19 Remuneration policies Management Information Circular Compensation and Human Resources Committee Charter 2-20 Process to determine remuneration Management Information Circular 2-21 Annual total compensation ratio Sustainability Performance > Key Performance Data (see page 106) Management Information Circular 4. Strategy, Policies and Practices 2-22 Statement on sustainable development strategy CEO Message (see page 3) 2-23 Policy commitments Our Company > Values and Purpose (see page 15) Our Company > Business Conduct (see page 19) Our Company > Risk Management > Precautionary Approach (see page 22) 2-24 Embedding policy commitments Sustainability Approach > Sustainability Governance > Sustainability Management Framework (see page 37) Sustainability Approach > Human Rights and Security (see page 48) Sustainability Approach > Responsible Supply Chain (see page 52) 2-25 Processes to remediate negative impacts Our Company > Business Conduct > Risks, Issues or Complaints (see page 20) 2-26 Mechanisms for seeking advice and raising concerns Our Company > Business Conduct (see page 19) Sustainability Approach > Responsible Supply Chain (see page 52) Website > Disclosure Centre > Policies 2-27 Compliance with laws and regulations Sustainability Performance > Key Performance Data (see page 111) 126 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 2: GENERAL DISCLOSURES 4. Strategy, Policies and Practices 2-28 Membership associations Sustainability Approach > Sustainability Governance > Industry Involvement (see page 39) 5. Stakeholder Engagement 2-29 Approach to stakeholder engagement Sustainability Approach > Stakeholder Engagement (see page 43) 2-30 Collective bargaining agreements Sustainability Performance > Key Performance Data (see page 102) EM-MM-310a.1 Percentage of active workforce covered under collective bargaining agreements, broken down by US and foreign employees GRI 3: MATERIAL TOPICS 3-1 Process to determine material topics Sustainability Approach > Materiality (see page 40) 3-2 List of material topics Sustainability Approach > Materiality > Summary of Our Material Topics and Priority Issues (see page 41) GRI 200: ECONOMIC STANDARDS SERIES Economic Performance  Economic Impact/Business Ethics and Transparency GRI 3: Material Topics 3-3 (14.9.1) Management of material topics CEO Message (see page 3) Our Company > Corporate Governance (see page 16) Our Company > Risk Management (see page 21) Our Company > Strategy (see page 23) Sustainability Approach > Materiality (see page 40) Communities > Our Approach (see page 69) Sustainability Performance > 2024 Targets and Achievements (see page 121) Sustainability Performance > 2025 Targets (see page 122) Annual Information Form (see page 6) 127 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 200: ECONOMIC STANDARDS SERIES Economic Performance  Economic Impact/Business Ethics and Transparency GRI 201: Economic Performance 201-1 (14.9.2) (14.23.2) Direct economic value generated and distributed Sustainability Performance > Key Performance Data (see page 99) 201-2 Financial implications and other risks and opportunities due to climate change CDP Climate Change Report Management’s Discussion and Analysis 201-3 Defined benefit plan obligations and other retirement plans Management’s Discussion and Analysis Indirect Economic Impacts  Economic Impact GRI 3: Material Topics 3-3 (14.9.1) Management of material topics Sustainability Approach > Materiality (see page 40) Sustainability Approach > Responsible Supply Chain (see page 52) Communities > Our Approach (see page 69) Communities > Our Approach > Economic Contributions (see page 70) Communities > Peru (see page 71) Communities > Manitoba (see page 73) Communities > British Columbia (see page 75) Communities > Arizona and Nevada (see page 78) Note: We re-evaluate our management approach every few years as part of our materiality review process; an evaluation was conducted in 2024. GRI 203: Indirect Economic Impacts 203-2 (14.9.4) Significant indirect economic impacts Sustainability Approach > Responsible Supply Chain > Supply Chain Performance (see page 53) Communities (see page 68) 128 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 200: ECONOMIC STANDARDS SERIES Procurement Practices  Economic Impact GRI 3: Material Topics 3-3 (14.9.1) Management of material topics Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Sustainability Approach > Responsible Supply Chain (see page 52) Communities > Our Approach > Local Hiring and Procurement (see page 70) Supplier Code of Conduct and Ethics GRI 204: Procurement Practices 204-1 (14.9.5) Proportion of spending on local suppliers Sustainability Approach > Responsible Supply Chain (see page 52) Anti-corruption  Business Ethics and Transparency GRI 3: Material Topics 3-3 (14.22.1) Management of material topics Our Company > Business Conduct (see page 19) Our Company > Business Conduct > Compliance Training (see page 19) Our Company > Business Conduct > Risks, Issues or Complaints (see page 20) Our Company > Risk Management (see page 21) Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Sustainability Approach > Responsible Supply Chain (see page 52) Statement on Anti-Corruption Supplier Code of Conduct and Ethics EM-MM-510a.1 Description of the management system for prevention of corruption and bribery throughout the value chain GRI 205: Anti-corruption 205-1 (14.22.2) Operations assessed for risks related to corruption Our Company > Business Conduct > Risks, Issues or Complaints (see page 20) Sustainability Performance > Key Performance Data (see page 111) 205-2 (14.22.3) Communication and training about anti‑corruption policies and procedures Sustainability Performance > Key Performance Data (see page 111) 129 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 200: ECONOMIC STANDARDS SERIES Anti-corruption  Business Ethics and Transparency GRI 205: Anti-corruption 205-3 (14.22.4) Confirmed incidents of corruption and actions taken Our Company > Business Conduct > Risks, Issues or Complaints (see page 20) Not applicable EM-MM-510a.2 Production in countries that have the 20 lowest rankings in Transparency International’s Corruption Perceptions Index Tax  Business Ethics and Transparency GRI 3: Material Topics 3-3 (14.23.1) Management of material topics Communities > Our Approach > Economic Contributions (see page 70) GRI 207: Tax 207-4 (14.23.7) Country-by-country reporting Sustainability Performance > Key Performance Data (see page 99) 130 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 300: ENVIRONMENTAL STANDARDS SERIES Energy GRI 3: Material Topics 3-3 (14.1.1) Management of material topics Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Planet > Our Approach > Climate Change (see page 83) GRI 302: Energy 302-1 (14.1.2) Energy consumption within the organization Sustainability Performance > Key Performance Data (see page 114) CDP Climate Change Report EM-MM-130a.1 Total energy consumed CDP Climate Change Report EM-MM-130a.1 Percentage grid electricity CDP Climate Change Report EM-MM-130a.1 Percentage renewable Water  Water Management GRI 3: Material Topics 3-3 (14.7.1) Management of material topics Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Planet > Our Approach > Water (see page 84) Sustainability Performance > 2024 Targets and Achievements (see page 121) GRI 303: Water and Effluents 303-1 (14.7.2) Interactions with water as a shared resource Planet > Our Approach > Water (see page 84) CDP Water Change Report 303-2 (14.7.3) Management of water discharge– related impacts Planet > Our Approach > Water (see page 84) 303-3 (14.7.4) Water withdrawal Sustainability Performance > Key Performance Data (see page 116) 131 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 300: ENVIRONMENTAL STANDARDS SERIES Water  Water Management GRI 303: Water and Effluents 303-4 (14.7.5) Water discharged Sustainability Performance > Key Performance Data (see page 117) CDP Water Change Report EM-MM-140a.1 Total fresh water withdrawn, percentage occurring in regions with high or extremely high baseline water stress 303-5 (14.7.6) Water consumption Sustainability Performance > Key Performance Data (see page 116) CDP Water Change Report EM-MM-140a.1 Total fresh water consumed, percentage occurring in regions with high or extremely high baseline water stress Not applicable EM-MM-140a.2 Number of incidents of non-compliance associated with water quality permits, standards and regulations Biodiversity GRI 3: Material Topics 3-3 (14.4.1) Management of material topics Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Sustainability Governance > International Systems and Performance Standards (see page 38) Sustainability Approach > Materiality (see page 40) Sustainability Approach > Tailings Stewardship (see page 50) Planet > Our Approach (see page 82) Planet > Our Approach > Land and Biodiversity (see page 82) Planet > Our Approach > Closure and Reclamation (see page 84) Environmental, Health, Safety and Sustainability Policy EM-MM-160a.1 Description of environmental management policies and practices for active sites 132 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 300: ENVIRONMENTAL STANDARDS SERIES Biodiversity GRI 304: Biodiversity 304-1 Operational sites owned, leased, managed in, or adjacent to protected areas and areas of high biodiversity value outside protected areas Planet > Our Approach > Land and Biodiversity (see page 82) Sustainability Performance > Key Performance Data (see page 119) EM-MM-160a.3 Percentage of (1) proved and (2) probable reserves in or near sites with protected conservation status or endangered species habitat 304-2 Significant impacts of activities, products and services on biodiversity Planet > Our Approach > Land and Biodiversity (see page 82) 304-3 Habitats protected or restored Sustainability Performance > Key Performance Data (see page 119) 304-4 IUCN Red List species and national conservation list species with habitats in areas affected by operations Sustainability Performance > Key Performance Data (see page 120) Planet > Our Approach > Waste and Tailings (see page 84) EM-MM-160a.2 Percentage of mine sites where acid rock drainage is predicted to occur Planet > Our Approach > Waste and Tailings (see page 84) EM-MM-160a.2 Percentage of mine sites where acid rock drainage is actively mitigated If water discharge is potentially contaminated by acid rock drainage, it is contoured to flow to our treatment plant. EM-MM-160a.2 Percentage of mine sites where acid rock drainage is under treatment or remediation MM2: Biodiversity MM2 The number and percentage of total sites identified as requiring biodiversity management plans according to stated criteria, and the number and percentage of those sites with a plan in place Sustainability Performance > Key Performance Data (see page 119) 133 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 300: ENVIRONMENTAL STANDARDS SERIES Emissions GRI 3: Material Topics 3-3 (14.1.1) Management of material topics Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Planet > Our Approach > Climate Change (see page 83) Sustainability Performance > 2024 Targets and Achievements (see page 121) Sustainability Performance > 2025 Targets (see page 122) Note: Percentage covered under emissions-limiting regulations not available. GRI 305: Emissions 305-1 (14.1.5) Direct (Scope 1) GHG emissions Sustainability Performance > Key Performance Data (see page 115) CDP Climate Change Report EM-MM-110a.1 Gross global Scope 1 emissions, percentage covered under emissions- limiting regulations Planet > Our Approach > Climate Change (see page 83) Sustainability Performance > 2024 Targets and Achievements (see page 121)  Sustainability Performance > 2025 Targets (see page 122) CDP Climate Change Report EM-MM-110a.2 Discussion of long-term and short-term strategy or plan to manage Scope 1 emissions, emissions reduction targets, and analysis of performance against those targets 305-2 (14.1.6) Energy indirect (Scope 2) GHG emissions Sustainability Performance > Key Performance Data (see page 115) CDP Climate Change Report Air emissions of the following pollutants: Not applicable EM-MM-120a.1 CO 305-7 (14.3.2) Nitrogen oxides (NOx), sulphur oxides (SOx), and other significant air emissions Not applicable EM-MM-120a.1 NOx (excluding N2O) Not applicable EM-MM-120a.1 SOx Sustainability Performance > Key Performance Data (see page 115) EM-MM-120a.1 Particulate matter (PM10) Not applicable EM-MM-120a.1 Volatile organic compounds (VOCs) Not applicable EM-MM-120a.1 Lead (Pb) Not applicable EM-MM-120a.1 Mercury (Hg) 134 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 300: ENVIRONMENTAL STANDARDS SERIES Waste GRI 3: Material Topics 3-3 (14.5.1) Management of material topics Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Planet > Our Approach > Waste and Tailings (see page 84) Environmental, Health, Safety and Sustainability Policy GRI 306: Waste 306-1 (14.5.2) Waste generation and significant waste‑related impacts Planet > Our Approach > Waste and Tailings (see page 84) 306-2 (14.5.3) Management of significant waste‑related impacts Planet > Our Approach > Waste and Tailings (see page 84) 306-3 (14.5.4) Waste generated Sustainability Performance > Key Performance Data (see page 117) EM-MM-150a.4 Total weight of non-mineral waste generated EM-MM-150a.6 Total weight of waste rock generated EM-MM-150a.7 Total weight of hazardous waste generated 306-4 (14.5.5) Waste diverted from disposal Sustainability Performance > Key Performance Data (see page 117) EM-MM-150a.8 Total weight of hazardous waste recycled 306-5 (14.5.6) Waste directed to disposal Sustainability Performance > Key Performance Data (see page 117) 135 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 300: ENVIRONMENTAL STANDARDS SERIES Tailings  GRI 3: Material Topics 3-3 (14.6.1) Management of material topics Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Sustainability Approach > Tailings Stewardship (see page 50) Planet > Our Approach > Waste and Tailings (see page 84) Environmental, Health, Safety and Sustainability Policy EM-MM-540a.2 Summary of tailings management systems and governance structure used to monitor and maintain the stability of tailings storage facilities GRI 14.6: Tailings 14.6.2 Report the tailings disposal methods used by the organization Sustainability Approach > Tailings Stewardship (see page 50) Planet > Our Approach > Waste and Tailings (see page 84) 14.6.3 List the organization’s tailings facilities, and report the name, location, and ownership status, including whether the organization is the operator Mine Tailings Disclosure Table EM-MM-540a.1  Tailings storage facility inventory table Sustainability Performance > Key Performance Data (see page 117) EM-MM-150a.5 Total weight of tailings produced 136 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 400: SOCIAL STANDARDS Employment GRI 3: Material Topics 3-3 (14.17.1) Management of material topics Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) People > Our Approach > Culture and Engagement (see page 58) People > Our Approach > Diversity and Inclusion (see page 58) People > Peru (see page 59) People > Manitoba (see page 62) People > British Columbia (see page 64) People > Arizona and Nevada (see page 66) GRI 401: Employment 401-1 (14.17.3) New employee hires and employee turnover Sustainability Performance > Key Performance Data (see page 103) 137 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 400: SOCIAL STANDARDS Labour/Management Relations GRI 3: Material Topics 3-3 Management of material topics Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) People > Our Approach > Culture and Engagement (see page 58) People > Peru (see page 59) People > Manitoba (see page 62) People > British Columbia (see page 64) People > Arizona and Nevada (see page 66) GRI 402: Labour/Management Relations 402-1 Minimum notice periods regarding operational changes A minimum of two weeks is provided before operational changes (MBU only). MM4: Labour/Management Relations MM4 (14.20.3) Number of strikes and lockouts Sustainability Performance > Key Performance Data (see page 103) EM-MM-310a.2 Number and duration of strikes and lockouts Occupational Health and Safety  Health and Safety GRI 3: Material Topics 3-3 (14.16.1) Management of material topics Our Company > Risk Management > Emergency Response and Crisis Management (see page 22) Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) People (see page 54) People > Our Approach > Health and Safety (see page 57) People > Our Approach > Workforce Rights (see page 58) Sustainability Performance > 2024 Targets and Achievements (see page 121) Sustainability Performance > 2025 Targets (see page 122) Environmental, Health, Safety and Sustainability Policy 138 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 400: SOCIAL STANDARDS Occupational Health and Safety  Health and Safety GRI 403: Occupational Health and Safety 403-1 (14.16.2) Occupational health and safety management system People > Our Approach > Health and Safety (see page 57) 403-5 (14.16.6) Worker training on occupational health and safety People > Peru > Building a Culture of Safety Through Diligence and New Measures (see page 59) People > Manitoba > Safety and Innovation (see page 63) People > British Columbia > Building a Culture of Safety (see page 65) People > Arizona and Nevada > Building a Safety Foundation (see page 66) Security Practices GRI 3: Material Topics 3-3 (14.14.1) Management of material topics Our Company > Risk Management (see page 21) Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Sustainability Approach > Human Rights and Security > Security Practices (see page 49) Environmental, Health, Safety and Sustainability Policy Human Rights Policy GRI 410: Security Practices 410-1 (14.14.2) Security personnel trained in human rights policies or procedures Sustainability Performance > Key Performance Data (see page 111) 139 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 400: SOCIAL STANDARDS Rights of Indigenous Peoples  Indigenous Relations GRI 3: Material Topics 3-3 (14.11.1) Management of material topics Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Sustainability Approach > Stakeholder Engagement (see page 43) Sustainability Approach > Human Rights and Security (see page 48) People > Our Approach > Diversity and Inclusion (see page 58) Communities > Manitoba > Deepening Indigenous Engagement and Cultural Awareness (see page 73) Human Rights Policy EM-MM-210a.3 Discussion of engagement processes and due diligence practices with respect to human rights, Indigenous rights, and operation in areas of conflict GRI 411: Rights of Indigenous Peoples 411-1 (14.11.2) Incidents of violations involving rights of Indigenous peoples There were zero violations in 2024. MM5: Rights of Indigenous Peoples MM5 (14.11.3) Total number of operations taking place in or adjacent to Indigenous peoples’ territories, and number and percentage of operations or sites where there are formal agreements with Indigenous peoples’ communities Sustainability Performance > Key Performance Data (see page 113) EM-MM-210a.2 Percentage of (1) proved and (2) probable reserves in or near Indigenous land Human Rights Assessment GRI 3: Material Topics 3-3 (14.18.1) (14.19.1) Management of material topics Our Company > Business Conduct > Risks, Issues or Complaints (see page 20) Our Company > Risk Management (see page 21) Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Sustainability Approach > Human Rights and Security (see page 48) Sustainability Approach > Responsible Supply Chain (see page 52) People > Our Approach > Diversity and Inclusion (see page 58) Human Rights Policy 140 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 400: SOCIAL STANDARDS Human Rights Assessment GRI 412: Human Rights Assessment 412-2 Employee training on human rights policies or procedures Sustainability Performance > Key Performance Data (see page 111) 412-3 Significant investment agreements and contracts that include human rights clauses or that underwent human rights screening Supplier Code of Conduct and Ethics Customer Code of Conduct and Ethics Local Communities  Community Relations GRI 3: Material Topics 3-3 (14.10.1) Management of material topics Our Company > Business Conduct > Risks, Issues or Complaints (see page 20) Our Company > Risk Management (see page 21) Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Sustainability Approach > Responsible Supply Chain (see page 52) People > Our Approach > Diversity and Inclusion (see page 58) Communities > Our Approach > Community Relationships (see page 70) Communities > Our Approach > Local Hiring and Procurement (see page 70) Communities > Our Approach > Community Development (see page 70) EM-MM-210b.1 Discussion of process to manage risks and opportunities associated with community rights and interests GRI 413: Local Communities 413-2 (14.10.3) Operations with significant actual and potential negative impacts on local communities Sustainability Performance > Key Performance Data (see page 113) MM6: Local Communities MM6 Number and description of significant disputes relating to land use, customary rights of local communities and Indigenous peoples Sustainability Performance > Key Performance Data (see page 110) EM-MM-210b.1 Number and duration of non-technical delays 141 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 400: SOCIAL STANDARDS Local Communities  Community Relations MM7: Local Communities MM7 (14.10.4) The extent to which grievance mechanisms were used to resolve disputes relating to land use, customary rights of local communities and Indigenous peoples, and the outcomes Sustainability Performance > Key Performance Data (see page 112) Artisanal and Small-Scale Mining MM8: Artisanal and Small-Scale Mining MM8 (14.13.2) Number and percentage of company operating sites where artisanal and small- scale mining (ASM) takes place on, or adjacent to, the site; the associated risks and the actions taken to manage and mitigate these risks Sustainability Performance > Key Performance Data (see page 113) Resettlement GRI 3: Material Topics 3-3 Management of material topics Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Communities > Our Approach > Resettlement and Land Use (see page 70) MM9: Resettlement MM9 (14.12.2) Sites where resettlements took place, the number of households resettled in each, and how their livelihoods were affected in the process Sustainability Performance > Key Performance Data (see page 110) 142 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET ABOUT THIS REPORT SUSTAINABILITY PERFORMANCE Basis of Reporting Key Performance Data 2024 Targets and Achievements 2025 Targets GRI and SASB Content Index GRI STANDARD DISCLOSURE RESPONSE, PAGE NUMBER(S) AND/OR URL(S) SASB CODE SASB METRIC GRI 400: SOCIAL STANDARDS Closure Planning GRI 3: Material Topics 3-3 (14.8.1) Management of material topics Sustainability Approach > Sustainability Governance (see page 36) Sustainability Approach > Materiality (see page 40) Communities > Our Approach (see page 69) Planet > Our Approach > Land and Biodiversity (see page 82) Planet > Our Approach > Closure and Reclamation (see page 84) Environmental, Health, Safety and Sustainability Policy MM10: Closure Planning MM10 (14.8.4) (14.8.8) Number and percentage of operations with closure plans Sustainability Performance > Key Performance Data (see page 112) MM1: Biodiversity MM1 (14.8.6) Amount of land disturbed or rehabilitated Sustainability Performance > Key Performance Data (see page 119) CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT About This Report 143 Hudbay 2024 Annual Report IN THIS SECTION Contact Us 147 Glossary 148 144 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT Contact Us Glossary About This Report This report presents our approach to achieving success as a sustainable business and how we have performed across financial, operational, social and environmental dimensions. We believe social and environmental performance is as important as financial and operating performance, and that combining these results in a single report presents a holistic account of the Company’s activities. We published our Management’s Discussion and Analysis of Results of Operations and Financial Condition and the consolidated financial statements for the year ended December 31, 2024, on February 18, 2025. The reports are posted on our website. The Business and Financial Review section of this report is based upon the financial and operational results disclosed in those documents. We have produced an annual sustainability report every year since our 2003 report, and this is our 17th report based on the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines. Our most recent previous report was released in June 2024. Hudbay is reporting in reference to GRI Universal Standards, and addresses key metrics from both the SASB Metals & Mining Standard and the TCFD recommendations. Our report covers all operating and project locations reported under Our Company, during the 2024 calendar year. Sustainability content has been defined based on our materiality analysis and aspects identification process, which applied to all of Hudbay’s operating assets. More information on the scope of our reporting is available in the Sustainability Performance section of this report. Qualified Persons The scientific and technical information contained in this report related to all material mineral properties other than the Copper Mountain mine has been approved by Olivier Tavchandjian, P. Geo., our Senior Vice President, Exploration and Technical Services. Mr. Tavchandjian is a qualified person pursuant to NI 43-101. The scientific and technical information contained in this report related to the Copper Mountain mine has been approved by Marc-Andre Brulotte, P. Geo., Director, Global Exploration and Resource Evaluation. Mr. Brulotte is a qualified person pursuant to NI 43-101. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see the technical reports for our material properties as filed by us on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Forward-Looking Information This Annual Report contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this Annual Report, 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 Annual Report is qualified by this cautionary note. Forward-looking information includes, but is not limited to, statements with respect to the Company’s climate change strategies, initiatives and targets, targets related to health and safety, community, environment, governance and financial excellence/growth, anticipated environmental, health and safety performance, anticipated social development programs, expectations regarding environmental regulation and legislation and other government regulation of mining operations or the mining industry, the Company’s ability to effectively and appropriately engage with local communities and other key stakeholders, the Company’s production, cost and capital and exploration expenditure guidance, expectations regarding reductions in discretionary spending and capital expenditures, Hudbay’s ability to stabilize and optimize the Copper Mountain mine operation, the implementation of stripping strategies and the expected benefits therefrom, the estimated timelines and prerequisites for sanctioning the Copper World project and the pursuit of a potential minority joint venture partner, the possibility of and expectations regarding the results of any challenges to the permits for the Copper World project, the expected benefits of the sanctioning of the Copper World project, the expected benefits of Manitoba growth initiatives, including the use of the exploration drift at the 1901 deposit, the potential utilization of excess capacity at the Stall mill, and the advancement of Hudbay’s exploration partnership with Marubeni, the Company’s future deleveraging strategies and its ability to deleverage and repay debt as needed, expectations regarding the Company’s cash balance and liquidity, expectations regarding the ability to conduct exploration work and execute 145 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT Contact Us Glossary on exploration programs on its properties and to advance related drill plans, including the advancement of the exploration program at Maria Reyna and Caballito and the status of the related drill permit application process, the ability to continue mining higher-grade ore in the Pampacancha pit and the Company’s expectations resulting therefrom, expectations regarding the Company’s ability to further reduce greenhouse gas emissions, Hudbay’s evaluation and assessment of opportunities to reprocess tailings using various metallurgical technologies, expectations regarding the prospective nature of the Maria Reyna and Caballito properties, the anticipated impact of brownfield and greenfield growth projects on the Company’s performance, anticipated expansion opportunities and extension of mine life in Snow Lake and the Company’s ability to find a new anchor deposit near its Snow Lake operations, anticipated future drill programs and exploration activities and any results expected therefrom, anticipated mine plans, anticipated metals prices and the anticipated sensitivity of the Company’s financial performance to metals prices, events that may affect the Company’s operations and development projects, anticipated cash flows from operations and related liquidity requirements, the anticipated effect of external factors on revenue, such as commodity prices, estimation of mineral reserves and resources, mine life projections, reclamation costs, economic outlook, government regulation of mining operations, and business and acquisition strategies. 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 the Company 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 has identified and were applied 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, cost and capital and exploration expenditure guidance; • no significant interruptions to Hudbay’s operations due to social or political unrest in the regions the Company operates, including the navigation of the complex political and social environment in Peru; • no interruptions to the Company’s plans for advancing the Copper World project, including with respect to any challenges to the Copper World permits and/or the pursuit of a potential minority joint venture partner; • the Company’s ability to successfully complete the stabilization and optimization of the Copper Mountain operations, obtain required permits and develop and maintain good relations with key stakeholders; • the ability to execute on the Company’s exploration plans and to advance related drill plans; • the ability to advance the exploration program at the Maria Reyna and Caballito properties; • the success of mining, processing, exploration and development activities; • the scheduled maintenance and availability of the Company’s processing facilities; • the accuracy of geological, mining and metallurgical estimates; • anticipated metals prices and the costs of production; • the supply and demand for metals the Company produces; • the supply and availability of all forms of energy and fuels at reasonable prices; • no significant unanticipated operational or technical difficulties; • the execution of the Company’s business and growth strategies, including the success of its strategic investments and initiatives; • the availability of additional financing, if needed; • the ability to deleverage and repay debt, as needed; • the ability to complete project targets on time and on budget and other events that may affect the Company’s ability to develop its projects; • the timing and receipt of various regulatory and governmental approvals; • the availability of personnel for the Company’s exploration, development and operational projects and ongoing employee relations; • maintaining good relations with the employees at the Company’s operations; • maintaining good relations with the labour unions that represent certain of the Company’s employees in Manitoba and Peru; • maintaining good relations with the communities in which the Company operates, including the neighbouring Indigenous communities and local governments; • no significant unanticipated challenges with stakeholders at the Company’s various projects; • no significant unanticipated events or changes relating to regulatory, environmental, health and safety matters; • the ability to achieve Hudbay’s objectives and targets with respect to climate change initiatives and targets related to health and safety, community, environment, governance and financial excellence/growth; • no significant unanticipated changes to the various international and national standards we adhere to; • no significant unanticipated changes to our water usage, emissions intensity or energy intensity; • no significant unanticipated changes in the political climate in the various jurisdictions in which we currently or plan to explore or operate; 146 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT Contact Us Glossary • the ability to contemplate the effects of climate change at our sites, on our operations and on the extractive industry in general; • no contests over title to the Company’s properties, including as a result of rights or claimed rights of Indigenous peoples or challenges to the validity of the Company’s unpatented mining claims; • the timing and possible outcome of pending litigation and no significant unanticipated litigation; • certain tax matters, including, but not limited to, current tax laws and regulations, changes in taxation policies and the refund of certain value-added taxes from the Canadian and Peruvian governments; 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 related to the failure to effectively complete the stabilization and optimization of the Copper Mountain mine operations, political and social risks in the regions the Company operates, including the navigation of the complex political and social environment in Peru, risks generally associated with the mining industry and the current geopolitical environment, including future commodity prices, the potential implementation or expansion of tariffs, currency and interest rate fluctuations, energy and consumable prices, supply chain constraints and general cost escalation in the current inflationary environment, uncertainties related to the development and operation of the Company’s projects, the risk of an indicator of impairment or impairment reversal relating to a material mineral property, risks related to the Copper World project, including in relation to project delivery and financing risks, risks related to the Lalor mine plan, including the ability to convert inferred mineral resource estimates to higher confidence categories, dependence on key personnel and employee and union relations, risks related to political or social instability, unrest or change, risks in respect of Indigenous and community relations, rights and title claims, operational risks and hazards, including the cost of maintaining and upgrading the Company’s tailings management facilities and any unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, depletion of the Company’s reserves, volatile financial markets and interest rates that may affect the Company’s ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, the Company’s ability to comply with its pension and other post-retirement obligations, the Company’s ability to abide by the covenants in its debt instruments and other material contracts, tax refunds, hedging transactions, as well as the risks discussed under the heading “Risk Factors” in the Company’s most recent Annual Information Form and under the heading “Financial Risk Management” in the Company’s management’s discussion and analysis for the year ended December 31, 2024, each available on Hudbay’s SEDAR+ profile at www.sedarplus.ca, and other risks referenced throughout this Annual Report. 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. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this Annual Report or to explain any material difference between subsequent actual events and any forward- looking information, except as required by applicable law. Note to United States Investors This Annual Report has been prepared in accordance with the requirements of the securities laws in effect in Canada, which may differ materially from the requirements of United States securities laws applicable to US issuers. About Hudbay Hudbay (TSX, NYSE: HBM) is a copper-focused critical minerals company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States. Hudbay’s operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the Company, which is complemented by meaningful gold production and byproduct zinc, silver and molybdenum. Hudbay’s growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its existing operations. The value Hudbay creates and the impact it has is embodied in its purpose statement: “We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities.” Hudbay’s mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations. 147 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT Glossary Contact Us Contact Us We invite your comments and questions about this report. Please contact Candace Brûlé, Vice President, Investor Relations, Financial Analysis and External Communications, 416 814-4387, investor.relations@hudbay.com Annual and Special Meeting of Shareholders May 20, 2025, 10:00 am ET 148 Hudbay 2024 Annual Report CEO MESSAGE OUR FEATURE STORIES OUR COMPANY BUSINESS AND FINANCIAL REVIEW SUSTAINABILITY APPROACH PEOPLE COMMUNITIES PLANET SUSTAINABILITY PERFORMANCE ABOUT THIS REPORT Contact Us Glossary Glossary Biodiversity – short for “biological diversity”; the variety of living organisms, genetic diversity and habitat diversity that creates and sustains variation in the environment CDP – a non-profit that runs a global disclosure system for companies and governments to disclose their environmental performance Community investment – voluntary investment of funds in the broader community, including for physical infrastructure and social programs Conflict-free minerals – mineral production that does not contribute to serious human rights abuses in regions of armed conflict (drawing on the definitions provided in the Dodd–Frank Act) Contractor – one who agrees to perform work or supply items at a certain price or rate Donations – contributions to charities Employee – a person directly employed by Hudbay and/or its subsidiaries GHG emissions – greenhouse gas emissions Global Reporting Initiative (GRI) – an independent institution whose mission is to develop and disseminate globally applicable sustainability reporting guidelines. For more information, visit www.globalreporting.org GRI Standards – performance indicators contained in the GRI Sustainability Reporting Standards Grant-in-lieu – an amount paid instead of property taxes Injury frequency – number of injuries per 200,000 hours worked (per approximately 100 full-time employees) ISO – International Organization for Standardization, a non-governmental international organization that develops voluntary management standards Lost time injury (LTI) – a work-related injury that prevents the injured person from returning to work on his/her next scheduled workday after the day the injury occurred, because he/she is unfit to perform any duties MAC – Mining Association of Canada Material information – a fact or a change to the Company that could reasonably be expected to have a significant effect on the market price or value of the securities of the Company Materiality – a process to identify the economic, environmental, governance and social issues most important to stakeholders and our business Medical aid injury – a work-related injury that requires medical treatment based on criteria set out by the International Council on Mining and Metals (ICMM) N/ap – not applicable N/av – not available Preliminary economic assessment (PEA) – an economic analysis of the potential viability of mineral resources taken at an early stage of a project Recordable injury – includes lost time injuries, restricted work injuries and medical aid injuries Restricted work – a work-related injury where a licensed healthcare provider or the employer recommends that the employee not perform one or more routine job functions or not work the usual full workday SASB – Sustainability Accounting Standards Board, a set of standards to guide the disclosure of financially material sustainability information SDGs – the 17 United Nations Sustainable Development Goals that were established in 2015 and aim to achieve a better and more sustainable future for all by 2030 Scope 1 emissions – direct greenhouse gas (GHG) emissions from sources that are owned or controlled by an organization Scope 2 emissions – indirect GHG emissions from the generation of purchased electricity, steam, heating and cooling, including from electricity purchased from the grid Scope 3 emissions – indirect GHG emissions not included in Scope 1 or 2 that are generated from activities not owned or controlled by Hudbay but that are included in our value chain Tailings – the fine waste rock that remains after separating the valuable minerals from the ore during mining and processing of mineral resources. Tailings may contain trace quantities of metals found in the host ore, as well as added compounds used to extract the minerals TCFD – Task Force on Climate-related Financial Disclosures, a framework created by the Financial Stability Board to improve and increase reporting of climate-related financial disclosures TSM – Towards Sustainable Mining, an initiative of the Mining Association of Canada Work-related injury – An injury that is work related, and therefore included in Hudbay reporting statistics, according to criteria established by ICMM hudbayminerals.com Concept and design: worksdesign.com 2024 Annual Report

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