HUDBAY Receives Air Quality Permit

Hudbay Receives Air Quality Permit for Copper World Toronto, Ontario, January 2, 2025 –

 Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM) is pleased to announce that it has received an Air Quality Permit for the Copper World project (“Copper World”) from the Arizona Department of Environmental Quality (“ADEQ”). The issuance of this permit is a significant milestone in the advancement of the project as it is the final major permit required for the development and operation of Copper World.

Copper World is expected to produce 85,000 tons of copper per year over an initial 20-year mine life. All amounts are in U.S. dollars, unless otherwise noted. “With the receipt of the Air Quality Permit for Copper World, we firmly believe Hudbay now has the best fully permitted copper development project in the Americas,” said Peter Kukielski, President and Chief Executive Officer. “We have completed one of the three key prerequisites in our sanctioning plan for Copper World, and we intend to advance feasibility studies and our prudent financial strategy throughout 2025 as we work toward a sanctioning decision in 2026. Copper World is expected to increase Hudbay’s consolidated annual copper production by more than 50% from current levels, and the project will be a key contributor to the domestic U.S. supply chain with our plans to produce Made-in America copper.” Mr. Kukielski added, “Today, Hudbay is the fourth largest copper producer listed on the NYSE and a majority of our institutional shareholders are based in the U.S. We look forward to continuing to grow our presence in the U.S. with our planned $1.7 billion capital investment to build Copper World.

Copper World’s Made-in-America copper cathode is expected to be sold entirely to domestic U.S. customers and would make Copper World the third largest cathode producer in the U.S. We believe Copper World will help meet the growing need for critical minerals in the U.S. related to increased manufacturing capacity, infrastructure development, increased energy independence, domestic battery supply chain needs and strengthening the nation’s security.”