33. Non-Controlling Interest

On April 30, 2025, Hudbay completed the acquisition on MMC's 25% interest in CMBC. As a result of the Transaction, Hudbay increased its ownership of the Copper Mountain mine from 75% to 100% (note 5). Prior to this, as part of the British Columbia operating segment, the Company owned 75% of CMBC. The remaining 25% ownership stake was held by MMC. The continuity of non-controlling interest balance is disclosed in the consolidated statements of changes in equity.

Summarized financial information for the Copper Mountain mine on an 100% basis is as follows:

Summarized Balance Sheets

		December 31, 2024
Assets
Cash and cash equivalents	$	12.9
Trade and other receivables		44.1
Inventories - current		37.5
Property, plant and equipment		902.9
Other assets		11.1
		1,008.5
Liabilities
Trade and other payables		37.5
Amounts due to related parties		422.6
Environmental and other provisions		35.5
Lease liabilities		20.1
Deferred tax liabilities		119.9
Other liabilities		68.9
		704.5

Summarized Statement of Income and Comprehensive (Loss)/Income

		Year ended December 31, 2025¹			Year ended December 31, 2024
Total revenue	$	76.5		$	274.1
Mine operating costs		56.5			210.8
Depreciation and amortization		16.5			50.1
Gross profit		3.5			13.2

Other expenses		2.6			20.2
Finance expense - related parties		14.4			31.3
Other net finance costs		5.3			16.6
Tax recovery		(2.0	)		(19.4	)
Net loss for the year	$	(16.8	)	$	(35.5	)

Total comprehensive loss	$	(4.0	)	$	(63.1	)

¹The results presented above reflect the transactions for the period January 1, 2025 to April 30, 2025, up to the date on which Hudbay completed the acquisition of MMC's 25% interest in CMBC.

The above information is presented before inter-company eliminations.