Extractive Sector Transparency Measures Act - Annual Report
Reporting Entity Name Hudbay Minerals Inc  
Reporting Year From  2025-01-01 To:  2025-12-31 Date submitted 2026-05-15  
Reporting Entity ESTMA Identification Number E999414  Original Submission
 Amended Report		    
Other Subsidiaries Included
(optional field)		    
   
For Consolidated Reports - Subsidiary Reporting Entities Included in Report: Copper Mountain Mine (BC) LTD. (E037058)  
   
Not Substituted    
   
Attestation by Reporting Entity    
In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.  
   
   
Full Name of Director or Officer of Reporting Entity Eugene Lei Date 2026-05-15  
Position Title CFO  


Extractive Sector Transparency Measures Act - Annual Report
Reporting Year From:  2025-01-01 To:  2025-12-31    
Reporting Entity Name Hudbay Minerals Inc Currency of the Report USD
Reporting Entity ESTMA Identification Number E999414    
Subsidiary Reporting Entities (if necessary) Copper Mountain Mine (BC) LTD. (E037058)    
Payments by Payee
Country  Payee Name1 Departments,
Agency, etc —
within Payee that
Received
Payments2		  Taxes Royalties  Fees Production
Entitlements		 Bonuses  Dividends Infrastructure
Improvement
Payments		 Total
Amount paid
to Payee		 Notes3,4
Canada Provincial Government of Manitoba   71,210,000   1,080,000         72,290,000 (a), (d), (e), (f)
Canada Town of Snow Lake   2,030,000             2,030,000 (a), (d), (e)
Canada City of Flin Flon   2,800,000             2,800,000 (a), (d), (e)
Canada Town of Creighton   1,140,000             1,140,000 (a), (d), (e)
Canada Provincial Government of Saskatchewan  Ministry of Energy and Resources     250,000        

250,000

 (d), (e)
Canada Kiciwapa Cree Nation       110,000         110,000 (d), (e)
Canada Mosakahiken Cree Nation       100,000         100,000 (d), (e)
Canada Provincial Government of British Columbia       530,000         440,000 (d), (e), (h)
Canada Town of Princeton   510,000             510,000 (a), (d), (e)
Canada Lower Similkameen Indian Band     200,000            200,000 (d), (e)
Canada Upper Similkameen Indian Band     200,000            200,000 (d), (e)
Peru Government of Peru   163,560,000 27,460,000  4,310,000        290,000 195,620,000 (a), (b), (d), (e)
Peru Municipal District of Velille               1,250,000 1,250,000 (b), (d), (e)
Peru Municipal District of Livitaca               380,000 380,000 (b), (d), (e)
Peru Municipal District of Quinota               270,000 270,000 (b), (d), (e)
Peru Municipal District of Coporaque               180,000 180,000 (b), (d), (e)
Peru Municipal District of Condoroma               120,000 120,000 (b), (d), (e)
Peru Municipal District of Santo Tomas               600,000 600,000 (b), (d), (e)
Peru Municipal District of Chamaca               2,260,000 2,260,000 (b), (d), (e)
Peru Municipal District of Torata       90,000          90,000 (d), (e)
Peru Provincial municipality of Chumbivilcas               90,000  90,000 (b), (d), (e)
Peru Cusco Regional Government               1,020,000  1,020,000 (b), (d), (e)
United States of America Governement of the United States of America       880,000         880,000 (g), (d)
United States of America Arizona State Government Arizona Department of Water Resources     400,000         400,000 (d)
 Additional Notes: HBM Management Footnotes
(a) Taxes for the purposes of ESTMA do not align with the definition of "income taxes" under IFRS, as a result the numbers from the ESTMA reporting cannot be tied directly to our cash flow statement as disclosed in our audited consolidated financial statements.
(b) Infrastructure improvement payments captures any payment that are reportable under ESTMA and improve the operation of society that are not captured by the other payment categories.
(c) No payments in-kind. All payments made in cash.
(d) Amounts are reported in U.S. dollars consistent with the entity's method of reporting transactions in foreign currencies in its financial statements.
(e) FX (Sol or CAD to USD) rate used is the financial year end FX rate provided from the Bank of Canada 1 Sol = 0.2974 USD /  1 USD = 3.3625 Sol, and 1 CAD= 0.7296 USD / 1 USD = 1.3706 CAD.
(f) Minister of Finance Manitoba and Manitoba Mines Branch.
(g) Bureau of Land Management and United States Department of the Interior.
(h) Ministry of Finance and Ministry of Mining and Critical Minerals.

1 Enter the proper name of the Payee receiving the money (i.e. the municipality of x, the province of y, national government of z).

2 Optional field.

3 When payments are made in-kind, the notes field must highlight which payment includes in-kind contributions and the method for calculating the value of the payment.

4 Any payments made in currencies other than the report currency must be identified. The Reporting Entity may use the Additional notes row or the Notes column to identify any payments that are converted, along with the exchange rate and primary method used for currency conversions.

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year From:  2025-01-01 To:  2025-12-31    
Reporting Entity Name Hudbay Minerals Inc Currency of the Report USD
Reporting Entity ESTMA Identification Number E999414    
Subsidiary Reporting Entities (if necessary) Copper Mountain Mine (BC) LTD. (E037058)    
Payments by Project
Country Project Name1  Taxes Royalties  Fees  Production Entitlements  Bonuses  Dividends Infrastructure
Improvement Payments		 Total Amount paid
by Project 		Notes2,3
Canada Manitoba 77,180,000   1,540,000         78,720,000 (a), (d), (e)
Canada British Columbia 510,000 400,000 530,000         1,440,000 (a), (d), (e)
Peru Constancia 163,560,000 27,460,000 4,400,000       6,460,000 201,880,000 (a), (b), (d), (e)
United States of America Copper World     1,280,000         1,280,000 (d) 
 Additional Notes: HBM Management Footnotes
(a) Taxes for the purposes of ESTMA do not align with the definition of "income taxes" under IFRS, as a result the numbers from the ESTMA reporting cannot be tied directly to our cash flow statement as disclosed in our audited consolidated financial statements.
(b) Infrastructure improvement payments captures any payment that are reportable under ESTMA and improve the operation of society that are not captured by the other payment categories.
(c) No payment in-kind. All payments made in cash.
(d) Amounts are reported in U.S. dollars consistent with the entity's metod of reporting transactions in foreign currencies in its financial statements.
(e) FX (Sol or CAD to USD) rate used is the financial year end FX rate provided from the Bank of Canada 1 Sol = 0.2974 USD / 1 USD = 3.3625 Sol, and 1 CAD= 0.7296 USD / 1 USD = 1.3706 CAD.

1 Enter the project that the payment is attributed to. Some payments may not be attributable to a specific project, and do not need to be disclosed in the "Payments by Project" table.

2 When payments are made in-kind, the notes field must highlight which payment includes in-kind contributions and the method for calculating the value of the payment.

3 Any payments made in currencies other than the report currency must be identified. The Reporting Entity may use the "Additional Notes" row or the "Notes" column to identify any payments that are converted, along with the exchange rate and primary method used for currency conversions.