Mr. Robert Carter reports

HUDBAY RECEIVES NEW INGERBELLE EXPANSION PERMITS FOR COPPER MOUNTAIN

Hudbay Minerals Inc. has received key permit amendments for the New Ingerbelle expansion project at its Copper Mountain mine located in British Columbia. The company received the amended Mines Act and Environmental Management Act permits through the co-ordinated authorizations process managed by the British Columbia Major Mines Office (MMO). This milestone enhances the copper and gold production profile at Copper Mountain, secures a longer mine life, protects more than 800 jobs and ensures continued economic benefits at the local, regional and federal levels.

"The New Ingerbelle permit ensures that we'll be able to advance this major project while extending our partnership with local communities to facilitate additional growth investments at Copper Mountain and further adds to our 99 years of successful operations in Canada," said Peter Kukielski, president and chief executive officer at Hudbay. "Our efforts to optimize Copper Mountain, combined with the development of New Ingerbelle, will unlock significant long-term value for all of our stakeholders."

"The Ingerbelle expansion will ensure hundreds of good jobs are retained for the Princeton community, providing economic benefits to the community and the province for years to come," said the Jagrup Brar, Minister for Mining and Critical Minerals for British Columbia. "We are happy to see Hudbay continue its commitment to B.C. and to see this mine continue operating into the future."

Commitment to partnership and engagement

Throughout the permitting process, Hudbay pro-actively engaged with the MMO, local communities, the Upper Similkameen Indian Band (USIB), and the Lower Similkameen Indian Band (LSIB) to ensure transparency and collaborative oversight.

"We want to thank the B.C. government, the USIB, the LSIB and our local communities for their open and efficient collaboration throughout the process," said Robert Carter, senior vice-president, Canada, at Hudbay.

In addition, Hudbay finalized refreshed participation agreements with the USIB and LSIB in February, 2026, reinforcing the company's commitment to strong indigenous partnerships. Hudbay is committed to working collaboratively with the USIB and LSIB to continue to advance responsible mining practices and environmental stewardship.

Project merit and economic impact

The New Ingerbelle expansion is a transformative development for Copper Mountain, strategically designed to unlock access to higher-grade gold mineralization while significantly improving operational efficiency with a stripping ratio approximately three times lower than current mining areas. Over the mine's extended lifespan, it is projected to produce approximately 750,000 tonnes of copper, 900,000 ounces of gold and 5.5 million ounces of silver based on current reserves only.

Qualified person and National Instrument 43-101

The scientific and technical information contained in this news release has been approved by Marc-Andre Brulotte, PGeo, director, global exploration and resource evaluation. Mr. Brulotte is a qualified person pursuant to NI 43-101.

Please see the most recent technical report for Copper Mountain titled "NI 43-101 Technical Report, Updated Mineral Resources and Mineral Reserves Estimate, Copper Mountain Mine," effective as of Dec. 1, 2023, a copy of which is available under Hudbay's profile on SEDAR+ and on EDGAR in the United States.

About Hudbay Minerals Inc.

Hudbay is a copper-focused critical minerals mining company with three long-life operations and a world-class pipeline of copper growth projects in Tier 1 mining jurisdictions of Canada, Peru and the United States.

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