HBM

Macquarie’s 5th Annual Metals & Mining ConferenceDecember 6 – December 7, 2011

Forward Looking Information

2

This presentation contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information includes but is not limited to information concerning the company’s ability to develop its Lalor project, capital and operating cost assumptions, anticipated production numbers, the ability to meet production forecasts, the potential impact of changing economic conditions on HudBay’s financial results and the company’s strategies and future prospects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", “understands” or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results “will”, "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies).

Many of these assumptions are based on factors and events that are not within the control of HudBay and there is no assurance they will prove to be correct. Factors that could cause actual results or events to vary materially from results or events anticipated by such forward-looking information include the ability to develop and operate the Lalor project on an economic basis and in accordance with anticipated timelines, geological and technical conditions, risks associated with the mining industry such as economic factors (including costs of construction materials, future commodity prices, currency fluctuations and energy prices), failure of plant, equipment, processes and transportation services to operate as anticipated, including new and upgraded facilities at Lalor, dependence on key personnel, employee relations and availability of equipment and skilled personnel, environmental risks, government regulation, actual results of current exploration activities, possible variations in ore grade, dilution or recovery rates, permitting timelines, capital expenditures, reclamation activities, land titles, and social and political developments and other risks of the mining industry, as well as those risk factors discussed in the company’s Annual Information Form dated March 31, 2010, which risks may cause actual results to differ materially from any forward-looking statement.Although HudBay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. HudBayundertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of HudBay, its financial or operating results or its securities. The reader is cautioned not to place undue reliance on forward-looking information.

Lalor Project Disclaimer

3

HudBay's production decision with respect to Lalor was not based on the results of a pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability, because significant portions of the deposit are not able to be classified as a mineral reserve until they can be accessed from underground for additional drilling. Because of this, the production decision was based on mineral resources identified to date and estimates of potential grades and quantities of the gold zone and copper-gold zone, along with other available information, including cost estimates and portions of the engineering design, which have been completed to a level suitable for inclusion in a feasibility study. The preliminary assessment respecting HudBay’s Lalor project is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be classified as mineral reserves and there is no certainty that the preliminary assessment will be realized. Among the risks associated with the decision to commence production at Lalor is the possibility that the gold zone will not be economically or technically viable, construction timetables, cost estimates and production forecasts may not be realized. The potential quantity and grade of the gold zone and copper-gold zone are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the targets being delineated as mineral resources.

Qualified Person

The technical and scientific information included in this presentation was approved by Robert Carter, P. Eng, Manager, Project Evaluation of HudBay, a “qualified person” for the purposes of National Instrument 43-101.

Note to U.S. InvestorsInformation concerning the mineral properties of the Company has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from the requirements of SEC Industry Guide 7. Under SEC Industry Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time of the reserve determination, and the SEC does not recognize the reporting of mineral deposits which do not meet the SEC Industry Guide 7 definition of “Reserve”. In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Definition Standards for Mineral Resources and Mineral Reserves adopted by the CIM Council on December 11, 2005. While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required by NI 43-101, the SEC does not recognize them. You are cautioned that, except for that portion of mineral resources classified as mineral reserves, mineral resources do not have demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence and as to whether they can be economically or legally mined. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of an economic analysis. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, you are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be upgraded into mineral reserves. You are urged to consider closely the disclosure on the technical terms in Schedule A “Glossary of Mining Terms” of our AIF for the fiscal year ended December 31, 2010, available on SEDAR at www.sedar.com and incorporated by reference as Exhibit 99.1 in our Form 40-F filed on March 31, 2011 (File No. 001- 34244).

Production Growth• Significant copper, gold and zinc production growth of 155%, 105% and 60%

respectively, anticipated over five years as Lalor and Constancia are put into production

• Further production upside at Reed and Back Forty

Disciplined and Clear Growth Strategy• Commodity exposure on a per share basis greatly expanded with Norsemont

acquisition• Portfolio of early stage opportunities continues to grow with holdings in 15

exploration and development companies worth $97.4 million• Growing gold business represents a further significant re-rating opportunity

Consistent Performance from Existing Low Risk Operations• Strong cash flow generation from existing mines• 1,300 employees with an average of 19 years of service

Fully Funded Growth• $1.1 billion of pro-forma liquidity available• Dividend reinforces capital allocation discipline• Increasing trading liquidity with NYSE listing

Investment Highlights A significant re-rating opportunity

1

2

3

4

4

5

155% Growth

Cu Production

0

25

50

75

100

125

2011E 2016E

Precious Metals Production(1) Zn Production

105% Growth

0

40

80

120

160

200

240

2011E 2016E

60% Growth

0

25

50

75

100

125

150

2011E 2016E

(kt) (koz) (kt)

(1) Silver converted to gold at a ratio of 50:1(2) Based on midpoint of 2011 forecasted production released on December 13, 2010. Anticipated production for 2016 is based on 777 and the 777

North expansion(3) Lalor’s anticipated 2016 gold equivalent production includes production from inferred resources and the conceptual gold and copper-gold zones(4) Based on contained metal in concentrate per NI 43-101 technical report titled, “Constancia Project Technical Report”, dated February 21, 2011.

HudBay - Current Ops (2) Lalor (3) Constancia (4)

Production Growth Further production growth expected from Reed and Back Forty

Metals Reserves Growth Near quadrupling of Cu equivalent reserves

6

(1) HudBay reserves as of January 1, 2010, excluding Fenix. (2) HudBay reserves as of March 31, 2011 excluding Fenix. (3) In-situ value calculated using commodity prices of US$900/oz Au, US$0.95/lb Zn, US$2.50/lb Cu and US$12.00/lb Mo;

silver converted to gold at ratio of 60:1

791

30711121

713

1286

1550

0

1,000

2,000

3,000

4,000

5,000

2010 2011

(000 tonnes)

3198

5334

Proven & Probable InferredMeasured & Indicated

1,3 2,3

288%

Copper Eq. Reserves & Resources

288% increase in copper equivalent reserves(all metals)

68% increase in precious metals reserves and resourcesProven & Probable Reserves 3.0 M ozMeasured + Indicated Resources 1.1 M ozInferred Resources 1.9 M ozExcludes Lalor Conceptual Est 1.1 – 1.6 M oz

Expansion in Commodity Exposure Per Share

7

(1) HudBay reserves and resources as of January 1, 2010, excluding Fenix. Per share metrics for 2010 are based on 153.9M basic shares outstanding as at Dec. 31, 2009. (2) HudBay reserves and resources as of March 31, 2011 excluding Fenix. Per share metrics for 2011 are based on 149.4M basic shares outstanding as at Dec. 31, 2010

plus 23.4M shares issued to complete the Norsemont Mining acquisition.(3) In-situ value calculated using commodity prices of US$900/oz Au, US$0.95/lb Zn, US$2.50/lb Cu and US$12.00/lb Mo; silver converted to gold at ratio of 60:1

Zn33%

Pb6%

Mo4%

Cu39%Au Eq.

16%

Pb10%

Au Eq.18%

Zn56%

Cu16%

2010 (1)(3)

2011 (2)(3)

Copper

Gold equivalent

Molybdenum

Zinc

Lead

Copper Eq. Reserves & Resources per Share

11.3

39.216.1

9.1

18.4

19.8

0

10

20

30

40

50

60

70

2010 2011

(lb Cu/sh)

Proven & Probable InferredMeasured & Indicated

45.8

68.1

212,335

37,473

(41,083)

(0.23)

58,316

0.34

167,778

22,416

(1,743)

(0.01)

25,597

0.17

636,503

139,212

(197,874)

(1.14)

168,119

1.01

Nine Months EndedSept 30

8

Strong Financial Performance Strong cash flows reflect higher metal sales volumes and prices

Three Months EndedSept 30

Revenue

Profit before tax

Profit (Loss) for the period

EPS

Operating cash flow 1

Operating cash flow per share 1

2011 20102011 2010

1 Before changes in non-cash working capital. Operating cash flow and operating cash flow per share are considered non-IFRS measures. See "Non-IFRS Measures" in our Management's Discussion and Analysis for the quarter ending September 30, 2011.

596,425

82,075

13,149

0.09

136,387

0.90

Nine Months EndedSept 30

9

Production Results On track to meet full year guidance

Three Months EndedSept 30

Guidance1

Copper 1 tonnes

Zinc 1 tonnes

Precious Metals 1,2 troy oz.

Co-Product Cash Costs 3

Gold US$/oz

Copper US$/lb

Zinc US$/lb

14,264

18,160

30,181

$500$1.63$0.94

40-55,000

70-90,000

95-120,000

1 Metal reported in concentrate prior to refining loses or deductions associated with smelter terms.2 Silver production converted to gold at the average gold and silver realized sales prices during each respective quarter. 3 Cash costs are considered non-IFRS measures. See "Non-IFRS Measures" in our Management's Discussion and Analysis for the quarter ending September

30, 2011.

14,913

18,091

27,163

$323

$1.34

$0.83

201140,490

54,246

82,456

$346$1.40$0.98

201038,753

58,194

74,337

$382

$1.45

$0.89

2011 2010 2011

10

1 Includes cash, $300 million credit facility2 As at market close on November 21, 2011

Available Liquidity 1

Long Term Debt

Shares Outstanding

Annualized Dividend Yield 2

$1.1 billion

0

171.9 million

2.1%

September 302011

Solid Financial PositionAvailable liquidity of $1.1 billion with no debt

Additional debt financing can maximize financial flexibility

1 2

4

3

Americas Based Mining Company

777 (MANITOBA)1

Lalor (MANITOBA) 2

Constancia (PERU)3

Back Forty (MICHIGAN)4

Exploration Properties

Producing/Development Properties

11

Flin Flon Greenstone Belt Prolific and underexplored camp

AmiskLake

AmiskLake

ReedLake

ReedLake

NN

25 km25 km

Flin FlonFlin Flon

Snow LakeSnow Lake

Hwy #39Hwy #39

Hwy #10Hwy #10

777 Mine777 Mine

Trout Lake MineTrout Lake Mine

Flin Flon Ore ConcentratorZinc plant

Snow Lake Ore Concentrator

LalorProject

Lost Deposit

Lost Deposit

Chisel North MineChisel North Mine

Reed Copper Project

777 Mine Blue chip long-life operation set to expand

• $20 million expansion of 777 North

• Production growth from expansion

• Underground exploration access

• Enhanced access to existing mine

13

1 12 months ended December 31, 2010.2 2011 forecast.3 Contained metal in concentrate, 2011 forecast.4 Estimated Mineral Reserves and Resources – January 1, 2011

OwnershipLife of Mine

Mining Costs/tonne ore2

2011 Production Forecast3

Cu tonnes

100%9 years

777 OVERVIEW

Zn tonnesAu equivalent oz

Proven ProbableTonnes (M)Au (g/t)Ag (g/t)Cu (%)Zn (%)

4.52.27

29.382.874.44

8.31.79

27.311.784.24

2011 Prod.Forecast

1.492.0

27.92.84.2

Reserves and Resources4

Milling Costs/tonne ore2

Annual Sustaining CAPEX1 $22 millionAnnual Ore Production (tonnes)2

$37-$41

38,80051,90079,900

$11-$13

1.49 million

777 Mine Underground exploration potential being tested for the first time

14

Downcast777 SHAFTDowncast

Raise

METALLURGICAL COMPLEX

777

Shaf

tResources to be mined

Mined areas

Exploration Target Areas

0m 100m 200m 300m

530m level

840m level

1412m level

LalorDevelopment and construction on track

• Access ramp near 2,900 metre mark• Ventilation shaft sunk to 190 metre level;

scheduled for completion in mid-2012 • First underground drilling expected in Q1/2012• Detailed engineering for new concentrator

underway

15

Indic.1,3 Inferred1,3

Tonnes (M)Au (g/t)Ag (g/t)Cu (%)Zn (%)

2.61.0

27.10.295.72

4.81.3

26.20.589.25

Inferred1,3

5.44.7

30.60.470.46

Base Metal Zone Gold Zone

Tonnes (M)Au (g/t)Ag (g/t)Cu (%)Zn (%)

4.3 – 5.15.1 – 6.1

23 – 270.2 – 0.40.2 – 0.4

5.8 – 7.0

18 – 223.2 – 4.00.2 – 0.3

1.8 – 2.2

100%20 years

$704 million$22 million

$36.00$16.00

OwnershipProjected Life of MineConstruction CAPEX (2010-2014)Annual Sustaining CAPEXEstimated Mining Cost/tonneEstimated Milling Cost/tonne

Prob.2

10.51.6

21.00.648.31

RAMP Development

SHAFT Development

2010 2011 20122009 2013 2014 2015

Construction of ramp Initial production

Shaft construction Fullproduction via shaft

Q3 Q4Q2Q3 Q1Q4 Q3 Q4Q2Q1 Q3 Q4Q2Q1 Q3 Q4Q2Q1 Q3 Q4Q2Q1 Q3Q2Q1

Au Zone Cu-Au Zone Conceptual Estimate1,3

(1) The potential quantity and grade are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource

(2) As at January 1, 2011(3) As at May 1, 2010

16

Temporary HoistingTemporary HoistingFacility at Vent RaiseFacility at Vent Raise

Polishing PondPolishing Pond

Water Treatment PlantWater Treatment Plant

LalorConstruction moving indoors and underground

Bin House: Galloway into Bin House: Galloway into Production ShaftProduction Shaft

Hoist AssemblyHoist Assembly

Hoist HouseHoist House

LalorConstruction on track with first ore expected mid-2012

17

Cu-Au

1000m

500m

750m

1250m Cu-Au zone

Looking N70oW0m 250m

Ramp from Chisel

Zn Rich

Au Rich

Vent Raise Production Shaft

1500m

Base Metal Resource

Gold Potential MineralCopper - Gold Potential Mineral

Gold Inferred Resource

H1/2012 2013 - 2014

Exploration Platform

2015H2/2012

18

Benefits of Project Optimization1

Optimized Lalor Lalor – Aug. 4, 2010Construction CAPEX C$ 704M C$ 560MAnnual Sustaining CAPEX C$ 22M C $15M

Production Rate 4,500 tpd 3,500 tpdMining Costs $36 per tonne $56 per tonneMilling Costs $16 per tonne $24 per tonne

Metallurgy

95% Zn86% Cu66% Au60% Ag

95% Zn90% Cu80% Au75% Ag

1 All figures are estimates

Decision to construct a gold plant will be made beforehigher grade gold mineralization is mined

19

1 HudBay has a 70% interest in the Reed copper project pursuant to a joint venture with VMS Ventures.

Location 120 km from Flin Flon

Indicated InferredTonnes (M)Cu (%)Zn (%)Ag (g/t)Au (g/t)

2.554.520.917.860.64

0.174.260.524.550.38

2011 Resources

Reed Copper Project

Life of Mine ~5 yearsOwnership1 70%

• Advanced exploration permit application submitted

• Permit could allow for early site development

• Preliminary economic assessment study to be completed in Q4 2011

Reed Copper Deposit

Reed Copper Deposit Advancing pre-feasibility work

20

• HudBay has a 70% interest in the Reed copper deposit pursuant to a joint venture with VMS Ventures

• Two exploration drills followed up near previously announced hole RLE006 with the following mineralization:

• 3.95 metres of 9.31% Cu from hole RLE021

• 4.15 metres of 2.16% Cu from hole RLE022

• Drilling to resume once winter conditions ensue

ConstanciaUS$116 million pre-construction program to enable construction decision in Q1 2012

21

(1) Based on NI 43-101 technical report titled, “Constancia Project Technical Report”, dated February 21, 2011 available under Norsemont’s profile at www.sedar.com.

(2) Excludes sustaining CAPEX, which equates to approximately $0.09/lb Cu

LocationOwnership

By-Products

Cash Costs2

Peru100%

CONSTANCIA OVERVIEW 1

Proven ProbableTonnes (M)Cu (%)Mo (g/t)Ag (g/t)Au (g/t)

195.00.421173.490.04

177.00.37

923.660.05

RESERVES

Capital Costs

Life of Mine 15 yearsAvg. Annual Cu Prod.

Mo, Ag, AuUS$920M

85,000 t

US$0.93/lb Cu

Concentrator Capacity 70,000 tpd

Constancia Budget (US$M)Environmental, Permitting, Land 12G&A 12Engineering 10Construction 27Procurement 46Exploration 9

Total 116

22

ConstanciaEngineering, optimization and exploration proceeding well

Pampacancha Skarn Target Cu-Au Sulphides

Chilloroya Skarn TargetHigh Grade Gold Target

Chilloroya Porphyry TargetCu-Au Sulphides

• Hole PO-11-086 intersected 1.83% copper and 0.96 g/tgold over 49 metres

• Pampacancha resource estimate expected early-2012

• Obtained permits required to continue testing mineralized extent of Pampacancha

• Two drills will continue to explore Pampacancha to the north and west

• Completed Titan 24 IP/DC/MT survey over the Constancia property - targets identified for future drilling

PO-11-072121.45m1.62% Cu13.62 g/t Ag1.02 g/t Au

SO-10-0103.0m7.10 g/t Au0.6 g/t Ag

SR-10-0133.0m242.6 g/t Au19.1 g/t Ag

Constancia Main

North

0 1 km

Constancia Exploration Program Drilling confirms continuity of copper mineralization

23

PO-11-08649m1.83% Cu0.95 g/t Au

• Permit application and economic assessment are ongoing

• Engineering efforts focused on optimal size and scope of project

24

M&I InferredTonnes (M)Au (g/t)Ag (g/t)Cu (%)Zn (%)

17.91.57

19.600.192.44

3.41.29

24.400.441.96

Oct. 15, 2010 Resource Table:Combined Open Pit & Underground

Targeting second quarter of 2012 for permit application

Ownership 51% (65%1)

1 65% on completing a feasibility study & submitting a mine permit application; option to Aquila for 75% on free carry to development

Back Forty ProjectExploration drilling to continue on near deposit geophysical anomalies in Q4 2011

1 Estimated Mineral Resources – May 24, 2007 by Scott Wilson RPA - Metal Price used Ag $7/oz, Zn $0.57/lbs, and Pb $0.35/lbs2 Metal price assumption: Ag $15/oz, Zn $0.95/lbs, and Pb $0.70/lbs

OwnershipLife of Mine

100%7-18 years

Indicated InferredTonnes (M)Ag (g/t)Zn (%)Pb (%)In-situ $/t2

6.456.6

6.35.1

$238

24.533.9

6.73.5

$211

2007 Resources1

Production Rate TPD 2000-5000Environmental Permitting 5-8 years

Tom & Jason Overview

25

Yukon: Tom & JasonPreliminary economic assessment in early 2012

• 2011 Exploration program complete• Awaiting assay and metallurgical

sampling results

• Deposits are relatively shallow from surface to 600m depth

• Can be accessed via ramp

$68 Million Investment in 2011 Exploration• Includes US$9 million exploration spending at Constancia

Exploration Program Highlights

1

2

3

4 Expanding Activity in New Camps Across Americas• $16 million committed to Back Forty• Exploration re-start at Tom and Jason Deposits in Yukon• San Antonio project in Chile is focused on exploration and evaluation

One of the Largest Budgets in HudBay’s History

Nearly $33 Million in Flin Flon Greenstone Belt for Grassroots, Near Mine, and Exploration Near Projects

Total Drill Meters for 2011 Program is approx. 190,000 26

Growth of Mineral DepositsDiscoveries in the Greenstone Belt

27

0 5 10 15 20 25 30Tonnes (millions)

MandyNorth StarBirch Lake

FlexarCuprus

Ghost & LostPhoto

RodDickstone

White LakeCoronation

Chisel PitWestarm

CentennialSchist Lake

SpruceKonuto

AndersonOsborne

ChiselCallinan

Chisel U/GStall Lake

Lalor777

Trout LakeFlin Flon

The mineral resource estimate for Lalor is made up of 13.3 million tonnes of indicated resources and 10.2 million tonnes of inferred mineral resources, not including 6.9 – 8.3 million tonnesof conceptual estimates.

Initial resourceAdded resource

62.5⁄⁄

1 Expressed in 2011 dollars

Average 1990 – 2010 discovery cost of 6.4 cents/lb Cu equivalent1

28

Focus on Americas, mining favourable jurisdictions

VMS or porphyry deposits with exploration upside

Transaction size of no more than 20% of market capitalization

Add value through technical expertise and financial capacity

Accretive to in-situ metal value and net asset value per share

In 2011, HudBay is committed to executing against growth strategy

Clearly Defined Acquisition Strategy Helps create sustainable underlying business value

29

Substantial Near Term News Flow

. . . 2011 2012

Completion of preliminary economic assessment; Engineering efforts focused on optimal size and scope of project

BACK FORTY Initial production at a rate of 1,200 tonnesper day by Q2-2012

Construction decision expected in Q1 2012

REEDPreliminary economic assessment to be completed in Q4 2011

CONSTANCIA

Permit application submission by end of Q2 2012

BACK FORTY

LALORUnderground exploration drill platform established

LALOR

1 All timelines reflect HudBay’s current expectations.

1

Preliminary economic assessment in early 2012

TOM & JASON

Underground diamond drilling to commence Q1 2012

LALOR

Mission Statement

30

To create sustainable value through increased commodity exposure on a per share basis, in high quality and growing long life deposits in mining friendly jurisdictions

APPENDIX31

Appendix Contents

• Cost Curves

• 2011 Operating Guidance, Capital Expenditures and Exploration Spending Breakdown

• Lalor Guidance, Mineralization and Plan Views

• Constancia Project

• Back Forty Deposit

• Tom & Jason Deposit

• South America Property

• Early Stage Investments

• Reserves & Resources32

0

200

400

600

800

1,000

1,200

1,400

1,600

0 10 20 30 40 50 60 70 80 90 100

Cumulative Percentile Production (%)

C1 C

ash

Cos

t (U

S$/

oz A

u)Gold Cost Curve

777 Mine 1

Lalor 1

Source: Brook Hunt (curve) and HudBay estimates (777 Mine and Lalor).

1 Co-product cash costs calculated using Brook Hunt’s co-product costing methodology which is materially different from the co-product costs reported by HudBay in its public disclosure.33

0

50

100

150

200

250

300

0 10 20 30 40 50 60 70 80 90 100

Cumulative Percentile Production (%)

C1 C

ash

Cost

(100

x U

S$/lb

Cu)

Copper Cost Curve

Lalor 2

777 Mine 1

Constancia (LOM) 3

34

Source: Brook Hunt (777 Mine and curve) and HudBay estimates (Lalor).

1 Brook Hunt co-product cash costs.2 Co-product cash costs calculated using Brook Hunt’s co-product costing methodology which is materially different from the co-product costs reported by HudBay in its public disclosure.

3 Based on NI 43-101 technical report titled, “Constancia Project Technical Report”, dated February 21, 2011.

0

20

40

60

80

100

120

0 10 20 30 40 50 60 70 80 90 100

Cumulative Percentile Production (%)

C1

Cas

h C

ost (

100

x U

S$/lb

Zn)

Zinc Cost Curve

777 Mine 1Lalor 2

35

Source: Brook Hunt (777 Mine and curve) and HudBay estimates (Lalor).

1 Brook Hunt co-product cash costs.2 Co-product cash costs calculated using Brook Hunt’s co-product costing methodology which is materially different from the co-product costs reported by HudBay in its public disclosure.

36

2011 Operating Guidance

777 Trout Lake Chisel Northtonnes 1,490,000 450,000 260,000

Zinc % 4.2% 3.4% 6.1%Copper % 2.8% 1.8% 0.5%Gold g/tonne 2.0 - -Silver g/tonne 27.9 - -

C$/tonne $37 - 41 $70 - 86 $80 - 100

Ore MinedGrades

Unit Operating Costs 3

1 Metal reported in concentrate is prior to refining loses or deductions associated with smelter terms.2 Gold Equivalent production includes gold and silver production. Silver converted to gold equivalent at 60:1 ratio.3 Forecast unit operating costs are calculated on the same basis as reported unit operating costs in HudBay’s quarterly and annual management’s discussion and analysis. For a reconciliation of the costs that are included in unit operating costs to total operating costs in accordance with GAAP, refer to the Non-GAAP Detailed Operating Expenses table in HudBay’s MD&A for the nine months ended September 30, 2010. Costs in any particular quarter can vary from the annual guidance above based on a variety of factors including the scheduling of maintenance events and seasonal heating requirements.

Zinc tonnes 70,000 – 90,000Copper tonnes 40,000 – 55,000Gold Equivalent 2 ounces 95,000 – 120,000

tonnes

Zinc %Copper %Gold %

C$/tonne

Ore MilledRecoveries

Unit Operating Costs 3

Flin Flon Snow Lake

2,000,000 200,000

83% 95%93% -69% -

$11 - 13 $25 - 29

Metal in Concentrate1

37

2011 Operating Guidance – Zinc Plant

Flin Flon Zinc Plant2011

Guidance

Zinc concentrate treatedDomestic tonnes 155,000Purchased tonnes 65,000

Total tonnes 220,000

% 97%

tonnes 115,000

C$/lb $0.31 - 0.35

Recovery

Zinc Produced

Unit Operating Costs1

1 Forecast unit operating costs are calculated on the same basis as reported unit operating costs in HudBay’s quarterly and annualmanagement’s discussion and analysis. For a reconciliation of the costs that are included in unit operating costs to total operating costs inaccordance with GAAP, refer to the Non-GAAP Detailed Operating Expenses table in HudBay’s MD&A for the nine months endedSeptember 30, 2010. Costs in any particular quarter can vary from the annual guidance above based on a variety of factors including thescheduling of maintenance events and seasonal heating requirements.

2011 Capital Expenditures

38

• ~3/4 of Capex allocated to growth initiatives in 2011• Well positioned to fund growth investments

(figures in C$ millions)2010

Guidance2011

Guidance

Lalor $65 $140

777 North - 8

Fenix - 13

Back Forty 14 -

79 268

28 -

101 105

$208 $373Total Capital Expenditures

Preparation for sale of concentrate

Growth

Total Growth Capital

Sustaining

Constancia - 107

2011 Exploration Expenditures

Reed Copper Project & Cold/Lost 2Grassroots Exploration (including Lalor) 27Other 4

33

Fenix (excluding project development) 5Back Forty (including project development) 16Yukon 2Chile 2Other 1

26

$68

Total Other Opportunities

Total Exploration Expenditures

Flin Flon Greenstone Belt

Total FFGB

Other Opportunities

Flin Flon Greenstone Belt

Constancia 9

MetersDrilled

9,00080,00020,000

109,000

16,00025,0005,0005,0005,000

56,000

190,000

25,000

39

Total(C$ millions)

Lalor Project Guidance

• CAPEX for new concentrator (including paste backfill plant) estimated at $263 million

• $120 million estimate in August 2010 for Snow Lake concentrator refurbishment

• Incremental investment of $144 million brings total Lalor CAPEX to $704 million

• Non-concentrator capital costs remain on budget; $166 million incurred to September 30, 2011

40

$538 millionTotal

$145 million2014

2011 – Q4 $40 million

2012 $153 million

2013 $200 million

Tonnes(millions)

Au(g/t)

Ag (g/t)

Cu (%)

Zn(%)

Reserves

Proven - - - - -

Probable 10.5 1.55 21.0 0.64 8.31

Base Metal Zone Mineral Resource

Indicated 2.6 1.0 27.1 0.29 5.72

Inferred 4.8 1.3 26.2 0.58 9.25

Gold Zone Inferred Mineral Resource

Inferred 5.4 4.7 30.6 0.47 0.46

Potential Gold Zone Conceptual Estimate 5.1 – 6.1 4.3 – 5.1 23 – 27 0.2 – 0.4 0.2 – 0.4

Potential Copper-Gold Zone Conceptual Estimate 1.8 – 2.2 5.8 – 7.0 18 – 22 3.2 – 4.0 0.2 – 0.3

Lalor Mineralization

The Lalor gold zone and copper-gold zone potential mineral deposit estimates are conceptual in nature and to date there has been insufficient exploration to define a mineral resource compliant with National Instrument 43-101. It is uncertain if further exploration will result in the target deposit being delineated as a mineral resource. Additional detail may be found in HudBay’s press release dated August 4, 2010, available at www.sedar.com.41

LalorProject

42

Down plunge exploration potential

Constancia - Strategic Location

Selected Cu Projects in Peru Established Mining District

Toromocho

Marcona

Galeno

Rio Blanco

Lima

Haquira ConstanciaLas Bambas

Tintaya

Antamina

Antapaccay

Operating Mine

Development Project

CuajoneToquepala

Cerro Verde

Cerro Corona

Close to roads, major power lines, a rail line and port

Southern Peru Copper Belt

Rail Road to Matarani

Main Powerlines

Xstrata - Las Bambas Proposed Mineral Pipeline

Roads

First Quantum – Haquira

Pan Pacific – Quechua

Xstrata – Las Bambas

Xstrata – Antapaccay

AREQUIPA DEPT.

CUSCO DEPT.

Cusco

43

Constancia NI 43-101 Mineral Reserves

Grade ContainedMt Cu (%) Mo (g/t) Ag (g/t) Au (g/t) Cu (mlb) Mo (mlb) Ag (koz) Au (koz)

Reserves

Proven 195 0.42 117 3.49 0.04 1,806 50 21,880 251

Probable 177 0.37 92 3.66 0.05 1,444 36 20,828 285

Total 372 0.39 105 3.57 0.05 3,250 86 42,708 536

Source: NI 43-101 technical report titled, “Constancia Project Technical Report”, dated February 21, 2011

44

Updated Peru Tax andRoyalty Scheme• What has changed?

• Old royalty: 1% – 3% sliding scale royalty on sales (NSR) is being eliminated• New royalty: 1% – 12% marginal rate sliding scale applied on operating profit (EBIT)

• Equivalent to: 0% – 7.1% effective rate, depending on operating profit margin; minimum royalty = 1% of sales

• New mining tax: 2% – 8.4% marginal rate sliding scale applied to operating profit (EBIT)• Equivalent to: 0% – 5.4% effective rate, depending on operating profit margin (i.e. EBIT margin)

• What stays the same?• 0.5% NSR Minera Livitaca and Katanga (capped at US$10 million)• Labour participation = 8% of pre-tax profits• 30% corporate income tax rate without a tax stability agreement

• Deductible expenses for corporate income tax:• New royalty AND new mining tax• Labour participation = 8% of pre-tax profits• Tax depreciation

• Withholding/Dividend Tax:• 4.1% applies to profits distributed to nonresidents

• Legal Stability Agreements• Guaranteed stability of income tax regime for 15 years

45

The Back Forty Project –Mineral Resources October 15, 2010*

*Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. The cut-off grades are based on metal price assumptions of US$0.95 per pound zinc, US$2.50 per pound copper, US$0.70 per pound lead, US$900 per troy ounce gold and US$15.00 per troy ounce silver. Metallurgical recoveries were determined and used for each of the metallurgical domains determined for the deposit.†

Cut off grades were determined for each of the metallurgical domains based on NSR values. Average cut-off grade for the open pit resource contained within an optimized pit shell was US$20. See “Mineral Resource Estimate Disclosure.”‡

Cut off grades were determined for each of the metallurgical domains based on NSR values. Average cut-off grade for the underground resources outside of the optimized pit shell was US$62. See “Mineral Resource Estimate Disclosure.”

Classification Tonnes (millions) Au (g/t) Ag (g/t) Cu (%) Zn (%)

Open Pit †

Measured 14.1 1.59 16.97 0.15 2.54

Indicated 2.1 1.53 32.80 0.41 1.17

Measured and Indicated

16.2 1.58 19.00 0.18 2.36

Inferred 1.4 1.40 32.89 0.62 1.00

Underground ‡

Measured 0.8 1.67 25.83 0.24 3.45

Indicated 0.9 1.28 24.72 0.34 2.85

Measured and Indicated

1.7 1.46 25.23 0.29 3.13

Inferred 2.0 1.22 18.34 0.32 2.64

Combined Open Pit and Underground

Measured and Indicated

17.9 1.57 19.60 0.19 2.44

Inferred 3.4 1.29 24.33 0.44 1.96

46

Tom and Jason 5,000 metre drill program to upgrade resource

• 100% owned, located in the Selwyn Basin• Deposits are relatively shallow from surface

to 600m depth• Can be accessed via ramp

47

MacTung

Wolverine

SelwynFaro

Cano

l Roa

d ~

200k

m

YUKONTERRITORY Tom & Jason

PropertiesTom & Jason Properties

Ross River

NORTHWESTTERRITORIES

Whitehorse

Paci

fic O

cean

Argentina

VALLENAR

COPIAPO

LA SERENACOQUIMBO

CHANARAL EL SALVADOR

SAN ANTONIODOS AMIGOS Cu

CANDELARIA Cu

EL SALVADOR Cu

MANTOS VERDES Cu

HUASCO

South America – Property Acquisition

• Focus on Chile, Peru and Colombia

• Compilation of geological data at San Antonio

• Option Agreement signed for greenfield Cu-Au prospect Loma Negra

• Regional Exploration office opened in Santiago

• Evaluation of early stage exploration opportunities underway

Antofagasta

Copiapo

SANTIAGO

SAN ANTONIO

CHILE

La Serena

48

LOMA NEGRA

Investing in Early Stage Opportunities Enables us to participate in development of new mining camps

49

Optionor

YesVMS mineralizationColombiaAnzáWaymar Resources

Project Location Strategic Consideration Equity

Joint Ventures

Aquila Resources Back Forty Michigan Advanced stage, gold-zinc VMS, exploration upside

Yes

VMS Ventures Reed Lake Manitoba VMS, near-term copper production, exploration upside

Yes

Equity Placement

Augusta Resources Rosemont Arizona Advanced stage copper porphyry Yes

Copper Reef Mining WAX Claims Manitoba VMS, proximity to existing infrastructure

Yes

CuOro Resources Santa Elena Colombia Porphyry and massive sulphide polymetallic deposits

Yes

MacDonald Mines Ring of Fire Northern Ontario VMS and magmatic sulphidedeposits, new camp, exploration

upside

Yes

Panoro Minerals Cotabambas & Antilla Peru Copper porphyry, exploration upside, proximity to Constancia

Yes

Polar Star Montezuma Atacama, Chile Copper porphyry, extensive land package, exploration upside

Yes

Halo Resources Cold, Lost Manitoba VMS, potential near-term zinc production, exploration upside

Yes

Estimated Mineral Reserves1

Mine Tonnes Au (g/t) Ag (g/t) Cu (%) Zn (%)

777

Proven 4,516,000 2.27 29.38 2.87% 4.44%

Probable 8,307,000 1.79 27.31 1.78% 4.24%

Total 12,823,000 1.96 28.04 2.16% 4.31%

777 NORTH

Proven 81,000 1.61 26.52 0.68% 4.89%

Probable 449,000 1.44 21.48 1.09% 3.31%

Total 530,000 1.47 22.25 1.03% 3.55%

TROUT LAKE

Proven 409,000 2.06 9.66 2.10% 3.53%

Probable 36,000 1.17 1.01 2.18% 1.43%

Total 445,000 1.99 8.96 2.11% 3.36%

CHISEL NORTH -ZINC

Proven 164,000 - - - 8.77%

Probable 56,000 - - - 10.60%

Total 220,000 - - - 9.24%

CHISEL NORTH -COPPER

Proven - - - - -

Probable 92,000 2.41 31.56 1.72% 3.67%

Total 92,000 2.41 31.56 1.72% 3.67%

LALOR

Proven - - - - -

Probable 10,525,000 1.55 21.00 0.64% 8.31%

Total 10,525,000 1.55 21.00 0.64% 8.31%

1Estimated mineral reserves exclude the Fenix project. Please refer to HudBay’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2010 and applicable technical reports in respect of the properties filed on SEDAR for further information.

January 1, 2011

50

Other Mineral Resources

Grade Containedt Cu (%) Zn (%) Ag (g/t) Au (g/t) Cu (mlb) Zn (mlb) Ag (koz) Au (koz)

REED

Measured - - - - - - - - -

Indicated 2,550,000 4.52 0.91 7.86 0.64 254.1 51.2 644.4 52.5

M + I 2,550,000 4.52 0.91 7.86 0.64 254.1 51.2 644.4 52.5

Inferred 170,000 4.26 0.52 4.55 0.38 16.0 1.9 24.9 2.1

LOST PROJECT

Measured - - - - - - - - -

Indicated 411,000 1.8 6.1 20.0 1.0 16.3 55.3 264.3 13.2

M + I 411,000 1.8 6.1 20.0 1.0 16.3 55.3 264.3 13.2

Inferred 69,000 1.5 6.2 16.5 0.8 2.3 9.4 36.6 1.8

Source: HudBay Minerals Inc. news release entitled, “HudBay Minerals Announces Near Quadrupling of Metals Reserves; US$116 Million 2011Pre-Construction Program for Constancia,” March 31, 2011

51

Reserves and Resources

• To estimate mineral reserves, measured and indicated mineral resources were first estimated by a 12-step process, which includes determination of the integrity and validation of the data collected, including confirmation of specific gravity, assay results and methods of data recording. The process also includes determining the appropriate geological model, selection of data and the application of statistical models including probability plots and restrictive kriging to establish continuity and model validation. The resultant estimates of measured and indicated mineral resources are then converted to proven and probable mineral reserves by the application of mining dilution and recovery, as well as the determination of economic viability on a fully costed basis using historical operating costs. Other factors such as depletion from production are applied as appropriate. Long term metal prices, excluding premiums, used to determine economic viability of the 2010 mineral reserves were US $900 oz. gold, US $15.00 oz. silver, US $2.50 lb. copper and US $0.95 lb. zinc.

• The 2011 estimated mineral reserves were prepared under the supervision of Robert Carter, P.Eng., who is employed by HudBay Minerals Inc. as Manager, Project Evaluation and who is a Qualified Person as defined by NI 43-101.

52

Reserves and Resources

• Robert Carter, P.Eng., Manager, Project Evaluation of HudBay Minerals Inc. is the Qualified Person accountable for the supervision of the technical information contained within this presentation as defined by NI 43-101

• Greg Greenough, P.Geo., a Senior Resource Geologist with Golder Associates carried out, and is responsible for the Back Forty resource estimate described in this presentation. Robert Carter P.Eng, Manager, Project Evaluation of HudBay Minerals Inc. is the Qualified Person for HudBay as described in NI 43-101 and is responsible for the Back Forty contents of this presentation.

• Please refer to HudBay’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2010 and applicable technical reports in respect of the properties filed on SEDAR for further information.

53

For more information contact:

John Vincic, VP of Investor Relations and Corporate CommunicationsTel: 416.362.0615Email: john.vincic@hudbayminerals.com

HBM

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