Hudbay Minerals Inc.: Form 6-K - Filed by newsfilecorp.com

0001062993-21-010241.txt : 20211104 0001062993-21-010241.hdr.sgml : 20211104 20211104141920 ACCESSION NUMBER: 0001062993-21-010241 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 19 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211104 DATE AS OF CHANGE: 20211104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Hudbay Minerals Inc. CENTRAL INDEX KEY: 0001322422 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 980485558 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34244 FILM NUMBER: 211379376 BUSINESS ADDRESS: STREET 1: 25 YORK STREET, SUITE 800 CITY: TORONTO STATE: A6 ZIP: M5J 2V5 BUSINESS PHONE: 416-362-8181 MAIL ADDRESS: STREET 1: 25 YORK STREET, SUITE 800 CITY: TORONTO STATE: A6 ZIP: M5J 2V5 FORMER COMPANY: FORMER CONFORMED NAME: HudBay Minerals Inc. DATE OF NAME CHANGE: 20050331 6-K 1 form6k.htm FORM 6-K Hudbay Minerals Inc.: Form 6-K - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2021

Commission File Number: 001-34244

HUDBAY MINERALS INC.
(Translation of registrant’s name into English)

25 York Street, Suite 800
Toronto, Ontario
M5J 2V5, Canada
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ ] Form 40-F [X]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes [ ] No [X]

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____________________________

EXPLANATORY NOTE

On November 3, 2021, Hudbay Minerals Inc. (“Hudbay”) filed on the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com the following documents: (1) Unaudited Condensed Consolidated Interim Financial Statements for the period ended September 30, 2021, (2) Management's Discussion and Analysis for the period ended September 30, 2021, (3) Form 52-109F2 Certification of Interim Filings Full Certificate - CEO, (4) Form 52-109F2 Certification of Interim Filings Full Certificate - CFO, (5) News Release dated November 3, 2021.

Copies of the filings are attached to this Form 6-K and incorporated herein by reference, as follows:

Exhibit 99.1 — Unaudited Condensed Consolidated Interim Financial Statements for the period ended September 30, 2021
Exhibit 99.2 — Management's Discussion and Analysis for the period ended September 30, 2021
Exhibit 99.3 — Form 52-109F2 Certification of Interim Filings Full Certificate - CEO
Exhibit 99.4 — Form 52-109F2 Certification of Interim Filings Full Certificate - CFO
Exhibit 99.5 — News Release dated November 3, 2021

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	HUDBAY MINERALS INC.
	(registrant)

	By:	/s/ Patrick Donnelly
	Name:	Patrick Donnelly
	Title:	Vice President and General Counsel

Date: November 4, 2021

EXHIBIT INDEX

The following exhibits are furnished as part of this Form 6-K:

Exhibit		Description

99.1		Unaudited Condensed Consolidated Interim Financial Statements for the period ended September 30, 2021
99.2		Management's Discussion and Analysis for the period ended September 30, 2021
99.3		Form 52-109F2 Certification of Interim Filings Full Certificate - CEO
99.4		Form 52-109F2 Certification of Interim Filings Full Certificate - CFO
99.5		News Release dated November 3, 2021

EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 Hudbay Minerals Inc.: Exhibit 99.1 - Filed by newsfilecorp.com

Unaudited Condensed Consolidated Interim Financial Statements

(In US dollars)

HUDBAY MINERALS INC.

For the three and nine months ended, September 30, 2021 and 2020

HUDBAY MINERALS INC.
Condensed Consolidated Interim Balance Sheets
(Unaudited and in thousands of US dollars)

			Sep. 30,			Dec. 31,
	Note		2021			2020
Assets
Current assets
Cash		$	297,451		$	439,135
Trade and other receivables	6		125,613			141,199
Inventories	7		133,257			143,105
Prepaid expenses and other current assets			7,908			16,717
Other financial assets	8		19,391			3,073
Taxes receivable			-			12,446
			583,620			755,675
Receivables	6		15,755			18,568
Inventories	7		33,344			22,006
Other financial assets	8		10,964			15,669
Intangibles and other assets	9		19,659			21,173
Property, plant and equipment	10		3,724,118			3,731,655
Deferred tax assets	17b		117,201			101,899
		$	4,504,661		$	4,666,645
Liabilities
Current liabilities
Trade and other payables		$	177,256		$	233,147
Taxes payable			8,395			2,701
Other liabilities	11		52,112			51,971
Other financial liabilities	12		75,400			24,713
Lease liabilities	13		32,608			33,473
Deferred revenue	15		77,932			102,782
			423,703			448,787
Other financial liabilities	12		132,566			194,378
Lease liabilities	13		35,669			30,041
Long-term debt	14		1,182,612			1,135,675
Deferred revenue	15		442,272			443,902
Environmental and other provisions	16		416,695			331,799
Pension obligations			16,293			23,316
Other employee benefits			117,254			129,508
Deferred tax liabilities	17b		247,417			229,433
			3,014,481			2,966,839
Equity
Share capital	18b		1,778,494			1,777,340
Reserves			3,071			(24,200	)
Retained earnings			(291,385	)		(53,334	)
			1,490,180			1,699,806
		$	4,504,661		$	4,666,645
Commitments (note 21)

HUDBAY MINERALS INC.
Condensed Consolidated Interim Income Statements
(Unaudited and in thousands of US dollars)

			Three months ended September 30,						Nine months ended September 30,
	Note		2021			2020			2021			2020
Revenue	5a	$	358,961		$	316,108		$	1,076,828		$	770,128
Cost of sales
Mine operating costs			211,064			180,832			612,251			502,251
Depreciation and amortization	5c		86,010			95,998			267,997			263,244
Impairment - environmental obligation	5g		147,305			-			147,305			-
			444,379			276,830			1,027,553			765,495
Gross (loss) profit			(85,418	)		39,278			49,275			4,633
Selling and administrative expenses			9,298			10,902			29,295			26,718
Exploration and evaluation expenses			6,932			2,750			26,556			10,715
Other expenses	5e		15,972			4,798			13,654			11,566
Results from operating activities			(117,620	)		20,828			(20,230	)		(44,366	)
Net interest expense on long term debt	5f		19,300			21,738			57,837			61,102
Accretion on streaming arrangements	5f		8,295			10,785			34,359			42,816
Change in fair value of financial instruments	5f		162			(2,750	)		47,735			8,150
Other net finance costs	5f		2,453			14,999			42,441			23,566
Net finance expense			30,210			44,772			182,372			135,634
Loss before tax			(147,830	)		(23,944	)		(202,602	)		(180,000	)
Tax expense (recovery)	17a		22,581			11			31,303			(28,010	)
Loss for the period		$	(170,411	)	$	(23,955	)	$	(233,905	)	$	(151,990	)

Loss per share
Basic and Diluted		$	(0.65	)	$	(0.09	)	$	(0.89	)	$	(0.58	)

Weighted average number of common shares outstanding:
Basic and Diluted	19		261,517,461			261,272,151			261,430,996			261,272,151

HUDBAY MINERALS INC.
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited and in thousands of US dollars)

	Note		Three months ended September 30,						Nine months ended September 30,
	Note		2021			2020			2021			2020
Cash generated from operating activities:
Loss for the period		$	(170,411	)	$	(23,955	)	$	(233,905	)	$	(151,990	)
Tax expense (recovery)	17a		22,581			11			31,303			(28,010	)
Items not affecting cash:
Depreciation and amortization	5c		86,451			96,465			269,400			264,552
Share-based compensation	5d		1,549			4,636			5,636			5,521
Net interest expense on long term debt	5f		19,300			21,738			57,837			61,102
Accretion on streaming arrangements	5f		8,295			10,785			34,359			42,816
Change in fair value of financial instruments	5f		162			(2,750	)		47,735			8,150
Other net finance costs	5f		2,453			14,999			42,441			23,566
Inventory adjustments	7		5,445			-			3,999			2,221
Amortization of deferred revenue and variable consideration	5a		(23,538	)		(30,156	)		(55,870	)		(53,820	)
Pension and other employee benefit payments, net of accruals			4,688			560			9,099			4,494
Impairment - environmental obligation	5g		147,305			-			147,305			-
Decommissioning and restoration payments	16		(6,538	)		(7,637	)		(16,479	)		(13,766	)
Other	22a		8,358			1,136			(3,311	)		(1,543	)
Taxes paid			(2,591	)		(1,449	)		(12,604	)		(7,501	)
Operating cash flow before change in non-cash working capital			103,509			84,383			326,945			155,792
Change in non-cash working capital	22b		36,289			(6,448	)		(38,978	)		(37,402	)
			139,798			77,935			287,967			118,390
Cash (used) from investing activities:
Acquisition of property, plant and equipment			(89,092	)		(144,461	)		(272,597	)		(243,297	)
Proceeds from disposal of investments			-			-			1,081			-
Interest received			199			297			862			1,777
			(88,893	)		(144,164	)		(270,654	)		(241,520	)
Cash (used) from financing activities:
Issuance of senior unsecured notes, net of transaction costs	14a		-			191,824			591,922			191,824
Principal repayments	14a		-			-			(600,000	)		-
Premium paid on redemption of notes	14a		-			(7,252	)		(22,878	)		(7,252	)
Interest paid on long-term debt			(33,600	)		(44,142	)		(84,435	)		(81,517	)
Financing costs			(2,501	)		(4,217	)		(10,231	)		(12,394	)
Lease payments	13		(9,622	)		(9,389	)		(28,368	)		(26,598	)
Gold prepayment proceeds	12		-			-			-			115,005
Net proceeds from exercise of stock options			10			-			750			-
Dividends paid	18b		(2,056	)		(1,979	)		(4,146	)		(3,783	)
			(47,769	)		124,845			(157,386	)		175,285
Effect of movement in exchange rates on cash			28			(738	)		(1,611	)		713
Net increase (decrease) in cash			3,164			57,878			(141,684	)		52,868
Cash, beginning of the period			294,287			391,136			439,135			396,146
Cash, end of the period		$	297,451		$	449,014		$	297,451		$	449,014
For supplemental information, see note 22.

HUDBAY MINERALS INC.
Condensed Consolidated Interim Statements of Comprehensive Loss
(Unaudited and in thousands of US dollars)

		Three months ended September 30,						Nine months ended September 30,
		2021			2020			2021			2020
Loss for the period	$	(170,411	)	$	(23,955	)	$	(233,905	)	$	(151,990	)

Other comprehensive income (loss):
Item that will be reclassified subsequently to profit or loss:
Recognized directly in equity:
Net (loss) gain on translation of foreign currency balances		(7,348	)		4,646			504			(5,940	)
		(7,348	)		4,646			504			(5,940	)

Items that will not be reclassified subsequently to profit or loss:
Recognized directly in equity:
Gold prepayment revaluation (note 20a)		(127	)		203			(2,311	)		(277	)
Tax effect (note 17c)		34			(55	)		621			74
Remeasurement - actuarial gain (loss)		12,997			(1,158	)		31,065			(1,256	)
Tax effect (note 17c)		(2,359	)		110			(3,631	)		(1,234	)
		10,545			(900	)		25,744			(2,693	)

Other comprehensive income (loss) net of tax, for the period		3,197			3,746			26,248			(8,633	)

Total comprehensive loss for the period	$	(167,214	)	$	(20,209	)	$	(207,657	)	$	(160,623	)

HUDBAY MINERALS INC.
Condensed Consolidated Interim Statements of Changes in Equity
(Unaudited and in thousands of US dollars)

		Share capital (note 18)		Other capital reserves		Foreign currency translation reserve			Remeasurement reserve			Retained earnings			Total equity

Balance, January 1, 2020	$	1,777,340	$	54,815	$	(2,599	)	$	(76,466	)	$	95,033		$	1,848,123
Loss		-		-		-			-			(151,990	)		(151,990	)
Other comprehensive loss		-		-		(5,940	)		(2,693	)		-			(8,633	)
Total comprehensive loss		-		-		(5,940	)		(2,693	)		(151,990	)		(160,623	)
Contributions by and distributions to owners:
Dividends (note 18b)		-		-		-			-			(3,783	)		(3,783	)
Stock options (note 5d)		-		747		-			-			-			747
Total contributions by and distributions to owners		-		747		-			-			(3,783	)		(3,036	)

Balance, September 30, 2020	$	1,777,340	$	55,562	$	(8,539	)	$	(79,159	)	$	(60,740	)	$	1,684,464
Income		-		-		-			-			7,406			7,406
Other comprehensive income (loss)		-		-		10,110			(2,549	)		-			7,561
Total comprehensive income (loss)		-		-		10,110			(2,549	)		7,406			14,967
Contributions by and distributions to owners:
Dividends		-		-		-			-			-			-
Stock options		-		375		-			-			-			375
Total contributions by and distributions to owners		-		375		-			-			-			375

Balance, December 31, 2020	$	1,777,340	$	55,937	$	1,571		$	(81,708	)	$	(53,334	)	$	1,699,806

HUDBAY MINERALS INC.
Condensed Consolidated Interim Statements of Changes in Equity
(Unaudited and in thousands of US dollars)

		Share capital (note 18)		Other capital reserves			Foreign currency translation reserve		Remeasurement reserve			Retained earnings			Total equity

Balance, January 1, 2021	$	1,777,340	$	55,937		$	1,571	$	(81,708	)	$	(53,334	)	$	1,699,806
Loss		-		-			-		-			(233,905	)		(233,905	)
Other comprehensive income		-		-			504		25,744			-			26,248
Total comprehensive income (loss)		-		-			504		25,744			(233,905	)		(207,657	)

Contributions by and distributions to owners:
Dividends (note 18b)		-		-			-		-			(4,146	)		(4,146	)
Stock options (note 5d)		-		1,427			-		-			-			1,427
Transfer to share capital related to stock options redeemed		404		(404	)		-		-			-			-
Issuance of shares related to stock options redeemed		750		-			-		-			-			750
Total contributions by and distributions to owners		1,154		1,023			-		-			(4,146	)		(1,969	)

Balance, September 30, 2021	$	1,778,494	$	56,960		$	2,075	$	(55,964	)	$	(291,385	)	$	1,490,180

HUDBAY MINERALS INC.
Notes to Unaudited Condensed Consolidated Interim Financial Statements
(in thousands of US dollars, except where otherwise noted)
For the three and nine months ended September 30, 2021 and 2020

1. Reporting entity

On January 1, 2017, Hudbay Minerals Inc. amalgamated under the Canada Business Corporations Act with its subsidiaries Hudson Bay Mining and Smelting Co., Limited and Hudson Bay Exploration and Development Company Limited to form Hudbay Minerals Inc. ("HMI" or the "Company"). The address of the Company's principal executive office is 25 York Street, Suite 800, Toronto, Ontario. The unaudited condensed consolidated interim financial statements ("interim financial statements") of the Company for the three and nine months ended September 30, 2021 and 2020 represent the financial position and the financial performance of the Company and its subsidiaries (together referred to as "Hudbay").

Wholly owned subsidiaries as at September 30, 2021 and 2020 include HudBay Marketing & Sales Inc. ("HMS"), HudBay Peru Inc., HudBay Peru S.A.C. ("Hudbay Peru"), HudBay (BVI) Inc., Hudbay Arizona Inc, Rosemont Copper Company ("Rosemont") and Mason Resources (US) Inc. ("Mason").

Hudbay is an integrated mining company primarily producing copper concentrate (containing copper, gold and silver), molybdenum concentrate, silver/gold doré and zinc metal. With assets in North and South America, Hudbay is focused on the discovery, production and marketing of base and precious metals. Directly and through its subsidiaries, Hudbay owns three polymetallic mines, four ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco (Peru) and copper projects in Arizona and Nevada (United States). Hudbay also has equity investments in a number of junior exploration companies. The Company is governed by the Canada Business Corporations Act and its shares are listed under the symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima.

2. Basis of preparation

(a) Statement of compliance:

These interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB") and do not include all of the information required for full annual financial statements by International Financial Reporting Standards ("IFRS").

These interim financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2020 which includes information necessary or useful to understanding the Company's business and financial statement presentation. In particular, the Company's significant accounting policies are presented as note 3 in the audited consolidated financial statements for the year ended December 31, 2020 and have been consistently applied in the preparation of these interim financial statements.

The Board of Directors approved these interim financial statements on November 3, 2021.

(b) Use of judgements and estimates:

The preparation of the interim financial statements in conformity with IFRS requires Hudbay to make judgements, estimates and assumptions, in applying accounting policies that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements, as well as reported amounts of revenue and expenses during the reporting period. Actual results may differ from these judgements, estimates and assumptions. The interim financial statements reflect the judgements and estimates outlined by Hudbay in its audited consolidated financial statements for the year ended December 31, 2020, except as noted below.

As a result of a new National Instrument 43-101 ("NI 43-101") technical report for the Constancia copper mine in Peru, effective January 1, 2021, which reflects an updated mine plan with a new grade and ore tonnage profile, Hudbay made a change in estimate in Peru for the allocation of mining cost to inventories and depreciation for certain mineral property, property plant and equipment ("PP&E") assets, to reflect the changes in grades following the new NI 43-101 to utilize contained metal in the respective calculations. Please see notes 5c, 7 and 10 for further details on the impact of this change in estimation method.

During the current year, as a result of volatile discount rates and inflation rates, management re-examined the inflation estimate used to calculate the decommissioning, restoration and similar liabilities ("DRO"). It was concluded that the implied difference between the nominal bond yield and the corresponding maturity real return bond yield provides a more accurate estimate of the effective inflation rate. As such, during the current year, the inflation rate estimate used to calculate DRO has been prospectively revised. Please see notes 5e and 16 for further details on the impact of this change in estimation method. In addition, an updated environmental provision following from a revised closure plan for the Flin Flon operation in Manitoba was completed and contains a number of estimates pertaining to cost, scope and timing of remediation work.

3. Significant accounting policies

These interim financial statements reflect the accounting policies applied by Hudbay in its audited consolidated financial statements for the year ended December 31, 2020 and comparative periods, except for the new standards noted in Note 4.

4. New standards

New standards and interpretations adopted

(a) Amendment to IAS 16 - Property, Plant and Equipment

The amendments to IAS 16 prohibit deducting from the cost of property, plant and equipment the proceeds from selling items produced while bringing the assets to the location and condition necessary for them to be capable of operating in the manner intended by management. Instead, a company will recognize such sales proceeds and related cost in profit or loss. This amendment is in effect January 1, 2022 with early adoption permitted.

Hudbay has early adopted this amendment as of January 1, 2021 with retrospective application only to items of property, plant and equipment that were brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after January 1, 2020. No restatement of prior periods was required on adoption given the comparable periods contained no items would have been impacted by this accounting amendment.

(b) Interest Rate Benchmark Reform - Phase II - Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 6

These amendments require companies to determine if there is a significant change in the basis of determining contractual cash flows as a result of interest rate benchmark reform / IBOR reform. A company will be required to determine if the replacement of an existing interest rate benchmark with an alternative rate benchmark results in contractual cash flows that are significantly different for financial instruments, lease payments, insurance contracts and/or items that use hedge accounting. If IBOR reform result in a transition on an economically equivalent basis with no value transfer having occurred, the changes to the standard allow the contractual cash flow changes to be applied prospectively, similar to a change in a market rate. For Hudbay, these amendments have been in effect since January 1, 2021 and have not resulted in material changes to the interim financial statements.

As at September 30, 2021, Hudbay has not entered into any new contracts or contract modifications that are dependent on the LIBOR rate.

5. Revenue and expenses

(a) Revenue

Hudbay's revenue by significant product types:

		Three months ended September 30,						Nine months ended September 30,
		2021			2020			2021			2020
Copper	$	201,564		$	169,525		$	625,503		$	396,896
Zinc		67,673			64,972			227,150			187,546
Gold		61,965			44,934			162,043			131,703
Silver		6,052			6,945			19,676			17,979
Molybdenum		12,780			5,301			26,925			16,797
Other		1,933			2,168			6,096			4,023
		351,967			293,845			1,067,393			754,944
Non-cash streaming arrangement items ¹
Amortization of deferred revenue - gold		13,589			8,980			27,686			19,437
Amortization of deferred revenue - silver		9,949			11,694			26,567			27,715
Amortization of deferred revenue - variable consideration adjustments - prior periods		-			9,482			1,617			6,668
		23,538			30,156			55,870			53,820
Pricing and volume adjustments ²		(2,013	)		7,113			(4,725	)		3,529
		373,492			331,114			1,118,538			812,293
Treatment and refining charges		(14,531	)		(15,006	)		(41,710	)		(42,165	)

	$	358,961		$	316,108		$	1,076,828		$	770,128

¹See note 15.

²Pricing and volume adjustments represent mark-to-market adjustments on initial estimate of provisionally priced sales, realized and unrealized changes to fair value for non-hedge derivative contracts and adjustments to originally invoiced weights and assays.

Consideration from the Company's stream agreements is considered variable (note 15). Gold and silver stream revenue can be subject to cumulative adjustments when the amount of precious metals to be delivered under the contract changes. As a result of changes in the Company's mineral reserve and resource estimate in the first quarter of 2021, the amortization rate by which deferred revenue is drawn down into income was adjusted and, as required, a catch up adjustment is made for all prior year stream revenues since the stream agreement inception date.

The variable consideration adjustment for the three and nine months ended September 30, 2020 resulted in an increase of revenue of $9,482 and $6,668, respectively. This increase in revenue was primarily the result of updates to the 777 mine plan resulting in the mining of fewer inferred resources than what was planned previously.

In the second quarter of 2021, the Company finalized an amendment with Wheaton Precious Metals ("Wheaton") related to the Peru stream agreement. The result of the amendment was a revision to the Peru gold and silver deferred revenue amortization rates and the related significant financing component. For further details refer to note 15.

(b) Mine operating costs

During the third quarter of 2021, Hudbay recognized a non-cash write-down of materials and supplies inventories of $5,445 and a past service cost provision adjustment related to pensions for unionized employees of $4,229.

(c) Depreciation and amortization

Depreciation of PP&E and amortization of intangible assets are reflected in the interim income statements as follows:

		Three months ended September 30,				Nine months ended September 30,
		2021		2020		2021		2020
Cost of sales	$	86,010	$	95,998	$	267,997	$	263,244
Selling and administrative expenses		441		467		1,403		1,308
	$	86,451	$	96,465	$	269,400	$	264,552

Effective January 1, 2021, the Company made a change in estimate in Peru for certain mineral property PP&E assets to utilize contained metal in the depreciation calculation. This better reflects the systematic allocation of costs to inventory given the change in grade profile following the recently published NI 43-101. For the three and nine months ended September 30, 2021, depreciation expense is higher by $2,046 and by $1,531, respectively, compared to the result under the previous depreciation calculation. Since the change is in response to an updated life-of-mine plan it is being treated as a change in estimate and applied prospectively. Please see Note 10 for further details.

(d) Share-based compensation expenses

Share-based compensation expenses are reflected in the condensed consolidated interim income statements as follows:

		Cash-settled								Total share- based compensation expense
		RSUs		DSUs		PSUs		Stock options		Total share- based compensation expense
Three months ended September 30, 2021
Cost of sales	$	145	$	-	$	-	$	-	$	145
Selling and administrative		364		3		480		511		1,358
Other expenses		46		-		-		-		46
	$	555	$	3	$	480	$	511	$	1,549
Nine months ended September 30, 2021
Cost of sales	$	603	$	-	$	-	$	-	$	603
Selling and administrative		1,713		50		1,690		1,427		4,880
Other expenses		153		-		-		-		153
	$	2,469	$	50	$	1,690	$	1,427	$	5,636
Three months ended September 30, 2020
Cost of sales	$	411	$	-	$	-	$	-	$	411
Selling and administrative		1,537		1,649		545		349		4,080
Other expenses		145		-		-		-		145
	$	2,093	$	1,649	$	545	$	349	$	4,636
Nine months ended September 30, 2020
Cost of sales	$	480	$	-	$	-	$	-	$	480
Selling and administrative		1,606		1,714		829	$	747		4,896
Other expenses		145		-		-		-		145
	$	2,231	$	1,714	$	829	$	747	$	5,521

During the three and nine months ended September 30 2021, the Company granted 509,385 stock options (three and nine months ended September 30, 2020 - nil and 1,581,385, respectively). For further details on stock options, see note 18c.

(e) Other expenses (income)

		Three months ended September 30,					Nine months ended September 30,
		2021		2020			2021			2020
Regional costs	$	879	$	803		$	2,639		$	2,583
Loss (gain) on disposal of property, plant and equipment		5,082		(65	)		4,785			2,792
Closure cost adjustment - non-producing properties		134		1,936			(4,890	)		2,980
Allocation of community costs		158		704			1,019			2,184
Restructuring - Manitoba		3,639		-			3,639			-
Other		6,080		1,420			6,462			1,027
	$	15,972	$	4,798		$	13,654		$	11,566

Due to rising risk-free interest rates during the first nine months of 2021, discount rates used in the normal course revaluation of the DRO increased correspondingly, resulting in a reduction in the associated liabilities. For certain closed sites with such reclamation obligations, the revaluation of the corresponding liability is recorded through the income statement, resulting in a loss of $134 and gain of $4,890 for the three and nine months ended September 30, 2021 respectively.

During the third quarter of 2021, there were costs incurred related to the restructuring of the Manitoba operations in preparation for the closure of 777 mine of $3,639. These costs were related to severance packages for unionized employees.

Other expenses primarily relates to other Arizona project costs (Copper World) that are not associated with Rosemont.

(f) Net finance expense

		Three months ended September 30,						Nine months ended September 30,
		2021			2020			2021			2020
Net interest expense on long-term debt
Interest expense on long-term debt	$	19,300		$	21,738		$	57,837		$	61,102
Accretion on streaming arrangements (note 15)
Additions		8,295			15,437			33,765			46,508
Variable consideration adjustments - prior periods		-			(4,652	)		594			(3,692	)
		8,295			10,785			34,359			42,816
Change in fair value of financial assets and liabilities at fair value through profit or loss
Embedded derivatives (note 14)		-			(9,147	)		49,754			(5,076	)
Gold prepayment liability		308			9,163			(6,285	)		16,735
Investments		(146	)		(2,766	)		4,266			(3,509	)
		162			(2,750	)		47,735			8,150
Other net finance costs
Net foreign exchange (gain) loss		(3,053	)		(1,150	)		352			(4,228	)
Accretion on community agreements measured at amortized cost		487			731			2,182			2,973
Unwinding of discounts on provisions		1,096			666			3,123			2,791
Withholding taxes		1,914			2,142			5,881			6,172
Premium paid on redemption of notes (note 14)		-			7,252			22,878			7,252
Write-down of unamortized transaction costs (note 14)		-			3,817			2,480			3,817
Other finance expense		2,133			1,832			6,184			6,518
Interest income		(124	)		(291	)		(639	)		(1,729	)
		2,453			14,999			42,441			23,566

Net finance expense	$	30,210		$	44,772		$	182,372		$	135,634

Other finance expense relates primarily to fees on Hudbay's revolving credit facilities and leases.

(g) Impairment - Environmental Obligation

During the third quarter of 2021, an impairment indicator was identified in relation to a revised Flin Flon closure plan. The revised closure plan, reflecting higher cost estimates, led to a large increase in the environmental obligation (note 16) and a corresponding increase to Flin Flon PP&E. The increase in Flin Flon PP&E prompted an impairment test of these assets since the Flin Flon operation is expected to close mid-2022. Hudbay recorded an impairment to PP&E by comparing the carrying value of the Flin Flon operation to its recoverable amount using the value-in-use method for future cash flows associated with the operation until closure. The value-in-use recoverable amount is considered a level 3 valuation method. This resulted in an impairment loss of $147,305. Given the closure is expected to occur in less than 12 months, future adjustments to the Flin Flon environmental provision from fair value adjustments, or otherwise, may lead to future impairment tests of the Flin Flon operation and any resulting impairments or impairment reversals will be charged to the income statement.

6. Trade and other receivables

		Sep. 30, 2021		Dec. 31, 2020
Current
Trade receivables	$	94,661	$	107,787
Statutory receivables		22,307		28,445
Other receivables		8,645		4,967
		125,613		141,199
Non-current
Taxes receivable		15,755		16,941
Other receivables		-		1,627
		15,755		18,568
	$	141,368	$	159,767

7. Inventories

		Sep. 30, 2021		Dec. 31, 2020
Current
Stockpile	$	11,374	$	13,906
Work in progress		3,039		6,364
Finished goods		64,033		72,923
Materials and supplies		54,811		49,912
		133,257		143,105
Non-current
Stockpile		31,303		16,704
Materials and supplies		2,041		5,302
		33,344		22,006
	$	166,601	$	165,111

The cost of inventories recognized as an expense, including depreciation, and included in cost of sales amounted to $267,886 and $800,727 for the three and nine months ended September 30, 2021 (three and nine months ended September 30, 2020 - $251,821 and $668,665 respectively).

During the three and nine months ended September 30, 2021, Hudbay recognized a recovery of nil and recovery of $1,446 in cost of sales related to adjustments of the carrying value of Peru inventories to net realizable value (three and nine months ended September 30, 2020 - nil and an expense of $2,221, respectively). Adjustments to the carrying value of inventories to net realizable value were related to changes in commodity prices.

Due to the upcoming closure of the Flin Flon operation, certain long term inventory supplies which are not expected to be utilized were written down and $5,445 was charged to mine operating costs in the third quarter of 2021 (note 5b).

Effective January 1, 2021, following a new NI 43-101 technical report for Peru, which reflects an updated mine plan with a new grade and ore tonnage profile, the Company changed its method of estimation of applying mining costs to stockpile and finished goods inventory. Prior to this change, mining costs were allocated using tonnes of ore mined. Starting January 1, 2021, Peru mining costs have been allocated to inventories using contained metal, incorporating tonnes of ore mined and expected mined grades. Since the change is in response to an updated life-of-mine plan, it is being treated in accordance with a change in estimate and will be applied prospectively. For the nine months ended September 30, 2021, as a result of the change in allocation, stockpile inventories have declined by $5,071 and finished goods inventories have increased by $642.

8. Other financial assets

		Sep. 30, 2021		Dec. 31, 2020
Current
Derivative assets	$	19,054	$	2,736
Restricted cash		337		337
		19,391		3,073

Non-current
Investments at fair value through profit or loss		10,964		15,669
	$	30,355	$	18,742

The derivative assets include derivative and hedging transactions. Derivative assets are carried at their fair value with changes in fair value recorded to the condensed consolidated income statements. The fair value adjustments for hedging type derivatives are recorded in revenue.

Investments at fair value through profit or loss consist of securities in Canadian metals and mining companies, all of which are publicly traded. The change in investments at fair value through profit or loss is mostly attributed to fluctuations in market price and foreign exchange impact.

9. Intangibles and other assets

Intangibles and other assets of $19,659 (December 31, 2020 - $21,173) includes $14,094 of other assets (December 31, 2020 - $15,764) and $5,565 of intangibles (December 31, 2020 - $5,409).

Other assets represent the carrying value of certain future community costs. The liability remaining for these agreements is recorded in other financial liabilities at amortized cost (note 12). Amortization of the carrying amount is recorded in the condensed consolidated interim income statements within other expenses (income) (note 5e). Intangibles mainly represent computer software costs.

10. Property, plant and equipment

Sep. 30, 2021		Cost		Accumulated depreciation and amortization			Carrying amount
Exploration and evaluation assets	$	79,905	$	-		$	79,905
Capital works in progress		990,172		-			990,172
Mining properties		2,408,221		(1,236,959	)		1,171,262
Plant and equipment		2,791,630		(1,403,294	)		1,388,336
Plant and equipment-ROU Assets¹		243,018		(148,575	)		94,443
	$	6,512,946	$	(2,788,828	)	$	3,724,118

Dec. 31, 2020		Cost		Accumulated depreciation and amortization			Carrying amount
Exploration and evaluation assets	$	79,059	$	-		$	79,059
Capital works in progress		957,162		-			957,162
Mining properties		2,217,461		(1,126,274	)		1,091,187
Plant and equipment		2,793,719		(1,271,581	)		1,522,138
Plant and equipment - ROU Assets¹		214,303		(132,194	)		82,109
	$	6,261,704	$	(2,530,049	)	$	3,731,655

¹Includes $3,667 of capital works in progress - ROU assets (cost) that relate to the Arizona Business unit (December 31, 2020 - $4,777 related to the Arizona and Manitoba Business units)

For the nine months ended September 30, 2021, the increase in property, plant and equipment (cost) of $251,242 was mainly caused by fixed asset and construction in progress asset additions of $315,128, partially offset by net decreases in decommissioning and restoration assets of $48,902 (producing assets) mostly as a result of changes in discount rates associated with remeasurement of the liabilities. During the third quarter of 2021, there was a write-down of $5.4 million related to New Britannia assets that were not utilized as part of the project (note 5e). In addition, during the third quarter of 2021, a revised Flin Flon closure plan led to a large increase in the environmental obligation (note 16) and a corresponding increase to Flin Flon PP&E. A resulting impairment indicator was identified due to the limited life of the Flin Flon operation resulting in an impairment loss of $147,305 (note 5g).

Effective January 1, 2021, following a new NI 43-101 technical report for Peru, the Company made a change in estimate for the depreciation calculation of certain mineral property PP&E assets in Peru to utilize contained metal. This better reflects the systematic allocation of costs to inventory given the change in grade profile following the recently published NI 43-101.

Since the change is in response to an updated life-of-mine plan, it is being treated in accordance with a change in estimate and will be applied prospectively. For the three months ended September 30, 2021, depreciation expense is higher by $2,046 and for the nine months ended September 30, 2021 is higher by $1,531 to the result under the previous depreciation calculation.

11. Other liabilities

		Sep. 30, 2021		Dec. 31, 2020
Current
Environmental and other provisions (note 16)	$	32,369	$	33,675
Pension liability		10,734		13,552
Other employee benefits		3,312		3,154
Unearned revenue		5,697		1,590
	$	52,112	$	51,971

12. Other financial liabilities

		Sep. 30, 2021		Dec. 31, 2020
Current
Derivative liabilities	$	6,422	$	15,312
Deferred Rosemont acquisition consideration		9,572		-
Gold prepayment liability		51,219		-
Other financial liabilities at amortized cost		8,187		9,401
		75,400		24,713

Non-current
Deferred Rosemont acquisition consideration		17,549		25,961
Gold prepayment liability		81,837		137,031
Wheaton refund liability (note 15)		5,305		-
Other financial liabilities at amortized cost		27,875		31,386
		132,566		194,378
	$	207,966	$	219,091

The derivative liabilities include derivative and hedging transactions. Derivative liabilities are carried at their fair value with changes in fair value recorded to the condensed consolidated interim income statements. The fair value adjustments for hedging type derivatives are recorded in revenue. Fair value adjustments for embedded derivatives are recorded within net finance expense.

As part of the streaming agreement for the 777 mine, Hudbay must repay, with precious metals credits, the deposit by August 1, 2052, the expiry date of the agreement. If the stream deposit is not fully repaid with precious metals credits from 777 production by the expiry date, a payment for the remaining amount will be due at the expiry date of the agreement. Given revised resource estimates and the planned closure of the 777 mine in 2022, Hudbay believes such a payment is expected and as such, as at September 30, 2021 the estimated repayment amount was reclassified to a refund liability. This will be discounted at the 9.0% rate inherent in the original agreement and accreted over the remaining term of the agreement.

On May 7, 2020, the Company entered into an agreement and received $115,005 in exchange for the delivery of 79,954 gold ounces starting January 2022 and ending in December 2023, which were valued at gold forward curve prices averaging $1,682 per ounce at the time of the transaction. The agreement has been assessed as a financial liability that has been designated as fair value through profit or loss within change in fair value of financial instruments, with a component of the fair value related to the fluctuation in the Company's own credit risk being recorded to other comprehensive income. The pre-tax fair value adjustment recorded in profit or loss and other comprehensive income for the three and nine months ended September 30, 2021 totaled a net loss of $435 and net gain of $3,974, respectively (three and nine months ended September 30, 2020 - net losses of $8,960 and $17,289, respectively).

Other financial liabilities at amortized cost relate to agreements with communities near the Constancia operation which allow Hudbay to extract minerals over the useful life of the Constancia operation, carry out exploration and evaluation activities in the area and provide Hudbay with community support to operate in the region. The changes in other financial liabilities at amortized cost during the three and nine months ended September 30, 2021 primarily relates to the execution of the remaining land user agreements with certain community members, partially offset by disbursements.

The following table summarizes changes in other financial liabilities at amortized cost:

Balance, January 1, 2020	$	24,000
Net additions		116,233
Disbursements		(98,375	)
Accretion		3,641
Effects of changes in foreign exchange		(4,712	)
Balance, December 31, 2020	$	40,787
Net additions		22,192
Disbursements		(24,190	)
Accretion		2,182
Effects of changes in foreign exchange		(4,909	)
Balance, September 30, 2021	$	36,062

13. Lease Liability

Balance, January 1, 2020	$	81,947
Additional capitalized leases		17,759
Lease payments		(35,980	)
Accretion and other movements		(212	)
Balance, December 31, 2020	$	63,514
Additional capitalized leases		32,528
Lease payments		(28,368	)
Accretion and other movements		603
Balance, September 30, 2021	$	68,277

		Sep. 30, 2021		Dec. 31, 2020
Current	$	32,608	$	33,473
Non-current		35,669		30,041
	$	68,277	$	63,514

Hudbay has entered into leases for its Peru, Manitoba and Arizona business units which expire between 2021 and 2043. The interest rates on leases which were capitalized have interest rates between 2.80% to 5.99%, per annum. The range of interest rates utilized for discounting varies depending mostly on the Hudbay entity acting as lessee and duration of the lease. For certain leases, Hudbay has the option to purchase the equipment and vehicles leased at the end of the terms of the leases. Hudbay's obligations under these leases are secured by the lessor's title to the leased assets. The present value of applicable lease payments has been recognized as an ROU asset, which was included as a non-cash addition to property, plant and equipment, and a corresponding amount as a lease liability.

There are no restrictions placed on Hudbay by entering into these leases.

The following outlines expenses recognized within the Company's condensed consolidated interim income statements for the periods ended September 30, 2021 and September 30, 2020, relating to leases for which a recognition exemption was applied.

		Three months ended September 30,				Nine months ended September 30,
		2021		2020		2021		2020
Short-term leases	$	10,872	$	8,954	$	27,109	$	29,795
Low value leases		74		45		228		169
Variable leases		14,504		10,802		29,735		33,168
Total	$	25,450	$	19,801	$	57,072	$	63,132

Payments made for short term, low value and variable leases would mostly be captured as expenses in the condensed consolidated interim income statements, however, certain amounts may be capitalized to PP&E for the Arizona business unit during its development phase and certain amounts may be reported in inventories given the timing of sales. Variable consideration leases include equipment used for heavy civil works at Constancia.

14. Long-term debt

Long-term debt is comprised of the following:

		Sep. 30, 2021			Dec. 31, 2020
Senior unsecured notes (a)	$	1,185,243		$	1,139,695
Less: Unamortized transaction costs - revolving credit facilities (b)		(2,631	)		(4,020	)
	$	1,182,612		$	1,135,675

(a) Senior unsecured notes

Balance, January 1, 2020	$	991,558
Addition to Principal, net of $8,176 transaction costs		591,824
Principal repayments		(400,000	)
Change in fair value of embedded derivative (prepayment option)		(47,169	)
Write-down of unamortized transaction costs		2,315
Accretion of transaction costs and premiums		1,167
Balance, December 31, 2020	$	1,139,695
Addition to Principal, net of $8,078 transaction costs		591,922
Principal repayments		(600,000	)
Write-down of fair value of embedded derivative (prepayment option)		49,754
Write-down of unamortized transaction costs		2,480
Accretion of transaction costs and premiums		1,392
Balance, September 30, 2021	$	1,185,243

On March 8, 2021, Hudbay completed an offering of $600,000 aggregate principle amount of 4.50% senior unsecured notes due April 2026 (the "2026 Notes").

Hudbay used the proceeds of the offering, together with available cash on hand, to satisfy and discharge all of its obligations with respect to its then outstanding $600,000 aggregate principal amount of 7.625% senior unsecured notes due 2025 (the "2025 Notes").

The unamortized transaction costs of $2,480 were expensed upon extinguishment of the 2025 Notes. The early redemption of these notes resulted in a charge of $22,878, which was recorded on the condensed consolidated interim income statements (note 5f).

The early redemption of the 2025 Notes reflected the exercise of a prepayment option previously valued at $49,754. As such, the prepayment option has been expensed in the condensed consolidated interim income statements (note 5f).

On September 23, 2020, Hudbay completed an offering of $600,000 aggregate principal amount of 6.125% senior unsecured notes due April 2029 (the "2029 Notes").

Hudbay used the proceeds of the offering to satisfy and discharge all of its obligations with respect to its then outstanding $400,000 aggregate principal amount of 7.25% senior unsecured notes due 2023 (the "2023 Notes").

In 2020, the unamortized transaction costs of $2,315 were expensed upon extinguishment of the 2023 Notes. The early redemption of these notes resulted in a charge of $7,252, which was recorded on the condensed consolidated interim income statements.

As at September 30, 2021, $1,200,000 aggregate principal amount of senior notes were outstanding in two series: (i) a series of 4.50% senior notes due 2026 in an aggregate principal amount of $600,000 and (ii) a series of 6.125% senior notes due 2029 in an aggregate principal amount of $600,000.

The senior notes are guaranteed on a senior unsecured basis by substantially all of the Company's subsidiaries, other than HudBay (BVI) Inc. and certain excluded subsidiaries, which include the Company's subsidiaries that own an interest in the Rosemont project and any newly formed or acquired subsidiaries that primarily hold or may develop non-producing mineral assets that are in the pre-construction phase of development. Hudbay's revolving credit facilities are secured against substantially all of the Company's assets, other than those associated with the Arizona business unit.

(b) Unamortized transaction costs - revolving credit facilities

Balance, January 1, 2020	$	6,303
Accretion of transaction costs		(3,062	)
Write-down of unamortized transaction costs		(1,502	)
Transaction costs		2,281
Balance, December 31, 2020	$	4,020
Accretion of transaction costs		(2,405	)
Transaction costs		1,016
Balance, September 30, 2021 ¹	$	2,631

¹ Balance, representing deferred transaction costs, is in an asset position.

On August 31, 2020, Hudbay completed a restructuring of its two senior secured credit facilities. The total available credit was reduced from $550,000 to $400,000 and various financial covenants have been amended. The unamortized transaction costs of $1,502 were expensed upon restructuring of the credit facilities.

As at September 30, 2021, the Peru business unit had $11,470 in letters of credit issued under the Peru revolving credit facility to support its reclamation obligations and the Manitoba business unit had $91,271 in letters of credit issued under the Canada revolving credit facility to support its reclamation and pension obligations. As at September 30, 2021, there were no cash advances under the credit facilities.

Surety bonds

The Arizona business unit had $8,591 in surety bonds issued to support future reclamation and closure obligations. No cash collateral is required to be posted under these surety bonds.

Other letters of credit

The Peru business unit had $87,089 in letters of credit issued with various Peruvian financial institutions to support future reclamation and other operating matters. No cash collateral is required to be posted under these letters of credit.

15. Deferred revenue

On August 8, 2012 and November 4, 2013, Hudbay entered into precious metals stream transactions with Wheaton whereby Hudbay has received aggregate deposit payments of $455,100 against delivery of (i) 100% of payable gold and silver from the 777 mine until the end of 2016, and delivery of 50% of payable gold and 100% of payable silver for the remainder of the 777 mine life; and aggregate deposit payments of $429,900 against the delivery of (ii) 100% of payable silver and 50% of payable gold from Peru's production.

In addition to the aggregate deposit payments of $885,000, as gold and silver is delivered under the stream agreements, Hudbay receives cash payments equal to the lesser of (i) the market price and (ii) $400 per ounce (for gold) and $5.90 per ounce (for silver), subject to 1% annual escalation after three years, from the inception of the agreement.

Hudbay recorded the deposits received as deferred revenue and recognizes amounts in revenue as gold and silver are delivered under the stream agreements. Hudbay determines the amortization of deferred revenue to the condensed consolidated interim income statements on a per unit basis using the estimated total number of gold and silver ounces expected to be delivered under the stream agreements over the life of the 777 and Constancia/Pampacancha life-of-mine plans. Hudbay estimates the current portion of deferred revenue based on deliveries anticipated over the next twelve months.

Hudbay has determined that precious metals stream contracts are subject to variable consideration and contain a significant financing component. As such, the Company recognizes a financing charge at each reporting period and will gross up the deferred revenue balance to recognize the significant financing element that is part of these contracts. Hudbay's streaming arrangements are secured against the mining properties and other business unit assets associated with the applicable stream.

777 Stream Agreement

For the three and nine months ended September 30, 2021, the drawdown rates for the 777 stream agreement for gold and silver were CA$1,578 and CA$30.38 per ounce, respectively (year ended December 31, 2020 - CA$1,589 and CA$30.63 per ounce, respectively).

As part of the streaming agreement for the 777 mine, Hudbay must repay, with precious metals credits, the stream deposit by August 1, 2052, the expiry date of the agreement. If the stream deposit is not fully repaid with precious metals credits from 777 production by the expiry date, a payment for the remaining amount will be due at the expiry date of the agreement. Given the remaining mine life is less than 12 months, Hudbay estimates that a portion of the stream deposit will not be repaid by means of precious metals credits from 777 production. As at September 30, 2021, the estimated repayment amount was reclassified to a refund liability (note 12), which will be discounted at the 9.0% rate inherent in the original 777 stream agreement and accreted over the remaining term of the agreement.

Peru Stream Agreement

During the second quarter of 2021, an amendment to the Peru gold stream was signed with Wheaton. The amendment eliminates the requirement to deliver 8,020 ounces of gold to Wheaton for not mining four million tonnes of ore from the Pampacancha deposit by June 30, 2021. In consideration for the elimination of this delivery obligation, Hudbay has agreed to increase the fixed gold recoveries that apply to Constancia ore production from 55% to 70% until December 31, 2025, which matches the fixed recovery rate that applies to Pampacancha production. As such, Hudbay revised its estimate of the remaining number of gold ounces expected to be delivered under the Peru streaming arrangement. Based on the nature of the amendment to the streaming agreement, it was determined that this contract modification should be treated as a termination of the existing contract and creation of a new contract. The accounting for such a modification is fully prospective.

As a result of the contract modification, the transaction price has been redetermined and the discount rate used to compute the significant financing component has been reassessed as of May 1, 2021. Under IFRS 15, the significant financing component is recognized as a financing charge at each reporting period and grosses up the deferred revenue balance to recognize the significant financing element that is inherent in the contract. Discount rates are significantly lower than compared to when the original contract was initiated which has resulted in lower amortized revenues and lower interest accretion expense.

Effective May 1, 2021, the drawdown rate for the Peru stream agreement for gold was $762 per ounce and prior to May 1, 2021 the drawdown rate for gold was $990 per ounce (year ended December 31, 2020 - $976 per ounce). Effective May 1, 2021 the drawdown rate for the Peru stream agreement for silver was $15.64 per ounce and prior to May 1, 2021 the drawdown rate for silver was $21.86 per ounce (year ended December 31, 2020 - $21.52 per ounce).

The following table summarizes changes in deferred revenue:

Balance, January 1, 2020	$	563,756
Amortization of deferred revenue
Liability drawdown		(67,263	)
Variable consideration adjustments - prior periods		(6,668	)
Accretion on streaming arrangements
Current year additions		60,362
Variable consideration adjustments - prior periods		(3,692	)
Effects of changes in foreign exchange		189
Balance, December 31, 2020	$	546,684
Amortization of deferred revenue
Liability drawdown		(54,253	)
Variable consideration adjustments - prior periods		(1,617	)
Accretion on streaming arrangements (note 5f)
Current year-to-date additions		33,765
Variable consideration adjustments - prior periods		594
Reclass of refund liability (note 12)		(5,305	)
Effects of changes in foreign exchange		336
Balance, September 30, 2021	$	520,204

Consideration from the Company's stream agreement is considered variable. Gold and silver stream revenue can be subject to cumulative adjustments when the number of ounces to be delivered under the contract changes. As a result of changes in the Company's mineral reserve and resource estimate in the first quarter of 2021, the amortization rate by which deferred revenue is drawn down into income was adjusted and, as required, a current period catch up adjustment is made for all prior period stream revenues since the stream agreement inception date. This variable consideration adjustment resulted in an increase in revenue of $1,617 and an increase of finance expense of $594 for the nine months ended September 30, 2021.

During the year ended December 31, 2020, the Company recognized an adjustment to gold and silver revenue and finance costs due to a net increase in the Company's mineral reserve and resources estimates coupled with a change to the 777 mine plan. This variable consideration adjustment resulted in an increase in revenue of $6,668 and reversal of finance expense of $3,692 for the year ended December 31, 2020.

Deferred revenue is reflected in the condensed consolidated interim balance sheets as follows:

		Sep. 30, 2021		Dec. 31, 2020
Current	$	77,932	$	102,782
Non-current		442,272		443,902
	$	520,204	$	546,684

16. Environmental and other provisions

Reflected in the condensed consolidated interim balance sheets as follows:

Sep. 30, 2021		Decommissioning, restoration and similar liabilities		Deferred share units		Restricted share units		Performance share units		Other		Total
Current (note 11)	$	18,290	$	6,686	$	3,861	$	-	$	3,532	$	32,369
Non-current		404,924		-		4,201		3,692		3,878		416,695
	$	423,214	$	6,686	$	8,062	$	3,692	$	7,410	$	449,064

Dec. 31, 2020		Decommissioning, restoration and similar liabilities		Deferred share units		Restricted share units		Performance share units		Other		Total
Current (note 11)	$	20,308	$	8,719	$	4,648	$	-	$	-	$	33,675
Non-current		322,824		-		5,801		2,030		1,144		331,799
	$	343,132	$	8,719	$	10,449	$	2,030	$	1,144	$	365,474

The other category mainly consists of restructuring provisions related to the closure of the Flin Flon operations and other miscellaneous obligations primarily in the Arizona business unit.

The following table summarizes changes in decommissioning, restoration and similar liabilities:

Balance, December 31, 2020	$	343,132
Net increase in provisions		129,330
Disbursements		(16,479	)
Effect of change in estimate to inflation rates¹		9,609
Unwinding of discounts (note 5f)		3,123
Effect of change in nominal discount rate		(46,365	)
Effect of foreign exchange		864
Balance, September 30, 2021	$	423,214

¹Represents changes in estimates of inflation rates applied to expected undiscounted cash flows.

DRO are remeasured at each reporting date to reflect changes in discount rates, exchange rates, and timing and extent of cash outflows which can significantly affect the liabilities. The amount of this provision has been recorded based on estimates and assumptions that management believes are reasonable; however, actual decommissioning and restoration costs may differ from expectations.

During the third quarter of 2021, following a comprehensive update to the Flin Flon closure plan, additional provisions were recognized to reflect higher estimates for closure activities in Flin Flon through to the year 2122. The increase in the environmental obligation resulted in a corresponding increase in the Flin Flon PP&E. However, as the closure of Flin Flon is expected to commence within 12 months, an impairment indicator was identified which led to an impairment loss of $147,305 (note 5g).

During the first quarter of 2021, as a result of volatile discount rates and inflation rates, management re-examined the inflation estimate used to calculate the DRO liability. It was concluded that the implied difference between the nominal bond yield and the corresponding maturity real return bond yield provides a more accurate estimate of the effective inflation rate. As such, since the first quarter of 2021, the inflation rate estimate used to calculate DRO has been prospectively revised.

As at September 30, 2021, decommissioning, restoration and similar liabilities have been discounted to their present value at nominal rates ranging from 0.09% to 2.08% per annum (December 31, 2020: 0.12% to 1.65%), using pre-tax risk-free interest rates that reflect the estimated maturity of each specific liability with the latest obligation provided for occurring in the year 2122.

17. Income and mining taxes

(a) Tax recoveries:

The tax expense (recoveries) is applicable as follows:

		Three months ended September 30,						Nine months ended September 30,
		2021			2020			2021			2020
Current:
Income taxes	$	11,182		$	9		$	14,064		$	709
Mining taxes		3,375			2,916			17,048			2,899
Adjustments in respect of prior years		-			-			3			(349	)
		14,557			2,925			31,115			3,259
Deferred:
Income tax expense (recoveries) - origination, revaluation and/or reversal of temporary differences		10,864			(669	)		(8,835	)		(28,580	)
Mining tax (recoveries) expense - origination, revaluation and/or reversal of temporary difference		(2,840	)		(2,245	)		1,984			(3,075	)
Adjustments in respect of prior years		-			-			7,039			386
		8,024			(2,914	)		188			(31,269	)
	$	22,581		$	11		$	31,303		$	(28,010	)

Adjustments in respect of prior years refers to amounts changing due to the filing of tax returns and assessments from government authorities as well as any change identified that would result in a difference to our current or deferred tax balances as reported in the prior fiscal year end.

(b) Deferred tax assets and liabilities as represented on the condensed consolidated interim balance sheets:

		Sep. 30, 2021			Dec. 31, 2020
Deferred income tax asset	$	115,006		$	94,070
Deferred mining tax asset		2,195			7,829
		117,201			101,899

Deferred income tax liability		(235,330	)		(220,568	)
Deferred mining tax liability		(12,087	)		(8,865	)
		(247,417	)		(229,433	)
Net deferred tax liability balance, end of period	$	(130,216	)	$	(127,534	)

(c) Changes in deferred tax assets and liabilities:

		Nine months ended Sep. 30, 2021			Year ended Dec. 31, 2020
Net deferred tax liability balance, beginning of year	$	(127,534	)	$	(167,882	)
Deferred tax (expense) recovery		(188	)		43,236
OCI transactions		(3,010	)		(759	)
Foreign currency translation on the deferred tax liability		516			(2,129	)
Net deferred tax liability balance, end of period	$	(130,216	)	$	(127,534	)

18. Share capital

(a) Preference shares:

Authorized: Unlimited preference shares without par value.

Issued and fully paid: Nil.

(b) Common shares:

Authorized: Unlimited common shares without par value.

Issued and fully paid:

	Nine months ended September 30, 2021			Year ended Dec. 31, 2020
	Common shares		Amount	Common shares		Amount
Balance, beginning of year	261,272,151	$	1,777,340	261,272,151	$	1,777,340
Exercise of options	248,549		1,154	-		-
Balance, end of period	261,520,700	$	1,778,494	261,272,151	$	1,777,340

During the nine months ended September 30, 2021, the Company declared two semi-annual dividends of C$0.01 per share each. The Company paid $2,090 and $2,056 in dividends on March 26, 2021 and September 24, 2021 to shareholders of record as of March 9, 2021 and September 3, 2021.

During the nine months ended September 30, 2020, the Company paid $1,804 and $1,979 in dividends on March 27, 2020 and September 25, 2020 to shareholders of record as of March 10, 2020 and September 4, 2020.

(c) Equity-settled share-based compensation - stock options:

The Company's stock option plan was approved in June 2005 and amended in May 2008 (the "Plan"). Under the amended Plan, the Company may grant to employees, officers, directors or consultants of the Company or its affiliates options to purchase up to a maximum of 13 million common shares of Hudbay. The Company has determined that the appropriate accounting treatment is to classify the stock options as equity settled transactions.

The following is a continuity of the changes in the number of stock options outstanding:

	Number of shares subject to option			Weighted- average exercise price C$
Balance, January 1, 2020	-
Number of units granted during the year	1,581,385		$	3.77
Forfeited	(18,196	)	$	3.76
Balance, December 31, 2020	1,563,189		$	3.77
Number of units granted during the period	509,385		$	10.42
Exercised	(248,549	)	$	3.76
Forfeited	(45,593	)	$	5.63
Balance, September 30, 2021	1,778,432		$	5.63

The following table presents the weighted average fair value assumptions used in the Black-Scholes valuation of these options:

For options granted during the nine months ended		Sep. 30, 2021
Weighted average share price at grant date (CAD)	$	10.42
Risk-free rate		1.015%
Expected dividend yield		0.2%
Expected stock price volatility (based on historical volatility)		60.5%
Expected life of option since grant date (months)		84
Weighted average per share fair value of stock options granted (CAD)	$	6.06

Stock options outstanding and exercisable as at September 30, 2021:

Range of exercise prices C$

Number of
options
outstanding

Weighted average
remaining
contractual life
(years)

Weighted
average exercise
price C$

Number of
options
exercisable

$3.76 - $3.84

1,155,798

5.4

3.76

228,201

$3.85 - $7.17

126,076

5.4

3.92

42,024

$7.18 - $10.42

496,558

6.4

10.42

Hudbay estimates expected life of options and expected volatility based on historical data, which may differ from actual outcomes.

19. Earnings per share

Three months ended
September 30,

Nine months ended
September 30,

2021

2020

2021

2020

Basic and diluted weighted average common shares outstanding

261,517,461

261,272,151

261,430,996

261,272,151

The determination of the diluted weighted-average number of common shares excludes the impact of 496,558 weighted-average stock options outstanding that were anti-dilutive for the three and nine months ended September 30, 2021 (three and nine months ended September 30, 2020 - 1,574,357 and 1,506,625).

For periods where Hudbay records a loss, Hudbay calculates diluted loss per share using the basic weighted average number of shares. If the diluted weighted average number of shares were used, the result would be a reduction in the loss, which would be anti-dilutive. For the three and nine months ended September 30, 2021, and Hudbay calculated diluted loss per share using 261,517,461 and 261,430,996, respectively (three and nine months ended September 30, 2020 - 261,272,151 common shares).

20. Financial instruments

(a) Fair value and carrying value of financial instruments:

The following presents the fair value ("FV") and carrying value ("CV") of Hudbay's financial instruments and non-financial derivatives:

		Sep. 30, 2021						Dec. 31, 2020
		FV			CV			FV			CV
Financial assets at amortized cost
Cash¹	$	297,451		$	297,451		$	439,135		$	439,135
Restricted cash¹		337			337			337			337
Fair value through profit or loss
Trade and other receivables ^1, ^{2, 3}		103,306			103,306			114,381			114,381
Non-hedge derivative assets ⁴		19,054			19,054			2,736			2,736
Investments ⁵		10,964			10,964			15,669			15,669
Total financial assets		431,112			431,112			572,258			572,258
Financial liabilities at amortized cost
Trade and other payables^1, ²		166,798			166,798			209,413			209,413
Deferred Rosemont acquisition consideration ⁸		27,121			27,121			25,961			25,961
Other financial liabilities ⁶		32,872			36,062			41,912			40,787
Wheaton refund liability¹⁰		5,305			5,305			-			-
Senior unsecured notes ⁷		1,226,562			1,185,243			1,277,124			1,139,695
Fair value through profit or loss
Gold prepayment liability ⁹		133,056			133,056			137,031			137,031
Non-hedge derivative liabilities ⁴		6,422			6,422			15,312			15,312
Total financial liabilities		1,598,136			1,560,007			1,706,753			1,568,199
Net financial liability	$	(1,167,024	)	$	(1,128,895	)	$	(1,134,495	)	$	(995,941	)

¹Cash, restricted cash, trade and other receivables and trade and other payables are recorded at carrying value, which approximates fair value due to their short-term nature and generally negligible credit losses.

²Excludes tax and other statutory amounts.

³ Trade and other receivables contain receivables including provisionally priced receivables classified as FVTPL and various other items at amortized cost. The fair value of provisionally priced receivables is determined using forward metals prices which is a level 2 valuation method.

⁴Derivatives are carried at their fair value, which is determined based on internal valuation models that reflect observable forward market commodity prices, currency exchange rates, and discount factors based on market US dollar interest rates adjusted for credit risk.

⁵All investments are carried at their fair value, which is determined using quoted market bid prices in active markets for listed shares.

⁶These financial liabilities relate to agreements with communities near the Constancia project in Peru (note 12). Fair values have been determined using a discounted cash flow analysis based on expected cash flows and a credit adjusted discount rate.

⁷Fair value of the senior unsecured notes (note 14) has been determined using the quoted market price at the period end. Fair value incorporates the fair value of the prepayment option embedded derivative. The carrying value of this embedded derivative is at FVTPL (2021: nil; 2020: $49,754) and has been determined using a binomial tree/lattice approach based on the Hull-White single factor interest rate term structure model.

⁸Discounted value based on a risk adjusted discount rate.

⁹The gold prepayment liability (note 12) is designated as fair value through profit or loss under the fair value option. Gains and losses related to the Company's own credit risk have been recorded at fair value through other comprehensive income. The fair value adjustment recorded in other comprehensive income for the nine months ended September 30, 2021 was a loss of $2,311 (year ended December 31, 2020 was a loss of $1,885).
¹⁰ Discounted value based on a market rate consistent with the applicable Wheaton contract (note 12).

Fair value hierarchy

The table below provides an analysis by valuation method of financial instruments that are measured at fair value subsequent to recognition. Levels 1 to 3 are defined based on the degree to which fair value inputs are observable and have a significant effect on the recorded fair value, as follows:

- Level 1: Quoted prices in active markets for identical assets or liabilities;

- Level 2: Valuation techniques use significant observable inputs, either directly or indirectly, or

valuations are based on quoted prices for similar instruments; and,

- Level 3: Valuation techniques use significant inputs that are not based on observable market data.

September 30, 2021

Level 1

Level 2

Level 3

Total

Financial assets measured at fair value

Financial assets at FVTPL:

Non-hedge derivatives

19,054

Investments

10,964

19,054

30,018

Financial liabilities measured at fair value

Financial liabilities at FVTPL:

Non-hedge derivatives

6,422

Gold prepayment liability

133,056

Financial liabilities at amortized cost:

Other financial liabilities

32,872

Wheaton refund liability

5,305

Senior unsecured notes

1,226,562

139,478

38,177

1,404,217

December 31, 2020		Level 1		Level 2		Level 3		Total
Financial assets measured at fair value
Financial assets at FVTPL:
Non-hedge derivatives	$	-	$	2,736	$	-	$	2,736
Investments		15,669		-		-		15,669
	$	15,669	$	2,736	$	-	$	18,405
Financial liabilities measured at fair value
Financial liabilities at FVTPL:
Non-hedge derivatives	$	-	$	15,312	$	-	$	15,312
Gold prepayment liability		-		137,031		-		137,031
Financial liabilities at amortized cost:
Other financial liabilities		-		-		41,912		41,912
Senior unsecured notes		1,277,124		-		-		1,277,124
	$	1,277,124	$	152,343	$	41,912	$	1,471,379

The Company's policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. During the nine months ended September 30, 2021 and year ended December 31, 2020, Hudbay did not make any such transfers.

(b) Derivatives and hedging:

Copper fixed for floating swaps

Hudbay enters into copper fixed for floating swaps in order to manage the risk associated with provisional pricing terms in copper concentrate sales agreements. As at September 30, 2021, Hudbay had 59.1 million pounds of net copper swaps outstanding at an effective average price of $4.26/lb and settling across October 2021 to January 2022. As at December 31, 2020, Hudbay had 43.4 million pounds of net copper swaps outstanding at an effective average price of $3.22/lb and settling across January to April 2021. The aggregate fair value of the transactions at September 30, 2021 was an asset of $12,436 (December 31, 2020 - a liability position of $13,198).

Transactions involving derivatives are with large multi-national financial institutions that Hudbay believes to be credit worthy.

Non-hedge derivative zinc contracts

Hudbay enters into future dated fixed price sales contracts with zinc customers and, to ensure that the Company continues to receive a floating or unhedged realized zinc price, Hudbay enters into forward zinc purchase contracts that effectively offset the fixed price sales contracts. At September 30, 2021, Hudbay held contracts for forward zinc purchased of 1.2 million pounds (December 31, 2020 - 3.5 million pounds) that related to forward customer sales of zinc. Prices range from $1.09/lb to $1.38/lb (December 31, 2020 - $0.87/lb to $1.30/lb) and settlement dates extend to December 2021. The aggregate fair value of the transactions at September 30, 2021 was a net asset position of $196 (December 31, 2020 - a net asset position of $622).

(c) Provisionally priced receivables

Changes in fair value of provisionally priced receivables

Hudbay records changes in fair value of provisionally priced receivables related to provisional pricing in concentrate purchase, concentrate sale and certain other sale contracts. Under the terms of these contracts, prices are subject to final adjustment at the end of a future period after title transfers based on quoted market prices during the quotation period specified in the contract. The period between provisional pricing and final pricing is typically up to three months.

Changes in fair value of provisionally priced receivables are presented in trade and other receivables when they relate to sales contracts and in trade and other payables when they relate to purchase contracts. At each reporting date, provisionally priced metals are marked-to-market based on the forward market price for the quotation period stipulated in the contract, with changes in fair value recognized in revenue for sales contracts and in inventory or cost of sales for purchase concentrate contracts. Cash flows related to changes in fair value of provisionally priced receivables are classified in operating activities.

As at September 30, 2021 and December 31, 2020, Hudbay's net position consisted of contracts awaiting final pricing which are as indicated below:

Metal in
concentrate

Sales awaiting final pricing

Average YTD price ($/unit)

Unit

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

pounds

Copper

(in thousands)

61,211

47,901

4.06

3.52

Gold

24,980

18,106

1,756

1,894

Silver

98,212

123,380

22.03

26.35

The aggregate changes in fair value of provisionally priced receivables within the copper and zinc concentrate sales contracts at September 30, 2021, was an asset position of $15,812 (December 31, 2020 - an asset position of $21,295).

(d) Embedded derivatives

Prepayment option embedded derivative

The senior unsecured notes (note 14) may contain prepayment options, which represent embedded derivatives that may require bifurcation from the host contract. When bifurcation is required, the embedded derivatives are measured at fair value, with changes in the fair value being recognized as change in fair value of financial instruments on the income statement (note 5f). Neither the 2026 Notes nor the 2029 Notes contain embedded derivatives that require bifurcation from the host contract. The fair value of the embedded derivative at September 30, 2021 was nil (December 31, 2020 - $49,754).

(e) Other financial liabilities

Gold prepayment liability

The gold prepayment liability (note 12) requires settlement by physical delivery of gold ounces or equivalent gold credits. The fair value of the financial liability at September 30, 2021 was a liability of $133,056 (December 31, 2020 - $137,031).

21. Commitments and contingencies

Capital commitments

As at September 30, 2021, Hudbay had outstanding capital commitments in Canada of approximately $50,498 of which $41,031 can be terminated, approximately $41,583 in Peru, all of which can be terminated, and approximately $181,038 in Arizona, primarily related to the Rosemont project, of which approximately $88,932 can be terminated by Hudbay.

22. Supplementary cash flow information

(a) Other cash generated from/ (used in) operating activities

		Three months ended September 30,						Nine months ended September 30,
		2021			2020			2021			2020
Loss (gain) on disposal of property, plant & equipment (note 5e)	$	5,082		$	(65	)	$	4,785		$	2,792
Closure cost adjustment - non-producing properties (note 5e)		134			1,936			(4,890	)		2,980
Share based compensation paid		(20	)		-			(6,646	)		(2,981	)
Pampacancha delivery obligation paid		-			(2,960	)		-			(7,887	)
Restructuring - Manitoba (note 5e)		3,639			-			3,639			-
Other		(477	)		2,225			(199	)		3,553
	$	8,358		$	1,136		$	(3,311	)	$	(1,543	)

(b) Change in non-cash working capital:

		Three months ended September 30,						Nine months ended September 30,
		2021			2020			2021			2020
Change in:
Trade and other receivables	$	37,412		$	(22,251	)	$	14,798		$	(27,986	)
Other financial assets/liabilities		(5,791	)		(2,508	)		(25,210	)		(3,661	)
Inventories		5,335			8,320			(8,927	)		521
Prepaid expenses		2,697			(40	)		9,004			2,322
Trade and other payables		(8,918	)		11,510			(31,685	)		(10,817	)
Provisions and other liabilities		5,554			(1,479	)		3,042			2,219
	$	36,289		$	(6,448	)	$	(38,978	)	$	(37,402	)

(c) Non-cash transactions:

During the nine months ended September 30, 2021 and 2020, Hudbay entered into the following non-cash investing and financing activities which are not reflected in the condensed consolidated interim statements of cash flows:

- Remeasurement of Hudbay's decommissioning and restoration liabilities for the nine months ended September 30, 2021 led to a net decrease in related property, plant and equipment assets of $48,902 (nine months ended September 30, 2020 - a net increase of $50,807) mostly related to changes in discount rates associated with remeasurement of the liabilities.

- Property, plant and equipment included $32,528 (nine months ended September 30, 2020 - $17,420) of capital additions related to the recognition of ROU assets and $22,192 of capital additions related to agreements with communities (nine months ended September 30, 2020 - $110,541).

23. Segmented information

Corporate and other activities include the Company's exploration activities in Chile, Canada and the State of Nevada. These exploration entities are not individually significant, as they do not meet the minimum quantitative thresholds for standalone segment disclosure. Corporate and other activities are not considered a segment and are included as a reconciliation to total consolidated results.

Three months ended September 30, 2021

Manitoba

Peru

Arizona

Corporate
and other
activities

Total

Revenue from external customers

166,523

192,438

358,961

Cost of sales

Mine operating costs

122,227

88,837

211,064

Depreciation and amortization

38,825

47,185

86,010

Impairment - environmental obligation

147,305

Gross (loss) profit

(141,834

)

56,416

(85,418

)

Selling and administrative expenses

9,298

Exploration and evaluation

1,075

1,438

4,375

6,932

Other expenses

9,034

1,302

5,158

478

15,972

Results from operating activities

(151,943

)

53,676

(9,533

)

(9,820

)

(117,620

)

Net interest expense on long term debt

19,300

Accretion on streaming arrangements

8,295

Change in fair value of financial instruments

162

Other net finance costs

2,453

Loss before tax

(147,830

)

Tax expense

22,581

Loss for the period

(170,411

)

Three months ended September 30, 2020
		Manitoba		Peru		Arizona			Corporate and other activities			Total
Revenue from external customers	$	164,719	$	151,389	$	-		$	-		$	316,108
Cost of sales
Mine operating costs		90,460		90,372		-			-			180,832
Depreciation and amortization		42,977		53,021		-			-			95,998
Gross profit		31,282		7,996		-			-			39,278
Selling and administrative expenses		-		-		-			10,902			10,902
Exploration and evaluation		719		1,984		-			47			2,750
Other expenses		2,060		1,377		1,104			257			4,798
Results from operating activities	$	28,503	$	4,635	$	(1,104	)	$	(11,206	)	$	20,828
Net interest expense on long term debt												21,738
Accretion on streaming arrangements												10,785
Change in fair value of financial instruments												(2,750	)
Other net finance costs												14,999
Loss before tax												(23,944	)
Tax expense												11
Loss for the period											$	(23,955	)

Nine Months Ended September 30, 2021

Manitoba

Peru

Arizona

Corporate
and other
activities

Total

Revenue from external customers

541,791

535,037

1,076,828

Cost of sales

Mine operating costs

346,305

265,946

612,251

Depreciation and amortization

127,667

140,330

267,997

Impairment - environmental obligation

147,305

Gross (loss) profit

(79,486

)

128,761

49,275

Selling and administrative expenses

29,295

Exploration and evaluation

4,460

5,459

16,647

(10

)

26,556

Other expenses

4,486

3,659

4,932

577

13,654

Results from operating activities

(88,432

)

119,643

(21,579

)

(29,862

)

(20,230

)

Net interest expense on long term debt

57,837

Accretion on streaming arrangements

34,359

Change in fair value of financial instruments

47,735

Other net finance costs

42,441

Loss before tax

(202,602

)

Tax expense

31,303

Loss for the period

(233,905

)

Nine Months Ended September 30, 2020
		Manitoba		Peru			Arizona			Corporate and other activities			Total
Revenue from external customers	$	443,832	$	326,296		$	-		$	-		$	770,128
Cost of sales
Mine operating costs		283,541		218,710			-			-			502,251
Depreciation and amortization		129,830		133,414			-			-			263,244
Gross profit (loss)		30,461		(25,828	)		-			-			4,633
Selling and administrative expenses		-		-			-			26,718			26,718
Exploration and evaluation		5,713		4,700			-			302			10,715
Other expenses		4,735		4,356			1,262			1,213			11,566
Results from operating activities	$	20,013	$	(34,884	)	$	(1,262	)	$	(28,233	)	$	(44,366	)
Net interest expense on long term debt													61,102
Accretion on streaming arrangements													42,816
Change in fair value of financial instruments													8,150
Other net finance costs													23,566
Loss before tax													(180,000	)
Tax recovery													(28,010	)
Loss for the period												$	(151,990	)

September 30, 2021

Manitoba

Peru

Arizona

Corporate
and other
activities

Total

Total assets

766,495

2,572,622

740,577

424,967

4,504,661

Total liabilities

610,649

970,291

76,825

1,356,716

3,014,481

Property, plant and equipment¹

702,027

2,255,015

724,642

42,434

3,724,118

¹ Included in Corporate and other activities are $27.6 million of property, plant and equipment that is located in Nevada.

December 31, 2020
		Manitoba		Peru		Arizona		Corporate and other activities		Total
Total assets	$	801,691	$	2,535,939	$	718,982	$	610,033	$	4,666,645
Total liabilities		562,013		976,756		76,926		1,354,144		2,966,839
Property, plant and equipment¹		699,884		2,290,097		709,939		31,735		3,731,655

¹ Included in Corporate and other activities are $27.5 million of property, plant and equipment that is located in Nevada.

24. Events after the reporting period

Amendments to Credit Facilities

On October 26, 2021, the Company amended and restated its senior secured revolving credit facilities to increase the total amount of available borrowings to $450 million, eliminate certain financial covenants and amend others to increase its financial flexibility, reduce the effective interest rate and extend the maturity to October 26, 2025. The remaining financial covenants include maintaining a net debt to EBITDA ratio of less than 4.00:1, a senior secured debt to EBITDA of less than 3.00:1 and an interest coverage ratio of greater than 3.00:1. The two facilities have substantially similar terms and conditions and continue to be secured by all Hudbay assets except for those assets related to the Arizona business unit.

EX-99.2 3 exhibit99-2.htm EXHIBIT 99.2 Hudbay Minerals Inc.: Exhibit 99.2 - Filed by newsfilecorp.com

Management's Discussion and Analysis of

Results of Operations and Financial Condition

For the three and nine months ended

September 30, 2021

November 3, 2021

TABLE OF CONTENTS	Page
Introduction	1
Our Business	1
Summary	2
Key Financial Results	5
Key Production Results	6
Key Costs Results	7
Recent Developments	7
Peru Operations Review	11
Manitoba Operations Review	15
Financial Review	24
Liquidity and Capital Resources	34
Trend Analysis and Quarterly Review	39
Non-IFRS Financial Performance Measures	40
Accounting Changes and Critical Estimates	55
Changes in Internal Control over Financial Reporting	56
Notes to Reader	56
Summary of Results	59

INTRODUCTION

This Management's Discussion and Analysis ("MD&A") dated November 3, 2021 is intended to supplement Hudbay Minerals Inc.'s unaudited condensed consolidated interim financial statements and related notes for the three and nine months ended September 30, 2021 and 2020 (the "consolidated interim financial statements"). The consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"), including International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB").

References to "Hudbay", the "Company", "we", "us", "our" or similar terms refer to Hudbay Minerals Inc. and its direct and indirect subsidiaries as at September 30, 2021.

Readers should be aware that:

- This MD&A contains certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information") that are subject to risk factors set out in a cautionary note contained in our MD&A.

- This MD&A includes an updated discussion of the risks associated with the COVID-19 pandemic and its effect on our operations, financial condition, projects and prospects, and supplements the discussion of these risks in our most recent Annual Information Form ("AIF").

- This MD&A has been prepared in accordance with the requirements of the securities laws in effect in Canada, which may differ materially from the requirements of United States securities laws applicable to US issuers.

- We use a number of non-IFRS financial performance measures in our MD&A.

- The technical and scientific information in this MD&A has been approved by qualified persons based on a variety of assumptions and estimates.

For a discussion of each of the above matters, readers are urged to review the "Notes to Reader" discussion beginning on page 56 of this MD&A and to carefully review the risks associated with the COVID-19 pandemic that are discussed throughout this MD&A.

Additional information regarding Hudbay, including the risks related to our business and those that are reasonably likely to affect our financial statements in the future, is contained in our continuous disclosure materials, including our most recent AIF, consolidated interim financial statements and Management Information Circular available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

All amounts are in US dollars unless otherwise noted.

OUR BUSINESS

We are a diversified mining company primarily producing copper concentrate (containing copper, gold, and silver), molybdenum concentrate, zinc metal, and silver/gold doré. Directly and through our subsidiaries, we own three polymetallic mines, four ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco (Peru), and copper projects in Arizona and Nevada (United States). Our growth strategy is focused on the exploration, development, operation, and optimization of properties we already control, as well as other mineral assets we may acquire that fit our strategic criteria. Our vision is to be a responsible, top-tier operator of long-life, low-cost mines in the Americas. We are governed by the Canada Business Corporations Act and our shares are listed under the symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima.

SUMMARY

Third Quarter Operating and Financial Results

- Generated $359.0 million in revenue, $103.5 million of operating cash flow before change in non-cash working capital and $119.3 million of adjusted EBITDA¹ in the third quarter of 2021 from higher realized base metals prices and higher gold sales volumes, partially offset by lower base metals sales volumes.

- Consolidated copper production in the third quarter was 23,245 tonnes; quarterly consolidated gold production increased by 35% to 53,872 ounces in the third quarter, compared to the second quarter in 2021, a record for Hudbay.

- Consolidated cash cost and sustaining cash cost per pound of copper produced, net of by-product credits¹, were $0.62 and $1.97, respectively, an improvement of 26% and 12% compared to the second quarter of 2021.

- Third quarter Peru production was boosted by significantly higher gold grades from Pampacancha and record gold recoveries, leading to record quarterly gold revenue. Pampacancha production continues to ramp-up, achieving a 109% increase in ore production quarter over quarter.

- Third quarter Manitoba production benefited from higher throughput and higher gold grades at Lalor but was negatively impacted by lower zinc grades and zinc recoveries, limiting overall zinc concentrate feed to the zinc plant. Manitoba results included initial gold production from New Britannia's gold circuit.

- On track to meet annual production guidance for copper, gold, zinc and silver in concentrate and doré, consolidated sustaining capital expenditures, and Manitoba unit operating cost in 2021. After adjusting for unbudgeted COVID-related costs in Peru, full year unit operating costs for Peru are expected to be around the top end of the 2021 guidance range.

- Third quarter net loss and loss per share were $170.4 million and $0.65, respectively. After normalizing for an impairment charge related to higher estimated closure costs associated with our updated Flin Flon closure plan and Flin Flon restructuring charges, amongst other items, third quarter adjusted net earnings¹ per share were $0.15.

- Cash and cash equivalents increased during the third quarter to $297.5 million as at September 30, 2021, mainly as a result of $139.8 million of cash generated from operations, partially offset by $89.1 million of capital investments primarily for the construction of the New Britannia project and sustaining capital expenditures, and $33.6 million of interest paid on our senior unsecured notes.

Executing on Growth Initiatives

- New Britannia has achieved project completion as construction activities at the new copper flotation facility concluded in October. Refurbishment and commissioning activities at the gold mill were completed in July 2021, and the mill achieved first gold production on August 11, 2021. Commissioning of the copper circuit was completed and first production of concentrate was achieved in October, ahead of the original schedule, while ramp-up activities at the flotation plant continue. Annual gold production from Lalor and the Snow Lake operations is on track to increase to over 180,000 ounces at an average cash cost and sustaining cash cost, net of by-product credits, of $412 and $788 per ounce of gold, respectively, during the first six full years of operation starting in 2022.

- Mining activities at the Pampacancha satellite pit continue to advance as planned with grades and tonnes reconciling well against the mine plan, achieving the expected increase in gold grades in 2021 and on track for achieving higher copper grades in 2022, in line with recent Company guidance.

- Recent Copper World drilling has identified three new deposits for a total of seven distinct deposits with a combined strike length of over seven kilometres. The Company remains on track to complete an initial inferred resource estimate before the end of the year and a preliminary economic assessment in the first half of 2022.

- Scoping study planned for 2022 to examine the opportunity to reprocess tailings in Flin Flon after the closure of the 777 mine, which could further increase metal production, defer closure costs and reduce the environmental footprint of the tailings facility.

- Amended and restated our senior secured revolving credit facilities to increase available borrowings to $450 million and enhance our financial flexibility, while extending the maturity to 2025.

Summary of Third Quarter Results

Cash generated from operating activities in the third quarter of 2021 increased to $139.8 million compared to $77.9 million in the same quarter of 2020. Operating cash flow before change in non-cash working capital was $103.5 million during the third quarter of 2021, reflecting an increase of $19.1 million compared to the same period of 2020. The increase in operating cash flow is primarily the result of higher realized base metal prices and higher gold sales volumes, partially offset by lower base metals sales volumes.

Consolidated copper production in the third quarter of 2021 decreased by 8% compared to the same period in 2020 primarily as a result of lower throughput and copper grades in Peru, partially offset by higher throughput, grades and recoveries in Manitoba. Consolidated gold production in the third quarter of 2021 increased by 84% compared to the third quarter of 2020, due to significantly higher gold grades from Pampacancha and record gold recoveries in Peru, along with significantly higher gold grades at Lalor. Consolidated zinc production in the quarter decreased by 32%, versus the comparative quarter in 2020, primarily as a result of changes in grades and recoveries. Consolidated silver production in the third quarter increased by 14% compared to the same period in 2020, as a result of higher grades in Peru. Hudbay achieved record molybdenum recoveries in the third quarter which contributed to record quarterly molybdenum revenues.

Net loss and loss per share in the third quarter of 2021 were $170.4 million and $0.65, respectively, compared to a net loss and loss per share of $24.0 million and $0.09, respectively, in the third quarter of 2020. Third quarter results were negatively impacted by an updated closure plan reflecting higher estimates for closure activities in Flin Flon, primarily related to water treatment costs. The higher closure cost estimate has resulted in an increase to our environmental obligation and a corresponding increase to Flin Flon's property plant and equipment ("PP&E"). However, as the closure of Flin Flon is expected to commence within 12 months, an impairment charge was made to PP&E resulting in a loss of $147.3 million. The quarterly financial results were also negatively impacted by Flin Flon restructuring charges comprising an inventory supplies write down of $5.4 million and a severance accrual of $3.6 million for unionized employees, as well as an increase in past service pension cost provision of $4.2 million related to pensions for Manitoba unionized employees.

Adjusted net earnings¹and adjusted net earnings per share¹ in the third quarter of 2021 were $38.2 million and $0.15 per share after normalizing for an impairment charge related to the updated Flin Flon closure plan and the Flin Flon restructuring charges, among other items. This compares to an adjusted net loss and adjusted net loss per share of $25.4 million, and $0.10 per share in the same period of 2020. Third quarter adjusted EBITDA¹was $119.3 million, compared to $96.1 million in the same period of 2020.

As at September 30, 2021, our liquidity includes $297.5 million in cash and cash equivalents as well as undrawn availability of $297.3 million under our revolving credit facilities. The Company's liquidity position was further enhanced in October through the successful renegotiation of the credit facilities to increase available borrowings to $450 million, while extending the maturity to 2025.

¹Adjusted net loss and adjusted net loss per share, adjusted EBITDA, cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, and net debt are non-IFRS financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

KEY FINANCIAL RESULTS

Financial Condition		Sep. 30, 2021		Dec. 31, 2020
(in $ thousands)
Cash and cash equivalents	$	297,451	$	439,135
Total long-term debt		1,182,612		1,135,675
Net debt¹		885,161		696,540
Working capital		159,917		306,888
Total assets		4,504,661		4,666,645
Equity		1,490,180		1,699,806

¹Net debt is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

Financial Performance		Three months ended						Nine months ended
(in $ thousands, except per share amounts)		Sep. 30, 2021			Sep. 30, 2020			Sep. 30, 2021			Sep. 30, 2020
Revenue	$	358,961		$	316,108		$	1,076,828		$	770,128
Cost of sales		444,379			276,830			1,027,553			765,495
Loss before tax		(147,830	)		(23,944	)		(202,602	)		(180,000	)
Net loss		(170,411	)		(23,955	)		(233,905	)		(151,990	)
Basic and diluted loss per share		(0.65	)		(0.09	)		(0.89	)		(0.58	)
Adjusted earnings (loss) per share¹		0.15			(0.10	)		0.11			(0.40	)
Operating cash flow before change in non-cash working capital²		103.5			84.4			326.9			155.8
Adjusted EBITDA^1,2		119.3			96.1			366.6			200.1

¹ Adjusted loss per share and adjusted EBITDA are non-IFRS financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

² In millions.

In the third quarter of 2021, consolidated cash cost per pound of copper produced, net of by-product credits¹, was $0.62, compared to $0.65 in the same period in 2020. This decrease was a result of higher gold and molybdenum byproduct credits partially offset by higher operating costs in Peru and Manitoba and lower copper production.

Sustaining cash cost per pound of copper produced, net of by-product credits¹, decreased to $1.97 in the third quarter of 2021, from $2.02 in the same period in 2020, primarily due to the same reasons affecting cash cost as well as lower sustaining capital expenditures. All-in sustaining cash cost per pound of copper produced, net of by-product credits¹, in the third quarter of 2021 was $2.18, which decreased from $2.25 in the same period last year primarily due to the same reasons.

We expect our consolidated cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, to be within the guidance ranges for 2021.

¹Cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

KEY PRODUCTION RESULTS

		Three months ended			Three months ended
		Sep. 30, 2021			Sep. 30, 2020
		Peru	Manitoba	Total	Peru	Manitoba	Total
Contained metal in concentrate produced ¹
Copper	tonnes	18,072	5,173	23,245	20,803	4,592	25,395
Gold	oz	17,531	36,341	53,872	3,333	25,944	29,277
Silver	oz	521,036	242,131	763,167	430,208	241,477	671,685
Zinc	tonnes	-	20,844	20,844	-	30,570	30,570
Molybdenum	tonnes	282	-	282	392	-	392
Precious metal in doré produced
Gold	oz	-	404	404	-	-	-
Silver	oz	-	10	10	-	-	-
Payable metal sold
Copper	tonnes	16,065	5,071	21,136	21,654	4,249	25,903
Gold²	oz	16,902	30,941	47,843	3,753	26,852	30,605
Silver²	oz	457,263	244,338	701,601	433,595	271,900	705,495
Zinc³	tonnes	-	21,619	21,619	-	26,520	26,520
Molybdenum	tonnes	304	-	304	313	-	313

¹Metal reported in concentrate is prior to deductions associated with smelter contract terms.

² Includes total payable gold and silver in concentrate and in doré sold.

³ Includes refined zinc metal sold and payable zinc in concentrate sold.

		Nine months ended			Nine months ended
		Sep. 30, 2021			Sep. 30, 2020
		Peru	Manitoba	Total	Peru	Manitoba	Total
Contained metal in concentrate produced ¹
Copper	tonnes	54,957	16,315	71,272	51,596	16,459	68,055
Gold	oz	32,389	96,831	129,220	8,705	83,540	92,245
Silver	oz	1,394,809	750,949	2,145,758	1,145,197	874,997	2,020,194
Zinc	tonnes	-	70,322	70,322	-	92,287	92,287
Molybdenum	tonnes	871	-	871	870	-	870
Precious metal in doré produced
Gold	oz	-	404	404	-	-	-
Silver	oz	-	10	10	-	-	-
Payable metal sold
Copper	tonnes	50,847	16,394	67,241	49,924	16,002	65,926
Gold	oz	25,503	85,928	111,431	7,689	80,081	87,770
Silver	oz	1,109,939	678,929	1,788,868	1,037,705	785,497	1,823,202
Zinc ²	tonnes	-	75,323	75,323	-	80,916	80,916
Molybdenum	tonnes	853	-	853	864	-	864

¹Metal reported in concentrate is prior to deductions associated with smelter contract terms.
² Includes refined zinc metal sold and payable zinc in concentrate sold.

KEY COST RESULTS

		Three months ended		Nine months ended		Guidance
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Annual 2021
Consolidated cash cost per pound of copper produced¹
Cash cost ¹	$/lb	0.62	0.65	0.84	0.67	0.65 - 0.80
Peru	$/lb	1.26	1.54	1.65	1.45
Manitoba	$/lb	(1.64)	(3.41)	(1.90)	(1.75)
Sustaining cash cost ¹	$/lb	1.97	2.02	2.12	1.92	2.05 - 2.30
Peru	$/lb	2.31	2.29	2.46	2.05
Manitoba	$/lb	0.75	0.83	0.99	1.51
All-in sustaining cash cost¹	$/lb	2.18	2.25	2.33	2.13
Combined mine/mill unit operating cost per tonne of copper processed^1,2
Peru ³	$/tonne	11.62	9.85	11.75	9.16	8.90 - 10.90
Manitoba	C$/tonne	147	126	149	129	145 - 155
Zinc Plant unit operating cost per tonne of zinc processed^1,4
Unit operating costs	C$/lb	0.55	0.48	0.53	0.47	0.50 - 0.55

¹Cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits and unit operating cost are non-IFRS financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

²Reflects combined mine, mill and G&A costs per tonne of milled ore. Peru costs reflect the deduction of expected capitalized stripping costs.

³ Includes approximately $4.8 million, or $0.69 per tonne, of COVID-related costs during the three months ended September 30, 2021 and $15.7 million, or $0.76 per tonne during the nine months ended September 30, 2021.

⁴ Zinc plant unit operating costs include G&A costs per pound of zinc processed.

RECENT DEVELOPMENTS

COVID-19 Business Update

On a population adjusted basis, we continue to see a steady decline in the number of new cases of COVID-19 in the regions in which we operate. Despite these encouraging declines, we are maintaining stringent COVID-19 measures and controls to ensure the safety of our workforce, partners and communities. As such, we continue to experience an ongoing financial and, to a lesser extent, operating impact from COVID-19.

New Britannia First Gold Production Achieved and Copper Flotation Facility Fully Commissioned

On August 11, 2021, gold production commenced at the New Britannia mill after refurbishment, commissioning and start-up activities were completed earlier in the summer. First gold production was achieved in line with the timelines assumed in recent guidance and ahead of the original schedule to produce first gold before the end of 2021. Annual gold production from Lalor and the Snow Lake operations is expected to increase to over 180,000 ounces at an average cash cost and sustaining cash cost, net of by-product credits, of $412 and $788 per ounce of gold, respectively, during the first six full years of New Britannia's operation.

The construction of a new copper flotation facility was completed in October 2021, followed by a brief commissioning period completed ahead of the project timeline expectations. The copper facility consists of an innovative and first-of-its-kind flotation circuit based entirely on Jameson cells, a modern pneumatic flotation design that offers a compact layout, low-cost process and flexible flowsheet. First production of copper concentrate was achieved in October and ramp-up of the copper circuit is now underway. New Britannia is expected to achieve its targeted design capacity and commercial production in the fourth quarter of 2021.

Advancing the Copper World Discovery

On September 22, 2021, the results from drilling completed at Copper World between January and June 2021 were released. The drill program totaled over 91,000 feet and intersected additional high-grade copper sulphide and oxide mineralization on our wholly-owned private land in Arizona. The Copper World project is located within seven kilometres of our Rosemont copper project and has mineralization located closer to surface than Rosemont, indicating the possibility of lower strip ratios at Copper World. We recently increased our private land package to approximately 2,400 acres in the west, which together with patented mining claims, now totals approximately 4,500 acres to support an operation entirely on private land.

The 2021 drilling identified three new deposits, for a total of seven deposits at Copper World, covering a combined seven kilometres with mineralized occurrences. The three new deposits are called Bolsa, South Limb and North Limb. The program also confirmed and increased the confidence in the size and quality of the existing Copper World, Broad Top Butte, Peach and Elgin deposits.

There remains the potential for continuity between the Bolsa discovery and the Rosemont deposit as highlighted by three new holes drilled on the western edge of Rosemont, which intersected high-grade copper mineralization similar to the mineralization intersected at Bolsa. For example, drill hole #177 intersected 833 feet of 0.40% copper, including 121 feet at 1.32% copper (please refer to the news release dated September 22, 2021 for additional drill hole information). There remains a 1,500-foot gap in drilling coverage between these three holes and the Bolsa discovery, and we are developing plans to test this unexplored area.

Given the continued positive results from the exploration program at Copper World, the 2021 drill program was previously expanded from an original 70,000 feet of drilling to over 200,000 feet to be completed by the end of the year with four drill rigs continuing to operate at site. We are testing the opportunity to use reverse circulation drilling to fast-track future infill drilling programs. This drilling is intended to delineate and upgrade the resource for the seven deposits, while focusing on bridging the gap between the Bolsa discovery and the area west of the Rosemont deposit. The drill program will also continue to explore prospective areas outside of the known deposits.

We expect to complete an initial inferred mineral resource estimate for the seven deposits at Copper World before the end of 2021. These mineral resource estimates will form the basis for a preliminary economic assessment ("PEA") expected to be released in the first half of 2022. Mineralogical studies and metallurgical testing programs are underway, and the preliminary results are expected to be incorporated into the PEA. Hudbay continues to progress geotechnical and hydrogeological studies over the Copper World area.

In October, we received approval from the Arizona State Mine Inspector for our Mined Land Reclamation Plan ("MLRP") for Copper World. The MLRP approval includes the requirement for reclamation cost bonding prior to initiating work on our private lands and represents the first step in the state-level permitting process for a private land operation.

The budget for Copper World in 2021 is expected to total approximately $34 million, which increased from the original $10 million budget, to fund the larger drill program and complete the various technical studies. We will also continue to examine future potential synergies with an operation at Rosemont.

Other Exploration Updates

Peru Regional Exploration

Ongoing evaluation of the underground potential at Constancia Norte supports plans for additional drilling activities in the fourth quarter of 2021. The drilling is expected to confirm continuity and test extensions, which together with the results from an underground scoping study, are expected to be incorporated into the annual mineral reserve and resource update for Constancia in March 2022.

Hudbay continues to progress discussions with the community of Uchucarcco on the Maria Reyna and Caballito properties, both of which are located within ten kilometres of Constancia.

Drilling continues at the Llaguen copper porphyry target located in northern Peru, near the city of Trujillo and in close proximity to existing infrastructure. The initial confirmatory phase of the drill program is expected to total 6,000 metres in 14 holes with two drill rigs presently turning at site. Five holes totaling 2,795 metres have been completed with all holes intersecting mineralization. Pending positive results from this initial drilling phase, a second phase aimed at defining an initial inferred mineral resource for Llaguen would follow in the second quarter of 2022 after the rainy season.

Snow Lake Regional Exploration

The Company's regional exploration efforts in the Snow Lake area continue, following on the success from the 2021 winter drill program in the Chisel Basin where the copper-gold rich feeder of the 1901 deposit was discovered and high-grade zinc and gold mineralization was confirmed through infill and extension drilling. We are planning a 2022 drill program for 1901 to test the down-plunge extensions of the copper-gold rich feeder zone.

Hudbay's 2021 summer program included regional surface mapping and ground geophysical surveys to delineate the higher priority drill targets for 2022. One of the more promising targets was identified from a borehole survey immediately north of Lalor and is expected to be drill tested in early 2022 both from surface and from underground.

Ongoing infill drilling continues at Lalor and the results are expected to be incorporated into the annual mineral reserve and resource estimates to be published at the end of March 2022.

Flin Flon Reclamation Obligations and Tailings Reprocessing Opportunity

As part of the Company's ongoing efforts to update our Flin Flon closure plan, a comprehensive update completed in the third quarter of 2021 resulted in an increase to the decommissioning and restoration ("DRO") provision of approximately $144 million compared to June 30. This increase is mostly attributable to long-term water treatment and monitoring obligations, along with cost inflation for other remediation activities. The increase in water management costs is primarily a result of the addition of 22 years to the post-closure water management period (to the year 2122), which after applying a very low discount rate, represents a significant portion of the DRO increase. As of September 30, 2021, on an undiscounted basis, the total estimated environmental obligations related to our Flin Flon operations were $322 million, of which approximately 25% is expected to occur over the next 15 years in connection with the closure of the Flin Flon operations, while approximately 75% of the obligations are scheduled to be incurred after the closure of the Snow Lake operations, which is currently expected in 2037 based on reserves. The full breakdown is as follows:

• $23 million for previously announced tailings stability activities that will be completed in 2021 and 2022;

• $13 million for demolition costs between the cessation of operations in Flin Flon and 2030;

• $33 million for the construction and operation of a water treatment plant between 2030 and 2042;

• $46 million for demolition and tailings remediation costs after Snow Lake mining activities conclude in 2037 (based on current reserves) until 2042;

• $161 million in post-closure environmental management activities (such as water collection and treatment) from 2037 to 2122; and

• $46 million in other site management costs and remediation activities.

As part of the engineering work done to update the closure plan, we have identified the opportunity to reprocess tailings at our Flin Flon Tailings Impoundment System ("FFTIS") where tailings from processing activities in Flin Flon have been deposited for over 90 years. We are in the early stages of technical evaluation and confirmatory drilling to support the completion of a scoping study in 2022. Pending positive results from the scoping study, further feasibility studies would follow. This opportunity could utilize the Flin Flon concentrator, with modifications, after closure of the 777 mine, creating operating and economic benefits to the Flin Flon community. It could also provide the opportunity to redesign the closure plans, increase metal production, defer certain closure costs and reduce the environmental footprint of the FFTIS.

Collective Bargaining Agreements Ratified in Manitoba

New three-and-a-half year collective agreements were ratified by the members of USW Local 7106 and USW Local 9338 in September 2021. Members of the other four unions at Hudbay's Manitoba operations ratified their respective three-and-a-half year collective agreements in July. This completed the collective bargaining process with all six of the Company's unions in Manitoba.

Credit Facility Extension and Amendments

On October 26, 2021, we amended and restated our senior secured revolving credit facilities (the "Credit Facilities") to increase the total amount of available borrowings to $450 million, eliminate certain financial covenants while amending others to increase our financial flexibility, reduce the effective interest rate and extend the maturity to October 26, 2025. The remaining financial covenants include maintaining a net debt to EBITDA ratio of less than 4.00:1, a senior secured debt to EBITDA of less than 3.00:1 and an interest coverage ratio of greater than 3.00:1.

PERU OPERATIONS REVIEW

		Three months ended		Nine months ended		Guidance
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Annual
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	2021
Constancia ore mined ¹	tonnes	6,208,019	8,455,668	21,971,858	18,216,166
Copper	%	0.30	0.31	0.30	0.33
Gold	g/tonne	0.04	0.03	0.04	0.03
Silver	g/tonne	2.76	2.55	2.90	2.81
Molybdenum	%	0.01	0.02	0.01	0.02
Pampacancha ore mined ¹	tonnes	2,050,813	-	3,033,805	-
Copper	%	0.27	-	0.27	-
Gold	g/tonne	0.27	-	0.27	-
Silver	g/tonne	3.58	-	3.86	-
Molybdenum	%	0.01	-	0.01	-
Ore milled	tonnes	6,985,035	7,480,655	20,760,830	18,555,604
Copper	%	0.30	0.33	0.31	0.34
Gold	g/tonne	0.11	0.03	0.07	0.03
Silver	g/tonne	3.93	2.68	3.22	2.93
Molybdenum	%	0.01	0.02	0.01	0.02
Copper concentrate	tonnes	78,711	91,496	239,367	226,843
Concentrate grade	% Cu	22.96	22.74	22.96	22.75
Copper recovery	%	84.9	83.3	84.1	82.1
Gold recovery	%	71.9	51.6	65.1	48.7
Silver recovery	%	59.1	66.7	64.9	65.6
Molybdenum recovery	%	33.5	30.4	33.4	29.7
Combined unit operating costs^2.3,4	$/tonne	11.62	9.85	11.75	9.16	8.90 - 10.90

¹Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled.

²Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs.

³ Combined unit costs is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

⁴Includes approximately $4.8 million, or $0.69 per tonne, of COVID-related costs during the three months ended September 30, 2021 and $15.7 million, or $0.76 per tonne during the nine months ended September 30, 2021.

While Peru has experienced notable improvements in COVID-19 statistics throughout 2021, Hudbay continues to maintain stringent COVID-19 measures and controls to ensure the safety of our workforce, partners and the communities in which we operate. This has allowed Constancia to continue to operate safely although it has resulted in elevated unit operating costs due to the ongoing COVID-related protocols.

Total ore mined during the third quarter of 2021 decreased 2% from the comparative 2020 period. Ramp-up of mining activity at Pampacancha has increased steadily since first production in April 2021. Total Pampacancha ore mined during the third quarter of 2021 increased by 109% to 2.1 million tonnes compared to the second quarter of 2021.

Ore milled during the third quarter of 2021 was 7% lower than the same period in 2020 due to increased ore hardness and a planned semi-annual mill maintenance shutdown in July. Compared to the same period in 2020, milled copper grades in the third quarter have declined by 9% while gold and silver grades increased by 267% and 47%, respectively, due to significantly higher gold and silver head grades from Pampacancha.

Peru achieved record recoveries of gold in the third quarter of 2021, significantly above the comparative 2020 period, mainly due to higher grades. Meanwhile, copper recoveries increased due to lower levels of contaminants and silver recoveries decreased as a result of lower-than-expected recoverable silver values in the earlier, more oxidized ores from Pampacancha. Recent metallurgical test work indicates that Pampacancha silver recoveries are expected to increase to targeted levels in 2022.

Year-to-date ore milled in 2021 was 12% higher than the comparative period in 2020 due to an eight-week suspension of operations in 2020 at the onset of the COVID-19 pandemic. Year-to-date recoveries of copper, gold and molybdenum in 2021 were higher and silver was lower than the same period in 2020 due to the same factors as described above for the quarter-over-quarter variance.

Combined mine, mill and G&A unit operating costs in the third quarter of 2021 were 18% higher than the same period in 2020 primarily due to higher overall costs and fewer tonnes milled. Costs were higher in 2021 as a result of higher ore hardness, higher steel prices affecting grinding media costs and COVID-19 expenditures. Year-to-date unit operating costs were 28% higher due to the same factors as described above for the quarter-over-quarter variance and due to more material moved.

COVID-related costs in Peru were $4.8 million in the third quarter of 2021 and are expected to continue at a similar run-rate into the fourth quarter of 2021. Unit operating costs in the third quarter were $10.93 per tonne excluding these COVID-related costs. We expect Peru unit operating costs to be around the top end of the 2021 guidance range after adjusting for unbudgeted COVID-related costs.

Contained metal in concentrate produced		Three months ended		Nine months ended		Guidance
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Annual
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	2021
Copper	tonnes	18,072	20,803	54,957	51,596	72,000 - 88,000
Gold	oz	17,531	3,333	32,389	8,705	40,000 - 50,000
Silver	oz	521,036	430,208	1,394,809	1,145,197	1,800,000 - 2,170,000
Molybdenum	tonnes	282	392	871	870	1,400 - 1,700

Production of gold and silver was higher in the third quarter of 2021 and year-to-date compared to the same periods in 2020 due to significantly higher gold and silver head grades from Pampacancha, higher gold recoveries and an eight-week suspension of operations in 2020 at the onset of the COVID-19 pandemic. Production of copper was lower in the third quarter of 2021 due to a decline in copper grades compared to the same period in 2020.

Other than molybdenum, which we expect will fall slightly below the 2021 guidance range but in line with the recently published mine plan, we expect the production of all remaining metals in Peru to be in line with 2021 full year guidance.

Peru Cash Cost and Sustaining Cash Cost

		Three months ended		Nine months ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash cost per pound of copper produced, net of by- product credits¹	$/lb	1.26	1.54	1.65	1.45
Sustaining cash cost per pound of copper produced, net of by-product credits¹	$/lb	2.31	2.29	2.46	2.05

¹Cash cost and sustaining cash costs per pound of copper produced, net of by-product credits, are not recognized under IFRS. For more detail on these non-IFRS financial performance measures, please see the discussion under the "Non-IFRS Financial Performance Measures" section of this MD&A.

Cash cost per pound of copper produced, net of by-product credits, for the three and nine months ended September 30, 2021 were $1.26 and 1.65, respectively. The cash costs in the third quarter of 2021 decreased 18% compared to the same period in 2020 due to higher by-product credits from gold and molybdenum, partially offset by lower copper production and higher overall mining, milling, general and administrative costs.

Year-to-date cash costs increased 14% compared to the same period in 2020 due to comparatively higher mining, milling, general and administrative costs in 2021 as a result of lower grades, ore hardness and higher COVID costs incurred, as well as an eight-week COVID-related suspension of operations in 2020, partially offset by higher by-product credits and higher copper production.

Sustaining cash cost per pound of copper produced, net of by-product credits for the three and nine months ended September 30, 2021 increased by 1% and 20%, respectively, compared to the same periods of 2020, mainly due to the same factors affecting cash costs noted above and higher sustaining capital expenditures on a comparative basis due to fewer expenditures incurred during the eight-week COVID-related suspension of operations in 2020.

Metal Sold

		Three months ended		Nine months ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Payable metal in concentrate
Copper	tonnes	16,065	21,654	50,847	49,924
Gold	oz	16,902	3,753	25,503	7,689
Silver	oz	457,263	433,595	1,109,939	1,037,705
Molybdenum	tonnes	304	313	853	864

Quantities of payable metal sold for the three and nine months ended September 30, 2021 were primarily affected by the same factors as contained metal production.

MANITOBA OPERATIONS REVIEW

Mines

		Three months ended		Nine months ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lalor
Ore	tonnes	392,380	357,213	1,170,933	1,186,139
Copper	%	0.86	0.66	0.69	0.71
Zinc	%	3.60	5.98	4.24	5.81
Gold	g/tonne	3.85	2.28	3.23	2.40
Silver	g/tonne	22.13	21.23	22.61	25.45
777
Ore	tonnes	256,536	264,905	786,966	826,720
Copper	%	1.06	0.98	1.33	1.30
Zinc	%	3.88	3.95	3.82	4.06
Gold	g/tonne	1.96	2.01	2.11	1.91
Silver	g/tonne	22.99	24.25	25.32	24.62
Total Mines
Ore	tonnes	648,916	622,118	1,957,899	2,012,859
Copper	%	0.94	0.80	0.95	0.95
Zinc	%	3.71	5.11	4.07	5.09
Gold	g/tonne	3.10	2.17	2.78	2.20
Silver	g/tonne	22.47	22.52	23.70	25.11

Unit Operating Costs^1,2		Three months ended		Nine months ended
Unit Operating Costs^1,2		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Mines
Lalor	C$/tonne	115.84	97.38	115.89	95.63
777	C$/tonne	91.17	80.84	87.99	78.50
Total Mines	C$/tonne	106.09	90.34	104.68	88.60

¹ Reflects costs per tonne of ore mined.

² Unit costs is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

Ore mined at our Manitoba operations during the third quarter of 2021 was 4% higher than the same period in 2020. Gold and copper grades mined during the three months ended September 30, 2021 were 43% and 18% higher, respectively, compared to the same period in 2020, mainly due to increased mining of gold and copper-gold stopes at Lalor, in line with the mine plan. Zinc grades mined during the three months ended September 30, 2021 were 27% lower than the same period in 2020 as mining of the gold zones at Lalor were prioritized during the quarter.

Mining operations at Lalor have started to consistently produce and separate the gold and copper-gold ores as feed for the New Britannia mill. At the end of the third quarter of 2021, approximately 35,000 tonnes of gold ore is stockpiled as feed for New Britannia, a decrease of approximately 12,000 tonnes from the end of the second quarter of 2021. The 777 mine is now within nine months of closure and the focus continues to be on mining out the remaining reserves by completing the necessary ground rehabilitation in order to access old workings and remnant stopes.

Total unit operating costs for the mines during the third quarter of 2021 increased by 17% compared to the same period in 2020 mainly due to lower capitalized development at 777 as all costs are now operating in nature and higher contractor, camp and COVID-19 related expenses at Lalor. Year-to-date total unit operating costs in Manitoba were 18% higher as compared to the same period in 2020 due to the same factors as the third quarter variances as well as lower capitalized development at both Lalor and 777.

Processing Facilities

		Three months ended		Nine months ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stall & New Britannia Concentrator Combined
Ore	tonnes	408,201	335,739	1,087,029	1,040,127
Copper	%	0.82	0.68	0.71	0.71
Zinc	%	3.58	6.11	4.37	5.87
Gold	g/tonne	3.84	2.35	3.23	2.44
Silver	g/tonne	23.32	22.08	22.97	25.71
Copper concentrate	tonnes	18,422	10,459	39,797	33,409
Concentrate grade	% Cu	15.41	18.22	16.66	19.04
Zinc concentrate	tonnes	25,429	38,070	83,698	111,467
Concentrate grade	% Zn	49.72	49.99	50.41	50.47
Copper recovery	%	84.3	84.0	86.0	85.8
Zinc recovery	%	88.2	92.7	89.4	92.2
Gold recovery - concentrate	%	53.4	57.4	55.1	60.3
Silver recovery - concentrate	%	52.7	57.5	54.6	60.5
Contained metal in concentrate produced
Copper	tonnes	2,839	1,906	6,630	6,362
Zinc	tonnes	12,643	19,030	42,191	56,255
Gold	oz	26,906	14,524	62,191	49,150
Silver	oz	161,418	137,035	438,168	519,891
Metal in doré produced
Gold	oz	404	0	404	-
Silver	oz	10	0	10	-
Flin Flon Concentrator
Ore	tonnes	258,062	322,156	870,951	979,651
Copper	%	1.06	0.99	1.26	1.21
Zinc	%	3.86	4.07	3.89	4.28
Gold	g/tonne	1.96	1.99	2.12	1.96
Silver	g/tonne	22.93	24.01	24.86	24.63
Copper concentrate	tonnes	10,276	11,116	44,092	43,758
Concentrate grade	% Cu	22.70	24.16	21.96	23.07
Zinc concentrate	tonnes	16,412	22,590	55,621	71,154
Concentrate grade	% Zn	49.97	51.08	50.58	50.64
Copper recovery	%	85.2	83.9	88.0	85.4
Zinc recovery	%	82.2	87.9	83.0	85.9
Gold recovery	%	58.1	55.3	58.3	55.8
Silver recovery	%	42.4	42.0	44.9	45.8
Contained metal in concentrate produced
Copper	tonnes	2,334	2,686	9,685	10,097
Zinc	tonnes	8,201	11,540	28,131	36,031
Gold	oz	9,435	11,420	34,640	34,390
Silver	oz	80,713	104,442	312,781	355,106

Unit Operating Costs¹		Three months ended		Nine months ended		Guidance
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Annual
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	2021
Concentrators
Stall & New Britannia	C$/tonne	26.30	24.28	24.80	23.58
Flin Flon	C$/tonne	29.15	23.89	27.65	23.19
Combined mine/mill unit operating costs ^2,3
Manitoba	C$/tonne	147	126	149	129	145 - 155

¹ Reflects costs per tonne of milled ore.

²Reflects combined mine, mill and G&A costs per tonne of milled ore.

³Combined unit costs is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

During the third quarter of 2021, New Britannia processed 41,827 tonnes of high gold content ore and produced 404 ounces of gold in doré after, pouring its first gold doré bar on August 11. The gold and silver recoveries are expected to increase in the fourth quarter after ramp-up of the mill during the third quarter. Construction of the new copper flotation circuit was completed in October 2021, followed by a brief commissioning period completed ahead of schedule. Ramp-up activities at the copper circuit are underway and are on track for commercial production in the fourth quarter of 2021.

Ore processed at the Stall concentrator and New Britannia mill during the third quarter of 2021 was 22% higher than the same period in 2020. Combined Stall and New Britannia recoveries during the third quarter of 2021 were higher for copper and lower for zinc and precious metals versus the comparative period in 2020 but were consistent with expectations as the third quarter was a partial ramp-up period for the New Britannia mill. Unit operating costs at Stall and New Britannia increased by 8% during the third quarter compared to the same period in 2020 primarily due to the incorporation of operating costs from New Britannia.

Operations at the Flin Flon concentrator during the third quarter of 2021 were constrained by ore feed availability from 777 and, as such, ore processed was 20% lower compared to the same period in 2020 which included some processing of ore stockpiles. Recoveries of copper, gold and silver at the Flin Flon concentrator during the third quarter of 2021 were higher by 2%, 5% and 1%, respectively, compared to the same period in 2020 mainly due to higher copper head grades from the 777 mine, consistent with the metallurgical model. Unit operating costs at the Flin Flon concentrator increased by 22% during the third quarter compared to the same period in 2020 primarily due to lower production and higher tailings operating costs as we approach Flin Flon closure and plan for the transition of the facility to care and maintenance in mid-2022.

Year-to-date ore processed at Snow Lake in 2021 increased by 5% versus the comparative period in 2020 due to the commencement of operations at the New Britannia mill in August. Year-to-date ore processed at the Flin Flon mill was 11% lower than the comparative 2020 period as excess ore mined at Lalor stopped being milled in Flin Flon in May 2021.

Combined mine, mill and G&A unit operating costs in the third quarter of 2021 increased by 17% compared to the same period in 2020, due to higher overall operating costs for the reasons described above. Year-to-date combined mine, mill and G&A unit operating costs were 15% higher than the prior year due to the same factors as the third quarter variances.

		Three months ended		Nine months ended		Guidance
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Annual
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	2021
Manitoba contained metal in concentrate produced¹
Copper	tonnes	5,173	4,592	16,315	16,459	20,000 - 24,000
Gold²	oz	36,341	25,944	96,831	83,540	150,000 - 165,000
Silver³	oz	242,131	241,477	750,949	874,997	1,200,000 - 1,400,000
Zinc	tonnes	20,844	30,570	70,322	92,287	96,000 - 107,000
Metal in doré produced¹
Gold²	oz	404	-	404	-
Silver³	oz	10	-	10	-

¹Metal reported in concentrate is prior to deductions associated with smelter terms.
²Gold production guidance of 150,000-165,000 oz for 2021 includes gold contained in concentrate produced and gold in doré.
³Silver production guidance of 1,200,000-1,400,000 oz for 2021 includes silver contained in concentrate produced and silver in doré.

Compared to the same period in 2020, copper and gold production in the third quarter of 2021 increased by 13% and 40%, respectively, while silver was relatively unchanged. These increases were primarily due to higher grades and higher overall throughput. Zinc production decreased 32% in the quarter with Lalor mining transitioning to the gold lenses and 777 contributing lower throughput and zinc grades.

Year-to-date production of copper, silver and zinc declined by 1%, 14% and 24%, respectively, compared to the same period in 2020 primarily due to COVID-19 and other production interruptions experienced in the second quarter of 2021 and lower mine grades for silver and zinc. Gold production increased by 16% during the same time frame versus the comparative period mainly due to higher gold grades at both mines offset by lower throughput and recoveries.

Full year production of all metals in concentrate and unit operating costs in Manitoba are on track to achieve the guidance ranges for 2021.

Zinc Plant

Zinc Production		Three months ended		Nine months ended		Guidance
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Annual
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	2021
Zinc Concentrate Treated
Domestic	tonnes	44,275	54,993	146,140	179,694
Refined Metal Produced
Domestic	tonnes	19,858	26,818	68,785	82,819	96,000 - 103,000

Unit Operating Costs		Three months ended		Nine months ended		Guidance
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Annual
						2021
Zinc Plant ^1,2	C$/lb	0.55	0.48	0.53	0.47	0.50 - 0.55

¹ Zinc unit operating costs include G&A costs.

² Zinc unit costs is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

Production of refined cast zinc in the third quarter of 2021 was 26% lower than the same period in 2020 due to lower zinc grades and lower zinc recoveries resulting in lower zinc concentrate availability from the mills. Operating costs per pound of zinc metal produced was higher by 15% over the same period primarily due to lower production. Year-to-date refined zinc metal production decreased by 17% compared to the same period of 2020 due to the same factors.

Due to the factors impacting zinc concentrate production noted above, and with the Lalor mine transitioning from zinc lenses to gold lenses as New Britannia ramps up, Hudbay expects full year production of cast zinc to fall below our 2021 guidance. As a result, zinc plant unit operating costs are expected to finish the year at the top end of the 2021 guidance range.

Manitoba Cash Cost and Sustaining Cash Cost

		Three months ended		Nine months ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cost per pound of copper produced
Cash cost per pound of copper produced, net of by-product credits ¹	$/lb	(1.64)	(3.41)	(1.90)	(1.75)
Sustaining cash cost per pound of copper produced, net of by-product credits ¹	$/lb	0.75	0.83	0.99	1.51

Cost per pound of zinc produced
Cash cost per pound of zinc produced, net of by-product credits ¹	$/lb	0.05	0.02	0.02	0.14
Sustaining cash cost per pound of zinc produced, net of by-product credits ¹	$/lb	0.64	0.66	0.69	0.72

¹ Cash cost and sustaining cash cost per pound of copper & zinc produced, net of by-product credits, are not recognized under IFRS. For more detail on this non-IFRS financial performance measure, please see the discussion under the "Non-IFRS Financial Performance Measures" section of this MD&A.

Cash cost per pound of copper produced, net of by-product credits, in the third quarter of 2021 was negative $1.64. These costs were higher compared to the same period in 2020, as a result of higher mining and milling costs and lower by-product revenues offset by higher copper production. Cash cost per pound of copper produced, net of by-product credits, for the first nine months of 2021 were lower compared to the same period in 2020, primarily due to higher by-product credits partially offset by higher mining and milling costs.

Sustaining cash cost per pound of copper produced, net of by-product credits, in the third quarter of 2021 was $0.75. These costs were lower compared to the same period in 2020, primarily due to the reasons listed above and lower comparative sustaining capital expenditures. Sustaining cash cost per pound of copper produced, net of by-product credits, for the first nine months of 2021 were lower compared to the same period in 2020 for the same reasons as indicated above.

Cash cost and sustaining cash cost per pound of zinc produced, net of by-product credits, in the third quarter of 2021 and year-to-date were generally in line with the same periods in the prior year despite zinc production being considerably lower in 2021. This resulted from significantly higher by-product credits and lower sustaining capital expenditures, offset by higher mining and milling costs.

Metal Sold

		Three months ended		Nine months ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Payable metal in concentrate and doré
Copper	tonnes	5,071	4,249	16,394	16,002
Gold	oz	30,941	26,852	85,928	80,081
Silver	oz	244,338	271,900	678,929	785,497
Refined zinc	tonnes	21,619	26,520	75,323	80,916

Quantities of payable copper and gold sold for the three and nine months ended September 30, 2021 were higher than each of the comparable periods in 2020 due to the same reasons as contained metal production. Refined zinc sales and payable silver sales were lower than each of the comparable periods in 2020 primarily due to lower head grades.

FINANCIAL REVIEW

Financial Results

In the third quarter of 2021, we recorded a net loss of $170.4 million compared to a net loss of $24.0 million for the same period in 2020, representing a decrease in profit of $146.4 million. Year-to-date in 2021, we recorded a net loss of $233.9 million compared to a net loss of $152.0 million for the same period in 2020, representing a decrease in profit of $81.9 million.

The following table provides further details on these variances:

(in $ millions)	Three months ended September 30, 2021	Nine months ended September 30, 2021
Increase (decrease) in components of profit or loss:
Revenues	42.9	306.7
Cost of sales
Mine operating costs	(30.2)	(110.0)
Depreciation and amortization	10.0	(4.7)
Impairment - environmental obligation	(147.3)	(147.3)
Selling and administrative expenses	1.6	(2.6)
Exploration and evaluation expenses	(4.2)	(15.8)
Other expenses	(11.2)	(2.2)
Net finance expense	14.6	(46.7)
Tax	(22.6)	(59.3)

Increase in loss for the period	(146.4)	(81.9)

Revenue

Revenue for the third quarter of 2021 was $359.0 million, $42.9 million higher than the same period in 2020, mainly due to higher realized base metal prices as well as higher sales volumes of gold. Offsetting this increase were lower precious metal prices and lower base metal volumes due to lower Manitoba zinc grades and lower Constancia copper grades.

Revenue for the first nine months of 2021 was $1,076.8 million, $306.7 million higher than the same period in 2020, mainly due to higher realized base metal prices as well as higher sales volumes of copper and gold and strong revenues from molybdenum as a result of higher realized prices. Offsetting these increases were lower realized gold prices and lower sales volumes of zinc due to lower Manitoba throughput and recoveries from lower Manitoba zinc grades. The significantly increased sales volumes of gold is largely the result of the commencement and subsequent ramp-up of the high-grade Pampacancha deposit starting in the second quarter of 2021 as well as comparatively lower production in the prior year period due to the temporary suspension of Constancia operations following a government declared state of emergency.

The following table provides further details on these variances:

(in $ millions)	Three months ended September 30, 2021	Nine months ended September 30, 2021
(in $ millions)	Three months ended September 30, 2021	Nine months ended September 30, 2021

Metals prices¹
Higher copper prices	60.4	211.5
Higher zinc prices	14.6	54.5
Lower gold prices	(14.0)	(10.1)
(Lower) higher silver prices	(3.6)	0.7
Sales volumes
(Lower) higher copper sales volumes	(31.1)	7.9
Lower zinc sales volumes	(12.1)	(12.9)
Higher gold sales volumes	32.2	42.1
Lower silver sales volumes	(0.1)	(0.8)
Other
Change in derivative mark-to-market on zinc	(1.7)	(1.3)
Molybdenum and other volume and pricing differences	7.3	19.8
Variable consideration adjustments	(9.5)	(5.1)
Effect of lower treatment and refining charges	0.5	0.4
Increase in revenue in 2021 compared to 2020	42.9	306.7

¹ See discussion below for further information regarding metals prices.

Our revenue by significant product type is summarized below:

	Three months ended		Nine months ended
(in $ millions)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Copper	201.6	169.5	625.5	396.9
Zinc	67.7	65.0	227.2	187.5
Gold	62.0	44.9	162.0	131.7
Silver	6.0	6.9	19.7	18.0
Molybdenum	12.8	5.3	26.9	16.8
Other metals	1.9	2.2	6.1	4.0
Revenue from contracts	352.0	293.8	1,067.4	754.9
Amortization of deferred revenue - gold	13.6	9.0	27.7	19.4
Amortization of deferred revenue - silver	9.9	11.7	26.6	27.7
Amortization of deferred revenue - variable consideration adjustments - prior periods	-	9.5	1.6	6.7
Pricing and volume adjustments¹	(2.0)	7.1	(4.8)	3.5
Treatment and refining charges	(14.5)	(15.0)	(41.7)	(42.1)
Revenue	359.0	316.1	1,076.8	770.1

¹Pricing and volume adjustments represents mark-to-market adjustments on provisionally prices sales, realized and unrealized changes to fair value for non-hedge derivative contracts and adjustments to originally invoiced weights and assays.

For further detail on variable consideration adjustments, refer to note 15 of our consolidated interim financial statements.

Realized sales prices

This measure is intended to enable management and investors to understand the average realized price of metals sold to third parties in each reporting period. The average realized price per unit sold does not have any standardized meaning prescribed by IFRS, is unlikely to be comparable to similar measures presented by other issuers and should not be considered in isolation or a substitute for measures of performance prepared in accordance with IFRS.

For sales of copper, gold and silver we may enter into non-hedge derivatives ("QP hedges") which are intended to manage the provisional pricing risk arising from quotational period terms in concentrate sales agreements. The QP hedges are not removed from the calculation of realized prices. We expect that gains and losses on QP hedges will offset provisional pricing adjustments on concentrate sales contracts.

Our realized prices for the three and nine months ended September 30, 2021 and 2020, respectively, are summarized below:

			Realized prices¹ for the		LME YTD 2021²	Realized prices¹ for the
			Three months ended			Nine months ended
		LME QTD 2021²	Sep. 30, 2021	Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020
Prices
Copper	$/lb	4.25	4.26	2.96	4.17	4.14	2.71
Zinc³	$/lb	1.36	1.43	1.12	1.31	1.37	1.05
Gold⁴	$/oz		1,594	1,898		1,707	1,803
Silver⁴	$/oz		22.74	27.86		26.01	25.62

¹Realized prices exclude refining and treatment charges and are on the sale of finished metal or metal in concentrate. Realized prices include the effect of provisional pricing adjustments on prior period sales.

² London Metal Exchange average for copper and zinc prices.

³ All sales for the three and nine months ended September 30, 2021 and 2020 were cast zinc metal. Zinc realized prices include premiums paid by customers for delivery of refined zinc metal, but exclude unrealized gains and losses related to non-hedge derivative contracts that are included in zinc revenues.

⁴Sales of gold and silver from our 777 and Constancia mines are subject to our precious metals stream agreement with Wheaton Precious Metals, pursuant to which we recognize deferred revenue for precious metals deliveries and also receive cash payments. Stream sales are included within realized prices and their respective deferred revenue and cash payment rates can be found on page 29.

The following tables provide a reconciliation of average realized price per unit sold, by metal, to revenues as shown in the consolidated interim financial statements.

Three months ended September 30, 2021
(in $ millions) ¹	Copper	Zinc	Gold	Silver	Molybdenum	Other	Total
Revenue per financial statements	201.6	67.7	62.0	6.0	12.8	1.9	352.0
Amortization of deferred revenue	-	-	13.6	9.9	-	-	23.5
Pricing and volume adjustments²	(3.1)	-	0.7	-	0.4	-	(2.0)
By-product credits ³	198.5	67.7	76.3	15.9	13.2	1.9	373.5
Derivative mark-to-market ⁴	-	0.3	-	-	-	-	0.3
Revenue, excluding mark-to-market on non-QP hedges	198.5	68.0	76.3	15.9	13.2	1.9	373.8
Payable metal in concentrate sold⁵	21,136	21,619	47,843	701,601	304	-	-
Realized price⁶	9,389	3,145	1,594	22.74	-	-	-
Realized price ⁷	4.26	1.43	-	-	-	-	-
Nine months ended September 30, 2021
(in $ millions) ¹	Copper	Zinc	Gold	Silver	Molybdenum	Other	Total
Revenue per financial statements	625.5	227.2	162.0	19.7	26.9	6.1	1,067.4
Amortization of deferred revenue	-	-	27.7	26.6	-	-	54.3
Pricing and volume adjustments²	(12.7)	0.6	0.5	0.3	6.5	-	(4.8)
By-product credits ³	612.8	227.8	190.2	46.6	33.4	6.1	1,116.9
Derivative mark-to-market⁴	-	0.4	-	-	-	-	0.4
Revenue, excluding mark-to-market on non-QP hedges	612.8	228.2	190.2	46.6	33.4	6.1	1,117.3
Payable metal in concentrate sold⁵	67,241	75,323	111,431	1,788,868	853	-	-
Realized price⁶	9,115	3,029	1,707	26.01	-	-	-
Realized price ⁷	4.14	1.37	-	-	-	-	-

¹Average realized price per unit sold may not calculate based on amounts presented in this table due to rounding.

²Pricing and volume adjustments represents mark-to-market adjustments on provisionally priced sales, realized and unrealized changes to fair value for non-hedge derivative contracts and adjustments to originally invoiced weights and assays.

³ By-product credits subtotal is used in the calculated of cash cost per pound of copper and zinc produced, net of by-product credits. Cash cost per pound of copper and zinc produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

⁴Derivative mark-to-market excludes mark-to-market on QP hedges.

⁵Copper, zinc and molybdenum shown in metric tonnes and gold and silver shown in ounces.

⁶Realized price for copper and zinc in $/metric tonne and realized price for gold and silver in $/oz.

⁷Realized price for copper and zinc in $/lb.

Three months ended September 30, 2020
(in $ millions) ¹	Copper	Zinc	Gold	Silver	Molybdenum	Other	Total
Revenue per financial statements	169.5	65.0	44.9	6.9	5.3	2.2	293.8
Amortization of deferred revenue	-	-	9.0	11.7	-	-	20.7
Pricing and volume adjustments²	(0.3)	1.9	4.2	1.0	0.3	-	7.1
By-product credits ³	169.2	66.9	58.1	19.6	5.6	2.2	321.6
Derivative mark-to-market ⁴	-	(1.4)	-	-	-	-	(1.4)
Revenue, excluding mark-to-market on non-QP hedges	169.2	65.5	58.1	19.6	5.6	2.2	320.2
Payable metal in concentrate sold⁵	25,903	26,520	30,605	705,495	313	-	-
Realized price⁶	6,533	2,472	1,898	27.86	-	-	-
Realized price ⁷	2.96	1.12	-	-	-	-	-
Nine months ended September 30, 2020
(in $ millions) ¹	Copper	Zinc	Gold	Silver	Molybdenum	Other	Total
Revenue per financial statements	396.9	187.5	131.7	18.0	16.8	4.0	754.9
Amortization of deferred revenue	-	-	19.4	27.7	-	-	47.1
Pricing and volume adjustments²	(3.5)	-	7.1	1.0	(1.1)	-	3.5
By-product credits ³	393.4	187.5	158.2	46.7	15.7	4.0	805.5
Derivative mark-to-market⁴	-	(0.9)	-	-	-	-	(0.9)
Revenue, excluding mark-to-market on non-QP hedges	393.4	186.6	158.2	46.7	15.7	4.0	804.6
Payable metal in concentrate sold⁵	65,926	80,916	87,770	1,823,202	864	-	-
Realized price⁶	5,967	2,306	1,803	25.62	-	-	-
Realized price ⁷	2.71	1.05	-	-	-	-	-

¹Average realized price per unit sold may not calculate based on amounts presented in this table due to rounding.

⁴Derivative mark-to-market excludes mark-to-market on QP hedges.

⁵Copper, zinc and molybdenum shown in metric tonnes and gold and silver shown in ounces.

⁶Realized price for copper and zinc in $/metric tonne and realized price for gold and silver in $/oz.

⁷Realized price for copper and zinc in $/lb.

The price, quantity and mix of metals sold, affect our revenue, operating cash flow and profit. Revenue from metals sales can vary from quarter to quarter due to production levels, shipping volumes and transfer of risk and title to customers.

Stream Sales

The following table shows stream sales included within realized prices and their respective deferred revenue and cash payment rates:

		Three months ended		Nine months ended
		Sep. 30, 2021		Sep. 30, 2021
		Manitoba	Peru ⁴	Manitoba	Peru ⁴
Gold	oz	5,880	8,159	14,151	12,156
Silver	oz	98,442	484,279	256,585	1,125,533
Gold deferred revenue drawdown rate^1,2	$/oz	1,253	762	1,264	806
Gold cash rate³	$/oz	427	412	426	409
Total gold stream realized price	$/oz	1,680	1,174	1,690	1,215
Silver deferred revenue drawdown rate^1,2	$/oz	24.15	15.64	24.37	18.05
Silver cash rate³	$/oz	6.30	6.08	6.28	6.04
Total silver stream realized price	$/oz	30.45	21.72	30.65	24.09

		Three months ended		Nine months ended
		Sep. 30, 2020		Sep. 30, 2020
		Manitoba	Peru	Manitoba	Peru
Gold	oz	5,845	2,107	13,067	4,451
Silver	oz	121,042	415,069	262,484	1,018,687
Gold deferred revenue drawdown rate^1,2	$/oz	1,185	976	1,155	976
Gold cash rate ³	$/oz	423	408	421	405
Total gold stream realized price	$/oz	1,608	1,384	1,576	1,381
Silver deferred revenue drawdown rate^1,2	$/oz	22.81	21.52	22.07	21.52
Silver cash rate ³	$/oz	6.24	6.02	6.21	5.98
Total silver stream realized price	$/oz	29.05	27.54	28.28	27.50

¹Subsequent to the variable consideration adjustment recorded on January 1, 2021, the deferred revenue amortization is recorded in Manitoba at C$1,578/oz gold and C$30.38/oz silver (for the three and nine months ended September 30, 2020- C$1,589/oz gold and C$30.63/oz silver) and converted to US dollars at the exchange rate in effect at the time of revenue recognition.

²Deferred revenue drawdown rates for gold and silver do not include variable consideration adjustments.

³The gold and silver cash rate for Manitoba increased by 1% from $400/oz and $5.90/oz effective August 1, 2015. Subsequently every year, on August 1, the cash rate will increase by 1% compounded. The weighted average cash rate is disclosed. The gold and silver cash rate for Peru increased by 1% from $400/oz and $5.90/oz effective July 1, 2019. Subsequently every year, on July 1, the cash rate will increase by 1% compounded. The weighted average cash rate is disclosed.

⁴Effective May 1, 2021, the drawdown rate for the Peru stream agreement for gold was $762/oz and prior to May 1, 2021 the drawdown rate for Peru gold was $990/oz. Effective May 1, 2021 the drawdown rate for the Peru stream agreement for silver was $15.64/oz and prior to May 1, 2021 the drawdown rate for Peru gold was $21.86/oz.

Cost of Sales

Our detailed cost of sales is summarized as follows:

(in $ thousands)	Three months ended				Nine months ended
(in $ thousands)	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Peru
Mining	22,772		18,220		70,444		45,757
Milling	44,750		42,836		128,356		94,877
Changes in product inventory	(3,126	)	4,824		(9,236	)	2,666
Depreciation and amortization - DRO assets	1,106		1,329		3,418		3,270
Depreciation and amortization - Other PP&E¹	46,079		51,692		136,912		130,144
G&A	13,979		12,627		45,380		28,852
Overhead costs related to suspension of activities (cash)	-		-		-		15,810
Inventory adjustments	-		-		(1,446	)	2,221
Freight, royalties and other charges	10,462		11,865		32,448		28,527
Total Peru cost of sales	136,022		143,393		406,276		352,124
Manitoba
Mining	54,634		42,224		163,769		131,711
Milling	14,484		11,901		40,801		34,910
Zinc plant	15,868		17,504		53,383		53,063
Changes in product inventory	8,798		(2,595	)	7,303		25
Depreciation and amortization - DRO assets	2,252		12,810		16,150		32,529
Depreciation and amortization - Other PP&E¹	36,573		30,167		111,517		97,301
G&A	8,794		12,231		39,719		37,439
Inventory adjustments	5,445		-		5,445		-
Past service pension cost	4,229		-		4,229		-
Freight, royalties and other charges	9,975		9,195		31,656		26,393
Total Manitoba cost of sales	161,052		133,437		473,972		413,371
Cost of sales	297,074		276,830		880,248		765,495

¹Includes depreciation and amortization from property, plant, and equipment, excluding decommissioning and restoration assets.

Total cost of sales for the third quarter of 2021 was $297.1 million, reflecting an increase of $20.2 million from the third quarter of 2020. Peru cost of sales decreased by $7.4 million in the third quarter of 2021, compared to the same period of 2020. This decrease is mainly related to lower depreciation and lower relative changes in product inventory caused by an increase in ore stockpiles, partially offset by higher overall mining, milling, general and administrative costs. Manitoba cost of sales increased by $27.6 million in the third quarter of 2021, compared to the same period of 2020, mainly due to higher overall mining and milling costs, a drawdown of finished goods inventory and a $9.6 million charge related to past service pension costs and inventory adjustments for certain materials and supplies inventories in Flin Flon. This increase was partially offset by lower depreciation.

Total cost of sales year-to-date in 2021 was $880.2 million, reflecting an increase of $114.8 million from the same period in 2020. In Peru, costs increased in the first nine months of 2021 by $54.2 million, largely due to higher overall mining, milling, general and administrative costs, higher depreciation and freight costs, partially offset by a lower relative changes in product inventory caused by an increase in ore stockpiles and a $31.9 million fixed overhead charge (cash: $15.8 million, non-cash: $16.1 million included in depreciation) being recorded in the comparative 2020 period with no corresponding charges recorded in 2021. In Manitoba, cost of sales increased by $60.6 million compared to the first nine months of 2020 largely due to the same factors as the third quarter variance as well as higher administrative costs, including COVID-related costs and higher freight costs.

For details on unit operating costs refer to the respective tables in the "Operations Review" section of this MD&A.

For the third quarter of 2021, other significant variances in expenses from operations, compared to the same period in 2020, include the following:

- Exploration and evaluation expenses increased by $4.2 million, as the Copper World drilling program and related metallurgical studies continued during the third quarter of 2021.

- Other net operating expenses increased by $11.2 million, mostly related to the loss on disposal of $5.2 million of plant and equipment at New Britannia, $3.9 million in higher drilling and project engineering costs related to Copper World and a $3.6 million restructuring charge in Manitoba for severance related to the closure of the Flin Flon operations.

For year-to-date 2021, other significant variances in expenses from operations, compared to the same period in 2020, include the following:

- Exploration and evaluation expenses increased by $15.8 million compared to 2020 for the same reason as noted above.

- Other operating expenses increased by $2.1 million, for the same reasons as above offset by a relative gain on the revaluation of the DRO liability on non-producing properties in Manitoba.

Net finance expense

(in $ thousands)	Three months ended				Nine months ended
(in $ thousands)	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021	Sep. 30, 2020

Finance costs - accrued or payable:
Interest expense on long-term debt	19,300		21,738		57,837	61,102
Withholding taxes	1,914		2,142		5,881	6,172
Tender premium on 7.625% senior unsecured notes	-		7,252		22,878	7,252
Other accrued/payable costs (income)¹	2,009		1,541		5,545	4,789
Total finance costs - accrued or payable	23,223		32,673		92,141	79,315

Finance costs - non-cash:
Accretion on streaming agreements²	8,295		10,785		34,359	42,816
Change in fair value of financial assets and liabilities at fair value through profit or loss	162		(2,750	)	47,735	8,150
Write off unamortized transaction costs	-		3,817		2,480	3,817
Other non-cash costs³	(1,470	)	247		5,657	1,536
Total finance costs - non-cash	6,987		12,099		90,231	56,319
Net finance expense	30,210		44,772		182,372	135,634

¹Includes interest income and other finance expense.

²Includes variable consideration adjustment (prior periods).

³Includes accretion on community agreements, unwinding of discount on provisions, and net foreign exchange losses (gains).

During the quarter ended September 30, 2021, net finance expense decreased by $14.6 million compared to the same period in 2020 due to a $9.5 million decrease in accrued finance costs and a $5.1 million decrease in non-cash finance costs.

These decreases were primarily driven by a $2.4 million reduction in interest expense on long-term debt as a result of refinancing of our senior notes at lower interest rates during the third quarter of 2020 and first quarter of 2021, a reduction of $7.3 million in early redemption premiums paid in 2020, a $3.8 million write-down of unamortized transaction costs in 2020, a $2.5 million reduction of the accretion on streaming agreements arising from a lower interest rate on the amended Peru streaming agreement, an $8.9 million decrease in non-cash losses on the revaluation of the gold prepayment liability and lower non-cash foreign exchange revaluation gains of $1.9 million. Offsetting these reductions in net finance expense were lower revaluation gains of $2.6 million on our investments consisting of securities in Canadian metals and mining companies and a $9.1 million reduction in revaluation gains on an embedded derivative associated with our senior notes.

During the nine months ended September 30, 2021, net finance expense increased by $46.7 million compared to the same period in 2020 due to a $33.9 million increase in non-cash finance costs as well as a $12.8 million increase in accrued finance costs.

These increases were primarily related to the refinancing of our 2025 senior notes in the first quarter of 2021. The early redemption of these notes resulted in a $49.8 million write off of the non-cash embedded derivative related to the exercise of the prepayment option. Also, in connection with the refinancing, we expensed an additional $15.6 million in call premiums, compared to the same period in 2020. We also incurred an increase of $7.8 million in revaluation losses on our investments consisting of securities in Canadian metals and mining companies. Offsetting these increases in net finance expense was a $23.0 million increase in non-cash gains on the revaluation of the gold prepayment liability and an $8.5 million decrease in accretion on streaming arrangements for the same reasons as described above.

Tax Expense

For the three and nine months ended September 30, 2021, tax expense increased by $22.6 million and $59.3 million respectively, compared to the same period in 2020. The following table provides further details:

(in $ thousands)	Three months ended				Nine months ended
(in $ thousands)	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Deferred tax expense (recovery) - income tax¹	10,864		(669	)	(8,835	)	(28,194	)
Deferred tax (recovery) expense - mining tax ¹	(2,840	)	(2,245	)	9,023		(3,075	)
Total deferred tax expense (recovery)	8,024		(2,914	)	188		(31,269	)
Current tax expense - income tax	11,182		9		14,064		360
Current tax expense - mining tax	3,375		2,916		17,051		2,899
Total current tax expense	14,557		2,925		31,115		3,259
Tax expense (recovery)	22,581		11		31,303		(28,010	)

¹Deferred tax expense (recovery) represents our draw down/increase of non-cash deferred income and mining tax assets/liabilities.

Income Tax Expense

Applying the estimated Canadian statutory income tax rate of 26.4% to our loss before taxes of $202.6 million for the year-to-date period in 2021 would have resulted in a tax recovery of approximately $53.5 million; however, we recorded an income tax expense of $5.2 million. The significant items causing our effective income tax rate to be different than the 26.4% estimated Canadian statutory income tax rate include:

^- Certain deductible temporary differences mostly with respect to Peru, and mostly relating to the decommissioning and restoration liabilities, were recognized as we have determined that it is probable that we will realize the recovery of these deferred tax assets based on the timing of the reversals of the deductible temporary differences and the future projected taxable profit of the Peruvian operations. This has resulted in a deferred tax recovery of $5.9 million.

^- Certain deductible temporary differences with respect to Manitoba, and mostly relating to the decommissioning and restoration liabilities, were not recognized as we have determined that it is not probable that we will realize the recovery of these deferred tax assets based on the timing of the reversals of the deductible temporary differences and the future projected taxable profit of the Manitoba operations. Adjusted for the average annual effective tax rate methodology, this resulted in deferred tax expense of $48.0 million.

^- Certain foreign exchange gains and other items are not taxable for local income tax purposes and therefore result in a deferred tax expense of $1.6 million.

^- Certain deductible temporary differences with respect to our foreign operations are recorded using an income tax rate other than the Canadian statutory income tax rate of 26.4%, resulting in a deferred tax expense of $14.3 million.

Mining Tax Expense

Applying the estimated Manitoba mining tax rate of 10.0% to our loss before taxes of $202.6 million for the year-to-date period in 2021 would have resulted in a tax recovery of approximately $20.3 million; however, we recorded a mining tax expense of $26.1 million. Effective mining tax rates can vary significantly based on the composition of our earnings and the expected amount of mining taxable profits. Corporate costs and other costs not related to mining operations are not deductible in computing mining profits. A brief description of how mining taxes are calculated in our various business units is discussed below.

Manitoba

The Province of Manitoba imposes mining tax on profit related to the sale of mineral products mined in the Province of Manitoba (mining taxable profit) at the following rates:

^- 10% of total mining taxable profit if mining profit is C$50 million or less;

^- 15% of total mining taxable profit if mining profits are between C$55 million and C$100 million; and

^- 17% of total mining taxable profit if mining profits exceed C$105 million.

We estimate that the tax rate that will be applicable when temporary differences reverse will be approximately 10.0%.

Peru

The Peruvian government imposes two parallel mining tax regimes, the Special Mining Tax and the Modified Royalty, on companies' operating mining income on a sliding scale, with progressive rates ranging from 2.0% to 8.4% and 1.0% to 12.0%, respectively. Based on financial forecasts, we have recorded a deferred tax liability as at September 30, 2021, at the tax rate we expect to apply when temporary differences reverse.

LIQUIDITY AND CAPITAL RESOURCES

Senior Unsecured Notes

Following our recent bond refinancings, we now have $600.0 million aggregate principal amount of 4.5% senior notes due April 2026 and $600.0 million aggregate principal amount of 6.125% senior notes due April 2029.

Extension and Amendment of Senior Secured Revolving Credit Facilities

On October 26, 2021, we entered into amendments to our Credit Facilities to increase the total amount of the facilities to $450 million ($150 million for the Peru facility and $300 million for the Canadian facility), eliminate certain financial covenants, and amend others to increase our financial flexibility and reduce interest spreads across the entire net debt to earnings before interest, tax, depreciation and amortization ("EBITDA") grid. In addition, the maturity date of the facilities was extended to October 26, 2025. The remaining financial covenants have been amended and include maintaining a net debt to EBITDA ratio of less than 4.00:1, a senior secured debt to EBITDA of less than 3.00:1 and an interest coverage ratio of greater than 3.00:1. The two facilities have substantially similar terms and conditions and continue to be secured by all our assets except for those assets related to the Arizona business unit.

As at September 30, 2021, our liquidity includes $297.5 million in cash and cash equivalents as well as undrawn availability of $297.3 million under our Credit Facilities (which excludes the $50 million increase in availability resulting from the recent amendment to our Credit Facilities). As at September 30, 2021, we were in compliance with our covenants under the Credit Facilities and had drawn $102.7 million in letters of credit under the Credit Facilities. Due to the updated Flin Flon closure plan finalized in the third quarter of 2021, we expect the letters of credit issued under the Credit Facilities to increase in the near future to support the higher estimated closure costs.

As at September 30, 2021, the Arizona business unit had $8.6 million in surety bonds issued to support future reclamation and closure obligations. The Peru business unit also had $87.1 million in letters of credit issued with various Peruvian financial institutions. No cash collateral is required to be posted under these letters of credit or surety bonds.

Financial Condition

Financial Condition as at September 30, 2021 compared to December 31, 2020

Cash and cash equivalents decreased by $141.7 million during the first nine months of the year to $297.5 million as at September 30, 2021. This decrease was mainly the result of $272.6 million of capital investments primarily at our Peru and Manitoba operations, interest payments of $84.4 million, other financing and leasing payments of $41.2 million and $28.4 million, respectively, as well as paid dividends of $4.1 million. Offsetting these cash outflows was cash flow from operating activities of $288.0 million. We hold the majority of our cash and cash equivalents in low-risk, liquid investments with major Canadian and Peruvian financial institutions.

Working capital decreased by $147.0 million to $159.9 million from December 31, 2020 to September 30, 2021, primarily due to the cash and cash equivalent decrease of $141.7 million, an increase of $50.7 million in other financial liabilities due to a partial reclassification of the gold prepayment liability to current and a decrease in trade and other receivables of $15.6 million, mainly related to timing of sales receivables. Offsetting these items was a decrease in trade and other payables of $55.9 million arising mainly from timing of interest payments on our senior notes, a decrease of $24.9 million in our current portion of deferred revenue related to our stream agreements and an increase in other financial assets of $16.3 million related to the revaluation of our copper and zinc derivatives.

Cash Flows

The following table summarizes our cash flows for the three and nine months ended September 30, 2021 and September 30, 2020:

(in $ thousands)	Three months ended				Nine months ended
(in $ thousands)	Sep. 30, 2021	Sep. 30, 2020			Sep. 30, 2021		Sep. 30, 2020
Operating cash flow before changes in non-cash working capital	103,509	84,383			326,945		155,792
Change in non-cash working capital	36,289	(6,448		)	(38,978	)	(37,402	)
Cash generated from operating activities	139,798	77,935			287,967		118,390
Cash used in investing activities	(88,893)	(144,164		)	(270,654	)	(241,520	)
Cash (used in) generated by financing activities	(47,769)	124,845			(157,386	)	175,285
Effect of movement in exchange rates on cash and cash equivalents	28	(738	)		(1,611	)	713
Increase (decrease) in cash and cash equivalents	3,164	57,878			(141,684	)	52,868

Cash Flow from Operating Activities

Cash generated from operating activities was $139.8 million during the third quarter of 2021, an increase of $61.9 million compared with the same period in 2020. Operating cash flow before change in non-cash working capital was $103.5 million during the third quarter of 2021, reflecting an increase of $19.1 million compared to the third quarter of 2020. The increase in operating cash flow is primarily the result of higher realized base metal prices, and higher gold sales volumes. This was partially offset by lower sales volumes of base metals compared to the third quarter of 2020.

Year-to-date cash generated from operating activities was $288.0 million, representing an increase of $169.6 million compared to the same period in 2020. Operating cash flow before change in non-cash working capital was $326.9 million during the first nine months of 2021, compared to $155.8 million in the same period in 2020. The year-to-date increase in operating cash flow is due to the same factors described above for the quarter-over-quarter variance as well as the Constancia shut-down that occurred in the comparative 2020 period.

Cash Flow from Investing and Financing Activities

During the third quarter of 2021, we spent $136.7 million in investing and financing activities, primarily driven by $89.1 million in capital expenditures, $33.6 million in interest payments, $9.6 million in capitalized lease payments and $4.6 million in other financing and dividend payments.

Year-to-date, we spent $428.0 million in investing and financing activities, driven by $272.6 million in capital expenditures, $84.4 million in interest payments, $41.2 million in other financing payments, $28.4 million in capitalized lease payments and $4.1 million in dividends paid.

Capital Expenditures

The following summarizes accrued and cash additions to capital assets for the periods indicated:

	Three months ended		Nine months ended		Guidance
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Annual
(in $ millions)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	2021
Manitoba sustaining capital expenditures	23.5	23.3	77.9	74.3	90.0
Peru sustaining capital expenditures ¹	38.9	35.0	83.9	54.2	135.0
Total sustaining capital expenditures	62.4	58.3	161.8	128.5	225.0
Arizona capitalized costs	6.1	2.0	12.6	9.7	20.0
Peru growth capitalized expenditures²	2.0	25.7	23.1	95.9	25.0
Manitoba growth capitalized expenditures ³	21.0	15.7	97.2	30.4	105.0
Other capitalized costs⁴	7.2	(6.5)	(31.9)	53.3
Capitalized exploration	1.4	1.0	3.4	3.3	15.0
Total other capitalized costs	37.7	37.9	104.4	192.6
Total capital additions	100.1	96.2	266.2	321.1

Reconciliation to cash capital additions:
Decommissioning and restoration obligation	(4.5)	7.7	48.9	(50.8)
Right-of-use asset additions	(9.8)	(10.2)	(32.5)	(17.4)
Change in community agreement accruals	(1.5)	55.3	(0.2)	(7.1)
Change in capital accruals and other	4.8	(4.5)	(9.8)	(2.5)
Total cash capital additions	89.1	144.5	272.6	243.3

¹Peru sustaining capital expenditures includes capitalized stripping costs.

² Hudbay's revised growth capital guidance for Peru of $25.0 million includes the cost of individual land user agreements.

³Hudbay's revised growth capital guidance for Manitoba of $105.0 million was revised in August 2021.

⁴Other capitalized costs include decommissioning and restoration adjustments.

Sustaining capital expenditures in Manitoba for the three and nine months ended September 30, 2021 were $23.5 million and $77.9 million, respectively, representing increases of $0.2 million and $3.6 million compared to the same periods in 2020. The increases are due to increased expenditures at the Anderson tailings facility in 2021, partially offset by a suspension of capital additions at 777, effective July 2021.

Sustaining capital expenditures in Peru for the three and nine months ended September 30, 2021 were $38.9 million and $83.9 million, respectively, representing increases of $3.9 million and $29.7 million compared to the same period in 2020. The increases were mainly due to curtailed spending in the comparative 2020 periods arising from an eight-week suspension of Constancia operations. During the third quarter of 2021, sustaining capital expenditures mainly related to a tailings management facility expansion, construction of a tailings discharge line and higher capitalized stripping from mining operations at Pampacancha.

Manitoba's year-to-date growth capital of $97.2 million relates primarily to capital spending to complete the New Britannia refurbishment project. The project was completed in October, following the completion of construction and full commissioning of the new copper flotation facility. Ramp-up activities at the copper circuit are currently underway.

Peru's year-to-date growth capital of $23.1 million, incurred mainly in the first quarter, includes costs associated with the remaining land user agreements as well as civil works related to the development of Pampacancha before reaching commercial production in April. Subsequent capital spending in the third quarter is related to the Pampacancha land access agreements.

We expect consolidated sustaining capital expenditures in 2021 to be in line with our full year guidance and we expect our growth capital expenditures in 2021 to be in line with our revised full year guidance.

Other capitalized costs for the three and nine months ended September 30, 2021 were $7.2 million and negative $31.9 million, respectively. These relate primarily to the remeasurement of previously recognized decommissioning and restoration liabilities at our Peru and Manitoba operations as a result of changing discount rates.

Capital Commitments

As at September 30, 2021, we had outstanding capital commitments in Canada of approximately $50.5 million of which $41.0 million can be terminated, approximately $41.6 million in Peru primarily related to exploration option agreements, all of which can be terminated, and approximately $181.0 million in Arizona, primarily related to our Rosemont project, of which approximately $88.9 million can be terminated.

Contractual Obligations

The following table summarizes our significant contractual obligations as at September 30, 2021:

		Less than 12 months	13 - 36 months	37 - 60 months	More than 60 months
Payment Schedule (in $ millions)	Total	Less than 12 months	13 - 36 months	37 - 60 months	More than 60 months
Long-term debt obligations¹	1,601.5	68.1	127.5	714.0	691.9
Gold prepayment obligation²	133.0	51.2	81.8	-	-
Lease obligations	123.1	74.4	24.4	9.4	14.9
Purchase obligation - capital commitments	273.1	67.0	22.1	36.1	147.9
Purchase obligation - other commitments³	864.3	338.4	261.3	131.8	132.8
Pension and other employee future benefits obligations²	166.3	14.0	24.5	7.7	120.1
Community agreement obligations⁴	52.2	9.7	9.7	4.9	27.9
Decommissioning and restoration obligations⁵	437.4	18.3	11.8	7.5	399.8
Total	3,650.9	641.1	563.1	911.4	1,535.3

¹Long-term debt obligations include scheduled interest payments, as well as principal repayments.

²Discounted.

³ Primarily made up of long-term agreements with operational suppliers, obligations for power purchase, concentrate handling, fleet and port services, as well as deferred consideration arising from the acquisition of Rosemont's minority interest.

⁴Represents community agreement obligations and various finalized land user agreements, including Pampacancha.

⁵ Undiscounted before inflation.

In addition to the contractual obligations included in the above payment schedule, we also have the following commitments which impact our financial position:

- A profit-sharing plan with most Manitoba employees;

- A profit-sharing plan with all Peru employees;

- Wheaton precious metals stream agreements for the 777 mine and Constancia mines;

- A net smelter returns royalty agreement related to the 777 mine; and,

- Government royalty payments related to the Constancia mine.

Outstanding Share Data

As of November 2, 2021, there were 261,525,311 common shares of Hudbay issued and outstanding. In addition, there were 1,749,493 stock options outstanding.

TREND ANALYSIS AND QUARTERLY REVIEW

A detailed quarterly and annual summary of financial and operating performance can be found in the "Summary of Results" section at the end of this MD&A. The following table sets forth selected consolidated financial information for each of our eight most recently completed quarters:

(in $ millions, except per share amounts)	2021						2020								2019
(in $ millions, except per share amounts)	Q3		Q2		Q1		Q4		Q3		Q2		Q1		Q4
Revenue	359.0		404.2		313.6		322.3		316.1		208.9		245.1		324.5
Gross (loss) profit	(85.4	)	82.2		52.5		34.4		39.3		(12.7	)	(22.0	)	25.6
(Loss) profit before tax	(147.8	)	14.8		(69.6	)	0.9		(23.9	)	(74.6	)	(81.5	)	(42.4	)
(Loss) profit	(170.4	)	(3.4	)	(60.1	)	7.4		(24.0	)	(51.9	)	(76.1	)	(1.5	)
Adjusted net earnings (loss)¹	38.2		5.4		(16.1	)	(16.4	)	(25.4	)	(39.7	)	(39.3	)	(24.6	)
(Loss) earnings per share:
Basic and diluted	(0.65	)	(0.01	)	(0.23	)	0.03		(0.09	)	(0.20	)	(0.29	)	(0.01	)
Adjusted net earnings (loss)¹per share	0.15		0.02		(0.06	)	(0.06	)	(0.10	)	(0.15	)	(0.15	)	(0.09	)
Operating cash flow²	103.5		132.8		90.7		86.1		84.4		29.5		42.0		69.1
Adjusted EBITDA¹	119.3		143.2		104.2		106.9		96.1		49.1		55.0		82.2

¹ Adjusted net (loss) earnings, adjusted net (loss) earnings per share, and adjusted EBITDA are non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

²Operating cash flow before changes in non-cash working capital.

Commodity prices have steadily increased since the second quarter of 2020 to what is currently their highest levels in many years. Other than one-time charges, our revenues, gross profit and operating cash flow have steadily improved with the rise in commodity prices.

During the third quarter of 2021, we continued to realize higher base metal prices resulting in elevated revenues and operating cash flow. Mining at Pampacancha has continued to ramp-up, contributing significantly to gold production during the quarter. As a result of the planned closure of Flin Flon operations in mid-2022 and an updated Flin Flon closure plan, non-cash charges totaling $156.3 million were incurred, which negatively impacted gross profit for the quarter. In Peru, ongoing COVID-19 costs, along with lower copper grades, have put pressure on operating costs.

Financial results in the second quarter of 2021 benefited from initial production at the Pampacancha pit but were negatively impacted by higher operating costs in Peru and lower Manitoba metal production caused by COVID-19 related impacts as well as lower copper and zinc grades and lower precious metal recoveries.

The first quarter of 2021 saw lower revenues compared to the fourth quarter of 2020 due to a delayed Peru shipment for which revenue could not be recognized, and lower sales volumes from Manitoba related to a buildup of finished goods inventory during the quarter as a result of a lack of rail car availability. First quarter results were negatively impacted by $75.2 million of various finance expenses related to the refinancing of our senior notes.

We experienced production disruptions during the first half of 2020 due to an eight-week suspension of Constancia operations in Peru from a government declared state of emergency and at the 777 mine during the fourth quarter of 2020 due to a six-week interruption to perform repairs following a skip hoist incident. However, the deferral of production and sales that arose from these disruptions allowed us to benefit from increasing commodity prices. The reduced copper production from Constancia and 777 in 2020 was partially offset by increased production from Lalor. Earnings in the fourth quarter of 2020 were negatively impacted by the 777 production interruption which resulted in $11.7 million in certain overhead costs being expensed. Earnings in the first and second quarter of 2020 were impacted by the temporary suspension of operations at Constancia, which resulted in $31.9 million in certain overhead costs being expensed. For information on previous trends and quarterly reviews, refer to our MD&A for the year ended December 31, 2020, dated February 18, 2021.

NON-IFRS FINANCIAL PERFORMANCE MEASURES

Adjusted net earnings (loss), adjusted net earnings (loss) per share, adjusted EBITDA, net debt, cash cost, sustaining and all-in sustaining cash cost per pound of copper produced, cash cost and sustaining cash cost per pound of zinc produced and combined unit cost and zinc plant unit cost are non-IFRS performance measures. These measures do not have a meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS and are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently.

Management believes adjusted net earnings (loss) and adjusted net earnings (loss) per share better reflect the Company's performance for the current period and are better indications of its expected performance in future periods. These measures are used internally by the Company to evaluate the performance of its underlying operations and to assist with its planning and forecasting of future operating results. As such, the Company believes these measures are useful to investors in assessing the Company's underlying performance. We provide adjusted EBITDA to help users analyze our results and to provide additional information about our ongoing cash generating potential in order to assess our capacity to service and repay debt, carry out investments and cover working capital needs. Net debt is shown because it is a performance measure used by the Company to assess our financial position. Cash cost, sustaining and all-in sustaining cash cost per pound of copper produced are shown because we believe they help investors and management assess the performance of our operations, including the margin generated by the operations and the Company. Cash cost and sustaining cash cost per pound of zinc produced are shown because we believe they help investors and management assess the performance of our Manitoba operations. Combined unit cost and zinc plant unit cost is shown because we believe they help investors and management assess our cost structure and margins that are not impacted by variability in by-product commodity prices.

In addition, during the third quarter of 2021, there were non-recurring adjustments for Manitoba operations, including severance, past service pension costs, write-downs of certain machinery and equipment, and inventory supplies write-downs as well as a non-cash impairment charges related to an updated Flin Flon closure plan, none of which management believes are indicative of the ongoing operating performance and have therefore been excluded from the calculations of adjusted net earnings (loss) and adjusted EBITDA.

In the first half of 2020, a government-imposed shutdown of non-essential businesses led to a temporary suspension of our Constancia mining operations. Similarly, in the fourth quarter of 2020, a shaft incident led to a production interruption at 777 in Manitoba. Fixed overhead production costs incurred during these temporary production disruptions were directly charged to cost of sales. These costs did not contribute to production of inventory and were therefore excluded from the calculations of adjusted net earnings (loss), adjusted EBITDA and cash costs.

Adjusted Net Earnings (Loss)

Adjusted net earnings (loss) represents net earnings (loss) excluding certain impacts, net of taxes, such as mark-to-market adjustments, impairment charges and reversal of impairment charges, write-down of assets, and foreign exchange (gain) loss. These measures are not necessarily indicative of net earnings (loss) or cash flows as determined under IFRS.

The following table provides a reconciliation of earnings (loss) per the consolidated interim income statements, to adjusted net earnings (loss) for the three and nine months ended September 30, 2021 and 2020.

	Three months ended				Nine months ended
(in $ millions)	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Loss for the period	(170.4	)	(24.0	)	(233.9	)	(152.0	)
Tax expense (recovery)	22.6		0.1		31.3		(28.0	)
Loss before tax	(147.8	)	(23.9	)	(202.6	)	(180.0	)
Adjusting items:
Mark-to-market adjustments¹	1.7		1.9		53.4		13.7
Peru inventory (reversal)/write-down	-		-		(1.4	)	2.2
Peru cost of sales direct charge from temporary shutdown	-		-		-		31.9
Variable consideration adjustment - stream revenue and accretion	-		(14.1	)	(1.0	)	(10.4	)
Foreign exchange (gain) loss	(3.1	)	(1.2	)	0.4		(4.2	)
Write-down of unamortized transaction costs	-		3.8		2.5		3.8
Premium paid on redemption of notes	-		7.3		22.9		7.3
Impairment - environmental obligation	147.3		-		147.3		-
Restructuring charges - Manitoba²	9.0		-		9.0		-
Past service pension cost	4.2		-		4.2		-
Loss on disposal of plant and equipment - Manitoba	5.4		-		5.4		-
Adjusted earnings (loss) before income taxes	16.7		(26.2	)	40.1		(135.7	)
Tax (expense) recovery	(22.6	)	(0.1	)	(31.3	)	28.0
Tax impact of adjusting items	34.6		0.1		13.4		(14.2	)
Non-cash deferred tax adjustments	9.5		0.8		5.4		17.9
Adjusted net earnings (loss)	38.2		(25.4	)	27.6		(104.0	)
Adjusted net earnings (loss) ($/share)	0.15		(0.10	)	0.11		(0.40	)
Basic weighted average number of common shares outstanding (millions)	261.5		261.3		261.4		261.3

¹ Includes changes in fair value of the embedded derivative on our Redeemed Notes, gold prepayment liability, Canadian junior mining investments, other financial assets and liabilities at fair value through profit or loss and share-based compensation expenses.

² Includes severance accrued for unionized employees and write down of materials and supply inventories at the Flin Flon operations.

After adjusting reported net earnings for those items not considered representative of the Company's core business or indicative of future operations, the Company had an adjusted net earnings in the third quarter 2021 of $38.2 million or $0.15 earnings per share.

Adjusted EBITDA

Adjusted EBITDA is profit or loss before net finance expense/income, tax expense/recoveries, depreciation and amortization of property, plant and equipment and deferred revenue, as well as certain other adjustments. We calculate adjusted EBITDA by excluding certain adjustments included within our adjusted net earnings measure which we believe reflects the underlying performance of our core operating activities. The measure also removes the impact of non-cash items and financing costs that are not associated with measuring the underlying performance of our operations. However, our adjusted EBITDA is not the measure defined as EBITDA under our senior notes or revolving credit facilities and may not be comparable with performance measures with the same name reported by other companies. Adjusted EBITDA should not be considered as a substitute for profit or loss or as a better measure of liquidity than operating cash flow, which are calculated in accordance with IFRS. We provide adjusted EBITDA to help users analyze our results and to provide additional information about our ongoing cash generating potential in order to assess our capacity to service and repay debt, carry out investments and cover working capital needs.

The following table presents the reconciliation of earnings (loss) per the consolidated interim income statements, to adjusted EBITDA for the three and nine months ended September 30, 2021 and 2020:

	Three months ended				Nine months ended
(in $ millions)	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Loss for the period	(170.4	)	(24.0	)	(233.9	)	(152.0	)

Add back: Tax expense (recovery)	22.6		0.1		31.3		(28.0	)
Add back: Net finance expense	30.2		44.8		182.4		135.6
Add back: Other expenses	16.0		4.8		13.7		11.6
Add back: Depreciation and amortization¹	86.0		96.0		268.0		263.2
Less: Amortization of deferred revenue and variable consideration adjustment	(23.5	)	(30.2	)	(55.9	)	(53.8	)
	(39.1	)	91.5		205.6		176.6
Adjusting items (pre-tax):
Peru inventory (reversal) / write-down	-		-		(1.4	)	2.2
Impairment - environmental obligation	147.3		-		147.3		-
Restructuring charges - Manitoba²	5.4		-		5.4		-
Past service pension cost	4.2		-		4.2		-
Cash portion of Peru cost of sales direct charge from temporary shutdown	-		-		-		15.8
Share-based compensation expenses³	1.5		4.6		5.5		5.5
Adjusted EBITDA	119.3		96.1		366.6		200.1

¹ Includes the non-cash portion of the Peru cost of sales direct charge from the temporary shutdown of nil and $16.1 million, respectively, for the three and nine months ended September 30, 2020.

² Represents the write-down of materials and supply inventories at the Flin Flon operations.

³ Share-based compensation expenses reflected in cost of sales and selling and administrative expenses.

Net Debt

The following table presents our calculation of net debt as at September 30, 2021 and December 31, 2020:


(in $ thousands)	Sep. 30, 2021		Dec. 31, 2020
Total long-term debt	1,182,612		1,135,675
Cash and cash equivalents	(297,451	)	(439,135	)
Net debt	885,161		696,540

Cash Cost, Sustaining and All-in Sustaining Cash Cost (Copper Basis)

Cash cost per pound of copper produced ("cash cost") is a non-IFRS measure that management uses as a key performance indicator to assess the performance of our operations. Our calculation designates copper as our primary metal of production as it has been the largest component of revenues. The calculation is presented in four manners:

- Cash cost, before by-product credits - This measure is gross of by-product revenues and is a function of the efforts and costs incurred to mine and process all ore mined. However, the measure divides this aggregate cost over only pounds of copper produced, our primary metal of production. This measure is generally less volatile from period to period, as it is not affected by changes in the price received for by-product metals. It is, however, significantly affected by the relative mix of copper concentrate and finished zinc production, where the sale of the zinc will occur later, and an increase in production of zinc metal will tend to result in an increase in cash cost under this measure.

- Cash cost, net of by-product credits - In order to calculate the net cost to produce and sell copper, the net of by-product credits measure subtracts the revenues realized from the sale of the metals other than copper. The by-product revenues from zinc, gold, and silver are significant and are integral to the economics of our operations. The economics that support our decision to produce and sell copper would be different if we did not receive revenues from the other significant metals being extracted and processed. This measure provides management and investors with an indication of the minimum copper price consistent with positive operating margins, assuming realized by-product metal prices are consistent with those prevailing during the reporting period. It also serves as an important operating statistic that management and investors utilize to measure our operating performance versus that of our competitors. However, it is important to understand that if by-product metal prices decline alongside copper prices, the cash cost net of by-product credits would increase, requiring a higher copper price than that reported to maintain positive cash flows and operating margins.

- Sustaining cash cost, net of by-product credits - This measure is an extension of cash cost that includes cash sustaining capital expenditures, including payments on capitalized leases, capitalized sustaining exploration, net smelter returns royalties, payments on certain long-term community agreements, as well as accretion and amortization for expected decommissioning activities for producing assets. It does not include corporate selling and administrative expenses. It provides a more fulsome measurement of the cost of sustaining production than cash cost, which is focused on operating costs only.

- All-in sustaining cash cost, net of by-product credits - This measure is an extension of sustaining cash cost that includes corporate G&A, regional costs, accretion and amortization for community agreements relating to current operations, and accretion for expected decommissioning activities for non-producing assets. Due to the inclusion of corporate selling and administrative expenses, all-in sustaining cash cost is presented on a consolidated basis only.

The tables below present a detailed build-up of cash cost and sustaining cash cost, net of by-product credits, by business unit in addition to consolidated all-in sustaining cash cost, net of by-product credits, and reconciliations between cash cost, net of by-product credits, to the most comparable IFRS measures of cost of sales for the three and nine months ended September 30, 2021 and 2020. Cash cost, net of by-product credits may not calculate exactly based on amounts presented in the tables below due to rounding.

Consolidated	Three months ended		Nine months ended
Net pounds of copper produced
(in thousands)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Peru	39,842	45,862	121,159	113,750
Manitoba	11,404	10,124	35,968	36,286
Net pounds of copper produced	51,246	55,986	157,127	150,036

Consolidated

Three months ended

Nine months ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Cash cost per pound of copper produced

$000s

$/lb

$000s

$/lb

$000s

$/lb

$000s

$/lb

Cash cost, before by-product credits

206,615

4.04

188,699

3.37

635,383

4.05

513,225

3.42

By-product credits

(175,057

)

(3.42

)

(152,403

)

(2.72

)

(504,039

)

(3.21

)

(412,235

)

(2.75

)

Cash cost, net of by-product credits

31,558

0.62

36,296

0.65

131,344

0.84

100,990

0.67

Consolidated	Three months ended				Nine months ended
	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Supplementary cash cost information	$000s	$/lb ¹	$000s	$/lb ¹	$000s	$/lb ¹	$000s	$/lb ¹
By-product credits²:
Zinc	67,695	1.32	66,918	1.20	227,716	1.45	187,512	1.25
Gold ³	76,241	1.49	58,093	1.04	190,253	1.21	158,235	1.05
Silver ³	15,957	0.31	19,656	0.35	46,535	0.30	46,718	0.31
Molybdenum & other	15,164	0.30	7,736	0.14	39,535	0.25	19,770	0.13
Total by-product credits	175,057	3.42	152,403	2.72	504,039	3.21	412,235	2.75
Less: variable consideration ³	0	0.00	-	-	0	0.00	0	0.00
Reconciliation to IFRS:
Cash cost, net of by-product credits	31,558		36,296		131,344		100,990
By-product credits	175,057		152,403		504,039		412,235
Treatment and refining charges	(14,531)		(15,006)		(41,710)		(42,165)
Inventory adjustments	5,445		-		3,999		2,221
Share-based compensation expense	145		411		603		480
Past service pension cost	4,229		-		4,229		-
Change in product inventory	5,672		2,229		(1,933)		2,691
Royalties	3,489		4,499		11,680		9,989
Overhead costs related to suspension of activities (cash) - Peru	-		-		-		15,810
Depreciation and amortization⁴	86,010		95,998		267,997		263,244
Cost of sales⁵	297,074		276,830		880,248		765,495

¹Per pound of copper produced.

²By-product credits are computed as revenue per financial statements, including amortization of deferred revenue and pricing and volume adjustments. For more information, please see the realized price reconciliation table on page 27 for these figures.

³ Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements. Variable consideration adjustments are cumulative adjustments to gold and silver stream deferred revenue primarily associated with the net change in mineral reserves and resources or amendments to the mine plan that would change the total expected deliverable ounces under the precious metal streaming arrangement. For the three and nine months ended September 30, 2021 the variable consideration adjustments amounted to income of nil and $1,617, respectively. For the three and nine months ended September 30, 2020 - income of $9,482 and $6,668, respectively.

⁴Depreciation is based on concentrate sold.

⁵ As per IFRS financial statements.

Peru	Three months ended		Nine months ended
(in thousands)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net pounds of copper produced¹	39,842	45,862	121,159	113,750

¹Contained copper in concentrate.

Peru	Three months ended								Nine months ended
	Sep. 30, 2021				Sep. 30, 2020				Sep. 30, 2021				Sep. 30, 2020
Cash cost per pound of copper produced	$000s		$/lb		$000s		$/lb		$000s		$/lb		$000s		$/lb
Mining	22,772		0.57		18,220		0.40		70,444		0.58		45,757		0.40
Milling	44,750		1.12		42,836		0.93		128,356		1.06		94,877		0.83
G&A	13,948		0.35		12,538		0.27		45,278		0.37		28,778		0.25
Onsite costs	81,470		2.04		73,594		1.60		244,078		2.01		169,412		1.49
Treatment & refining	7,292		0.18		10,694		0.23		23,730		0.20		26,573		0.23
Freight & other	9,464		0.24		10,201		0.22		29,707		0.25		24,805		0.22
Cash cost, before by-product credits	98,226		2.46		94,489		2.06		297,515		2.46		220,790		1.94
By-product credits	(47,984	)	(1.20	)	(23,675	)	(0.52	)	(97,984	)	(0.81	)	(56,265	)	(0.49	)
Cash cost, net of by-product credits	50,242		1.26		70,814		1.54		199,531		1.65		164,525		1.45

Peru	Three months ended				Nine months ended
	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Supplementary cash cost information	$000s	$/lb ¹	$000s	$/lb ¹	$000s	$/lb ¹	$000s	$/lb ¹
By-product credits²:
Gold³	24,196	0.61	6,099	0.13	37,185	0.31	12,232	0.11
Silver³	10,557	0.26	12,006	0.26	27,360	0.23	28,286	0.25
Molybdenum	13,231	0.33	5,570	0.12	33,439	0.28	15,747	0.14
Total by-product credits	47,984	1.20	23,675	0.52	97,984	0.81	56,265	0.49
Reconciliation to IFRS:
Cash cost, net of by-product credits	50,242		70,814		199,531		164,525
By-product credits	47,984		23,675		97,984		56,265
Treatment and refining charges	(7,292)		(10,694)		(23,730)		(26,573)
Inventory adjustments	-		-		(1,446)		2,221
Share-based compensation expenses	31		89		102		74
Change in product inventory	(3,126)		4,824		(9,236)		2,666
Royalties	998		1,664		2,741		3,722
Overhead costs related to suspension of activities (cash)	-		-		-		15,810
Depreciation and amortization⁴	47,185		53,021		140,330		133,414
Cost of sales⁵	136,022		143,393		406,276		352,124

¹Per pound of copper produced.
²By-product credits are computed as revenue per financial statements, including amortization of deferred revenue and pricing and volume adjustments. For more information, please see the realized price reconciliation table on page 27.
³Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements.
⁴Depreciation is based on concentrate sold.
⁵ As per IFRS financial statements.

Manitoba	Three months ended		Nine months ended
(in thousands)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net pounds of copper produced¹	11,404	10,124	35,968	36,286

¹Contained copper in concentrate.

Manitoba	Three months ended								Nine months ended
	Sep. 30, 2021				Sep. 30, 2020				Sep. 30, 2021				Sep. 30, 2020
Cash cost per pound of copper produced	$000s		$/lb		$000s		$/lb		$000s		$/lb		$000s		$/lb
Mining	54,634		4.79		42,224		4.17		163,769		4.55		131,711		3.63
Milling	14,484		1.27		11,901		1.18		40,801		1.13		34,910		0.96
Refining (zinc)	15,868		1.39		17,504		1.73		53,383		1.48		53,063		1.46
G&A	8,680		0.76		11,909		1.18		39,218		1.09		37,033		1.02
Onsite costs	93,666		8.21		83,538		8.25		297,171		8.26		256,717		7.07
Treatment & refining	7,239		0.63		4,312		0.43		17,980		0.50		15,592		0.43
Freight & other	7,484		0.66		6,360		0.63		22,717		0.63		20,126		0.55
Cash cost, before by-product credits	108,389		9.50		94,210		9.31		337,868		9.39		292,435		8.06
By-product credits	(127,073	)	(11.14	)	(128,728	)	(12.72	)	(406,055	)	(11.29	)	(355,970	)	(9.81	)
Cash cost, net of by-product credits	(18,684	)	(1.64	)	(34,518	)	(3.41	)	(68,187	)	(1.90	)	(63,535	)	(1.75	)

Manitoba

Three months ended

Nine months ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Supplementary cash cost information

$000s

$/lb ¹

$000s

$/lb ¹

$000s

$/lb ¹

$000s

$/lb ¹

By-product credits²:

Zinc

67,695

5.94

66,918

6.61

227,716

6.33

187,512

5.17

Gold³

52,045

4.56

51,994

5.14

153,068

4.26

146,003

4.02

Silver³

5,400

0.47

7,650

0.76

19,175

0.53

18,432

0.51

Other

1,933

0.17

2,166

0.21

6,096

0.17

4,023

0.11

Total by-product credits

127,073

11.14

128,728

12.72

406,055

11.29

355,970

9.81

Reconciliation to IFRS:

Cash cost, net of by-product credits

(18,684)

(34,518)

(68,187)

(63,535)

By-product credits

127,073

128,728

406,055

355,970

Treatment and refining charges

(7,239)

(4,312)

(17,980)

(15,592)

Inventory adjustments

5,445

Past service pension cost

4,229

Share-based compensation expenses

114

322

501

406

Change in product inventory

8,798

(2,595)

7,303

Royalties

2,491

2,835

8,939

6,267

Depreciation and amortization⁴

38,825

42,977

127,667

129,830

Cost of sales⁵

161,052

133,437

473,972

413,371

¹ Per pound of copper produced.
²By-product credits are computed as revenue per financial statements, including amortization of deferred revenue and pricing and volume adjustments. For more information, please see the realized price reconciliation table on page 27.
³Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements.
⁴Depreciation is based on concentrate sold.
⁵ As per IFRS financial statements.

Consolidated	Three months ended				Nine months ended
	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
All-in sustaining cash cost per pound of copper produced	$000s	$/lb	$000s	$/lb	$000s	$/lb	$000s	$/lb
Cash cost, net of by-product credits	31,558	0.62	36,296	0.65	131,344	0.84	100,990	0.67
Cash sustaining capital expenditures	65,694	1.28	72,461	1.29	190,649	1.21	176,658	1.18
Royalties	3,489	0.07	4,499	0.08	11,680	0.07	9,989	0.07
Sustaining cash cost, net of by-product credits	100,741	1.97	113,256	2.02	333,673	2.12	287,637	1.92
Corporate selling and administrative expenses & regional costs	10,177	0.20	11,705	0.21	31,934	0.20	29,301	0.19
Accretion and amortization of decommissioning and community agreements¹	652	0.01	995	0.02	1,936	0.01	3,110	0.02
All-in sustaining cash cost, net of by-product credits	111,570	2.18	125,956	2.25	367,543	2.33	320,048	2.13
Reconciliation to property, plant and equipment additions:
Property, plant and equipment additions	76,435		84,440		254,903		207,923
Capitalized stripping net additions	19,094		19,183		60,225		62,374
Decommissioning and restoration obligation net additions	4,563		(7,642)		(48,902)		50,807
Total accrued capital additions	100,092		95,981		266,226		321,104
Less other non-sustaining capital costs²	37,662		37,694		104,410		192,641
Total sustaining capital costs	62,430		58,287		161,816		128,463
Right of use leased assets	(9,549)		(10,200)		(19,971)		(17,420)
Capitalized lease cash payments - operating sites	8,453		8,517		25,972		24,633
Community agreement cash payments	82		1,106		425		2,591
Accretion and amortization of decommissioning and restoration obligations	4,278		14,751		22,407		38,391
Cash sustaining capital expenditures	65,694		72,461		190,649		176,658

¹ Includes accretion of decommissioning relating to non-productive sites, and accretion and amortization of current community agreements.

² Other non-sustaining capital costs include Arizona capitalized costs, capitalized interest, capitalized exploration, growth capital expenditures and decommissioning and restoration obligation adjustments.

Peru	Three months ended				Nine months ended
	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Sustaining cash cost per pound of copper produced	$000s	$/lb	$000s	$/lb	$000s	$/lb	$000s	$/lb
Cash cost, net of by-product credits	50,242	1.26	70,814	1.54	199,531	1.65	164,525	1.45
Cash sustaining capital expenditures	40,921	1.03	32,354	0.71	95,619	0.79	64,453	0.57
Royalties	998	0.03	1,664	0.04	2,741	0.02	3,722	0.03
Sustaining cash cost per pound of copper produced	92,161	2.31	104,832	2.29	297,891	2.46	232,700	2.05

Manitoba	Three months ended								Nine months ended
	Sep. 30, 2021				Sep. 30, 2020				Sep. 30, 2021				Sep. 30, 2020
Sustaining cash cost per pound of copper produced	$000s		$/lb		$000s		$/lb		$000s		$/lb		$000s		$/lb
Cash cost, net of by-product credits	(18,684	)	(1.64	)	(34,518	)	(3.41	)	(68,187	)	(1.90	)	(63,535	)	(1.75	)
Cash sustaining capital expenditures	24,773		2.17		40,107		3.96		95,030		2.64		112,205		3.09
Royalties	2,491		0.22		2,835		0.28		8,939		0.25		6,267		0.17
Sustaining cash cost per pound of copper produced	8,580		0.75		8,424		0.83		35,782		0.99		54,937		1.51

Zinc Cash Cost and Zinc Sustaining Cash Cost

Cash cost per pound of zinc produced ("zinc cash cost") is a non-IFRS measure that management uses as a key performance indicator to assess the performance of our Manitoba operations. This alternative cash cost calculation designates zinc as the primary metal of production as it is the largest component of revenues for our Manitoba business unit and should therefore be less volatile over time than Manitoba cash cost per pound of copper. The calculation is presented in three manners:

- Zinc cash cost, before by-product credits - This measure is gross of by-product revenues and is a function of the efforts and costs incurred to mine and process all ore mined. However, the measure divides this aggregate cost over only pounds of zinc produced, our primary metal of production. This measure is generally less volatile from period to period, as it is not affected by changes in the price received for by-product metals. It is, however, significantly affected by the relative mix of copper concentrate and finished zinc production, where the sale of the copper will occur later, and an increase in production of copper metal will tend to result in an increase in zinc cash cost under this measure.

- Zinc cash cost, net of by-product credits - In order to calculate the net cost to produce and sell zinc, the net of by-product credits measure subtracts the revenues realized from the sale of the metals other than zinc. The by-product revenues from copper, gold, and silver are significant and are integral to the economics of our Manitoba operation. The economics that support our decision to produce and sell zinc would be different if we did not receive revenues from the other significant metals being extracted and processed. This measure provides management and investors with an indication of the minimum zinc price consistent with positive operating margins, assuming realized by-product metal prices are consistent with those prevailing during the reporting period. It also serves as an important operating statistic that management and investors utilize to measure our operating performance at our Manitoba operation versus that of our competitors. However, it is important to understand that if by-product metal prices decline alongside zinc prices, the zinc cash cost net of by-product credits would increase, requiring a higher zinc price than that reported to maintain positive cash flows and operating margins.

- Zinc sustaining cash cost, net of by-product credits - This measure is an extension of zinc cash cost that includes cash sustaining capital expenditures, capitalized exploration, net smelter returns royalties, as well as accretion and amortization for expected decommissioning activities for producing assets. It does not include corporate selling and administrative expenses. It provides a more fulsome measurement of the cost of sustaining production than zinc cash cost, which is focused on operating costs only.

The tables below present a detailed build-up of zinc cash cost and zinc sustaining cash cost, net of by-product credits, for the Manitoba business unit, and reconciliations between zinc cash cost, net of by-product credits, to the most comparable IFRS measures of cost of sales for the three and nine months ended September 30, 2021 and 2020. Zinc cash cost, net of by-product credits, may not calculate exactly based on amounts presented in the tables below due to rounding.

Manitoba	Three months ended		Nine months ended
(in thousands)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net pounds of zinc produced¹	45,953	67,395	155,033	203,458

¹ Contained zinc in concentrate.

Manitoba

Three months ended

Nine months ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Cash cost per pound of zinc produced

$000s

$/lb

$000s

$/lb

$000s

$/lb

$000s

$/lb

Cash cost, before by-product credits¹

108,389

2.36

94,210

1.39

337,868

2.18

292,435

1.44

By-product credits

(106,066

)

(2.31

)

(92,630

)

(1.37

)

(335,170

)

(2.16

)

(264,397

)

(1.30

)

Zinc cash cost, net of by-product credits

2,323

0.05

1,580

0.02

2,698

0.02

28,038

0.14

¹For additional detail on cash cost, before by-product credits please see page 47 of this MD&A.

Manitoba	Three months ended				Nine months ended
	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Supplementary cash cost information	$000s	$/lb ¹	$000s	$/lb ¹	$000s	$/lb ¹	$000s	$/lb ¹
By-product credits²:
Copper	46,688	1.02	30,820	0.46	156,831	1.01	95,939	0.47
Gold³	52,045	1.13	51,994	0.77	153,068	0.99	146,003	0.72
Silver³	5,400	0.12	7,650	0.11	19,175	0.12	18,432	0.09
Other	1,933	0.04	2,166	0.03	6,096	0.04	4,023	0.02
Total by-product credits	106,066	2.31	92,630	1.37	335,170	2.16	264,397	1.30
Reconciliation to IFRS:
Cash cost, net of by-product credits	2,323		1,580		2,698		28,038
By-product credits	106,066		92,630		335,170		264,397
Treatment and refining charges	(7,239)		(4,312)		(17,980)		(15,592)
Inventory adjustments	5,445		-		5,445		-
Past service pension cost	4,229		-		4,229		-
Share-based compensation expenses	114		322		501		406
Change in product inventory	8,798		(2,595)		7,303		25
Royalties	2,491		2,835		8,939		6,267
Depreciation and amortization⁴	38,825		42,977		127,667		129,830
Cost of sales⁵	161,052		133,437		473,972		413,371

¹ Per pound of zinc produced.

²By-product credits are computed as revenue per financial statements, amortization of deferred revenue and pricing and volume adjustments. For more information, please see the realized price reconciliation table on page 27.

³Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements.

⁴Depreciation is based on concentrate sold.

⁵ As per IFRS financial statements.

Manitoba	Three months ended				Nine months ended
	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Sustaining cash cost per pound of zinc produced	$000s	$/lb	$000s	$/lb	$000s	$/lb	$000s	$/lb
Zinc cash cost, net of by-product credits	2,323	0.05	1,580	0.02	2,698	0.02	28,038	0.14
Cash sustaining capital expenditures	24,773	0.54	40,107	0.60	95,030	0.61	112,205	0.55
Royalties	2,491	0.05	2,835	0.04	8,939	0.06	6,267	0.03
Sustaining cash cost per pound of zinc produced	29,587	0.64	44,522	0.66	106,667	0.69	146,510	0.72

Combined Unit Cost & Zinc Plant Unit Cost Reconciliation

Combined unit cost ("unit cost") and zinc plant unit cost is a non-IFRS measure that management uses as a key performance indicator to assess the performance of our mining and milling operations. Combined unit cost and zinc plant unit cost are calculated by dividing the cost of sales by mill throughput and refined zinc metal produced, respectively. This measure is utilized by management and investors to assess our cost structure and margins and compare it to similar information provided by other companies in our industry. Unlike cash cost, this measure is not impacted by variability in by-product commodity prices since there are no by-product deductions; costs associated with profit-sharing and similar costs are excluded because of their correlation to external metal prices. In addition, the unit costs are reported in the functional currency of the operation which minimizes the impact of foreign currency fluctuations. In all, the unit cost measures provide an alternative perspective on operating cost performance with minimal impact from external market prices. In the first half of 2020, as a result of the temporary suspension of operations in Peru, fixed overhead production costs incurred during the suspension were directly charged to cost of sales. These costs did not contribute to production of inventory and were therefore excluded from the calculation of combined unit costs.

The tables below present a detailed combined unit cost and zinc plant unit costs for the Manitoba business unit and combined unit cost for the Peru business unit, and reconciliations between these measures to the most comparable IFRS measures of cost of sales for the three and nine months ended September 30, 2021 and 2020.

Peru	Three months ended				Nine months ended
(in thousands except unit cost per tonne)	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Combined unit cost per tonne processed	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Mining	22,772		18,220		70,444		45,757
Milling	44,750		42,836		128,356		94,877
G&A ¹	13,948		12,538		45,278		28,778
Other G&A ²	(286	)	89		(215	)	651
Unit cost	81,184		73,683		243,863		170,063
Tonnes ore milled	6,985		7,481		20,761		18,556
Combined unit cost per tonne	11.62		9.85		11.75		9.16
Reconciliation to IFRS:
Unit cost	81,184		73,683		243,863		170,063
Freight & other	9,464		10,201		29,707		24,805
Other G&A	286		(89	)	215		(651	)
Share-based compensation expenses	31		89		102		74
Inventory adjustments	-		-		(1,446	)	2,221
Change in product inventory	(3,126	)	4,824		(9,236	)	2,666
Royalties	998		1,664		2,741		3,722
Overhead costs related to suspension of activities (cash)	-		-		-		15,810
Depreciation and amortization	47,185		53,021		140,330		133,414
Cost of sales³	136,022		143,393		406,276		352,124

¹ G&A as per cash cost reconciliation above.

² Other G&A primarily includes profit sharing costs.
³ As per IFRS financial statements.

Manitoba	Three months ended				Nine months ended
(in thousands except tonnes ore milled and unit cost per tonne)	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Combined unit cost per tonne processed	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Mining	54,634		42,224		163,769		131,711
Milling	14,484		11,901		40,801		34,910
G&A ¹	8,680		11,909		39,218		37,033
Less: G&A allocated to zinc metal production	(3,280	)	(3,707	)	(10,822	)	(11,130	)
Less: Other G&A related to profit sharing costs	3,381		(10	)	(72	)	(10	)
Unit cost	77,899		62,317		232,894		192,514
USD/CAD implicit exchange rate	1.26		1.33		1.25		1.35
Unit cost - C$	98,151		82,962		291,419		260,410
Tonnes ore milled	666,263		657,895		1,957,980		2,019,778
Combined unit cost per tonne - C$	147		126		149		129
Reconciliation to IFRS:
Unit cost	77,899		62,317		232,894		192,514
Freight & other	7,484		6,360		22,717		20,126
Refined (zinc)	15,868		17,504		53,383		53,063
G&A allocated to zinc metal production	3,280		3,707		10,822		11,130
Other G&A related to profit sharing	(3,381	)	10		72		10
Share-based compensation expenses	114		322		501		406
Inventory adjustments	5,445		-		5,445		-
Past service pension cost	4,229		-		4,229		-
Change in product inventory	8,798		(2,595	)	7,303		25
Royalties	2,491		2,835		8,939		6,267
Depreciation and amortization	38,825		42,977		127,667		129,830
Cost of sales²	161,052		133,437		473,972		413,371

¹ G&A as per cash cost reconciliation above.

² As per IFRS financial statements.

Manitoba	Three months ended				Nine months ended
(in thousands except zinc plant unit cost per pound)	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Zinc plant unit cost	Sep. 30, 2021		Sep. 30, 2020		Sep. 30, 2021		Sep. 30, 2020
Zinc plant costs	15,868		17,504		53,383		53,063
G&A ¹	8,680		11,909		39,218		37,033
Less: G&A allocated to other areas	(8,781	)	(8,192	)	(28,324	)	(25,893	)
Less: Other G&A related to profit sharing	3,381		(10	)	(72	)	(10	)
Zinc plant unit cost	19,148		21,211		64,205		64,193
USD/CAD implicit exchange rate	1.26		1.33		1.25		1.35
Zinc plant unit cost - C$	24,119		28,246		80,367		86,701
Refined metal produced (in pounds)	43,779		59,123		151,645		182,584
Zinc plant unit cost per pound - C$	0.55		0.48		0.53		0.47
Reconciliation to IFRS:
Zinc plant unit cost	19,148		21,211		64,205		64,193
Freight & other	7,484		6,360		22,717		20,126
Mining	54,634		42,224		163,769		131,711
Milling	14,484		11,901		40,801		34,910
G&A allocated to other areas	8,781		8,192		28,324		25,893
Other G&A related to profit sharing	(3,381	)	10		72		10
Share-based compensation expenses	114		322		501		406
Inventory adjustments	5,445		-		5,445		-
Past service pension costs	4,229		-		4,229		-
Change in product inventory	8,798		(2,595	)	7,303		25
Royalties	2,491		2,835		8,939		6,267
Depreciation and amortization	38,825		42,977		127,667		129,830
Cost of sales²	161,052		133,437		473,972		413,371

¹ G&A as per cash cost reconciliation above.

² As per IFRS financial statements.

ACCOUNTING CHANGES AND CRITICAL ESTIMATES

New standards and interpretations adopted

As of January 1, 2021, we have adopted an amendment to IAS 16, Property, Plant and Equipment ("IAS 16").

For information on new standards and interpretations adopted, refer to note 4 of our September 30, 2021 consolidated interim financial statements.

Estimates and judgements

The preparation of the consolidated interim financial statements in conformity with IFRS requires us to make judgements, estimates and assumptions that affect the application of accounting policies, reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated interim financial statements, and reported amounts of revenue and expenses during the reporting period. Actual results may differ from these estimates.

We review these estimates and underlying assumptions on an ongoing basis based on our experience and other factors, including expectations of future events that we believe to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Certain accounting estimates and judgements have been identified as being "critical" to the presentation of our financial condition and results of operations because they require us to make subjective and/or complex judgments about matters that are inherently uncertain; or there is a reasonable likelihood that materially different amounts could be reported under different conditions or using different assumptions and estimates.

For more information on judgements and estimates, refer to note 2 of our September 30, 2021 consolidated interim financial statements.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR"). ICFR is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

We did not make any changes to ICFR during the three months ended September 30, 2021 that materially affected or are reasonably likely to materially affect our ICFR.

NOTES TO READER

Forward-Looking Information

This MD&A contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this MD&A, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). All of the forward-looking information in this MD&A is qualified by this cautionary note.

Forward-looking information includes, but is not limited to, production, cost and capital and exploration expenditure guidance and potential revisions to such guidance, anticipated production at our mines and processing facilities, expectations regarding the impact of the COVID-19 pandemic on our operations, financial condition and prospects, and our ability to effectively engage with local communities in Peru and other stakeholders, expectations regarding the Rosemont project and the outcome of litigation challenging Rosemont's permits, expectations regarding the Copper World exploration program and timelines for an initial resource estimate and preliminary assessment, expectations regarding the Snow Lake gold strategy, including the continuing ramp-up of the New Britannia mill, increasing the mining rate at Lalor and optimizing the Stall and New Britannia mills, the possibility of converting inferred mineral resource estimates to higher confidence categories, expectations regarding the costs and schedule of the recently approved updated closure plan for Flin Flon, the potential to reprocess Flin Flon tailings in the future and the possible benefits of such a project, the potential and our anticipated plans for advancing our mining properties surrounding Constancia and elsewhere in Peru, anticipated mine plans, anticipated metals prices and the anticipated sensitivity of our financial performance to metals prices, events that may affect our operations and development projects, anticipated cash flows from operations and related liquidity requirements, the anticipated effect of external factors on revenue, such as commodity prices, estimation of mineral reserves and resources, mine life projections, reclamation costs, economic outlook, government regulation of mining operations, and business and acquisition strategies. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information.

The material factors or assumptions that we identified and were applied by us in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to:

- our ability to continue to operate safely and at full capacity during the COVID-19 pandemic;

- the availability, global supply and effectiveness of COVID-19 vaccines, the effective distribution of such vaccines in the countries in which we operate, the lessening of restrictions related to COVID-19, and the anticipated rate and timing for each of the foregoing;

- the ability to achieve production and unit cost guidance;

- no significant interruptions to our operations due to the COVID-19 pandemic or social or political unrest in the regions Hudbay operates;

- the ability to obtain all required permits for the Copper World project;

- the successful outcome of the Rosemont litigation;

- the ability to ramp-up the New Britannia mill and achieve anticipated production;

- the economic prospects of reprocessing Flin Flon tailings;

- the success of mining, processing, exploration and development activities;

- the scheduled maintenance and availability of our processing facilities;

- the accuracy of geological, mining and metallurgical estimates;

- anticipated metals prices and the costs of production;

- the supply and demand for metals we produce;

- the supply and availability of all forms of energy and fuels at reasonable prices;

- no significant unanticipated operational or technical difficulties;

- the execution of our business and growth strategies, including the success of our strategic investments and initiatives;

- the availability of additional financing, if needed;

- the ability to complete project targets on time and on budget and other events that may affect our ability to develop our projects;

- the timing and receipt of various regulatory and governmental approvals;

- the availability of personnel for our exploration, development and operational projects and ongoing employee relations;

- maintaining good relations with the labour unions that represent certain of our employees in Manitoba and Peru;

- maintaining good relations with the communities in which we operate, including the neighbouring Indigenous communities and local governments;

- no significant unanticipated challenges with stakeholders at our various projects;

- no significant unanticipated events or changes relating to regulatory, environmental, health and safety matters;

- no contests over title to our properties, including as a result of rights or claimed rights of Indigenous peoples or challenges to the validity of our unpatented mining claims;

- the timing and possible outcome of pending litigation and no significant unanticipated litigation;

- certain tax matters, including, but not limited to current tax laws and regulations, changes in taxation policies and the refund of certain value added taxes from the Canadian and Peruvian governments; and

- no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices and foreign exchange rates).

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks associated with the COVID-19 pandemic and its effect on our operations, financial condition, projects and prospects, the possibility of a global recession arising from the COVID-19 pandemic and attempts to control it, the direct and indirect impacts of the change in government in Peru, future uncertainty with respect to the Peruvian mining tax regime and social unrest in Peru, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), uncertainties related to the development and operation of our projects, risks related to the ongoing Rosemont litigation process and other legal challenges that could affect Rosemont or Copper World, risks related to the new Lalor mine plan, including the continuing ramp-up of the New Britannia mill and the ability to convert inferred mineral resource estimates to higher confidence categories, risks related to the technical and economic prospects of reprocessing Flin Flon tailings, the potential that additional financial assurance will be required to support the updated Flin Flon closure plan, dependence on key personnel and employee and union relations, risks related to political or social instability, unrest or change, risks in respect of Indigenous and community relations, rights and title claims, operational risks and hazards, including the cost of maintaining and upgrading the Company's tailings management facilities and any unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, depletion of our reserves, volatile financial markets that may affect our ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, our ability to comply with our pension and other post-retirement obligations, our ability to abide by the covenants in our debt instruments and other material contracts, tax refunds, hedging transactions, as well as the risks discussed under the heading "Financial Risk Management" in this MD&A and under the heading "Risk Factors" in our most recent Annual Information Form.

Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. We do not assume any obligation to update or revise any forward-looking information after the date of this MD&A or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.

Note to United States Investors

This MD&A has been prepared in accordance with the requirements of the securities laws in effect in Canada, which may differ materially from the requirements of United States securities laws applicable to U.S. issuers.

Qualified Person and NI 43-101

The technical and scientific information in this MD&A related to the Rosemont project has been approved by Cashel Meagher, P. Geo, our Senior Vice President and Chief Operating Officer. The technical and scientific information related to our other material mineral projects contained in this MD&A has been approved by Olivier Tavchandjian, P. Geo, our Vice President, Exploration and Geology. Messrs. Meagher and Tavchandjian are qualified persons pursuant to NI 43-101. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources at Hudbay's material properties, as well as data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see the technical reports for our material properties as filed by us on SEDAR at www.sedar.com.

SUMMARY OF RESULTS

The following unaudited tables set out a summary of quarterly and annual results for the Company.

			2021									2020															2019
			Q3			Q2			Q1			2020			Q4			Q3			Q2			Q1			2019			Q4
Consolidated Financial Condition ($000s)
Cash and cash equivalents		$	297,451		$	294,287		$	310,564		$	439,135		$	439,135		$	449,014		$	391,136		$	305,997		$	396,146		$	396,146
Total long-term debt			1,182,612			1,181,195			1,180,798			1,135,675			1,135,675			1,175,104			988,418			988,074			985,255			985,255
Net debt¹			885,161			886,908			870,234			696,540			696,540			726,090			597,282			682,077			589,109			589,109
Consolidated Financial Performance ($000s except per share amounts)
Revenue		$	358,961		$	404,242		$	313,624		$	1,092,418		$	322,290		$	316,108		$	208,913		$	245,105		$	1,237,439		$	324,485
Cost of sales			444,379			322,060			261,112			1,053,418			287,923			276,830			221,567			267,096			1,085,897			298,852
(Loss) earnings before tax			(147,830	)		14,819			(69,592	)		(179,089	)		911			(23,944	)		(74,604	)		(81,452	)		(452,763	)		(42,352	)
(Loss) earnings			(170,411	)		(3,395	)		(60,102	)		(144,584	)		7,406			(23,955	)		(51,901	)		(76,134	)		(343,810	)		(1,455	)
Basic and diluted (loss) earnings per share		$	$(0.65	)	$	(0.01	)	$	(0.23	)	$	(0.55	)	$	0.03		$	(0.09	)	$	(0.20	)	$	(0.29	)	$	(1.32	)	$	(0.01	)
Adjusted earnings (loss) per share ¹		$	$0.15		$	0.02		$	(0.06	)	$	(0.46	)	$	(0.06	)	$	(0.10	)	$	(0.15	)	$	(0.15	)	$	(0.18	)	$	(0.09	)
Operating cash flow before change in non-cash working capital ¹			103,509			132,786			90,656			241,863			86,071			84,383			29,457			41,951			307,284			69,141
Adjusted EBITDA ^{1, 2}			119.3			143.2			104.2			306.7			106.9			96.1			49.1			55.0			358.5			82.2
Consolidated Operational Performance
Contained metal in concentrate produced ³
Copper	tonnes		23,245			23,474			24,553			95,333			27,278			25,395			18,026			24,635			137,179			32,422
Gold	ounces		53,872			39,848			35,500			124,622			32,376			29,277			32,614			30,355			114,692			32,712
Silver	ounces		763,167			685,916			696,673			2,750,873			730,679			671,685			580,817			767,692			3,585,330			930,137
Zinc	tonnes		20,844			21,538			27,940			118,130			25,843			30,570			31,222			30,495			119,106			30,592
Molybdenum	tonnes		282			295			294			1,204			333			392			124			354			1,272			372
Contained metal in doré produced
Gold	ounces		404			-			-			-			-			-			-			-			-			-
Silver	ounces		10			-			-			-			-			-			-			-			-			-
Payable metal in concentrate and doré sold
Copper	tonnes		21,136			25,176			20,929			88,888			22,963			25,903			15,951			24,072			128,519			33,715
Gold	ounces		47,843			38,205			25,383			122,949			35,179			30,605			30,590			26,574			108,999			30,344
Silver	ounces		701,601			577,507			509,760			2,585,586			762,384			705,495			541,785			575,922			3,452,926			909,423
Zinc ⁴	tonnes		21,619			25,361			28,343			109,347			28,431			26,520			27,604			26,792			104,319			28,001
Molybdenum	tonnes		304			265			284			1,321			457			313			120			431			1,186			199
Cash cost ¹	$/lb	$	0.62		$	0.84		$	1.04		$	0.60		$	0.43		$	0.65		$	0.29		$	0.98		$	0.83		$	0.90
Sustaining cash cost	$/lb	$	1.97		$	2.25		$	2.16		$	1.93		$	1.97		$	2.02		$	1.59		$	2.05		$	1.72		$	2.11
All-in sustaining cash cost ¹	$/lb	$	2.18		$	2.48		$	2.37		$	2.16		$	2.24		$	2.25		$	1.91		$	2.17		$	1.86		$	2.22

¹Net debt, adjusted (loss) earnings per share, adjusted EBITDA, cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

²In millions.

³ Metal reported in concentrate is prior to deductions associated with smelter contract terms.

⁴ Includes refined zinc metal sold.

			2021						2020										2019
			Q3		Q2		Q1		2020		Q4		Q3		Q2		Q1		2019		Q4
Peru Operations
Constancia ore mined¹	tonnes		6,208,019		8,016,373		7,747,466		27,529,950		9,313,784		8,455,668		2,775,286		6,985,212		33,308,369		8,049,063
Copper	%		0.30		0.30		0.30		0.32		0.31		0.31		0.34		0.34		0.43		0.41
Gold	g/tonne		0.04		0.04		0.04		0.03		0.03		0.03		0.04		0.03		0.04		0.04
Silver	g/tonne		2.76		3.02		2.90		2.75		2.61		2.55		2.90		3.10		3.76		3.87
Molybdenum	%		0.01		0.01		0.01		0.02		0.01		0.02		0.02		0.02		0.02		0.02
Pampacancha ore mined¹	tonnes		2,050,813		982,992		-		-		-		-		-		-		-		-
Copper	%		0.27		0.26		-		-		-		-		-		-		-		-
Gold	g/tonne		0.27		0.27		-		-		-		-		-		-		-		-
Silver	g/tonne		3.58		4.43		-		-		-		-		-		-		-		-
Molybdenum	%		0.01		0.01		-		-		-		-		-		-		-		-
Ore milled	tonnes		6,985,035		7,413,043		6,362,752		26,297,318		7,741,714		7,480,655		4,355,482		6,719,466		31,387,281		7,474,136
Copper	%		0.30		0.31		0.33		0.34		0.33		0.33		0.34		0.34		0.42		0.42
Gold	g/tonne		0.11		0.07		0.04		0.03		0.03		0.03		0.04		0.03		0.04		0.04
Silver	g/tonne		3.93		2.88		2.84		2.87		2.74		2.68		3.04		3.13		3.64		3.86
Molybdenum	%		0.01		0.01		0.01		0.02		0.02		0.02		0.01		0.02		0.02		0.02
Copper recovery	%		84.9		83.3		84.1		83.0		85.3		83.3		76.6		84.3		85.7		85.6
Gold recovery	%		71.9		62.2		52.0		49.8		52.7		51.6		43.4		50.2		48.1		50.0
Silver recovery	%		59.1		68.2		69.9		66.9		70.1		66.7		59.6		68.2		68.2		68.2
Molybdenum recovery	%		33.5		33.3		33.4		29.4		28.4		30.4		19.9		35.0		26.5		30.8
Contained metal in concentrate
Copper	tonnes		18,072		19,058		17,827		73,150		21,554		20,803		11,504		19,290		113,825		26,659
Gold	ounces		17,531		10,220		4,638		12,395		3,689		3,333		2,311		3,062		19,723		5,007
Silver	ounces		521,036		468,057		405,714		1,622,972		477,775		430,208		253,687		461,302		2,504,769		631,774
Molybdenum	tonnes		282		295		294		1,204		333		392		124		354		1,272		372
Payable metal sold
Copper	tonnes		16,065		19,946		14,836		68,506		18,583		21,654		9,023		19,247		106,184		28,430
Gold	ounces		16,902		5,638		2,963		10,986		3,297		3,753		1,317		2,618		18,956		4,824
Silver	ounces		457,263		315,064		337,612		1,518,548		480,843		433,595		242,519		361,591		2,452,496		666,839
Molybdenum	tonnes		304		265		284		1,321		457		313		120		431		1,186		199
Peru combined unit operating cost^{,2, 3}	$/tonne	$	11.62	$	11.25	$	12.46	$	9.46	$	10.17	$	9.85	$	7.77	$	9.31	$	9.50	$	10.20
Peru cash cost³	$/lb	$	1.26	$	1.85	$	1.82	$	1.45	$	1.47	$	1.54	$	1.31	$	1.42	$	1.16	$	1.36
Peru sustaining cash cost³	$/lb	$	2.31	$	2.69	$	2.36	$	2.20	$	2.58	$	2.29	$	1.84	$	1.91	$	1.65	$	2.17

¹ Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not fully reconcile to ore milled.

²Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs.

³Combined unit costs, cash cost, and sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A

		2021			2020					2019
		Q3	Q2	Q1	2020	Q4	Q3	Q2	Q1	2019	Q4
Manitoba Operations
Lalor ore mined	tonnes	392,380	356,951	421,602	1,654,240	468,101	357,213	407,408	421,518	1,536,780	390,140
Copper	%	0.86	0.64	0.57	0.74	0.80	0.66	0.77	0.70	0.75	0.80
Zinc	%	3.60	3.81	5.20	5.73	5.54	5.98	6.05	5.43	6.36	6.20
Gold	g/tonne	3.85	3.19	2.67	2.51	2.79	2.28	2.64	2.27	2.16	2.63
Silver	g/tonne	22.13	22.98	22.75	25.31	24.96	21.23	28.4	26.18	25.51	28.38
777 ore mined	tonnes	256,536	255,170	275,260	991,576	164,856	264,905	281,890	279,925	1,109,782	269,342
Copper	%	1.06	0.82	2.06	1.40	1.89	0.98	1.72	1.18	1.37	1.17
Zinc	%	3.88	3.57	4.00	3.88	2.98	3.95	4.13	4.11	3.22	3.33
Gold	g/tonne	1.96	1.97	2.39	1.90	1.85	2.01	1.91	1.82	1.61	1.52
Silver	g/tonne	22.99	23.35	29.32	24.13	21.64	24.25	25.73	23.86	18.67	18.52
Stall & New Britannia Concentrator Combined:
Ore milled	tonnes	408,201	317,484	361,344	1,412,751	372,624	335,739	334,601	369,787	1,290,300	310,622
Copper	%	0.82	0.68	0.60	0.73	0.79	0.68	0.76	0.70	0.73	0.80
Zinc	%	3.58	4.06	5.53	5.76	5.47	6.11	6.16	5.38	6.39	6.24
Gold	g/tonne	3.84	3.19	2.57	2.55	2.88	2.35	2.70	2.28	2.13	2.60
Silver	g/tonne	23.32	22.02	23.40	25.37	24.43	22.08	28.72	26.28	25.48	28.12
Copper recovery	%	84.3	88.8	85.7	86.2	87.1	84.0	86.6	86.5	85.9	85.9
Zinc recovery	%	88.2	88.1	91.1	91.9	90.9	92.7	92.4	91.4	91.1	90.7
Gold recovery	%	53.4	55.5	57.5	60.0	59.5	57.4	62.3	60.9	56.8	61.1
Silver recovery	%	52.7	55.1	56.2	60.4	60.3	57.5	62.1	61.1	60.4	62.9
Flin Flon Concentrator:
Ore milled	tonnes	258,062	329,503	283,386	1,205,314	225,663	322,156	324,906	332,589	1,362,006	374,529
Copper	%	1.06	0.89	1.88	1.28	1.59	0.99	1.52	1.11	1.27	1.11
Zinc	%	3.86	3.65	4.20	4.21	3.87	4.07	4.41	4.36	3.78	4.05
Gold	g/tonne	1.96	2.06	2.34	1.96	1.99	1.99	1.99	1.88	1.72	1.75
Silver	g/tonne	22.93	23.65	28.01	24.26	22.65	24.01	25.56	24.33	19.84	20.56
Copper recovery	%	85.2	84.8	91.3	86.0	88.1	83.9	87.3	84.1	88.0	86.9
Zinc recovery	%	82.2	84.8	81.8	85.5	83.9	87.9	84.9	85.0	85.5	85.8
Gold recovery	%	58.1	52.9	64.0	56.0	56.6	55.3	58.6	53.5	59.4	56.1
Silver recovery	%	42.4	37.5	54.1	45.9	46.5	42.0	50.7	44.3	50.8	49.2

			2021									2020															2019
			Q3			Q2			Q1			2020			Q4			Q3			Q2			Q1			2019			Q4
Manitoba Operations (continued)
Total Manitoba contained metal in concentrate produced
Copper	tonnes		5,173			4,416			6,726			22,183			5,724			4,592			6,522			5,345			23,354			5,763
Zinc	tonnes		20,844			21,538			27,940			118,130			25,843			30,570			31,222			30,495			119,106			30,592
Gold	ounces		36,341			29,628			30,862			112,227			28,687			25,944			30,303			27,293			94,969			27,705
Silver	ounces		242,131			217,859			290,959			1,127,901			252,904			241,477			327,130			306,390			1,080,561			298,363
Precious metal in doré produced
Gold	ounces		404			-			-			-			-			-			-			-			-			-
Silver	ounces		10			-			-			-			-			-			-			-			-			-
Total Manitoba payable metal sold
Copper	tonnes		5,071			5,230			6,093			20,382			4,380			4,249			6,928			4,825			22,335			5,285
Zinc¹	tonnes		21,619			25,361			28,343			109,347			28,431			26,520			27,604			26,792			104,346			28,001
Gold	ounces		30,941			32,567			22,420			111,963			31,882			26,852			29,273			23,956			90,043			25,520
Silver	ounces		244,338			262,443			172,148			1,067,038			281,541			271,900			299,266			214,331			1,000,430			242,584
Manitoba combined unit operating cost^2,3	C$/tonne	$	147		$	148		$	151		$	132		$	140		$	126		$	135		$	127		$	134		$	128
Manitoba cash cost³	$/lb	$	(1.64	)	$	(3.51	)	$	(1.04	)	$	(2.20	)	$	(3.48	)	$	(3.41	)	$	(1.51	)	$	(0.62	)	$	(0.75	)	$	(1.26	)
Manitoba sustaining cash cost³	$/lb	$	0.75		$	0.36		$	1.62		$	1.02		$	(0.36	)	$	0.83		$	1.16		$	2.54		$	2.07		$	1.83

¹ Includes refined zinc metal sold.
² Reflects combined mine, mill and G&A costs per tonne of milled ore.
³ Combined unit costs, cash cost, and sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the "Non-IFRS Financial Reporting Measures" section of this MD&A.

EX-99.3 4 exhibit99-3.htm EXHIBIT 99.3 Hudbay Minerals Inc.: Exhibit 99.3 - Filed by newsfilecorp.com

FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE

I, Peter Kukielski, President and Chief Executive Officer of Hudbay Minerals Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Hudbay Minerals Inc. (the "issuer") for the interim period ended September 30, 2021.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 Control framework: The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

5.2 N/A

5.3 N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on July 1, 2021 and ended on September 30, 2021 that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: November 3, 2021

(signed) Peter Kukielski

Peter Kukielski
President and Chief Executive Officer

EX-99.4 5 exhibit99-4.htm EXHIBIT 99.4 Hudbay Minerals Inc.: Exhibit 99.4 - Filed by newsfilecorp.com

FORM 52-109F2
CERTIFICATION OF INTERIM FILINGS
FULL CERTIFICATE

I, Steve Douglas, Senior Vice President and Chief Financial Officer of Hudbay Minerals Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of Hudbay Minerals Inc. (the "issuer") for the interim period ended September 30, 2021.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 N/A

5.3 N/A

Date: November 3, 2021

(signed) Steve Douglas

Steve Douglas
Senior Vice President and Chief Financial Officer

EX-99.5 6 exhibit99-5.htm EXHIBIT 99.5 Hudbay Minerals Inc.: Exhibit 99.5 - Filed by newsfilecorp.com

TSX, NYSE - HBM

2021 No. 23

25 York Street, Suite 800 Toronto, Ontario Canada M5J 2V5 tel: 416 362-8181 fax: 416 362-7844 hudbay.com	News Release

Hudbay Announces Third Quarter 2021 Results

Toronto, Ontario, November 3, 2021 - Hudbay Minerals Inc. ("Hudbay" or the "company") (TSX, NYSE:HBM) today released its third quarter 2021 financial results. All amounts are in U.S. dollars, unless otherwise noted.

Third Quarter Operating and Financial Results

Generated $359.0 million in revenue, $103.5 million of operating cash flow before change in non-cash working capital and $119.3 million of adjusted EBITDAⁱ in the third quarter of 2021 from higher realized base metals prices and higher gold sales volumes, partially offset by lower base metals sales volumes.
Consolidated copper production in the third quarter was 23,245 tonnes; quarterly consolidated gold production increased by 35% to 53,872 ounces in the third quarter, compared to the second quarter in 2021, a record for Hudbay.
Consolidated cash cost and sustaining cash cost per pound of copper produced, net of by-product creditsⁱ, were $0.62 and $1.97, respectively, an improvement of 26% and 12% compared to the second quarter of 2021.
Third quarter Peru production was boosted by significantly higher gold grades from Pampacancha and record gold recoveries, leading to record quarterly gold revenue. Pampacancha production continues to ramp-up, achieving a 109% increase in ore production quarter over quarter.
Third quarter Manitoba production benefited from higher throughput and higher gold grades at Lalor but was negatively impacted by lower zinc grades and zinc recoveries, limiting overall zinc concentrate feed to the zinc plant. Manitoba results included initial gold production from New Britannia's gold circuit.
On track to meet annual production guidance for copper, gold, zinc and silver in concentrate and doré, consolidated sustaining capital expenditures, and Manitoba unit operating cost in 2021. After adjusting for unbudgeted COVID-related costs in Peru, full year unit operating costs for Peru are expected to be around the top end of the 2021 guidance range.
Third quarter net loss and loss per share were $170.4 million and $0.65, respectively. After normalizing for an impairment charge related to higher estimated closure costs associated with the company's updated Flin Flon closure plan and the Flin Flon restructuring charges, amongst other items, third quarter adjusted net earningsⁱ per share were $0.15.
Cash and cash equivalents increased during the third quarter to $297.5 million as at September 30, 2021, mainly as a result of $139.8 million of cash generated from operations, partially offset by $89.1 million of capital investments primarily for the construction of the New Britannia project and sustaining capital expenditures, and $33.6 million of interest paid on the company's senior unsecured notes.

Executing on Growth Initiatives

New Britannia has achieved project completion as construction activities at the new copper flotation facility concluded in October. Refurbishment and commissioning activities at the gold mill were completed in July 2021, and the mill achieved first gold production on August 11, 2021. Commissioning of the copper circuit was completed and first production of concentrate was achieved in October, ahead of the original schedule, while ramp-up activities at the flotation plant continue. Annual gold production from Lalor and the Snow Lake operations is on track to increase to over 180,000 ounces at an average cash cost and sustaining cash cost, net of by-product credits, of $412 and $788 per ounce of gold, respectively, during the first six full years of operation starting in 2022.

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2021 No. 23

Mining activities at the Pampacancha satellite pit continue to advance as planned with grades and tonnes reconciling well against the mine plan, achieving the expected increase in gold grades in 2021 and on track for achieving higher copper grades in 2022, in line with recent company guidance.
Recent Copper World drilling has identified three new deposits for a total of seven distinct deposits with a combined strike length of over seven kilometres. The company remains on track to complete an initial inferred resource estimate before the end of the year and a preliminary economic assessment in the first half of 2022.
Scoping study planned for 2022 to examine the opportunity to reprocess tailings in Flin Flon after the closure of the 777 mine, which could further increase metal production, defer closure costs and reduce the environmental footprint of the tailings facility.
Amended and restated Hudbay's senior secured revolving credit facilities to increase available borrowings to $450 million and enhance the company's financial flexibility, while extending the maturity to 2025.

"Our third quarter performance demonstrates our continued focus on execution and delivery in 2021 as we enjoyed the first full quarter of Pampacancha production and we started to see the benefits of higher gold from the New Britannia mill," said Peter Kukielski, President and Chief Executive Officer. "We also recently commissioned the new copper flotation circuit at New Britannia, ahead of our expected timelines. With the completion of the Pampacancha and New Britannia growth projects, we are on the cusp of achieving significantly increased cash flows from these high-return investments for many years to come. We are also very pleased to have continued exploration success at our Copper World project and look forward to advancing the opportunity for a private land operation in Arizona to unlock further value for our stakeholders."

Summary of Third Quarter Results

Cash generated from operating activities in the third quarter of 2021 increased to $139.8 million, compared to $96.4 million in the second quarter and $51.8 million in the first quarter of 2021. Operating cash flow before change in non-cash working capital was $103.5 million during the third quarter of 2021, reflecting a decrease of $29.3 million compared to the second quarter of 2021, primarily as a result of lower base metals sales volumes and lower realized copper and precious metals prices, partially offset by higher precious metals sales volumes.

Consolidated copper production in the third quarter of 2021 was 23,245 tonnes, generally in-line with the second quarter of 2021 as slightly lower copper production in Peru was offset by higher copper production in Manitoba. Consolidated gold production in the third quarter of 2021 was 53,872 ounces, a quarterly record for Hudbay and a 35% increase from the second quarter of 2021, due to higher gold grades from Pampacancha and record gold recoveries in Peru, along with significantly higher gold grades at Lalor. Zinc production in the quarter was 20,844 tonnes, a slight decrease from the second quarter as production volumes were lower in Flin Flon. Consolidated silver production increased to 763,168 ounces, an 11% increase versus the second quarter of 2021, primarily due to higher silver grades milled in Peru and Snow Lake.

In the third quarter of 2021, consolidated cash cost per pound of copper produced, net of by-product creditsⁱ, was $0.62, compared to $0.84 in the second quarter of 2021. This 26% decrease was mainly a result of lower operating costs. Sustaining cash cost per pound of copper produced, net of by-product creditsⁱ, decreased to $1.97 in the third quarter of 2021, from $2.25 in the second quarter, primarily due to the same factors affecting cash cost as well as slightly lower sustaining capital expenditures. Consolidated cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are expected to remain within the guidance ranges for 2021.

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2021 No. 23

Net loss and loss per share in the third quarter of 2021 were $170.4 million and $0.65, respectively, compared to a net loss and loss per share of $3.4 million and $0.01, respectively, in the second quarter of 2021. Third quarter results were negatively impacted by an updated closure plan reflecting higher estimates for closure activities in Flin Flon, primarily related to water treatment costs. The higher closure cost estimate has resulted in an increase to the company's environmental obligation and a corresponding increase to Flin Flon's property plant and equipment. However, as the closure of Flin Flon is expected to commence within 12 months, an impairment charge was made resulting in a loss of $147.3 million. The quarterly financial results were also negatively impacted by Flin Flon restructuring charges comprising an inventory supplies write down of $5.4 million and a severance accrual of $3.6 million for unionized employees, as well as an increase in past service pension cost provision of $4.2 million related to pensions for Manitoba unionized employees.

Adjusted net earningsⁱ and adjusted net earnings per shareⁱ in the third quarter of 2021 were $38.2 million and $0.15 per share after normalizing for an impairment due to the updated Flin Flon closure plan and the Flin Flon restructuring charges, among other items. This compares to adjusted net earnings and adjusted net earnings per share of $5.4 million and $0.02 per share in the second quarter of 2021. Third quarter adjusted EBITDAⁱ was $119.3 million, compared to $143.2 million in the second quarter of 2021, primarily due to lower base metal sales volumes and lower realized copper and precious metals prices, partially offset by higher precious metals sales volumes.

As at September 30, 2021, Hudbay's liquidity includes $297.5 million in cash and cash equivalents as well as undrawn availability of $297.3 million under its credit facilities. The company's liquidity position was further enhanced in October through the successful renegotiation of the credit facilities to increase available borrowings to $450 million, while extending the maturity to 2025.

Financial Condition ($000s)	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash and cash equivalents	297,451	294,287	439,135
Total long-term debt	1,182,612	1,181,195	1,135,675
Net debt¹	885,161	886,908	696,540
Working capital	159,917	219,799	306,888
Total assets	4,504,661	4,587,827	4,666,645
Equity	1,490,180	1,658,924	1,699,806

¹ Net debt is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Reporting Measures" section of this news release.

Financial Performance		Three Months Ended
		Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Revenue	$000s	358,961	404,242	316,108
Cost of sales	$000s	444,379	322,060	276,830
(Loss) earnings before tax	$000s	(147,830)	14,819	(23,944)
(Loss) earnings	$000s	(170,411)	(3,395)	(23,955)
Basic and diluted (loss) earnings per share	$/share	(0.65)	(0.01)	(0.09)
Adjusted earnings (loss) per share¹	$/share	0.15	0.02	(0.10)
Operating cash flow before change in non-cash working capital	$ millions	103.5	132.8	84.4
Adjusted EBITDA¹	$ millions	119.3	143.2	96.1
¹ Adjusted loss per share and adjusted EBITDA are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Reporting Measures" section of this news release.

TSX, NYSE - HBM

2021 No. 23

Consolidated Production and Cost Performance		Three Months Ended
		Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Contained metal in concentrate produced¹
Copper	tonnes	23,245	23,474	25,395
Gold	ounces	53,872	39,848	29,277
Silver	ounces	763,168	685,916	671,685
Zinc	tonnes	20,844	21,538	30,570
Molybdenum	tonnes	282	295	392
Precious metal in doré produced
Gold	ounces	404	-	-
Silver	ounces	10	-	-
Payable metal sold
Copper	tonnes	21,136	25,176	25,903
Gold²	ounces	47,844	38,205	30,605
Silver²	ounces	701,601	577,507	705,495
Zinc³	tonnes	21,619	25,361	26,520
Molybdenum	tonnes	304	265	313
Consolidated cash cost per pound of copper produced⁴
Cash cost	$/lb	0.62	0.84	0.65
Peru	$/lb	1.26	1.85	1.54
Manitoba	$/lb	(1.64)	(3.51)	(3.41)
Sustaining cash cost	$/lb	1.97	2.25	2.02
Peru	$/lb	2.31	2.69	2.29
Manitoba	$/lb	0.75	0.36	0.83
All-in sustaining cash cost	$/lb	2.18	2.48	2.25

¹ Metal reported in concentrate is prior to deductions associated with smelter contract terms.

²Includes total payable gold and silver in concentrate and in doré sold.

³ Includes refined zinc metal sold and payable zinc in concentrate sold.

⁴ Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Reporting Measures" section of this news release.

TSX, NYSE - HBM

2021 No. 23

Peru Operations Review

Peru Operations		Three Months Ended
		Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Constancia ore mined¹	tonnes	6,208,019	8,016,373	8,455,668
Copper	%	0.30	0.30	0.31
Gold	g/tonne	0.04	0.04	0.03
Silver	g/tonne	2.76	3.02	2.55
Molybdenum		0.01	0.01	0.02
Pampacancha ore mined	tonnes	2,050,813	982,992	-
Copper	%	0.27	0.26	-
Gold	g/tonne	0.27	0.27	-
Silver	g/tonne	3.58	4.43	-
Molybdenum		0.01	0.01	-
Ore milled	tonnes	6,985,035	7,413,043	7,480,655
Copper	%	0.30	0.31	0.33
Gold	g/tonne	0.11	0.07	0.03
Silver	g/tonne	3.93	2.88	2.68
Molybdenum		0.01	0.01	0.02
Copper recovery	%	84.9	83.3	83.3
Gold recovery	%	71.9	62.2	51.6
Silver recovery	%	59.1	68.2	66.7
Molybdenum recovery		33.5	33.3	30.4
Contained metal in concentrate
Copper	tonnes	18,072	19,058	20,803
Gold	ounces	17,531	10,220	3,333
Silver	ounces	521,036	468,057	430,208
Molybdenum	tonnes	282	295	392
Payable metal sold
Copper	tonnes	16,065	19,946	21,654
Gold	ounces	16,902	5,638	3,753
Silver	ounces	457,263	315,064	433,595
Molybdenum	tonnes	304	265	313
Combined unit operating cost^2,3,4	$/tonne	11.62	11.25	9.85
Cash cost⁴	$/lb	1.26	1.85	1.54
Sustaining cash cost⁴	$/lb	2.31	2.69	2.29

¹ Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled.

² Reflects combined mine, mill and general and administrative ("G&A") costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs.

³Combined unit cost, cash cost and sustaining cash cost are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Reporting Measures" section of this news release.

⁴ Includes approximately $4.8 million, or $0.69 per tonne, of COVID-related costs during the three months ended September 30, 2021 and $6.3 million, or $0.85 per tonne, during the three months ended June 30, 2021.

While Peru has experienced notable improvements in COVID-19 statistics throughout 2021, Hudbay continues to maintain stringent COVID-19 measures and controls to ensure the safety of its workforce, partners and the communities in which the company operates. This has allowed Constancia to continue to operate safely although it has resulted in elevated unit operating costs due to the ongoing COVID-related protocols.

TSX, NYSE - HBM

2021 No. 23

During the third quarter 2021, the Constancia operations produced 18,072 tonnes of copper, 17,531 ounces of gold, 521,036 ounces of silver and 282 tonnes of molybdenum. While copper production was 5% lower than the second quarter due to a planned semi-annual mill maintenance shutdown in July, gold and silver production increased by 72% and 11%, respectively, due to significantly higher gold and silver head grades from Pampacancha and significantly higher gold recoveries. This was a record quarter for gold production, grades and recoveries in Peru. Other than molybdenum, which is expected to fall slightly below the 2021 guidance range but in-line with the recently published mine plan, Hudbay expects the production of all other metals in Peru to be in line with the 2021 full year guidance.

Total ore mined during the third quarter of 2021 decreased by 8% from the second quarter of 2021 as mining levels were optimized for mill throughput. Ramp-up of mining activity at Pampacancha has increased steadily since first production in April 2021. Total Pampacancha ore mined during the third quarter increased by 109% to 2.1 million tonnes compared to the second quarter of 2021. Tonnes of ore milled during the third quarter of 2021 were 6% lower than the second quarter of 2021 due to the scheduled mill maintenance shutdown. Milled grades for copper were slightly lower than the second quarter but were in line with the mine plan. Milled grades for gold and silver were 57% and 36% higher, respectively, than the second quarter due to significantly higher precious metal head grades from Pampacancha.

Peru achieved record gold recoveries in the third quarter of 2021, significantly above the second quarter of 2021, mainly due to higher grades from Pampacancha. Meanwhile, copper recoveries increased due to lower levels of contaminants and silver recoveries decreased as a result of lower-than-expected recoverable silver values in the earlier, more oxidized ores from Pampacancha. Recent metallurgical test work indicates that Pampacancha silver recoveries are expected to increase to targeted levels in 2022.

Combined mine, mill and G&A unit operating costs in the third quarter of 2021 were $11.62 per tonne, compared to $11.25 in the second quarter of 2021, primarily due to higher milling costs and fewer tonnes milled due to the scheduled mill maintenance program during the quarter. Costs have been generally higher in 2021 as a result of higher ore hardness, higher steel prices affecting grinding media costs, higher fuel prices impacting hauling costs and COVID-19 expenditures. COVID-related costs in Peru were $4.8 million in the third quarter and are expected to continue at a similar run-rate into the fourth quarter of 2021. Unit operating costs in the third quarter were $10.93 per tonne excluding these COVID-related costs. Hudbay expects Peru unit operating costs to be around the top end of the 2021 guidance range after adjusting for unbudgeted COVID-related costs.

Peru's cash cost per pound of copper produced, net of by-product credits, in the third quarter of 2021 was $1.26, a 32% improvement over the second quarter. The significant reduction in cash cost was due to higher by-product credits and lower operating costs, partially offset by lower copper production. Peru's sustaining cash cost per pound of copper produced, net of by-product credits, in the third quarter of 2021 decreased to $2.31, compared to $2.69 in the second quarter of 2021, due to same factors noted above affecting cash costs, offset by higher sustaining capital expenditures.

TSX, NYSE - HBM

2021 No. 23

Manitoba Operations Review

Manitoba Operations		Three Months Ended
		Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Lalor ore mined	tonnes	392,380	356,951	357,213
Copper	%	0.86	0.64	0.66
Zinc	%	3.60	3.81	5.98
Gold	g/tonne	3.85	3.19	2.28
Silver	g/tonne	22.13	22.98	21.23
777 ore mined	tonnes	256,536	255,170	264,905
Copper	%	1.06	0.82	0.98
Zinc	%	3.88	3.57	3.95
Gold	g/tonne	1.96	1.97	2.01
Silver	g/tonne	22.99	23.35	24.25
Stall Concentrator & New Britannia Mill:
Ore milled	tonnes	408,201	317,484	335,739
Copper	%	0.82	0.68	0.68
Zinc	%	3.58	4.06	6.11
Gold	g/tonne	3.84	3.19	2.35
Silver	g/tonne	23.32	22.02	22.08
Copper recovery	%	84.3	88.8	84.0
Zinc recovery	%	88.2	88.1	92.7
Gold recovery	%	53.4	55.5	57.4
Silver recovery	%	52.7	55.1	57.5
Flin Flon Concentrator:
Ore milled	tonnes	258,062	329,503	322,156
Copper	%	1.06	0.89	0.99
Zinc	%	3.86	3.65	4.07
Gold	g/tonne	1.96	2.06	1.99
Silver	g/tonne	22.93	23.65	24.01
Copper recovery	%	85.2	84.8	83.9
Zinc recovery	%	82.2	84.8	87.9
Gold recovery	%	58.1	52.9	55.3
Silver recovery	%	42.4	37.5	42.0
Total contained metal in concentrate and doré
Copper	tonnes	5,173	4,416	4,592
Zinc	tonnes	20,844	21,538	30,570
Gold	ounces	36,745	29,628	25,944
Silver	ounces	242,141	217,859	241,477
Total payable metal sold
Copper	tonnes	5,071	5,230	4,249
Zinc¹	tonnes	21,619	25,361	26,520
Gold²	ounces	30,941	32,567	26,852
Silver²	ounces	244,338	262,443	271,900
Combined unit operating cost³^,⁴	C$/tonne	147	148	126
Cash cost⁴	$/lb	(1.64)	(3.51)	(3.41)
Sustaining cash cost⁴	$/lb	0.75	0.36	0.83

¹ Includes refined zinc metal sold and payable zinc in concentrate sold.

² Includes total payable precious metals in concentrate and in doré sold.

³ Reflects combined mine, mill and G&A costs per tonne of ore milled.

⁴ Combined unit cost, cash cost and sustaining cash cost are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Reporting Measures" section of this news release.

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2021 No. 23

As the Manitoba business started to see the benefits from the commencement of gold production at the New Britannia mill, production of copper, gold and silver increased during the third quarter, compared to the second quarter of 2021, while production of zinc decreased. Production during the quarter included 5,173 tonnes of copper, 36,745 ounces of gold, 242,141 ounces of silver and 20,844 tonnes of zinc. Hudbay expects the production of all metals contained in concentrate and doré in Manitoba to be in line with the 2021 full year guidance.

Ore mined at the Manitoba operations during the third quarter of 2021 was higher than the second quarter of 2021 due to higher production rates at Lalor. Copper and gold grades were higher compared to the previous quarter, mainly due to increased mining of gold and copper-gold stopes at Lalor, in line with the mine plan. Mined zinc grades were lower than the previous quarter as mining of the gold zones at Lalor were prioritized during the quarter.

During the third quarter of 2021, New Britannia processed 41,827 tonnes of high gold content ore and produced 404 ounces of gold in doré after pouring its first doré bar on August 11. The gold and silver recoveries are expected to increase in the fourth quarter after ramp-up of the mill during the third quarter. Construction of the new copper flotation circuit was completed in October 2021, followed by a brief commissioning period completed ahead of schedule. Ramp-up activities at the copper circuit are underway and are on track for completion in the fourth quarter of 2021.

Ore processed at the Stall concentrator and New Britannia mill during the third quarter was 29% higher than the second quarter. Combined Stall and New Britannia recoveries during the third quarter of 2021 were higher for zinc and lower for copper, gold and silver, versus the previous quarter, but were consistent with expectations as the third quarter was a partial ramp-up period for the New Britannia mill. Operations at the Flin Flon concentrator during the third quarter were constrained by ore feed availability from 777 and, as such, ore processed decreased by 22% compared to the second quarter of 2021. Recoveries of copper, gold and silver at the Flin Flon concentrator during the second quarter of 2021 were higher than the previous quarter mainly due to higher copper head grades from the 777 mine, consistent with the metallurgical model.

Combined mine, mill and G&A unit operating costs in the third quarter of 2021 slightly decreased compared to the second quarter of 2021. Hudbay expects Manitoba unit operating costs in 2021 to be in line with the annual guidance range.

Manitoba's cash cost per pound of copper produced, net of by-product credits, for the third quarter of 2021 was negative $1.64, higher than the second quarter primarily due to lower by-product credits, partially offset by lower onsite costs. Manitoba's sustaining cash cost per pound of copper produced, net of by-product credits, in the third quarter of 2021 was $0.75 compared to $0.36 in the second quarter, primarily due to the same reasons listed above, offset by lower comparative sustaining capital expenditures.

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COVID-19 Business Update

On a population adjusted basis, Hudbay continues to see a steady decline in the number of new cases of COVID-19 in the regions in which it operates. Despite these encouraging declines, the company is maintaining stringent COVID-19 measures and controls to ensure the safety of its workforce, partners and communities. As such, the company continues to experience an ongoing financial and, to a lesser extent, operating impact from COVID-19.

New Britannia First Gold Production Achieved and Copper Flotation Facility Fully Commissioned

Advancing the Copper World Discovery

On September 22, 2021, the results from drilling completed at Copper World between January and June 2021 were released. The drill program totaled over 91,000 feet and intersected additional high-grade copper sulphide and oxide mineralization on the company's wholly-owned private land in Arizona. The Copper World project is located within seven kilometres of the Rosemont copper project and has mineralization located closer to surface than Rosemont, indicating the possibility of lower strip ratios at Copper World. Hudbay recently increased its private land package to approximately 2,400 acres in the west, which together with patented mining claims, now totals approximately 4,500 acres to support an operation entirely on private land.

There remains the potential for continuity between the Bolsa discovery and the Rosemont deposit as highlighted by three new holes drilled on the western edge of Rosemont, which intersected high-grade copper mineralization similar to the mineralization intersected at Bolsa. For example, drill hole #177 intersected 833 feet of 0.40% copper, including 121 feet at 1.32% copper (please refer to the news release dated September 22, 2021 for additional drill hole information). There remains a 1,500-foot gap in drilling coverage between these three holes and the Bolsa discovery, and the company is developing plans to test this unexplored area.

Given the continued positive results from the exploration program at Copper World, the 2021 drill program was previously expanded from an original 70,000 feet of drilling to over 200,000 feet to be completed by the end of the year with four drill rigs continuing to operate at site. Hudbay is testing the opportunity to use reverse circulation drilling to fast-track future infill drilling programs. This drilling is intended to delineate and upgrade the resource for the seven deposits, while focusing on bridging the gap between the Bolsa discovery and the area west of the Rosemont deposit. The drill program will also continue to explore prospective areas outside of the known deposits.

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Hudbay expects to complete an initial inferred mineral resource estimate for the seven deposits at Copper World before the end of 2021. These mineral resource estimates will form the basis for a preliminary economic assessment ("PEA") expected to be released in the first half of 2022. Mineralogical studies and metallurgical testing programs are underway, and the preliminary results are expected to be incorporated into the PEA. Hudbay continues to progress geotechnical and hydrogeological studies over the Copper World area.

In October, Hudbay received approval from the Arizona State Mine Inspector for its Mined Land Reclamation Plan ("MLRP") for Copper World. The MLRP approval includes the requirement for reclamation cost bonding prior to initiating work on the company's private lands and represents the first step in the state-level permitting process for a private land operation.

The budget for Copper World in 2021 is expected to total approximately $34 million, which increased from the original $10 million budget, to fund the larger drill program and complete the various technical studies. Hudbay will also continue to examine future potential synergies with an operation at Rosemont.

Other Exploration Updates

Peru Regional Exploration

Hudbay continues to progress discussions with the community of Uchucarcco on the Maria Reyna and Caballito properties, both of which are located within ten kilometres of Constancia.

Snow Lake Regional Exploration

The company's regional exploration efforts in the Snow Lake area continue, following on the success from the 2021 winter drill program in the Chisel Basin where the copper-gold rich feeder of the 1901 deposit was discovered and high-grade zinc and gold mineralization was confirmed through infill and extension drilling. A 2022 drill program is planned for 1901 to test the down-plunge extensions of the copper-gold rich feeder zone.

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Ongoing infill drilling continues at Lalor and the results are expected to be incorporated into the annual mineral reserve and resource estimates to be published at the end of March 2022.

Flin Flon Reclamation Obligations and Tailings Reprocessing Opportunity

As part of the company's ongoing efforts to update its Flin Flon closure plan, a comprehensive update completed in the third quarter of 2021 resulted in an increase to the decommissioning and restoration ("DRO") provision of approximately $144 million compared to June 30. This increase is mostly attributable to long-term water treatment and monitoring obligations, along with cost inflation for other remediation activities. The increase in water management costs is primarily a result of the addition of 22 years to the post-closure water management period (to the year 2122), which after applying a very low discount rate, represents a significant portion of the DRO increase. As of September 30, 2021, on an undiscounted basis, the total estimated environmental obligations related to the company's Flin Flon operations were $322 million, of which approximately 25% is expected to occur over the next 15 years in connection with the closure of the Flin Flon operations, while approximately 75% of the obligations are scheduled to be incurred after the closure of the Snow Lake operations, which is currently expected in 2037 based on reserves. The full breakdown is as follows:

$23 million for previously announced tailings stability activities that will be completed in 2021 and 2022;
$13 million for demolition costs between the cessation of operations in Flin Flon and 2030;
$33 million for the construction and operation of a water treatment plant between 2030 and 2042;
$46 million for demolition and tailings remediation costs after Snow Lake mining activities conclude in 2037 (based on current reserves) until 2042;
$161 million in post-closure environmental management activities (such as water collection and treatment) from 2037 to 2122; and
$46 million in other site management costs and remediation activities.

As part of the engineering work done to update the closure plan, Hudbay has identified the opportunity to reprocess tailings at its Flin Flon Tailings Impoundment System ("FFTIS") where tailings from processing activities in Flin Flon have been deposited for over 90 years. The company is in the early stages of technical evaluation and confirmatory drilling to support the completion of a scoping study in 2022. Pending positive results from the scoping study, further feasibility studies would follow. This opportunity could utilize the Flin Flon concentrator, with modifications, after closure of the 777 mine, creating operating and economic benefits to the Flin Flon community. It could also provide the opportunity to redesign the closure plans, increase metal production, defer certain closure costs and reduce the environmental footprint of the FFTIS.

Collective Bargaining Agreements Ratified in Manitoba

Credit Facility Extension and Amendments

On October 26, 2021, Hudbay amended and restated its senior secured revolving credit facilities (the "Credit Facilities") to increase the total amount of available borrowings to $450 million, eliminate certain financial covenants while amending others to increase the company's financial flexibility, reduce the effective interest rate and extend the maturity to October 26, 2025. The remaining financial covenants include maintaining a net debt to EBITDA ratio of less than 4.00:1, a senior secured debt to EBITDA of less than 3.00:1 and an interest coverage ratio of greater than 3.00:1.

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Website Links

Hudbay:

www.hudbay.com

Management's Discussion and Analysis:

https://www.hudbayminerals.com/files/doc_financials/2021/q3/MDA213.pdf

Financial Statements:

https://www.hudbayminerals.com/files/doc_financials/2021/q3/FS213.pdf

Conference Call and Webcast

Date:	Thursday, November 4, 2021

Time:	8:30 a.m. ET

Webcast:	http://services.choruscall.ca/links/hudbay20211105.html

Dial in:	1-416-915-3239 or 1-800-319-4610

Qualified Person and NI 43-101

The technical and scientific information in this news release related to the Rosemont project has been approved by Cashel Meagher, P. Geo, Hudbay's Senior Vice President and Chief Operating Officer. The technical and scientific information related to the company's other material mineral projects contained in this news release has been approved by Olivier Tavchandjian, P. Geo, Hudbay's Vice President, Exploration and Geology. Messrs. Meagher and Tavchandjian are qualified persons pursuant to NI 43-101. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources at Hudbay's material properties, as well as data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see the technical reports for the company's material properties as filed by Hudbay on SEDAR at www.sedar.com.

Non-IFRS Financial Performance Measures

Adjusted net earnings (loss), adjusted net earnings (loss) per share, adjusted EBITDA, net debt, cash cost, sustaining and all-in sustaining cash cost per pound of copper produced and per ounce of gold produced, and combined unit cost are non-IFRS performance measures. These measures do not have a meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS and are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently.

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Hudbay believes adjusted net earnings (loss) and adjusted net earnings (loss) per share better reflect the company's performance for the current period and are better indications of its expected performance in future periods. These measures are used internally by the company to evaluate the performance of its underlying operations and to assist with its planning and forecasting of future operating results. As such, the company believes these measures are useful to investors in assessing the company's underlying performance. The company provides adjusted EBITDA to help users analyze its results and to provide additional information about the company's ongoing cash generating potential in order to assess its capacity to service and repay debt, carry out investments and cover working capital needs. Net debt is shown because it is a performance measure used by the company to assess its financial position. Cash cost, sustaining and all-in sustaining cash cost per pound of copper produced and per ounce of gold produced are shown because the company believes they help investors and management assess the performance of its current and future operations, including the margin generated by the operations and the company. Combined unit cost is shown because the company believes it helps investors and management assess the cost structure and margins that are not impacted by variability in by-product commodity prices.

The following tables provide detailed reconciliations to the most comparable IFRS measures.

Adjusted Net Earnings (Loss) Reconciliation

	Three Months Ended
(in $ millions)	Sep. 30, 2021		Jun. 30, 2021		Sep. 30, 2020
Profit (loss) for the period	(170.4	)	(3.4	)	(24.0	)
Tax expense	22.6		18.2		0.1
Profit (loss) before tax	(147.8	)	14.8		(23.9	)
Adjusting items:
Mark-to-market adjustments¹	1.7		10.9		1.9
Peru inventory (reversal)	-		(0.7	)	-
Variable consideration adjustment - stream revenue and accretion	-		-		(14.1	)
Foreign exchange (gain) loss	(3.1	)	1.7		(1.2	)
Write-down of unamortized transaction costs	-		-		3.8
Premium paid on redemption of notes	-		-		7.3
Impairment - environmental obligation	147.3		-		-
Restructuring charges - Manitoba²	9.0		-		-
Past service pension cost	4.2		-		-
Loss on disposal of plant and equipment - Manitoba	5.4		-		-
Adjusted earnings (loss) before income taxes	16.7		26.7		(26.2	)
Tax expense	(22.6	)	(18.2	)	(0.1	)
Tax impact of adjusting items	34.6		(2.3	)	0.1
Non-cash deferred tax adjustments	9.5		(0.8	)	0.8
Adjusted net earnings (loss)	38.2		5.4		(25.4	)
Adjusted net earnings (loss) ($/share)	0.15		0.02		(0.10	)
Basic weighted average number of common shares outstanding (millions)	261.5		261.5		261.3

¹Includes changes in fair value of the embedded derivative on redeemed notes, gold prepayment liability, Canadian junior mining investments, other financial assets and liabilities at fair value through profit or loss and share-based compensation expenses

² Includes severance accrued for unionized employees and write down of materials and supply inventories at the Flin Flon operations.

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Adjusted EBITDA Reconciliation

	Three Months Ended
(in $ millions)	Sep. 30, 2021		Jun. 30, 2021		Sep. 30, 2020
Loss for the period	(170.4	)	(3.4	)	(24.0	)
Add back: Tax expense	22.6		18.2		0.1
Add back: Net finance expense	30.2		43.7		44.8
Add back: Other expenses	16.0		1.0		4.8
Add back: Depreciation and amortization	86.0		99.3		96.0
Less: Amortization of deferred revenue and variable consideration adjustment	(23.5	)	(17.1	)	(30.2	)
	(39.1	)	141.7		91.5
Adjusting items (pre-tax):
Peru inventory (reversal)	-		(0.7	)	-
Impairment - environmental obligation	147.3		-		-
Restructuring charges - Manitoba¹	5.4		-		-
Past service pension cost	4.2		-		-
Share-based compensation expenses²	1.5		2.2		4.6
Adjusted EBITDA	119.3		143.2		96.1

¹ Represents the write-down of materials and supply inventories at the Flin Flon operations.

²Share-based compensation expenses reflected in cost of sales and selling and administrative expenses.

Net Debt Reconciliation

(in $ thousands)
	Sep. 30, 2021		Jun. 30, 2021		Dec. 31, 2020
Total long-term debt	1,182,612		1,181,195		1,135,675
Cash and cash equivalents	(297,451	)	(294,287	)	(439,135	)
Net debt	885,161		886,908		696,540

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Cash Cost Reconciliation

Consolidated	Three Months Ended
Net pounds of copper produced
(in thousands)	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Peru	39,842	42,015	45,862
Manitoba	11,404	9,736	10,124
Net pounds of copper produced	51,246	51,751	55,985

Consolidated	Three Months Ended
	Sep. 30, 2021		Jun. 30, 2021		Sep. 30, 2020
Cash cost per pound of copper produced	$000s	$/lb¹	$000s	$/lb¹	$000s	$/lb¹
Cash cost, before by-product credits	206,615	4.04	218,899	4.23	188,699	3.37
By-product credits	(175,057)	(3.42)	(175,470)	(3.39)	(152,403)	(2.72)
Cash cost, net of by-product credits	31,558	0.62	43,429	0.84	36,296	0.65

Consolidated	Three Months Ended
	Sep. 30, 2021			Jun. 30, 2021			Sep. 30, 2020
Supplementary cash cost information	$000s		$/lb ¹	$000s		$/lb ¹	$000s		$/lb ¹
By-product credits²:
Zinc	67,695		1.32	77,707		1.50	66,918		1.20
Gold ³	76,241		1.49	68,880		1.33	58,093		1.04
Silver ³	15,957		0.31	15,443		0.30	19,656		0.35
Molybdenum & other	15,164		0.30	13,440		0.26	7,736		0.14
Total by-product credits	175,057		3.42	175,470		3.39	152,403		2.72
Reconciliation to IFRS:
Cash cost, net of by-product credits	31,558			43,429			36,296
By-product credits	175,057			175,470			152,403
Treatment and refining charges	(14,531	)		(15,243	)		(15,006	)
Share-based compensation expense	145			274			411
Inventory adjustments	5,445			(723	)		—
Change in product inventory	5,672			15,260			2,229
Royalties	3,489			4,288			4,499
Depreciation and amortization⁴	86,010			99,305			95,998
Cost of sales⁵	297,074			322,060			276,830

¹Per pound of copper produced.

² By-product credits are computed as revenue per financial statements, including amortization of deferred revenue and pricing and volume adjustments.

³ Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements. Variable consideration adjustments are cumulative adjustments to gold and silver stream deferred revenue primarily associated with the net change in mineral reserves and resources or amendments to the mine plan that would change the total expected deliverable ounces under the precious metal streaming arrangement. For the three months ended September 30, 2020, the variable consideration adjustments amounted to net income of $9,482.

⁴Depreciation is based on concentrate sold.

⁵As per IFRS financial statements.

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Peru	Three Months Ended
(in thousands)	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Net pounds of copper produced¹	39,842	42,015	45,862

¹Contained copper in concentrate.

Peru	Three Months Ended
	Sep. 30, 2021				Jun. 30, 2021				Sep. 30, 2020
Cash cost per pound of copper produced	$000s		$/lb		$000s		$/lb		$000s		$/lb
Mining	22,772		0.57		26,133		0.62		18,220		0.40
Milling	44,750		1.12		40,286		0.96		42,836		0.93
G&A	13,948		0.35		16,910		0.40		12,538		0.27
Onsite costs	81,470		2.04		83,329		1.98		73,594		1.60
Treatment & refining	7,292		0.18		9,824		0.23		10,694		0.23
Freight & other	9,464		0.24		11,555		0.29		10,201		0.22
Cash cost, before by-product credits	98,226		2.46		104,708		2.50		94,489		2.06
By-product credits	(47,984	)	(1.20	)	(27,137	)	(0.65	)	(23,675	)	(0.52	)
Cash cost, net of by-product credits	50,242		1.26		77,571		1.85		70,814		1.54

Peru	Three Months Ended
	Sep. 30, 2021			Jun. 30, 2021			Sep. 30, 2020
Supplementary cash cost information	$000s		$/lb	$000s		$/lb	$000s		$/lb
By-product credits²:
Gold³	24,196		0.61	8,835		0.21	6,099		0.13
Silver³	10,557		0.26	7,466		0.18	12,006		0.26
Molybdenum	13,231		0.33	10,836		0.26	5,570		0.12
Total by-product credits	47,984		1.20	27,137		0.65	23,675		0.52
Reconciliation to IFRS:
Cash cost, net of by-product credits	50,242			77,571			70,814
By-product credits	47,984			27,137			23,675
Treatment and refining charges	(7,292	)		(9,824	)		(10,694	)
Inventory adjustments	—			(723	)		—
Share-based compensation expenses	31			52			89
Change in product inventory	(3,126	)		4,465			4,824
Royalties	998			578			1,664
Overhead costs related to suspension of activities (cash)	—			—			—
Depreciation and amortization⁴	47,185			52,710			53,021
Cost of sales⁵	136,022			151,966			143,393

¹Per pound of copper produced.

²By-product credits are computed as revenue per financial statements, including amortization of deferred revenue and pricing and volume adjustments.

³Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements.

⁴Depreciation is based on concentrate sold.

⁵As per IFRS financial statements.

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Manitoba	Three Months Ended
(in thousands)	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Net pounds of copper produced¹	11,404	9,736	10,124

¹Contained copper in concentrate.

Manitoba	Three Months Ended
	Sep. 30, 2021				Jun. 30, 2021				Sep. 30, 2020
Cash cost per pound of copper produced	$000s		$/lb		$000s		$/lb		$000s		$/lb
Mining	54,634		4.79		54,714		5.62		42,224		4.17
Milling	14,484		1.27		13,655		1.40		11,901		1.18
Refining (Zinc)	15,868		1.39		17,908		1.84		17,504		1.73
G&A	8,680		0.76		14,749		1.51		11,909		1.18
Onsite costs	93,666		8.21		101,026		10.38		83,538		8.25
Treatment & refining	7,239		0.63		5,419		0.56		4,312		0.43
Freight & other	7,484		0.66		7,746		0.80		6,360		0.63
Cash cost, before by-product credits	108,389		9.50		114,191		11.73		94,210		9.31
By-product credits	(127,073	)	(11.14	)	(148,333	)	(15.24	)	(128,728	)	(12.72	)
Cash cost, net of by-product credits	(18,684	)	(1.64	)	(34,142	)	(3.51	)	(34,518	)	(3.41	)

Manitoba	Three Months Ended
	Sep. 30, 2021		Jun. 30, 2021		Sep. 30, 2020
Supplementary cash cost information	$000s	$/lb	$000s	$/lb	$000s	$/lb
By-product credits²:
Zinc	67,695	5.94	77,707	7.98	66,918	6.61
Gold³	52,045	4.56	60,045	6.17	51,994	5.14
Silver³	5,400	0.47	7,977	0.82	7,650	0.76
Other	1,933	0.17	2,604	0.27	2,166	0.21
Total by-product credits	127,073	11.14	148,333	15.24	128,728	12.72
Reconciliation to IFRS:
Cash cost, net of by-product credits	(18,684)		(34,142)		(34,518)
By-product credits	127,073		148,333		128,728
Treatment and refining charges	(7,239)		(5,419)		(4,312)
Inventory adjustments	5,445		-		-
Past service pension cost	4,229		-		-
Share-based compensation expenses	114		222		322
Change in product inventory	8,798		10,795		(2,595)
Royalties	2,491		3,710		2,835
Depreciation and amortization⁴	38,825		46,595		42,977
Cost of sales⁵	161,052		170,094		133,437

¹Per pound of copper produced.

²By-product credits are computed as revenue per financial statements, including amortization of deferred revenue and pricing and volume adjustments.

³Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements.

⁴Depreciation is based on concentrate sold.

⁵ As per IFRS financial statements.

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Sustaining and All-in Sustaining Cash Cost Reconciliation

Consolidated	Three Months Ended
	Sep. 30, 2021		Jun. 30, 2021		Sep. 30, 2020
All-in sustaining cash cost per pound of copper produced	$000s	$/lb	$000s	$/lb	$000s	$/lb
Cash cost, net of by-product credits	31,558	0.62	43,429	0.84	36,296	0.65
Cash sustaining capital expenditures	65,694	1.28	68,803	1.33	72,461	1.29
Royalties	3,489	0.07	4,288	0.08	4,499	0.08
Sustaining cash cost, net of by-product credits	100,741	1.97	116,520	2.25	113,256	2.02
Corporate selling and administrative expenses & regional costs	10,177	0.20	10,995	0.22	11,705	0.21
Accretion and amortization of decommissioning and community agreements¹	652	0.01	705	0.01	995	0.02
All-in sustaining cash cost, net of by-product credits	111,570	2.18	128,220	2.48	125,956	2.25
Reconciliation to property, plant and equipment additions:
Property, plant and equipment additions	76,435		96,090		84,440
Capitalized stripping net additions	19,094		22,506		19,183
Decommissioning and restoration obligation net additions	4,563		11,039		(7,642)
Total accrued capital additions	100,092		129,635		95,981
Less other non-sustaining capital costs²	37,622		63,694		37,694
Total sustaining capital costs	62,430		65,941		58,287
Right of use leased assets	(9,549)		(9,101)		(10,200)
Capitalized lease cash payments - operating sites	8,453		8,331		8,517
Community agreement cash payments	82		108		1,106
Accretion and amortization of decommissioning and restoration obligations	4,278		3,524		14,751
Cash sustaining capital expenditures	65,964		68,803		72,461

¹Includes accretion of decommissioning relating to non-productive sites, and accretion and amortization of current community agreements.

²Other non-sustaining capital costs include Arizona capitalized costs, capitalized interest, capitalized exploration, growth capital expenditures and decommissioning and restoration obligation adjustments.

Peru	Three Months Ended
	Sep. 30, 2021		Jun. 30, 2021		Sep. 30, 2020
Sustaining cash cost per pound of copper produced	$000s	$/lb	$000s	$/lb	$000s	$/lb
Cash cost, net of by-product credits	50,242	1.26	77,571	1.85	70,814	1.54
Cash sustaining capital expenditures	40,921	1.03	34,898	0.83	32,354	0.71
Royalties	998	-	578	0.01	1,664	0.04
Sustaining cash cost per pound of copper produced	92,161	2.31	113,047	2.69	104,832	2.29

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Manitoba	Three Months Ended
	Sep. 30, 2021		Jun. 30, 2021		Sep. 30, 2020
Sustaining cash cost per pound of copper produced	$000s	$/lb	$000s	$/lb	$000s	$/lb
Cash cost, net of by-product credits	(18,684)	(1.64)	(34,142)	(3.51)	(34,518)	(3.41)
Cash sustaining capital expenditures	24,773	2.17	33,905	3.49	40,107	3.96
Royalties	2,491	0.22	3,710	0.38	2,835	0.28
Sustaining cash cost per pound of copper produced	8,580	0.75	3,473	0.36	8,424	0.83

Combined Unit Cost Reconciliation

Peru	Three Months Ended
(in thousands except ore tonnes milled and unit cost per tonne)
Combined unit cost per tonne processed	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020
Mining	22,772	26,133	18,220
Milling	44,750	40,286	42,836
G&A ¹	13,948	16,910	12,538
Other G&A ²	(286)	52	89
Unit cost	81,184	83,381	73,683
Tonnes ore milled	6,985	7,413	7,481
Combined unit cost per tonne	11.62	11.25	9.85
Reconciliation to IFRS:
Unit cost	81,184	83,381	73,683
Freight & other	9,464	11,555	10,201
Other G&A	286	(52)	(89)
Share-based compensation expenses	31	52	89
Inventory adjustments	-	(723)	-
Change in product inventory	(3,126)	4,465	4,824
Royalties	998	578	1,664
Depreciation and amortization	47,185	52,710	53,021
Cost of sales³	136,022	151,966	143,393

¹G&A as per cash cost reconciliation above.

²Other G&A primarily includes profit sharing costs.

³As per IFRS financial statements.

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2021 No. 23

Manitoba	Three Months Ended
(in thousands except tonnes ore milled and unit cost per tonne)
Combined unit cost per tonne processed	Sep. 30, 2021		Jun. 31, 2021		Sep. 30, 2020
Mining	54,634		54,714		42,224
Milling	14,484		13,655		11,901
G&A ¹	8,680		14,749		11,909
Less: G&A allocated to zinc metal production	(3,280	)	(3,724	)	(3,707	)
Less: Other G&A related to profit sharing costs	3,381		(1,274	)	(10	)
Unit cost	77,899		78,120		62,317
USD/CAD implicit exchange rate	1.26		1.23		1.33
Unit cost - C$	98,151		95,927		82,962
Tonnes ore milled	666,263		646,987		657,895
Combined unit cost per tonne - C$	147		148		126
Reconciliation to IFRS:
Unit cost	77,899		78,120		62,317
Freight & other	7,484		7,746		6,360
Refined (zinc)	15,868		17,908		17,504
G&A allocated to zinc metal production	3,280		3,724		3,707
Other G&A related to profit sharing	(3,381	)	1,274		10
Share-based compensation expenses	114		222		322
Inventory adjustments	5,445		-		-
Past service pension cost	4,229		-		-
Change in product inventory	8,798		10,795		(2,595	)
Royalties	2,491		3,710		2,835
Depreciation and amortization	38,825		46,595		42,977
Cost of sales²	161,052		170,094		133,437

¹G&A as per cash cost reconciliation above.

²As per IFRS financial statements.

Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates" and "believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur" or "be achieved" or "will be taken" (and variations of these or similar expressions). All of the forward-looking information in this news release is qualified by this cautionary note.

Forward-looking information includes, but is not limited to, production, cost and capital and exploration expenditure guidance and potential revisions to such guidance, anticipated production at Hudbay's mines and processing facilities, expectations regarding the impact of the COVID-19 pandemic on operations, financial condition and prospects, and the company's ability to effectively engage with local communities in Peru and other stakeholders, expectations regarding the Rosemont project and the outcome of litigation challenging Rosemont's permits, expectations regarding the Copper World exploration program and timelines for an initial resource estimate and preliminary economic assessment, expectations regarding the Snow Lake gold strategy, including the continuing ramp-up of the New Britannia mill, increasing the mining rate at Lalor and optimizing the Stall and New Britannia mills, the possibility of converting inferred mineral resource estimates to higher confidence categories, expectations regarding the costs and schedule of the recently approved updated closure plan for Flin Flon, the potential to reprocess Flin Flon tailings in the future and the possible benefits of such a project, the potential and Hudbay's anticipated plans for advancing the mining of its properties surrounding Constancia and elsewhere in Peru, anticipated mine plans, anticipated metals prices and the anticipated sensitivity of the company's financial performance to metals prices, events that may affect its operations and development projects, anticipated cash flows from operations and related liquidity requirements, the anticipated effect of external factors on revenue, such as commodity prices, estimation of mineral reserves and resources, mine life projections, reclamation costs, economic outlook, government regulation of mining operations, and business and acquisition strategies. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information.

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2021 No. 23

The material factors or assumptions that Hudbay has identified and applied in drawing conclusions or making forecasts or projections are set out in the forward-looking information include, but are not limited to:

Hudbay's ability to continue to operate safely and at full capacity during the COVID-19 pandemic;
the availability, global supply and effectiveness of COVID-19 vaccines, the effective distribution of such vaccines in the countries in which the company operates, the lessening of restrictions related to COVID-19, and the anticipated rate and timing for each of the foregoing;
the ability to achieve production and unit cost guidance;
no significant interruptions to operations due to the COVID-19 pandemic or social or political unrest in the regions Hudbay operates;
the ability to obtain all required permits for the Copper World project;
the successful outcome of the Rosemont litigation;
the ability to ramp-up the New Britannia mill and achieve anticipated production;
the economic prospects of reprocessing Flin Flon tailings;
the success of mining, processing, exploration and development activities;
the scheduled maintenance and availability of Hudbay's processing facilities;
the accuracy of geological, mining and metallurgical estimates;
anticipated metals prices and the costs of production;
the supply and demand for metals the company produces;
the supply and availability of all forms of energy and fuels at reasonable prices;
no significant unanticipated operational or technical difficulties;
the execution of business and growth strategies, including the success of the company's strategic investments and initiatives;
the availability of additional financing, if needed;
the ability to complete project targets on time and on budget and other events that may affect Hudbay's ability to develop its projects;
the timing and receipt of various regulatory and governmental approvals;
the availability of personnel for exploration, development and operational projects and ongoing employee relations;
maintaining good relations with the labour unions that represent certain of Hudbay's employees in Manitoba and Peru;
maintaining good relations with the communities in which Hudbay operates, including the neighbouring Indigenous communities and local governments;
no significant unanticipated challenges with stakeholders at various projects;

TSX, NYSE - HBM

2021 No. 23

no significant unanticipated events or changes relating to regulatory, environmental, health and safety matters;
no contests over title to the company's properties, including as a result of rights or claimed rights of Indigenous peoples or challenges to the validity of Hudbay's unpatented mining claims;
the timing and possible outcome of pending litigation and no significant unanticipated litigation;
certain tax matters, including, but not limited to current tax laws and regulations, changes in taxation policies and the refund of certain value added taxes from the Canadian and Peruvian governments; and
no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices and foreign exchange rates).

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks associated with the COVID-19 pandemic and its effect on the company's operations, financial condition, projects and prospects, the possibility of a global recession arising from the COVID-19 pandemic and attempts to control it, the direct and indirect impacts of the change in government in Peru, future uncertainty with respect to the Peruvian mining tax regime and social unrest in Peru, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), uncertainties related to the development and operation of Hudbay's projects, risks related to the ongoing Rosemont litigation process and other legal challenges that could affect Rosemont or Copper World, risks related to the new Lalor mine plan, including the continuing ramp-up of the New Britannia mill and the ability to convert inferred mineral resource estimates to higher confidence categories, risks related to the technical and economic prospects of reprocessing Flin Flon tailings, the potential that additional financial assurance will be required to support the updated Flin Flon closure plan, dependence on key personnel and employee and union relations, risks related to political or social instability, unrest or change, risks in respect of Indigenous and community relations, rights and title claims, operational risks and hazards, including the cost of maintaining and upgrading the company's tailings management facilities and any unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, depletion of Hudbay's reserves, volatile financial markets that may affect its ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, the company's ability to comply with its pension and other post-retirement obligations, the company's ability to abide by the covenants in its debt instruments and other material contracts, tax refunds, hedging transactions, as well as the risks discussed under the heading "Risk Factors" in Hudbay's most recent Annual Information Form.

Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.

Note to United States Investors

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which may differ materially from the requirements of United States securities laws applicable to U.S. issuers.

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2021 No. 23

About Hudbay

Hudbay (TSX, NYSE: HBM) is a diversified mining company primarily producing copper concentrate (containing copper, gold and silver), zinc metal and silver/gold doré. Directly and through its subsidiaries, Hudbay owns three polymetallic mines, four ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco (Peru), and copper projects in Arizona and Nevada (United States). The company's growth strategy is focused on the exploration, development, operation and optimization of properties it already controls, as well as other mineral assets it may acquire that fit its strategic criteria. Hudbay's vision is to be a responsible, top-tier operator of long-life, low-cost mines in the Americas. Hudbay's mission is to create sustainable value through the acquisition, development and operation of high-quality, long-life deposits with exploration potential in jurisdictions that support responsible mining, and to see the regions and communities in which the company operates benefit from its presence. The company is governed by the Canada Business Corporations Act and its shares are listed under the symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima. Further information about Hudbay can be found on www.hudbay.com.

For further information, please contact:

Candace Brûlé

Director, Investor Relations

(416) 814-4387

________________________

ⁱ Adjusted net loss; adjusted net loss per share; adjusted EBITDA; cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced and per ounce of gold produced, net of by-product credits; unit operating costs; and net debt are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the "Non-IFRS Financial Reporting Measures" section of this news release.

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