Hudbay is a copper-focused mining company that mines, processes, and sells copper, gold, and by-product metals (zinc, silver, and molybdenum) from three operating mines in Canada and Peru. Copper represents roughly 55% of gross revenue and gold roughly 38%. Hudbay's largest operation is Constancia, a large open-pit copper mine in Peru that produces copper and molybdenum concentrates, contributing about 72% of consolidated copper production at the lowest cash costs in the portfolio. In Manitoba, Canada, the underground Snow Lake complex centers on the Lalor mine and has evolved into primarily a gold operation, producing roughly 173,000 oz of gold in 2025. In British Columbia, Hudbay fully acquired the Copper Mountain open-pit mine in 2023 and is currently ramping it toward full permitted capacity, with higher-grade ore expected from 2027 onward. Hudbay sells copper concentrate to smelters in Asia, Canada, and Japan; gold/silver doré to refineries and financial institutions; and zinc and molybdenum concentrates to customers in Europe, Asia, and North America. Revenue is directly driven by copper and gold prices, production volumes, and unit cash costs — which are reported net of by-product credits, meaning strong gold output at Snow Lake meaningfully reduces reported copper cash costs. A portion of Constancia's gold and silver output is subject to a streaming agreement with Wheaton Precious Metals at fixed below-market prices. Hudbay's primary near-term growth project is Copper World, a fully-permitted, high-grade open-pit copper project in Arizona (70% owned, with Mitsubishi holding 30%), targeting first production in 2029 and roughly 85,000 tonnes of copper per year over a 20-year mine life.