Hudbay Enhances Gold Production Profile at Snow Lake, Extends Reserve Mine Life to 18 Years and Identifies Further Growth Potential from Resource Conversion and the Britannia Gold Project

TORONTO, Sept. 28, 2026 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM) today released an updated mine plan for its Snow Lake operations in Manitoba, Canada. All amounts are in U.S. dollars, unless otherwise noted.

Snow Lake’s proven and probable reserve mine life extended by an additional two years to 2043, which together with the four-year extension announced in March 2026 represents a total of six years added to the reserve mine life.

Updated 2026-2030 five-year average annual gold production to 185,000 ounces from continued strong mill throughput rates at New Britannia and higher gold recoveries at Stall, representing a 37% increase in total gold production from an additional 250,000 ounces produced over the same five-year period in the 2021 technical report i .

Total life-of-mine gold production increased by 60% to 2.8 million ounces from 1.8 million ounces in the 2021 technical report i .

Updated 2026-2030 five-year average gold cash costs ii to $821 per ounce and five-year average sustaining cash costs ii to $1,379 per ounce, maintaining industry leading operating margins.

Snow Lake mineral reserve estimates increased to 27 million tonnes containing 2.0 million ounces of gold, representing a 38% increase in tonnage from the January 1, 2026 mineral reserve estimate.

Snow Lake mineral resource estimates increased to 21 million tonnes containing 1.5 million ounces of gold, representing a 26% increase in tonnage from the January 1, 2026 mineral resource estimate, despite significant resource-to-reserve conversion.

Life-of-mine plan based on reserve estimates and represents a conservative view based on Hudbay’s historical high resource-to-reserve conversion rate of 90% iii and ongoing exploration activities.

1901 exploration