David Smith

Hello, and welcome to the 2026 Annual and Special Meeting of the Shareholders of Hudbay Minerals Inc. My name is David Smith, and I am the Chair of the Board of Hudbay. I would like to welcome all shareholders, employees and other rights holders and stakeholders that are attending our virtual shareholders' meeting today. Before we begin with the formal business of the meeting, I would like to briefly reflect on some of Hudbay's achievements in 2025. We delivered another year of record financial performance driven by our resilient operating platform. Through significant free cash flow generation, we further strengthened our balance sheet and reduced our debt levels, positioning Hudbay well as we advance toward a potential sanctioning decision at Copper World later in 2026.

Additionally, 2025 was the 11th consecutive year in which we achieved our annual consolidated copper production guidance and the fifth consecutive year in which we achieved our annual consolidated gold production guidance. In Arizona, we made substantial progress advancing our Copper World project. Following receipts of the final permits, we successfully completed a joint venture transaction with Mitsubishi Corporation in early 2026, as Mitsubishi acquired a 30% minority interest in the project for $600 million. We are very excited to have Mitsubishi as our partner for this project, and the completion of the joint venture transaction marks a significant milestone in derisking Copper World for Hudbay.

In Manitoba, we once again delivered consistent operating performance despite contending with serious wildfires and other weather-related challenges during the year. And most importantly, we did so safely. We also continue to prioritize strong relationships with local and indigenous communities in the areas in