Shane Nagle's questions to Hudbay Minerals Inc (HBM) leadership • Q2 2025
Question
Shane Nagle of National Bank Financial asked for clarification on the mechanics of Mitsubishi's $180 million matching contribution to the JV. He also inquired about the impact of revised mine sequencing at Constancia and Pampacancha in Q3, specifically if it would lead to processing more stockpiled ore.
Answer
CFO Eugene Lei explained that the $180 million is a direct contribution into the joint venture, not a payment to Hudbay, which is the most efficient structure for funding the project. COO Andre Lauzon confirmed that the revised Q3 plan involves processing more stockpiles in a new blend, but that mining activities at Pampacancha itself are continuing at full capacity.