Hudbay Minerals (HBM) Company Report

Analyst Coverage

Research analysts who have asked questions during Hudbay Minerals earnings calls.

Orest Wowkodaw

Scotiabank

6 questions for HBM

Also covers: CCJ, ERO, FCX +2 more

Dalton Baretto

Canaccord Genuity Group Inc.

4 questions for HBM

Also covers: ERO, HL, SVM +1 more

Anita Soni

CIBC Capital Markets

3 questions for HBM

Also covers: AEM, BTG, BTO +9 more

Fahad Tariq

Jefferies Financial Group

3 questions for HBM

Also covers: AEM, BTO, ERO +8 more

Ralph Profiti

8 Capital

3 questions for HBM

Also covers: AEM, BTG, CCJ +6 more

Craig Hutchison

TD Securities

2 questions for HBM

Also covers: CCJ, ERO, EXK +3 more

Emerson

Goldman Sachs

2 questions for HBM

Also covers: CANG

George Eadie

UBS

2 questions for HBM

Also covers: BTU, CNR, CODQL +2 more

Lawson Winder

Bank of America

2 questions for HBM

Also covers: AA, AEM, CCJ +22 more

Matthew Murphy

BMO Capital Markets

2 questions for HBM

Also covers: ERO, FNV, IAG +3 more

Ralph M. Profiti

Stifel Nicolaus

2 questions for HBM

Bryce Adams

CIBC Capital Markets

1 question for HBM

Also covers: CCJ, ERO, ORLA +2 more

Farooq Hamed

Raymond James

1 question for HBM

Pierre Vaillancourt

Haywood Securities

1 question for HBM

Shane Nagle

National Bank Financial

1 question for HBM

Stefan Ioannou

Cormark Securities

1 question for HBM

Also covers: ERO

Latest news

Recent press releases and 8-K filings for HBM.

Hudbay Minerals Receives New Ingerbelle Expansion Permits

HBM

New Projects/Investments

Hudbay Minerals Inc. received key permit amendments for the New Ingerbelle expansion project at its Copper Mountain mine in British Columbia, Canada, on February 20, 2026.
The expansion is projected to produce approximately 750,000 tonnes of copper, 900,000 ounces of gold, and 5.5 million ounces of silver over the mine's extended lifespan, based on current reserves only.
This project is forecasted to generate over C$11.5 billion in provincial Gross Domestic Product and preserve more than 800 direct jobs.

7 days ago

Press Release

Hudbay Minerals Reports Record 2025 Financials, Announces Dividend Increase, and Advances Copper World Project

HBM

Earnings

Dividends

New Projects/Investments

7 days ago

Transcript

Hudbay Minerals Reports Record 2025 Financial Performance, Announces Dividend Increase, and Provides 2026 Outlook

HBM

Earnings

Dividends

New Projects/Investments

Hudbay Minerals achieved record annual revenues of over $2 billion, adjusted EBITDA of over $1 billion, and free cash flow of $388 million in 2025, marking its third consecutive year of record financial performance.
For Q4 2025, the company reported record revenues of $733 million and record Adjusted EBITDA of $386 million, with net earnings of $128 million or $0.32 per share.
The company significantly reduced its long-term debt by $185 million since the end of 2024, bringing total debt to $1 billion, and achieved a net debt to EBITDA ratio of 0.4 times by year-end 2025, further improving to 0x after the Copper World joint venture closing in early 2026.
Hudbay announced its first-ever dividend increase, introducing a new quarterly dividend of $0.01 per share, resulting in a total annual dividend of $0.04 per share.
For 2026, consolidated copper production is expected to increase by 5% to 124,000 tons, while consolidated gold production is expected to decrease by 9% to 244,500 ounces; the company also provided cost guidance of -$0.30 to -$0.10 per pound of copper for consolidated cash costs and $1.70-$2.10 per pound of copper for sustaining cash costs.

7 days ago

Transcript

Hudbay Minerals Reports Record 2025 Financial Performance, Announces Dividend Increase, and Advances Copper World Project

HBM

Earnings

Dividends

New Projects/Investments

Hudbay Minerals reported record annual financial performance in 2025, with revenues exceeding $2 billion, Adjusted EBITDA over $1 billion, and free cash flow of more than $380 million. This included strong Q4 2025 revenues of $733 million and Adjusted EBITDA of $386 million.
The company achieved significant balance sheet deleveraging, reducing long-term debt to $1 billion and improving its net debt to EBITDA ratio to 0.4 times by the end of Q4 2025. Following the Copper World joint venture closing in January 2026, cash and cash equivalents increased to $992 million, resulting in a 0x net leverage ratio.
Hudbay announced an increase in shareholder returns by introducing a new quarterly dividend of $0.01 per share, raising the total annual dividend to $0.04 per share, representing a 100% annual increase.
Progress continues on the Copper World project, with a definitive feasibility study expected in mid-2026 and a sanction decision in 2026, supported by $420 million in initial cash inflow from the Mitsubishi joint venture. The company has allocated $135 million for Copper World capital expenditures and $60 million for exploration in 2026.

7 days ago

Transcript

Hudbay Minerals Announces Preliminary 2025 Production Results and Achieves Guidance

HBM

Guidance Update

New Projects/Investments

Earnings

Hudbay Minerals Inc. announced preliminary Q4 2025 and full year 2025 production results, successfully achieving its consolidated copper and gold production guidance for the year.
For the full year 2025, the company's consolidated production was approximately 118,188 tonnes of copper and 267,934 ounces of gold.
As of December 31, 2025, Hudbay reported pro-forma year-end cash and cash equivalents of approximately $992 million after the Copper World joint venture transaction, with total pro-forma liquidity exceeding $1.4 billion.
While overall consolidated guidance was met, Manitoba operations' gold and zinc production were below their respective guidance ranges, and British Columbia's copper production was also below its guidance range, primarily due to operational interruptions and maintenance issues. Conversely, Peru operations significantly exceeded the top end of their 2025 gold production guidance range.

Jan 16, 2026, 6:18 PM

6-K

Hudbay Minerals Announces Preliminary 2025 Production Results and Achieves Guidance

HBM

Guidance Update

New Projects/Investments

Earnings

Hudbay Minerals achieved its 2025 consolidated copper and gold production guidance, reporting approximately 118,188 tonnes of copper and 267,934 ounces of gold for the full year ended December 31, 2025.
The company demonstrated strong operational performance in the fourth quarter of 2025, producing approximately 33,069 tonnes of copper and 84,298 ounces of gold.
Peru operations had their strongest quarter in Q4 2025, with accelerated depletion of the high-grade Pampacancha satellite deposit leading to gold production far exceeding the top end of its 2025 guidance range.
As of December 31, 2025, Hudbay reported pro-forma year-end cash and cash equivalents of approximately $992 million, after giving effect to the Copper World joint venture transaction.
Full financial results for Q4 and full year 2025, along with 2026 production and cost guidance, are expected to be released on Friday, February 20, 2026.

Jan 16, 2026, 11:00 AM

Press Release

Hudbay Minerals Inc. Reports Q3 2025 Financial and Operational Results and Updates Guidance

HBM

Earnings

Guidance Update

Hudbay Minerals Inc. reported revenue of $346.8 million and net income of $222.4 million for the third quarter of 2025, with basic and diluted earnings per share of $0.56.
The company achieved consolidated copper production of 24,205 tonnes and gold production of 53,581 ounces in Q3 2025, despite temporary operational interruptions from wildfire evacuations in Manitoba and social unrest in Peru.
Hudbay reaffirmed its full-year 2025 consolidated production guidance for copper and gold to be near the low end of the ranges and improved its full-year 2025 consolidated cash cost guidance to $0.15 to $0.35 per pound copper.
The company continued to reduce debt, repurchasing an additional $13.2 million of senior unsecured notes in Q3 2025, contributing to $328.1 million in total debt repayments and gold prepayment liability reductions since the beginning of 2024.

Nov 13, 2025, 5:17 PM

6-K

Hudbay Reports Q3 2025 Results, Updates Guidance, and Secures Copper World JV Partner

HBM

Earnings

Guidance Update

New Projects/Investments

Hudbay reported Q3 2025 consolidated copper production of 24,000 tons and gold production of 54,000 ounces, with Adjusted EBITDA of $143 million and adjusted net earnings of $0.03 per share.
The company significantly improved its full-year consolidated cash cost guidance to $0.15-$0.35 per pound of copper and consolidated sustaining cash cost guidance to $1.85-$2.25 per pound of copper, while also reducing total capital expenditures by $35 million.
Hudbay secured Mitsubishi as a 30% joint venture partner for the Copper World project, which will provide $600 million and reduce Hudbay's estimated share of remaining capital to approximately $200 million. The Copper World sanction decision is expected in 2026 with first production in 2029.
The company reduced total debt and gold prepay liabilities by approximately $330 million since the beginning of 2024, ending Q3 2025 with $1.04 billion in total liquidity and a net debt-to-EBITDA ratio of 0.5 times.

Nov 12, 2025, 4:00 PM

Transcript

Hudbay Resumes Operations at Constancia Mine in Peru

HBM

Guidance Update

Hudbay Minerals Inc. has resumed operations at its Constancia mine in Peru following a temporary shutdown that began on September 22nd due to local protests and illegal blockades.
The mill at Constancia is now operating at full production levels.
Despite the disruption, Hudbay continues to expect to meet its 2025 production and cost guidance ranges.
A 20,000 dry metric tonne copper concentrate shipment was deferred from late September to early October, impacting third-quarter sales volumes, but was subsequently sold early in the fourth quarter.

Oct 7, 2025, 5:26 PM

6-K

Hudbay Resumes Operations at Constancia Mine in Peru

HBM

Guidance Update

Hudbay Minerals Inc. has resumed operations at its Constancia mine in Peru following a temporary shutdown caused by local protests and illegal blockades.
Operations were suspended on September 22nd as a precautionary measure, and the mill is now operating at full production levels.
The company continues to expect to meet its 2025 production and cost guidance ranges.
A 20,000 dry metric tonne copper concentrate shipment was deferred from late September to early October, impacting third-quarter sales volumes, but was subsequently sold early in the fourth quarter.