Q1 2025 Hudbay Minerals Inc Earnings Call Transcript

May 12, 2025 / 03:00PM GMT

Release Date Price: €7.41 (+9.78%)

Transcript

Key Points

Positve

Hudbay Minerals Inc (HBM) reported strong performance in Q1 2025, with substantial free cash flow generation and industry-leading margins.
The company achieved better-than-expected gold production and in-line copper production, demonstrating effective cost control and operational efficiency.
Hudbay Minerals Inc (HBM) reported record low consolidated cash costs of negative $0.45 per pound and sustaining cash costs of $0.72 per pound.
The acquisition of Mitsubishi Materials' 25% minority interest in Copper Mountain increased Hudbay's exposure to a high-quality copper asset in a Tier 1 jurisdiction.
Hudbay Minerals Inc (HBM) has a fortified balance sheet with $583 million in cash and cash equivalents, maintaining a leverage ratio of 0.6 times.

Negative

The depletion of the Pampacancha deposit in Peru is expected by the end of 2025, which may impact future production levels.
The permitting process for the Maria Reyna and Caballito properties in Peru is ongoing, with no definitive timeline for completion.
Hudbay Minerals Inc (HBM) faces challenges in advancing Phase II of the Copper World project due to regulatory complexities.
The company is still in the process of securing joint venture partnerships for the Copper World project, which could delay its development.
Hudbay Minerals Inc (HBM) has not provided specific guidance on the use of its share buyback program, indicating it may not be a priority in the near term.

Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Hudbay Minerals Incorporated first-quarter 2025 results conference call. (Operator Instructions) I'd like to remind everyone that this conference call is being recorded today, May 12, 2025, at 11:00 AM Eastern Time.

I will now turn the call over to Candace Brule, Vice President, Investor Relations. Please go ahead.

Candace Brule

Hudbay Minerals Inc - Vice President, Investor Relations

Thank you, operator. Good morning, and welcome to Hudbay's 2025 first-quarter results conference call. Hudbay's base financial results were issued this morning and are available on our website at www.hudbay.com. A corresponding PowerPoint presentation is available in the Investor Events section of our website, and we encourage you to refer to it during this call. Our presenter today is Peter Kukielski, Hudbay's President and Chief Executive Officer; accompanying Peter for the Q&A portion of the call will be Eugene Lei, our Chief

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