Hudbay Minerals Inc. (HBM): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'exploration et de l'extraction minéraux, Hudbay Minerals Inc. (HBM) émerge comme une puissance stratégique, transformant la terre brute en métaux précieux qui alimentent les industries mondiales. Avec des opérations s'étendant sur le Pérou, le Canada et le Manitoba, ce géant minière navigue dans des paysages complexes de production de cuivre, de zinc et d'or, mélangeant l'innovation technologique de pointe avec des pratiques durables qui redéfinissent l'écosystème minière moderne. Leur toile complète du modèle commercial révèle une approche sophistiquée de l'extraction des ressources, positionnant Hudbay non seulement en tant que société minière, mais comme un acteur critique de la chaîne d'approvisionnement industrielle mondiale qui relie les matières premières aux développements technologiques et infrastructurels transformateurs.

Hudbay Minerals Inc. (HBM) - Modèle commercial: partenariats clés

Alliances stratégiques avec les gouvernements locaux

Hudbay Minerals maintient des partenariats stratégiques avec les gouvernements dans les principales régions opérationnelles:

Pays	Détails du partenariat gouvernemental	Contribution économique
Pérou	CONSTANCE CONSTANCIA Mine	Contribution fiscale annuelle de 124,3 millions de dollars
Canada	Collaboration provinciale de la province du Manitoba	87,6 millions de dollars impact économique régional
Manitoba	Partenariat de développement de la mine de Lalor	62,5 millions de dollars d'investissement dans l'infrastructure

Accords de coentreprise

Les partenariats d'exploration et de technologie de Hudbay comprennent:

• Accord d'exploration de Kaminak Gold Corporation
• Collaboration technologique de Newmont Corporation
• MetSo Outotec Mining Equipment Partnership

Partenariats de la chaîne d'approvisionnement

Fabricant d'équipements	Valeur de partenariat	Catégorie d'approvisionnement
Caterpillar Inc.	45,2 millions de dollars d'approvisionnement annuel	Équipement d'exploitation
Sandvik AB	38,7 millions de dollars de technologie de forage	Outils d'exploration
Groupe ABB	Systèmes d'automatisation de 29,5 millions de dollars	Technologie de traitement

Collaboration communautaire autochtone

Les partenariats indigènes de Hudbay comprennent:

• Contrat de Rosemont Première Nation: 22,3 millions de dollars Fonds de développement communautaire
• Programme d'approvisionnement des entreprises indigènes du Manitoba: 18% d'engagement local des fournisseurs
• Programme d'emploi communautaire local du Pérou: 42% de participation locale à la main-d'œuvre locale

Hudbay Minerals Inc. (HBM) - Modèle d'entreprise: Activités clés

Exploration minérale en cuivre, en zinc et en or

Hudbay Minerals mène des activités d'exploration dans plusieurs régions, avec des domaines de concentration clés, notamment:

• Pérou: Constancia Copper-Gold Mine
• Manitoba, Canada: opérations de Lalor et Snow Lake
• Arizona, États-Unis: Rosemont Copper Project

Région	Investissement en exploration (2023)	Mise au point minéral
Pérou	42,3 millions de dollars	Cuivre, or
Manitoba	31,7 millions de dollars	Zinc, cuivre, or
Arizona	22,5 millions de dollars	Cuivre

Opérations minières à ciel ouvert et souterraines

Hudbay exploite plusieurs sites miniers avec diverses méthodes d'extraction:

Lieu des mines	Type d'exploitation	Capacité de production annuelle
Constancia, Pérou	À ciel ouvert	130 000 tonnes cuivre
Lalor, Manitoba	Souterrain	85 000 tonnes zinc

Traitement et raffinage minéraux

Les capacités de traitement comprennent:

• Plantes de concentration avec des technologies métallurgiques avancées
• Capacité de traitement annuelle de 52 millions de tonnes de minerai
• Taux de récupération:
  • Cuivre: 85%
  • Zinc: 88%
  • Or: 75%

Pratiques minières durables et gestion environnementale

Initiative environnementale	Investissement (2023)	Cible
Programme de recyclage de l'eau	12,6 millions de dollars	Taux de recyclage à 90%
Réduction des émissions de carbone	18,4 millions de dollars	Réduction de 30% d'ici 2030

Innovation technologique continue dans les techniques d'extraction

Zones d'investissement technologique:

• Équipement minière autonome
• Exploration minérale dirigée par l'IA
• Analyse avancée des données pour l'optimisation d'extraction

Zone technologique	Investissement en R&D (2023)
Équipement autonome	7,2 millions de dollars
Exploration minérale AI	5,8 millions de dollars

Hudbay Minerals Inc. (HBM) - Modèle commercial: Ressources clés

Réserves minérales

Hudbay Minerals Inc. conserve des réserves minérales importantes dans plusieurs régions:

Emplacement	Réserves minérales	Valeur estimée
Pérou (Constancia mine)	Cuivre: 1,42 milliard de livres	3,8 milliards de dollars
Manitoba, Canada	Zinc: 1,3 milliard de livres	2,1 milliards de dollars
Arizona, États-Unis	Cuivre: 1,1 milliard de livres	2,5 milliards de dollars

Infrastructure et équipement

Actifs minières clés:

• 5 complexes minières actives
• Valeur totale de l'équipement: 612 millions de dollars
• Flotte de 87 véhicules miniers lourds
• Capacité de traitement: 70 000 tonnes par jour

Expertise

Les ressources humaines de Hudbay comprennent:

• Total des employés: 2 347
• 98% de la main-d'œuvre avec des certifications d'exploitation technique
• Expérience moyenne des employés: 12,4 ans

Capital financier

Ressources financières à partir de 2024:

Métrique financière	Montant
Actif total	3,2 milliards de dollars
Espèce et équivalents	287 millions de dollars
Dépenses en capital annuelles	215 millions de dollars

Capacités technologiques

• Technologies d'extraction minérale avancées
• 3 brevets de traitement des minéraux propriétaires
• Systèmes de cartographie d'exploration dirigés AI
• Plateforme d'analyse de données géologiques en temps réel

Hudbay Minerals Inc. (HBM) - Modèle d'entreprise: propositions de valeur

Production de métaux de haute qualité avec portée du marché mondial

Hudbay Minerals produit du cuivre, du zinc, de l'or et de l'argent des opérations au Canada et au Pérou. En 2022, la société a rapporté:

Metal	Production annuelle
Cuivre	83 028 tonnes
Zinc	145 897 tonnes
Or	93 178 onces
Argent	2 139 604 onces

Engagement envers les pratiques minières durables et responsables

Mesures de responsabilité environnementale et sociale pour 2022:

• Émissions totales de gaz à effet de serre: 315 000 tonnes CO2E
• Taux de recyclage de l'eau: 82%
• Investissement communautaire: 2,1 millions de dollars
• Dépenses d'achat autochtones: 24,5 millions de dollars

Portefeuille minéral diversifié réduisant la volatilité du marché

Répartition des revenus pour 2022:

Metal	Pourcentage de revenus
Cuivre	43%
Zinc	35%
Or	15%
Argent	7%

Approches technologiques avancées de l'efficacité minière

Investissement technologique et mesures d'efficacité:

• Investissement technologique annuel: 12,3 millions de dollars
• Taux d'automatisation des équipements d'exploitation: 65%
• Amélioration de l'efficacité énergétique: 4,2% d'une année à l'autre

Responsabilité environnementale et sociale dans les opérations minières

Indicateurs de performance sur la durabilité:

Métrique	2022 Performance
Fréquence totale de blessures enregistrables	1,2 par million d'heures de travail
Diversité du lieu de travail (femmes dans la main-d'œuvre)	18%
Investissement de planification de la réhabilitation et de la fermeture	8,7 millions de dollars

Hudbay Minerals Inc. (HBM) - Modèle d'entreprise: relations clients

Contrats à long terme avec des sociétés de trading en métal

Hudbay Minerals maintient des contrats stratégiques à long terme avec des sociétés mondiales de trading de métaux. En 2023, la société a déclaré 5 partenariats de trading de métaux primaires, avec des durées de contrat allant de 3 à 7 ans. La valeur totale du contrat pour 2023 était d'environ 412 millions de dollars.

Partenaire commercial	Durée du contrat	Valeur du contrat annuel
Global Metal Traders Inc.	5 ans	156 millions de dollars
Échange international des métaux	4 ans	98 millions de dollars
Solutions de métal continental	6 ans	158 millions de dollars

Ventes directes aux acheteurs de métaux industriels

Hudbay Minerals génère des ventes directes via des canaux d'achat de métaux industriels ciblés. En 2023, la société a enregistré des ventes directes à 37 clients industriels, les revenus totaux atteignant 623 millions de dollars.

• Ventes en cuivre: 412 millions de dollars
• Ventes en zinc: 156 millions de dollars
• Ventes d'or et d'argent: 55 millions de dollars

Communication transparente sur les pratiques minières

Hudbay Minerals investit 2,3 millions de dollars par an dans des initiatives de communication transparentes. La société produit des rapports trimestriels de durabilité et accueille 4 événements de communication des investisseurs par an.

Engagement client grâce à des rapports sur la durabilité

Le rapport sur la durabilité de la société atteint environ 215 investisseurs institutionnels et 673 parties prenantes individuelles. En 2023, Hudbay a publié un rapport complet de durabilité de 92 pages détaillant les mesures de gouvernance environnementale et sociale.

Support technique pour la qualité des métaux et les spécifications

Hudbay maintient une équipe de support technique dédiée de 23 ingénieurs métallurgiques. La division de support technique gère en moyenne 412 demandes de renseignements clients par an, avec un taux de satisfaction client de 98,5%.

Métrique de support technique	2023 données
Personnel de soutien total	23 ingénieurs
Demandes de renseignements des clients annuels	412 demandes de renseignements
Taux de satisfaction client	98.5%

Hudbay Minerals Inc. (HBM) - Modèle d'entreprise: canaux

Équipe de vente directe pour les marchés métalliques industriels

Hudbay Minerals maintient une équipe de vente directe spécialisée ciblant les marchés des métaux industriels. Depuis 2023, l'équipe de vente de l'entreprise se concentre sur les concentrés de cuivre, de zinc et d'or.

Type de métal	Volume des ventes annuelles	Marchés primaires
Concentré de cuivre	130 000 tonnes métriques	Amérique du Nord, Asie
Concentré de zinc	185 000 tonnes métriques	Europe, Asie
Concentré d'or	45 000 onces	Marchés mondiaux

Plateformes en ligne pour le trading et les informations métalliques

Hudbay utilise des plateformes numériques pour le trading métallique et les relations avec les investisseurs.

• Site Web de l'entreprise avec tarification en métal en temps réel
• Relations des investisseurs portail numérique
• Interfaces de trading électronique

Conférences de l'industrie et expositions commerciales

Hudbay participe à des événements clés de l'industrie des mines et des métaux.

Nom de conférence	Emplacement	Participation annuelle
Prospecteurs & Association des développeurs du Canada (PDAC)	Toronto, Canada	Participation annuelle depuis 2010
Conférence internationale des mines et des ressources	Melbourne, Australie	Participation biennale

Échanges de produits de base en métal

Hudbay se négocie activement sur les principaux échanges de métaux mondiaux.

• London Metal Exchange (LME)
• New York Mercantile Exchange (NYMEX)
• Bourse de Toronto (TSX)

Plateformes de communication numérique

L'entreprise tire parti de plusieurs canaux de communication numérique.

Plate-forme	Nombre de suiveurs / de connexions	Objectif principal
Liendin	12 500 abonnés	Réseautage professionnel
Gazouillement	3 200 abonnés	Mises à jour de l'entreprise
Site Web de relations avec les investisseurs	150 000 visiteurs annuels	Information financière

Hudbay Minerals Inc. (HBM) - Modèle d'entreprise: segments de clientèle

Fabricants mondiaux de métaux industriels

Hudbay Minerals sert des fabricants mondiaux de métaux industriels avec des offres de produits minéraux spécifiques:

Catégorie de produits	Volume annuel (2023)	Part de marché
Concentré de cuivre	132 000 tonnes métriques	0,4% de marché mondial
Concentré de zinc	185 000 tonnes métriques	0,6% de marché mondial

Sociétés de construction et d'infrastructure

Segment de clientèle clé avec des exigences en métal spécifiques:

• Matériaux d'armature en acier
• Métaux de qualité infrastructure
• Composants métalliques structurels

Fabricants d'électronique et de technologie

Type de métal	Approvisionnement annuel (2023)	Industries cibles
Cuivre de haute pureté	45 000 tonnes métriques	Semi-conducteur, électronique
Zinc raffiné	62 000 tonnes métriques	Batterie, composants électroniques

Secteur des énergies renouvelables

Contributions des métaux primaires:

• Fabrication de panneaux solaires: 28 000 tonnes métriques cuivre
• Composants d'éoliennes: 15 000 tonnes métriques zinc
• Systèmes de stockage de batteries: 22 000 tonnes de métaux spécialisés

Sociétés internationales de trading de métaux

Région commerciale	Volume d'exportation (2023)	Marchés primaires
Amérique du Nord	245 000 tonnes métriques	États-Unis, Canada
Asie-Pacifique	98 000 tonnes métriques	Chine, Japon, Corée du Sud
Europe	67 000 tonnes métriques	Allemagne, Pays-Bas

Hudbay Minerals Inc. (HBM) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de développement

Pour l'exercice 2023, Hudbay Minerals a déclaré des frais d'exploration et de développement de 52,3 millions de dollars, en se concentrant sur les principaux sites miniers au Pérou, au Canada et en Arizona.

Région	Dépenses d'exploration (USD)	Pourcentage du total
Pérou (Constancia mine)	24,7 millions de dollars	47.2%
Manitoba (mine de Lalor)	15,6 millions de dollars	29.8%
Arizona (projet Rosemont)	12,0 millions de dollars	23.0%

Équipements minières et investissements d'infrastructure

En 2023, Hudbay Minerals a investi 187,4 millions de dollars en dépenses en capital pour les mises à niveau des équipements et des infrastructures.

• Remplacement des équipements minières: 86,2 millions de dollars
• Maintenance des infrastructures: 54,6 millions de dollars
• Intégration technologique: 46,6 millions de dollars

Maintien de la main-d'œuvre et de la main-d'œuvre

Les coûts totaux de main-d'œuvre pour les minéraux Hudbay en 2023 étaient de 345,6 millions de dollars, couvrant environ 2 100 employés dans les opérations mondiales.

Catégorie des employés	Coût annuel de main-d'œuvre (USD)	Nombre d'employés
Opérations minières directes	214,3 millions de dollars	1,300
Personnel administratif	76,5 millions de dollars	450
Personnel technique et de soutien	54,8 millions de dollars	350

Coûts de conformité environnementale et de durabilité

Hudbay Minerals a alloué 63,7 millions de dollars aux initiatives de conformité et de durabilité environnementales en 2023.

• Assaisonnement environnemental: 27,4 millions de dollars
• Mise en œuvre du programme de durabilité: 21,3 millions de dollars
• Mesures de conformité réglementaire: 15,0 millions de dollars

Recherche de technologie et d'innovation

La société a investi 18,5 millions de dollars dans la recherche sur la technologie et l'innovation en 2023.

Domaine de mise au point de recherche	Investissement (USD)	Objectifs clés
Technologies d'efficacité minière	8,2 millions de dollars	Améliorer les processus d'extraction
Automatisation et transformation numérique	6,3 millions de dollars	Améliorer la productivité opérationnelle
Techniques d'exploitation durables	4,0 millions de dollars	Réduire l'impact environnemental

Hudbay Minerals Inc. (HBM) - Modèle d'entreprise: Strots de revenus

Ventes de concentré de cuivre

En 2022, Hudbay Minerals a déclaré des ventes de concentrés de cuivre de 64 509 tonnes, générant des revenus d'environ 491,8 millions de dollars.

Année	Ventes de concentrés de cuivre (tonnes)	Revenus ($)
2022	64,509	491,800,000

Ventes en métal en zinc et en concentré

Hudbay Minerals a produit 53 454 tonnes de zinc en concentré en 2022, les ventes de zinc contribuant à 164,3 millions de dollars au chiffre d'affaires total.

Année	Production en zinc (tonnes)	Revenus de vente en zinc ($)
2022	53,454	164,300,000

Ventes de sous-produits d'or et d'argent

En 2022, Hudbay Minerals a signalé la production de sous-produits suivantes: la production de métaux suivants:

• Production en or: 71 702 onces
• Production en argent: 1 617 038 onces
• Revenus de ventes de métaux totaux de sous-produit: 146,5 millions de dollars

Contrats de trading de métaux

Hudbay Minerals s'est engagé dans des contrats de trading de métaux avec des gains d'instruments financiers dérivés totaux de 22,1 millions de dollars en 2022.

Année	Gains d'instruments financiers dérivés ($)
2022	22,100,000

Droits d'exploration et de développement minéraux

Les dépenses d'exploration pour 2022 ont totalisé 54,2 millions de dollars sur divers sites de projet.

Année	Dépenses d'exploration ($)
2022	54,200,000

Hudbay Minerals Inc. (HBM) - Canvas Business Model: Value Propositions

You're looking at Hudbay Minerals Inc. (HBM) as of late 2025, and the core value it delivers is centered on being a reliable supplier of essential materials for the future economy, underpinned by strong operational cost control.

Supply of critical metals (copper) essential for the global energy transition. Hudbay Minerals Inc. provides copper, a metal fundamental to electrification and renewable energy infrastructure. The company's production profile is strategically aligned to meet this growing global demand for critical minerals.

Low-cost copper production with 2025 cash cost guidance of $0.15 to $0.35/lb. The company has aggressively improved its cost position for the year. This revised guidance reflects strong operating performance and the benefit of higher by-product credits, making its copper cost-competitive.

The cost structure improvements for 2025 are significant when comparing the latest figures to earlier estimates:

Metric	Original 2025 Guidance	Latest 2025 Guidance (as of late 2025)
Consolidated Cash Cost (per lb of copper, net of by-product credits)	$0.80 to $1.00	$0.15 to $0.35
Consolidated Sustaining Cash Cost (per lb of copper, net of by-product credits)	$2.25 to $2.65	$1.85 to $2.25

This low-cost positioning helps maintain industry-leading margins, even when facing operational headwinds, so you can see the resilience built into the cost base.

Diversified production platform across Canada, Peru, and the US. Hudbay Minerals Inc. operates across three key jurisdictions, which helps mitigate single-jurisdiction risks. This geographic spread is a core strength, balancing different regulatory and operational environments.

The production platform includes assets in:

• Canada (Manitoba operations, Snow Lake deposit development)
• Peru (Constancia and Pampacancha operations)
• The US (Copper World project development in Arizona)

For context on the 2025 production outlook, the company reaffirmed its full-year guidance, expecting to hit the lower end of the range:

• Consolidated Copper Production Range: 117,000 to 149,000 tonnes
• Consolidated Gold Production Range: 247,500 to 308,000 ounces

To be fair, Q3 2025 saw disruptions, with copper production at 24,205 tonnes and gold at 53,581 ounces, but the diversified platform helped absorb the impact.

Significant gold by-product credits, enhancing margin resilience. The precious metal output, particularly gold, provides a crucial offset to the primary copper production costs. In Q1 2025, gold represented 38% of total revenues, showing its growing importance to the bottom line.

The gold performance in Peru in Q3 2025, for example, saw output of 26,380 ounces, which far exceeded quarterly cadence expectations, directly contributing to the improved consolidated cash cost guidance.

Near-term growth pipeline from Copper World, expected to be a major US copper producer. The Copper World project in Arizona is the centerpiece of future growth, designed to significantly increase Hudbay Minerals Inc.'s US copper supply.

Here are the key figures related to this development:

Metric	Detail	Source/Timing
Expected Annual Copper Production (Phase I)	85,000 tonnes	Over an initial 20-year lifetime
Mitsubishi JV Investment	Initial cash contribution of $600 million for a 30% interest	Transaction announced in August 2025
Definitive Feasibility Study (DFS) Completion	Expected by mid-2026	Advancing towards sanction decision in 2026
Potential Production Boost	Over 50% increase in yearly copper output to around 250,000 tonnes	Starting in 2029, contingent on construction decision

This project is positioned to become the third-largest copper cathode producer in the US, solidifying the company's role in domestic critical mineral supply chains.

Hudbay Minerals Inc. (HBM) - Canvas Business Model: Customer Relationships

You're looking at how Hudbay Minerals Inc. (HBM) manages its key external relationships, which is crucial for securing financing and ensuring mine output moves from the ground to the market. These aren't just casual contacts; they are deeply integrated financial and operational partnerships.

Strategic, long-term B2B relationships with major trading houses (Mitsubishi).

The relationship with Mitsubishi Corporation is a cornerstone of Hudbay Minerals Inc.'s near-term growth financing. This strategic partnership was solidified in August 2025 with the announcement of the Copper World joint venture transaction. Mitsubishi agreed to acquire a 30% minority interest in Copper World LLC, injecting capital that significantly de-risks the project for Hudbay Minerals Inc. The initial commitment from Mitsubishi was $600 million, structured as $420 million in cash at closing and an additional $180 million within 18 months of closing. This deal implies a significant premium to consensus net asset value for Copper World and reduces Hudbay Minerals Inc.'s estimated share of remaining capital contributions to approximately $200 million based on Pre-Feasibility Study estimates. This partnership also defers Hudbay Minerals Inc.'s first capital contribution until 2028 at the earliest, based on those same estimates.

Partner/Customer Type	Relationship Detail	Key Financial/Statistical Metric (Late 2025)
Major Trading House (Mitsubishi)	Copper World LLC Joint Venture	Acquired 30% minority interest for $600 million initial contribution.
Streaming Partner (Wheaton)	Amended Precious Metals Stream Agreement	Additional contingent payment of up to $70 million on future mill expansion.
Financial Stakeholders	Investor Confidence/Market Reaction (Q2 2025)	Stock jumped 16.95% in pre-market trading following strong results.
Institutional Investor	Stake Increase (Q2 2025)	Boston Partners increased stake by 12.4% to hold 2,091,948 shares (approx. 0.53%).

Dedicated investor relations for capital markets and financial stakeholders.

Hudbay Minerals Inc. maintains active engagement with capital markets, evidenced by the regular cadence of financial reporting and presentations. For instance, following the Third Quarter 2025 results release on November 12, 2025, an Investor Presentation followed on November 13, 2025. The company's financial health is a key talking point; in Q2 2025, the net debt was reduced to $434 million, achieving a leverage ratio of 0.4x, the lowest in over a decade. The focus for investors is on the company's copper exposure, with more than 70% of consolidated production and revenue expected to be derived from copper once Copper World is operational. This focus helps attract capital, as seen when institutional investors actively adjusted holdings, such as one firm increasing its stake by 12.4% in Q2 2025.

The Investor Relations function is led by senior personnel with deep financial backgrounds; for example, one key executive has over 15 years of experience in investment banking and corporate development.

Direct, transactional relationships with smelters and refiners.

While specific smelter contracts aren't detailed publicly in the same way as strategic partnerships, the transactional nature is embedded in the streaming agreements. The company's production is sold as concentrate and doré, which then goes to these third parties for final processing. For example, in Q3 2025, Hudbay Minerals Inc. achieved consolidated copper production of 24,205 tonnes and gold production of 53,581 ounces. The cost structure reflects these off-take arrangements; the Q3 2025 consolidated cash cost, net of by-product credits, was $0.42 per pound of copper produced.

Proactive community engagement to maintain social license.

Maintaining the social license to operate involves direct financial commitments to local communities. For 2025 guidance, Hudbay Minerals Inc.'s Peru exploration expenditures specifically exclude approximately $5 million of non-cash amortization related to community agreements for exploration properties. Furthermore, the company utilizes specific financing mechanisms to support regional activities, such as Manitoba growth capital being partially funded by approximately $7 million in Canadian Exploration Expense flow-through financing proceeds for 2025.

The company's commitment is visible in its financial reporting:

• Peru exploration non-cash amortization for community agreements in 2025: approx. $5 million.
• Manitoba exploration partially funded by flow-through proceeds in 2025: approx. $7 million.
• The depletion of the Pampacancha resource in Peru is expected in late 2025, which necessitates ongoing community relationship management as production shifts focus.

High-touch relationship with streaming partner (Wheaton).

The relationship with Wheaton Precious Metals Corp. is highly collaborative, recently evolving from a fixed-price structure to one that offers Hudbay Minerals Inc. upside participation. In August 2025, the streaming agreement was amended to include an additional contingent payment of up to $70 million tied to a future mill expansion at Copper World. Critically, the ongoing payments for gold and silver delivered under this arrangement were changed from a fixed per-ounce price to 15% of spot prices. This change aligns the partner's interest more closely with higher prevailing precious metal prices, offering Hudbay Minerals Inc. better realized value on those by-products.

The company's revenue diversification is also supported by this relationship; in Q3 2025, revenue from gold production represented more than 38% of total revenues, a portion directly influenced by these streaming arrangements.

Finance: draft 13-week cash view by Friday.

Hudbay Minerals Inc. (HBM) - Canvas Business Model: Channels

You're looking at how Hudbay Minerals Inc. gets its copper, gold, silver, and zinc out the door and into the market as of late 2025. It's a mix of direct sales and structured, long-term agreements that lock in future revenue streams and production take-away capacity.

Direct sales of copper concentrate to global smelters/refiners

The core of Hudbay Minerals Inc.'s channel strategy involves the direct sale of its primary product, copper concentrate, to smelters and refiners globally. The realized price for copper for the quarter ending September 30, 2025, stood at $4.44/lb on the LME QTD basis, excluding treatment charges. Overall, the company's trailing twelve months (TTM) revenue as of September 30, 2025, reached $2.063B. For the third quarter of 2025 specifically, revenue was $346.80M. The logistics of these sales are concrete; for instance, a shipment in early October 2025 involved 20,000 dry metric tonnes of copper concentrate valued at approximately $60 million. Zinc metal is also sold directly, with a realized price for the quarter ending September 30, 2025, at $1.30/lb.

Long-term off-take agreements (e.g., Mitsubishi holds 85% of Copper Mountain concentrate)

Securing the physical take-away for production is critical, especially for the Copper Mountain mine in British Columbia, where Hudbay Minerals Inc. recently consolidated 100% ownership in March/April 2025. This move immediately altered the sales channel structure with a key partner. Mitsubishi Materials Corporation (MMC) continues as the primary offtake partner, retaining rights to 85% of the copper concentrate produced at Copper Mountain for a period of 15 years. Upon the expiration of this 15-year term, Hudbay will be entitled to 100% of that mine's copper concentrate output. Copper Mountain is projected to average approximately 44,000 metric tons of copper annually over the next three years, with optimization efforts expected to push copper output to 60,000 tons by 2027. The company's full-year 2025 consolidated copper production guidance spans 117,000 to 149,000 tonnes.

Precious metals streaming agreements for gold and silver

Hudbay Minerals Inc. utilizes precious metals streaming agreements to secure upfront capital and structure ongoing revenue for its gold and silver by-products, particularly from the Constancia mine in Peru. The company amended its existing agreement with Wheaton Precious Metals Corp. in August 2025. This amendment secured an initial stream deposit of $230 million and provides an additional contingent payment of up to $70 million tied to a future mill expansion. Critically, the ongoing payments for delivered gold and silver were changed from fixed pricing to 15% of spot prices, giving Hudbay upside exposure to metal price increases. Gold revenue was significant, representing 38% of total revenues in the third quarter of 2025.

Direct sales of zinc metal and gold/silver doré

While much of the gold and silver is handled through the streaming arrangement, direct sales of metals and doré (unrefined gold/silver bars) are part of the channel mix. The Manitoba operations, for example, produced 60,354 ounces of gold in the first quarter of 2025. The company's full-year 2025 guidance targets consolidated gold production between 247,500 to 308,000 ounces. Zinc is also a direct sale component; in the second quarter of 2025, consolidated zinc production was 5,130 tonnes.

Here is a snapshot of recent production volumes relevant to these sales channels:

Metal	Unit	Q2 2025 Production	Q3 2025 Production	Copper Mountain Expected Annual (Next 3 Yrs)
Copper (Consolidated)	Tonnes	29,956	24,205	~44,000
Gold (Consolidated)	Ounces	56,271	53,581	28,600
Silver (Consolidated)	Ounces	814,989	N/A	N/A
Zinc (Consolidated)	Tonnes	5,130	N/A	N/A

The Q3 2025 consolidated production of 24,205 tonnes of copper and 53,581 ounces of gold occurred despite operational interruptions.

The following lists key realized metal prices for the quarter ending September 30, 2025:

• Copper Realized Price: $4.44/lb
• Gold Realized Price: $3,458/oz
• Zinc Realized Price: $1.30/lb
• Silver Realized Price: $33.22/oz

Finance: update the Q4 2025 revenue forecast based on Q3 performance by Monday.

Hudbay Minerals Inc. (HBM) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Hudbay Minerals Inc.'s output as of late 2025. It's a mix of direct metal buyers and financial partners.

Global copper smelters and refiners requiring base metal feed

Hudbay Minerals Inc. sells a significant portion of its production as concentrate feed to external processing facilities. The Copper Mountain mine agreement shows a clear structure for this segment.

• Mitsubishi Materials Corporation (MMC) retains offtake rights for 85% of the copper concentrate from Copper Mountain Mine.
• Hudbay Minerals Inc. secures 15% of the copper concentrate offtake rights immediately following the March 2025 transaction.
• Hudbay Minerals Inc. is entitled to 100% of the copper concentrate offtake after the 15-year term of the current arrangement expires.

The production profile for 2025 shows the expected volume of metal in concentrate and doré that feeds these customers.

Region/Metal	2025 Guidance (Copper Tonnes)	2025 Guidance (Gold Ounces)
Peru (Total)	117,000 - 149,000	247,500 - 308,000
Manitoba (Total)	9,000 - 11,000	180,000 - 220,000
British Columbia (Copper Mountain)	28,000 - 41,000	18,500 - 28,000

Commodity trading houses seeking long-term, stable supply

Major trading entities are also key customers, often through strategic investment partnerships that secure future supply. Mitsubishi Corporation is a prime example here.

• Mitsubishi Corporation entered a $600 million Copper World joint venture in August 2025 for a 30% minority interest.
• Mitsubishi Corporation (Americas) manages trading businesses in North America involving a substantial volume of copper and precious metals.

The overall revenue picture for late 2025 reflects the importance of both copper and gold sales.

Period End Date	TTM Revenue	Gold Revenue Share
September 30, 2025	$2.063B	More than 38% (Q3 2025)
June 30, 2025	$2.202B	More than 36% (Q2 2025)

Precious metals investors and streaming companies (e.g., Wheaton)

Streaming arrangements provide upfront capital and structure ongoing payments based on metal production, directly involving financial partners like Wheaton Precious Metals Corp.

• Wheaton Precious Metals Corp. streaming agreement was amended in August 2025.
• The initial stream deposit amount was $230 million.
• An additional contingent payment of up to $70 million is payable upon a future mill expansion at Copper World.
• Ongoing payments for gold and silver were changed to 15% of spot prices.

Industrial manufacturers focused on critical minerals supply chains

While direct sales data to specific industrial manufacturers isn't itemized, the focus on copper and the exploration for critical minerals points to this segment as a future growth area, supported by project advancements.

• The Copper World project reserves stand at 385 million tons at 0.54% copper.
• Hudbay Minerals Inc. is advancing tailings reprocessing to assess the possibility of producing critical minerals.
• Copper World DFS (Definitive Feasibility Study) is expected in mid-2026.

Hudbay Minerals Inc. (HBM) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Hudbay Minerals Inc. as of late 2025, focusing on what it costs to keep the lights on and fund future growth. The cost structure is heavily weighted toward capital deployment for key projects like Copper World, alongside operational expenses across its three main geographic areas.

The company's operational efficiency is reflected in its full-year cost guidance for copper production, net of by-product credits. The consolidated cash cost guidance for fiscal year 2025 improved to a range of $0.65-$0.85 per pound. Furthermore, the full-year consolidated sustaining cash cost guidance was tightened to $1.85-$2.25 per pound copper. To give you a snapshot of recent performance, the consolidated cash cost per pound of copper produced, net of by-product credits, was $0.42 in the third quarter of 2025. The corresponding all-in sustaining cash cost for that same period was $2.78 per pound of copper produced, net of by-product credits.

For a look at site-level costs, the combined mine, mill, and G&A unit operating cost in the second quarter of 2025 registered at $13.59 per tonne.

You can see the planned capital allocation for 2025 below, which clearly shows the priority given to sustaining current operations and advancing the Arizona growth projects.

Capital Expenditure Category	2025 Guidance (in $ millions)
Total sustaining capital	365.0
Total growth capital	225.0
Capitalized exploration	10.0
Total capital expenditures	600.0

Sustaining capital guidance of $365.0 million covers the ongoing needs of the Peru, Manitoba, and British Columbia operations, including capitalized stripping and development costs. The growth capital is significantly driven by the Arizona development activities, where the total 2025 spending guidance was updated to $110 million on a 100% basis, an increase from the original $90 million guidance. This acceleration in Arizona spending reflects de-risking activities for the Copper World project.

Exploration and development spending is a distinct cost component. The total capitalized exploration guidance for 2025 is set at $10.0 million.

The financial structure supporting these costs includes debt obligations. As of June 30, 2025, Hudbay Minerals Inc. reported net debt of $434.1 million, which was a significant improvement from $525.7 million at the end of 2024.

Here are some key cost-related metrics from recent reporting periods:

• Q3 2025 consolidated cash cost (net of by-product credits): $0.42/lb copper.
• Q3 2025 consolidated all-in sustaining cash cost (net of by-product credits): $2.78/lb copper.
• Q2 2025 combined mine, mill and G&A unit operating cost: $13.59/tonne.
• FY 2025 sustaining capital guidance: $365.0 million.
• FY 2025 Arizona growth spending guidance: $110 million (100% basis).
• Net debt as of June 30, 2025: $434.1 million.

Finance: draft 13-week cash view by Friday.

Hudbay Minerals Inc. (HBM) - Canvas Business Model: Revenue Streams

You look at Hudbay Minerals Inc.'s revenue, and it's clear that the company is fundamentally a copper business. The bulk of the money comes from selling copper concentrate, which is the primary revenue source. For the third quarter of 2025, Hudbay Minerals Inc. achieved consolidated copper production of $\mathbf{24,205}$ tonnes, which is the physical basis for that main income stream.

Still, the diversification is significant, especially when looking at the precious metals component. Here's a quick look at the metal volumes that underpin these revenue streams for Q3 2025:

Metal Type	Q3 2025 Production Volume	Associated Q3 2025 Cost Credit
Copper (Tonnes)	24,205	Cash Cost per Pound (Net of Credits): $0.42
Gold (Ounces)	53,581	Gold Credit Component: $134.8 million
Silver (Ounces)	730,394	Total By-product Credits: $175.8 million
Zinc (Tonnes)	548	N/A
Molybdenum (Tonnes)	185	N/A

The total revenue for the third quarter of 2025 was $\mathbf{\$346.8}$ million.

Gold sales are a major contributor, showing how important the by-product value is to the bottom line. Honestly, revenue from gold production represented more than $\mathbf{38\%}$ of the total revenues in the third quarter of 2025. This is a substantial portion for what is primarily a copper company, and it helped improve the full-year cost guidance.

Beyond the main two metals, Hudbay Minerals Inc. generates revenue from other by-products that come out of the processing streams. These sales contribute to the overall cash flow and cost structure.

• Sales of by-products: silver, zinc metal, and molybdenum.
• Silver production in Q3 2025 reached $\mathbf{730,394}$ ounces.
• Zinc metal production for the quarter was $\mathbf{548}$ tonnes.
• Molybdenum production was $\mathbf{185}$ tonnes in the third quarter.

A significant, non-operational revenue stream comes from strategic partnerships that provide upfront capital to fund growth projects, like the Copper World development in Arizona. You see this in the upfront cash contributions from the Copper World JV. Mitsubishi Corporation agreed to acquire a $\mathbf{30\%}$ interest for an initial cash contribution totaling $\mathbf{\$600}$ million. This $\mathbf{\$600}$ million is structured as $\mathbf{\$420}$ million at closing, with a matching contribution of $\mathbf{\$180}$ million payable within $\mathbf{18}$ months of closing.

Also, the company monetizes future production through streaming arrangements. For the Copper World project specifically, Hudbay Minerals Inc. agreed to modernize the existing precious metals stream with Wheaton Precious Metals Corp. This enhanced agreement contemplates up to $\mathbf{\$70}$ million in contingent payments, which is on top of the initial $\mathbf{\$230}$ million stream deposit already secured for that project. The older streaming deal related to the 777 Mine and Constancia project involved an upfront deposit of $\mathbf{\$750}$ million.

Finance: draft 13-week cash view by Friday.