Strength to Build the Future

Investor Presentation November 2009 Warren Holmes, Executive Vice-Chairman David Bryson, Senior VP and CFO John Vincic, VP of IR and Corporate Communications

Forward-looking statements All monetary amounts in Canadian dollars unless otherwise noted. Certain statements made at this meeting and in this presentation contain “forward-looking information”, within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, HudBay's ability to execute its strategy, the ability to secure regulatory approvals and financing, information with respect to HudBay’s exploration expenditures and activities and the possible success of such exploration activities, including at its Lalor deposit, the estimation of mineral reserves and resources, the realization of mineral estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits and the ability to recommence suspended operations, mineral pricing, reclamation costs, the economic outlook, currency fluctuations, government regulation of mining operations, environmental risks, mine life projections, plans to close HudBay’s copper smelter, the availability of third party concentrate, business and acquisition strategies, and the ability to meet safety and environmental targets. Often, but not always, forward-looking information can be identified by the use of forward-looking words like “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “understands”, “anticipates”, or “does not anticipate”, or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the opinions and estimates of management as of the date such information is provided and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of HudBay to be materially different from those expressed or implied by such forward-looking information, including risks associated with the mining industry such as economic factors (including future commodity prices, currency fluctuations and energy prices), failure of plant, equipment, processes and transportation services to operate as anticipated, dependence on key personnel and employee relations, environmental risks, government regulation, actual results of current exploration activities, possible variations in ore grade or recovery rates, permitting timelines, capital expenditures, reclamation activities, land titles, and social and political developments and other risks of the mining industry as well as those risk factors discussed or referred to in HudBay’s Annual Information Form for the year ended December 31, 2008 under the heading “Risk Factors”. Although HudBay has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. HudBay does not undertake to update any forward-looking information, except as required by applicable securities laws, or to comment on analyses, expectations or statements made by third parties in respect of HudBay, its financial or operating results or its securities. CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES This presentation uses the terms “Measured”, “Indicated” and “Inferred” resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.

2

November 2009

Investment Highlights

3

•

Fully integrated base and precious metals producer.

•

Portfolio of quality assets.

•

Long history of exploration success.

•

Robust pipeline of exciting growth projects.

•

Solid record in safety, health and environmental protection.

•

Very strong financial position.

•

Strong management team with track record of success.

November 2009

Building on a proud 80-year legacy • More than 80 years of continuous production; profitably developed more than 25 mines • Fully integrated producer of base and precious metals • TSX: HBM • ~153 million common shares outstanding • Market cap of ~ $2.3B

4

November 2009

HudBay’s flagship mine: 777 • Located in Flin Flon, Manitoba • Estimated life of mine is 2019 with substantial opportunity for growth through exploration. • Produces zinc, copper, gold and silver • Produced 1,172,522 tonnes of ore for 9 months ended Sept/2009 • Ore production in first 9 months of 2009 6% higher compared to 2008

5

November 2009

Other Manitoba mines: Trout Lake, Chisel North • Trout Lake: – Located in Flin Flon, Manitoba – Estimated life of mine ~ 2011 – Produces zinc, copper, gold and silver – Produced 517,286 tonnes of ore for 9 months ended Sept/2009 • Chisel North: – Located in Snow Lake, Manitoba – Estimated life of mine ~ 2 years – Produces zinc – Restart of operations is underway with hedging in place – Provides bridge ore feed to the Snow Lake concentrator prior to Lalor ramp ore. 6

November 2009

Integrated metallurgical complex

Flin Flon Concentrator • • •

7

Annual capacity for 2.2M tonnes ore. Operating costs approximately $9.40 per tonne. Annual capacity for 250,000 tonne of zinc and copper concentrates.

Flin Flon Copper Smelter, White Pine Refinery • •

Annual capacity for 95,000 tonnes anode production. Scheduled for closure no later than July1, 2010

Flin Flon Zinc Plant •

Annual capacity for 115,000 tonnes cast zinc production.

•

Operating costs approximately $0.30 per lb.

•

Uses leading-edge technology to produce special high grade zinc

•

Virtually zero gas emissions.

November 2009

Financial Strength Three months ended September 30, 2009

Nine months ended September 30, 2009

(C$000s except cash cost per pound) Total revenue

194,608

554,049

Net earnings

19,975

105,432

EBITDA1

59,065

103,156

Cash cost per pound of Zinc sold1 Cash and cash equivalents2

8

US $(0.16)

US $0.04 880,292

1.

EBITDA and cash cost per pound of metal sold are included in this investor presentation because these statistics are key performance measures that management uses to monitor performance. Management uses these statistics to assess how well the Company is performing compared to plan and to assess the overall effectiveness and efficiency of mining operations. Management believes that the inclusion of these statistics in the investor presentation helps an investor to assess performance “through the eyes of management” and that certain investors use these statistics to assess the Company’s performance. These performance measures do not have a meaning within GAAP and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

2.

At September 30, 2009

November 2009

Excellent project growth pipeline – Summary

9

•

Lalor Project – Large zinc/gold project in Flin Flon Greenstone Belt near existing operations.

•

Fenix Project – Major nickel project in Guatemala.

•

Back Forty Project – Advanced exploration-stage zinc/gold deposit in Michigan that could supply concentrate to Flin Flon.

•

Reed Lake Project – Small copper deposit in Flin Flon Greenstone belt.

November 2009

Lalor Project Summary •

Near existing infrastructure & mine operations

•

Initial zinc discovery expanded to include gold zones

•

Recently discovered a potential new copper/gold zone

•

Potential for further exploration upside

•

Project is on “fast track” for development; $85M ramp is underway

•

Advancing engineering studies to be complete in 2010.

HUDBAY’S NEXT BIG MINE 10

November 2009

Lalor Deposit Infrastructure pow er line

Town of Snow Lake

precambrian

Lalor Deposit 3 km

Hwy #395

volcanics

Snow Lake

Photo Lake Mine Chisel North Mine

An de La rso ke n

Hwy #393

Snow Lake Concentrator

Ore

Chisel Lake Mine

N N

volcanics

Hwy #392

Chisel Pit Mine

9.8 million tonnes mined to date 1 km 11

Wekusko

November Lake2009

Exploration to Date Forecast to YE2009: Diamond Drilling Parent Holes

103

Wedge Holes

72

Drilling Investment

12

150,000 meters

$40 M to date Est. $50 M by 2010

November 2009

Lalor Mineralization BASE METAL ZONES RESOURCES Tonnes (millions)

Au (g/t)

Ag (g/t)

Cu (%)

Zn (%)

Indicated

12.3

1.6

24.2

0.66

8.70

Inferred

5.0

1.4

25.5

0.57

9.39

GOLD ZONES POTENTIAL MINERAL DEPOSITS (REPORTED AS RANGES)

Total

Tonnes (millions)

Au (g/t)

Ag (g/t)

Cu (%)

Zn (%)

10.6 – 12.0

4.3 – 5.2

30 – 33

0.4 – 0.6

0.3 – 0.4

The Lalor gold zones potential mineral deposit estimate is conceptual in nature and to date there has been insufficient exploration to define a mineral resource compliant with National Instrument 43-101. It is uncertain if further exploration will result in the target deposit being delineated as a mineral resource. Additional detail may be found in HudBay’s press release dated October 8, 2009, available at www.sedar.com.

13

November 2009

Lalor Copper-Gold Drill Intersections HOLE

From

To

North meters

Depth meters

Au g/t

Ag g/t

Cu%

Zn%

1140.00

1149.12

9.12

2110

5604

-1128

12.54

26.67

3.69

0.18

DUB252W01

1176.00

1189.39

13.39

2102

5607

-1166

8.08

15.33

1.60

0.12

DUB263W02

1253.08

1287.62

34.54

2271

5762

-1253

13.35

27.98

5.33

0.35

DUB263W02

1256.03

1265.84

9.81

2273

5762

-1244

20.48

53.86

10.26

0.65

DUB263W02

1265.22

1265.84

0.62

2272

5762

-1249

125.49

110.09

9.50

0.83

DUB263W02

1276.19

1279.61

3.42

2271

5762

-1260

63.86

89.96

13.48

0.93

DUB263W02

1276.19

1277.19

1.00

2271

5762

-1259

178.97

90.82

12.20

0.84

DUB252W01

Core East Length meters meters(1)

and

includes

and

1. Intersection assays are a composite of assays calculated from interval weighted assays over the intersection length. 2. Vertical thickness is estimated using the local dip of the zone and the orientation of the drill hole and is provided for projecting to a plan map.

14

November 2009

500m

Lalor is demonstrating classic VMS trend from zinc to gold to copper-gold 10

11

750m

31 30

Zin c

Ri ch

Cl as sic

VM S

Mi ne ra liz Go ati on ld Ri Tr ch en 21 d

20 24

25

1000m

40

26

Base Metal Resource

27

Co

pp er -G ol d

Gold Potential Mineralization 1250m 0m Looking

15

250m

N70oW

November 2009

Access Methodology: Ramp + Shaft Expected Ramp Benefits • Early production (1,200 tonnes per day starting in 2012) • Early access to underground drilling and bulk sampling (to upgrade gold zone to a resource classification) • Ability to begin underground development prior to shaft completion • More operational flexibility with access for mobile equipment

SIGNIFICANT EXPERIENCE DRIVING RAMPS 16

November 2009

Staged Access Preliminary Capital Cost

Order of magnitude $450 M, including $85 M for Phase I

Phase I

Ramp from Chisel North mine to Lalor Already committed; construction to begin ASAP

Phase II

Site clearing, collaring the shaft, order long-lead equipment

Phase III

Sink shaft, construct and complete mine development, refurbish concentrator, construct gold ore process mill

• 17

Project parameters and costs may change materially, depending on exploration results and other factors November 2009

500m

Vent Raises Production Shaft 10

Ram p fr o m Ch isel

Early Production Gold Exploration Platform

750m

11

Zn

h Ric

31 20

30

24

h Ric Au

21 1000m

25 Proposed Development

Au Cu-

26

Base Metal Resource 40

27 Cu-A u

Gold Potential Mineralization 1250m Looking N70oW

18

0m

zo n e

250m

November 2009

Ore Production & Processing Full Shaft Production Base Case •

Base metal ore – Production estimate - 3,500 tonnes/day – Snow Lake concentrator capacity - 3,500 tonnes/day

•

Gold ore – Production estimate - 1,200 tonnes/day – Process through new gold concentrator or new circuit at Snow Lake concentrator

•

19

Excludes new Cu-Au zone

November 2009

Tentative “Fast Track” Project Timeline DEVELOPMENT: Ramp Shaft PRODUCTION: Ramp Shaft

Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q2 Q3 Q3 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2

2009

20

2010

2011

2012

2013

2014

2015

November 2009

Expected Positive Implications of Lalor •

Production growth in zinc, gold & silver

•

More than fill Flin Flon zinc plant with 777 and Lalor zinc concentrate

•

More than 200,000 ounces of potential annual gold production between 777 and Lalor

•

Value-maximization alternatives for the gold potential at Lalor will be considered by management and the Board

21

November 2009

Next Steps

•

Aggressively pursue exploration

•

Ramp to Lalor deposit

•

Restart Chisel North for Q2/2010

•

Prepare feasibility study in 2010

LALOR IS OUR TOP PRIORITY 22

November 2009

Growing internationally: The Fenix nickel deposit

23

•

Brownfield mine and pyrometallurgical facility

•

Proven process technology operated for three years

•

41.4 million tonnes of saprolite reserves at 1.63% Ni

•

~ 50 million pounds of nickel production per year

•

~ 30 year mine life

November 2009

Fenix: next steps • Environmental and construction permits received for brownfield expansion project • Engineering well-advanced • Evaluating opportunities for enhanced power supply and improved mine planning • JV partners and off-take agreements will be considered • Decision on how to proceed with project expected by mid2010 24

November 2009

The Back Forty Project – overview

25

•

Acquired right to earn up to a 75% interest in Aquila Resources' Back Forty Project in Aug. 2009

•

Advanced exploration-stage VMS zinc deposit with gold credits, in Michigan

•

8.5 M tonnes measured and indicated 43-101 resource

•

Strategic fit and can provide concentrate to Flin Flon operations

November 2009

Two key strategic initiatives •

Optimize and grow our Manitoba operations: – Exploration, development and potential acquisitions

•

Grow beyond our principal operating platform in Manitoba: – Project development and potential acquisitions

26

November 2009

Grow beyond our Manitoba operating platform •

Advance Fenix project with power strategy and mine planning towards a 2010 restart decision

•

Pursue Back Forty project in Michigan with new mine potentially in 3 to 4 years

•

Pursue acquisition opportunities in Canada and abroad, considering: – Disciplined approach and targeted criteria, – Focus on copper, zinc and nickel, – Accretive transactions, – Target low risk opportunities, and – Higher risk targets require higher returns.

27

November 2009

Focused next steps

28

•

Advancing Lalor – Phase 1 development underway; update Cu-Au drill results before end of 2009.

•

Revised Fenix project plan – expected in early 2010.

•

Smelter closure – prior to July 1, 2010.

•

Reopening Chisel mine – underway with full production in Q2, 2010.

•

Continue to evaluate acquisition opportunities – ongoing.

November 2009

HudBay's Investment Highlights

29

•

Fully integrated base metal producer.

•

Portfolio of high quality assets.

•

Long history of exploration success.

•

Robust pipeline of exciting growth projects.

•

Solid record in safety, health and environmental protection.

•

Very strong financial position.

•

Strong management team with track record of success.

November 2009

APPENDIX

30

November 2009

Appendix Contents •

Production Guidance

•

Sustainability Overview

•

Corporate Governance Enhancements

•

Lalor – Supplemental Materials

•

Reserves and Resources – Estimated Mineral Reserves – January 1, 2009 – Estimated Inferred Mineral Resources – January 1, 2009 – Pre-development Properties – January 1, 2009 – Fenix Nickel Project – Saprolite Mineral Resource Estimates – all deposits (inclusive of Mineral Reserves) – February 13, 2008 – Back Forty Project – Mineral Resources

31

November 2009

2009 Production Guidance As a result of suspended operations at the Balmat and Chisel North mines, zinc production will be lower in 2009 than in 2008. In addition to its own concentrates, the company also expects to process less purchased copper concentrates in 2009 than in 2008, resulting in lower copper, gold and silver production.

32

November 2009

Committed. Sustainable. Responsible. •

Substantial contributions to community initiatives in Manitoba and Guatemala

•

Lost time accident rate 1.0 per 200,000 hours worked in 2008, a favourable comparison to industry averages

•

HudBay complies with high management standards: – ISO 14001 and 9001 – OHSAS 18001 – TSM (Towards Sustainable Mining)

33

November 2009

Renewed corporate governance

34

•

Refined governance framework with updated charters and policies available on HudBay’s website.

•

Shareholder approval required before issuing common shares in excess of 25% of those outstanding to make an acquisition.

•

Directors and officers have meaningful share ownership targets.

•

Director nominees who receive more than 50% of votes as withheld must offer to resign.

•

Linking equity based compensation to performance.

November 2009

Lalor Chronology Initial Lalor drill hole/ announcement

Base Metal resource estimate

Gold zone identified

Copper-gold zone identified

March

September

January

September

2007

2008

2009

VALUE & TONNAGE INCREASED WITH EACH UPDATE 35

November 2009

Discoveries vs. drilling

000s Meters Drilled

Won PDAC Bill Dennis Award

100 North Star, Osborne, Chisel, Birch, Flexar, 90 Ghost, Stall Coronation

Callinan

Chisel North

Lalor

777

Namew

80

Photo, Konuto

70 White, Anderson, Dickstone

60 50

Centennial, Westarm, Lost

40 30 20 10 0 1950

36

1958

1966

1974

1982

1990

1998

2007

November 2009

Historical Context Growth of mineral deposits: Discoveries in the Greenstone Belt Flin Flon ⁄⁄ 62.5 Trout Lake 777 Lalor Lake Stall Lake Chisel U/G Callinan Chisel Osborne Anderson Konuto Spruce Schist Lae Centennial Westarm Chisel Pit Coronation White Lake Dickstone Rod Photo Ghost & Lost Cuprus Flexar Birch Lake North Star Mandy

Lalor Lake (base metal zone only)

Initial resource Added resource The mineral resource estimate for Lalor is made up of 12.3 million tonnes of indicated resources and 5 million tonnes of inferred mineral resources.

0

5

10

15

20

25

Tonnes (millions)

37

November 2009

30

Lalor 3D Views: Looking N70oW Base Metal Resource Gold Potential Mineralization

38

November 2009

Lalor 3D Views: Looking Down Plunge N20oE Base Metal Resource Gold Potential Mineralization

39

November 2009

Estimated Mineral Reserves – January 1, 2009 Mine

Tonnes

Au (g/t)

Ag (g/t)

Cu%

Zn (%)

4,392,700

2.4

27.0

3.2

4.1

10,039,800

2.3

30.2

2.1

4.8

1,094,700

1.1

11.8

1.8

3.8

532,900

2.2

10.5

2.6

3.2

Proven

284,300

-

-

-

8.7

Probable

208,100

-

-

-

8.9

777 Proven Probable Trout Lake Proven Probable Chisel North

Total Proven

5,771,700

Total Probable

10,780,800

Total Reserves

16,552,500

Please refer to HudBay’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2008 and applicable technical reports in respect of the properties filed on SEDAR for further information.

40

November 2009

Estimated Inferred Mineral Resources – January 1, 2009 Mine 777 Trout Lake Chisel North Total

Tonnes

Au (g/t)

Ag (g/t)

Cu%

Zn (%)

1.551,300

1.7

25.0

1.2

4.0

178,300

1.2

3.8

2.8

1.4

60,500

-

-

-

7.8

1,790,100

Please refer to HudBay’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2008 and applicable technical reports in respect of the properties filed on SEDAR for further information. Inferred resources diluted, recovered and economically tested.

41

November 2009

Pre-development properties: Estimated Mineral Resources – January 1, 2009 Property

Tonnes

Au (g/t)

Ag (g/t)

Cu (%)

Zn (%)

Pb (%)

4,980,000

-

47.8

-

6.6

4.4

13,550,000

-

31.8

-

6.7

3.1

1,460,000

-

86.7

-

5.3

7.4

11,000,000

-

36.4

-

6.8

4.0

-

-

-

-

-

-

6,623,000

0.7

25.6

1.9

2.6

-

1,050,000

0.1

12.1

1.9

8.6

-

302,000

0.1

9.6

1.4

9.0

-

Tom Indicated Inferred Jason Indicated Inferred Watts River Indicated Inferred Bur Indicated Inferred Total Indicated Total Inferred

7,490,000 31,475,000

Please refer to HudBay’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2008 and applicable technical reports in respect of the properties filed on SEDAR for further information.

42

November 2009

Reserves and Resources – HudBay Minerals

43

•

To estimate mineral reserves, measured and indicated mineral resources were first estimated by a 12-step process, which includes determination of the integrity and validation of the data collected, including confirmation of specific gravity, assay results and methods of data recording. The process also includes determining the appropriate geological model, selection of data and the application of statistical models including probability plots and restrictive kriging to establish continuity and model validation. The resultant estimates of measured and indicated mineral resources are then converted to proven and probable mineral reserves by the application of mining dilution and recovery, as well as the determination of economic viability on a fully costed basis using historical operating costs. Other factors such as depletion from production are applied as appropriate. Long term metal prices, excluding premiums, used to determine economic viability of the 2009 mineral reserves were US $700 oz. gold, US $12.00 oz. silver, US $2.00 lb. copper and US $0.85 lb. zinc.

•

Estimated inferred mineral resources within HudBay mines were estimated by a similar 12-step process, used to estimate measured and indicted resources. The inferred mineral resources tabulated above and contained in HudBay mines are compliant with the requirements of NI 43-101 and additionally have had dilution and recovery applied and have been economically tested on a fully costed basis using the same historical costs and long term metal prices as those used for the estimation of mineral reserves.

•

The 2009 estimated measured and indicated mineral resource and the estimated inferred mineral resource were prepared under the supervision of Kimberley Proctor, B.Sc., P.Geo, who is employed by Hudson Bay Mining and Smelting Co., Limited (HBMS), a wholly-owned subsidiary of HudBay, as Superintendent, Mining Technical Services and who is a Qualified Person under NI 43-101. The 2009 estimated mineral reserve and the estimated diluted, recovered and economically tested inferred mineral resources have been prepared under the supervision of Robert Carter, B.Sc., P.Eng., who is employed by HBMS as Senior Mines Analyst and who is a Qualified Person under NI 43-101.

•

Please refer to HudBay’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2008 and applicable technical reports in respect of the properties filed on SEDAR for further information.

November 2009

The Back Forty Project – Mineral Resources January 12, 2009

Source: Aquila Resources Inc. (“Aquila”) Mineral Resource Statement(1) for the Back Forty Deposit, Michigan, U.S.A., SRK Consulting, January 12, 2009, as set forth in Aquila’s January 15, 2009 press release entitled “Aquila provides updated mineral resource at Back Forty” available at www.sedar.com.

44

November 2009

Strength to Build the Future

For more information contact: John Vincic, VP of IR and Corporate Communications Tel: 416.362.0615 Email: [email protected]