Quarterly-Results

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Summary:

  • Net profit of $41.4 million and earnings per share of $0.16 in the first quarter of 2018, compared to a net loss of $10.0 million (restated) and loss per share of $0.04 (restated) in the first quarter of 2017
  • Operating cash flow1 of $131.8 million in the first quarter of 2018, a 64% increase from the first quarter of 2017
  • Production of copper, gold and silver in concentrate increased by approximately 13%, 50% and 32%, respectively, in the first quarter of 2018 compared to the first quarter of 2017 as a result of higher milled throughput at all operations
  • Reduced net debt2 position by $37.7 million and improved liquidity during the first quarter 2018; as at March 31, 2018, Hudbay had net debt of $585.4 million and total available liquidity of $810 million, including $392.8 million in cash
  • Consolidated cash cost2, net of by-product credits, of $0.98 per pound of copper, an 11% increase from the first quarter of 2017
  • Consolidated all-in sustaining cash cost2, net of by-product credits, of $1.45 per pound of copper in the first quarter of 2018, down slightly from $1.46 in the first quarter of 2017
  • Peru precious metals production expected to be 15,000 ounces lower than initial guidance as a result of anticipated delay in mining of Pampacancha, with the majority of the estimated $45 million of Peru growth capital expected to be deferred to 2019; expected to meet all other production and cost guidance for 2018Test mining of Lalor gold Zone 25 has confirmed the possibility of utilizing selective methods for the gold zone to mine fewer tonnes at a higher grade than reported in the current mineral resource estimate; trade-off studies to assess the mining and processing options for the gold mineral resources at Lalor are ongoing



 

1 Operating cash flow before change in non-cash working capital.

Net debt, cash cost and all-in sustaining cash cost per pound, net of by-product credits, are not recognized under IFRS. For a detailed description of each of these non-IFRS financial performance measures, please see the discussion under “Non-IFRS Financial Performance Measures” beginning on page 6 of the Q1 2018 news release.

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