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Investor Presentation – Credit Suisse Global Steel and Mining ConferenceSeptember 22-23, 2010

Strength to Build the Future

David Garofalo, president and chief executive officerDavid Bryson, senior vice president and chief financial officerJohn Vincic, vice president of investor relations and corporate communications

2 September 2010

Forward Looking InformationThis presentation contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information includes but is not limited to information concerning the company’s ability to develop its Lalor project and 777 North expansion, the ability to maintain a regular dividend on its common shares and the ability to obtain a listing on the New York Stock Exchange, the ability of management to execute on key strategic and operational objectives, the ability to meet production forecasts, the potential impact of changing economic conditions on HudBay’s financial results and the company’s strategies and future prospects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", “understands” or "does not anticipate", or "believes" or variations of such words and phrases or statements that certain actions, events or results “will”, "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the views, opinions, intentions and estimates of management at the date the information is made, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated or projected in the forward-looking information (including the actions of other parties who have agreed to do certain things and the approval of certain regulatory bodies).

Many of these assumptions are based on factors and events that are not within the control of HudBay and there is no assurance they will prove to be correct. Factors that could cause actual results or events to vary materially from results or events anticipated by such forward-looking information include the ability to develop and operate the Lalor project on an economic basis, geological and technical conditions at Lalor differing from areas successfully mined by Lalor in the past, the ability to meet required solvency tests to support a dividend payment, and in accordance with anticipated timelines, risks associated with the mining industry such as economic factors (including costs of construction materials, future commodity prices, currency fluctuations and energy prices), failure of plant, equipment, processes and transportation services to operate as anticipated, including new and upgraded facilities at Lalor, dependence on key personnel, employee relations and availability of equipment and skilled personnel, environmental risks, government regulation, actual results of current exploration activities, possible variations in ore grade, dilution 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 in the company’s Annual Information Form dated March 30, 2010, which risks may cause actual results to differ materially from any forward-looking statement.

Although HudBay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be 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. HudBay undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change 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. The reader is cautioned not to place undue reliance on forward-looking information.

3 September 2010

Forward Looking InformationLalor Project

HudBay's production decision with respect to Lalor was not based on the results of a pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability, because significant portions of the deposit are not able to be classified as a mineral reserve until they can be accessed from underground for additional drilling. Because of this, the production decision was based on mineral resources identified to date and estimates of potential grades and quantities of the gold zone and copper-gold zone, along with other available information, including cost estimates and portions of the engineering design, which have been completed to a level suitable for inclusion in a feasibility study.

The preliminary assessment respecting HudBay’s Lalor project is preliminary in nature, includes inferred mineral resources and potential grades and quantities of minerals that are considered too speculative geologically to have the economic considerations applied that would enable them to be classified as mineral reserves and there is no certainty that the preliminary assessment will be realized. Among the risks associated with the decision to commence production at Lalor is the possibility that the gold zone will not be economically or technically viable, construction timetables, cost estimates and production forecasts may not be realized.

Qualified PersonThe Lalor mineral resource and conceptual estimates were prepared by Brian Hartman, M.Sc. P.Geo., HBMS geologist under the direct supervision of Robert Carter, B.Sc. P. Eng., HBMS superintendent, mines and technical services. Mr. Carter is a qualified person within the meaning of NI 43-101, and has reviewed and approved the scientific and technical information referred to in this presentation.

4 September 2010

Investment Highlights• Operational Excellence

• Cash costs of negative US$0.49 per pound of zinc sold in Q2 2010

• 1,400 employees with an average of 23 years of service

• ISO14001 and OHSAS 18001 certified for environment, health and safety

• 155 million tonnes from 26 mines discovered over 80 years in Northern Manitoba

• Financial Strength• Nearly $1 billion in cash and no debt

• Lalor and regional growth opportunities fully financed

5 September 2010

Investment Highlights• Growth Potential

• Lalor go ahead expected to nearly double annual gold production

• Emerging "mid-tier level" gold production and undervalued resources

• Reed Lake and other prospects provide potential growth in Northern Manitoba

• One of the largest exploration budgets in Company's history of $42 million in 2010

• Management Strengthened to Pursue New Opportunities• SVP Corporate Development hired• Chief Operating Officer and SVP Business Development appointed

• NYSE Listing and Inaugural Dividend• Diversifying shareholder base to improve valuation

• Dividend reinforces capital allocation discipline

6 September 2010

Strong Financial ResultsStrong Financial Results

2010 2009 2010 2009

Three months endedJune 30

Six months endedJune 30

Revenue Net earningsEBITDA1,2

Operating Cash Flow1,3

Earnings per share

($000s except per share amounts)

1EBITDA and operating cash flow before changes in non-cash working capital are considered non-GAAP measures. See "Non-GAAP Performance Measures" in our Management's Discussion and Analysis for the quarter ending June 30, 2010.2EBITDA represents earnings before interest expense, taxes, depreciation and amortization, gain/loss on derivative instruments, exploration and interest and other income.3Before changes in non-cash working capital.

191,85113,27369,70741,027

0.09

197,65789,41528,59828,865

0.58

432,17136,832

153,151100,098

0.24

359,44185,45744,09142,837

0.56

7 September 2010

Operating Highlights - Production

Zinc tonnesCopper tonnesGold troy oz.Silver troy oz.Cash Costs per pound of zinc sold2

2010 2009 2010 2009

Three months endedJune 30

Six months endedJune 30Production

(contained metal in concentrate)1

24,96112,12321,002

235,106US($0.49)

16,86711,03622,610

210,236US($0.05)

40,10323,84041,012

428,091US($0.37)

36,75723,89543,968

457,652US$0.14

1Metal reported in concentrate is prior to refining loses or deductions associated with smelter terms2Cash cost per pound of zinc sold is considered a non-GAAP measures. See "Non-GAAP Performance Measures" in our Management's Discussion and Analysis for the quarter ending June 30, 2010.

2010 Guidance

75-90,00045-55,000

85-100,000800-900,000

8 September 2010

Strong Financial Position At June 30, 2010

Cash Position1 $911.8 million

Working Capital $923.6 million

Long Term Debt 0

Shares Outstanding 148.9 million

Annualized Dividend Yield 1.8%

SELF-FUNDING FOR THE LALOR PROJECTAND FLEXIBILITY TO PURSUE OTHER GROWTH OPPORTUNITIES

1Not including $60 million restricted cash in support of letters of credit; potential release upon completion of new credit facility

9 September 2010

North and Central America Locations

Snow Lake Chisel North MineConcentratorLalor Project

Flin Flon777 & Trout Lake MinesConcentratorZinc Plant Toronto

Head OfficeZinc Oxide Plant

MichiganBack Forty Deposit

GuatemalaFenix Project

10 September 2010

Chisel North

• 100%

• 2012

• $56.512

• -

• 21,500 tonnes4

• -

Manitoba Mines

777: Flagship Mine

• 100%

• 2020

• $36.811

• 35,400 tonnes

• 58,200 tonnes

• 91,100 ounces

1 12-months ended June 30, 20102 Three months ended June 30 20103 Contained metal in concentrate4 Annualized production guidance

Ownership

Life of mine

Mining Cost/tonne ore

Annualized Production3:

• Copper

• Zinc

• Gold equivalent

Trout Lake

• 100%

• 2012

• $61.951

• 12,400 tonnes

• 17,800 tonnes

• 23,300 ounces

11 September 2010

Full Commitment to Lalor Development (100% Owned)• Accelerated $560 million construction program with first

production in second quarter of 2012

• Exploration upside at Lalor remains significant

• Aggressive exploration program is ongoing

Ramp Development

20102010 20112011 2012201220092009 20132013 20142014 20152015Q3Q3 Q4Q4Q2Q2Q3Q3 Q1Q1Q4Q4 Q3Q3 Q4Q4Q2Q2Q1Q1 Q3Q3 Q4Q4Q2Q2Q1Q1 Q3Q3 Q4Q4Q2Q2Q1Q1 Q3Q3 Q4Q4Q2Q2Q1Q1 Q3Q3Q2Q2Q1Q1

Shaft Development

Construction of ramp Initial production via ramp

Shaft construction Fullproduction via shaft

12 September 2010

Cu-Au

25

21

26

27

24

Gold Exploration Platform

1000m

500m

40

10

11

203031

750m

1250m

Early Production

Cu-Au zone

Looking N70oW0m 250m

Ramp from Chisel

Base Metal Resource

Gold Potential Mineral

Proposed Development

Zn Rich

Au Rich

Vent RaisesProduction Shaft

DUB-270

4.8m 7 g/t Au, 21 g/t Ag, 4.8% Cu

1500m

Copper - Gold Potential Mineral

Gold Inferred Resource

13 September 2010

0

50

100

150

200

2010 2011 2012 2013 2014 2015 2016

50%

1 Zinc Payable Mine Production (000s/Tonnes). Includes forecast production from existing mines together with Lalor and the 777 North expansion2 Payable Gold Equivalent Production (000s/oz.). Silver converted to gold equivalent at 60:1 ratio. Includes existing mines, Lalor (including from inferred resources and conceptual gold and gold-copper zones) and 65% of Back Forty project

Nearly 100%

Strong Projected Precious Metals Growth2

Strong Projected Zinc Growth1

0

50

100

150

200

2010 2011 2012 2013 2014 2015 2016

14 September 2010

2009 Gold Equivalent Production

050

100150200250300350400450500

Minefinders

HudBay 20

09Ja

guar Mining

Aurizon M

inesAlam

os Gold

HudBay 20

16EGam

mon Gold

Semafo

Golden Star R

esource

s

000s

oz.

1

1Includes forecast production from existing mines together with Lalor (including from inferred resources and conceptual gold and gold-copper zones) and the 777 North expansion

15 September 2010

HudBay Gold Inventory

ReservesMeasured & Indicated Resources

Inferred Resources

Conceptual Estimates

Au (g/t)

14,546,900

21,800,000

12,892,100

6,900,000 –8,300,000

Tonnes

2.01

1.81

2.92

4.69 –5.60

Ag (g/t)

27.47

27.14

29.77

21.7 –25.57

1,153,744

1,331,636

1,368,623

1,120,000 –1,600,000

Contained Au Equivalent (oz)

- Silver converted to gold equivalent at 60:1 ratio- Includes existing mines, Lalor and 65% of Back Forty project

16 September 2010

AmiskLake

AmiskLake

ReedLake

ReedLake

NN

25 km25 km

Flin FlonFlin Flon

Snow LakeSnow Lake

Flin Flon Greenstone BeltFlin Flon Greenstone Belt

Hwy #39Hwy #39

Hwy #10Hwy #10

777 Mine777 Mine

Trout Lake MineTrout Lake Mine

Flin Flon Ore ConcentratorZinc plant

Snow Lake Ore Concentrator

Lalor Deposit

Lalor Deposit

Reed Lake Deposit

Reed Lake Deposit

Cold Lake/Lost Lake Deposits

Cold Lake/Lost Lake Deposits

Chisel North MineChisel North Mine

17 September 2010

Leveraging Opportunities in the Greenstone Belt

• Initiating development of 777 North (100% owned)

• $20 million approved by Board

• Drilling at Reed Lake to advance to development stage

• Ongoing exploration on Halo’s Lost and Cold Properties

OPTIMIZING NORTHERN MANITOBA

18 September 2010

Back Forty Deposit(NW of Stephenson, MI)Back Forty Deposit(NW of Stephenson, MI)

• Joint venture with rights to earn up to a 75% interest • Advanced exploration-stage VMS zinc deposit with

gold credits• Updated NI 43-101 mineral resource estimate

expected by year end 2010• Mine permit application to State of Michigan

expected in Q4 2011• New exploration program in project area

Back Forty Mineral Resources

Tonnes (millions)

Au (g/t)

Ag (g/t)

Cu (%)

Zn (%)

M&I 8.5 2.1 30.6 0.5 5.6

Inferred 1.2 2.9 41.7 0.2 4.4

The Back Forty Project – Overview

CURRENT EXCELLENT DRILLING EXPECTED TO LEAD TO UPGRADED RESOURCE

19 September 2010

The Fenix Nickel Deposit - Overview

FenixFenix

• Brownfield mine and smelting facility with proven process technology

• ~50 million lbs of annual nickel production • Multi-decade mine life with upside potential• Low technical risk, good logistics, potential for very

long mine life

• Seeking to mitigate social, financial & political risks• Pursue strategic partner and JV opportunities• Seek limited recourse project financing • Update feasibility study by year end 2010 results

Fenix Mineral Resources Tonnes (millions)

Ni (%)

M&I 36.2 1.92

Inferred 9.7 1.80

20 September 2010

Focused Acquisition Strategy• Expanded management capacity to consider development

stage opportunities

• Focus on the Americas but will consider other mining favourable jurisdictions

• Seeking VMS or porphyry deposits

• Target transaction size of between 10 – 20% of market cap

• Strategic partnerships to leverage grassroots exploration

21 September 2010Targeting 115,000 meters of drill core in 2010

Flin Flon Greenstone Belt• Outstanding record of success • Developed 26 mines over past 83 years• Land package totaling > 400,000 hectares

$20 million

Lalor• Devoted to further exploration$8 million

Mines in Manitoba & outside the Province• Invested in brownfield exploration• Exploration at existing mines$14 million

22 September 2010

Historical Context

The mineral resource estimate for Lalor is made up of 13.3 million tonnes of indicated resources and 10.2 million tonnes of inferred mineral resources, not including 6.9 – 8.3 million tonnes of conceptual estimates.

Initial resourceAdded resource

0 5 10 15 20 25 30

62.5⁄⁄

Tonnes (millions)

Growth of mineral deposits: Discoveries in the Greenstone Belt

MandyNorth StarBirch Lake

FlexarCuprus

Ghost & LostPhoto

RodDickstone

White LakeCoronation

Chisel PitWestarm

CentennialSchist Lake

SpruceKonuto

AndersonOsborne

ChiselCallinan

Chisel U/GStall Lake

Lalor777

Trout LakeFlin Flon

23 September 2010

Near term milestones

• Ongoing exploration at Lalor and various JV properties

• NI 43-101 resource estimate at Reed Lake in early 2011; production decision to follow

• Fenix feasibility study by year end 2010 results

• New drilling program, updated resource estimate in late 2010 and environmental application submitted at Back Forty by Q4 2011

• Updated resource estimate expected at Cold and Lost Lake by mid-2011

24 September 2010

Investment Highlights

• Operational Excellence

• Financial Strength

• Growth Potential

• Management Strengthened

• NYSE Listing and Inaugural Dividend

25 September 2010

APPENDIX

26 September 2010

Appendix Contents

• Lalor mineralization and copper-gold drill intersections

• Reserves and Resources

27 September 2010

Tonnes (millions)

Au (g/t)

Ag (g/t)

Cu (%)

Zn (%)

Base Metal Zone Mineral Resource

Indicated 13.3 1.6 24.9 0.66 8.87

Inferred 4.8 1.3 26.2 0.58 9.25

Gold Zone Inferred Mineral Resource

Inferred 5.4 4.7 30.6 0.47 0.46

Potential Gold Zone Conceptual Estimate 5.1 – 6.1 4.3 – 5.1 23 – 27 0.2 – 0.4 0.2 – 0.4

Potential Copper-Gold Zone Conceptual Estimate 1.8 – 2.2 5.8 – 7.0 18 – 22 3.2 – 4.0 0.2 – 0.3

Lalor Mineralization

The Lalor gold zone and copper-gold zone potential mineral deposit estimates are 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 August 4, 2010, available at www.sedar.com.

28 September 2010

Lalor Copper-Gold Drill Intersections HOLE From To Core

Length meters(1)

East meters

North meters

Depth meters

Au g/t Ag g/t Cu% Zn%

DUB252W01 1140.00 1149.12 9.12 2110 5604 -1128 12.54 26.67 3.69 0.18

and

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

includes

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

and

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

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.

29 September 2010

30 September 2010

1

2

3

45

6

7

8

31 September 2010

Estimated Mineral Reserves – January 1, 2010Mine Tonnes Au (g/t) Ag (g/t) Cu% Zn (%)

777

Proven 4,492,000 2.12 25.92 3.23 3.76

Probable 9,061,600 2.05 30.18 1.94 4.88

Trout Lake

Proven 701,500 1.06 11.97 2.10 3.10

Probable 292,400 1.31 4.57 2.29 2.16

Chisel North

Proven 276,500 - - - 8.64

Probable 257,800 - - - 8.06

Total Proven 5,470,000

Total Probable 9,611,800

Total Reserves 15,081,800

Please refer to HudBay’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2009 and applicable technical reports in respect of the properties filed on SEDAR for further information.

32 September 2010

Estimated Inferred Mineral Resources – January 1, 2010

Mine Tonnes Au (g/t) Ag (g/t) Cu% Zn (%)

777 1,413,400 1.8 30.9 1.1 4.7

Trout Lake 108,700 0.8 3.1 2.4 0.8

Chisel North 62,900 - - - 7.7

Total 1,585,000

Please refer to HudBay’s Annual Information Form and Management’s Discussion and Analysis for the year ended December 31, 2009 and applicable technical reports in respect of the properties filed on SEDAR for further information.

Inferred resources diluted, recovered and economically tested.

33 September 2010

Reserves and Resources – HudBay Minerals• 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, 2009 and applicable technical reports in respect of the properties filed on SEDAR for further information.

34 September 2010

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.

Strength to Build the Future

For more information contact:

John Vincic, VP of Investor Relations and Corporate CommunicationsTel: 416.362.0615Email: [email protected]