Hudbay

HBM

Market cap $6.68B

Hudbay Minerals (HBM) remains a strong copper cyclical play, despite a weak Q3 driven by temporary logistics and operational disruptions. HBM's fundamentals are robust: $60M in delayed revenue shifts to Q4, Manitoba mine is back online, Peru operations are stable, and costs are declining. Mitsubishi's $600M investment in Copper World validates asset value, reduces financing risk, and acts as a major catalyst for future growth.

HBM's cost gains and Copper World momentum contrast with TECK???s scale push and QB-driven long-term growth ambitions.

Hudbay Minerals extends its free-cash-flow momentum through low costs and gold leverage, but volatility and geopolitical risks loom.

Stock selection in materials was the largest contributor to relative performance. The fund's holdings in mining exchange-traded funds and lack of real estate exposure also aided relative return. Stock selection in healthcare, energy, industrials and IT detracted from relative return.

Hudbay Minerals has entered into a joint venture with Mitsubishi to build its Copper World project. The deal helps Hudbay reduce its capital contribution for the project.

HBM's 54.6% surge in three months spotlights Copper World momentum, gold strength and tight cost control amid ongoing operational hurdles.

Hudbay Minerals Inc. ( HBM:CA ) Q3 2025 Earnings Call November 12, 2025 11:00 AM EST Company Participants Candace Brule - Senior Vice President of Capital Markets & Corporate Affairs Peter Gerald Kukielski - President, CEO & Director Chi-Yen Lei - Chief Financial Officer Andre Lauzon - Chief Operating Officer Conference Call Participants Lawson Winder - BofA Securities, Research Division Ralph Profiti - Stifel Nicolaus Canada Inc., Research Division Orest Wowkodaw - Scotiabank Global Banking and Markets, Research Division Marcio Farid Filho - Goldman Sachs Group, Inc., Research Division Martin Pradier - Veritas Investment Research Corporation Fahad Tariq - Jefferies LLC, Research Division Stefan Ioannou - Cormark Securities Inc., Research Division Presentation Operator Good morning, ladies and gentlemen. Thank you for standing by.

Although the revenue and EPS for HudBay Minerals (HBM) give a sense of how its business performed in the quarter ended September 2025, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

HBM's Copper World project, backed by Mitsubishi, positions the miner at the heart of America's copper independence and clean-energy ambitions.

HudBay Minerals (HBM) came out with quarterly earnings of $0.03 per share, missing the Zacks Consensus Estimate of $0.06 per share. This compares to earnings of $0.13 per share a year ago.