HispanicBusiness

Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Hudbay identified and were applied by the company in drawing conclusions or making forecasts or projections set out in the forward looking information include, but are not limited to:

--  the success of mining, processing, exploration and development    activities;--  the accuracy of geological, mining and metallurgical estimates;--  the costs of production;--  the supply and demand for metals Hudbay produces;--  the volatility of commodity prices;--  the volatility in foreign exchange rates;--  the supply and availability of concentrate for Hudbay's processing    facilities;--  the supply and availability of reagents for Hudbay's concentrators;--  the availability of third party processing facilities for Hudbay's    concentrate;--  the supply and availability of all forms of energy and fuels at    reasonable prices;--  the availability of transportation services at reasonable prices;--  no significant unanticipated operational or technical difficulties;--  the availability of financing for Hudbay's exploration and development    projects and activities;--  the ability to complete project targets on time and on budget and other    events that may affect Hudbay's ability to develop its projects;--  the timing and receipt of various regulatory and governmental approvals;--  the availability of personnel for Hudbay's exploration, development and    operational projects and ongoing employee relations;--  maintaining good relations with the communities in which Hudbay    operates, including the communities surrounding the company's Constancia    project and First Nations communities surrounding the company's Lalor    and Reed projects;--  no significant unanticipated challenges with stakeholders at Hudbay's    various projects;--  no significant unanticipated events relating to regulatory,    environmental, health and safety matters;--  no contests over title to Hudbay's properties, including as a result of    rights or claimed rights of aboriginal peoples;--  the timing and possible outcome of pending litigation and no significant    unanticipated litigation;--  certain tax matters, including, but not limited to current tax laws and    regulations; and--  no significant and continuing adverse changes in general economic    conditions or conditions in the financial markets.

The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the mining industry, such as economic factors (including future commodity prices, currency fluctuations and energy prices), uncertainties related to the development and operation of the company's projects, depletion of its reserves, risks related to political or social unrest or change and those in respect of aboriginal and community relations and title claims, operational risks and hazards, including unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks, failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, dependence on key personnel and employee relations, volatile financial markets that may affect our ability to obtain financing on acceptable terms, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, Hudbay's ability to comply with the company's pension and other post-retirement obligations, Hudbay's ability to abide by the covenants in the company's debt instruments, as well as the risks discussed under the heading "Risk Factors" in Hudbay's most recent Annual Information Form and Form 40-F.