$HBM

HudBay Minerals Inc.

CIK:0001322422|SEC Filings

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Profit or loss [abstract]
Revenue	$ 2,211.0	$ 2,021.2
Cost of sales
Mine operating costs	1,028.1	1,040.8
Depreciation and amortization	439.7	426.6
Cost of Sales	1,467.8	1,467.4
Gross profit	743.2	553.8
Selling and administrative expenses	94.7	57.0
Exploration expenses	46.3	42.6
Other operating expenses	7.8	57.4
Re-evaluation adjustment - environmental provision	0.2	(3.5)
Impairment - reversal	(322.3)	0.0
Results from operating activities	916.5	400.3
Consideration received from sale of non-core project	(14.9)	0.0
Net interest expense on long term debt	60.7	69.8
Accretion on streaming arrangements	19.9	24.2
Change in fair value of financial instruments	(52.9)	16.6
Other net finance (income) expenses	(8.3)	38.1
Other expenses	4.5	148.7
Income before tax	912.0	251.6
Tax expense	347.7	183.8
Net income for the year	564.3	67.8
Attributable to:
Owners of the Company	568.5	76.7
Non-controlling interest	(4.2)	(8.9)
Net income for the year	$ 564.3	$ 67.8
Earnings per share attributable to owners
Basic	$ 1.44	$ 0.2
Diluted	$ 1.44	$ 0.2
Weighted average number of common shares outstanding:
Basic	395,521,903	376,785,518
Diluted	396,648,796	377,291,211

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash generated from operating activities:
Net income for the year	$ 564.3	$ 67.8
Items not affecting cash:
Tax expense	347.7	183.8
Depreciation and amortization	441.2	428.0
Share-based compensation	61.3	19.3
Net finance expenses	19.4	148.7
Inventory adjustments	4.1	2.9
Amortization of deferred revenue and variable consideration	(75.0)	(70.5)
Pension and other employee benefit payments, net of accruals	5.3	11.9
Amortization of community agreements	12.4	13.7
Re-evaluation adjustment - environmental obligation	0.2	(3.5)
Write-down/loss on disposal of PP&E	3.5	27.4
Impairment reversal	(322.3)	0.0
Decommissioning and restoration payments	(1.7)	(2.1)
Other	(27.7)	(3.8)
Taxes paid	(268.4)	(132.5)
Operating cash flow before change in non-cash working capital	764.3	691.1
Change in non-cash working capital	(57.0)	(24.9)
Net cash flows from operating activities	707.3	666.2
Cash used in investing activities:
Acquisition of property, plant and equipment	(466.7)	(347.1)
Acquisition of intangibles	(2.8)	(1.8)
Community agreements	(17.5)	(9.1)
Grants received	0.7	3.1
Net purchase of investments	(61.8)	(3.2)
Change in restricted cash	0.8	0.8
Maturity of (investment in) short-term investments	40.0	(40.0)
Consideration received from sale of non-core project	14.9	0.0
Investment income received	24.0	14.4
Net cash flows from investing activities	(468.4)	(382.9)
Cash (used in) generated from financing activities:
Repayment of revolving credit facility	0.0	(100.0)
Repurchase of senior unsecured notes, net of discount	(102.1)	(81.9)
Copper Mountain non-controlling interest - acquisition payment	(6.0)	0.0
Equity and flow-through share issuance, net of issuance costs	26.8	398.0
Interest paid on long-term debt	(58.4)	(67.9)
Financing costs	(11.7)	(15.1)
Lease payments	(36.9)	(31.4)
Equipment financing payments	(20.2)	(10.2)
Gold prepayment repayments	0.0	(62.3)
Deferred Rosemont acquisition payment	0.0	(10.0)
Net payments on settlement of non-QP hedges	(3.4)	(7.9)
Net proceeds from exercise of stock options and warrants	3.1	4.4
Dividends paid	(5.6)	(5.5)
Net cash flows from financing activities	(214.4)	10.2
Effect of movement in exchange rates on cash	2.6	(1.5)
Net increase in cash and cash equivalents	27.1	292.0
Cash and cash equivalents, beginning of the year	541.8	249.8
Cash and cash equivalents, end of the year	$ 568.9	$ 541.8

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 568.9	$ 541.8
Short-term investments	0.0	40.0
Trade and other receivables	377.8	235.5
Inventories	199.2	197.4
Prepaid expenses and other current assets	15.2	17.4
Other financial assets	0.8	15.3
Taxes receivable	1.2	1.1
Total Current assets	1,163.1	1,048.5
Taxes receivable	16.1	12.9
Inventories	21.6	16.6
Other financial assets	130.9	12.1
Intangibles and other assets	58.6	44.3
Property, plant and equipment	4,693.9	4,181.4
Deferred tax assets	66.5	102.6
Goodwill	72.6	69.2
Total Assets	6,223.3	5,487.6
Current liabilities
Trade and other payables	342.8	270.2
Taxes payable	117.4	100.7
Other liabilities	94.7	34.4
Other financial liabilities	122.9	38.3
Lease liabilities	26.7	30.5
Current portion of long-term debt	472.1	0.0
Deferred revenue	52.1	63.1
Total Current liabilities	1,228.7	537.2
Other financial liabilities	155.0	114.4
Lease liabilities	29.3	44.3
Long-term debt	536.5	1,107.5
Deferred revenue	265.0	309.1
Pension obligations	7.5	6.2
Other employee benefits	82.4	80.3
Environmental and other provisions	312.6	300.8
Deferred tax liabilities	375.3	340.4
Total liabilities	2,992.3	2,840.2
Equity
Share capital	2,668.2	2,641.3
Reserves	102.3	14.3
Retained earnings	460.5	(102.4)
Equity attributable to owners of the Company	3,231.0	2,553.2
Non-controlling interest	0.0	94.2
Total liabilities and equity	$ 6,223.3	$ 5,487.6