Hudbay posts record $765.9 million revenue

Hudbay Minerals (NYSE:HBM) reported record third-quarter 2026 revenue of $765.9 million and net earnings attributable to owners of $149.5 million, or $0.34 per share.

Copper production increased 7% from the second quarter to 30,152 tonnes, while gold production rose 36% to 69,513 ounces, although earnings per share fell short of the $0.35 analyst consensus.

The company lowered its 2026 consolidated cash cost guidance to negative $0.55–$0.35 per pound of copper and sustaining cash cost guidance to $1.40–$1.80 per pound, although Peru and British Columbia recorded quarterly cash costs of $2.23 and $3.09 per pound, respectively, above their annual guidance ranges.

Following the announcement, Hudbay Minerals shares were up approximately 4.3% at $22.88 in premarket trading on November 12, 2026.

Hudbay also generated $201.9 million in quarterly free cash flow and reported net debt of negative $0.1 million at September 30, while reaffirming 2026 production guidance of 110,000–138,000 tonnes of copper and 217,000–272,000 ounces of gold.

Following the quarter, Hudbay and Mitsubishi approved construction and development of the Copper World project in Arizona, with first production targeted for the second half of 2029 and average annual copper production projected at 102,000 tonnes during its first 10 years.