Hudbay Minerals (NYSE:HBM), the Toronto-based diversified miner, reported a landmark fiscal 2025 on Friday, delivering record financial results and achieving all major production targets despite a year marked by wildfire-related disruptions in Canada and operational shifts in Peru.
The company posted record annual revenue of $2.2 billion and adjusted EBITDA of $1.1 billion, underpinned by the successful integration of its Copper Mountain mine and high-grade production from the Pampacancha deposit.
Hudbay met its consolidated guidance for both primary metals, producing 118,188 tonnes of copper and 267,934 ounces of gold.
This performance generated $387.9 million in free cash flow, allowing the firm to slash net debt to $439.7 million—its lowest leverage level in over a decade.
A major catalyst for 2026 is the recently closed $600 million joint venture with Mitsubishi Corporation for the Copper World project in Arizona.
The deal, which closed in January 2026, provided an immediate $420 million cash infusion, de-risking one of the highest-grade open-pit copper projects in the U.S.
Meanwhile, Hudbay issued a bullish 2026 outlook, targeting copper production of approximately 124,000 tonnes at industry-leading consolidated cash costs between negative $0.30 and negative $0.10 per pound, bolstered by significant gold by-product credits.