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Mining Stocks in Play - Copper Miner Hudbay Minerals Inc. (TSX: HBM) (NYSE: HBM) Gains on Strong First Quarter Results


May 14, 2024 ( Newswire) (, a go-to platform for big investing ideas, reports on trading for Hudbay Minerals Inc. (TSX: HBM) ( NYSE: HBM), a copper-focused mining company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining-friendly jurisdictions of Canada, Peru and the United States.

Hudbay is trading up on first quarter results and currently trading at $13.19, up 1.17 . gaining 9.73%, with a high of $13.48 on the TSX. On the NYSE, the stock is trading at $9.67, up 0.87, gaining 9.89%.

Hudbay today released its first quarter 2024 financial results. All amounts are in U.S. dollars, unless otherwise noted. All production and cost amounts reflect the Copper Mountain mine on a 100% basis, with Hudbay owning a 75% interest in the mine.

"We delivered another consecutive quarter of strong operational and financial performance with steady free cash flow generation and further debt reduction," said Peter Kukielski, President and Chief Executive Officer. "These results demonstrate the strength of our diversified operating base, with continued contributions from the high-grade Pampacancha deposit in Peru, better-than-planned gold production in Manitoba and benefits starting to be realized from operational stabilization efforts at the Copper Mountain mine in British Columbia. We are well on track to achieve all of our production and cost guidance metrics. Hudbay's resilient operating platform offers leading exposure to copper and unique complementary exposure to gold, which together with our quality pipeline of growth assets, provide significant upside potential for further value creation at higher copper and gold prices."

Delivered Strong First Quarter Operating and Financial Results; Production and Cost Guidance Affirmed

Enhanced operating platform delivered consolidated copper production of 34,749 tonnes and stronger than expected gold production of 90,392 ounces in the first quarter.

Solid operating performance was driven by continued high copper and gold grades at the Pampacancha deposit in Peru, continued high gold grades at Lalor and strong performance from the New Britannia mill in Manitoba, and the operational stabilization efforts at the Copper Mountain mine in British Columbia.

Achieved revenue of $525.0 million and operating cash flow before change in non-cash working capital of $147.5 million in the first quarter of 2024.

Affirmed full year 2024 consolidated copper production and cash cost guidance of 137,000 to 176,000 tonnes of copper at a cash cost of $1.05 to $1.25 per poundi and sustaining cash cost of $2.00 to $2.45 per poundi.

Consolidated cash costi and sustaining cash costi per pound of copper produced, net of by-product creditsi, in the first quarter of 2024, were $0.16 and $1.03, respectively, consistent with strong levels achieved in the fourth quarter of 2023.

Peru operations benefited from continued contributions from the high-grade Pampacancha satellite pit, resulting in 24,576 tonnes of copper and 29,144 ounces of gold produced in the first quarter of 2024. Peru cash cost per pound of copper produced, net of by-product creditsi, in the first quarter improved to $0.43, a 20% decrease compared to the fourth quarter of 2023.

Manitoba operations produced 56,831 ounces of gold in the first quarter of 2024, exceeding management's quarterly cadence expectations as New Britannia continues to operate well above nameplate capacity and budgeted throughput levels. Manitoba cash cost per ounce of gold produced, net of by-product creditsi, was $736 during the first quarter of 2024 and well within guidance expectations.

British Columbia operations produced 7,024 tonnes of copper at a cash cost per pound of copper produced, net of by-product creditsi, of $3.49 in the first quarter. Operational stabilization plans continue to be advanced at the Copper Mountain mine.

First quarter net earnings and earnings per share were $18.5 million and $0.05, respectively. After adjusting for a non-cash gain of $5.3 million related to a quarterly revaluation of the closed site environmental reclamation provision, a $12.8 million mark-to-market adjustment loss related to share-based compensation, gold prepayment liability and strategic gold and copper hedges and a $9.0 million write-down of property, plant and equipment ("PP&E"), among other items, first quarter adjusted earningsi per share were $0.16.

Cash and cash equivalents increased by $34.6 million to $284.4 million during the first quarter due to strong operating cash flows bolstered by higher copper and gold prices and sales volumes enabling a $43.5 million reduction in net debti during the quarter.


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