Hudbay Minerals Inc.

Hudbay Minerals Inc.: Exhibit 99.1 - Filed by newsfilecorp.com

Updated Mineral Reserve and Mineral Resource Estimates

Olivier Tavchandjian, P. Geo., Hudbay Minerals Inc.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This Technical Report contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this Technical Report, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "forecasts", "strategy", "target", "intends", "objective", "goal", "understands", "anticipates"and"believes" (and variations of these or similar words) and statements that certain actions, events or results "may", "could", "would", "should", "might" "occur"or"be achieved"or"will be taken" (and variations of these or similar expressions). All of the forward-looking information in this Technical Report is qualified by this cautionary note.

Forward-looking information includes, but is not limited to, the results and findings of the 2026 Definitive Feasibility Study, including the production, operating cost, capital cost and cash cost estimates, the projected valuation metrics and rates of return, the cash flow and EBITDA projections, statements regarding the anticipated permitting requirements and project design, including processing and tailings facilities, metal recoveries, mine life and production rates for the Project, the expected funding requirements for the Project, the potential to further enhance the economics of the Project and optimize the design in the future, including with respect to the potential extension onto federal lands, as part of the Extension Case described herein and the potential to advance and possibly implement the concentrate leach option, the possibility of extending the life of the mine, and the expected social and environmental benefits of the Project, including with respect to the local communities and stakeholders. 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 us 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 Hudbay in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to:

• the ability to obtain and maintain all required permits and authorizations to develop and operate the Project in accordance with the Base Case presented in this Technical Report;

• the accuracy of the feasibility and pre-feasibility estimates of costs presented in this Technical Report;

• no capital cost escalation on the growth capital presented in this Technical Report due to inflationary or other factors;

• if a decision is made at a future date to pursue the Extension Case, the ability to obtain and maintain all additional permits and authorizations required to develop and operate the Project in accordance with the Extension Case presented in this Technical Report;

• the feasibility of aspects of the Base Case and Extension Case that to date have been completed to pre-feasibility levels;

• no delays or disruptions due to litigation challenging the permitting requirements or permits for the Project and no significant unanticipated litigation;

• the potential implementation of the concentrate leach option;

• the ability to acquire additional small parcels of land within Copper World's property boundary;

• the success of exploration and development activities;

• the accuracy of geological, mining and metallurgical estimates;

• anticipated metals prices and the costs of production;

• the supply and demand for metals the Project produces;

• the supply and availability of groundwater and surface water;

• the supply and availability of all forms of energy, fuels and other consumables at reasonable prices;

• no significant unanticipated operational or technical difficulties;

• the availability of additional financing, if needed;

• the stability of the joint venture partnership with Mitsubishi;

• the ability to complete Project targets on time and on budget;

• the availability of personnel for exploration, development and operational projects and ongoing employee relations;

• the ability to maintain good relations with the local communities, including the neighbouring communities and local governments in Arizona;

• no significant challenges with Pima County or other stakeholders at Copper World;

• no significant unanticipated events or changes 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 Indigenous peoples or challenges to the validity of its unpatented mining claims;

• the ability to receive the upfront stream deposit of $230 million from Wheaton Precious Metals at the commencement of construction in accordance with the amended and restated precious metals purchase agreement;

• no disputes in respect of agreements that were previously entered into by Augusta Resource Corporation ("Augusta") in respect of the former Rosemont Copper Project;

• certain tax matters, including, but not limited to the mining tax regime in Arizona; and

• no significant and continuing adverse changes in general economic conditions or conditions in the financial markets (including commodity prices and foreign exchange rates).

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 and the current geopolitical environment, including future commodity prices, currency and interest rate fluctuations, water availability, energy and consumable prices, supply chain constraints and general cost escalation in the current inflationary environment, risks related to project delivery and financing; ongoing and potential litigation processes and other legal challenges that could affect the Project (including in respect of any future authorizations or agreements that may be required), risks related to acquiring additional small parcels of land within Copper World's property boundary, risks related to political or social instability and changes in government and government policy, risks related to changes in law, risks in respect of community relations, risks related to contracts that were entered into by Augusta in respect of the former Rosemont Copper Project, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, risks related to the timing and implementation of the concentrate leach option, climate change related risks and uncertainties, as well as the risks discussed elsewhere in this Technical Report, under the heading "Risk Factors"in Hudbay's most recent annual information form and under the heading"Financial Risk Management" in Hudbay's most recent annual management's discussion and analysis, copies of which are available on Hudbay's SEDAR+ and EDGAR profiles. Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this Technical Report or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.

The scientific and technical information contained in this Technical Report has been approved by Olivier Tavchandjian, P. Geo, Hudbay's Senior Vice President, Exploration and Technical Services. Mr. Tavchandjian is a qualified person pursuant to Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

This 2026 Definitive Feasibility Study is the current NI 43-101 Technical Report in respect of all of the mineral properties that form part of the Project and supersedes and replaces the 2023 PFS (as defined herein) in its entirety.

Readers should be advised that this Technical Report presents certain material information associated with the Project based on pre-feasibility level work only, which carries more risk and uncertainty than work completed to a feasibility study level. In addition, the Extension Case mine plan would require Copper World to apply for and obtain federal permits prior to Year 10 and is not the selected development option in this Technical Report. The Extension Case is intended to illustrate the full potential of the Project and in the opinion of the author constitutes other relevant data that should be included in this Technical Report. The Extension Case is based on measured and indicated mineral resources that are not mineral reserves.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

This Technical Report contains certain non-IFRS financial performance measures. Cash cost and sustaining cash cost per pound of copper produced are shown because Hudbay believes they help investors and management assess the performance of its operations, including the margin generated by the operations and Hudbay. Unit operating costs are shown because Hudbay believes they help investors and management assess the cost structure and margins that are not impacted by variability in by-product commodity prices. EBITDA is shown to help users analyze Hudbay's results and to provide additional information about the company's ongoing cash generating potential in order to assess Hudbay's capacity to service and repay debt, carry out investments and cover working capital needs.