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November 12, 2025 10:26 pm

Lifezone Metals Announces Closing of $15 Million Underwritten Registered Direct Offering

NEW YORK–(BUSINESS WIRE)–
Lifezone Metals Limited (NYSE: LZM) today announced the closing of its previously announced underwritten registered direct offering (refer to Lifezone’s November 10, 2025 news release). The offering raised approximately $15 million in gross proceeds, before deducting underwriting discounts, commissions, and other offering expenses.

Lifezone intends to use the net proceeds for Kabanga Nickel Project exploration, project staffing and for other general corporate purposes.

BTIG acted as the sole book-running manager for the offering and Red Cloud Securities acted as co-manager. The transaction included participation from existing investors, including Cinctive Capital Management LP.

The securities described above were offered by Lifezone pursuant to a registration statement on Form F-3 (File No. 333-281189) that we filed with the SEC, that was declared effective by the SEC on August 16, 2024, using a “shelf” registration process. The securities may be offered only by means of a prospectus. A prospectus supplement and the accompanying prospectus relating to and describing the offering has been filed with the SEC. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the offering may be obtained by visiting the SEC’s website at www.sec.gov or by contacting BTIG, LLC, 65 East 55 Street, New York, NY 10022, or by email at [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

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About Lifezone Metals

Lifezone Metals (NYSE: LZM) is committed to delivering cleaner and more responsible metals production and recycling. Through the application of our Hydromet Technology, we offer the potential for lower energy consumption, lower emissions and lower cost metals production compared to traditional smelting.

Our Kabanga Nickel Project in Tanzania is believed to be one of the world’s largest and highest-grade development-ready nickel sulfide deposits. By pairing it with our Hydromet Technology, we are working to unlock a new source of nickel, copper and cobalt for the global battery metals markets and to empower Tanzania to achieve in-country beneficiation.

Through our US-based recycling partnership, we are working towards applying our Hydromet Technology to the recovery of platinum, palladium and rhodium from responsibly sourced spent automotive catalytic converters. Our process is expected to be cleaner and more efficient than conventional smelting and refining methods, supporting a circular economy for precious metals.

https://lifezonemetals.com

Forward-Looking Statements

Certain statements made herein are not historical facts but may be considered “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the “safe harbor” provisions under the Private Securities Litigation Reform Act of 1995 regarding, amongst other things, the plans, strategies, intentions and prospects, both business and financial, of Lifezone Metals Limited and its subsidiaries.

Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements may be accompanied by words such as “believes,” “estimates,” “expects,” “predicts,” “projects,” “forecasts,” “may,” “might,” “will,” “could,” “should,” “would,” “seeks,” “plans,” “scheduled,” “possible,” “continue,” “potential,” “anticipates” or “intends” “or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters; provided that the absence of these does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results of Lifezone Metals, future opportunities for Lifezone Metals, including the efficacy of Lifezone Metals’ hydrometallurgical technology (Hydromet Technology) and the development of, and processing of mineral resources at, the Kabanga Nickel Project, our approach to environmental stewardship, social responsibility, safety and governance (ESG), and other statements that are not historical facts.

These statements are based on the current expectations of Lifezone Metals’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lifezone Metals and its subsidiaries. These statements are subject to a number of risks and uncertainties regarding Lifezone Metals’ business, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political and business conditions, including but not limited to economic and operational disruptions; global inflation and cost increases for materials and services; capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; changes in government regulations, legislation and rates of taxation; inflation; changes in exchange rates and the availability of foreign exchange; fluctuations in commodity prices; delays in the development of projects and other factors; the outcome of any legal proceedings that may be instituted against Lifezone Metals; our ability to obtain additional capital, including use of the debt market, future capital requirements and sources and uses of cash; the risks related to the rollout of Lifezone Metals’ business, the efficacy of the Hydromet Technology, and the timing of expected business milestones; the acquisition of, maintenance of and protection of intellectual property; Lifezone’s ability to achieve projections and anticipate uncertainties (including economic or geopolitical uncertainties) relating to our business, operations and financial performance, including: expectations with respect to financial and business performance, future operating results, financial projections and business metrics and any underlying assumptions; expectations regarding product and technology development and pipeline and market size; events relating to environmental issues, social responsibility, safety and/or governance matters, expectations regarding product and technology development and pipeline; future acquisitions, partnerships, or other relationships with third parties; maintaining key strategic relationships with partners and customers; the timing and significance of contractual relationships; the effects of competition on Lifezone Metals’ business; the ability of Lifezone Metals to execute its growth strategy, the development and processing of the mineral resources at the Kabanga Nickel Project; obtaining additional capital, including use of the debt market, future capital requirements, and sources and uses of cash; manage growth profitably and retain its key employees; the ability of Lifezone Metals to reach and maintain profitability; enhancing future operating and financial results; complying with laws and regulations applicable to Lifezone Metals’ business; Lifezone Metals’ ability to continue to comply with applicable listing standards of the NYSE; our ability to comply with applicable laws and regulations, stay abreast of accounting standards, or modified or new laws and regulations applying to our business, including privacy regulation; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission (SEC); meeting future liquidity requirements and complying with restrictive covenants related to long-term indebtedness; and dealing effectively with litigation, complaints, and/or adverse publicity.

The foregoing list of risk factors is not exhaustive. There may be additional risks that Lifezone Metals presently does not know or that Lifezone Metals currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Lifezone Metals’ expectations, plans or forecasts of future events and views as of the date of this communication. Lifezone Metals anticipates that subsequent events and developments will cause Lifezone Metals’ assessments to change.

These forward-looking statements should not be relied upon as representing Lifezone Metals’ assessments as of any date subsequent to the date of this communication. You should not place undue reliance on forward-looking statements in this communication, which are based upon information available to us as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. In all cases where historical performance is presented, please note that past performance is not a credible indicator of future results.

Except as otherwise required by applicable law, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data, or methods, future events, or other changes after the date of this communication.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251112637884/en/

Investor Relations – North America

Evan Young

SVP: Investor Relations & Capital Markets

[email protected]

Investor Relations – Europe

Ingo Hofmaier

Chief Financial Officer

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Natural Resources Manufacturing Other Manufacturing Steel Mining/Minerals

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November 12, 2025 10:21 pm

Commercial Metals Company Prices Offering of $2,000 Million Senior Notes in Two Tranches

PR Newswire

IRVING, Texas
, Nov. 12, 2025 /PRNewswire/ — Commercial Metals Company (NYSE: CMC) (“CMC” or the “Company“) announced today that it has agreed to sell $1,000 million in aggregate principal amount of 5.75% Senior Notes due 2033 (the “2033 Notes“) and $1,000 million in aggregate principal amount of 6.00% Senior Notes due 2035 (the “2035 Notes” and, together with the 2033 Notes, the “Notes“) in an offering (the “Offering“) exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act“). The Offering is expected to close on or about November 26, 2025, subject to customary closing conditions.

The Notes will be CMC’s senior unsecured obligations and will rank equally with all of its existing and future senior unsecured indebtedness. The 2033 Notes will mature on November 15, 2033 and the 2035 Notes will mature on December 15, 2035, unless earlier repurchased or redeemed.

CMC intends to use the net proceeds from the sale of the Notes to fund the purchase price for the Company’s previously announced acquisition of all of the issued and outstanding equity securities of entities that own Foley Products Company, LLC (such transaction, the “Foley Acquisition“) and transaction-related fees and expenses and for general corporate purposes.

The Offering of the Notes is not conditioned upon, and will be consummated before, the closing of the Foley Acquisition, and the closing of the Foley Acquisition is not contingent upon the completion of the Offering. In the event that the Foley Acquisition is not completed on or prior to October 15, 2026, or if prior to such date, the securities purchase agreement with respect to the Foley Acquisition is terminated, CMC will be required to redeem all of the Notes at a redemption price equal to 100% of the initial issue price of the Notes plus accrued and unpaid interest from the date of issuance, or from the most recent date to which interest has been paid or provided for, to but not including the special mandatory redemption date.

The Notes will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States in accordance with Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or the securities laws of any other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities, nor shall there be any sale of the Notes or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. Any offer, if at all, will be made only pursuant to Rule 144A or Regulation S under the Securities Act.

About CMC

CMC is an innovative solutions provider helping build a stronger, safer, and more sustainable world. Through an extensive manufacturing network principally located in the United States and Central Europe, we offer products and technologies to meet the critical reinforcement needs of the global construction sector. CMC’s solutions support early-stage construction across a wide variety of applications, including infrastructure, non-residential, residential, industrial, and energy generation and transmission.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws with respect to CMC’s expectations concerning the Offering and the Foley Acquisition. These forward-looking statements can generally be identified by phrases such as we or our management “expects,” “anticipates,” “believes,” “estimates,” “intends,” “plans to,” “ought,” “could,” “will,” “should,” “likely,” “appears,” “projects,” “forecasts,” “outlook” or other similar words or phrases. There are inherent risks and uncertainties in any forward-looking statements. We caution readers not to place undue reliance on any forward-looking statements.

CMC’s forward-looking statements are based on management’s expectations and beliefs as of the time this news release was prepared. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Except as required by law, we undertake no obligation to update, amend or clarify any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, new information or circumstances or any other changes. Important factors that could cause actual results to differ materially from our expectations include those described in our filings with the Securities and Exchange Commission, including, but not limited to, in Part I, Item 1A, “Risk Factors” of our annual report on Form 10-K for the fiscal year ended August 31, 2025, as well as the following: changes in economic conditions which affect demand for our products or construction activity generally, and the impact of such changes on the highly cyclical steel industry; rapid and significant changes in the price of metals, potentially impairing our inventory values due to declines in commodity prices or reducing the profitability of downstream contracts within our vertically integrated steel operations due to rising commodity pricing; excess capacity in our industry, particularly in China, and product availability from competing steel mills and other steel suppliers including import quantities and pricing; the impact of additional steelmaking capacity expected to come online from a number of ongoing electric arc furnace projects in the U.S.; the impact of geopolitical conditions, including political turmoil and volatility, regional conflicts, terrorism and war on the global economy, inflation, energy supplies and raw materials; litigation claims and settlements, court decisions, regulatory rulings and legal compliance risks, including those related to the unfavorable judgment against us in the Pacific Steel Group litigation; our ability to successfully identify, consummate and integrate acquisitions and realize any or all of the anticipated synergies or other benefits of acquisitions; the effects that acquisitions may have on our financial leverage; risks associated with acquisitions generally, such as the inability to obtain, or delays in obtaining, required approvals under applicable antitrust legislation and other regulatory and third-party consents and approvals increased attention to environmental, social and governance (“ESG”) matters, including any targets or other ESG, environmental justice or regulatory initiatives; operating and startup risks, as well as market risks associated with the commissioning of new projects could prevent us from realizing anticipated benefits and could result in a loss of all or a substantial part of our investments; impacts from global public health crises on the economy, demand for our products, global supply chain and our operations; compliance with and changes in existing and future laws, regulations and other legal requirements and judicial decisions that govern our business, including increased environmental regulations associated with climate change and greenhouse gas emissions; involvement in various environmental matters that may result in fines, penalties or judgments; evolving remediation technology, changing regulations, possible third-party contributions, the inherent uncertainties of the estimation process and other factors that may impact amounts accrued for environmental liabilities; potential limitations in our or our customers’ abilities to access credit and non-compliance with their contractual obligations, including payment obligations; activity in repurchasing shares of our common stock under our share repurchase program; financial and non-financial covenants and restrictions on the operation of our business contained in agreements governing our debt; lower than expected future levels of revenues and higher than expected future costs; failure or inability to implement growth strategies in a timely manner; the impact of goodwill or other indefinite-lived intangible asset impairment charges; the impact of long-lived asset impairment charges; currency fluctuations; global factors, such as trade measures, military conflicts and political uncertainties, including changes to current trade regulations, such as Section 232 trade tariffs and quotas, tax legislation and other regulations which might adversely impact our business; availability and pricing of electricity, electrodes and natural gas for mill operations; our ability to hire and retain key executives and other employees; competition from other materials or from competitors that have a lower cost structure or access to greater financial resources; information technology interruptions and breaches in security; our ability to make necessary capital expenditures; availability and pricing of raw materials and other items over which we exert little influence, including scrap metal, energy and insurance; unexpected equipment failures; losses or limited potential gains due to hedging transactions; risk of injury or death to employees, customers or other visitors to our operations; and civil unrest, protests and riots.

View original content:https://www.prnewswire.com/news-releases/commercial-metals-company-prices-offering-of-2-000-million-senior-notes-in-two-tranches-302613765.html

SOURCE Commercial Metals Company

November 12, 2025 6:13 am

Hudbay’s Third Quarter 2025 Results Demonstrate Operational Resilience

TORONTO, Nov. 12, 2025 (GLOBE NEWSWIRE) — Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM) released its third quarter 2025 financial results today. All amounts are in U.S. dollars, unless otherwise noted.

“This was a quarter of resilience for Hudbay as we demonstrated the strength of our operating capabilities and the benefit of our diversified operating platform at a time of mandatory wildfire evacuations in Manitoba and temporary operational interruptions in Peru,” said Peter Kukielski, President and Chief Executive Officer. “Through our team’s continued focus on delivery and driving operating efficiencies in the face of these challenges, we expect to achieve the low end of our consolidated copper and gold production guidance ranges and we are further improving our consolidated cost guidance for 2025. During the third quarter, we continued to take steps to reduce long-term debt, reinvest in high-return growth projects and advance our strategic initiatives to build a stable and diversified operating platform with significant copper growth upside. We are delighted to have secured a premier long-term strategic partner in Mitsubishi, enabling us to unlock significant value in our copper growth pipeline, further solidify our financial strength and significantly reduce our share of the remaining capital contributions for the development of Copper World. Hudbay’s unique copper and gold diversification, combined with our continued focus on cost control, enable us to maintain industry-leading margins and deliver strong and stable cash flows.”

Demonstrated Operating Resilience in the Third Quarter

Achieved revenue of $346.8 million and adjusted EBITDAⁱ of $142.6 million in the third quarter of 2025.
Achieved consolidated copper production of 24,205 tonnes and consolidated gold production of 53,581 ounces in the third quarter, demonstrating strong operational resilience with Manitoba operations suspended for the majority of the quarter due to the wildfire evacuations and temporary operational interruptions in Peru.
Strong cost performance continued in the third quarter with consolidated cash costⁱ and sustaining cash costⁱ per pound of copper produced, net of by-product credits, of $0.42 and $2.09, respectively.
Reaffirmed full year 2025 consolidated production guidance for copper and gold, despite the temporary operational interruptions and production deferrals. Full-year consolidated copper and gold production is now expected to be near the low end of the guidance ranges.
Further improved full year 2025 consolidated cash costⁱ guidance range to $0.15 to $0.35 per pound, an additional improvement from the previously updated guidance range of $0.65 to $0.85 per pound, as year-to-date results are trending well below the low end of the cost ranges. Also improved full year 2025 consolidated sustaining cash cost guidance range to $1.85 to $2.25 per pound copper from the original guidance range of $2.25 to $2.65 per pound as a result of increased exposure to gold by-product credits and continued strong operating cost control.
Peru operations produced 18,114 tonnes of copper and 26,380 ounces of gold in the third quarter, with copper being slightly lower than quarterly cadence expectations and gold far exceeding quarterly cadence expectations while navigating intermittent interruptions and a temporary mill suspension during the quarter. Peru cash costⁱ per pound of copper produced, net of by-product credits, was $1.30 in the third quarter, outperforming the low-end of the cost guidance range. Full year copper production in Peru is expected to be in line with 2025 annual guidance and full year gold production is expected to exceed the top end of the guidance range.
Manitoba operations produced 22,441 ounces of gold in the third quarter, lower than quarterly cadence expectations as a result of temporary production interruptions from mandatory wildfire evacuations that shut down operations for the majority of the third quarter and deferred gold production. A business interruption insurance claim has been submitted to compensate for a portion of the wildfire-related downtime. Manitoba cash costⁱ per ounce of gold produced, net of by-product credits, was $379 in the third quarter. Subsequent to the quarter, due to additional unplanned down time in October as a result of winter storm power outages, some gold production has been further deferred and full year gold production in Manitoba is now expected to be slightly below the low end of the 2025 annual guidance range.
British Columbia operations produced 5,249 tonnes of copper in the third quarter at a cash costⁱ per pound of copper produced, net of by-product credits, of $3.21. While the initial phase of the conversion of the third ball mill to a second semi-autogenous grinding (“SAG”) mill was completed successfully in the third quarter, there was required maintenance at the primary SAG mill at the end of September and into early October, which is expected to result in reduced mill throughput levels for the balance of 2025 and full year copper production in British Columbia is now expected to be below the low end of the 2025 annual guidance range.
Third quarter net earnings attributable to owners and earnings per share attributable to owners were $222.4 million and $0.56, respectively, reflecting a pre-tax full impairment reversal of $322.3 million on Hudbay’s carrying value of the Copper World project as a result of the announcement of a $600 million strategic partnership with Mitsubishi Corporation (“Mitsubishi”) for a 30% minority interest in Copper World, which is expected to close in late 2025 or early 2026. After adjusting for this transaction and various other non-cash items, third quarter adjusted earningsⁱ per share attributable to owners was $0.03.
Financial results in the third quarter were impacted by the deferral of a 20,000 dry metric tonne copper concentrate shipment in Peru, valued at approximately $60 million (high gold content), from the end of September into early October due to ocean swells at the port.
Cash and cash equivalents decreased by $14.4 million to $611.1 million during the third quarter and total liquidityⁱⁱ was $1,036.3 million as at September 30, 2025, reflecting $13.2 million of additional senior unsecured note repurchases during the third quarter.

Further Debt Reduction and Balance Sheet Strength

Hudbay’s unique copper and gold diversification across its operations provides exposure to higher copper and gold prices, which together with a focus on cost control across the business, continues to expand margins and generate attractive operating cash flowⁱ.
While the majority of revenues continue to be derived from copper production, revenue from gold production represented more than 38% of total revenues in the third quarter of 2025.
Generated positive free cash flowⁱ in Peru and Manitoba in the third quarter of 2025 despite operational interruptions, offset by negative free cash flowⁱ in British Columbia with planned stripping activities. Consolidated free cash flowⁱ would have been positive if the excess copper concentrate inventory in Peru was sold at the end of September.
Achieved adjusted EBITDAⁱ of $142.6 million in the third quarter of 2025, resulting in annual trailing twelve-month adjusted EBITDAⁱ of $932.3 million.
Repurchased and retired an additional $13.2 million of senior unsecured notes through open market purchases at a discount to par during the third quarter, reducing total principal debt to $1.05 billion as of September 30, 2025. Subsequent to the quarter end, deleveraging efforts continued with an additional $20.0 million of open market purchases of the senior unsecured notes at a discount to par.
As of November 11, 2025, approximately $328.1 million in total principal debt and gold prepayment liability reductions have been achieved since the beginning of 2024.
Net debtⁱ reduced to $435.9 million as at September 30, 2025 compared to $525.7 million at December 31, 2024, a decrease of $89.8 million year-to-date.
Net debt to adjusted EBITDA ratioⁱ was 0.5x at the end of the third quarter of 2025, a further improvement from 0.6x at the end of fourth quarter of 2024.

Prudently Advancing Copper World
Towards a Sanction Decision in 2026

In August 2025, announced accretive $600 million Copper World joint venture transaction with Mitsubishi Corporation (“Mitsubishi”) for a 30% minority interest (“JV Transaction”).
- Secures a premier long-term strategic partner in Mitsubishi, one of the largest Japanese trading houses with a global mining presence and a significant U.S. based business.
- Implies a significant premium to consensus net asset value for Copper Worldⁱⁱⁱ.
- Increases levered project IRR to Hudbay to approximately 90% based on pre-feasibility study (“PFS”) estimates^iv.
In August 2025, agreed on terms with Wheaton Precious Metals Corp. (“Wheaton”) to amend the existing precious metals streaming agreement.
- In addition to the initial $230 million stream deposit, provides an additional contingent payment of up to $70 million on a future mill expansion, recognizing the long-term potential at Copper World.
- Ongoing payments for gold and silver amended from fixed pricing to 15% of spot prices to provide upside exposure to higher precious metals prices.
Successful completion of the final key elements of Hudbay’s prudent financial strategy as part of the three prerequisites (“3-P”) plan for Copper World.
- Hudbay’s estimated share of the remaining equity capital contributions has been reduced to approximately $200 million based on PFS estimates and Hudbay’s first capital contribution has been deferred to 2028 at the earliest.
Feasibility study activities for Copper World are underway with expected completion of a definitive feasibility study (“DFS”) in mid-2026.
- Hudbay is accelerating detailed engineering, certain long lead items and other de-risking activities in 2025 and, as announced in August 2025, has advanced $20 million in growth capital expenditures to 2025 from future years.

Reinvesting in Several Additional High-return Growth Initiatives

Optimization efforts at Copper Mountain have continued and are focused on executing the planned accelerated stripping program and mill throughput improvement projects. A key component, the conversion of the third ball mill to a second SAG mill (“SAG2”), remains on schedule. Completion of the initial phase on July 10, 2025 enabled the mill to achieve several days of 50,000 tonnes per day in September, the highest level achieved since Hudbay acquired the operations. Construction of the final phase of the SAG2 project is expected to conclude in December 2025.
Large exploration program in Snow Lake continues to execute the threefold strategy focused on near-mine exploration to increase near-term production and mineral reserves, testing regional satellite deposits for additional ore feed to utilize available capacity at the Stall mill, and exploring the large land package for a new anchor deposit to meaningfully extend mine life.
Following the completion of the initial 1901 exploration drift some additional development ore was delivered for processing at Stall. The focus now turns to advancing exploration platforms in both base metal and gold mineralization and developing the haulage drift to confirm mining methods, establish critical infrastructure and de-risk the path towards full production in late 2027.
Drilling commenced at the Talbot copper-zinc-gold deposit near Snow Lake in July with a focus on expanding the known mineralization and testing geophysical targets. Full assay results expected later this year.
Continuing to advance Flin Flon tailings reprocessing opportunities through metallurgical test work and economic evaluations to assess the possibility of producing critical minerals and precious metals in an environmentally friendly manner.
Continuing to enhance stakeholder engagement and advance additional metallurgical studies at the Mason copper project in Nevada.

Summary of Third Quarter Results

Hudbay’s diversified asset portfolio delivered consolidated copper production of 24,205 tonnes and consolidated gold production of 53,581 ounces in the third quarter of 2025, despite temporary operational interruptions and production deferrals. Consolidated copper and gold production was lower than the second quarter of 2025 primarily due to the impact of the mandatory wildfire evacuations that persisted in northern Manitoba for a majority of the third quarter, a temporary production interruption in Peru for nine days during the third quarter due to social unrest and unplanned mill downtime and processing of low-grade stockpiles at Copper Mountain during the third quarter. Consolidated silver production of 730,394 ounces and zinc production of 548 tonnes in the third quarter of 2025 were also lower than the second quarter of 2025 for the aforementioned reasons.

Cash generated from operating activities of $113.5 million decreased compared to the second quarter of 2025 as a result of the temporary operational interruptions during the third quarter, as mentioned above, and lower sales volumes as a result of a delayed 20,000 dry metric tonne copper concentrate shipment in Peru with high grade gold content, valued at approximately $60 million, from the end of September into early October due to ocean swells at the port. This was partially offset by higher realized metal prices.

Adjusted EBITDAⁱ was $142.6 million in the third quarter of 2025, a decrease compared to $245.2 million in the second quarter of 2025 primarily due to the temporary operational interruptions and the lower sales volumes as a result of the delayed copper concentrate shipment in Peru, as noted above.

Adjusted net earnings attributable to ownersⁱ and adjusted net earnings per share attributable to ownersⁱ in the third quarter of 2025 were $10.1 million and $0.03 per share, respectively, after adjusting for various non-cash items on a pre-tax basis including a $322.3 million full impairment reversal related to Hudbay’s Copper World project following the announcement of the JV Transaction, $14.9 million of contingent consideration received from the previous sale of a non-core project, an $8.7 million mark-to-market revaluation loss on various instruments such as investments and share-based compensation, and a non-cash $8.8 million foreign exchange loss, among other items. This compares to adjusted net earnings attributable to ownersⁱ and net earnings per share attributable to ownersⁱ of $75.5 million and $0.19 per share in the second quarter of 2025. The decrease is primarily due to temporary operational interruptions in Manitoba and Peru which resulted in lower production and delayed sales volumes impacting overall gross margins and operating cash flow during the quarter.

Consolidated cash cost per pound of copper produced, net of by-product creditsⁱ, was $0.42 in the third quarter of 2025, compared to $(0.02) in the second quarter of 2025, as Hudbay continued to demonstrate industry-leading cost performance. The increase in cash cost, net of by-product credits, was a result of lower by-product credits due to lower production in Manitoba from the impact of the wildfires during the third quarter, partially offset by strong gold production in Peru despite the nine-day operational interruption during the third quarter of 2025.

Consolidated sustaining cash cost per pound of copper produced, net of by-product creditsⁱ, was $2.09 in the third quarter of 2025, compared to $1.65 in the second quarter of 2025, increasing primarily due to the same factors impacting consolidated cash cost noted above.

Consolidated all-in sustaining cash cost per pound of copper produced, net of by-product creditsⁱ, was $2.78 in the third quarter of 2025, higher than the second quarter of 2025 incorporating higher corporate G&A from the revaluation of Hudbay’s stock-based compensation due to relative higher share prices.

As at September 30, 2025, total liquidity was $1,036.3 million, including $611.1 million in cash and cash equivalents, and undrawn availability of $425.2 million under Hudbay’s revolving credit facilities. The Company’s liquidity is expected to be further enhanced upon the closing of the JV Transaction, which is expected to occur in late 2025 or early 2026. Net debtⁱ at the end of the third quarter was $435.9 million, marking an $89.8 million improvement from the fourth quarter of 2024 as a result of deleveraging activities which included the repurchase and retirement of senior unsecured notes.

Consolidated Financial Condition (in $ millions, except net debt to adjusted EBITDA ratio)	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024
Cash and cash equivalents and short-term investments	611.1	625.5	581.8
Total long-term debt	1,047.0	1,059.6	1,107.5
Net debt¹	435.9	434.1	525.7
Working capital²	(34.7 )	26.8	511.3
Total assets	5,916.8	5,628.6	5,487.6
Equity attributable to owners of the Company	3,080.5	2,863.3	2,553.2
Net debt to adjusted EBITDA¹	0.5	0.4	0.6

_{¹ Net debt and net debit to adjusted EBITDA are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-GAAP Financial Performance Measures” section of this news release.}

_{² Working capital is determined as total current assets less total current liabilities as defined under IFRS and disclosed on the consolidated interim financial statements. Working capital as of September 30, 2025 was impacted by an increase in the current portion of long-term debt of $511.0 million as the 2026 Notes are now maturing within one year.}

Consolidated Financial Performance		Three Months Ended
		Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024
Revenue	$000s	346.8	536.4	485.8
Cost of sales	$000s	281.5	359.9	346.0
Earnings before tax	$000s	330.5	153.1	79.7
Net earnings	$000s	222.4	114.7	50.3
Net earnings attributable to owners	$000s	222.4	117.7	49.7
Basic and diluted attributable earnings per share¹	$/share	0.56	0.30	0.13
Adjusted earnings attributable per share¹	$/share	0.03	0.19	0.13
Operating cash flow before change in non-cash working capital	$ millions	70.3	193.9	188.3
Adjusted EBITDA¹	$ millions	142.6	245.2	206.0
Free cash flow¹	$ millions	(15.2 )	87.8	88.4

_{¹Adjusted earnings per share – attributable to owners, adjusted EBITDA and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see discussion under the “Non-GAAP Financial Performance Measures” section of this news release.}

Consolidated Production and Cost Performance		Three Months Ended
		Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024
Contained metal in concentrate and doré produced ¹
Copper	tonnes	24,205	29,956	31,354
Gold	ounces	53,581	56,271	89,073
Silver	ounces	730,394	814,989	985,569
Zinc	tonnes	548	5,130	8,069
Molybdenum	tonnes	185	375	362
Payable metal sold
Copper	tonnes	18,280	30,354	27,760
Gold²	ounces	38,279	62,466	73,232
Silver²	ounces	418,418	894,160	663,413
Zinc	tonnes	3,452	2,871	8,607
Molybdenum	tonnes	269	427	343
Consolidated cash cost per pound of copper produced ³
Cash cost	$/lb	0.42	(0.02)	0.18
Sustaining cash cost	$/lb	2.09	1.65	1.71
All-in sustaining cash cost	$/lb	2.78	2.03	1.95

_{¹ Metal reported in concentrate is prior to deductions associated with smelter contract terms and includes other secondary products.}

_{² Includes total payable gold and silver in concentrate and in doré sold.}

_{³ Cash cost, sustaining cash cost and all-in sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-IFRS Financial Performance Measures” section of this news release.}

Peru Operations Review

Peru Operations		Three Months Ended
		Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024
Constancia ore mined ¹	tonnes	564,579	6,735,316	3,022,931
Copper	%	0.25	0.34	0.36
Gold	g/tonne	0.02	0.03	0.04
Silver	g/tonne	1.92	3.26	3.20
Molybdenum	%	0.01	0.02	0.02
Pampacancha ore mined ¹	tonnes	4,260,081	762,172	1,777,092
Copper	%	0.38	0.26	0.48
Gold	g/tonne	0.31	0.24	0.27
Silver	g/tonne	4.87	4.59	6.23
Molybdenum	%	0.01	0.01	0.01
Total ore mined	tonnes	4,824,660	7,497,488	4,800,023
Strip ratio³		1.38	1.47	2.62
Ore milled	tonnes	6,991,744	7,559,047	8,137,248
Copper	%	0.31	0.34	0.32
Gold	g/tonne	0.16	0.05	0.11
Silver	g/tonne	3.94	3.58	3.70
Molybdenum	%	0.01	0.01	0.01
Copper recovery	%	83.2	84.5	82.6
Gold recovery	%	72.1	56.0	68.1
Silver recovery	%	65.2	63.5	67.0
Molybdenum recovery	%	33.9	38.7	39.0
Contained metal in concentrate
Copper	tonnes	18,114	21,710	21,220
Gold	ounces	26,380	7,366	20,331
Silver	ounces	577,446	551,979	648,209
Molybdenum	tonnes	185	375	362
Payable metal sold
Copper	tonnes	11,769	21,418	18,803
Gold	ounces	9,798	9,721	9,795
Silver	ounces	258,215	616,578	365,198
Molybdenum	tonnes	269	427	343
Combined unit operating cost^2,4,6	$/tonne	13.03	13.59	12.78
Cash cost^4,5	$/lb	1.30	1.45	1.80
Sustaining cash cost⁴	$/lb	2.11	2.63	2.78

_{¹Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled.}

_{² Reflects combined mine, mill and general and administrative (“G&A”) costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs.}

_{³ Strip ratio is calculated as waste mined divided by ore mined.}

_{⁴ Combined unit costs, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-IFRS financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-IFRS Financial Performance Measures” section of this news release.}

_{⁵ Excludes $7.3 million or $0.19 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025.}

_{⁶Excludes approximately $7.3 million or $1.04 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025.}

The Peru operations continued to demonstrate steady operating performance despite facing temporary interruptions as a result of social unrest in the third quarter. Country wide protests that began early in the third quarter temporarily impacted the transportation routes leading to limitations of supplies and concentrate transportation. To manage through these limitations, Hudbay adjusted mine sequencing to prioritize Pampacancha mining activities and blend low-grade stockpile ore in the mill feed. The road blockades along the transportation route reopened midway through the third quarter, allowing Hudbay to reduce site concentrate inventory levels and replenish supplies.

In late September, the social unrest escalated across Peru. Along with other mines in the southern mining corridor, Hudbay’s Constancia mine was impacted by local protests and illegal blockades. The safety of all personnel is the Company’s top priority, and Hudbay suspended Constancia operations on September 22^nd as a precaution to ensure the safety of personnel and allow time for Hudbay and the authorities to address the illegal protests. During the temporary downtime, Hudbay’s team at Constancia performed preventative maintenance at the mill and on certain mining equipment. Since the restart of mining activities on October 3^rd and milling activities on October 5^th, the Constancia operations have normalized.

The Peru operations produced 18,114 tonnes of copper, 26,380 ounces of gold, 577,446 ounces of silver and 185 tonnes of molybdenum during the third quarter of 2025. Production of copper was lower than the comparative periods primarily due to lower ore milled as a result of the temporary operational shutdown. Production of gold was higher than the second quarter of 2025 due to higher head grades from a larger portion of the Pampacancha ore feed. Production of silver was higher than the second quarter of 2025 as a result of higher grades. Production of molybdenum was lower than the second quarter of 2025 due to lower ore milled and lower recoveries.

Total ore mined in Peru in the third quarter of 2025 was lower than the second quarter of 2025 as a result of the temporary operational shutdown described above. However, Pampacancha ore mined significantly increased in the third quarter compared to the second quarter, reflecting the completion of a major stripping program in the second quarter.

Mill throughput levels averaged approximately 76,000 tonnes per day in the third quarter of 2025, lower than the second quarter of 2025 due to the lower amount of ore mined and the temporary operational shutdown. Milled copper grades decreased by 9% compared to the second quarter 2025, primarily due to lower grades from ore feed from stockpiles, partially offset by higher grades from Pampacancha. Milled gold grades significantly increased in the third quarter of 2025 compared to the comparative periods due to a higher portion of ore feed from Pampacancha where the gold grades are meaningfully higher than in the other ore sources. The mill achieved copper recoveries of 83% in the third quarter of 2025, lower than the second quarter of 2025 due to the nature of the feed from the stockpile. Recoveries of gold and silver during the third quarter of 2025 were in line with Hudbay’s metallurgical models for the ore that was being processed.

Combined mine, mill and G&A unit operating costⁱ in the third quarter of 2025 was $13.03 per tonne, 4% lower than the second quarter of 2025 as lower milling and G&A costs more than offset the impacts of higher mining costs and lower mill throughput associated with the temporary shutdown.

Cash cost per pound of copper produced, net of by-product creditsⁱ, in the third quarter of 2025 was $1.30. Cash costs decreased by 10% compared to the second quarter of 2025 due to higher gold by-product credits and lower plant maintenance cost as a planned maintenance program was completed in the second quarter of 2025.

Sustaining cash cost per pound of copper produced, net of by-product creditsⁱ, was $2.11 in the third quarter of 2025, a decrease of 20% compared to the second quarter of 2025 for the same reasons that impacted cash costs as well as from lower tailings management facility capital expenditures, timing on plant projects, and lower cash payments pertaining to community agreements.

With the regional social unrest impacting transportation routes during the quarter and ocean swells impacting port shipments in late September, a 20,000 dry metric tonne copper concentrate shipment, valued at approximately $60 million as a result of the high gold content, was deferred from late September to early October, thereby reducing sales volumes in the third quarter of 2025. This shipment was subsequently sold in October and total concentrate inventory levels have since normalized.

Post-quarter end, production in Peru in the month of October totaled approximately 9,200 tonnes of copper and 16,600 ounces of gold, reflecting optimal mill ore feed with strong ore contribution from Pampacancha and lower stockpiled ore being processed. Despite the impact from the temporary operational shutdown due to social unrest, Hudbay is on track to achieve its 2025 production guidance for all metals in Peru with gold production expected to exceed the top end of the 2025 guidance range. On a related note, with cash costs continuing to outperform the low end of the cash cost guidance range, Hudbay is reaffirming its full year 2025 cash cost guidance range in Peru.

Manitoba Operations Review

Manitoba Operations Three Months Ended
		Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024
Lalor
Ore mined	tonnes	139,006	303,062	411,295
Gold	g/tonne	5.42	4.97	5.45
Copper	%	0.67	0.61	0.91
Zinc	%	1.93	2.46	2.73
Silver	g/tonne	31.57	29.94	30.45
New Britannia
Ore milled	tonnes	92,765	162,934	191,298
Gold	g/tonne	6.88	6.48	6.77
Copper	%	0.76	0.65	0.93
Zinc	%	1.00	1.01	1.12
Silver	g/tonne	32.18	30.29	30.24
Gold recovery¹	%	91.8	89.4	90.0
Copper recovery	%	90.0	87.4	92.8
Silver recovery¹	%	78.5	78.0	79.9
Stall Concentrator
Ore milled	tonnes	43,940	144,204	222,621
Gold	g/tonne	3.10	3.19	4.23
Copper	%	0.56	0.56	0.89
Zinc	%	3.61	4.20	4.12
Silver	g/tonne	31.04	29.55	30.20
Gold recovery	%	72.6	67.9	70.5
Copper recovery	%	83.4	84.7	88.3
Zinc recovery	%	34.6	84.8	88.1
Silver recovery	%	50.3	51.9	57.8
Total contained metal in concentrate and doré ²
Gold	ounces	22,441	43,235	62,468
Copper	tonnes	842	1,612	3,398
Zinc	tonnes	548	5,130	8,069
Silver	ounces	102,132	197,970	281,397
Total payable metal sold
Gold	ounces	23,118	46,932	57,238
Copper	tonnes	769	2,133	2,931
Zinc	tonnes	3,452	2,871	8,607
Silver	ounces	112,142	209,594	244,974
Combined unit operating cost^3,4,5	C$/tonne	258	241	211
Gold cash cost^4,6	$/oz	379	710	372
Gold sustaining cash cost⁴	$/oz	762	1,025	553

_{¹ Gold and silver recovery includes total recovery from concentrate and doré. Doré includes sludge, slag and carbon fines.}

_{² Metal reported in concentrate is prior to deductions associated with smelter terms.}

_{³ Reflects combined mine, mill and G&A costs per tonne of milled ore.}

_{⁴ Combined unit cost, cash cost, sustaining cash cost per pound of copper produced, net of by-product credits, gold cash cost and sustaining cash cost per ounce of gold produced, net of by-product credits, are non-GAAP financial measures with no standardized definition under IFRS. Please see the “Non-GAAP Financial Performance Measures” section of this news release.}

_{⁵ Excludes $16.0 million or C$163 per tonne of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $3.2 million or C$14 per tonne during the three months ended June 30, 2025.}

_{⁶ Excludes $16.0 million or $713 per oz of overhead costs incurred during temporary suspension during the three months ended September 30, 2025 and $3.2 million or $74 per tonne during the three months ended June 30, 2025.}

Wildfire disruptions persisted in northern Manitoba for the majority of the third quarter, leading to evacuations in the Snow Lake region throughout July and August, with a full seven-week operational shutdown and several weeks of subsequent ramp-up significantly impacting Hudbay’s operations. Despite these challenges, Hudbay’s Manitoba business unit demonstrated continued resilience with a comprehensive restart plan that was implemented to focus on the safety of the Company’s employees and the integrity of Hudbay’s assets. There was no structural damage to Hudbay’s onsite surface infrastructure and facilities in Snow Lake. Following the lifting of mandatory evacuations, milling activities at the New Britannia mill resumed on August 26, 2025, and milling activities at Stall restarted on September 9, 2025. At Lalor, the full mining workforce returned as of August 27, 2025 and mining operations ramped up to reach normal operating capacity in the second half of September 2025. The Company submitted a business interruption insurance claim relating to the wildfires and expects the claim to be resolved in 2026 and compensate for a portion of the wildfire downtime.

Achievements in the third quarter of 2025 included successful safeguarding of the Company’s assets and people, the orderly resumption of operations, including the exploration programs in Flin Flon and Snow Lake and achieving an average throughput of almost 2,300 tonnes per operating day at the New Britannia mill, all of which was a result of the tremendous effort and unwavering commitment demonstrated by the on-site team.

Production during the third quarter of 2025 included 22,441 ounces of gold, 842 tonnes of copper, 548 tonnes of zinc and 102,132 ounces of silver. Production of all metals in the third quarter was lower than the second quarter of 2025 as a result of the prolonged wildfire evacuation period impacting the third quarter of 2025 compared to a shorter wildfire evacuation period in the preceding quarter.

Total ore mined at Lalor in the third quarter of 2025 was lower than the comparable periods, reflecting the impacts from the wildfires. In the third quarter of 2025, gold grades increased by 9% compared to the second quarter of 2025. Copper, zinc and silver grades were in line with mine plan expectations.

There was limited access to the 1901 deposit in the third quarter due to the wildfires, resulting in reduced advance rates at the exploration and haulage drifts, but some additional development zinc ore was extracted during the third quarter of 2025. Notwithstanding the reduced advancement rate in the quarter, the 1901 project is on track for full production by the end of 2027 and activities over the next two years will focus on exploration, definition drilling, orebody access, and establishing critical infrastructure.

Consistent with Hudbay’s strategy of allocating more Lalor ore feed to New Britannia to maximize gold recoveries, adjusting for days interrupted by wildfire evacuations, the New Britannia mill operated for 40.5 days during the quarter at an average throughput of approximately 2,290 tonnes per operating day. Total ore milled at New Britannia was significantly lower in the quarter due to the wildfire evacuation shutdown. Gold recovery in the third quarter of 2025 was a record 92% reflecting an increase compared to the second quarter of 2025 as a result of the higher gold grades.

The Stall mill experienced a greater throughput impact from the wildfire evacuation shutdown during the current quarter as the Lalor mine prioritized mining from gold zones over base metal zones to ensure a consistent feed to the New Britannia mill. Despite these challenges, the team at Stall focused on process optimization and enhanced gold recovery initiatives. The Stall mill achieved record gold recoveries of 73% in the third quarter of 2025, reflecting benefits from recent recovery improvement programs.

Combined mine, mill and G&A unit operating costsⁱ in the third quarter were C$258 per tonne, higher than the second quarter of 2025 primarily due to lower total throughput partially offset by lower variable costs.

Cash cost per ounce of gold produced, net of by-product creditsⁱ, in the third quarter of 2025 was $379, decreasing compared to the second quarter of 2025 primarily due to higher by-product credits and the recovery of secondary gold products as a result of mill tank clean-outs.

Sustaining cash cost per ounce of gold produced, net of by-product creditsⁱ, in the third quarter of 2025 was $762, a 26% decrease compared to the second quarter of 2025, primarily due to the same factors affecting cash cost, partially offset by lower sustaining capital costs.

Subsequent to quarter-end, Hudbay experienced power outages due to severe winter storms, and the Snow Lake operations were shut down for approximately one week in October. While the Company was previously tracking within the 2025 guidance ranges despite the significant wildfire impacts, it now expects to be slightly below the low end of the gold production guidance range as a result of the power outage in October and the associated ramp-up after power was restored. With cash costs during 2025 continuing to outperform the low end of the cash cost guidance range, Hudbay is reaffirming its full year 2025 cash cost guidance range in Manitoba. Given the strong cash cost performance to-date in Manitoba, Hudbay will continue to prioritize primary gold production over by-product zinc production in 2025 and full year zinc production is now expected to be below the low end of the guidance range.

British Columbia Operations Review

British Columbia Operations ¹		Three Months Ended
		Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024
Ore mined ²	tonnes	1,815,689	2,509,969	3,098,863
Strip ratio³		8.84	7.50	6.05
Ore milled	tonnes	3,087,443	2,900,008	3,363,176
Copper	%	0.22	0.28	0.24
Gold	g/tonne	0.08	0.09	0.09
Silver	g/tonne	0.78	0.97	0.73
Copper recovery	%	76.6	81.0	84.1
Gold recovery	%	59.2	68.2	67.3
Silver recovery	%	65.5	71.8	71.2
Total contained metal in concentrate
Copper	tonnes	5,249	6,634	6,736
Gold	ounces	4,760	5,670	6,274
Silver	ounces	50,816	65,040	55,963
Total payable metal sold
Copper	tonnes	5,742	6,803	6,026
Gold	ounces	5,363	5,813	6,199
Silver	ounces	48,061	67,988	53,241
Combined unit operating cost^4,5	C$/tonne	25.02	24.51	15.58
Cash cost⁵	$/lb	3.21	2.39	1.81
Sustaining cash cost⁵	$/lb	7.43	5.18	5.06

_{¹ Copper Mountain mine results are stated at 100%. On April 30, 2025, Hudbay completed the acquisition of the remaining 25% interest in the Copper Mountain mine and now owns 100%.}

_{² Reported tonnes and grade for ore mined are estimates based on mine plan assumptions and may not reconcile fully to ore milled.}

_{³ Strip ratio is calculated as waste mined divided by ore mined.}

_{⁴ Reflects combined mine, mill and general and administrative (“G&A”) costs per tonne of ore milled. Reflects the deduction of expected capitalized stripping costs.}

_{⁵ Combined unit operating cost, cash cost and sustaining cash cost per pound of copper produced, net of by-product credits, are non-GAAP financial performance measures with no standardized definition under IFRS. For further information, please see the “Non-GAAP Financial Performance Measures” section of this news release.}

Hudbay continues its focus on advancing optimization plans at the Copper Mountain mine, including ramping up mining activities to optimize the mine ore feed to the plant and implementing site improvement initiatives that mirror Hudbay’s best in-class operating practices.

The British Columbia operations produced 5,249 tonnes of copper, 4,760 ounces of gold and 50,816 ounces of silver during the third quarter of 2025. Production of copper, gold and silver decreased, compared to the prior quarter primarily as a result of lower head grades from processing stockpiled ore, as described below.

Total ore mined at Copper Mountain in the third quarter of 2025 was 1.8 million tonnes, a decrease of 28% compared to the second quarter of 2025, due to unplanned production loading fleet issues and vertical interactions with tight mining phases, which restricted efficiencies. Planned ore stockpiles were utilized as ore feed to the mill while the mine operation team continued waste stripping activities to expose additional ore mining fronts. Mining activities continue to focus on execution of the accelerated stripping program intended to bring higher grade ore into the mine plan by 2027 and on mining efficiencies, including a significant improvement with blasted muck inventories and operator recruitment to effectively utilize the available haul truck fleet. As a result, total material moved is expected to increase in the coming quarters as per the mine plan.

Hudbay made significant progress this year on the key mill improvement project to ultimately increase the nominal plant capacity to its permitted level of 50,000 tonnes per day. Completion of the initial phase of the SAG2 mill project in July and the subsequent ramp up demonstrated a positive contribution from SAG2 during the third quarter with several days achieving 50,000 tonnes per day of mill throughput in September. The operations team will continue to optimize the circuit as planned through the remainder of 2025. The final phase of the project involves converting an interim feed arrangement to a permanent configuration and construction remains on target for completion in December 2025.

In late September 2025, the primary SAG mill (“SAG1”) required unplanned maintenance due to localized damage to the feed head end shell. After repairs, SAG1 restarted operations in mid-October at a reduced rate. Under enhanced monitoring protocols, SAG1 throughput will continue to ramp up over the course of the fourth quarter. As a precautionary measure, a replacement for the feed head end shell has been ordered with delivery expected in the second quarter of 2026. Together with the completion of the final phase of the SAG2 project, Hudbay expects mill throughput to ramp up towards 50,000 tonnes per day by mid-2026.

The mill processed 3.1 million tonnes of ore during the third quarter of 2025, 6% higher than the second quarter, reflecting the completion of the first phase of the SAG2 project. Mill throughput in the third quarter of 2025 was limited by planned and unplanned maintenance, elevated clay content, and the planned lowering of the main crushed live ore pile feeding the mill due to area constraints related to the SAG2 project. Several mill initiatives were implemented in 2025, including recovery improvements, crushing circuit chute modifications, installation of grinding control instrumentation, and a redesigned SAG liner package. Progressive mill improvements and updated operational procedures will continue into 2026.

Milled copper grades during the third quarter of 2025 were 21% lower than the second quarter due to higher proportions of ore processed from lower grade stockpiles. Copper recoveries were 77% in the third quarter of 2025, a decrease from 81% in the second quarter of 2025 due to processing of lower grade stockpile material. Milled gold grades were lower in the third quarter of 2025 resulting in lower gold recoveries of 59% in the third quarter.

Combined mine, mill and G&A unit operating costsⁱ in the third quarter of 2025 were C$25.02 per tonne milled, higher than the second quarter of 2025. The increase was due to higher milling and G&A costs, partially offset by higher ore milled and lower mining costs.

Cash costⁱ and sustaining cash costⁱ per pound of copper produced, net of by-product credits, in the third quarter of 2025 were $3.21 and $7.43, respectively. Cash costsⁱ were 34% higher than in the second quarter of 2025, largely due to overall higher costs, lower production and lower by-product credits. Sustaining cash costsⁱ were 43% higher than the second quarter of 2025 due to higher cash costs and increased sustaining capital including higher capitalized stripping costs.

In British Columbia, fourth quarter production is expected to be impacted by lower mill throughput due to reduced throughput at SAG1, which together with a higher portion of ore milled from low-grade stockpiles year-to-date, is expected to result in full year copper production being below the low end of the 2025 guidance range. Despite these impacts, cash costs continue to track well versus the guidance range and Hudbay is reaffirming its full year 2025 cash cost guidance range in British Columbia.

2025 Consolidated Production and Cost Guidance

Hudbay reaffirms its full year 2025 consolidated production guidance for copper and gold as the Company demonstrates resilience after overcoming recent temporary operational interruptions. While the Company expects the fourth quarter to be a strong copper and gold production quarter, full year consolidated copper and gold production is expected to be near the low end of the guidance ranges.

In Peru, the fourth quarter is expected to be the strongest copper and gold production quarter this year with steady operations achieved since early October after the resolution of social protests. Peru production in the month of October totaled approximately 9,200 tonnes of copper and 16,600 ounces of gold, reflecting optimal mill ore feed with strong ore contribution from Pampacancha and lower stockpiled ore being processed. Peru full year copper production is expected to be within the guidance ranges while gold production is expected to be above the top end of the guidance range in 2025.

In Manitoba, subsequent to the quarter, Hudbay experienced power outages in October due to severe winter storms and operations were shut down for approximately one week. While the Company was previously tracking within the 2025 guidance ranges despite the significant impacts from the wildfire evacuations, it now expects to be slightly below the low end of gold production guidance range as a result of the further deferral of gold production due to these power outages and the associated ramp-up after power was restored. Given the strong cash cost performance to-date in Manitoba, Hudbay will prioritize primary gold production over by-product zinc production in 2025 and full year zinc production is now expected to be below the low end of the guidance range.

Hudbay is again improving its full-year 2025 consolidated cash cost guidance range to $0.15 to $0.35 per pound copper from the previously announced range of $0.65 to $0.85 per pound and the original guidance range of $0.80 to $1.00 per pound. The Company is also improving its 2025 annual consolidated sustaining cash cost guidance range to $1.85 to $2.25 per pound copper from the original guidance range of $2.25 to $2.65 per pound. This is a result of increased exposure to gold by-product credits and continued strong cost control at all operations, despite the temporary production interruptions in Manitoba and Peru.

Hudbay expects total capital expenditures to be $35 million lower than 2025 guidance levels, primarily due to the deferral of certain expenditures to 2026. This includes $15 million lower sustaining capital expenditures primarily due to temporary operational interruptions in Manitoba and Peru. Growth capital expenditures are expected to be $20 million lower primarily due to spending deferrals into 2026.

Resilient Operating Base Enables Continued Debt Reduction and Balance Sheet Strength

Hudbay continued its prudent balance sheet management and reduced overall debt levels even with the temporary interruptions to its operations during the third quarter of 2025. During the third quarter of 2025, the Company was able to repurchase and retire an additional $13.2 million of senior unsecured notes at a discount to par, and an additional $20.0 million was repurchased subsequent to the quarter. This has contributed to approximately $328.1 million in total debt repayments and gold prepayment liability reductions since the beginning of 2024:

Repurchased and retired a total of $165.8 million of senior unsecured notes in 2024 and year-to-date as of November 11, 2025.
Repaid $100 million of prior drawdowns under the revolving credit facilities in 2024.
Fully repaid the gold prepay facility with $62.3 million in gold deliveries in 2024 and the final payment completed in August 2024.

These deleveraging achievements have reduced total principal debt to $1.05 billion as of September 30, 2025, which together with Hudbay’s strengthened cash balance, has substantially reduced net debtⁱ to $435.9 million, compared to $625.6 million as of September 30, 2024. Hudbay’s net debt to adjusted EBITDA ratioⁱ is 0.5x as of September 30, 2025.

Prudently Advancing Copper World Towards a Sanction Decision in 2026

During the third quarter, significant strides were made to advance the Copper World project. On August 13, 2025, Hudbay announced the JV Transaction with Mitsubishi, securing a premier, long-term strategic partner for the development of Copper World, and agreed on terms with Wheaton to amend the precious metals streaming agreement at Copper World. The Company continues to de-risk Copper World with detailed engineering underway.

Accretive JV Transaction and Secured the Premier Joint Venture Partner

– Highly accretive $600 million transaction with Mitsubishi for a 30% minority joint venture interest, creating a long-term partnership with a premier strategic partner that has a global mining presence, and an established U.S.-based metals trading business. The $600 million proceeds from Mitsubishi will consist of $420 million at closing and $180 million within 18 months of closing and will be used to fund the remaining definitive feasibility study (“DFS”) costs and pre-sanction costs in addition to project development costs for Copper World. Mitsubishi will also fund its pro-rata 30% share of future equity capital contributions. The JV Transaction is expected to close in late 2025 or early 2026 and is conditional upon receipt of certain regulatory approvals and the satisfaction of other customary closing conditions.
Enhanced Wheaton Precious Metals Stream

– Agreed on terms with Wheaton in August 2025 to amend the existing precious metals streaming agreement that aligns with the current development plan for Copper World. In addition to the initial $230 million stream deposit, Wheaton will provide an additional contingent payment of up to $70 million on a future mill expansion recognizing the long-term potential at Copper World. Ongoing payments for gold and silver were amended from fixed pricing to 15% of spot prices to provide Hudbay with upside exposure to higher precious metals prices.
Achieved Key Elements of Hudbay’s Three Prerequisites (3-P) Plan

– Hudbay has achieved the final key elements of its prudent 3-P financial strategy with the announcements of the JV Transaction and the enhanced Wheaton stream, together with the achievement of stated balance sheet targets. Before accounting for proceeds from the JV Transaction, Hudbay has already achieved more than $600 million of cash and cash equivalents and a 0.5x net debt to adjusted EBITDA ratioⁱ as of September 30, 2025, far exceeding the stated balance sheet targets. Hudbay’s estimated share of the remaining capital contributions has been reduced to approximately $200 millionⁱⁱ based on PFS estimates and Hudbay’s first capital contribution has been deferred to 2028 at the earliest.
Feasibility Study and Detailed Engineering Underway

– Feasibility activities for Copper World are underway with expected completion of a DFS in mid-2026. Hudbay is accelerating detailed engineering, certain long lead items and other de-risking activities in 2025 and, as announced in August 2025, has advanced $20 million in growth capital expenditures to 2025 from future years. The Company expects to make a Copper World sanction decision in 2026.

Exploration Update

Large
Snow Lake Exploration Program Continues to Execute Threefold Strategy

Hudbay continues to execute the largest exploration program in Snow Lake in the Company’s history through extensive geophysical surveying and multi-phased drilling campaigns as part of Hudbay’s threefold exploration strategy:

Near-mine Exploration at Lalor and 1901 to Further Increase Near-term Production and Extend Mine Life
– Hudbay completed the development of the initial exploration drift at the 1901 deposit earlier this year and the development of the haulage drift is underway. Positive initial step-out drilling from the exploration drift was achieved earlier this year, and during the third quarter, some additional zinc development ore was delivered for processing at Stall. Activities at 1901 over the next two years will focus on exploration, definition drilling, orebody access, and establishing critical infrastructure for full production in late 2027. Exploration activities at 1901 will target additional step-out drilling to potentially extend the orebody and infill drilling to convert inferred mineral resources in the gold lenses to mineral reserves. Following the improved wildfire situation, underground exploration drilling at Lalor has resumed.
Testing Regional Satellite Deposits to Utilize Available Processing Capacity and Increase Production –
Hudbay increased its regional land package by more than 250% in 2023 through the acquisition of Rockcliff Metals Corp. (“Rockcliff”), which included the addition of several known deposits located within trucking distance of the Snow Lake processing infrastructure. The deposits acquired as part of the Rockcliff acquisition, together with several deposits already owned by Hudbay in Snow Lake, have created an attractive portfolio of regional deposits in Snow Lake, including the Talbot, Rail, Pen II, Watts, 3 Zone and WIM deposits. The continued strong performance from the New Britannia mill has freed up processing capacity at the Stall mill, where there is approximately 1,500 tonnes per day of available capacity which could be utilized by the regional satellite deposits to increase production and extend the life of the Snow Lake operations beyond 2037. Hudbay commenced an extensive summer drill program at the Talbot copper-zinc-gold deposit in July focused on expanding the known mineralization and testing geophysical targets. Core logging from the first three holes confirm the continuity of the Talbot copper-gold mineralization at depth, with full assay results expected later in the year.
Exploring Large Land Package for New Anchor Deposit to Significantly Extend Mine Life –
A majority of the land claims acquired as part of the Rockcliff acquisition have been untested by modern deep geophysics, which was the discovery method for the Lalor deposit. A large geophysics program is currently underway consisting of surface electromagnetic surveys using cutting edge techniques that enable the team to detect targets at depths of almost 1,000 metres below surface. The planned geophysics program in 2025 is the largest geophysics program in Hudbay’s history and includes 800 kilometres of ground electromagnetic surveys and an extensive airborne geophysics survey. The Company resumed the Snow Lake regional geophysics program following the improved wildfire situation.

Maria Reyna and Caballito Drill Permits Update

Hudbay controls a large, contiguous block of mineral rights with the potential to host satellite mineral deposits in close proximity to the Constancia processing facility, including the past producing Caballito property and the highly prospective Maria Reyna property. The Company commenced the drill permitting process at Maria Reyna and Caballito after completing a surface rights exploration agreement with the community of Uchucarcco in August 2022. As part of the drill permitting process, environmental impact assessment (EIA) applications were approved by the government in June 2024 for Maria Reyna and September 2024 for Caballito. The remaining steps in the drill permitting process include the completion by the government of the Consulta Previa consultation process with the local community.

Board & Executive Management Appointments

In September 2025, Hudbay appointed Laura Tyler to its Board of Directors (the “Board”). Ms. Tyler has over 30 years of extensive experience with world-class global mining companies, including a 20-year career at BHP in progressively more senior leadership roles and ultimately serving as Chief Technical Officer where she oversaw the integration of the technology function with exploration, innovation, value engineering and BHP’s Centres of Excellence. Ms. Tyler’s extensive experience in the mining industry, deep technical knowledge and operational leadership experience make her an excellent addition to the Board.

In addition, the Company has promoted Candace Brûlé to Senior Vice President, Capital Markets and Corporate Affairs, and Mark Gupta to Senior Vice President, Corporate Development and Strategy.

In this broader role, Ms. Brûlé will retain responsibility for Investor Relations, Financial Planning & Analysis (FP&A), External Communications and Sustainability Reporting, while leading Hudbay’s Canadian government engagement efforts. Ms. Brûlé has over 18 years of experience in investor relations, corporate development and financial communications in the mining sector.

Mr. Gupta will continue to be responsible for optimizing Hudbay’s portfolio of assets through acquisitions, divestitures, investments and partnerships, as well as leading the Company’s corporate strategy function. Mr. Gupta has over 15 years of experience in the mining industry across investment banking, corporate development, capital planning and operations strategy.

Website Links

Hudbay: www.hudbay.com

Management’s Discussion and Analysis:
https://www.hudbayminerals.com/MDA1125

Financial Statements:
https://www.hudbayminerals.com/FS1125

Conference Call and Webcast

Date:	Wednesday, November 12, 2025
Time:	11:00 a.m. ET
Webcast:	www.hudbay.com
Dial in:	647-846-8185 or 1-833-752-3516

Qualified Person and NI 43-101

The technical and scientific information in this news release related to all of Hudbay’s material mineral projects other than the Copper Mountain mine has been approved by Olivier Tavchandjian, P. Geo., Senior Vice President, Exploration and Technical Services. The technical and scientific information in this news release related to the Copper Mountain mine has been approved by Marc-Andre Brulotte, P. Geo., Director, Global Exploration and Resource Evaluation. Messrs. Tavchandjian and Brulotte are qualified persons pursuant to NI 43‑101.

For a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources at Hudbay’s material mineral properties, as well as data verification procedures and a general discussion of the extent to which the estimates of scientific and technical information may be affected by any known environmental, permitting, legal title, taxation, sociopolitical, marketing or other relevant factors, please see the technical reports for the Company’s material properties are available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

Non-GAAP Financial Performance Measures

Adjusted net earnings (loss) attributable to owners, adjusted net earnings (loss) per share attributable to owners, adjusted EBITDA, net debt, net debt to adjusted EBITDA, free cash flow, cash cost, sustaining and all-in sustaining cash cost per pound of copper produced, cash cost and sustaining cash cost per ounce of gold produced, combined unit cost and ratios based on these measures are non-GAAP performance measures. These measures do not have a meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS and are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently.

Management believes adjusted net earnings (loss) attributable to owners and adjusted net earnings (loss) per share attributable to owners provides an alternate measure of the Company’s performance for the current period and gives insight into its expected performance in future periods. These measures are used internally by the Company to evaluate the performance of its underlying operations and to assist with its planning and forecasting of future operating results. As such, the Company believes these measures are useful to investors in assessing the Company’s underlying performance. Hudbay provides adjusted EBITDA to help users analyze the Company’s results and to provide additional information about its ongoing cash generating potential in order to assess its capacity to service and repay debt, carry out investments and cover working capital needs. Net debt is shown because it is a performance measure used by the Company to assess its financial position. Net debt to adjusted EBITDA is shown because it is a performance measure used by the Company to assess its financial leverage and debt capacity. Free cash flow is shown as it provides investors and management additional information in assessing the Company’s ability to generate cash flow from current operations after investing in capital to sustain the operations. Cash cost, sustaining and all-in sustaining cash cost per pound of copper produced are shown because the Company believes they help investors and management assess the performance of its operations, including the margin generated by the operations and the Company. Cash cost and sustaining cash cost per ounce of gold produced are shown because the Company believes they help investors and management assess the performance of its Manitoba operations. Combined unit cost is shown because Hudbay believes it helps investors and management assess the Company’s cost structure and margins that are not impacted by variability in by-product commodity prices.

The following tables provide detailed reconciliations to the most comparable IFRS measures.

Adjusted Net Earnings (Loss) Reconciliation

	Three Months Ended
(in $ millions)	Sep. 30, 2025		Jun. 30, 2025		Sep. 30, 2024
Net earnings for the period	222.4		114.7		50.3
Tax expense	108.1		38.4		29.4
Earnings before tax	330.5		153.1		79.7
Adjusting items:
Mark-to-market adjustments¹	8.7		6.3		5.2
Foreign exchange loss (gain)	8.8		(18.9	)	(3.3	)
Re-evaluation adjustment – environmental provision	1.4		(13.8	)	2.0
Manitoba cost of sales and other expenses from temporary shutdown	24.2		5.3		—
Peru cost of sales from temporary shutdown	10.9		—		—
Eva Project consideration received	(14.9	)	—		—
Copper World impairment reversal	(322.3	)	—		—
Inventory adjustments	(1.3	)	3.5		1.6
Reduction of obligation to renounce flow-through share expenditures, net of provisions	(0.8	)	(1.2	)	(2.0	)
(Reversal of) Write-down/loss on disposal of PP&E	(0.3	)	0.3		2.2
Adjusted earnings before income taxes	44.9		134.6		85.4
Tax expense	(108.1	)	(38.4	)	(29.4	)
Tax impact on adjusting items	73.3		(23.0	)	(5.2	)
Adjusted net earnings	10.1		73.2		50.8
Adjusted net earnings attributable to non-controlling interest:
Net loss for the period	—		3.0		(0.6	)
Adjusting items, including tax impact	—		(0.7	)	0.0
Adjusted net earnings ($/share) – attributable to owners	0.03		0.19		0.13
Basic weighted average number of common shares outstanding (millions)	395.7		395.1		393.6

_{¹ Includes changes in fair value of the gold prepayment liability, Canadian junior mining investments, other financial assets and liabilities at fair value through net earnings and share-based compensation (recoveries) expenses. Also includes gains and losses on disposition of investments.}

Adjusted EBITDA Reconciliation

	Three Months Ended
(in $ millions)	Sep. 30, 2025		Jun. 30, 2025		Sep. 30, 2024
Net earnings for the period	222.4		114.7		50.3
Add back:
Tax expense	108.1		38.4		29.4
Net finance expense	19.6		—		26.0
Other expenses	9.1		7.1		7.8
Depreciation and amortization	82.7		96.4		97.5
Amortization of deferred revenue and variable consideration adjustment	(6.3	)	(15.4	)	(9.6	)
Adjusting items (pre-tax):
Impairment reversal	(322.3	)	—		—
Consideration received from Eva Copper Project	(14.9	)	—		—
Re-evaluation adjustment – environmental provision	1.4		(13.8	)	2.0
Inventory adjustments	(1.3	)	3.5		1.6
Overhead costs incurred during Manitoba temporary suspension (cash)	16.0		3.2		—
Overhead costs incurred during Manitoba temporary suspension (cash)	7.3		—		—
Option agreement proceeds (Marubeni)	1.1		1.0		—
Realized loss on non-QP hedges	—		(0.4	)	(2.1	)
Share-based compensation expenses¹	19.7		10.5		3.1
Adjusted EBITDA	142.6		245.2		206.0

_{¹ Share-based compensation expenses reflected in cost of sales and selling and administrative expenses.}

Net Debt Reconciliation

(in $ millions)
	Sep. 30, 2025		Jun. 30, 2025		Dec. 31, 2024
Total debt	1,047.0		1,059.6		1,107.5
Less: Cash and cash equivalents	(611.1	)	(625.5	)	(541.8	)
Less: Short-term investments	—		—		(40.0	)
Net debt	435.9		434.1		525.7
(in $ millions, except net debt to adjusted EBITDA ratio)
Net debt	435.9		434.1		525.7
Adjusted EBITDA (12-month period)	930.3		995.9		823.3
Net debt to adjusted EBITDA	0.5		0.4		0.6

Trailing Adjusted EBITDA	Three Months Ended
(in $ millions)	Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sept. 30, 2024
Earnings (loss) for the period	222.4		114.7		99.2		19.3		50.3
Add back:
Tax expense	108.1		38.4		72.1		84.4		29.4
Net finance expense	19.6		—		14.4		34.4		26.0
Other expenses	9.1		7.1		5.2		22.1		7.8
Depreciation and amortization	82.7		96.4		108.1		122.2		97.5
Amortization of deferred revenue and variable consideration adjustment	(6.3	)	(15.4	)	(29.3	)	(26.2	)	(9.6	)
Adjusting items (pre-tax):
Impairment reversal	(322.3	)	—		—		—		—
Consideration received from Eva Copper Project	(14.9	)	—		—		—		—
Re-evaluation adjustment – environmental provision	1.4		(13.8	)	12.8		2.5		2.0
Inventory adjustments	(1.3	)	3.5		1.2		1.3		1.6
Overhead costs incurred during Manitoba temporary suspension (cash)	16.0		3.2		—		—		—
Overhead costs incurred during Peru temporary suspension (cash)	7.3		—		—		—		—
Realized loss on non-QP hedges	—		(0.4	)	(1.9	)	(4.2	)	(2.1	)
Option agreement proceeds (Marubeni)	1.1		1.0		1.5		—		—
Share-based compensation expenses¹	19.7		10.5		3.9		1.5		3.1
Adjusted EBITDA	142.6		245.2		287.2		257.3		206.0
LTM ²	932.3		995.7		895.7

_{¹ Share-based compensation expense reflected in cost of sales and administrative expenses.}

_{² LTM (last twelve months) as of September 30, 2025 and June 30, 2025. Annual consolidated results may not be calculated based on the amounts presented in this table due to rounding.}

Free Cash Flow Reconciliation

(in $ millions)	Three Months Ended
	Sep. 30, 2025		Jun. 30, 2025	Sep. 30, 2024
Cash generated from operations	111.5		259.9	148.1
Adjusting items:
Change in non-cash working capital	43.2		66.0	(40.2	)
Cash sustaining capital expenditures¹	85.7		106.1	99.9
Free cash flow	(15.2	)	87.8	88.4
Cash sustaining capital expenditures¹
Total sustaining capital costs	71.2		88.6	89.3
Capitalized lease and equipment financing cash payments – operating sites	14.3		13.4	10.2
Community agreement cash payments	—		4.1	0.4
Cash sustaining capital expenditures ¹	85.5		106.1	99.9

	Three Months Ended						LTM ²
(in $ millions)	Sep. 30, 2025		Jun. 30, 2025	Mar. 31, 2025		Dec. 31, 2024	LTM ²
Cash generated from operations	113.5		259.9	124.8		238.1	736.3
Adjusting items:
Change in non-cash working capital	43.2		66.0	(38.7	)	6.6	77.1
Cash sustaining capital expenditures¹	85.5		106.1	76.1		82.6	350.3
Free cash flow	(15.2	)	87.8	87.4		148.9	308.9
Cash sustaining capital expenditures¹
Total sustaining capital costs	71.2		88.6	62.5		71.6	293.9
Capitalized lease and equipment financing cash payments – operating sites	14.3		13.4	12.8		10.3	50.8
Community agreement cash payments	—		4.1	0.8		0.7	5.6
Cash sustaining capital expenditures ¹	85.5		106.1	76.1		82.6	350.3

_{¹ Excludes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites.}

_{² LTM (last twelve months) as at September 30, 2025}

Copper Cash Cost Reconciliation

Consolidated	Three Months Ended
Net pounds of copper produced ¹
(in thousands)	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024
Peru	39,934	47,863	46,782
Manitoba	1,856	3,554	7,491
British Columbia	11,572	14,626	14,850
Net pounds of copper produced	53,362	66,043	69,123

_{¹ Contained copper in concentrate.}

Consolidated	Three Months Ended
	Sep. 30, 2025				Jun. 30, 2025				Sep. 30, 2024
Cash cost per pound of copper produced	$ millions		$/lb		$ millions		$/lb		$ millions		$/lb
Mining	70.2		1.32		85.8		1.30		90.7		1.31
Milling	75.8		1.42		92.6		1.40		85.1		1.23
G&A	31.8		0.59		43.1		0.66		38.0		0.55
Onsite costs	177.8		3.33		221.5		3.36		213.8		3.09
Treatment & refining	5.3		0.10		3.3		0.05		21.2		0.31
Freight & other	14.9		0.28		20.8		0.31		24.4		0.35
Cash cost, before by-product credits	198.0		3.71		245.6		3.72		259.4		3.75
By-product credits	(175.8	)	(3.29	)	(247.3	)	(3.74	)	(246.7	)	(3.57	)
Cash cost, net of by-product credits	22.2		0.42		(1.7	)	(0.02	)	12.7		0.18

Consolidated	Three Months Ended
	Sep. 30, 2025			Jun. 30, 2025			Sep. 30, 2024
Supplementary cash cost information	$ millions		$/lb ¹	$ millions		$/lb¹	$ millions		$/lb¹
By-product credits²:
Zinc	9.9		0.18	7.3		0.11	24.2		0.35
Gold³	134.8		2.53	195.8		2.96	189.1		2.73
Silver³	13.9		0.26	23.4		0.35	18.3		0.27
Molybdenum & other	17.2		0.32	20.8		0.32	15.1		0.22
Total by-product credits	175.8		3.29	247.3		3.74	246.7		3.57
Reconciliation to IFRS:
Cash cost, net of by-product credits	22.2			(1.7	)		12.7
By-product credits	175.8			247.3			246.7
Treatment and refining charges	(5.3	)		(3.3	)		(21.2	)
Share-based compensation expense	1.7			0.9			0.3
Inventory adjustments	(1.3	)		3.5			1.6
Past service cost	—			—			2.8
Change in product inventory	(19.6	)		11.4			1.8
Royalties	2.0			2.2			3.8
Overhead costs incurred during Manitoba temporary suspension (cash)	16.0			3.2			—
Overhead costs incurred during Peru temporary suspension (cash)	7.3			—			—
Depreciation and amortization⁴	82.7			96.4			97.5
Cost of sales	281.5			359.9			346.0

_{¹ Per pound of copper produced.}

_{² By-product credits are computed as revenue per consolidated financial statements, including amortization of deferred revenue and pricing and volume adjustments.}

_{³ Gold and silver by-product credits do not include variable consideration adjustments with respect to stream arrangements. Variable consideration adjustments are cumulative adjustments to gold and silver stream deferred revenue primarily associated with the net change in mineral reserves and resources or amendments to the mine plan that would change the total expected deliverable ounces under the precious metal streaming arrangement. For the three months ended September 30, 2025 the variable consideration adjustments amounted to $nil (three months ended September 30, 2024 – $nil and June 30, 2025 – $nil).}

_{⁴ Depreciation is based on concentrate sold.}

Peru	Three Months Ended
(in thousands)	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024
Net pounds of copper produced ¹	39,934	47,863	46,782

_{¹ Contained copper in concentrate.}

Peru	Three Months Ended
	Sep. 30, 2025				Jun. 30, 2025				Sep. 30, 2024
Cash cost per pound of copper produced	$ millions		$/lb		$ millions		$/lb		$ millions		$/lb
Mining	34.8		0.87		28.1		0.59		37.7		0.81
Milling	40.8		1.02		57.8		1.21		48.5		1.04
G&A	19.3		0.48		23.2		0.48		19.9		0.42
Onsite costs	94.9		2.37		109.1		2.28		106.1		2.27
Treatment & refining	3.4		0.08		(0.1	)	(0.00	)	11.4		0.24
Freight & other	9.4		0.24		12.4		0.25		14.1		0.30
Cash cost, before by-product credits	107.7		2.69		121.4		2.53		131.6		2.81
By-product credits	(55.5	)	(1.39	)	(51.8	)	(1.08	)	(47.2	)	(1.01	)
Cash cost, net of by-product credits	52.2		1.30		69.6		1.45		84.4		1.80

Peru	Three Months Ended
	Sep. 30, 2025			Jun. 30, 2025		Sep. 30, 2024
Supplementary cash cost information	$ millions		$/lb ¹	$ millions	$/lb¹	$ millions		$/lb¹
By-product credits²:
Gold³	31.3		0.78	17.3	0.36	22.9		0.49
Silver³	7.0		0.18	13.7	0.29	9.2		0.20
Molybdenum	17.2		0.43	20.8	0.43	15.1		0.32
Total by-product credits	55.5		1.39	51.8	1.08	47.2		1.01
Reconciliation to IFRS:
Cash cost, net of by-product credits	52.2			69.6		84.4
By-product credits	55.5			51.8		47.2
Treatment and refining charges	(3.4	)		0.1		(11.4	)
Inventory adjustments	(1.3	)		1.1		0.2
Share-based compensation expenses	0.2			0.2		0.1
Change in product inventory	(26.9	)		4.0		1.1
Royalties	1.5			1.0		2.2
Overhead costs incurred during Peru temporary suspension (cash)	7.3			—		—
Depreciation and amortization⁴	50.0			56.0		57.2
Cost of sales ⁵	135.1			183.8		181.0

British Columbia	Three Months Ended
(in thousands)	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024
Net pounds of copper produced ¹	11,572	14,626	14,850

_{¹ Contained copper in concentrate.}

British Columbia	Three Months Ended
	Sep. 30, 2025				Jun. 30, 2025				Sep. 30, 2024
Cash cost per pound of copper produced	$ millions		$/lb		$ millions		$/lb		$ millions		$/lb
Mining	19.6		1.69		24.2		1.65		12.9		0.87
Milling	29.1		2.52		21.4		1.46		19.7		1.33
G&A	7.1		0.61		6.1		0.42		5.7		0.39
Onsite costs	55.8		4.82		51.7		3.53		38.3		2.59
Treatment & refining	1.0		0.09		2.1		0.14		3.3		0.22
Freight & other	3.0		0.26		3.3		0.24		3.1		0.20
Cash cost, before by-product credits	59.8		5.17		57.1		3.91		44.7		3.01
By-product credits	(22.7	)	(1.96	)	(22.2	)	(1.52	)	(17.9	)	(1.20	)
Cash cost, net of by-product credits	37.1		3.21		34.9		2.39		26.8		1.81

British Columbia		Three Months Ended
		Sep. 30, 2025				Jun. 30, 2025				Sep. 30, 2024
Supplementary cash cost information		$ millions		$/lb ¹		$ millions		$/lb¹		$ millions		$/lb¹
By-product credits²:
Gold	20.4			1.76		19.8		1.35		16.3		1.09
Silver	2.3			0.20		2.4		0.17		1.6		0.11
Total by-product credits	22.7			1.96		22.2		1.52		17.9		1.20
Reconciliation to IFRS:
Cash cost, net of by-product credits	37.1					34.9				26.8
By-product credits	22.7					22.2				17.9
Treatment and refining charges	(1.0		)			(2.1	)			(3.3	)
Share based payment	0.5					0.2				—
Change in product inventory	4.2					3.6				(0.5	)
Inventory adjustments	—					1.4				—
Royalties	0.5					1.2				1.6
Depreciation and amortization³	16.4					16.8				12.6
Cost of sales ⁴	80.4				78.2				55.1

Sustaining and All-in Sustaining Cash Cost Reconciliation

Consolidated	Three Months Ended
	Sep. 30, 2025		Jun. 30, 2025				Sep. 30, 2024
All-in sustaining cash cost per pound of copper produced	$ millions	$/lb	$ millions		$/lb		$ millions	$/lb
Cash cost, net of by-product credits	22.2	0.42	(1.7	)	(0.02	)	12.7	0.18
Cash sustaining capital expenditures	87.5	1.64	108.3		1.64		101.6	1.47
Royalties	2.0	0.04	2.2		0.03		3.8	0.06
Sustaining cash cost, net of by-product credits	111.7	2.09	108.8		1.65		118.1	1.71
Corporate selling and administrative expenses & regional costs	33.0	0.62	22.1		0.33		12.8	0.18
Accretion and amortization of decommissioning and community agreements¹	3.9	0.07	3.2		0.05		3.9	0.06
All-in sustaining cash cost, net of by-product credits	148.6	2.78	134.1		2.03		134.8	1.95
Reconciliation to property, plant and equipment additions
Property, plant and equipment additions	97.6		93.6				76.7
Capitalized stripping net additions	43.2		53.8				49.2
Total accrued capital additions	140.8		147.4				125.9
Less other non-sustaining capital costs²	69.6		58.8				36.6
Total sustaining capital costs	71.2		88.6				89.3
Capitalized lease & equipment financing cash payments – operating sites	14.3		13.4				10.2
Community agreement cash payments³	—		4.1				0.4
Accretion and amortization of decommissioning and restoration obligations⁴	2.0		2.2				1.7
Cash sustaining capital expenditures	87.5		108.3				101.6

_{¹ Includes accretion of decommissioning relating to non-productive sites, and accretion and amortization of community agreements capitalized to Other assets.}

_{² Other non-sustaining capital costs include Arizona capitalized costs, capitalized interest, capitalized exploration, right-of-use lease asset additions, equipment financing asset additions, growth capital expenditures and reclassification related to capital spares.}

_{³ Amortization for community agreements relating to current operations.}

_{⁴ Includes amortization of decommissioning and restoration PP&E assets and accretion of decommissioning and restoration liabilities related to producing sites.}

Peru	Three Months Ended
	Sep. 30, 2025		Jun. 30, 2025		Sep. 30, 2024
Sustaining cash cost per pound of copper produced	$ millions	$/lb	$ millions	$/lb	$ millions	$/lb
Cash cost, net of by-product credits	52.2	1.30	69.6	1.45	84.4	1.80
Cash sustaining capital expenditures	30.5	0.77	55.1	1.15	43.7	0.93
Royalties	1.5	0.04	1.0	0.03	2.2	0.05
Sustaining cash cost per pound of copper produced	84.2	2.11	125.7	2.63	130.3	2.78

British Columbia	Three Months Ended
	Sep. 30, 2025		Jun. 30, 2025		Sep. 30, 2024
Sustaining cash cost per pound of copper produced	$ millions	$/lb	$ millions	$/lb	$ millions	$/lb
Cash cost, net of by-product credits	37.1	3.21	34.9	2.39	26.8	1.81
Cash sustaining capital expenditures	48.4	4.18	39.6	2.71	46.6	3.14
Royalties	0.5	0.04	1.2	0.08	1.6	0.11
Sustaining cash cost per pound of copper produced	86.0	7.43	75.7	5.18	75.0	5.06

Gold Cash Cost and Sustaining Cash Cost Reconciliation

Manitoba	Three Months Ended
(in thousands)	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024
Net ounces of gold produced ¹	22,441	43,235	62,468

_{¹ Contained gold in concentrate and doré.}

Manitoba	Three Months Ended
	Sep. 30, 2025				Jun. 30, 2025				Sep. 30, 2024
Cash cost per ounce of gold produced	$millions		$/oz		$millions		$/oz		$millions		$/oz
Mining	15.8		704		33.5		775		40.1		642
Milling	5.9		263		13.4		310		16.9		271
G&A	5.4		241		13.8		319		12.4		198
Onsite costs	27.1		1,208		60.7		1,404		69.4		1,111
Treatment & refining	0.9		40		1.3		30		6.5		104
Freight & other	2.5		111		5.1		118		7.2		117
Cash cost, before by-product credits	30.5		1,359		67.1		1,552		83.1		1,332
By-product credits	(22.0	)	(980	)	(36.4	)	(842	)	(60.0	)	(960	)
Gold cash cost, net of by-product credits	8.5		379		30.7		710		23.1		372

Manitoba	Three Months Ended
	Sep. 30, 2025			Jun. 30, 2025			Sep. 30, 2024
Supplementary cash cost information	$millions		$/oz ¹	$millions		$/oz¹	$millions		$/oz¹
By-product credits²:
Copper	7.4		330	21.8		504	28.2		451
Zinc	9.9		441	7.3		169	24.3		389
Silver	4.7		209	7.3		169	7.5		120
Other	—		—	—		—	—		—
Total by-product credits	22.0		980	36.4		842	60.0		960
Reconciliation to IFRS:
Cash cost, net of by-product credits	8.5			30.7			23.1
By-product credits	22.0			36.4			60.0
Treatment and refining charges	(0.9	)		(1.3	)		(6.5	)
Inventory adjustments	—			1.0			1.4
Past service cost	—			—			2.8
Share-based compensation expenses	1.0			0.5			0.2
Change in product inventory	3.1			3.8			1.2
Overhead costs incurred during temporary suspension	16.0			3.2			—
Depreciation and amortization³	16.3			23.6			27.7
Cost of sales ⁴	66.0			97.9			109.9

_{¹ Per ounce of gold produced.}

_{² By-product credits are computed as revenue per consolidated financial statements, amortization of deferred revenue, pricing and volume adjustments.}

_{³ Depreciation is based on concentrate sold.}

_{⁴ As per consolidated financial statements.}

Manitoba	Three Months Ended
	Sep. 30, 2025		Jun. 30, 2025		Sep. 30, 2024
Sustaining cash cost per pound of gold produced	$millions	$/oz	$millions	$/oz	$millions	$/oz
Gold cash cost, net of by-product credits	8.5	379	30.7	710	23.1	372
Cash sustaining capital expenditures	8.6	383	13.6	315	11.3	181
Sustaining cash cost per pound of gold produced	17.1	762	44.3	1,025	34.4	553

Combined Unit Cost Reconciliation

Peru	Three Months Ended
(in millions except ore tonnes milled and unit cost per tonne)
Combined unit cost per tonne processed	Sep. 30, 2025		Jun. 30, 2025		Sep. 30, 2024
Mining	34.8		28.1		37.7
Milling	40.8		57.8		48.5
G&A¹	19.3		23.2		19.9
Other G&A²	(3.8	)	(6.4	)	(2.0	)
Unit cost	91.1		102.7		104.1
Tonnes ore milled	6,992		7,559		8,137
Combined unit cost per tonne	13.03		13.59		12.78
Reconciliation to IFRS:
Unit cost	91.1		102.7		104.1
Freight & other	9.4		12.4		14.1
Inventory adjustments	(1.3	)	1.1		0.2
Other G&A	3.8		6.4		2.0
Share-based compensation expenses	0.2		0.2		0.1
Change in product inventory	(26.9	)	4.0		1.1
Royalties	1.5		1.0		2.2
Overhead costs incurred during Peru temporary suspension (cash)	7.3		—		—
Depreciation and amortization	50.0		56.0		57.2
Cost of sales ³	135.1		183.8		181.0

_{¹ G&A as per cash cost reconciliation above.}

_{² Other G&A primarily includes profit sharing costs.}

_{³ As per consolidated financial statements.}

British Columbia	Three Months Ended
(in millions except tonnes ore milled and unit cost per tonne)
Combined unit cost per tonne processed	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024
Mining	19.6	24.2	12.9
Milling	29.1	21.4	19.7
G&A¹	7.1	6.1	5.7
Unit cost	55.8	51.7	38.3
USD/CAD implicit exchange rate	1.38	1.38	1.35
Unit cost – C$	77.3	71.1	52.4
Tonnes ore milled	3,087	2,900	3,363
Combined unit cost per tonne – C$	25.02	24.51	15.58
Reconciliation to IFRS:
Unit cost	55.8	51.7	38.3
Freight & other	3.0	3.3	3.1
Share-based compensation expenses	0.5	0.2	—
Change in product inventory	4.2	3.6	(0.5	)
Inventory adjustments	—	1.4	—
Royalties	0.5	1.2	1.6
Depreciation and amortization	16.4	16.8	12.6
Cost of sales ²	80.4	78.2	55.1

_{¹ G&A as per cash cost reconciliation above}

_{² As per consolidated interim financial statements.}

Manitoba	Three Months Ended
(in millions except ore tonnes milled and unit cost per tonne)
Combined unit cost per tonne processed	Sep. 30, 2025		Jun. 30, 2025		Sep. 30, 2024
Mining	15.8		33.5		40.1
Milling	5.9		13.4		16.9
G&A¹	5.4		13.8		12.4
Less: Other G&A related to profit sharing costs	(1.8	)	(7.2	)	(5.4	)
Unit cost	25.3		53.5		64.0
USD/CAD implicit exchange rate	1.39		1.38		1.36
Unit cost – C$	35.3		73.9		87.4
Tonnes ore milled	136,705		307,138		413,919
Combined unit cost per tonne ² – C$	258		241		211
Reconciliation to IFRS:
Unit cost	25.3		53.5		64.0
Freight & other	2.5		5.1		7.2
Other G&A related to profit sharing	1.8		7.2		5.4
Share-based compensation expenses	1.0		0.5		0.2
Inventory adjustments	—		1.0		1.4
Past service cost	—		—		2.8
Change in product inventory	3.1		3.8		1.2
Overhead costs incurred during temporary suspension	16.0		3.2		—
Depreciation and amortization	16.3		23.6		27.7
Cost of sales ²	66.0		97.9		109.9

_{¹ G&A as per cash cost reconciliation above.}

_{² As per consolidated interim financial statements.}

Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this news release, 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 news release is qualified by this cautionary note.

Forward-looking information includes, but is not limited to, statements with respect to Hudbay’s production, cost and capital and exploration expenditure guidance, including expectations with respect to full year results following temporary operational disruptions earlier in the year, Hudbay’s ability to advance and complete the optimization of the Copper Mountain mine operation including with respect to the ongoing SAG2 conversion and configuration project and with respect to the SAG1 repairs and mill ramp-up plans, the implementation of stripping strategies and the expected benefits therefrom, the estimated timelines and pre-requisites for sanctioning the Copper World project, the consummation and timing of the JV Transaction, the satisfaction of the conditions precedent to the JV Transaction, including but not limited to receipt of regulatory approvals, expectations regarding the anticipated benefits of the JV Transaction to Hudbay and the United States, the consummation and timing of the DFS, expectations regarding the results of any challenges to the permits for the Copper World project and the potential impact of recent policy decisions from the United States government, the expected benefits of the sanctioning of Copper World project, and the benefits, timing and consummation of the definitive agreement with Wheaton in respect of the enhanced precious metals stream, the expected benefits of Manitoba growth initiatives, including the use of the exploration drift at the 1901 deposit, and the potential utilization of excess capacity at the Stall mill, Hudbay’s future deleveraging strategies and Hudbay’s ability to deleverage and repay debt as needed, expectations regarding Hudbay’s cash balance and liquidity and related cash management strategies, expectations regarding tax synergies, expectations regarding the ability to conduct exploration work and execute on exploration programs on its properties and to advance related drill plans, including the advancement of the exploration program at Maria Reyna and Caballito and the status and anticipated timing of the related drill permit application process, expectations regarding the prospective nature of the Maria Reyna and Caballito properties, the ability to continue mining higher-grade ore in the Pampacancha pit and Hudbay’s expectations resulting therefrom, Hudbay’s evaluation and assessment of opportunities to reprocess tailings using various metallurgical technologies, the anticipated impact of brownfield and greenfield growth projects on Hudbay’s performance, anticipated exploration and expansion opportunities and extension of mine life in Snow Lake and Hudbay’s ability to find a new anchor deposit near Hudbay’s Snow Lake operations, anticipated future drill programs and exploration activities and any results expected therefrom, the enhancement of stakeholder engagement and advancement of metallurgical studies at the Mason copper project in Nevada, anticipated mine plans, anticipated metals prices and the anticipated sensitivity of Hudbay’s financial performance to metals prices, events that may affect Hudbay’s operations and development projects, anticipated cash flows from operations and related liquidity requirements, the ability to successfully obtain proceeds from insurance claims, the anticipated effect of external factors on revenue, such as commodity prices, estimation of mineral reserves and resources, mine life projections, reclamation costs, economic outlook, government regulation of mining operations, and business and acquisition strategies. 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 Hudbay 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 has identified and were applied in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to:

the ability to achieve production, cost and capital and exploration expenditure guidance;
no significant interruptions to Hudbay’s operations due to social or political unrest in the regions Hudbay operates, including the navigation of the complex political and social environment in Peru and the resolution of grievances raised by local communities and their residents;
the ability to ramp up to full production in a timely manner following the temporary operational disruptions earlier in the year;
the ability to successfully close the JV Transaction;
the ability to consummate the definitive agreement with Wheaton in respect of the enhanced precious metals stream;
no interruptions to Hudbay’s plans for advancing the Copper World project, including with respect to any successful challenges to the Copper World permits;
Hudbay’s ability to successfully advance and complete the optimization of the Copper Mountain operations, obtain required permits and develop and maintain good relations with key stakeholders;
the ability to execute on its exploration plans and to advance related drill plans;
the ability to advance the exploration program at the Maria Reyna and Caballito properties;
the success of mining, processing, exploration and development activities;
the scheduled maintenance and availability of Hudbay’s processing facilities;
the accuracy of geological, mining and metallurgical estimates;
anticipated metals prices and the costs of production;
the supply and demand for metals Hudbay produces;
the supply and availability of all forms of energy and fuels at reasonable prices;
no significant unanticipated operational or technical difficulties;
no significant interruptions to operations due to adverse effects from extreme weather events, including forest fires that have affected and may continue to affect the regions in which Hudbay operates;
the execution of Hudbay’s business and growth strategies, including the success of its strategic investments and initiatives;
the availability of additional financing, if needed;
the ability to deleverage and repay debt, as needed;
the ability to complete project targets on time and on budget and other events that may affect Hudbay’s ability to develop Hudbay’s projects;
the timing and receipt of various regulatory and governmental approvals;
the availability of personnel for Hudbay’s exploration, development and operational projects and ongoing employee relations;
maintaining good relations with the employees at Hudbay’s operations;
maintaining good relations with the labour unions that represent certain of Hudbay employees in Manitoba and Peru;
maintaining good relations with the communities in which Hudbay operates, including the neighbouring Indigenous communities and local governments;
no significant unanticipated challenges with stakeholders at Hudbay’s various projects;
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 Hudbay’s unpatented mining claims;
the timing and possible outcome of pending litigation and no significant unanticipated litigation;
certain tax matters, including, but not limited to current tax laws and regulations, changes in taxation policies and the refund of certain value added taxes from the Canadian and Peruvian governments; 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 associated with satisfying the conditions to the closing of the JV Transaction, including the timing, receipt and any conditions associated with regulatory approvals, risks associated with reaching a definitive agreement with Wheaton in respect of the enhanced precious metals stream, risks related to the failure to effectively advance and complete the optimization of the Copper Mountain mine operations including with respect to the ongoing SAG2 mill conversion and configuration project and with respect to the SAG1 repairs and mill ramp-up plans, political and social risks in the regions Hudbay operates, including the complex political and social environment in Peru and potential disruptions to operations arising from community protests and grievances, risks generally associated with the mining industry and the current geopolitical environment, including future commodity prices, the potential implementation or expansion of tariffs, currency and interest rate fluctuations, energy and consumable prices, supply chain constraints and general cost escalation in the current inflationary environment, uncertainties related to the development and operation of Hudbay’s projects, the risk of an indicator of impairment or impairment reversal relating to a material mineral property, risks related to the Copper World project, including in relation to project delivery and financing risks, risks related to the Lalor mine plan, including the ability to convert inferred mineral resource estimates to higher confidence categories, dependence on key personnel and employee and union relations, risks related to political or social instability, unrest or change, risks in respect of Indigenous and community relations, rights and title claims, operational risks and hazards, including the cost of maintaining and upgrading Hudbay’s tailings management facilities and any unanticipated environmental, industrial and geological events and developments and the inability to insure against all risks (including any unanticipated significant interruptions to operations due to adverse effects from extreme weather events), failure of plant, equipment, processes, transportation and other infrastructure to operate as anticipated, compliance with government and environmental regulations, including permitting requirements and anti-bribery legislation, depletion of Hudbay’s reserves, volatile financial markets and interest rates that may affect Hudbay’s ability to obtain additional financing on acceptable terms, the failure to obtain required approvals or clearances from government authorities on a timely basis, uncertainties related to the geology, continuity, grade and estimates of mineral reserves and resources, and the potential for variations in grade and recovery rates, uncertain costs of reclamation activities, Hudbay’s ability to comply with Hudbay’s pension and other post-retirement obligations, Hudbay’s ability to abide by the covenants in Hudbay’s debt instruments and other material contracts, tax refunds, hedging transactions, as well as the risks discussed under the heading “Risk Factors” in Hudbay’s most recent Annual Information Form which is available on the Company’s SEDAR+ profile at www.sedarplus.ca and the Company’s EDGAR profile at www.sec.gov.

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 news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.

Note to United States Investors

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which may differ materially from the requirements of United States securities laws applicable to U.S. issuers.

About Hudbay

Hudbay (TSX, NYSE: HBM) is a copper-focused critical minerals mining company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States.

Hudbay’s operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the Company, which is complemented by meaningful gold production and by-product zinc, silver and molybdenum. Hudbay’s growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its existing operations.

The value Hudbay creates and the impact it has is embodied in its purpose statement: “We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities.” Hudbay’s mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations.

For further information, please contact:

Candace Brûlé
Senior Vice President, Capital Markets and Corporate Affairs
(416) 814-4387
[email protected]

____________________
_{ⁱAdjusted net earnings (loss) – attributable to owners and adjusted net earnings (loss) per share – attributable to owners, adjusted EBITDA, cash cost, sustaining cash cost, all-in sustaining cash cost per pound of copper produced, net of by-product credits, cash cost, sustaining cash cost per ounce of gold produced, net of by-product credits, combined unit cost, net debt, net debt to adjusted EBITDA ratio and free cash flow are non-GAAP financial performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the discussion under the “Non-GAAP Financial Performance Measures” section of this news release.}
_{ⁱⁱ Total liquidity including $611.1 million in cash and cash equivalents, and undrawn availability of $425.2 million under Hudbay’s revolving credit facilities. The Company’s liquidity is expected to be further enhanced upon the closing of the JV Transaction, which is expected to occur in late 2025 or early 2026.}
_{ⁱⁱⁱ Average analyst consensus net asset value estimate for 100% of Copper World is approximately $1.16 billion as of August 12, 2025.}
_{^iv Based on the initial capital investment and the $3.75 per pound copper price used in the PFS published on September 8, 2023 with assumptions of approximately $145 million for pre-sanctioning costs, $230 million from the precious metals stream, $350 million from project-level financing and approximately $700 million from the joint venture partner earn-in, matching contribution and capital contribution.}

November 11, 2025 4:28 pm

Hyliion Holdings Reports Third-quarter 2025 Financial Results

Hyliion Holdings Reports Third-quarter 2025 Financial Results

AUSTIN, Texas–(BUSINESS WIRE)–Hyliion Holdings Corp. (NYSE American: HYLN) (“Hyliion”), a developer of modular power plant technology, today reported financial results for the third quarter ended September 30, 2025, and provided key updates on the development and commercialization of the KARNO™ generator platform.

Key Business Highlights

KARNO Power Module achieving the power, reliability, and emissions performance required by initial customers, enabling further customer deployments
Completed over 100 days of operational testing on a customer unit with no unplanned hardware-related downtime, validating product durability and reliability
Demonstrated emissions performance exceeding the most stringent local air quality standards
Received EPA confirmation that the KARNO technology is not federally regulated and will only be subject to local air permitting regulations
Demonstrated KARNO Power Module fuel flexibility by seamlessly switching between natural gas and propane under load while maintaining stable power output
Highlighted progression of the U.S. Navy’s autonomous ship program into sea trials, with initial KARNO Core installations expected in 2026 on a multi-megawatt vessel
Executed non-binding letters of intent representing nearly 500 KARNO Cores since introducing the technology, reflecting strong customer demand across multiple applications
Engaged in an exploratory effort with a leading nuclear organization to evaluate pairing KARNO Cores with nuclear heat sources for more efficient small modular reactors (SMRs)
Aligned with a shift driven by NVIDIA toward 800-volt DC architectures for AI data centers, reinforcing the KARNO Power Module’s native 800-volt DC integration advantage
Recorded third-quarter revenue of $0.8 million and year-to-date revenue of $2.8 million, all from research and development services
Ended the quarter with $165 million in cash and investments, with year-end 2025 balance expected to be approximately $155 million

Executive Commentary

“This quarter marks a major turning point for Hyliion,” said Thomas Healy, Founder and CEO of Hyliion. “The KARNO Power Module is now meeting our initial customers’ performance requirements, enabling further system deployments in real-world applications. We’ve showcased the product’s reliability, fuel flexibility, and ultra-low emissions, and have received positive regulatory determination from the EPA that will streamline the deployment pathway for our customers.”

Product Performance and Readiness

Hyliion achieved multiple product milestones this quarter, confirming that the KARNO Power Module is now performing at the level required by initial customers. This progress enables the company to further expand customer deployments this year and into 2026 and keeps Hyliion on track for full product commercialization in 2026.

A key achievement this quarter was the successful completion of over 100 consecutive days of testing on a customer-configured KARNO Power Module with no unplanned hardware-related downtime. While the unit was not operated continuously during the test period, it accumulated extensive runtime across a broad range of load conditions and completed hundreds of start-stop cycles. These results validate the system’s durability, dependable architecture, and low-maintenance design.

Emissions testing by the company also confirmed that the KARNO Power Module can meet or exceed the most stringent local air quality standards, including those set by California’s South Coast Air Quality Management District, without requiring exhaust aftertreatment. In parallel, the U.S. Environmental Protection Agency issued a determination that the KARNO Power Module is not classified as an internal combustion engine under current federal regulations. This designation removes the need for federal engine permitting and allows customers to work directly with local air agencies, significantly simplifying the path to deployment.

The company also demonstrated the KARNO system’s ability to operate seamlessly on multiple fuels. In a recent showcase, a unit switched between natural gas and propane while under load, maintaining stable power output and real-time performance adjustment. This fuel flexibility highlights one of the KARNO Power Module’s key differentiators and broadens its applicability across diverse customer applications and fuel availability scenarios.

Hyliion completed a key milestone in its UL certification program. The KARNO linear electric motor passed all required tests on the first attempt, a result that underscores the maturity and robustness of the system’s engineering design. Remaining system-level testing is proceeding as planned, and full UL certification of the KARNO Power Module is expected to be completed in the coming months.

KARNO Commercial Updates

Since the introduction of the KARNO Power Module, customer interest has continued to build, with Hyliion having executed non-binding letters of intent representing nearly 500 KARNO Cores across a diverse range of applications. These agreements demonstrate growing demand from customers seeking reliable, clean, and fuel-flexible distributed power solutions. Based on current levels of interest, Hyliion anticipates being supply constrained for the years ahead as it scales production capacity to meet customer needs.

The company’s engagement with the U.S. Navy also continues to advance. The first autonomous naval vessel designed to be powered by KARNO systems is now undergoing sea trials, marking a major milestone in the Navy’s program. Initial KARNO installations are planned for 2026 under Hyliion’s ongoing R&D contract. The vessel’s architecture is designed to accommodate multiple megawatts of KARNO power, illustrating both the scalability and strategic relevance of the technology for defense applications where energy security and reliability are mission-critical.

Hyliion has also initiated exploratory work with a leading organization in the SMR sector to evaluate coupling KARNO technology with nuclear power. Since the KARNO system uses heat as its input fuel source, this effort will explore the potential to replace traditional steam turbines in SMR systems with KARNO Power Modules to generate electricity more efficiently. While still in the early stages, this collaboration represents a longer-term opportunity to expand the KARNO Power Module’s applicability within next-generation clean energy infrastructure.

In the data center sector, Hyliion’s technology is aligned with the industry’s planned transition toward high-voltage, direct-current architectures. NVIDIA recently highlighted this shift toward 800-volt DC systems as a foundational element for future AI data centers seeking higher powered compute, efficiency, and scalability. The KARNO Power Module’s native 800-volt DC output enables direct integration into these next-generation architectures without requiring costly conversion equipment, offering operators improved efficiency, reduced complexity, and lower installation costs.

Financial Highlights and Guidance

Hyliion recorded third-quarter 2025 revenue of $0.8 million from research and development services related to its contract with the Office of Naval Research. Cost of sales was also approximately $0.8 million, resulting in a small gross loss for the quarter. In the same period of 2024, the company recorded no revenue or cost of sales.

Operating expenses for the quarter were $15.3 million, compared to $14.2 million in the third quarter of 2024. The increase was primarily driven by higher research and development spending as the company continued to advance testing and production of KARNO components. Selling, general, and administrative expenses were $5.2 million, down roughly half a million dollars year-over-year due to lower facility and insurance costs, partially offset by a small increase in labor costs. The company reported a third quarter net loss of $13.3 million compared to $11.2 million in the third quarter of 2024.

For the first nine months of 2025, Hyliion recorded $2.8 million in revenue, all from research and development services, with a gross profit of approximately $96 thousand. Operating expenses totaled $50.7 million compared to $47.2 million in the same period last year, primarily due to increased R&D investment, partly offset by lower SG&A and Powertrain Exit and Termination expenses. The company’s year-to-date net loss was $44 million compared to $37.7 million in the prior-year period.

Hyliion ended the quarter with $164.7 million in cash and investments and expects a year-end 2025 balance of approximately $155 million. Year-to-date cash use totaled $55 million, including $22 million of capital expenditures, primarily related to additive printing equipment and facility enhancements. The company continues to forecast total 2025 cash outlays of approximately $65 million net of planned equipment financing.

Full-year 2025 revenue is expected to be approximately $4 million, reflecting timing adjustments for certain early-adopter unit deliveries that have shifted into 2026. Hyliion expects commercialization of the KARNO Power Module to occur in 2026, at which time it will begin recognizing product revenue. The company continues to believe that its current capital position will be sufficient to fund operations through product commercialization.

About Hyliion

Hyliion is committed to creating innovative solutions that enable clean, flexible and affordable electricity production. The Company’s primary focus is to provide modular power plants that can operate on various fuel sources to future-proof against an ever-changing energy economy. Headquartered in Austin, Texas, and with research and development in Cincinnati, Ohio, Hyliion is initially targeting the commercial and waste management industries with locally deployable KARNO Power Module that can offer prime power as well as energy arbitrage opportunities. Beyond stationary power, Hyliion will address mobile applications such as vehicles and marine. The KARNO Power Module is a fuel-agnostic solution, enabled by additive manufacturing, that leverages a linear heat generator architecture. The Company aims to offer innovative, yet practical solutions that contribute positively to the environment in the energy economy. For further information, please visit www.hyliion.com.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, our status as an early stage company with a history of losses, and our expectation of incurring significant expenses and continuing losses for the foreseeable future; our ability to develop to develop key commercial relationships with suppliers and customers; our ability to retain the services of Thomas Healy, our Chief Executive Officer; the expected performance of the KARNO generator and system; the execution of the strategic shift from our powertrain business to our KARNO business; our ability to comply with governmental regulations related to defense spending and procurement; the suitability of our products for defense applications; and the other risks and uncertainties described under the heading “Risk Factors” in our SEC filings including in our Annual Report (See item 1A. Risk Factors) on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2025 for the year ended December 31, 2024 and in our subsequently filed Forms 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.

HYLIION HOLDINGS CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollar amounts in thousands, except share and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenues
Research and development services	$	759		$	—		$	2,763		$	—
Total revenues		759			—			2,763			—
Cost of revenues
Research and development services		806			—			2,667			—
Total cost of revenues		806			—			2,667			—
Gross (loss) profit		(47	)		—			96			—
Operating expenses
Research and development		10,136			9,462			32,503			25,741
Selling, general and administrative		5,184			5,648			17,228			18,502
Exit and termination (benefits) costs		(70	)		(929	)		1,007			2,946
Total operating expenses		15,250			14,181			50,738			47,189
Loss from operations		(15,297	)		(14,181	)		(50,642	)		(47,189	)
Interest income		1,960			2,979			6,637			9,504
Gain on disposal of assets		—			—			—			3
Other income, net		—			—			—			32
Net loss	$	(13,337	)	$	(11,202	)	$	(44,005	)	$	(37,650	)

Net loss per share, basic and diluted	$	(0.08	)	$	(0.06	)	$	(0.25	)	$	(0.21	)

Weighted-average shares outstanding, basic and diluted		175,652,193			173,612,768			175,106,583			175,302,069

HYLIION HOLDINGS CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands, except share data)

	September 30, 2025			December 31, 2024
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	17,878		$	9,227
Accounts receivable		726			1,923
Prepaid expenses and other current assets		4,238			6,401
Short-term investments		87,121			110,918
Assets held for sale		—			2,563
Total current assets		109,963			131,032

Property and equipment, net		41,604			25,920
Operating lease right-of-use assets		3,959			5,431
Other assets		964			1,079
Long-term investments		59,743			99,584
Total assets	$	216,233		$	263,046

Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	2,052		$	5,243
Current portion of operating lease liabilities		2,644			2,426
Accrued expenses and other current liabilities		5,287			6,622
Total current liabilities		9,983			14,291

Operating lease liabilities, net of current portion		2,353			4,366
Other liabilities		41			—
Total liabilities		12,377			18,657

Stockholders’ equity
Common stock, $0.0001 par value; 250,000,000 shares authorized; 186,582,398 and 184,428,472 shares issued at September 30, 2025 and December 31, 2024, respectively; 175,972,328 and 173,818,402 shares outstanding as of September 30, 2025 and December 31, 2024, respectively		19			18
Additional paid-in capital		411,786			408,315
Treasury stock, at cost; 10,610,070 and 10,610,070 shares as of September 30, 2025 and December 31, 2024, respectively		(14,132	)		(14,132	)
Accumulated deficit		(193,817	)		(149,812	)
Total stockholders’ equity		203,856			244,389
Total liabilities and stockholders’ equity	$	216,233		$	263,046

HYLIION HOLDINGS CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollar amounts in thousands)

	Nine Months Ended September 30,
	2025			2024
Cash flows from operating activities
Net loss	$	(44,005	)	$	(37,650	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		4,066			2,140
Amortization and accretion of investments, net		(1,258	)		(2,489	)
Noncash lease expense		1,472			1,291
Gain on disposal of assets, including assets held for sale		(697	)		(2,109	)
Share-based compensation		4,059			3,541
Carrying value adjustment to assets held for sale		1,590			5,564
Changes in operating assets and liabilities:
Accounts receivable		1,200			(580	)
Prepaid expenses and other assets		2,474			(5,215	)
Accounts payable		457			(2,655	)
Accrued expenses and other liabilities		(2,254	)		(4,018	)
Operating lease liabilities		(1,795	)		(1,111	)
Net cash used in operating activities		(34,691	)		(43,291	)

Cash flows from investing activities
Purchase of property and equipment		(22,003	)		(10,548	)
Proceeds from sale of property and equipment		1,192			4,110
Receipt of security deposit		41			—
Purchase of investments		(36,326	)		(55,383	)
Proceeds from sale and maturity of investments		101,026			126,686
Net cash provided by investing activities		43,930			64,865

Cash flows from financing activities
Proceeds from exercise of common stock options		—			67
Taxes paid related to net share settlement of equity awards		(588	)		(393	)
Repurchase of treasury stock		—			(13,982	)
Net cash used in financing activities		(588	)		(14,308	)

Net increase in cash and cash equivalents and restricted cash		8,651			7,266
Cash and cash equivalents and restricted cash, beginning of period		9,892			21,464
Cash and cash equivalents and restricted cash, end of period	$	18,543		$	28,730

View source version on businesswire.com: https://www.businesswire.com/news/home/20251111081166/en/

Hyliion Holdings Corp.

[email protected]

Investor Relations

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Technology Trucking Other Energy Transport Nuclear Utilities Oil/Gas Coal Alternative Energy Energy Hardware

MEDIA:

Logo

November 11, 2025 4:22 pm

B. Riley Financial Announces Corporate Name Change to BRC Group Holdings, Inc.

PR Newswire

LOS ANGELES
, Nov. 11, 2025 /PRNewswire/ — B. Riley Financial, Inc. (Nasdaq: RILY) (the “Company”) today announced that the Company will change its name to BRC Group Holdings, Inc. (“BRC”), effective on January 1, 2026.

BRC Group Holdings will continue to be a diverse portfolio of companies, including financial services, telecom, and retail, and investments in equity, debt and venture capital.

Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, said: “The decision to rename as BRC Group Holdings reflects our evolution over the last three decades from a financial services platform to a portfolio of diverse, distinct companies, each operating with its own dedicated management team and strategic focus.

“We have grown through opportunistic investments in diversified financial services, telecom and retail, and today, we take a significant step forward in encouraging our portfolio companies to cultivate their unique brand identities and define their futures.”

BRC Group Holdings is a nod to the firm’s original name. When founded in 1997, B. Riley & Co was commonly referred to as BRC.

The Company’s Nasdaq ticker symbol will remain “RILY” and there will be no change to the ticker symbols for its preferred shares and tradeable senior notes.

The Company also plans to launch its new corporate website, www.brcgh.com, on January 1, 2026.

About B. Riley Financial
B. Riley Financial Inc. (Nasdaq: RILY), which is changing its name to BRC Group Holdings, Inc. on January 1, 2026, is a diversified portfolio of companies, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. Our banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Our wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Our telecom businesses provide consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Our retail companies provide home furnishings and mobile computing accessories. BRC deploys its capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. For more information, please visit www.brileyfin.com.

Forward-Looking Statements
Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today’s date. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to update forward-looking statements, except as required by law. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risks described from time to time in the Company’s periodic filings with the SEC, including, without limitation, the risks described in the Company’s 2024 Annual Report on Form 10-K under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and the Company undertakes no duty to update this information.

Contacts

Investors
[email protected]

Media
[email protected]

View original content:https://www.prnewswire.com/news-releases/b-riley-financial-announces-corporate-name-change-to-brc-group-holdings-inc-302612089.html

SOURCE B. Riley Financial

November 3, 2025 4:43 am

Launching Today: Infosys Topaz Fabric™ – Composable Stack of AI Agents, Services and Models to Accelerate Value from Enterprise AI Investments

PR Newswire

BENGALURU, India, Nov. 3, 2025 /PRNewswire/ — Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced the launch of Infosys Topaz Fabric. This is a stack of layered, composable, open and interoperable data infrastructure, models, agents, flows, and AI apps that help unify and accelerate IT service delivery across the enterprise landscape. Infosys Topaz Fabric makes it simple for enterprises to access services-as-software – both integrated and modular – through a comprehensive one-shop. It unlocks enterprise value by reimagining IT processes, building on existing IT investments, and bringing together AI-led capabilities out-of-the-box while avoiding vendor lock-ins.

The enterprise services delivered through Infosys Topaz Fabric include IT operations, transformation services, quality engineering services, and cybersecurity services. It also brings 50+ agents that are purpose-built for IT operations with out-of-the-box integration with 9 enterprise platforms.

Infosys forward deployed engineers, in collaboration with the enterprise business teams, ensure that Infosys Topaz Fabric is contextualized to the enterprise’s specific landscape, and delivers high quality IT services with exponential speed and accuracy.

The services are delivered with AI agents operating with humans in the loop. AI agents execute end-to-end workflows with human in/off loop, eliminate, or automate tasks, and augment humans in performing tasks. For example, the Infosys AI HR agent can process an employee query regarding business travel, over chat or email, and additionally generate the corresponding travel request. Human workers supervise, train and continuously contextualize the out-of-the-box AI agents to ensure accuracy, governance, and ethical alignment.

Satish H.C., Chief Delivery Officer, Infosys, said, “Infosys Topaz Fabric brings to our clients the resilience that comes from combining the transformative powers of artificial intelligence with human creativity to supercharge service delivery across the enterprise landscape, while building on their existing investments. This approach lets them reimagine their services stack to become the powerful engine that can accelerate to match the pace of business and deliver for them the competitive advantage that they need.”

Laxmi Srinivas Samayamantri, Vice President, Global Engineering, Data & Architecture
, Nu Skin, said, “We are collaborating with Infosys to enrich beauty and wellness commerce IT operations through the power of Agentic AI. Together, we are expanding this further with Infosys Topaz Fabric by enabling Agent Assist features, which we anticipate will increase automation for application and infrastructure support, enhance resilience, and elevate the user experience.”

To know more about Infosys Topaz Fabric, please watch this video.

Infosys Topaz Fabric, amplified with cutting edge AI through collaborations with AI solution providers and AI native startups from the Infosys partner ecosystem, is designed to accelerate value realization from enterprise AI transformation programs.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 320,000 of our people work to amplify human potential and create the next opportunity for people, businesses, and communities. We enable clients in 59 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.

Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, are forward-looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence (“AI”), generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, and cybersecurity matters. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

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View original content:https://www.prnewswire.com/news-releases/launching-today-infosys-topaz-fabric–composable-stack-of-ai-agents-services-and-models-to-accelerate-value-from-enterprise-ai-investments-302602324.html

SOURCE Infosys

October 30, 2025 6:11 am

Dorian LPG Ltd. Announces Second Quarter 2026 Earnings and Conference Call Date

Dorian LPG Ltd. Announces Second Quarter 2026 Earnings and Conference Call Date

STAMFORD, Conn.–(BUSINESS WIRE)–
Dorian LPG Ltd. (NYSE: LPG) (the “Company” or “Dorian LPG”), a leading owner and operator of modern and ECO very large gas carriers (“VLGCs”), will issue a news release on Thursday, November 6, 2025 prior to the market open, announcing its financial results for the second quarter ended September 30, 2025.

Based on investor feedback, we will not be providing pre-release numbers.

Earnings Conference Call

A conference call to discuss the results will be held the same day at 10:00 a.m. ET. The conference call can be accessed live by dialing 1-833-316-1983, or for international callers, 1-785-838-9310, and requesting to be joined into the Dorian LPG call.

A live webcast of the conference call will also be available under the investor section at www.dorianlpg.com.

A replay will be available at 1:00 p.m. ET the same day and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 11160261. The replay will be available until November 13, 2025, at 11:59 p.m. ET.

About Dorian LPG Ltd.

Dorian LPG is a leading owner and operator of modern Very Large Gas Carriers (“VLGCs”) that transport liquefied petroleum gas globally. Our current fleet of twenty-seven modern VLGCs includes twenty ECO VLGCs, five dual-fuel ECO VLGCs, and two modern VLGCs.

Visit our website at www.dorianlpg.com. Information on the Company’s website does not constitute a part of and is not incorporated by reference into this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251030798599/en/

Ted Young

Chief Financial Officer

+1 (203) 674-9900

[email protected]

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Oil/Gas Energy Maritime Logistics/Supply Chain Management Transport

MEDIA:

October 30, 2025 6:11 am

Perimeter Solutions Reports Third Quarter 2025 Financial Results

Third quarter Net Loss of $90.7M and Adjusted Net Income of $125.5M

Continued value driver execution drove third quarter Adjusted EBITDA of $186.3M

Third quarter Loss Per Diluted Share of $0.62 and Adjusted Earnings Per Diluted Share of $0.82

IMS add-on product lines acquired

CLAYTON, Mo., Oct. 30, 2025 (GLOBE NEWSWIRE) — Perimeter Solutions, Inc. (NYSE: PRM) (“Perimeter,” “Perimeter Solutions,” or the “Company”), a leading global solutions provider for the Fire Safety and Specialty Products industries, today reported financial results for its third quarter ended September 30, 2025.

Third
Quarter
2025
Results

Net sales increased 9% to $315.4 million in the third quarter, as compared to $288.4 million in the prior-year quarter.
- Fire Safety net sales increased 9% to $273.4 million, as compared to $251.8 million in the prior year quarter.
- Specialty Products net sales increased 15% to $42.0 million, as compared to $36.6 million in the prior year quarter.
Net loss during the third quarter was $90.7 million, or $0.62 loss per diluted share, as compared to net loss of $89.2 million, or $0.61 loss per diluted share in the prior year quarter.
Third quarter non-GAAP adjusted earnings per diluted share was $0.82, as compared to non-GAAP adjusted earnings per diluted share of $0.75 in the prior year quarter.
Adjusted EBITDA increased 9% to $186.3 million in the third quarter, as compared to $170.4 million in the prior year quarter.
- Fire Safety Segment Adjusted EBITDA increased 13% to $177.2 million, as compared to $157.5 million in the prior year quarter.
- Specialty Products Segment Adjusted EBITDA decreased 29% to $9.1 million, as compared to $12.9 million in the prior year quarter.
Reconciliation tables for non-GAAP measures are available in the attached schedules.

Year-to Date
2025
Results

Net sales increased 16% to $550.1 million during the year-to-date period, as compared to $474.7 million in the prior year period.
- Fire Safety net sales increased 15% to $430.8 million, as compared to $375.5 million in the prior year period.
- Specialty Products net sales increased 20% to $119.3 million, as compared to $99.2 million in the prior year period.
Net loss during the year-to-date period was $66.1 million, or $0.45 loss per diluted share, as compared to a net loss of $150.1 million, or $1.03 loss per diluted share in the prior year period.
Non-GAAP adjusted earnings per share during the year-to-date period was $1.24, as compared to non-GAAP adjusted earnings per share of $0.99 in the prior year period.
Adjusted EBITDA increased 20% to $295.7 million in the year-to-date period, as compared to $247.4 million in the prior year period.
- Fire Safety Segment Adjusted EBITDA increased 24% to $265.0 million, as compared to $212.9 million in the prior year period.
- Specialty Products Segment Adjusted EBITDA decreased 11% to $30.8 million as compared to $34.5 million in the prior year period.
Reconciliation tables for non-GAAP measures are available in the attached schedules.

Capital Allocation

On September 12, 2025, Perimeter’s Specialty Products segment acquired substantially all of the assets and technical data rights of certain product lines from a third party for a total purchase price of $12.0 million, incorporating the product lines into our IMS strategy.
The Company invested $5.0 million in capital expenditures during the quarter ended September 30, 2025.

Conference Call and Webcast

As previously announced, Perimeter Solutions management will hold a conference call at 8:30 a.m. ET on Thursday, October 30, 2025 to discuss financial results for the third quarter 2025. The conference call can be accessed by dialing (877) 407-9764 (toll-free) or (201) 689-8551 (toll).

The conference call will also be webcast simultaneously on Perimeter’s website (https://ir.perimeter-solutions.com), accessed under the Investor Relations page. The webcast link will be made available on the Company’s website prior to the start of the call; go to the investor relations page of our website to the News & Events menu and click on “Events & Presentations.”

A slide presentation will also be available for reference during the conference call; go to the investor relations page of our website to the News & Events menu and click on “Events & Presentations.”

Following the live webcast, a replay will be available on the Company’s website. A telephonic replay will also be available approximately three hours after the call and can be accessed by dialing (877) 660-6853 (toll-free) or (201) 612-7415 (toll) and using Access ID “13754059”. The telephonic replay will be available until November 29, 2025 (11:59 p.m. ET).

About Perimeter Solutions

Perimeter Solutions is a leading global solutions provider for the Fire Safety and Specialty Products industries. The Company’s business is organized and managed in two reporting segments: Fire Safety and Specialty Products.

The Fire Safety segment is a formulator and manufacturer of fire management products that help our customers combat various types of fires, including wildland, structural, flammable liquids and other types of fires. Our Fire Safety segment also offers specialized equipment and services, typically in conjunction with our fire management products to support our customers’ firefighting operations. Our specialized equipment includes airbase retardant storage, mixing, and delivery equipment; mobile retardant bases; retardant ground application units; mobile foam equipment; and equipment that we custom design and manufacture to meet specific customer needs. Our service network can meet the emergency resupply needs of approximately 150 air tanker bases in North America, as well as many other customer locations globally. The segment is built on the premise of superior technology, exceptional responsiveness to our customers’ needs, and a “never-fail” service network. The segment sells products to government agencies and commercial customers around the world.

The Specialty Products segment includes operations that develop, produce and market products for non-fire safety markets. The Company’s largest end market application for our Specialty Products segment is Phosphorus Pentasulfide (“P₂S₅”) based lubricant additives. P₂S₅ is also used in pesticide and mining chemicals applications and emerging electric battery technologies. The Specialty Products segment also includes Intelligent Manufacturing Solutions (“IMS”), which is a manufacturer of electronic or electro-mechanical components of larger solutions. IMS has a flexible, vertically integrated production facility centered on its printed circuit board (“PCB”) line that allows it to acquire and produce a variety of product lines across a range of end markets, including large medical systems, communications infrastructure, energy infrastructure, defense systems, and industrial systems, with a substantial focus on aftermarket repair and replacement.

Forward-looking Information

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods.

Any such forward-looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. Although Perimeter believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results and cause them to differ materially from those anticipated in any forward-looking statements, including the risk factors described from time to time by us in our filings with the Securities and Exchange Commission (“SEC”), including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Stockholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements.

Any forward-looking statement made by Perimeter in this press release speaks only as of the date on which it is made. Perimeter undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

SOURCE: Perimeter Solutions, Inc.

PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
Net sales	$	315,443		$	288,417		$	550,112		$	474,737
Cost of goods sold		116,334			107,195			221,354			199,546
Gross profit		199,109			181,222			328,758			275,191
Operating expenses:
Selling, general and administrative expense		23,477			18,520			55,743			45,888
Amortization expense		15,199			13,765			43,902			41,291
Founders advisory fees – related party		247,684			184,176			263,954			253,097
Other operating expense		96			—			925			—
Total operating expenses		286,456			216,461			364,524			340,276
Operating loss		(87,347	)		(35,239	)		(35,766	)		(65,085	)
Other expense (income):
Interest expense, net		9,870			10,054			29,444			31,292
Foreign currency loss (gain)		6			(1,354	)		(3,249	)		163
Other (income) expense, net		(73	)		151			(142	)		252
Total other expense, net		9,803			8,851			26,053			31,707
Loss before income taxes		(97,150	)		(44,090	)		(61,819	)		(96,792	)
Income tax benefit (expense)		6,490			(45,077	)		(4,316	)		(53,283	)
Net loss		(90,660	)		(89,167	)		(66,135	)		(150,075	)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments		(2,327	)		10,637			29,678			4,105
Total comprehensive loss	$	(92,987	)	$	(78,530	)	$	(36,457	)	$	(145,970	)
(Loss) earnings per share:
Basic	$	(0.62	)	$	(0.61	)	$	(0.45	)	$	(1.03	)
Diluted	$	(0.62	)	$	(0.61	)	$	(0.45	)	$	(1.03	)
Weighted average number of shares outstanding:
Basic		146,803,539			145,222,189			147,923,437			145,247,477
Diluted		146,803,539			145,222,189			147,923,437			145,247,477

PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except share data)

	September 30, 2025			December 31, 2024
ASSETS	(Unaudited)
Current assets:
Cash and cash equivalents	$	340,647		$	198,456
Accounts receivable, net		106,688			56,048
Inventories		130,139			116,347
Prepaid expenses and other current assets		6,680			23,173
Total current assets		584,154			394,024
Property, plant and equipment, net		81,554			64,777
Operating lease right-of-use assets		31,281			17,298
Finance lease right-of-use assets		5,929			6,173
Goodwill		1,053,778			1,034,543
Customer lists, net		620,636			637,745
Technology and patents, net		183,112			173,307
Tradenames, net		84,466			87,365
Other assets, net		529			1,162
Total assets	$	2,645,439		$	2,416,394
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	30,542		$	23,519
Accrued expenses and other current liabilities		71,875			30,450
Founders advisory fees payable – related party		151,582			6,677
Deferred revenue		9,647			1,842
Total current liabilities		263,646			62,488
Long-term debt, net		668,778			667,774
Operating lease liabilities, net of current portion		28,824			15,540
Finance lease liabilities, net of current portion		5,831			6,013
Deferred income taxes		95,750			152,203
Founders advisory fees payable – related party		352,455			240,083
Preferred stock		113,416			109,966
Preferred stock – related party		2,681			2,831
Other non-current liabilities		2,710			2,226
Total liabilities		1,534,091			1,259,124
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value per share, 4,000,000,000 shares authorized; 173,301,872 and 169,426,114 shares issued; 147,923,716 and 147,822,633 shares outstanding at September 30, 2025 and December 31, 2024, respectively		17			17
Treasury stock, at cost; 25,378,156 and 21,603,481 shares at September 30, 2025 and December 31, 2024, respectively		(168,197	)		(127,827	)
Additional paid-in capital		1,941,940			1,911,035
Accumulated other comprehensive loss		(9,554	)		(39,232	)
Accumulated deficit		(652,858	)		(586,723	)
Total stockholders’ equity		1,111,348			1,157,270
Total liabilities and stockholders’ equity	$	2,645,439		$	2,416,394

PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited)

	Nine Months Ended September 30,
		2025			2024
Cash flows from operating activities:
Net loss	$	(66,135	)	$	(150,075	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Founders advisory fees – related party (change in fair value)		263,954			253,097
Depreciation and amortization expense		53,610			49,215
Interest and payment-in-kind on preferred stock		5,499			5,292
Stock-based compensation		11,428			8,048
Non-cash lease expense		4,841			3,875
Deferred income taxes		(58,172	)		663
Amortization of deferred financing costs		1,342			1,291
Foreign currency (gain) loss		(3,249	)		163
Loss on disposal of assets		10			13
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(48,962	)		(57,880	)
Inventories		316			37,373
Prepaid expenses and current other assets		5,460			1,571
Accounts payable		6,639			1,375
Deferred revenue		7,805			8,792
Income taxes payable, net		33,049			21,510
Accrued expenses and other current liabilities		13,136			16,151
Founders advisory fees – related party (cash settled)		(6,677	)		(2,702	)
Operating lease liabilities		(3,363	)		(2,426	)
Finance lease liabilities		(367	)		(374	)
Other, net		(615	)		(597	)
Net cash provided by operating activities		219,549			194,375
Cash flows from investing activities:
Purchase of property and equipment		(22,599	)		(9,071	)
Purchase of intangible assets		(15,226	)		—
Proceeds from short-term investments		—			5,383
Purchase of businesses, net of cash acquired		(22,000	)		—
Net cash used in investing activities		(59,825	)		(3,688	)
Cash flows from financing activities:
Common stock repurchased		(40,370	)		—
Ordinary shares repurchased		—			(14,420	)
Proceeds from exercises of options		19,477			—
Principal payments on finance lease obligations		(689	)		(544	)
Net cash used in financing activities		(21,582	)		(14,964	)
Effect of foreign currency on cash and cash equivalents		4,049			54
Net change in cash and cash equivalents		142,191			175,777
Cash and cash equivalents, beginning of period		198,456			47,276
Cash and cash equivalents, end of period	$	340,647		$	223,053
Supplemental disclosures of cash flow information:
Cash paid for interest	$	19,870		$	20,286
Cash paid for income taxes	$	28,237		$	31,414

Non-GAAP Financial Metrics

The Company provides non-GAAP financial measures for Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings Per Share data as supplemental information regarding the Company’s business performance. The Company believes that these non-GAAP financial measures are useful to investors because they provide investors with a better understanding of the Company’s past financial performance and future results. The Company’s management uses these non-GAAP financial measures when it internally evaluates the performance of its business and makes operating decisions, including internal operating budgeting, performance measurement, and discretionary compensation.

Adjusted EBITDA

Adjusted EBITDA is defined as (loss) income before income taxes plus net interest and other financing expenses, and depreciation and amortization, adjusted on a consistent basis for certain non-recurring, unusual or non-operational items. These items include (i) restructuring, (ii) acquisition related costs, (iii) founder advisory fee expenses, (iv) stock-based compensation expense and (v) foreign currency loss (gain). To supplement the Company’s condensed consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of Adjusted EBITDA, which is a non-GAAP measure used by the Company’s management and by external users of Perimeter’s financial statements, such as debt and equity investors, commercial banks and others, to assess the Company’s operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. Adjusted EBITDA should not be considered an alternative to net (loss) income, operating (loss) income, cash flows provided by operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP (in thousands).

(Unaudited)	Three Months Ended September 30, 2025									Three Months Ended September 30, 2024
	Fire Safety			Specialty Products			Total			Fire Safety			Specialty Products			Total
Loss before income taxes	$	(62,022	)	$	(35,128	)	$	(97,150	)	$	(27,398	)	$	(16,692	)	$	(44,090	)
Depreciation and amortization		14,433			4,360			18,793			12,819			3,625			16,444
Interest and financing expense		5,956			3,914			9,870			9,848			206			10,054
Founders advisory fees – related party		213,008			34,676			247,684			158,391			25,785			184,176
Non-recurring expenses ⁽¹⁾		557			5			562			1,427			407			1,834
Acquisition costs		2			31			33			—			—			—
Stock-based compensation expense		5,234			1,285			6,519			2,297			1,015			3,312
Foreign currency loss (gain)		42			(36	)		6			95			(1,449	)		(1,354	)
Adjusted EBITDA	$	177,210		$	9,107		$	186,317		$	157,479		$	12,897		$	170,376

^{(1) For the three months ended September 30, 2025, $0.6 million was related to restructuring and other non-recurring costs. For the three months ended September 30, 2024, $1.7 million was related to the redomiciliation of the Company from Luxembourg to Delaware (the “Redomiciliation Transaction”) and other non-recurring Luxembourg related costs, and $0.1 million was related to other non-recurring costs.}

(Unaudited)	Nine Months Ended September 30, 2025									Nine Months Ended September 30, 2024
	Fire Safety			Specialty Products			Total			Fire Safety			Specialty Products			Total
Loss before income taxes	$	(30,212	)	$	(31,607	)	$	(61,819	)	$	(81,432	)	$	(15,360	)	$	(96,792	)
Depreciation and amortization		40,818			12,792			53,610			38,507			10,708			49,215
Interest and financing expense		18,090			11,354			29,444			29,860			1,432			31,292
Founders advisory fees – related party		227,000			36,954			263,954			217,663			35,434			253,097
Non-recurring expenses ⁽¹⁾		818			690			1,508			1,816			581			2,397
Acquisition costs		98			764			862			—			—			—
Stock-based compensation expense		8,817			2,611			11,428			5,813			2,235			8,048
Foreign currency (gain) loss		(475	)		(2,774	)		(3,249	)		650			(487	)		163
Adjusted EBITDA	$	264,954		$	30,784		$	295,738		$	212,877		$	34,543		$	247,420

^{(1) For the nine months ended September 30, 2025, $0.4 million was related to the Redomiciliation Transaction and $1.1 million was related to restructuring and other non-recurring costs. For the nine months ended September 30, 2024, $2.2 million was related to the Redomiciliation Transaction and other non-recurring Luxembourg related costs, and $0.2 million was related to other non-recurring costs.}

Adjusted Net Income and Adjusted Earnings Per Share

The computation of Adjusted Earnings Per Share (“Adjusted EPS”) is defined as Adjusted Net Income divided by adjusted diluted shares. Adjusted Net Income is defined as net (loss) income plus amortization, certain non-recurring, unusual or non-operational items, and the tax impact of these non-GAAP adjustments. These adjustments include (i) restructuring, (ii) acquisition related costs, (iii) founder advisory fee expenses, (iv) stock-based compensation expense and (v) foreign currency loss (gain). Adjusted diluted shares is the weighted average diluted shares outstanding, adjusted by adding dilution for options and warrants excluded under U.S. GAAP due to a net loss, less dilution related to founders advisory fees. To supplement the Company’s condensed consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of Adjusted Net Income and Adjusted EPS, which are non-GAAP measures used by the Company’s management and by external users of Perimeter’s financial statements, such as debt and equity investors, commercial banks and others, to assess the Company’s operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. Adjusted EPS and Adjusted Net Income should not be considered alternatives to GAAP (loss) earnings per share (“GAAP EPS”), net (loss) income, operating (loss) income, cash flows provided by operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP (in thousands, except share and per share data).

(Unaudited)		Three Months Ended September 30,
			2025			2024
GAAP net loss		$	(90,660	)	$	(89,167	)
	Adjustments:
	Amortization		15,199			13,765
	Founders advisory fees – related party		247,684			184,176
	Non-recurring expenses ⁽¹⁾		562			1,834
	Acquisition costs		33			—
	Stock-based compensation expense		6,519			3,312
	Foreign currency loss (gain)		6			(1,354	)
	Tax impact of non-GAAP adjustments ⁽²⁾		(53,796	)		(1,947	)
Adjusted Net Income		$	125,547		$	110,619

Shares used in computing GAAP Earnings Per Share (diluted)			146,803,539			145,222,189
	Options ⁽³⁾		6,856,989			1,540,658
	Shares underlying Founders fixed advisory fees ⁽⁴⁾		—			—
	Shares underlying Founders variable advisory fees ⁽⁵⁾		—			—
Shares used in computing Adjusted Earnings Per Share (diluted)			153,660,528			146,762,847

GAAP (Loss) Earnings Per Share (diluted)		$	(0.62	)	$	(0.61	)
Adjusted Earnings Per Share (diluted)		$	0.82		$	0.75
____________________

⁽¹⁾	^{For the three months ended September 30, 2025, $0.6 million was related to restructuring and other non-recurring costs. For the three months ended September 30, 2024, $1.7 million was related to the Redomiciliation Transaction and other non-recurring Luxembourg related costs, and $0.1 million was related to other non-recurring costs.}
⁽²⁾	^{The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability.}
⁽³⁾	^{The Company adds back the dilutive impact of options if amounts were excluded for purposes of GAAP EPS due to a GAAP net loss during the period.}
⁽⁴⁾	^{As of September 30, 2025, a maximum of 2.4 million shares were issuable within 12 months under the Founders fixed advisory fee.}
⁽⁵⁾	^{Based on period end market prices as of September 30, 2025, a maximum of 10.7 million shares were issuable within 12 months under the Founders variable advisory fee.}

(Unaudited)		Nine Months Ended September 30,
			2025			2024
GAAP net loss		$	(66,135	)	$	(150,075	)
	Adjustments:
	Amortization		43,902			41,291
	Founders advisory fees – related party		263,954			253,097
	Non-recurring expenses ⁽¹⁾		1,508			2,397
	Acquisition costs		862			—
	Stock-based compensation expense		11,428			8,048
	Foreign currency (gain) loss		(3,249	)		163
	Tax impact of non-GAAP adjustments ⁽²⁾		(65,490	)		(10,579	)
Adjusted net income		$	186,780		$	144,342

Shares used in computing GAAP Earnings Per Share (diluted)			147,923,437			145,247,477
	Options ⁽³⁾		3,077,983			513,553
	Shares underlying Founders fixed advisory fees ⁽⁴⁾		—			—
	Shares underlying Founders variable advisory fees ⁽⁵⁾		—			—
Shares used in computing Adjusted Earnings Per Share (diluted)			151,001,420			145,761,030

GAAP (Loss) Earnings Per Share (diluted)		$	(0.45	)	$	(1.03	)
Adjusted Earnings Per Share (diluted)		$	1.24		$	0.99
____________________
⁽¹⁾	^{For the nine months ended September 30, 2025, $0.4 million was related to the Redomiciliation Transaction, and $1.1 million was related to restructuring and other non-recurring costs. For the nine months ended September 30, 2024, $2.2 million was related to the Redomiciliation Transaction and other non-recurring Luxembourg related costs, and $0.2 million was related to other non-recurring costs.}
⁽²⁾	^{The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability.}
⁽³⁾	^{The Company adds back the dilutive impact of options if amounts were excluded for purposes of GAAP EPS due to GAAP net loss during the period.}
⁽⁴⁾	^{As of September 30, 2025, a maximum of 2.4 million shares were issuable within 12 months under the Founders fixed advisory fee.}
⁽⁵⁾	^{Based on period end market prices as of September 30, 2025, a maximum of 10.7 million shares were issuable within 12 months under the Founders variable advisory fee.}

CONTACT: [email protected]

October 30, 2025 6:03 am

Genesis Energy, L.P. Releases 2024 Sustainability Report

Genesis Energy, L.P. Releases 2024 Sustainability Report

HOUSTON–(BUSINESS WIRE)–
Genesis Energy, L.P. (NYSE: GEL) today announced that the company’s 2024 Sustainability Report is now available and can be accessed on the Company’s website at https://www.genesisenergy.com/sustainability. The report shares our progress in the advancement of our corporate sustainability program and provides a review of Genesis Energy’s performance for calendar year 2024 against various sustainability topics and metrics that are important to our industry and our business.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, marine transportation and onshore transportation and services. Genesis’ operations are primarily located in the Gulf Coast region of the United States and the Gulf of America. For more information, please visit the Company’s website at www.genesisenergy.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251030528603/en/

Genesis Energy, L.P.

Dwayne Morley

VP – Investor Relations

(713) 860-2536

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Environment Other Transport Maritime Other Energy Transport Oil/Gas Professional Services Sustainability Energy Environmental, Social and Governance (ESG)

MEDIA:

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October 24, 2025 1:59 am

Faraday Future Announces Strategic Cooperation with RAK Motors to Oversee FX Super One Sales and Services in the UAE, Building a Complete Production-to-Service Ecosystem In the UAE

The cooperation with RAK Motors marks full market readiness for FX Super One’s entry into the UAE.

RAS AL KHAIMAH, United Arab Emirates, Oct. 23, 2025 (GLOBE NEWSWIRE) — Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future,” “FF,” or the “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced a strategic cooperation with RAK Motors, a Ras Al Khaimah-based automotive dealer. Under this cooperation, RAK Motors is authorized to provide sales, delivery, and after-sales services for the FX Super One in the UAE region.

RAK Motors, a long-established automotive distributor based in Ras Al Khaimah, has extensive experience in representing global automotive brands such as Toyota and Nissan. Under the cooperation, FF has authorized RAK Motors as its exclusive agent for the UAE market for up to one year, subject to special cases. They will oversee the full spectrum of sales and after-sales operations for the FX Super One in the UAE, covering both commercial and individual customers. This includes vehicle display and test-drive management, order fulfillment and delivery, and comprehensive after-sales and customer care services, all executed in close collaboration with and under the guidance of FF.

The strategic cooperation marks a significant milestone for FF — establishing a complete end-to-end ecosystem in the UAE that spans production, manufacturing, sales, and service for the FX Super One. Currently, FF UAE is building an international team of elite professionals. In May 2025, Faraday Future took possession of its Ras Al Khaimah regional facility and operations center in the UAE. Covering 108,000 square feet, the facility integrates offices, production workshops, and operational hubs, jointly supporting both the FF and FX brands. The facility will empower the Company to meet the diverse needs of customers across the Gulf Cooperation Council (GCC) countries, with the potential to expand into European and North African markets.

“This cooperation with RAK Motors marks the completion of all necessary preparations for FX Super One’s official entry into the UAE market. It also represents another key advancement in FF and FX’s Global Automotive Industry Bridge Strategy,” said FF Executive Vice President and Head of UAE, Tin Mok. “The Middle East will serve as a critical springboard for FF and FX’s future expansion into Europe, Africa, and other global markets.”

On October 28, Faraday Future will host the FX Super One Middle East Final Launch Event, “Super One, Palace of Intelligence,” at the Armani Hotel Dubai – Burj Khalifa. The first batch of FX Super One vehicles is scheduled for delivery in November 2025. This is a key step in its expansion to markets outside the U.S. and a pivotal moment in FF and FX’s “Three-Pole” strategy.

The event will be livestreamed on FF.com starting at 8:15 am PDT on October 28 at the following links:

English (Global) – https://www.ff.com/us/FX-SuperOne-UAE/
English (Middle East Area) – https://www.ff.com/ae_en/FX-SuperOne-UAE/
Chinese – https://www.faradayfuturecn.com/cn/FX-SuperOne-UAE/

ABOUT FARADAY FUTURE
Faraday Future is a California-based global shared intelligent electric mobility ecosystem company. Founded in 2014, the Company’s mission is to disrupt the automotive industry by creating a user-centric, technology-first, and smart driving experience. Faraday Future’s flagship model, the FF91, exemplifies its vision for luxury, innovation, and performance. The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. For more information, please visit https://www.ff.com/us/.

FORWARD LOOKING STATEMENTS
This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding future FX production, delivery and sales, as well as FF and/or FX expansion to additional international markets, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include, among others: the Company’s ability to secure agreements with OEMs to sell FX vehicles in the Middle East and elsewhere; the ability of OEMs and suppliers to timely delivery products and parts to the UAE; the Company’s ability to homologate FX vehicles for sale in the Middle East and elsewhere; the Company’s ability to secure the necessary funding to execute on the FX strategy, which will be substantial; and the Company’s ability to continue as a going concern and improve its liquidity and financial position. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on March 31, 2025, and Form 10-Q filed on August 19, 2025, and other documents filed by the Company from time to time with the SEC.

CONTACTS
Investors Relations (English): [email protected]
Investors (Chinese): [email protected]
Media: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb544c60-4669-43c5-9ab7-5058a1423b24