HBM · HUDBAY MINERALS Q2 FY2026 earnings call record财报电话会记录

“He was the architect behind our holistic capital allocation framework, which positioned the company to embark on generational investments across the business while also increasing shareholder dividends for the first time in more than a decade.”

“We continue to achieve industry leading margins during the second quarter with consolidated cash costs of -$0.40/lb of copper and sustaining cash costs of $1.39/lb of copper.”

“After accounting for our sustaining capital investments, but before growth investments, we generated over $100 million in free cash flow during the quarter, similar to the first quarter.”

“Over the last 12 months, we have generated more than $400 million of free cash flow, which has further solidified our financial strength and positioned us well to prudently reinvest in high return growth opportunities across the business to enhance our exposure to copper and gold.”

“As of June the 30th, our total liquidity was over $1 billion, including $890 million in cash and cash equivalents and $154 million available on our revolving credit facilities.”

“At the end of the quarter, we had a net cash position of $80 million, bringing our net debt to EBITDA ratio to -0.1 times, the lowest level in more than a decade.”

“Cash costs outperformed the low end of the 2026 guidance range despite external cost pressures, positioning the operations well to achieve the full year guidance range.”

“The second quarter cash costs were above the 2026 guidance range due to external cost pressures, we expect to achieve the full-year cash cost guidance in British Columbia.”

“During the second quarter, the mill processed 3.6 million tons of ore, which increased 17% compared to the first quarter of 2026, despite operating constraints on the primary SAG mill.”

“Both capital expenditures in British Columbia in 2026 are expected to increase by approximately $30 million to $115 million related to additional costs associated with infrastructure development at New Ingerbelle.”

“We expect to spend approximately $30 million at Cactus in the second half of 2026 on the updated pre-feasibility study, performing site de-risking activities and conducting exploration activities.”

“With Cactus expected to come into production after Copper World, we will be able to leverage our skilled team at Copper World and our comprehensive regional knowledge to apply to the future development of Cactus.”