Commodity Price Fluctuations: The profitability of Hudbay's operations is highly dependent on the market prices of copper, gold, zinc, and silver, which are subject to significant volatility due to global supply and demand, economic conditions, and geopolitical events.

Operational and Production Risks: Mining operations involve inherent risks such as unexpected geological conditions, equipment failures, labor disputes, adverse weather, and processing plant issues, which can lead to production shortfalls, increased costs, and project delays.

Permitting and Regulatory Challenges: Hudbay's ability to develop new projects or expand existing ones, particularly Copper World in Arizona, relies on securing complex permits and approvals from various governmental and environmental agencies, which can be subject to delays, opposition, or rejection.