Authorization

Waterton Files Early Warning Report in respect of Hudbay Minerals Inc.

TORONTO, Dec. 10, 2018 /CNW/ - Waterton Global Resource Management, Inc. ("WGRM Inc."), on behalf of Waterton Mining Parallel Fund Offshore Master, LP ("Waterton Mining LP") and Waterton Precious MetalsAFund II Cayman, LP ("Waterton Fund II") (collectively, "Waterton"),Aannounced today that Waterton acquired 912,763 common shares (the "Common Shares") of Hudbay Minerals Inc.A("Hudbay"), representing approximately 0.3494% of the outstanding Common Shares, throughAmarket purchases on the Toronto Stock Exchange on December 10, 2018 atAan average price of approximately C$6.4973 per Common Share or C$5,930,495.04 in the aggregate.A Immediately prior to giving effect to the acquisition, Waterton owned and exercised control andAdirection over, in the aggregate, 25,214,453 Common Shares, representing approximately 9.6506% of the outstandingACommon Shares. Immediately after giving effect to the acquisition, Waterton owns and exercisesAcontrol and direction over, in the aggregate, 26,127,216 Common Shares, representing approximately 10.0000% of theAoutstanding Common Shares.AAAWaterton purchased the Common Shares based on Waterton's belief that the Common Shares, when purchased, were undervalued and represented an attractive investment opportunity and for other reasons detailed in Item 5 of the early warning report filed by Waterton under applicable Canadian securities laws. Depending upon overall market conditions, other investment opportunities available to Waterton, and the availability of Common Shares at prices that would make the purchase or sale of Common Shares desirable, Waterton may endeavor to increase or decrease their position in Hudbay through, among other things, the purchase or sale of Common Shares on the open market or in private transactions or otherwise, on such terms and at such times as Waterton may deem advisable.The head office address of WGRM Inc. is Commerce Court West, 199 Bay Street, Suite 5050, Toronto, Ontario, Canada M5L 1E2. The head office address of each of Waterton Mining LP and Waterton Fund II is Ugland House, Grand Cayman, Cayman Islands, KY1-1104. The head office address of Hudbay is 25 York Street, Suite 800, Toronto, Ontario, Canada M5J 2V5. SOURCE Waterton Global Resource Management, Inc.
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