Form 51-102F3

MATERIAL CHANGE REPORT

Item 1.	Name and Address of Company
	Hudbay Minerals Inc. (“Hudbay”)
	25 York Street, Suite 800
	Toronto, Ontario M5J 2V5
Item 2.	Date of Material Change
	July 10, 2019
Item 3.	News Release
	Hudbay issued a news release with respect to the material change referred to in this report on July 10, 2019. The news release was disseminated through the newswire services of GlobeNewswire. A copy of the news release is available on SEDAR at www.sedar.com.
Item 4.	Summary of Material Change
	On July 10, 2019, Hudbay announced that Alan Hair has stepped down as Hudbay’s President and Chief Executive Officer and as a director of the company, and that Peter Kukielski has been appointed Interim Chief Executive Officer.
Item 5.	Full Description of Material Change
	On July 10, 2019, Hudbay announced that Alan Hair has stepped down as Hudbay’s President and Chief Executive Officer and as a director of the company. Mr. Hair spent more than 20 years with Hudbay and was instrumental in the company's growth, serving as Chief Operating Officer from 2012 to 2015 before being appointed President and Chief Executive Officer in 2016.
	Hudbay also announced that Peter Kukielski has been appointed Interim Chief Executive Officer. Peter has more than 30 years of extensive global experience within the base metals, precious metals and bulk materials sectors, having overseen operations across the globe.
	Hudbay’s Board of Directors has commenced a search for a permanent Chief Executive Officer, which may include internal and external candidates.
Item 6.	Reliance on subsection 7.1(2) of National Instrument 51-102
	Not applicable.
Item 7.	Omitted Information
	Not applicable.
Item 8.	Executive Officer
	The following senior officer of Hudbay is knowledgeable about the material changes and this report:
	Patrick Donnelly
	Vice President and General Counsel
	416-362-2576
Item 9.	Date of Report
	July 10, 2019