Hudbay Minerals Inc.: Exhibit 99.1 - Filed by newsfilecorp.com

EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 Hudbay Minerals Inc.: Exhibit 99.1 - Filed by newsfilecorp.com

Unaudited Condensed Consolidated Interim Financial Statements

(In US dollars)

HUDBAY MINERALS INC.

For the three months ended March 31, 2022 and 2021

HUDBAY MINERALS INC.
Condensed Consolidated Interim Balance Sheets
(Unaudited and in thousands of US dollars)

			Mar. 31,			Dec. 31,
	Note		2022			2021
Assets
Current assets
Cash		$	213,359		$	270,989
Trade and other receivables	6		185,231			204,081
Inventories	7		199,239			158,453
Prepaid expenses and other current assets			15,760			15,338
Other financial assets	8		6,643			7,867
			620,232			656,728
Receivables	6		16,805			16,084
Inventories	7		23,438			37,573
Other financial assets	8		13,210			11,158
Intangibles and other assets	9		19,800			20,138
Property, plant and equipment	10		3,713,732			3,740,966
Deferred tax assets			130,997			133,584
		$	4,538,214		$	4,616,231
Liabilities
Current liabilities
Trade and other payables		$	185,082		$	207,777
Taxes payable			8,371			15,243
Other liabilities	11		54,460			63,002
Other financial liabilities	12		107,712			100,702
Lease liabilities	13		29,518			33,529
Deferred revenue	15		73,243			88,963
			458,386			509,216
Other financial liabilities	12		106,945			120,972
Lease liabilities	13		47,507			44,473
Long-term debt	14		1,181,119			1,180,274
Deferred revenue	15		418,939			426,363
Pension obligations			10,770			6,252
Other employee benefits			108,674			128,588
Environmental and other provisions	16		368,800			461,501
Deferred tax liabilities			275,096			261,764
			2,976,236			3,139,403
Equity
Share capital	18b		1,780,182			1,778,848
Reserves			21,894			(182	)
Retained earnings			(240,098	)		(301,838	)
			1,561,978			1,476,828
		$	4,538,214		$	4,616,231
Commitments (note 21)

HUDBAY MINERALS INC.
Condensed Consolidated Interim Income Statements
(Unaudited and in thousands of US dollars)

	Note		Three months ended March 31,
	Note		2022			2021
Revenue	5a	$	378,619		$	313,624
Cost of sales
Mine operating costs			212,260			178,430
Depreciation and amortization	5b		81,091			82,682
			293,351			261,112

Gross profit			85,268			52,512

Selling and administrative expenses			11,841			9,945
Exploration expenses			18,630			6,847
Evaluation expenses	3, 5c		7,036			267
Environmental obligation adjustment	3, 16		(79,856	)		(4,499	)
Other expenses	3, 5d		2,012			1,091
Results from operating activities			125,605			38,861
Net interest expense on long term debt	5e		16,898			21,232
Accretion on streaming arrangements	5e		4,836			15,528
Change in fair value of financial instruments	5e		7,216			39,007
Other net finance costs	5e		7,794			32,686
Net finance expense			36,744			108,453
Profit (loss) before tax			88,861			(69,592	)
Tax expense (recovery)	17		25,046			(9,490	)
Profit (loss) for the period		$	63,815		$	(60,102	)

Profit (loss) per share
Basic and diluted		$	0.24		$	(0.23	)

Weighted average number of common shares outstanding:
Basic	19		261,689,263			261,321,074
Diluted	19		262,267,240			261,321,074

HUDBAY MINERALS INC.
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited and in thousands of US dollars)

	Note		Three months ended March 31,
	Note		2022			2021
Cash generated from operating activities:
Profit (loss) for the period		$	63,815		$	(60,102	)
Tax expense (recovery)	17		25,046			(9,490	)
Items not affecting cash:
Depreciation and amortization	5b		81,533			83,162
Share-based compensation			3,303			1,786
Net interest expense on long term debt	5e		16,898			21,232
Accretion on streaming arrangements	5e		4,836			15,528
Change in fair value of financial instruments	5e		7,216			39,007
Other net finance costs	5e		7,794			32,686
Inventory adjustments	7		(461	)		(723	)
Amortization of deferred revenue and variable consideration	5a		(28,219	)		(15,227	)
Pension and other employee benefit payments, net of accruals			(708	)		2,641
Environmental obligation adjustment	3, 16		(79,856	)		(4,499	)
Decommissioning and restoration payments	16		(3,341	)		(4,637	)
Other	22a		(4,614	)		(6,311	)
Taxes paid			(16,189	)		(4,397	)
Operating cash flow before change in non-cash working capital			77,053			90,656
Change in non-cash working capital	22b		(13,746	)		(38,859	)
			63,307			51,797
Cash used in investing activities:
Acquisition of property, plant and equipment			(55,894	)		(82,950	)
Interest received			162			438
			(55,732	)		(82,512	)
Cash used in financing activities:
Issuance of senior unsecured notes, net of transaction costs	14a		-			591,928
Principal repayments	14a		-			(600,000	)
Premium paid on redemption of notes	14a		-			(22,878	)
Interest paid on long-term debt			(31,875	)		(50,835	)
Financing costs			(3,151	)		(3,586	)
Lease payments	13		(9,863	)		(9,773	)
Gold prepayment repayments	12		(18,623	)		-
Net proceeds from exercise of stock options			868			443
Dividends paid	18b		(2,075	)		(2,090	)
			(64,719	)		(96,791	)
Effect of movement in exchange rates on cash			(486	)		(1,065	)
Net decrease in cash			(57,630	)		(128,571	)
Cash, beginning of the period			270,989			439,135
Cash, end of the period		$	213,359		$	310,564

HUDBAY MINERALS INC.
Condensed Consolidated Interim Statements of Comprehensive Profit (Loss)
(Unaudited and in thousands of US dollars)

		Three months ended March 31,
		2022			2021
Profit (loss) for the period	$	63,815		$	(60,102	)

Other comprehensive income:
Item that will be reclassified subsequently to profit or loss:
Recognized directly in equity:
Net gain on translation of foreign currency balances		3,308			3,461
		3,308			3,461

Items that will not be reclassified subsequently to profit or loss:
Recognized directly in equity:
Gold prepayment revaluation		175			(1,547	)
Tax effect		(46	)		416
Remeasurement - actuarial gain		18,017			20,549
Tax effect		790			(1,109	)
		18,936			18,309

Other comprehensive income net of tax, for the period		22,244			21,770
Total comprehensive profit (loss) for the period	$	86,059		$	(38,332	)

HUDBAY MINERALS INC.
Condensed Consolidated Interim Statements of Changes in Equity
(Unaudited and in thousands of US dollars)

		Share capital (note 18)		Other capital reserves			Foreign currency translation reserve			Remeasurement reserve			Retained earnings			Total equity
Balance, January 1, 2021	$	1,777,340	$	55,937		$	1,571		$	(81,708	)	$	(53,334	)	$	1,699,806
Loss		-		-			-			-			(60,102	)		(60,102	)
Other comprehensive income		-		-			3,461			18,309			-			21,770
Total comprehensive income (loss)		-		-			3,461			18,309			(60,102	)		(38,332	)
Contributions by and distributions to owners:
Dividends (note 18b)		-		-			-			-			(2,090	)		(2,090	)
Stock options		-		423			-			-			-			423
Issuance of shares related to stock options redeemed		681		(238	)		-			-			-			443
Total contributions by and distributions to owners		681		185			-			-			(2,090	)		(1,224	)
Balance, March 31, 2021	$	1,778,021	$	56,122		$	5,032		$	(63,399	)	$	(115,526	)	$	1,660,250
Loss		-		-			-			-			(184,256	)		(184,256	)
Other comprehensive (loss) income		-		-			(2,125	)		2,982			-			857
Total comprehensive (loss) income		-		-			(2,125	)		2,982			(184,256	)		(183,399	)
Contributions by and distributions to owners:
Dividends (note 18b)		-		-			-			-			(2,056	)		(2,056	)
Stock options		-		1,496			-			-			-			1,496
Issuance of shares related to stock options redeemed		827		(290	)		-			-			-			537
Total contributions by and distributions to owners		827		1,206			-			-			(2,056	)		(23	)
Balance, December 31, 2021	$	1,778,848	$	57,328		$	2,907		$	(60,417	)	$	(301,838	)	$	1,476,828

HUDBAY MINERALS INC.
Condensed Consolidated Interim Statements of Changes in Equity
(Unaudited and in thousands of US dollars)

		Share capital (note 18)		Other capital reserves			Foreign currency translation reserve		Remeasurement reserve			Retained earnings			Total equity
Balance, January 1, 2022	$	1,778,848	$	57,328		$	2,907	$	(60,417	)	$	(301,838	)	$	1,476,828
Profit		-		-			-		-			63,815			63,815
Other comprehensive income		-		-			3,308		18,936			-			22,244
Total comprehensive income		-		-			3,308		18,936			63,815			86,059
Contributions by and distributions to owners:
Dividends (note 18b)		-		-			-		-			(2,075	)		(2,075	)
Stock options		-		298			-		-			-			298
Issuance of shares related to stock options redeemed		1,334		(466	)		-		-			-			868
Total contributions by and distributions to owners		1,334		(168	)		-		-			(2,075	)		(909	)
Balance, March 31, 2022	$	1,780,182	$	57,160		$	6,215	$	(41,481	)	$	(240,098	)	$	1,561,978

HUDBAY MINERALS INC.
Notes to Unaudited Condensed Consolidated Interim Financial Statements
(in thousands of US dollars, except where otherwise noted)
For the three months ended March 31, 2022 and 2021

1. Reporting entity

On January 1, 2017, Hudbay Minerals Inc. amalgamated under the Canada Business Corporations Act with its subsidiaries Hudson Bay Mining and Smelting Co., Limited and Hudson Bay Exploration and Development Company Limited to form Hudbay Minerals Inc. ("HMI" or the "Company"). The address of the Company's principal executive office is 25 York Street, Suite 800, Toronto, Ontario. The unaudited condensed consolidated interim financial statements ("interim financial statements") of the Company for the three months ended March 31, 2022 and 2021 represent the financial position and the financial performance of the Company and its subsidiaries (together referred to as "Hudbay").

Wholly owned subsidiaries as at March 31, 2022 and 2021 include HudBay Marketing & Sales Inc. ("HMS"), HudBay Peru Inc., HudBay Peru S.A.C. ("Hudbay Peru"), HudBay (BVI) Inc., Hudbay Arizona Inc, Rosemont Copper Company ("Rosemont") and Mason Resources (US) Inc. ("Mason").

Hudbay is an integrated mining company primarily producing copper concentrate (containing copper, gold and silver), silver/gold doré, molybdenum concentrate and zinc metal. With assets in North and South America, Hudbay is focused on the discovery, production and marketing of base and precious metals. Directly and through its subsidiaries, Hudbay owns three polymetallic mines, four ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco (Peru) and copper projects in Arizona and Nevada (United States). Hudbay also has equity investments in a number of junior exploration companies. The Company is governed by the Canada Business Corporations Act and its shares are listed under the symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima.

2. Basis of preparation

(a) Statement of compliance:

These interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB") and do not include all of the information required for full annual financial statements by International Financial Reporting Standards ("IFRS").

These interim financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2021 which includes information necessary or useful to understanding the Company's business and financial statement presentation. In particular, the Company's significant accounting policies are presented as note 3 in the audited consolidated financial statements for the year ended December 31, 2021 and have been consistently applied in the preparation of these interim financial statements.

The Board of Directors approved these interim financial statements on May 9, 2022.

(b) Use of judgements and estimates:

The preparation of the interim financial statements in conformity with IFRS requires Hudbay to make judgements, estimates and assumptions, in applying accounting policies that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim financial statements, as well as reported amounts of revenue and expenses during the reporting period. Actual results may differ from these judgements, estimates and assumptions. The interim financial statements reflect the judgements and estimates outlined by Hudbay in its audited consolidated financial statements for the year ended December 31, 2021.

(c) Estimation uncertainty:

The Company has assessed the economic impacts of the novel coronavirus pandemic and Russia's invasion of Ukraine on its interim financial statements. As at March 31, 2022, management has determined that the Company's ability to execute its medium and longer term plans and the economic viability of its assets (including the carrying value of its long-lived assets and inventory valuations) are not materially impacted.

In making this judgment, the Company has assessed various criteria including, but not limited to, existing laws, regulations, orders, disruptions and potential disruptions in our supply chain, disruptions in the markets for our products, commodity prices and foreign exchange prices and the actions that the Company has taken at its operations to protect the health and safety of its workforce and local community.

3. Reclassification of comparative amounts

Certain prior period amounts have been reclassified for consistency with the current period presentation. Evaluation expenses (note 5c) and environmental obligation adjustment (note 16) have been reclassified to their own financial statement line items within the condensed consolidated interim income statements due to the significant increases in these balances. These balances were previously included in exploration and evaluation expenses and other expenses respectively. Environmental obligation adjustment was previously included within Other in the operating activities section of the condensed consolidated interim statements of cash flows and has now been reclassified to its own line within operating activities. These reclassifications had no effect on the previous reported net loss or cash generated from operating activities.

4. New standards

New standards and interpretations not yet adopted

Amendment to IAS 1 - Presentation of Financial Statements

The amendments to IAS 1 promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current or non-current (based on a substantive right to defer settlement). This amendment is in effect January 1, 2023 with early adoption permitted. The Company has not yet determined the effect of adoption of this amendment on its consolidated financial statements.

5. Revenue and expenses

(a) Revenue

Hudbay's revenue by significant product types:

		Three months ended March 31,
		2022			2021
Copper	$	208,989		$	173,686
Zinc		66,426			82,103
Gold		67,552			42,193
Silver		6,621			6,397
Molybdenum		9,194			6,970
Other		2,437			1,559
Revenue from contracts		361,219			312,908

Non-cash streaming arrangement items ¹
Amortization of deferred revenue - gold		13,202			4,873
Amortization of deferred revenue - silver		11,772			8,737
Amortization of deferred revenue - variable consideration adjustments - prior periods		3,245			1,617
		28,219			15,227
Pricing and volume adjustments ²		1,264			(2,575	)
		390,702			325,560
Treatment and refining charges		(12,083	)		(11,936	)
	$	378,619		$	313,624
¹See note 15.
²Pricing and volume adjustments represent mark-to-market adjustments on initial estimate of provisionally priced sales, realized and unrealized changes to fair value for non-hedge derivative contracts and adjustments to originally invoiced weights and assays.

Consideration from the Company's stream agreements is considered variable (note 15). Gold and silver stream revenue can be subject to cumulative adjustments when the amount of precious metals to be delivered under the contract changes. As a result of changes in the Company's mineral reserve and resource estimate in the first quarter of 2022, the amortization rate by which deferred revenue is drawn down into income was adjusted and, as required, a catch up adjustment was made for all prior year stream revenues since the stream agreement inception date. This variable consideration adjustment resulted in an increase of revenue of $3,245 for the three months ended March 31, 2022 (March 31, 2021 - increase of revenue of $1,617).

(b) Depreciation and amortization

Depreciation of PP&E and amortization of intangible assets are reflected in the condensed consolidated interim income statements as follows:

		Three months ended March 31,
		2022		2021
Cost of sales	$	81,091	$	82,682
Selling and administrative expenses		442		480
	$	81,533	$	83,162

(c) Evaluation expenses

Evaluation expenses primarily relate to Arizona's Copper World Preliminary Economic Assessment study costs.

(d) Other expenses

		Three months ended March 31,
		2022			2021
Regional costs	$	1,219		$	820
Gain on disposal of property, plant and equipment		(532	)		(303	)
Amortization of community costs (other assets)		562			353
Restructuring - Manitoba		748			-
Other		15			221
	$	2,012		$	1,091

During the first quarter of 2022, there were costs incurred related to the restructuring of the Manitoba operations in preparation for the closure of 777 mine of $748. These costs were related to activities performed in advance of the mine's expected closure in June 2022.

(e) Net finance expense

		Three months ended March 31,
		2022			2021
Net interest expense on long-term debt
Interest expense on long-term debt	$	16,898		$	21,232
Accretion on streaming arrangements (note 15)
Additions		7,363			14,934
Variable consideration adjustments - prior periods		(2,527	)		594
		4,836			15,528
Change in fair value of financial assets and liabilities at fair value through profit or loss
Embedded derivatives (note 14)		-			49,754
Gold prepayment liability		9,108			(12,500	)
Investments		(1,892	)		1,753
		7,216			39,007
Other net finance costs
Net foreign exchange gains		1,506			1,670
Accretion on community agreements measured at amortized cost		610			653
Accretion on environmental provisions		1,892			861
Withholding taxes		1,563			2,023
Premium paid on redemption of notes		-			22,878
Write-down of unamortized transaction costs (note 14)		-			2,480
Other finance expense		2,325			2,484
Interest income		(102	)		(363	)
		7,794			32,686
Net finance expense	$	36,744		$	108,453

Other finance expense relates primarily to fees on Hudbay's revolving credit facilities and leases.

6. Trade and other receivables

		Mar. 31, 2022		Dec. 31, 2021
Current
Trade receivables	$	140,450	$	166,524
Statutory receivables		39,502		31,191
Other receivables		5,279		6,366
		185,231		204,081
Non-current
Taxes receivable		16,805		16,084
	$	202,036	$	220,165

The decrease in trade receivables for the three months ended March 31, 2022 primarily relates to three shipments, representing approximately 30,000 tonnes of copper, which occurred late in fiscal 2021 for which payment occurred in early 2022.

7. Inventories

		Mar. 31, 2022		Dec. 31, 2021
Current
Stockpile	$	28,571	$	12,768
Work in progress		6,650		5,647
Finished goods		106,402		78,958
Materials and supplies		57,616		61,080
		199,239		158,453
Non-current
Stockpile		18,553		34,156
Materials and supplies		4,885		3,417
		23,438		37,573
	$	222,677	$	196,026

The cost of inventories recognized as an expense, including depreciation, and included in cost of sales amounted to $261,174 for the three months ended March 31, 2022 (three months ended March 31, 2021 - $237,398).

During the three months ended March 31, 2022, Hudbay recognized a recovery of $461 in cost of sales related to adjustments of the carrying value of Peru inventories to net realizable value (three months ended March 31, 2021 - recovery $723). Adjustments of the carrying value of inventories to net realizable value were related to changes in commodity prices.

8. Other financial assets

		Mar. 31, 2022		Dec. 31, 2021
Current
Derivative assets	$	6,206	$	7,430
Restricted cash		437		437
		6,643		7,867

Non-current
Investments at fair value through profit or loss		13,210		11,158
	$	19,853	$	19,025

9. Intangibles and other assets

Intangibles and other assets of $19,800 (December 31, 2021 - $20,138) includes $14,039 of other assets (December 31, 2021 - $14,240) and $5,761 of intangibles (December 31, 2021 - $5,898).

Other assets represent the carrying value of certain future community costs that relate to original agreements with communities for the Constancia operation which allow Hudbay to extract minerals over the useful life of the Constancia operation. The liability remaining for these costs is recorded in agreements with communities recorded at amortized cost (note 12). Amortization of the carrying amount is recorded in the condensed consolidated interim income statements within other expenses (note 5d) or exploration expense, depending on the nature of the agreement.

Intangibles mainly represent computer software costs.

10. Property, plant and equipment

Mar. 31, 2022		Cost		Accumulated depreciation and amortization			Carrying amount
Exploration and evaluation assets	$	90,284	$	-		$	90,284
Capital works in progress		873,384		-			873,384
Mining properties		2,470,651		(1,332,432	)		1,138,219
Plant and equipment		3,004,363		(1,499,697	)		1,504,666
Plant and equipment-ROU Assets¹		264,783		(157,604	)		107,179
	$	6,703,465	$	(2,989,733	)	$	3,713,732

Dec. 31, 2021		Cost		Accumulated depreciation and amortization			Carrying amount
Exploration and evaluation assets	$	88,207	$	-		$	88,207
Capital works in progress		858,230		-			858,230
Mining properties		2,434,000		(1,284,369	)		1,149,631
Plant and equipment		2,983,919		(1,445,122	)		1,538,797
Plant and equipment - ROU Assets¹		259,726		(153,625	)		106,101
	$	6,624,082	$	(2,883,116	)	$	3,740,966
¹Includes $4,871 of capital works in progress - ROU assets (cost) that relate to the Arizona segment (December 31, 2021 - $5,112 related to the Arizona segment).

11. Other liabilities

		Mar. 31, 2022		Dec. 31, 2021
Current
Environmental and other provisions (note 16)	$	41,502	$	41,017
Pension liability		8,998		10,472
Other employee benefits		3,631		3,530
Unearned revenue		329		7,983
	$	54,460	$	63,002

12. Other financial liabilities

		Mar. 31, 2022		Dec. 31, 2021
Current
Derivative liabilities	$	15,873	$	12,451
Deferred Rosemont acquisition consideration		9,855		9,713
Gold prepayment liability		75,744		71,394
Agreements with communities recorded at amortized cost		6,240		7,144
		107,712		100,702

Non-current
Deferred Rosemont acquisition consideration		18,068		17,805
Gold prepayment liability		54,574		68,614
Agreements with communities recorded at amortized cost		28,757		29,129
Wheaton refund liability (note 15)		5,546		5,424
		106,945		120,972
	$	214,657	$	221,674

The changes to agreements with communities recorded at amortized cost during the three months ended March 31, 2022 primarily relates to disbursements, partially offset by changes in estimates and effects of changes in foreign exchange.

The following table summarizes changes in the gold prepayment liability:

Balance, January 1, 2021	$	137,031
Change in fair value recorded in profit or loss		293
Change in fair value recorded in other comprehensive income		2,684
Balance, December 31, 2021	$	140,008
Change in fair value recorded in profit or loss (note 5e)		9,108
Change in fair value recorded in other comprehensive income		(175	)
Repayments		(18,623	)
Balance, March 31, 2022	$	130,318

13. Lease liability

Balance, January 1, 2021	$	63,514
Additional capitalized leases		49,695
Lease payments		(37,719	)
Accretion and other movements ¹		2,512
Balance, December 31, 2021	$	78,002
Additional capitalized leases		7,772
Lease payments		(9,863	)
Accretion and other movements		1,114
Balance, March 31, 2022	$	77,025
¹ Includes $1,844 of sale lease back additions to ROU leases.

Lease liabilities are reflected in the condensed consolidated interim balance sheets as follows:

		Mar. 31, 2022		Dec. 31, 2021
Current	$	29,518	$	33,529
Non-current		47,507		44,473
	$	77,025	$	78,002

Hudbay has entered into leases which expire between 2022 and 2043. The interest rates on leases which were capitalized have interest rates between 2.50% and 7.43%, per annum. The range of interest rates utilized for discounting varies depending mostly on the Hudbay entity acting as lessee and duration of the lease. For certain leases, Hudbay has the option to purchase the equipment and vehicles leased at the end of the terms of the leases. Hudbay's obligations under these leases are secured by the lessor's title to the leased assets. The present value of applicable lease payments has been recognized as an ROU asset, which was included as a non-cash addition to property, plant and equipment, and a corresponding amount as a lease liability.

There are no restrictions placed on Hudbay by entering into these leases.

The following outlines expenses recognized within the Company's condensed consolidated interim income statements, relating to leases for which a recognition exemption was applied.

		Three months ended March 31,
		2022		2021
Short-term leases	$	11,770	$	8,539
Low value leases		204		93
Variable leases		10,437		8,083
Total	$	22,411	$	16,715

Payments made for short-term, low value and variable leases would mostly be captured as expenses in the condensed consolidated interim income statements, however, certain amounts may be capitalized to PP&E for the Arizona segment during its development phase and certain amounts may be reported in inventories given the timing of sales. Variable consideration leases include equipment used for heavy civil works at Constancia.

14. Long-term debt

Long-term debt is comprised of the following:

		Mar. 31, 2022			Dec. 31, 2021
Senior unsecured notes (a)	$	1,186,375		$	1,185,805
Less: Unamortized transaction costs - revolving credit facilities (b)		(5,256	)		(5,531	)
	$	1,181,119		$	1,180,274

(a) Senior unsecured notes

Balance, January 1, 2021	$	1,139,695
Addition to Principal, net of $8,078 transaction costs		591,922
Principal repayments		(600,000	)
Write-down of fair value of embedded derivative (prepayment option)		49,754
Write-down of unamortized transaction costs		2,480
Accretion of transaction costs and premiums		1,954
Balance, December 31, 2021	$	1,185,805
Accretion of transaction costs and premiums		570
Balance, March 31, 2022	$	1,186,375

As at March 31, 2022, $1,200,000 aggregate principal amount of senior notes were outstanding in two series: (i) a series of 4.50% senior notes due 2026 in an aggregate principal amount of $600,000 and (ii) a series of 6.125% senior notes due 2029 in an aggregate principal amount of $600,000.

(b) Unamortized transaction costs - revolving credit facilities

Balance, January 1, 2021	$	4,020
Accretion of transaction costs		(2,816	)
Transaction costs		4,327
Balance, December 31, 2021	$	5,531
Accretion of transaction costs		(391	)
Transaction costs		116
Balance, March 31, 2022 ¹	$	5,256
¹ Balance, representing deferred transaction costs, is in an asset position.

As at March 31, 2022, the Peru segment had nil in letters of credit issued under the Peru revolving credit facility to support its reclamation obligations and the Manitoba segment had $92,543 in letters of credit issued under the Canada revolving credit facility to support its reclamation and pension obligations. As at March 31, 2022, there were no cash advances under the credit facilities.

Surety bonds

The Arizona segment had $28,291 in surety bonds issued to support future reclamation and closure obligations. No cash collateral is required to be posted under these surety bonds.

Other letters of credit

The Peru segment had $107,920 in letters of credit issued with various Peruvian financial institutions to support future reclamation and other operating matters. No cash collateral is required to be posted under these letters of credit.

15. Deferred revenue

777 Stream Agreement

For the three months ended March 31, 2022, the drawdown rates for the 777 stream agreement for gold and silver were C$1,584 and C$31.28 per ounce, respectively (year ended December 31, 2021 - C$1,578 and CA$30.38 per ounce, respectively).

As part of the streaming agreement for the 777 mine, Hudbay must repay, with precious metals credits, the stream deposit by August 1, 2052, the expiry date of the agreement. If the stream deposit is not fully repaid with precious metals credits from 777 production by the expiry date, a payment for the remaining amount will be due at the expiry date of the agreement. Given the remaining mine life is less than 12 months, Hudbay estimates that a portion of the stream deposit will not be repaid by means of precious metals credits from 777 production. As at March 31, 2022, the estimated repayment amount was reclassified to a refund liability (note 12), which is and will be discounted at the 9.0% rate inherent in the original 777 stream agreement and accreted over the remaining term of the agreement.

Peru Stream Agreement

For the three months ended March 31, 2022, the drawdown rates for the Peru stream agreement for gold and silver were $734 and $14.95 per ounce, respectively (year ended December 31, 2021 - $791 and $17.47 per ounce, respectively).

The following table summarizes changes in deferred revenue:

Balance, January 1, 2021	$	546,684
Amortization of deferred revenue
Liability drawdown		(71,519	)
Variable consideration adjustments - prior periods		(1,617	)
Accretion on streaming arrangements
Current year additions		42,060
Variable consideration adjustments - prior periods		594
Reclass of refund liability (note 12)		(5,424	)
Stream deposit		4,000
Effects of changes in foreign exchange		548
Balance, December 31, 2021	$	515,326
Amortization of deferred revenue (note 5a)
Liability drawdown		(24,974	)
Variable consideration adjustments - prior periods		(3,245	)
Accretion on streaming arrangements (note 5e)
Current year-to-date additions		7,363
Variable consideration adjustments - prior periods		(2,527	)
Effects of changes in foreign exchange		239
Balance, March 31, 2022	$	492,182

Consideration from the Company's stream agreement is considered variable. Gold and silver stream revenue can be subject to cumulative adjustments when the number of ounces to be delivered under the contract changes. As a result of changes in the Company's mineral reserve and resource estimate in the first quarter of 2022, the amortization rate by which deferred revenue is drawn down into income was adjusted and, as required, a current period catch up adjustment was made for all prior period stream revenues since the stream agreement inception date. This variable consideration adjustment resulted in an increase in revenue of $3,245 and a decrease of finance expense of $2,527 for the three months ended March 31, 2022 (December 31, 2021 - increase in revenue of $1,617 and an increase of finance expense of $594).

Deferred revenue is reflected in the condensed consolidated interim balance sheets as follows:

		Mar. 31, 2022		Dec. 31, 2021
Current	$	73,243	$	88,963
Non-current		418,939		426,363
	$	492,182	$	515,326

16. Environmental and other provisions

Reflected in the condensed consolidated interim balance sheets as follows:

Mar. 31, 2022		Decommissioning, restoration and similar liabilities		Deferred share units		Restricted share units		Performance share units		Other		Total
Current (note 11)	$	15,136	$	9,124	$	5,646	$	5,034	$	6,562	$	41,502
Non-current		362,435		-		1,405		1,048		3,912		368,800
	$	377,571	$	9,124	$	7,051	$	6,082	$	10,474	$	410,302

Dec. 31, 2021		Decommissioning, restoration and similar liabilities		Deferred share units		Restricted share units		Performance share units		Other		Total
Current (note 11)	$	16,759	$	8,107	$	5,061	$	4,622	$	6,468	$	41,017
Non-current		451,041		-		5,828		780		3,852		461,501
	$	467,800	$	8,107	$	10,889	$	5,402	$	10,320	$	502,518

The other category mainly consists of restructuring provisions related to the closure of the Flin Flon operations and other miscellaneous obligations primarily in the Arizona segment.

The following table summarizes changes in decommissioning, restoration and similar liabilities ("DRO"):

Balance, December 31, 2021	$	467,800
Net increase in provisions		3,187
Disbursements		(3,341	)
Unwinding of discount (note 5e)		1,892
Effect of change in discount rate		(97,225	)
Effect of foreign exchange		5,258
Balance, March 31, 2022	$	377,571

The following summarizes net increase in provision and effect of change in discount rates for the three months ended March 31, 2022 on decommissioning, restoration and similar assets:

		Net increase (decrease) in provision			Effect of change in discount rate			DRO Adjustment
Producing properties
Peru	$	3,534		$	(14,245	)
Manitoba		(313	)		(81,312	)
Non-producing properties
Manitoba		(34	)		(1,668	)
		3,187			(97,225	)	$	(94,038	)
Less: DRO asset, remaining carrying value ¹								14,182
Environmental obligation adjustment							$	(79,856	)
¹Includes effects of foreign exchange.

DRO are remeasured at each reporting date to reflect changes in discount rates, exchange rates, and timing and extent of cash outflows which can significantly affect the liabilities. This provision has been recorded based on estimates and assumptions that management believes are reasonable; however, actual decommissioning and restoration costs may differ from expectations.

During the first quarter of 2022, we recorded a non-cash gain of $79,856 in the condensed consolidated income statements mainly related to a revaluation adjustment to the Flin Flon operation's environmental reclamation provision. The first quarter revaluation was substantially impacted by an increase in long term, risk-free discount rates based on changes in Canadian bond yields. Typically, an operating location will reflect any revaluation adjustments to the environmental reclamation provision against its reclamation assets. However, as the Flin Flon operations are set to close in June of this year, the corresponding Flin Flon assets have been nearly fully depreciated and cannot be reduced below zero resulting in the remaining impact being recorded as a gain in the condensed consolidated income statements.

During the first quarter of 2021, we recorded a non-cash gain of $4,499 related to a revaluation adjustment of certain non-producing properties. For non-producing properties with such reclamation obligations, the revaluation of the corresponding liability is recorded through the condensed consolidated interim income statements.

These estimates have been discounted to their present value at rates ranging from 1.36% to 2.46% per annum (December 31, 2021: 0.39% to 1.94%), using pre-tax, risk-free interest rates that reflect the estimated maturity of each specific liability.

17. Income and mining taxes

The tax expense (recoveries) is applicable as follows:

		Three months ended March 31,
		2022		2021
Current:
Income taxes	$	5,477	$	967
Mining taxes		4,978		4,244
		10,455		5,211
Deferred:
Income tax expense (recoveries) - origination, revaluation and/or reversal of temporary differences		9,601		(26,492	)
Mining tax expense - origination, revaluation and/or reversal of temporary difference		4,990		11,699
Adjustments in respect of prior years		-		92
		14,591		(14,701	)
	$	25,046	$	(9,490	)

Adjustments in respect of prior years refers to amounts changing due to the filing of tax returns and assessments from government authorities as well as any change identified that would result in a difference to our current or deferred tax balances as reported in the prior fiscal year end.

18. Share capital

(a) Preference shares:

Authorized: Unlimited preference shares without par value.

Issued and fully paid: Nil.

(b) Common shares:

Authorized: Unlimited common shares without par value.

Issued and fully paid:

	Three months ended March 31, 2022			Year ended Dec. 31, 2021
	Common shares		Amount	Common shares		Amount
Balance, beginning of year	261,598,312	$	1,778,848	261,272,151	$	1,777,340
Exercise of options	288,343		1,334	326,161		1,508
Balance, end of period	261,886,655	$	1,780,182	261,598,312	$	1,778,848

During the three months ended March 31, 2022, the Company declared a dividend of C$0.01 per share. The Company paid $2,075 in dividends on March 25, 2022 to shareholders of record as of March 8, 2022.

During the year ended December 31, 2021, the Company declared two semi-annual dividends of C$0.01 per share each. The Company paid $2,090 and $2,056 in dividends on March 26, 2021 and September 24, 2021 to shareholders of record as of March 9, 2021 and September 3, 2021.

(c) Equity-settled share-based compensation - stock options:

The Company's stock option plan was approved in June 2005 and amended in May 2008 (the "Plan"). Under the amended Plan, the Company may grant to employees, officers, directors or consultants of the Company or its affiliates options to purchase up to a maximum of 13 million common shares of Hudbay. The Company has determined that the appropriate accounting treatment is to classify the stock options as equity settled transactions.

The following table outlines the changes in the number of stock options outstanding:

	Mar. 31, 2022				Dec. 31, 2021
	Number of shares subject to option			Weighted- average exercise price C$	Number of shares subject to option			Weighted average exercise price C$
Balance, beginning of year	1,659,288		$	5.71	1,563,189		$	3.77
Number of units granted	572,331		$	9.92	509,385		$	10.42
Exercised	(288,343	)	$	3.76	(326,161	)	$	3.76
Forfeited	(127,962	)	$	6.04	(87,125	)	$	5.79
Balance, end of period	1,815,314		$	7.32	1,659,288		$	5.71

The following table presents the weighted average fair value assumptions used in the Black-Scholes valuation of these options:

For options granted during the period		Mar. 31, 2022		Dec. 31, 2021
Weighted average share price at grant date (CAD)	$	9.92	$	10.42
Risk-free rate		1.75%		1.02%
Expected dividend yield		0.20%		0.20%
Expected stock price volatility (based on historical volatility)		55.9%		60.5%
Expected life of option (months)		84		84
Weighted average per share fair value of stock options granted (CAD)	$	5.53	$	6.06

The following table outlines stock options outstanding and exercisable:

Mar. 31, 2022

Range of
exercise prices
C$

Number of
options
outstanding

Weighted average
remaining
contractual life
(years)

Weighted
average
exercise price
C$

Number of
options
exercisable

Weighted
average share
price at exercise
date C$

$3.76 - $3.92

803,908

4.9

3.78

353,789

3.79

$9.92 - $9.92

571,770

6.9

9.92

$10.42 - $10.42

439,636

5.9

10.42

146,615

10.42

Dec. 31, 2021
Range of exercise prices C$	Number of options outstanding	Weighted average remaining contractual life (years)		Weighted average exercise price C$	Number of options exercisable		Weighted average share price at exercise date C$
$3.76 - $3.92	1,176,399	5.15	$	3.78	191,651	$	3.79
$10.42 - $10.42	482,889	6.15	$	10.42	-	$	-

Hudbay estimates expected life of options and expected volatility based on historical data, which may differ from actual outcomes.

19. Earnings per share

	Three months ended
	Mar. 31, 2022	Mar. 31, 2021
Weighted average common shares outstanding
Basic	261,689,263	261,321,074
Plus net incremental shares from:
Assumed conversion: stock options	577,977	-
Diluted weighted average common shares outstanding	262,267,240	261,321,074

For periods where Hudbay records a loss, Hudbay calculates diluted loss per share using the basic weighted average number of shares. If the diluted weighted average number of shares were used, the result would be a reduction in the loss, which would be anti-dilutive.

The determination of the diluted weighted-average number of common shares excludes the impact of 590,385 weighted-average stock options outstanding that were anti-dilutive for the three months ended March 31, 2021 as the Company recorded a loss in the financial period.

20. Financial instruments

(a) Fair value and carrying value of financial instruments:

The following presents the fair value ("FV") and carrying value ("CV") of Hudbay's financial instruments and non-financial derivatives:

Mar. 31, 2022

Dec. 31, 2021

Financial assets at amortized cost

Cash¹

213,359

270,989

Restricted cash¹

437

437

Fair value through profit or loss

Trade and other receivables ^1, ^{2, 3}

145,729

172,890

Non-hedge derivative assets ⁴

6,206

7,430

Investments ⁵

13,210

11,158

Total financial assets

378,941

462,904

Financial liabilities at amortized cost

Trade and other payables^1, ²

169,040

189,179

Deferred Rosemont acquisition consideration ⁸

27,923

27,518

Agreements with communities ⁶

31,474

34,997

33,947

36,273

Wheaton refund liability¹⁰

11,914

5,546

5,424

Senior unsecured notes ⁷

1,204,740

1,186,375

1,239,018

1,185,805

Fair value through profit or loss

Gold prepayment liability ⁹

130,318

140,008

Non-hedge derivative liabilities ⁴

15,873

12,451

Total financial liabilities

1,591,282

1,570,072

1,647,545

1,596,658

¹Cash, restricted cash, trade and other receivables and trade and other payables are recorded at carrying value, which approximates fair value due to their short-term nature and generally negligible credit losses.

²Excludes tax and other statutory amounts.

³ Trade and other receivables contain receivables including provisionally priced receivables classified as FVTPL and various other items at amortized cost. The fair value of provisionally priced receivables is determined using forward metals prices which is a level 2 valuation method.

⁴Derivatives are carried at their fair value, which is determined based on internal valuation models that reflect observable forward market commodity prices, currency exchange rates, and discount factors based on market US dollar interest rates adjusted for credit risk.

⁵All investments are carried at their fair value, which is determined using quoted market bid prices in active markets for listed shares.

⁶These financial liabilities relate to agreements with communities near the Constancia project in Peru (note 12). Fair values have been determined using a discounted cash flow analysis based on expected cash flows and a credit adjusted discount rate.

⁷Fair value of the senior unsecured notes (note 14) has been determined using the quoted market price at period end.

⁸Discounted value based on a risk adjusted discount rate.

⁹The gold prepayment liability (note 12) is designated as fair value through profit or loss under the fair value option. Gains and losses related to the Company's own credit risk have been recorded at fair value through other comprehensive income. The fair value adjustment recorded in other comprehensive income for the three months ended March 31, 2022 was a gain of $175 (year ended December 31, 2021 was a loss of $2,684).

¹⁰ Discounted value based on a market rate at inception of the applicable Wheaton contract (note 15).

Fair value hierarchy

The table below provides an analysis by valuation method of financial instruments that are measured at fair value subsequent to recognition. Levels 1 to 3 are defined based on the degree to which fair value inputs are observable and have a significant effect on the recorded fair value, as follows:

- Level 1: Quoted prices in active markets for identical assets or liabilities;

- Level 2: Valuation techniques use significant observable inputs, either directly or indirectly, or valuations are based on quoted prices for similar instruments; and,

- Level 3: Valuation techniques use significant inputs that are not based on observable market data.

March 31, 2022

Level 1

Level 2

Level 3

Total

Financial assets measured at fair value

Financial assets at FVTPL:

Non-hedge derivatives

6,206

Investments

13,210

6,206

19,416

Financial liabilities measured at fair value

Financial liabilities at FVTPL:

Non-hedge derivatives

15,873

Gold prepayment liability

130,318

Financial liabilities at amortized cost:

Agreements with communities

31,474

Wheaton refund liability

11,914

Senior unsecured notes

1,204,740

146,191

43,388

1,394,319

December 31, 2021		Level 1		Level 2		Level 3		Total
Financial assets measured at fair value
Financial assets at FVTPL:
Non-hedge derivatives	$	-	$	7,430	$	-	$	7,430
Investments		11,158		-		-		11,158
	$	11,158	$	7,430	$	-	$	18,588
Financial liabilities measured at fair value
Financial liabilities at FVTPL:
Non-hedge derivatives	$	-	$	12,451	$	-	$	12,451
Gold prepayment liability		-		140,008		-		140,008
Financial liabilities at amortized cost:
Agreements with communities		-		-		33,947		33,947
Wheaton refund liability		-		-		5,424		5,424
Senior unsecured notes		1,239,018		-		-		1,239,018
	$	1,239,018	$	152,459	$	39,371	$	1,430,848

The Company's policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. During the three months ended March 31, 2022 and year ended December 31, 2021, Hudbay did not make any such transfers.

Valuation techniques used for instruments categorized in Levels 2 and 3 are consistent with the year ended December 31, 2021.

(b) Derivatives and hedging:

Copper fixed for floating swaps

Hudbay enters into copper fixed for floating swaps in order to manage the risk associated with provisional pricing terms in copper concentrate sales agreements. As at March 31, 2022, Hudbay had 63.5 million pounds of net copper swaps outstanding at an effective average price of $4.55/lb and settling across April to August 2022. As at December 31, 2021, Hudbay had 72.8 million pounds of net copper swaps outstanding at an effective average price of $4.34/lb and settling across January to April 2022. The aggregate fair value of the transactions at March 31, 2022 was a liability of $10,165 (December 31, 2021 - a liability position of $5,440).

Transactions involving derivatives are with large multi-national financial institutions that Hudbay believes to be credit worthy.

Non-hedge derivative zinc contracts

Hudbay enters into future dated fixed price sales contracts with zinc customers and, to ensure that the Company continues to receive a floating or unhedged realized zinc price, Hudbay enters into forward zinc purchase contracts that effectively offset the fixed price sales contracts. At March 31, 2022, Hudbay held contracts for forward zinc purchased of 1.8 million pounds (December 31, 2021 - 3.1 million pounds) that related to forward customer sales of zinc. Prices range from $1.44/lb to $1.95/lb (December 31, 2021 - $1.44/lb to $1.52/lb) and settlement dates extend to June 2022. The aggregate fair value of the transactions at March 31, 2022 was a net asset position of $498 (December 31, 2021 - a net asset position of $419).

(c) Provisionally priced receivables

Changes in fair value of provisionally priced receivables

Hudbay records changes in fair value of provisionally priced receivables related to provisional pricing in concentrate purchase, concentrate sale and certain other sale contracts. Under the terms of these contracts, prices are subject to final adjustment at the end of a future period after title transfers based on quoted market prices during the quotation period specified in the contract. The period between provisional pricing and final pricing is typically up to three months.

Changes in fair value of provisionally priced receivables are presented in trade and other receivables when they relate to sales contracts and in trade and other payables when they relate to purchase contracts. At each reporting date, provisionally priced metals are marked-to-market based on the forward market price for the quotation period stipulated in the contract, with changes in fair value recognized in revenue for sales contracts and in inventory or cost of sales for purchase concentrate contracts. Cash flows related to changes in fair value of provisionally priced receivables are classified in operating activities.

As at March 31, 2022 and December 31, 2021, Hudbay's net position consisted of contracts awaiting final pricing which are as indicated below:

Metal in concentrate

Sales awaiting final pricing

Average YTD price ($/unit)

Unit

Mar. 31, 2022

Dec. 31, 2021

Mar. 31, 2022

Dec. 31, 2021

Copper

pounds
(in thousands)

56,999

75,681

4.71

4.42

Gold

18,573

27,304

1,950

1,828

Silver

76,697

125,800

25.13

23.33

The aggregate fair value of provisionally priced receivables within the copper and refined zinc sales contracts at March 31, 2022, was an asset position of $17,306 (December 31, 2021 - an asset position of $6,500).

(d) Other financial liabilities

Gold prepayment liability

The gold prepayment liability (note 12) requires settlement by physical delivery of gold ounces or equivalent gold credits. The fair value of the financial liability at March 31, 2022 was a liability of $130,318 (December 31, 2021 - $140,008).

21. Commitments

Capital commitments

As at March 31, 2022, Hudbay had outstanding capital commitments in Canada of approximately $29,129 of which $19,456 can be terminated, approximately $37,232 in Peru, all of which can be terminated, and approximately $180,103 in Arizona, primarily related to the Rosemont project, of which approximately $87,928 can be terminated by Hudbay.

22. Supplementary cash flow information

(a) Other cash generated from / (used in) operating activities:

		Three months ended March 31,
		2022			2021
Gain on disposal of property, plant & equipment (note 5d)	$	(532	)	$	(303	)
Share based compensation paid		(5,111	)		(6,626	)
Restructuring - Manitoba (note 5d)		748			-
Other		281			618
	$	(4,614	)	$	(6,311	)

(b) Change in non-cash working capital:

		Three months ended March 31,
		2022			2021
Change in:
Trade and other receivables	$	20,715		$	(14,950	)
Other financial assets/liabilities		4,726			190
Inventories		(18,723	)		(21,489	)
Prepaid expenses		(313	)		(396	)
Trade and other payables		(11,258	)		(20,798	)
Provisions and other liabilities		(8,893	)		18,584
	$	(13,746	)	$	(38,859	)

(c) Non-cash transactions:

During the three months ended March 31, 2022 and 2021, Hudbay entered into the following non-cash investing and financing activities which are not reflected in the condensed consolidated interim statements of cash flows:

- Remeasurement of Hudbay's decommissioning and restoration liabilities for the three months ended March 31, 2022 led to a net decrease in related property, plant and equipment assets of $14,182 (three months ended March 31, 2021 - a net decrease of $64,504), mainly related to changes to discount rates associated with remeasurement of the liabilities.

- Property, plant and equipment included $7,772 (three months ended March 31, 2021 - $1,321) of capital additions related to the recognition of ROU assets. Property, plant and equipment and other assets include $1,225 of capital additions related to agreements with communities (three months ended March 31, 2021 - $18,757).

23. Segmented information

Corporate and other activities include the Company's exploration activities in Chile, Canada and the State of Nevada. These exploration entities are not individually significant, as they do not meet the minimum quantitative thresholds for standalone segment disclosure. Corporate and other activities are not considered a segment and are included as a reconciliation to total consolidated results.

Three months ended March 31, 2022

Manitoba

Peru

Arizona

Corporate
and other
activities

Total

Revenue from external customers

177,239

201,380

378,619

Cost of sales

Mine operating costs

114,907

97,353

212,260

Depreciation and amortization

32,729

48,362

81,091

Gross profit

29,603

55,665

85,268

Selling and administrative expenses

11,841

Exploration expenses

6,006

2,603

9,830

191

18,630

Evaluation expenses

525

6,511

7,036

Environmental obligation adjustment

(79,856

)

(79,856

)

Other expenses

237

1,651

2,012

Results from operating activities

102,691

51,411

(16,413

)

(12,084

)

125,605

Net interest expense on long term debt

16,898

Accretion on streaming arrangements

4,836

Change in fair value of financial instruments

7,216

Other net finance costs

7,794

Profit before tax

88,861

Tax expense

25,046

Profit for the period

63,815

Three months ended March 31, 2021
		Manitoba			Peru		Arizona			Corporate and other activities			Total
Revenue from external customers	$	177,956		$	135,668	$	-		$	-		$	313,624
Cost of sales
Mine operating costs		100,577			77,853		-			-			178,430
Depreciation and amortization		42,247			40,435		-			-			82,682
Gross profit		35,132			17,380		-			-			52,512
Selling and administrative expenses		-			-		-			9,945			9,945
Exploration expenses		1,853			871		4,383			(260	)		6,847
Evaluation expenses		205			-		62			-			267
Environmental obligation adjustment		(4,499	)		-		-			-			(4,499	)
Other expenses		(152	)		1,077		(8	)		174			1,091
Results from operating activities	$	37,725		$	15,432	$	(4,437	)	$	(9,859	)	$	38,861
Net interest expense on long term debt													21,232
Accretion on streaming arrangements													15,528
Change in fair value of financial instruments													39,007
Other net finance costs													32,686
Loss before tax													(69,592	)
Tax recovery													(9,490	)
Loss for the period												$	(60,102	)

March 31, 2022

Manitoba

Peru

Arizona

Corporate
and other
activities

Total

Total assets

800,830

2,591,013

750,237

396,134

4,538,214

Total liabilities

560,758

974,724

75,353

1,365,401

2,976,236

Property, plant and equipment¹

712,015

2,220,230

738,924

42,563

3,713,732

¹ Included in Corporate and other activities are $28.3 million of property, plant and equipment that is located in Nevada.

December 31, 2021
		Manitoba		Peru		Arizona		Corporate and other activities		Total
Total assets	$	812,137	$	2,624,251	$	745,371	$	434,472	$	4,616,231
Total liabilities		655,095		1,023,186		75,782		1,385,340		3,139,403
Property, plant and equipment¹		706,330		2,265,687		735,127		42,822		3,740,966
¹ Included in Corporate and other activities are $28.3 million of property, plant and equipment that is located in Nevada.