Health and Safety

• Improve on our current three-year average lost time accident severity of 9.7
• Improve on our three-year total recordable injury frequency average of 2.8

Community

• Finalize human rights risk assessment framework and carry out trial for at least one location

Environment

• Establish improved corporate guidance and process for eco-efficiency performance tracking and site-level target setting that accounts for the complexity and variability of mining operations and integrates consideration of business and environmental priorities
• Maintain AA score in the MAC TSM Tailings protocol for Manitoba and Peru
• Peru Business Unit: maintain current energy and water consumption to occupancy ratio at the accommodation camp

Governance

• Cascade updated values through the organization via workshops at each Hudbay business unit, the production of a values video by the CEO, and a face-to-face meeting at each location with the CEO to discuss company values

Financial Excellence/Growth Targets

• Generate operating cash flow at or above budget targets
• Improve access to/cost of capital
• Grow net asset value per share by 8%
• Advance the development of the high-grade Pampacancha deposit so that it can start to be mined in 2019
• Advance permitting and technical work at the Rosemont project

Note: With significant operational changes occurring through 2018 within the Manitoba Business Unit (including the closure of the Reed mine and ramp-up of the Lalor mine, and associated changes in ore supply to the Flin Flon and Stall mills), it was not practical to identify numerical targets for 2018.