The investment firms and equity analysts listed below provide research reports on HudBay Minerals Inc.

Opinions, estimates, forecasts or other analyses, including prior or future HudBay performance from any source is the opinion of the writer and is theirs alone and does not represent the opinions, estimates or forecasts of HudBay or its management. HudBay does not, by any reference below, imply any endorsement of, or concurrence with, such information, conclusions or recommendations.

HudBay does not distribute research reports, and this list is current to the best of the Company's knowledge as at June 30, 2009.