Hudbay Minerals delivered a resilient Q3 2024, with revenue of $485.8 million and a robust EBITDA of $201.95 million, translating to an EBITDA margin of roughly 41.6%. The company posted a net income of $49.8 million and earnings per share of $0.13. QoQ improvements were driven by stronger operational leverage as production and by-product credits contributed to margins despite a challenging, commodity-linked environment. Operating cash flow was $146.18 million, supporting a free cash flow of $47.85 million after capital expenditures of $98.33 million. Hudbay maintains a solid liquidity profile (cash and cash equivalents of $443.27 million; total debt of $1.177 billion; net debt around $734 million) and moderate leverage (debt-to-capitalization ~31.7%). The quarter showcased a favorable mix, with a significant sequential upsurge in operating income and margin, underscored by disciplined Capex and a shareholder-friendly capital allocation stance through modest leveraging and cash generation. Looking ahead, the key drivers include copper and polymetallic mine production, by-product credits, and copper price trajectory, all of which influence Hudbay’s ability to sustain healthy FCF and maintain financial flexibility.