HBM · Hudbay Minerals Inc.

Summary

Hudbay Minerals Inc. entered into a definitive arrangement agreement on March 1, 2026, to acquire all issued and outstanding common shares of Arizona Sonoran Copper Company Inc. (ASCU) not already owned by Hudbay for 0.242 Hudbay shares per ASCU share, making ASCU a wholly-owned subsidiary upon completion.

Key takeaways

• Arrangement agreement signed March 1, 2026, for Hudbay to acquire remaining ASCU shares at 0.242 Hudbay Shares per ASCU Share
• Hudbay currently owns 20,844,771 ASCU Shares (9.99% of outstanding)
• Post-closing ownership: existing Hudbay shareholders ~89%, ASCU shareholders ~11%
• Consideration valued at C$9.35 per ASCU Share, US$1,480 million equity value based on Hudbay TSX close February 27, 2026
• ASCU Meeting expected May 2026, closing targeted Q2 2026 subject to approvals
• ASCU directors/senior officers (1.1% ownership) signed support and voting agreements