TORONTO, Ontario — January 12, 2026 — Leads & Copy — Hudbay Minerals Inc. has closed a strategic investment from Mitsubishi Corporation for a 30% joint venture interest in Copper World LLC, which owns the fully-permitted Copper World project in Arizona.
Mitsubishi contributed approximately $420 million to Copper World LLC on closing and will contribute an additional $180 million within 18 months, according to the terms of the definitive subscription agreement described in Hudbay’s August 13, 2025, news release. Mitsubishi will also fund its pro-rata 30% share of future equity capital contributions required to construct Copper World. All dollar amounts are in U.S. dollars unless otherwise noted.
Peter Kukielski, Hudbay’s President and Chief Executive Officer, said the closing of the JV Transaction with Mitsubishi marks the beginning of a long-term strategic partnership and an important growth milestone for Hudbay. He added that the partnership will leverage the organizations’ complementary strengths to deliver the Copper World project, which will increase Hudbay’s consolidated copper production by more than 50% and create value for stakeholders.
According to the company, Hudbay has prudently advanced Copper World toward a sanction decision in 2026.
The successful closing of the $600 million JV Transaction represents a de-risking milestone in advancing Copper World. The $420 million in proceeds from Mitsubishi will be used to directly fund the remaining definitive feasibility study costs and pre-sanction costs in addition to the initial project development costs for Copper World. The JV Transaction increases the project IRR to Hudbay to approximately 90% based on pre-feasibility study estimates.
Mitsubishi is one of the largest Japanese trading houses with a global mining presence and a significant U.S.-based business. Mitsubishi is the partner of choice with investments in a world-class portfolio of large and high-quality copper assets, including five of the top twenty copper mines globally by 2024 production. This partnership validates the attractive long-term value of Copper World as a copper asset and endorses the technical capabilities of Hudbay. The parties are identifying other opportunities for collaboration.
Hudbay has achieved the final key elements of its prudent 3-P financial strategy for the development of Copper World with the closing of the JV Transaction and the achievement of stated balance sheet targets. Before accounting for proceeds from the JV Transaction, Hudbay has already achieved more than $600 million in cash and cash equivalents and reduced its net debt to adjusted EBITDA ratio to 0.5x as of September 30, 2025.
Feasibility activities for Copper World are underway with expected completion of the DFS in mid-2026. Hudbay has continued to execute detailed engineering work and other de-risking activities, in preparation for a Copper World sanction decision expected in 2026.
Candace Brûlé
Senior Vice President, Capital Markets & Corporate Affairs
(416) 362-8181
investor.relations@hudbay.com
Source: Hudbay Minerals Inc.
