Hudbay

HBM

Market cap $9.02B

HudBay Minerals (HBM) reached $22.76 at the closing of the latest trading day, reflecting a -1.43% change compared to its last close.

TORONTO, Jan. 12, 2026 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “Company”) ( TSX, NYSE: HBM) is pleased to announce the closing of the previously announced strategic investment from Mitsubishi Corporation (“Mitsubishi”) for a 30% joint venture interest (the “JV Transaction”) in Copper World LLC, which owns the fully-permitted Copper World project in Arizona (“Copper World”). On closing, Mitsubishi contributed approximately $420 million of cash to Copper World LLC, and it will contribute an additional $180 million in cash to complete its initial investment within 18 months in accordance with the terms of the definitive subscription agreement, as further 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.

The copper market has surged in recent weeks, with producers and miners posting double-digit gains as investors position for infrastructure spending and energy transition demand.

The latest trading day saw HudBay Minerals (HBM) settling at $21.56, representing a +2.13% change from its previous close.

Hudbay Minerals remains a buy as copper prices surge, supporting robust forward earnings and manageable valuation multiples. Despite Q3 operational headwinds at key sites, HBM delivered strong YTD margin expansion and significant net income growth. HBM's balance sheet is improving, with debt reduction underway and a price/book and forward P/E still at or below sector medians.

PGIM Jennison Natural Resources Fund generated a strong return and outperformed its Lipper Global Natural Resources Index benchmark for the quarter. Key contributors include Agnico Eagle Mines (AEM), Hudbay Minerals (HBM), and Eldorado Gold (EGO). Key detractors include EQT Corp (EQT), Expand Energy Corporation (EXE), and ARC Resources (AETUF).

Hudbay Minerals (HBM) remains a strong copper cyclical play, despite a weak Q3 driven by temporary logistics and operational disruptions. HBM's fundamentals are robust: $60M in delayed revenue shifts to Q4, Manitoba mine is back online, Peru operations are stable, and costs are declining. Mitsubishi's $600M investment in Copper World validates asset value, reduces financing risk, and acts as a major catalyst for future growth.

HBM's cost gains and Copper World momentum contrast with TECK???s scale push and QB-driven long-term growth ambitions.

Hudbay Minerals extends its free-cash-flow momentum through low costs and gold leverage, but volatility and geopolitical risks loom.

Stock selection in materials was the largest contributor to relative performance. The fund's holdings in mining exchange-traded funds and lack of real estate exposure also aided relative return. Stock selection in healthcare, energy, industrials and IT detracted from relative return.