TMX, NYSE – HBM 2020 No. 5 Hudbay and Waterton Announce Amendment to Settlement Agreement
TMX, NYSE – HBM
2020 No. 5
Hudbay and Waterton Announce Amendment to Settlement Agreement
Toronto, Ontario, March 16, 2020 – Hudbay Minerals Inc. (“Hudbay” or the “ Company”) (TSX, NYSE: HBM)
and Waterton Global Resource Management, Inc. (“Waterton”), today announced they have agreed to amend certain
of the standstill provisions of the settlement agreement dated May 3, 2019 that resulted in the nomination of new
directors independent of Waterton and, at the time, the Company. The parties have agreed to increase the number of
Company shares that may be acquired by Waterton from 15.0% to up to 19.99% during the standstill period. The
parties also have agreed to amend certain provisions of the standstill and to extend the standstill period for six
months if Waterton acquires beneficial ownership in excess of 16% of the Company’s shares prior to the original
termination date, with an automatic extension of a further six months if Waterton’s benefici al ownership interest
exceeds 17.5% of the Company’s shares prior to the expiry of such initial six-month extension period.
“We are pleased to have amended these terms of our agreement with Waterton, which further demonstrates their
support for Hudbay as a leading independent shareholder,” said Stephen Lang, Hudbay’s Chair of the Board of
Directors.
A copy of the amending agreement will be available under Hudbay’s profile on SEDAR.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a diversified mining company primarily producing copper concentrate (containing
copper, gold and silver) and zinc metal. Directly and through its subsidiaries, Hudbay owns three polymetallic mines,
four ore concentrators and a zi nc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco
(Peru), and copper projects in Arizona and Nevada (United States). The company’s growth strategy is focused on the
exploration, development, operation and optimization of properties it already controls, as well as other mineral assets
it may acquire that fit its strategic criteria. Hudbay’s vision is to be a responsible, top-tier operator of long-life, low-cost
mines in the Americas. Hudbay’s mission is to create sustainable val ue through the acquisition, development and
operation of high-quality, long-life deposits with exploration potential in jurisdictions that support responsible mining,
and to see the regions and communities in which the company operates benefit from its presence . The company is
governed by the Canada Business Corporations Act and its shares are listed under the symbol "HBM" on the Toronto
Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima. Further information about Hudbay can
be found on www.hudbay.com.
For investor and media inquiries, please contact:
Candace Brûlé
Director, Investor Relations
(416) 814-4387
TMX, NYSE – HBM
2020 No. 5
2
Additional Required Early Warning Report Information
Immediately prior to agreeing to amend the settlement agreement and immediately after agreeing to amend the
settlement agreement, Waterton, together with Waterton Mining Parallel Fund Offshore Master, LP ("Waterton Mining
LP") and Waterton Precious Metals Fund II Cayman, LP ("Waterton Fund II"), owned and exercised control and
direction over, in the aggregate, 39,186,013 common shares of Hudbay, representing approximately 14.998% of the
outstanding common shares of Hudbay.
The common shares of Hudbay were acquired for investment purposes and for other reasons detailed in Item 5 of the
early warning report to be filed under applicable Canadian securities laws. Waterton, together with Waterton Mining
LP and Waterton Fund LP, may, depending on market and othe r conditions, acquire additional common shares of
Hudbay through market transactions, private agreements, treasury issuances, exercise of warrants, or otherwise, or
may sell all or some portion of common shares of Hudbay, or may continue to hold common shares of Hudbay.
For further information and to obtain a copy of the early warning report, please see Hudbay's profile on the SEDAR
website www.sedar.com or contact Richard Wells, Chief Financial Officer of Waterton at 416 -504-3507. The head
office addres s of Waterton is Commerce Court West, 199 Bay Street, Suite 5050, Toronto, Ontario, M5L 1E2,
Canada. The head office address of each of Waterton Mining LP and Waterton Fund II is Ugland House, Grand
Cayman, Cayman Islands, KY1 -1104. The head office address of Hudbay is 25 York Street, Suite 800, Toronto,
Ontario, Canada M5J 2V5.