TSX, NYSE – HBM 2024 No. 9 Hudbay Announces Upsize to Bought Deal Equity Offering to US$350 Million
TSX, NYSE – HBM
2024 No. 9
Hudbay Announces Upsize to Bought Deal Equity Offering to US$350 Million
Toronto, Ontario, May 22, 2024 – Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM)
announced that the Company has agreed with the syndicate of und erwriters led by RBC Capital Markets and BMO
Capital Markets (collectively, the “Underwriters”) to increase the size of its previously announced equity offering. The
Underwriters have agreed to purchase, on a bought deal basis fr om the Company, a total of 36,840,000 common
shares of Hudbay (“Common Shares”) at a price of US$9.50 per Co mmon Share for aggregate gross proceeds of
US$349,980,000 (the “Offering”).
Hudbay has also granted the Underwriters an over-allotment opti on (the “Over-Allotment Option”) to purchase, on the
same terms and conditions of the Offering, up to an additional 15% of the Common Shares issued in connection with
the Offering. The Over-Allotment Option is exercisable, in whol e or in part, by the Underwriters at any time until and
including 30 days after closing of the Offering. The maximum gr oss proceeds raised under the Offering will be
US$402,477,000 in the event the Over-Allotment Option is fully exercised.
In all other respects, the terms of the Offering and the use of proceeds therefrom will remain as previously disclosed in
the original press release dated May 21, 2024.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of
these securities in any province, state or jurisdiction in whic h such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any such province, state or jurisdiction.
Forward-Looking Information
This news release and the previously announced press release da ted May 21, 2024 contains “forward-looking
information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities
legislation (collectively herein referred to as “forward-lookin g information”). All forward-looking information in news
release is qualified by this cautionary note. Often, but not always, forward-looking information can be identified by the
use of words such as “plans”, “expects”, “budget”, “guidance”, “scheduled” “estimates”, “forecasts”, “strategy”, “target”,
“intends”, “objective”, “goal”, “understands”, “anticipates” and “believes” (and variations of these or similar words) and
statements that certain actions, events or results “may”, “coul d”, “would”, “should”, “might” “occur” or “be achieved” or
“will be taken” (and variations of these or similar expressions).
Forward-looking information herein includes, but is not limited to, statements related to the terms of the Offering, the
potential for the Underwriters to exercise the Over-Allotment O ption, and Hudbay’s busines s, objectives, strategies,
and intentions. Forward-looking information is not, and cannot be, a guarantee of future results or events.
TSX, NYSE – HBM
2024 No. 9
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Forward-looking information is based on, among other things, op inions, assumptions, estimates and analyses that,
while considered reasonable by the Company at the date the forw ard-looking information is provided, inherently are
subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to
be materially different from those expressed or implied by the forward-looking information. Prospective purchasers
should refer to the Prospectus Supplement, Prospectus, and the documents incorporated by reference in the press
release dated May 21, 2024 for further disclosures in respect of the risks, uncertainties, contingencies and other factors
that may cause actual results to differ materially from those e xpressed or implied by the forward-looking information
herein. Subject to applicable securities law requirements, Hudb ay undertakes no obligation to update or revise any
forward-looking information after the date of any forward-looki ng information whether as a result of new information,
future events or otherwise or to explain any material differenc e between subsequent actual events and any forward-
looking information.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused mining company with three long-life operations and a world-class
pipeline of copper growth projects in tier-one mining-friendly jurisdictions of Canada, Peru and the United States.
Hudbay’s operating portfolio includes the Constancia mine in Cu sco (Peru), the Snow Lake operations in Manitoba
(Canada) and the Copper Mountain mine in British Columbia (Cana da). Copper is the primary metal produced by the
company, which is complemented by meaningful gold production. Hudbay’s growth pipeline includes the Copper World
project in Arizona (United States), the Mason project in Nevada (United States), the Llag uen project in La Libertad
(Peru) and several expansion and exploration opportunities near its existing operations.
The value Hudbay creates and the impact it has is embodied in its purpose statement: “We care about our people, our
communities and our planet. Hudbay provides the metals the worl d needs. We work sustainably, transform lives and
create better futures for communities.” Hudbay’s mission is to create sustainable value and strong returns by leveraging
its core strengths in community relations, focused exploration, mine development and efficient operations.
For further information, please contact:
Candace Brûlé
Vice President, Investor Relations
(416) 814-4387
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