On August 13, 2025, Hudbay Minerals Inc. has entered into a definitive agreement with Mitsubishi Corporation, under which Mitsubishi will acquire a 30% interest in Copper World LLC, the owner of the fully-permitted Copper World project in Arizona, for a total initial cash contribution of US$600 million (approximately C$814 million) - comprising US$420 million at closing and US$180 million as a matching contribution for development costs. The transaction, subject to customary closing conditions and regulatory approvals, significantly de-risks Copper World and positions Hudbay to advance the project toward a sanction decision in 2026. Mitsubishi will also fund its pro-rata share of future capital contributions, enhancing Hudbay’s financial flexibility and reducing its estimated remaining capital outlay to about US$200 million. The partnership is expected to increase Hudbay’s levered project IRR to approximately 90% and validates Copper World’s long-term value. The Copper World project, with a projected US$1.5 billion direct investment into the U.S. critical minerals supply chain, is anticipated to produce 85,000 tonnes of copper annually over a 20-year mine life, creating significant economic and employment benefits in Arizona.

Barclays Capital Canada Inc. and TD Securities Inc. served as financial advisors to Hudbay, with Sullivan & Cromwell LLP as Hudbay’s legal counsel, while Mayer Brown advised Mitsubishi Corporation on the agreement. The deal also includes amendments to Hudbay’s precious metals streaming agreement with Wheaton Precious Metals Corp., providing additional contingent payments and upside exposure to precious metals prices.