The transaction was announced on March 2, 2026, when Hudbay Minerals Inc. (TSX, NYSE: HBM) and Arizona Sonoran Copper Company Inc. (TSX: ASCU; OTCQX: ASCUF) entered into a definitive arrangement agreement pursuant to which Hudbay agreed to acquire all issued and outstanding common shares of ASCU not already owned by Hudbay. The acquisition closed on June 24, 2026 by way of a court-approved plan of arrangement, with Arizona Sonoran becoming a wholly-owned subsidiary of Hudbay.

The all-share transaction valued ASCU at approximately C$9.35 per share — a 30% premium to ASCU's closing price on February 27, 2026, and a 36% premium based on the 20-day VWAP — implying a total equity value of approximately US$1.48 billion (approximately C$2.03 billion at the March 2, 2026 USD/CAD exchange rate of approximately 1.3734). Former ASCU shareholders received 0.242 of a Hudbay common share for each ASCU share held.

The combined Copper World and Cactus projects in Arizona form the third largest copper district in North America, with a pathway to scale Hudbay's annual copper production from approximately 125,000 tonnes today to more than 350,000 tonnes over time. Following closing, ASCU shares were delisted from the Toronto Stock Exchange.

TD Securities Inc. acted as financial advisor to Hudbay, with National Bank Financial Inc. as strategic advisor and Goodmans LLP as legal counsel. Scotiabank acted as financial advisor to ASCU, with Origin Merchant Partners providing an independent fairness opinion to the ASCU Board, and Osler, Hoskin & Harcourt LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acting as legal counsel to ASCU. No underwriters, agents, or dealers are referenced in the source documents, as this was an all-share M&A transaction conducted by plan of arrangement.