Hudbay and Marubeni Sign Flin Flon Option Agreement to Advance Exploration Partnership

TORONTO, March 13, 2024 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE: HBM) is pleased to announce the signing of an option agreement (the “Agreement”) with Marubeni Corporation (“Marubeni”), pursuant to which Hudbay has granted Marubeni’s wholly-owned Canadian subsidiary an option (the “Option”) to acquire a 20% interest in three projects located within trucking distance of Hudbay’s processing facilities in Flin Flon, Manitoba, as shown in Figure 1 and further described below. In order to exercise the Option, amongst other things, Marubeni will fund at least C$12 million in exploration expenditures over a period of approximately five years with Hudbay acting as operator and carrying out the exploration activities. Upon successful completion of Marubeni’s earn-in obligations, a joint-venture will be formed to hold the selected projects with Hudbay, acting as operator, holding an 80% interest and Marubeni holding the remaining 20% interest. The execution of the Agreement follows the signing of a memorandum of understanding between the parties that set out the framework for a multi-year exploration partnership, as previously announced in July 2023.

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