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Hudbay and Mitsubishi Approve Copper World Project Construction; Advancing Next Major U.S. Copper Mine Towards First Production in 2029

GlobeNewswire

TORONTO, Oct. 21, 2026 -- Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM) today announced the results of the definitive feasibility study and related pre-feasibility studies (collectively, the “DFS”) for its 70%-owned Copper World project in Arizona, located approximately 50 kilometres (31 miles) southeast of Tucson. Copper World is 30%-owned by Mitsubishi Corporation (“Mitsubishi”) pursuant to a joint venture agreement entered into with Hudbay in January 2026. Supported by a robust DFS, Hudbay and Mitsubishi have formally approved the final investment decision to proceed with the construction and development of Copper World as the next major copper mine in the U.S. with first production targeted for the second half of 2029. Hudbay will be filing a technical report pursuant to National Instrument 43-101 containing the results of the DFS for Copper World. All dollar amounts are in U.S. dollars, unless otherwise noted. "Tonnes” refer to metric tonnes and “tons” refer to imperial or U.S. short tons.

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