Hudbay Minerals Inc.

MarketNewsUpdates News Commentary

NEW YORK, Sept. 23, 2025 /CNW/ -- Copper—long hailed as "the metal with a PhD in economics"—has become central to industry, agriculture, infrastructure, and global development. As we look to 2025, the copper price outlook 2025 supply demand forecast takes on increasing importance. This metal underpins advances in smart farming, electrification, renewable energy, and sophisticated infrastructure projects in both emerging and developed markets. A report from Farmonaut said that: "According to multiple industry observers and market analytics, the copper price forecast October 2025 projects a trading range of $9,000 to $10,500 per metric tonne." The report continued: "Persistent supply constraints, robust and growing demand, fresh geopolitical challenges, and the strategic need to secure resource resilience are all converging to create a pivotal moment for copper's price trajectory. Copper is an essential component of electrical wiring, power grids, irrigation systems, and agricultural machinery. The global demand for this metal continues its decades-long upward march, fueled by: Infrastructure development: Booming government investment in renewable energy, smart grids, urban transportation, and rural electrification across emerging and developed nations. - Agricultural modernization: Global push for automation, smart farming systems, and electric-powered machinery that rely on copper-based electrical components for efficiency and innovation. - Renewable energy initiatives: Solar PV plants, wind turbines, EVs, and associated electrical networks increase copper intensity per unit of output—especially in fast-growing markets like China, India, Africa, and Latin America."  Active Companies in the Mining Industry today include Star Copper Corp. (OTCQX: STCUF) (CSE: STCU), Freeport (NYSE: FCX), Ero Copper Corp. (NYSE: ERO) (TSX: ERO), MAC Copper Limited (NYSE: MTAL), Hudbay Minerals Inc. (NYSE: HBM) (TSX: HBM).

Farmonaut added: "The copper market in 2025 stands at a critical juncture, shaped predominantly by a combination of growing demand and supply shortfalls. Leading industry analysts and studies forecast a supply deficit in the range of 300,000–500,000 metric tonnes by the end of 2025.  In 2025, demand is projected to outstrip supply by about 400,000 tonnes (in line with ICSG's deficit estimates), with average prices forecasted to rise significantly versus 2024 levels. Major drivers include the continued expansion of electrical grid projects, rural electrification, and the modernization of agricultural operations around the globe."

Star Copper Receives Excellent Preliminary Assay Results and Applauds Proposed Nation-Building Golden Triangle Investment - Company Drills 226.54 m of 0.67% CuEq from surface and 100m of 0.91% CuEq in Supergene Zone from surface - Star Copper Corp. (CSE:STCU) (OTCQX:STCUF) (FWB:SOP) ("Star Copper" or the "Company"), a critical minerals exploration and development company is pleased to announce it has received excellent preliminary results from the first three drill holes of its Phase 1 drill program at its flagship Star Project in northwestern British Columbia's Golden Triangle region.

Highlights

• Hole S-051 intersected 226.54m 0.67% CuEq (0.42% Cu & 0.25 g/t Au) from 14m.
• Including 90m of 1.06% CuEq (0.59% Cu & 0.47 g/t Au) from 14m.
• Including 40m of 1.56% CuEq (0.89% Cu & 0.68 g/t Au) from 37m.
• Hole S-050 intersected 93m 0.91% CuEq (0.55% Cu & 0.37 g/t Au) from 8m.
• Hole S-052 intersected 397m of 0.37% CuEq (0.25% Cu & 0.11 g/t Au) from 29m.
• Including 228m of 0.51% CuEq (0.33% Cu & 0.17 g/t Au) from 17m.
• Including 90m of 0.74 CuEq (0.51 Cu & 0.23 g/t Au) from 29m.

Additional results from the Phase 1 campaign plus pending data for three (3) more holes from Phase 1 along with assay results are expected in the coming weeks and will be reported as received, vetted and interpreted.

The company has already commenced Phase 2 drilling, which not only aims to expand the shallow supergene footprint, but also confirms the significant oxide footprint at surface which remains open to the northeast and southwest as shown in our Phase 1 results map.

Company CEO, Darryl Jones comments, "Recent announcements by the Canadian government regarding the fast-tracked mine expansion at the nearby Red Chris Copper-Gold Project as one of five "nation-building" projects has captured the interest and attention of our entire team. Given the many geological similarities between Red Chris and the Star Project, as well as the Golden Triangle region of BC in general, the early returns from our Phase 1 drilling have us excited about the potential for the Star Project to emerge as a prominent copper district in the province."

CEO Jones continues, "the timing of this excellent economic message comes just as we have received strong initial results validating our geologic model of a laterally extensive near-surface supergene copper enriched blanket over hypogene chalcopyrite at depth which underscores the scale and potential at Star Main."

In summary, the initial Phase 1 results from drill holes S-050, S-051 and S-052 confirm a broad near-surface supergene copper enrichment blanket at Star Main covering 300 x 250 m to a depth of 100 m, with multiple intervals at or above the analytical upper limit of 10,000 ppm Cu (≥1.00% Cu; minimum values are pending over-limit re-assay).

Star Copper is extremely pleased to report that based on the results from the first three holes of the initial six-hole drill program, the Company now has a greater understanding of the relationship between the Project's fault structure and grade of the supergene zone through the clarification of the transition to hypogene copper mineralization.  Continued…  Read this full release and additional news for Star Copper Corp. by visiting: https://starcopper.com/news/

Other developments in the mining industries include:

Freeport (NYSE: FCX) announced recently that expert teams continue to work around the clock to locate seven PT Freeport Indonesia (PTFI) team members whose access routes in the Grasberg Block Cave were blocked following the previously reported September 8 mud flow incident.

Extensive efforts are ongoing to clear access routes to the service level of the mine where the seven contractors were working at the time of the incident. The wet material entered the mine through drawpoints in one of five production blocks and traveled to multiple lower mine levels. Additional time is required to safely remove the significant amount of material in the service level, a non-mining area.

In parallel with ongoing efforts to clear the blocked access routes, PTFI has been pursuing a series of additional initiatives to access the areas where the missing team members were working. PTFI has successfully drilled into a number of locations in the service level, including near a refuge chamber close to the work area. Regrettably, to date, we have not been able to locate the workers.

Ero Copper Corp. (TSX: ERO) (NYSE: ERO) recently announced the remaining assay results from its 28,000-meter Phase 1 drill program at the Furnas Copper-Gold Project ("Furnas" or the "Project"), located in the Carajás Mineral Province in Pará State, Brazil.

Complete results from the Phase 1 program are highlighted by intercepts that continue to demonstrate high-grade continuity throughout the deposit as well as significantly extend the known limits of mineralization within the high-grade zones (greater than 1% CuEq1) to depth. To date, mineralization has been extended to a depth of approximately 950 meters down-dip from surface and remains open.

MAC Copper Limited (NYSE:MTAL) recently announced that the requisite majorities of MAC shareholders today voted in favour of resolutions to approve the proposed acquisition of 100% of the issued share capital in MAC by Harmony Gold (Australia) Pty Ltd (a wholly owned subsidiary of Harmony Gold Mining Company Limited (JSE:HAR, NYSE:HMY)) ("Harmony") by way of a Jersey law scheme of arrangement pursuant to Article 125 of the Companies (Jersey) Law 1991 (as amended) ("Scheme"), to authorise the directors of MAC to implement the Scheme and deal with certain ancillary matters and to approve the alteration of MAC's Articles of Association.

Capitalised terms used in this announcement have the meaning given to them in the Scheme Circular, a copy of which is attached to MAC's announcement released on 31 July 2025.

Hudbay Minerals Inc. (NYSE: HBM) (TSX: HBM) recently announced that Mitsubishi Corporation ("Mitsubishi") has agreed to acquire a 30% interest in Copper World LLC, a wholly-owned subsidiary of Hudbay which owns the fully-permitted Copper World project in Arizona ("Copper World") for an initial cash contribution of $600 million, comprising $420 million as consideration for a 30% equity interest in Copper World at closing and $180 million as a matching contribution within 18 months of closing (the "JV Transaction"). The JV Transaction is subject to the satisfaction of customary closing conditions. All dollar amounts are in U.S. dollars, unless otherwise noted.

"Securing Mitsubishi as a 30% partner in Copper World is an important milestone for Hudbay as we establish a long-term strategic partnership to advance this high-quality copper project towards sanctioning and to unlock significant value in our copper growth portfolio," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "I have a long history of involvement with joint ventures over my career, including with Mitsubishi at Antamina back in the 1990s and 2000s, and I've seen how strategic joint ventures have built some of the best mines in the world. After a highly robust and competitive process, we have selected the premier partner of choice in Mitsubishi. Through this partnership we will leverage our complementary strengths to deliver our world-class Copper World project, produce domestic copper in the U.S. for the U.S. critical minerals supply chain and create value for all our stakeholders. We have also agreed to modernize the Wheaton precious metals stream, which, together with the recent achievement of our balance sheet targets, will complete the key elements of our prudent financing plan for Copper World, and we are very well positioned to build one of the next major copper mines in the U.S."

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This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.

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TUCSON, Ariz., June 11, 2025 /PRNewswire/ -- Copper World, Inc., a wholly-owned subsidiary of Hudbay Minerals Inc. ("Hudbay"), today announced the selection of several companies to conduct feasibility studies and drive early-stage project development for the Copper World project. This milestone marks the continued advancement of the fully permitted mine that is one of the most significant economic development projects in Southern Arizona's history.

The selected firms include Arizona-based Sundt Construction and M3 Engineering & Technology Corporation, each with extensive experience delivering complex infrastructure and mining projects across the state. They are joined by Ames Construction, DRA Global Limited, Knight Piésold, Mipac, and Stantec. Together, these firms bring a wealth of expertise in mine design, infrastructure development, mineral processing and environmental management. Several have been significantly involved in local projects, contributing to a local workforce that is already familiar with Southern Arizona and its communities.

This development is structured under an integrated project delivery model, a collaborative approach designed to align engineering, construction, and technical partners from the earliest stages. This model fosters more efficient planning, enhances risk mitigation, and streamlines execution across all phases of the project lifecycle.

"We are proud to partner with some of the most respected engineering and construction firms in the industry," said Javier Del Rio, Senior Vice President of the U.S. Business Unit for Hudbay. "These companies have a strong presence in Arizona, and their regional knowledge and technical capabilities are instrumental as we advance the Copper World project with a focus on quality, safety and local community benefit."

Building upon its commitment to providing community benefits and leveraging local expertise, Copper World Inc. and a coalition of local union building trades recently announced a letter of commitment for the construction of Copper World. The letter outlines Hudbay's commitment to providing union contractors with a significant opportunity in the construction of the Copper World mine.

Located 28 miles southeast of Tucson, Copper World is a fully permitted project that is expected to generate significant benefits for the community and local economy. Over the anticipated 20-year life of the fully permitted mine, Hudbay expects to contribute more than $850 million in U.S. taxes, including over $420 million in state and local taxes. Copper World is also projected to create over 400 direct jobs and up to 3,000 indirect jobs in Arizona. Furthermore, Copper World is expected to bolster the domestic U.S. supply chain with Arizona "Made in America" copper by building a concentrate leach processing facility in the fourth year of operation. This local production of copper cathode would significantly reduce the project's carbon footprint by eliminating overseas shipping and refining. Copper World is expected to help meet the growing demand for critical minerals in the U.S. related to increased manufacturing capacity, infrastructure development, increased energy independence, domestic battery supply chain needs and strengthening the nation's security.

About Hudbay

Hudbay (NYSE, TSX: HBM) is a copper-focused critical minerals company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States.

Hudbay's operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the Company, which is complemented by meaningful gold production and by-product zinc, silver and molybdenum. Hudbay's growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen 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 world 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.

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