Hudbay and Peter Ballantyne Cree Nation Forge Landmark Exploration Pact

FLIN FLON, MB – April 21, 2026 – Hudbay Minerals Inc. has signed a significant Exploration Agreement with the Peter Ballantyne Cree Nation (PBCN), marking a new chapter of collaboration for mineral exploration in northern Saskatchewan. The agreement, announced today, commits the mining firm and the First Nation to a partnership model for all exploration activities within PBCN's vast traditional territories, setting a new precedent for resource development in the region.

The deal is being hailed by both parties as a crucial step toward economic reconciliation, moving beyond historical models to one rooted in mutual respect, transparency, and shared benefits.

A Partnership Rooted in Reconciliation

The agreement establishes a formal framework for Hudbay to conduct exploration work with the direct involvement and guidance of the Peter Ballantyne Cree Nation. This collaborative approach is becoming a cornerstone of responsible resource development in Canada, where over 500 Impact and Benefit Agreements (IBAs) have been signed between industry and Indigenous communities since the year 2000.

"Our relationship with the Peter Ballantyne Cree Nation is rooted in a shared vision of building the future together," said John O'Shaughnessy, Vice President of Hudbay's Manitoba Business Unit. "Reaching this agreement is a significant step towards economic reconciliation and underscores our dedication to creating lasting mutual benefits."

This sentiment is echoed by the PBCN leadership, who see the agreement as an affirmation of their inherent rights and stewardship role. The Peter Ballantyne Cree Nation, also known as the Assin’skowitiniwak ("people of the rocky area"), comprises eight communities across Treaty 6 and Treaty 10 territories.

"Our Nation has always held responsibility for these lands, and this agreement reflects that role moving forward," stated Councillor Clayton Sewap of the Peter Ballantyne Cree Nation. "Through this partnership, we are ensuring that exploration is guided by our voices, our knowledge and our priorities, while creating real opportunities for our people."

In a gesture honoring traditional protocols, the signing was preceded by a tobacco passing ceremony, symbolizing the respectful and positive intentions of both parties. A larger celebration is planned for the spring in the community of Amisk Lake.

Securing a Strategic Future

For Hudbay, the agreement is a strategic move to secure its long-term operational future in the region. The exploration activities in Saskatchewan are seen as a natural extension of the company's historical cornerstone, the Manitoba Business Unit, which includes the long-life Snow Lake operations. By exploring adjacent territories, Hudbay aims to discover new mineral deposits that could potentially be processed at its existing facilities, thereby enhancing future production and extending the overall mine life beyond its current projection of 2041.

The Snow Lake operations have become a primary gold producer for the company, with projections to average 190,000 ounces of gold annually over the next three years. With 1.9 million ounces of gold in current reserves and another 1.3 million ounces in inferred resources, the area is rich with potential. This new agreement opens up a promising new frontier in the geologically rich Flin Flon Greenstone Belt, which straddles the Manitoba-Saskatchewan border.

"This relationship is crucial for our ongoing exploration success in the region," said Neil Richardson, Director of Exploration for Hudbay's Manitoba Business Unit. "We look forward to collaborating closely with Peter Ballantyne Cree Nation as we begin our fieldwork. Having their guidance and support to work together ensures that we are exploring these traditional territories responsibly and respectfully."

Community Empowerment and Environmental Stewardship

The agreement is not just about finding minerals; it's about how they are found. For the Peter Ballantyne Cree Nation, the partnership is a vehicle for community empowerment and socio-economic development. This follows a pattern of proactive engagement by the Nation, which signed a similar Collaboration Agreement in 2023 with Foran Mining for a project located entirely within its territory.

Such agreements typically include robust provisions for employment, training, and business opportunities for Nation members. By ensuring PBCN has a seat at the table from the earliest stages of exploration, the partnership allows for the integration of traditional ecological knowledge into environmental monitoring and management plans. This proactive involvement is designed to mitigate impacts and protect the lands and waters that are culturally and economically vital to the eight PBCN communities.

The focus on early engagement and partnership aligns with the principles of the Mining Association of Canada’s Towards Sustainable Mining (TSM) initiative, of which Hudbay is an active member. The company has demonstrated a strong commitment to environmental, social, and governance (ESG) principles, holding a top-tier "A" rating from MSCI and an "Industry Top-Rated Badge" from Sustainalytics, placing it among the leaders in the global mining sector for managing ESG risks. This high-level commitment to sustainability provides a foundation of trust for partnerships like the one forged with PBCN. The presence of George LaFond, a member of Saskatchewan's Muskeg Lake Cree Nation, on Hudbay's Board of Directors further underscores the company's evolving focus on embedding Indigenous perspectives at a corporate governance level. This new agreement in Saskatchewan represents the tangible outcome of that strategic shift, promising a more inclusive and sustainable model for unlocking the mineral wealth of the Canadian Shield.