Hudbay's Centennial Surge: Miner Hits TSX30 with 427% Stock Growth

TORONTO, ON – September 09, 2026 – As Hudbay Minerals Inc. approaches its centennial, the company is celebrating not just a century of operations but a monumental financial milestone. The copper-focused mining firm has been named a 2026 TSX30™ winner, a prestigious recognition from the Toronto Stock Exchange for its top-performing listed companies. The honor comes after Hudbay’s share price surged an astounding 427% over the past three years, a testament to a powerful combination of strategic execution and favorable market tailwinds.

“We are honoured to be named to this notable list of top performing companies on the TSX, which reflects our operating consistency, strong financial performance and the industry-leading total shareholder returns that Hudbay has delivered over the past three years,” said Peter Kukielski, Chief Executive Officer. “This is especially meaningful on the eve of our centennial as we celebrate 100 years of successful operations. We are well-positioned to continue to deliver meaningful value creation and sustainable total shareholder returns as we execute our strategy as a premier Americas-focused copper producer.”

A Perfect Storm of Performance

Hudbay’s ascent is not an accident but the result of capitalizing on a perfect storm of soaring commodity prices and relentless operational discipline. The three-year period ending in June 2026 saw a dramatic rise in the value of copper, a metal critical to the global energy transition, AI data centers, and defense infrastructure. With forecasts from major financial institutions like J.P. Morgan projecting copper prices to potentially reach $15,500 per metric tonne, driven by a structural supply deficit, Hudbay’s copper-centric portfolio became a powerful engine for growth.

This market updraft was amplified by a strong gold market, which serves as a significant by-product for the company. With gold prices also showing robust year-over-year growth, Hudbay has leveraged its meaningful gold production to dramatically lower its effective cost of producing copper. In the second quarter of 2026, the company achieved a consolidated cash cost of negative $0.40 per pound of copper, a remarkable figure that has allowed it to revise its full-year guidance to between negative $0.45 and negative $0.25 per pound. This ability to generate cash while producing its primary metal highlights a level of efficiency that sets it apart from many peers.

The financial results speak for themselves. The company posted record annual revenue of $2.2 billion in 2025 and has consistently met or exceeded its consolidated production guidance for copper and gold for eleven and five consecutive years, respectively. This track record demonstrates a mastery of operational execution that turns market opportunity into tangible shareholder value.

Strategic Assets and a Robust Pipeline

Behind the impressive numbers lies a portfolio of high-quality assets across the Americas, each benefiting from targeted strategic initiatives. The 2023 acquisition of the Copper Mountain mine in British Columbia was a pivotal move, instantly making Hudbay Canada's third-largest copper producer. The company has since moved to consolidate 100% ownership and is executing an ambitious optimization plan. With permits secured for the New Ingerbelle expansion and plans to increase mill throughput to 50,000 tonnes per day in 2026, the mine is projected to see a 90% increase in average annual copper production over its first decade compared to 2022 levels.

In Peru, the company’s long-life Constancia mine received regulatory approval in July 2026 to increase its annual processing capacity, further enhancing the efficiency of this cornerstone asset. Following an optimization of the mine plan in 2025, Constancia’s operational life was extended to 2041, securing a stable production profile for years to come. Meanwhile, the Snow Lake operations in Manitoba, Canada, continue to be a gold-production powerhouse, achieving record output in 2024 and consistently operating its New Britannia mill above design capacity.

Looking ahead, Hudbay’s strategy is firmly anchored in growth. The company’s pipeline includes a suite of world-class copper projects in tier-one jurisdictions, including the Copper World and Cactus projects in Arizona, the Mason project in Nevada, and the Llaguen project in Peru. This pipeline positions the company to be a key supplier in the burgeoning critical minerals market, ensuring its relevance and growth potential long after its centennial celebrations.

A Sector-Wide Surge and a Century of Mining

Hudbay’s inclusion in the TSX30 is also indicative of a broader trend. Mining companies represented an unprecedented 60% of the 2026 TSX30 list, the highest share since the program's inception. This highlights a significant market rotation towards the resource sector as investors recognize the foundational role of critical minerals in the global economy. The 30 companies on the 2026 list added a collective $225.7 billion in market value, underscoring the immense wealth creation happening within sectors like mining.

For Hudbay, this modern success is built on a century-long foundation. As the company prepares to mark 100 years of operations, its recent achievements serve as a powerful narrative of adaptation and resilience. The company has evolved from its historical roots to become a modern, technology-driven miner with a stated purpose to “work sustainably, transform lives and create better futures for communities.” This blend of deep experience and forward-looking strategy has resonated with a market increasingly focused on both performance and sustainability.

Fortifying the Foundation for Future Growth

Perhaps the most compelling aspect of Hudbay’s strategic shift is the dramatic transformation of its balance sheet. The company has aggressively paid down debt, improving its net debt to adjusted EBITDA ratio from 1.6x in 2023 to a mere 0.4x by the end of 2025. This disciplined financial management culminated in the company reporting a net cash position of $80 million and over $1 billion in total liquidity by mid-2026.

This financial fortification does more than just de-risk the business; it provides a powerful platform for funding its ambitious growth pipeline and weathering the cyclical nature of the commodities market. With a strong balance sheet, a portfolio of optimized, long-life assets, and a clear strategy focused on the world’s most critical metal, Hudbay is not just celebrating a historic past but is strategically positioned for a dominant future.