Hudbay Plan of Arrangement with Copper Mountain Overwhelmingly Supported by Shareholders at Special Meetings

TORONTO, June 13, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay”) (TSX, NYSE: HBM) and Copper Mountain Mining Corporation (“Copper Mountain”) (TSX: CMMC) (ASX: C6C) are pleased to announce that the shareholders of both Hudbay and Copper Mountain have approved the resolutions required to consummate the previously announced plan of arrangement (the “Transaction”). At their respective special meetings of shareholders on June 13, 2023 (each, a “Meeting”), the resolutions were passed with the following results:

Hudbay
At the Meeting, the share issuance resolution required to consummate the Transaction was passed with the following voting results:

Number of Votes FOR	Number of Votes AGAINST	Percentage of Votes FOR
173,883,694	277,212	99.84%

Copper Mountain
At the Meeting, Copper Mountain shareholders supported the Transaction with the following voting resultsⁱ:

Number of Votes FOR	Number of Votes AGAINST	Percentage of Votes FOR
96,399,411	6,780,783	93.43%
i In addition, approximately 93.00% of Copper Mountain shareholders voted in favour of the Transaction, excluding the votes required to be excluded by Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.

"The overwhelming shareholder support solidifies the alignment of the Copper Mountain mine with Hudbay’s strategic and financial objectives and the combined company is well-positioned to create meaningful value for all shareholders," said Peter Kukielski, President and Chief Executive Officer of Hudbay. Gil Clausen, President and Chief Executive Officer of Copper Mountain echoed this sentiment saying, “We are pleased with the strong endorsement by the company's shareholders indicating widespread support for the future of the combined company.”

Transaction Highlights

The combination of Hudbay and Copper Mountain is on-strategy with strong industrial logic that will offer both sets of shareholders compelling benefits, as highlighted below:

• Scale – A larger-scale platform with three long-life operating mines with exploration and expansion upside, three large-scale development projects and one of the largest mineral resource bases among intermediate copper producers;