Hudbay Completes Rockcliff Acquisition; Further Consolidates Snow Lake Operations and Adds to Prospective Land Package

TORONTO, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay”) (TSX, NYSE: HBM) is pleased to announce that it has completed its acquisition of Rockcliff Metals Corp. (“Rockcliff”). Hudbay acquired all of the issued and outstanding common shares of Rockcliff that it did not already own pursuant to a court-approved plan of arrangement, effective as of today’s date (the “Transaction”). As a result of closing the Transaction, Rockcliff is now a wholly-owned subsidiary of Hudbay and, in accordance with the terms of the Transaction, former Rockcliff shareholders have been issued 0.006776 of a Hudbay common share for each Rockcliff share previously held.

Prior to the Transaction, Rockcliff was the 49% joint venture partner on Hudbay’s Talbot project. Rockcliff also owns a 100% interest in six additional deposits in the Snow Lake region and is one of the largest landholders in the Snow Lake area, with approximately 1,800 km² across all its properties.

Peter Kukielski, Hudbay’s President and Chief Executive Officer, commented, “We are very excited about the completion of this logical transaction and the potential for Rockcliff’s deposits to extend the mine life and add further optionality to our operations in the Snow Lake region.”

Forward-Looking Information

This release contains certain “forward looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.

Forward-looking statements relate to future events or future performance and reflect Hudbay’s expectations or beliefs regarding future events. Forward-looking statements include, but are not limited to, statements with respect to the strengths, characteristics and potential of the Transaction; the impact of the Transaction on shareholders of Hudbay and other stakeholders and other anticipated benefits of the Transaction. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.