Hudbay Minerals Inc. successfully closed its public offering of common shares, issuing 42,366,000 shares at $12.83 (US$9.50) each, including 5,526,000 shares from the underwriters' full over-allotment option exercise. The total gross proceeds amounted to US$402,477,000, equivalent to approximately $545,000,000 as of May 24, 2024.

The offering, completed on a bought deal basis, was underpinned by an underwriting agreement dated May 22, 2024. The syndicate of underwriters was led by RBC Capital Markets and BMO Capital Markets as Joint Bookrunners. Co-lead managers included CIBC Capital Markets, National Bank Financial, Scotiabank, and TD Securities. Co-managers comprised Barclays Capital, Canaccord Genuity, Bank of America Merrill Lynch, Cormark Securities, ING Bank, Haywood Securities, Raymond James, Stifel Nicolaus, Eight Capital, and Paradigm Capital.

Hudbay planned to allocate the net proceeds towards several initiatives. These included funding near-term growth projects such as accelerating mine pre-stripping and mill optimization at Copper Mountain, enhancing balance sheet flexibility via debt repayments, and supporting its "3P" plan for a sanctioning decision on Copper World. Additionally, the funds would be used to evaluate mill throughput enhancement opportunities at Constancia and New Britannia and for general corporate purposes as outlined in the Prospectus Supplement.