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Hudbay and JOGMEC Sign Option Agreement to Expand the Existing Flin Flon Exploration Partnership with Marubeni
TORONTO, Jan. 22, 2026 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the &...
About this update from Hudbay Minerals Inc
[{"type":"text","content":"Hudbay and JOGMEC Sign Option Agreement to Expand the Existing Flin Flon Exploration Partnership with Marubeni\nTORONTO, Jan. 22, 2026 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “company”) (TSX, NYSE: HBM) is pleased to announce the signing of an amended and restated option agreement (the “Agreement”) with Japan Organization for Metals and Energy Security (“JOGMEC”) and Marubeni Corporation (“Marubeni”), pursuant to which Hudbay has granted JOGMEC an option (the “JOGMEC Option”) to acquire a 10% interest in three projects located within trucking distance of Hudbay’s processing facilities in Flin Flon, Manitoba, as shown in Figure 1 and further described below. In order to exercise the JOGMEC Option, amongst other things, JOGMEC will be required to fund at least C$6 million in exploration expenditures over a period of approximately three years, with Hudbay acting as the operator carrying out the exploration activities. This Agreement is an amendment and restatement of the option agreement Hudbay entered into with Marubeni in March 2024, pursuant to which Marubeni’s wholly-owned Canadian subsidiary was granted an option to acquire a 20% interest in the three projects, provided it, amongst other things, funds at least C$12 million in exploration expenditures over the designated earn-in period (the “Marubeni Option” and, together with the JOGMEC Option, the “Options”). For further information, please refer to Hudbay’s news release dated March 13, 2024. Upon successful completion of both Marubeni’s earn-in obligations and JOGMEC’s earn-in obligations and if both parties elect to exercise their respective Options, a three-party joint-venture will be formed to hold the selected projects with Hudbay, acting as operator, holding a 70% interest, Marubeni holding a 20% interest and JOGMEC holding the remaining 10% interest. “This expanded exploration partnership for the Flin Flon region, which now welcomes JOGMEC alongside our valued partners at Marubeni, represents a significant milestone towards unlocking potential future value in the Flin Flon region,” said Peter Kukielski, Hudbay’s President and Chief Executive Officer. “This arrangement allows us t...