Japanese giant JOGMEC joins Manitoba mining venture

Hudbay Minerals has signed an amended agreement with Japan Organization for Metals and Energy Security (JOGMEC) and Marubeni. The deal gives JOGMEC the option to acquire a 10% interest in three mining projects near Hudbay's facilities in Flin Flon, Manitoba. To exercise this option, JOGMEC must fund at least C$6 million in exploration over about three years, with Hudbay leading the exploration work.

This agreement builds on a previous deal with Marubeni from March 2024, which gave Marubeni's subsidiary the option to acquire a 20% interest in the same projects by funding C$12 million in exploration. If both companies fulfill their commitments and choose to exercise their options, a joint venture will form. Hudbay would hold 70% interest, Marubeni 20%, and JOGMEC 10%.

"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," Peter Kukielski, Hudbay's president and CEO, said.

The agreement focuses on three projects: Cuprus-White Lake, Westarm, and North Star. All are within 20 km of Hudbay's Flin Flon milling complex and have a history of producing mines with attractive metal grades. The areas remain promising for further discoveries due to their geological features and limited deep drilling in the past.

Exploration work will continue in winter 2026 with geophysical programs and drilling. The summer 2026 program will include surface work and additional drilling. If any projects advance to production, the parties may consider using Hudbay's idle Flin Flon milling complex for ore processing.

This partnership allows Hudbay to collaborate with Marubeni and JOGMEC while using its operational expertise to explore for new discoveries in the Flin Flon region. The company aims to leverage its long history of successful mining operations in Manitoba to potentially find new resources that could utilize its existing infrastructure.

More information is available at www.HudBayMinerals.com, www.Jogmec.go.jp/english/, and www.Marubeni.com/en/