Hudbay Stock TSX: Copper World Facts and Key Numbers

Hudbay Minerals trades under the ticker HBM on both the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE), as its own second-quarter 2026 results release shows. It is a copper-focused miner with three operating mines in Canada and Peru and a growth pipeline in Arizona and Nevada. This page sets out what the company produces, what the Copper World project is and how it is funded, and which risks Hudbay itself lists. It gives facts and dated figures, with no share price and no view on whether to buy or sell.

Three points answer most questions. First, Copper World is a development project that has not been built, so it produces no copper yet. Second, Hudbay’s own filings expect a sanctioning (go-ahead) decision for Copper World late in 2026. Third, Hudbay owns 70% of the project after Mitsubishi Corporation took 30% in January 2026.

Hudbay stock on the TSX and NYSE: listing facts

The listing facts below come from Hudbay’s company releases. Check the exchange pages for the live quote, which this page does not give.

• Ticker and exchanges: HBM on the TSX (priced in Canadian dollars) and on the NYSE (priced in US dollars). Hudbay reports its results in US dollars.
• Shares: a basic weighted average of 400.4 million common shares in the second quarter of 2026, up from 395.1 million a year earlier. Hudbay issued 46,794,082 new shares to buy Arizona Sonoran Copper Company in June 2026.
• Dividend: a quarterly dividend of C$0.01 per share was declared on 28 July 2026 and payable on 8 September 2026. The February 2026 results release described the move to a quarterly C$0.01 payment as the first dividend increase in the company’s history, taking the annual total to C$0.04 from C$0.02.
• Balance sheet at 30 June 2026: cash of US$890.9 million, total liquidity of US$1,044.6 million and net debt of negative US$80.5 million, which means cash exceeded debt. Of the cash, US$334.5 million is held by Copper World LLC and may be used only for that project.
• Reporting: Hudbay’s news releases are also filed with the US Securities and Exchange Commission on Form 6-K, so they can be read on the SEC’s EDGAR system.

Hudbay made 118,188 tonnes of copper and 267,934 ounces of gold in 2025, against 137,943 tonnes and 332,240 ounces in 2024, according to its fourth-quarter 2025 release filed with the SEC. For scale, the US Geological Survey puts world mine output of copper at about 23 million tonnes in 2025 (estimate), so Hudbay’s 2025 copper is roughly half of one per cent of the world total (USGS, Mineral Commodity Summaries 2026).

What Hudbay produces and where

Hudbay runs three operations. Constancia is an open-pit copper mine in the Cusco region of Peru. The Snow Lake operations in Manitoba, Canada, mine gold, copper, zinc and silver. Copper Mountain is an open-pit copper-gold mine in British Columbia, Canada, which Hudbay has owned 100% since 30 April 2025. The mix matters because gold by-product revenue lowers the cost of each pound of copper. In the second quarter of 2026, gold made up 38% of Hudbay’s revenue.

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Hudbay copper output by operation, second quarter 2026

Tonnes of copper in concentrate, three months to 30 June 2026

Second-quarter 2026 production was 28,267 tonnes of copper and 51,234 ounces of gold. Peru supplied most of the copper, while Manitoba supplied most of the gold. Hudbay reaffirmed its full-year 2026 guidance of 110,000 to 138,000 tonnes of copper and 217,000 to 272,000 ounces of gold. Gold from the high-grade Pampacancha satellite pit in Peru has ended, because that deposit was depleted at the end of 2025.

Hudbay’s March 2026 outlook says copper output should average 147,000 tonnes a year over the next three years, which is 24% above 2025. Two 2026 steps bear on that outlook: the New Ingerbelle expansion at Copper Mountain broke ground, and Constancia’s permitted mill capacity rose to 34 million tonnes of ore a year in June 2026.

Canada is also a major copper country. Natural Resources Canada reports that Canadian mines produced 514,582 tonnes of copper in concentrate in 2024, with about 48% coming from British Columbia (NRCan, Copper facts).

Hudbay results: revenue, cash cost and earnings

Hudbay reports a “cash cost” per pound of copper that is net of by-product credits, meaning the money earned from gold, silver and zinc is subtracted from the cost of mining and milling. When by-product revenue is large, this figure can fall below zero. In the second quarter of 2026 it was negative US$0.40 per pound, after a record low of negative US$1.80 in the first quarter. Hudbay improved its full-year 2026 guidance to negative US$0.45 to negative US$0.25 per pound.

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Hudbay adjusted EBITDA by quarter

US$ million, quarters ended 30 June 2025 to 30 June 2026

Adjusted EBITDA (earnings before interest, tax, depreciation and amortisation, adjusted for one-off items) was US$321.2 million in the second quarter of 2026 on revenue of US$631.3 million. Over the 12 months to 30 June 2026 it was US$1,271.6 million, which Hudbay calls a record. The quarterly pattern was uneven because of operating interruptions: a delayed concentrate shipment in Peru held back sales in the second quarter, and temporary suspensions in Manitoba and Peru affected the third quarter of 2025.

Net earnings attributable to owners were US$137.4 million, or US$0.34 per share, in the second quarter of 2026. Hudbay also reported more than US$200 million of cash flow left after capital spending in the first half of 2026. Peru’s cash cost of US$1.66 per pound was below the low end of its annual guidance range, while British Columbia’s US$3.22 per pound was above its range because of fuel prices and equipment maintenance timing.

Copper World: what the project is

Copper World is an open-pit copper project in Pima County, Arizona, about 50 kilometres south-east of Tucson. It includes the East deposit, formerly known as Rosemont. A pre-feasibility study (PFS, an early engineering and cost study) for the first phase was published in September 2023, and a definitive feasibility study (DFS, a more detailed study that supports a construction decision) is under way. For a wider look at how this project fits among large copper mines, see our post on Copper World and top copper mines.

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Copper World Phase I after-tax NPV at two copper prices

US$ million at an 8% discount rate, 2023 pre-feasibility study

The key numbers in the 2023 PFS, at a copper price of US$3.75 per pound, are:

• Average copper output of about 85,000 tonnes a year over 20 years, and about 92,000 tonnes a year in the first ten years.
• Cash cost of US$1.47 per pound and sustaining cash cost (which adds the spending needed to keep the mine running) of US$1.81 per pound, both net of by-product credits.
• Initial capital of about US$1.3 billion, or US$1.1 billion after the existing Wheaton Precious Metals stream.
• After-tax net present value at an 8% discount rate of US$1.1 billion and an internal rate of return of 19%. At US$4.25 per pound the same study gives US$1.7 billion and 25.5%. These figures come from Hudbay’s PFS news release.

A “stream” is a financing deal in which a buyer pays money up front for the right to buy a share of a mine’s by-product metal at a fixed low price. Under the Wheaton stream, Hudbay delivers 100% of Copper World’s gold and silver for an upfront payment of US$230 million in the first year of construction, and the study prices that gold at US$450 per ounce and that silver at US$3.90 per ounce.

Hudbay says the DFS will show higher capital costs than the 2023 study, mainly because of cost inflation and extra scope that allows a later mill expansion. Engineering was 95% complete at the end of the second quarter of 2026. Treat the 2023 figures as the published baseline, not as a forecast for the final decision.

Related reading on this site: First Mining Gold (TSX: FF): Springpole and Duparquet.

Copper World reserves and resources

A mineral reserve is the part of a deposit that studies show can be mined at a profit under stated assumptions. A mineral resource has less proof of economic viability. Hudbay’s 27 March 2026 update gives these Copper World figures as of 1 January 2026, on a 100% project basis: proven and probable reserves of 385 million tonnes at 0.54% copper. Measured and indicated resources, which exclude the reserves, add 844 million tonnes at 0.35% copper, and inferred resources add 275 million tonnes at 0.32%. Hudbay states that resources are not reserves and have not shown economic viability.

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Copper World reserves and resources, 1 January 2026

Million tonnes, 100% project basis; resources exclude reserves

Grade is the copper content of the rock. At 0.54%, each tonne of reserve ore holds about 5.4 kilograms of copper before processing losses. Low grades are normal for large open-pit copper mines, and our guide to copper deposit types and top countries explains the main deposit types.

How Copper World is owned and funded

On 12 January 2026 Hudbay closed a US$600 million investment by Mitsubishi Corporation for a 30% joint venture interest in Copper World LLC. About US$420 million was paid at closing and US$180 million is due within 18 months. Mitsubishi also funds 30% of future equity contributions. Hudbay says its own share of remaining capital contributions is about US$200 million on PFS estimates, with its first contribution deferred to 2028 at the earliest. These terms are in Hudbay’s closing announcement.

Copper World LLC also raised US$52.0 million of municipal solid waste disposal revenue bonds in June 2026, issued through the Arizona Industrial Development Authority at 4.5% interest and due in 2036. Hudbay says the sanctioning decision is on track for late 2026. The company states that Copper World will raise its consolidated copper production by more than 50% once built.

Copper World permits and legal challenges

Phase I is designed to need state and local permits only. Hudbay says it holds the three key state permits: the Mine Land Reclamation Plan (approved in October 2021 and amended in May 2023), the Aquifer Protection Permit (August 2024) and the Air Quality Permit (January 2025). Opponents filed an appeal against the air permit in January 2025, and Hudbay’s second-quarter 2026 filing still lists litigation over the air permit and certain land rights as a risk. A permit can be held and still be contested, so follow the company’s filings for outcomes.

Phase II would extend mining onto federal land and would need federal permits. It is not part of the PFS economics. The same state of Arizona hosts other large operations, including the Asarco site covered in our Asarco Mission mine guide, and USGS reports that Arizona produced about 70% of US copper in 2025.

Cactus, Mason and the rest of the growth pipeline

Hudbay announced the purchase of Arizona Sonoran Copper Company on 2 March 2026 for 0.242 of a Hudbay share per Arizona Sonoran share, and completed it on 24 June 2026. The deal gave Hudbay 100% of the Cactus copper project in Arizona. Hudbay plans to spend about US$30 million at Cactus in the second half of 2026 and expects an updated PFS in the second half of 2027.

The Mason project in the Yerington district of Nevada is a 100%-owned greenfield copper deposit. A 2021 preliminary economic assessment contemplated a 27-year mine life, and Hudbay started pre-feasibility work in 2026, with a PFS due in the second half of 2027. The company also lists the Llaguen project in Peru in its pipeline. Hudbay’s March 2026 announcement said annual copper production could rise from about 125,000 tonnes to more than 250,000 tonnes by 2030 with Copper World and near-term optimisation, and to more than 350,000 tonnes with Cactus. Those are company targets, not results.

Copper price and Hudbay’s copper-gold mix

Copper revenue follows the London Metal Exchange (LME) price. The USGS gives a 2025 annual average LME cash price of 440 cents per pound (about US$9,700 a tonne). Check the LME or Cochilco’s daily “La Rueda” bulletin for a current quote.

US reliance on imports adds to the interest in domestic projects. USGS estimates that the United States mined about 1.0 million tonnes of copper in 2025 and relied on imports for 57% of apparent consumption. On those USGS figures, Copper World’s average 85,300 tonnes a year would equal about 8.5% of 2025 US mine output, and about 0.4% of world mine output. It would not come close to the “over 10% of global supply” that is sometimes claimed.

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Risks listed in Hudbay’s own filings

Hudbay’s second-quarter 2026 release lists the risks that could change its plans. The main ones for a reader following the company are:

• Copper World sanctioning: the decision depends on the DFS, capital cost escalation, the outcome of litigation over the air permit and land rights, and financing.
• Metal prices: revenue depends on copper, gold, zinc and silver prices, and the 2023 PFS value shifts strongly with the copper price assumption.
• Operations: in 2025 wildfire evacuations paused Manitoba production, and in the second quarter of 2026 ocean swells closed a Peruvian port and delayed about 10,000 dry tonnes of concentrate shipments to July.
• Costs: higher fuel and consumables raised British Columbia’s cash cost above its guidance range.
• Integration: the Arizona Sonoran deal adds a second Arizona development project, and the company must fund both Copper World and Cactus.
• Community and permits: Copper Mountain’s New Ingerbelle permit faces an application for judicial review by the Lower Similkameen band, one of the local First Nations consulted.

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How to check a copper project from public data

Anyone can check a project without a broker’s note. Start with the technical report or feasibility news release, then compare four numbers across companies: reserve grade, annual output, cash cost and initial capital per tonne of annual copper. Copper World’s US$1.3 billion initial capital for about 85,000 tonnes a year is roughly US$15,500 of capital per tonne of annual output (US$1,323 million divided by 85,300 tonnes), a figure you can compare with other projects in their own studies. Then confirm each permit with the regulator, and confirm the funding in the latest quarterly filing.

Satellite images add a physical check: they show whether pits, tailings areas and access roads match the pace the company reports. They do not show ore grade or a legal permit, and they sit ahead of a resource estimate rather than replacing one.

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Calculator: Copper World annual margin

The calculator below turns the PFS output and cost figures into a simple annual margin before tax and capital spending. Change the copper price and the cash cost to see how sensitive the result is.

Frequently asked questions

What is the Hudbay stock ticker on the TSX?

The ticker is HBM. Hudbay Minerals shares trade on the Toronto Stock Exchange in Canadian dollars and on the New York Stock Exchange in US dollars under the same symbol.

Is Hudbay listed in the United States?

Yes. Hudbay is listed on the NYSE as HBM, and it reports its results in US dollars.

Does Hudbay pay a dividend?

Hudbay declared a quarterly dividend of C$0.01 per share on 28 July 2026, payable on 8 September 2026. Dividends can change, so confirm the current rate in the latest release.

What does Hudbay mine?

Hudbay mines copper and gold at Constancia in Peru, Snow Lake in Manitoba and Copper Mountain in British Columbia, with zinc, silver and molybdenum as by-products.

What is Copper World?

Copper World is a copper development project in Pima County, Arizona. Hudbay owns 70% and Mitsubishi owns 30%. It is not yet in production and is awaiting a sanctioning decision.

When will Copper World start producing copper?

No start date has been announced. The 2023 study assumed about 2.5 years to build the concentrator after approval, so output would follow a construction decision by several years.

How much copper will Copper World produce?

The 2023 PFS gives an average of about 85,000 tonnes a year over 20 years, and about 92,000 tonnes a year in the first ten. The coming DFS may change these figures.

Who owns Copper World?

Copper World LLC is owned 70% by Hudbay and 30% by Mitsubishi Corporation since the joint venture closed on 12 January 2026.

Is Copper World fully permitted?

Hudbay says it holds all three key state permits. Hudbay lists litigation over the air permit and certain land rights as a risk in its filings.

What is the Cactus project?

Cactus is an Arizona copper project that Hudbay gained by acquiring Arizona Sonoran in June 2026. An updated pre-feasibility study is expected in the second half of 2027.

How big is Hudbay compared with the world copper market?

Hudbay made 118,188 tonnes of copper in 2025, compared with about 23 million tonnes of world mine output (USGS estimate), so its share was about half of one per cent.

This page is for information only. It is not investment advice. Check the exchanges and Hudbay’s filings for current data.