HBM News & Events

Stifel downgraded Arizona Sonoran Copper (ASCUF) to Hold from Buy with a price target of C$9.35, up from C$4. The downgrade follows the announcement that Hudbay Minerals (HBM) will acquire Arizona Sonoran Copper for C$9.35 per share, with Stifel noting it is "constructive" on the deal.

Hudbay Minerals (HBM) and Arizona Sonoran Copper Company (ASCUF) are pleased to announce that they have entered into a definitive agreement pursuant to which Hudbay has agreed to acquire all of the issued and outstanding common shares of ASCU, not already owned by Hudbay, for consideration of 0.242 of a common share of Hudbay per common share of ASCU . The offer implies a value of C$9.35 per ASCU share based on Hudbay's closing share price on the Toronto Stock Exchange on February 27, 2026, and represents a premium of 30% to ASCU's closing share price on February 27, 2026. The offer implies a premium of 36% based on Hudbay's and ASCU's 20-day volume-weighted-average share prices on the TSX for the period ending February 27, 2026. The Transaction will result in Hudbay owning a 100% interest in ASCU's Cactus project. Subject to the receipt of all necessary regulatory approvals, the Transaction is expected to be completed in the second quarter of 2026. Following completion of the Transaction, the shares of ASCU will be de-listed from the Toronto Stock Exchange and an application will be made for ASCU to cease to be a reporting issuer.