Arizona Sonoran Copper Company Inc. in its proposed acquisition by Hudbay Minerals Inc. Arizona Sonoran Copper Company Inc. in its proposed acquisition by Hudbay Minerals Inc.

On March 2, 2026, Arizona Sonoran Copper Company Inc. (ASCU) announced its proposed acquisition by Hudbay Minerals Inc. (Hudbay) by way of plan of arrangement under the BCBCA. 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 Hudbay common share per ACSU common share (the Transaction). The Transaction implies a value of C$9.35 per ASCU share based on Hudbay’s closing share price on the Toronto Stock Exchange (TSX) on February 27, 2026, and an aggregate transaction value of approximately $2 billion.

The Transaction will result in Hudbay owning a 100% interest in ASCU’s Cactus project in Arizona. The Transaction brings together two highly complementary copper growth assets in Arizona and strengthens Hudbay’s position as a premier Americas-focused copper company with a pipeline of long‑life, low‑cost assets in tier-one jurisdictions. The acquisition is expected to enhance Hudbay’s long‑term copper production profile, expand its U.S. growth pipeline and benefit from increasing demand for domestically produced critical minerals in the U.S.

Osler, Hoskin & Harcourt LLP advised ASCU with a team lead by James Brown and including Minji Park, Emery White, Hannah Woods, Nicole Ladeur and Andrew Omazic (Corporate), Lynne Lacoursiere and Tatyana Gudge (Executive Compensation), David Davachi and Jean-Philippe Dionne (Tax), Shuli Rodal (Competition and Foreign Investment), Damian Rigolo (Employment), Andrea Boctor and Alex Galiyash (Pensions and Benefits), Evan Barz (Environmental) and Teresa Tomchak (Disputes).