Hudbay Minerals (TSX, NYSE: HBM) received TSX approval to commence a new normal course issuer bid for its common shares. The program allows repurchases of up to 19,863,997 shares, or 5% of shares outstanding as of May 21, 2026, for cancellation over 12 months.
The NCIB runs from June 1, 2026 to May 31, 2027, with a daily limit of 469,604 shares on the TSX, subject to block purchase exceptions. Purchases, if made, will be funded from cash flow from operations. Hudbay’s 2025 NCIB expires May 29, 2026 with no shares repurchased.
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Positive
Authorization to repurchase up to 19,863,997 shares (5% of outstanding)
Shares bought under the NCIB will be cancelled, reducing share count
Program effective for 12 months, providing capital allocation flexibility
Buybacks intended to be funded from cash flow from operations
Renewal signals management views shares may trade below underlying value
Negative
No assurance any shares will be repurchased under the NCIB
Prior 2025 NCIB for 19,751,983 shares expired with no purchases
Daily TSX limit of 469,604 shares may constrain repurchase pace
News Market Reaction – HBM
+6.17%
30 alerts
+6.17%Session close to close
$11.37BMarket Cap
0.8xRel. Volume
In the May 28 session, HBM gained 6.17%, reflecting a notable positive market reaction.
Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility.
The stock moved +6.2% in the session following this news. A strong positive reaction aligns with a b...
Analysis
The stock moved +6.2% in the session following this news. A strong positive reaction aligns with a buyback authorization that covers up to 19,863,997 shares, or 5% of the float over 12 months, at a time when HBM already traded above its $19.54 200-day MA and within 7.48% of its 52-week high. Investors would have weighed this against prior unused NCIB capacity and broader copper peer moves that appeared mixed and stock-specific.
Key Figures
NCIB maximum shares:19,863,997 SharesNCIB size as float %:5% of issued and outstanding SharesDaily purchase limit:469,604 Shares+5 more
8 metrics
NCIB maximum shares19,863,997 SharesAuthorized repurchases over 12-month NCIB period
NCIB size as float %5% of issued and outstanding SharesBased on share count as of May 21, 2026
Daily purchase limit469,604 Shares25% of average daily TSX volume under NCIB rules
Average daily volume1,878,417 SharesTSX average daily volume over six months to April 30, 2026
NCIB term startJune 1, 2026Earliest date Hudbay may begin share repurchases
NCIB term endMay 31, 2027Scheduled expiry of current NCIB, subject to earlier completion/termination
Prior NCIB maximum19,751,983 SharesCapacity under 2025 NCIB expiring May 29, 2026
Shares bought under 2025 NCIB0 SharesNo repurchases executed under prior NCIB
Key Terms
normal course issuer bid, toronto stock exchange, nyse
3 terms
normal course issuer bidfinancial
"has approved its notice of intention to commence a normal course issuer bid"
A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.
toronto stock exchangefinancial
"The NCIB will be made in accordance with the requirements of the Toronto Stock Exchange"
The Toronto Stock Exchange is Canada’s largest organized marketplace where shares of publicly traded companies are bought and sold, similar to a large, regulated marketplace for company ownership. It matters to investors because it provides transparent prices, rules that help protect buyers and sellers, and access to many Canadian and international businesses, so movements there can signal economic trends and affect portfolio values.
nysefinancial
"Purchases will be made on the open market through the facilities of the TSX, NYSE, and/or other"
A large, regulated marketplace where stocks and other securities are listed and traded, acting like a global auction house that matches buyers and sellers and helps determine share prices. It matters to investors because listing and trading there provide liquidity, price discovery, and regulatory oversight—making it easier to buy or sell holdings and giving companies a visible platform that can affect credibility and access to capital.
TORONTO, May 28, 2026 (GLOBE NEWSWIRE) -- Hudbay Minerals Inc. (“Hudbay” or the “Company”) (TSX, NYSE: HBM) announced today that the Toronto Stock Exchange (the “TSX”) has approved its notice of intention to commence a normal course issuer bid (“NCIB”) for its common shares (“Shares”). The NCIB will be made in accordance with the requirements of the Toronto Stock Exchange and applicable securities laws.
Pursuant to the NCIB, Hudbay is authorized to acquire up to a maximum of 19,863,997 Shares, representing 5% of its issued and outstanding Shares as of May 21, 2026, for cancellation over a 12-month period. The actual number of Shares which may be purchased by Hudbay pursuant to the NCIB and the timing of such purchases will be determined by management of the Company and remains subject to a number of factors, including market conditions, share price, available cash resources and other opportunities to invest capital for growth. There cannot be any assurance as to how many Shares, if any, will ultimately be purchased pursuant to the NCIB.
Purchases will be made on the open market through the facilities of the TSX, NYSE, and/or other alternative Canadian trading systems and in accordance with applicable regulatory requirements at a price per Share equal to the market at the time of acquisition.
The number of Shares that can be purchased pursuant to the NCIB is subject to a daily maximum of 469,604 Shares (which is equal to 25% of 1,878,417 Shares, being the average daily trading volume of the Shares on the TSX during the six months ended April 30, 2026), in each case subject to Hudbay’s ability to make one block purchase of Shares per calendar week that exceeds such limits.
Hudbay may begin to purchase Shares on June 1, 2026 and the NCIB will terminate on May 31, 2027 or at such earlier time as Hudbay completes its purchases pursuant to the NCIB or provides notice of termination. Any Shares purchased under the NCIB will be cancelled upon their purchase. Hudbay intends to fund such purchases from its cash flow from operations.
Hudbay most recently commenced a normal course issuer bid on May 30, 2025 (the “2025 NCIB”). The 2025 NCIB, which permitted the purchase of up to 19,751,983 Shares, expires on May 29, 2026. No Shares have been purchased under the 2025 NCIB.
Hudbay has elected to renew its NCIB because it believes that, from time to time, the market price of the Shares may not fully reflect the underlying value of Hudbay’s business and future prospects. Hudbay believes that, at such times, the repurchase of the Shares for cancellation may constitute a desirable use of capital and would be in the best interests of shareholders. Any subsequent renewals of the NCIB will be in Hudbay's discretion and subject to further TSX approval.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused critical minerals mining company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining jurisdictions of Canada, Peru and the United States.
Hudbay’s operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the Company, which is complemented by meaningful gold production and by-product zinc, silver and molybdenum. Hudbay’s growth pipeline includes the Copper World project in Arizona (United States), the Cactus project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its existing operations.
The value Hudbay creates and the impact it has is embodied in its purpose statement: “We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities.” Hudbay’s mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations.
For further information, please contact: Candace Brûlé Senior Vice President, Capital Markets & Corporate Affairs (416) 362-8181 investor.relations@hudbay.com
FAQ
What did Hudbay Minerals (HBM) announce about its 2026 normal course issuer bid?
Hudbay Minerals announced TSX approval for a new normal course issuer bid allowing repurchases of up to 19,863,997 common shares for cancellation. According to Hudbay, this represents 5% of issued and outstanding shares as of May 21, 2026, over a 12‑month period.
How many Hudbay (HBM) shares can be repurchased daily under the 2026 NCIB?
Hudbay can repurchase up to 469,604 shares per day on the TSX under the 2026 NCIB. According to Hudbay, this equals 25% of the 1,878,417‑share average daily trading volume, subject to permitted weekly block purchases exceeding that limit.
When does the new Hudbay (HBM) normal course issuer bid start and end?
Hudbay may begin share repurchases under the NCIB on June 1, 2026, ending May 31, 2027. According to Hudbay, the program can also terminate earlier if the company completes authorized purchases or decides to end the bid with proper notice.
How will Hudbay Minerals fund share buybacks under the 2026 NCIB?
Hudbay intends to fund any share repurchases under the NCIB from cash flow from operations. According to Hudbay, purchases will occur on the TSX, NYSE, or alternative Canadian trading systems at prevailing market prices, subject to regulatory requirements.
Why is Hudbay (HBM) renewing its normal course issuer bid despite no 2025 buybacks?
Hudbay is renewing its NCIB because it believes its share price may at times not reflect underlying business value. According to Hudbay, repurchasing shares for cancellation in such periods can be a desirable capital use and support shareholder interests.
What happens to Hudbay (HBM) shares repurchased under the 2026 NCIB?
Any shares Hudbay repurchases under the 2026 NCIB will be cancelled rather than held as treasury shares. According to Hudbay, cancellation permanently reduces the number of issued and outstanding shares, which can affect per‑share metrics if repurchases occur.
