Hudbay Minerals cleared for 5% share buyback

Hudbay Minerals Inc. received Toronto Stock Exchange approval to begin a new normal course issuer bid for its common shares.

Accepted by SEC EDGAR 05/28/2026 - 02:34 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Hudbay Minerals Inc. received Toronto Stock Exchange approval to begin a new normal course issuer bid for its common shares. The company is authorized to repurchase up to 19,863,997 shares, which represents 5% of its issued and outstanding shares as of May 21, 2026.

The buyback program can run from June 1, 2026 to May 31, 2027, with a daily limit of 469,604 shares based on average TSX trading volume, and any repurchased shares will be cancelled. Hudbay intends to fund purchases from cash flow from operations and states it is renewing the bid because it believes the market price may not always reflect the underlying value of its business and prospects.

Insights

Equity capital allocation analyst

Hudbay gains approval to repurchase up to 5% of its shares over a year.

Hudbay Minerals has TSX approval for a normal course issuer bid authorizing repurchases of up to 19,863,997 common shares, or 5% of shares outstanding as of May 21, 2026. Purchases may occur on the TSX, NYSE and other Canadian trading systems, with a daily cap tied to trading volume.

The company plans to fund any buybacks from cash flow from operations. Management notes it is renewing the program because it believes the share price may at times undervalue the business and its future prospects. Actual activity will depend on factors such as market conditions, share price and alternative capital uses.

The filing also notes a prior normal course issuer bid that permitted purchases of up to 19,751,983 shares and expires on May 29, 2026, under which no shares were bought. Future disclosures in company filings may clarify how actively Hudbay uses the new authorization during the June 1, 2026–May 31, 2027 period.

Key Figures

NCIB authorization: 19,863,997 shares NCIB percentage: 5% of issued and outstanding shares Daily repurchase limit: 469,604 shares +3 more

6 metrics

NCIB authorization 19,863,997 shares Maximum repurchases under NCIB, 5% of shares as of May 21, 2026

NCIB percentage 5% of issued and outstanding shares Buyback capacity relative to share count as of May 21, 2026

Daily repurchase limit 469,604 shares 25% of average daily TSX trading volume for six months ended April 30, 2026

Average daily trading volume 1,878,417 shares TSX average daily volume over six months ended April 30, 2026

NCIB period June 1, 2026 – May 31, 2027 Authorized timeframe for share repurchases

Prior NCIB capacity 19,751,983 shares Maximum under 2025 NCIB, expiring May 29, 2026, with no shares purchased

Key Terms

normal course issuer bid, average daily trading volume, block purchase, critical minerals, +1 more

5 terms

normal course issuer bid financial

"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.

average daily trading volume financial

"being the average daily trading volume of the Shares on the TSX"

The average daily trading volume is the typical number of shares or units of a security that change hands each trading day, calculated over a set period. It tells investors how active a market is—like average traffic on a road—so higher volume usually means easier, faster trades and smaller price swings when buying or selling, while low volume can make orders harder to fill and cause bigger price moves.

block purchase financial

"ability to make one block purchase of Shares per calendar week"

A block purchase is when a large quantity of a stock or asset is bought or sold all at once, rather than through many smaller trades. This kind of transaction can signal significant interest or intent from investors, often influencing the market’s perception of value or stability. It matters to investors because it can indicate potential changes in supply, demand, or market trends.

critical minerals technical

"is a copper-focused critical minerals mining company with three long-life operations"

Materials needed to build modern technologies—like batteries, electronics, renewable energy systems and defense equipment—that have few easy substitutes and often come from a small number of countries or mines. Investors care because their supply can be disrupted, expensive or slow to increase, which affects the cost, availability and growth prospects of companies and industries that rely on them; think of them as critical spare parts for the global economy.

cash flow from operations financial

"Hudbay intends to fund such purchases from its cash flow from operations"

Cash flow from operations is the money a company actually generates from its core business activities—sales, services and day-to-day operations—after paying routine costs like wages and suppliers. Investors watch it like a company’s operating “paycheck” because it shows whether the business can fund growth, pay debts and return cash to shareholders without relying on loans or one-time asset sales; steady positive cash flow is a sign of financial health.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Hudbay Minerals (HBM) announce in its latest Form 6-K?

Hudbay Minerals announced TSX approval for a new normal course issuer bid. The program authorizes repurchases of up to 19,863,997 common shares, or 5% of issued and outstanding shares, for cancellation over a 12-month period starting June 1, 2026.

How many Hudbay Minerals (HBM) shares can be repurchased under the new NCIB?

Hudbay may repurchase up to 19,863,997 common shares under the new NCIB. This represents 5% of its issued and outstanding shares as of May 21, 2026, with any purchased shares to be cancelled after acquisition.

What is the time frame for Hudbay Minerals’ new share buyback program?

Hudbay may begin repurchasing shares on June 1, 2026, and the NCIB will terminate on May 31, 2027. The program may end earlier if the full authorized amount is purchased or the company terminates it by notice.

How is the daily repurchase limit for Hudbay Minerals’ NCIB determined?

The daily maximum is 469,604 shares, equal to 25% of 1,878,417 shares, the average daily trading volume on the TSX for the six months ended April 30, 2026. Hudbay can also make one larger block purchase per week under TSX rules.

How will Hudbay Minerals fund purchases under its NCIB?

Hudbay states it intends to fund share repurchases from cash flow from operations. Management believes the market price may at times not fully reflect the company’s underlying business value, making buybacks a potentially desirable use of capital.

What happened to Hudbay Minerals’ 2025 normal course issuer bid?

The 2025 NCIB permitted purchases of up to 19,751,983 shares and expires on May 29, 2026. Hudbay reports that no shares have been purchased under this prior authorization, and it has elected to renew the NCIB with the newly approved program.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-34244

HUDBAY MINERALS INC.
(Translation of registrant’s name into English)

25 York Street, Suite 800
Toronto, Ontario
M5J 2V5, Canada
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [   ]                    Form 40-F [X]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes [   ]                     No [X]

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____________________________

EXPLANATORY NOTE

On May 28, 2026, Hudbay Minerals Inc. (“Hudbay”) filed on the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedarplus.ca the following documents: (1) News Release dated May 28, 2026.

Copies of the filings are attached to this Form 6-K and incorporated herein by reference, as follows:

• Exhibit 99.1 — News Release dated May 28, 2026

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	HUDBAY MINERALS INC.
	(registrant)
	By:	/s/ Mark Haber
	Name:	Mark Haber
	Title:	Vice President, Legal and Corporate Secretary

Date: May 28, 2026

3

EXHIBIT INDEX

The following exhibits are furnished as part of this Form 6-K:

Exhibit		Description
99.1		News Release dated May 28, 2026

4

	TSX, NYSE - HBM 2026 No. 13
25 York Street, Suite 800 Toronto, Ontario Canada M5J 2V5 tel  416 362-8181 fax  416 362-7844 hudbay.com	News Release

Hudbay Minerals Inc. Receives Approval for Normal Course Issuer Bid

Toronto, Ontario, May 28, 2026 - 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.

TSX, NYSE - HBM
2026 No. 13

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

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Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 8.3 KB