GMT Capital Corp. and its control person Thomas E. Claugus filed Amendment No. 14 to a Schedule 13G reporting shared beneficial ownership of 21,904,820 shares of Hudbay Minerals Inc. common stock, representing 5.51% of the class. The calculation uses 397,193,268 shares outstanding as of March 25, 2026.
The filing states GMT Capital directs voting and disposition for the Managed Funds and Accounts and includes signatures by Omar Z. Idilby (attorney‑in‑fact) and Thomas E. Claugus dated May 15, 2026.
Positive
None.
Negative
None.
Insights
Large passive stake disclosure: 21,904,820 shares (5.51%).
The filing documents that GMT Capital and Thomas E. Claugus hold shared voting and dispositive power over 21,904,820 shares of Hudbay (reported as 5.51% of the class using the issuer's stated outstanding share count). This is a standard beneficial ownership update under Schedule 13G/A.
Impact depends on whether holdings are passive; the filing classifies ownership under the reporting framework and notes GMT Capital directs voting for the Managed Funds and Accounts. Subsequent filings would show any change in percentage or voting status.
Control and attribution: Claugus as control person of GMT Capital.
The form attributes shared voting and dispositive power to GMT Capital and identifies Thomas E. Claugus as the control person who directs operations and voting for the Managed Funds and Accounts. The filing includes an attorney‑in‑fact signature reference to a previously filed power of attorney.
Governance watchers may note the precise 5.51% stake and the reliance on the issuer's outstanding share count as of March 25, 2026; changes to voting arrangements or additional filings would alter the public ownership picture.
Key Figures
Reported shares beneficially owned:21,904,820 sharesPercent of class:5.51%Shares outstanding used:397,193,268 shares
3 metrics
Reported shares beneficially owned21,904,820 sharesShared voting/dispositive power reported on Schedule 13G/A
Percent of class5.51%Calculated using the issuer's outstanding share count as of March 25, 2026
Shares outstanding used397,193,268 sharesOutstanding common stock as reported in Annual Information Form on SEDAR+ (March 25, 2026 anchor)
Key Terms
Schedule 13G/A, shared dispositive power, control person
3 terms
Schedule 13G/Aregulatory
"filed Amendment No. 14 to a Schedule 13G reporting beneficial ownership"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
shared dispositive powerregulatory
"Shared Dispositive Power 21,904,820.00 reported for the Managed Funds"
control persongovernance
"Thomas E. Claugus, the control person of GMT Capital, with respect to the shares"
A control person is an individual or entity that can significantly influence a company’s decisions and direction through ownership, voting power, or contractual rights—think of them as the captain who can steer the ship. Investors care because a control person’s choices affect corporate strategy, board appointments, and transactions that can raise or lower a stock’s value, and they often carry additional legal responsibilities and disclosure requirements to protect other shareholders.
GMT Capital and Thomas E. Claugus report shared beneficial ownership of 21,904,820 shares, equal to 5.51% of Hudbay's common stock based on 397,193,268 shares outstanding as of March 25, 2026.
Who controls the voting and disposition for these shares?
GMT Capital is identified as holding shared voting and dispositive power over the 21,904,820 shares, and Thomas E. Claugus is named as the control person directing those operations for the Managed Funds and Accounts.
What date and filing action does this document reflect?
The document is Amendment No. 14 to a Schedule 13G/A, with signatures dated May 15, 2026, and it uses Hudbay's reported outstanding share count as of March 25, 2026 for the ownership calculation.
Does the filing indicate any change in voting arrangement?
The filing states GMT Capital directs voting and disposition for the Managed Funds and Accounts and identifies shared voting/dispositive power; it does not in this excerpt specify a change in the voting arrangement from prior disclosures.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 14)
Hudbay Minerals Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
443628102
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
443628102
1
Names of Reporting Persons
GMT Capital Corp.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
GEORGIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
21,904,820.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,904,820.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,904,820.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.51 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: Calculated based on the 397,193,268 shares of common stock of the Issuer (the "Common Stock") outstanding as of March 25, 2026, as reported in the Annual Information Form filed on SEDAR+ on March 27, 2026.
SCHEDULE 13G
CUSIP Number(s):
443628102
1
Names of Reporting Persons
Thomas E. Claugus
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
21,904,820.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,904,820.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,904,820.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.51 %
12
Type of Reporting Person (See Instructions)
HC
Comment for Type of Reporting Person: Calculated based on the 397,193,268 shares of common stock of the Issuer (the "Common Stock") outstanding as of March 25, 2026, as reported in the Annual Information Form filed on SEDAR+ on March 27, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Hudbay Minerals Inc.
(b)
Address of issuer's principal executive offices:
The principal executive offices of the Issuer are located at 25 York Street, Suite 800, Toronto, Ontario, M5J 2V5, Canada
Item 2.
(a)
Name of person filing:
i) GMT Capital Corp. ("GMT Capital") with respect to shares of Common Stock directly owned by each of Bay Resource Partners, L.P. ("Bay"), Bay II Resource Partners, L.P. ("Bay II"), Bay Resource Partners Offshore Master Fund, L.P. ("Bay Offshore") and certain sub-advisory and separate account clients advised by GMT Capital (together with Bay, Bay II and Bay Offshore, collectively, the "Managed Funds and Accounts").
ii) Thomas E. Claugus, the control person of GMT Capital, with respect to the shares of Common Stock directly owned by the Managed Funds and Accounts.
(b)
Address or principal business office or, if none, residence:
The address of the business office of each of the Reporting Persons is 2859 Paces Ferry Road SE Suite 1710, Atlanta, GA 30339
(c)
Citizenship:
GMT Capital is a Georgia corporation.
Mr. Claugus is a citizen of the United States.
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
443628102
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See Rows 5 through 11 of each Reporting Person's cover page.
(b)
Percent of class:
See Rows 5 through 11 of each Reporting Person's cover page.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Rows 5 through 11 of each Reporting Person's cover page.
(ii) Shared power to vote or to direct the vote:
See Rows 5 through 11 of each Reporting Person's cover page.
(iii) Sole power to dispose or to direct the disposition of:
See Rows 5 through 11 of each Reporting Person's cover page.
(iv) Shared power to dispose or to direct the disposition of:
See Rows 5 through 11 of each Reporting Person's cover page.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Thomas E. Claugus is the President of GMT Capital and in that capacity directs the operations of GMT Capital, including the voting and disposition of shares held by the Managed Funds and Accounts.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
GMT Capital Corp.
Signature:
/s/ Omar Z. Idilby
Name/Title:
Omar Z. Idilby, General Counsel and CCO
Date:
05/15/2026
Thomas E. Claugus
Signature:
/s/ Thomas E. Claugus
Name/Title:
Thomas E. Claugus, Omar Z. Idilby, attorney in fact*
Date:
05/15/2026
Comments accompanying signature: * Omar Z. Idilby is signing on behalf of Thomas E. Claugus as attorney-in-fact pursuant to a power of attorney previously filed with the Securities and Exchange Commission, and hereby
incorporated by reference herein. The power of attorney was filed as an attachment to a filing by GMT Capital Corp. on Schedule 13G for Hudbay Minerals Inc. on 2/12/24.
