GMT Capital discloses 6.22% Hudbay Minerals (HBM) ownership

Rhea-AI Filing Summary

GMT Capital Corp. and its control person Thomas E. Claugus report beneficial ownership of 24,641,220 shares of Hudbay Minerals Inc. common stock, representing 6.22% of the class. This percentage is calculated using 396,148,639 shares outstanding as of November 10, 2025.

The shares are held through various managed funds and accounts over which the filers have shared voting and dispositive power. They certify the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Hudbay.

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Accepted by SEC EDGAR 02/13/2026 - 10:01 AM Learn about SEC filing dates

FAQ

What ownership stake in Hudbay Minerals (HBM) does GMT Capital report?

GMT Capital and Thomas E. Claugus report beneficial ownership of 24,641,220 Hudbay Minerals common shares, representing 6.22% of the outstanding class. This percentage is based on 396,148,639 shares outstanding as of November 10, 2025, as disclosed in Hudbay’s MD&A.

Who are the reporting persons in this Hudbay Minerals (HBM) Schedule 13G/A?

The reporting persons are GMT Capital Corp. and Thomas E. Claugus, who is identified as the control person of GMT Capital. They report beneficial ownership of shares held by various managed funds and accounts advised by GMT Capital, collectively called the Managed Funds and Accounts.

How much voting and dispositive power does GMT Capital have over Hudbay (HBM) shares?

GMT Capital and Thomas E. Claugus report 0 shares with sole voting or dispositive power and 24,641,220 shares with shared voting and shared dispositive power. These powers relate to Hudbay common shares held across their managed funds and advisory client accounts.

On what share count is GMT Capital’s 6.22% Hudbay (HBM) ownership based?

The 6.22% ownership is calculated using 396,148,639 Hudbay common shares outstanding as of November 10, 2025. That outstanding share figure comes from Hudbay’s Management Discussion and Analysis filed on SEDAR+ on November 12, 2025, as cited in the statement.

Is GMT Capital seeking to influence control of Hudbay Minerals (HBM)?

The filing states the securities were acquired and are held in the ordinary course of business. It further certifies they were not acquired and are not held for the purpose or effect of changing or influencing the control of Hudbay Minerals as the issuer.

When did the ownership event occur for this Hudbay Minerals (HBM) 13G/A?

The event requiring the filing is dated December 31, 2025. Beneficial ownership reported is 24,641,220 Hudbay common shares, calculated as 6.22% of the class using the company’s disclosed outstanding share count as of November 10, 2025.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 13)

Hudbay Minerals Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

443628102

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 24,641,220.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 24,641,220.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

24,641,220.00

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)

6.22 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Calculated based on the 396,148,639 shares of common stock of the Issuer (the "Common Stock") outstanding as of November 10, 2025, as reported in the Management Discussion and Analysis filed on SEDAR+ on November 12, 2025.

SCHEDULE 13G

CUSIP No. 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 24,641,220.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 24,641,220.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

24,641,220.00

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)

6.22 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: Calculated based on the 396,148,639 shares of common stock of the Issuer (the "Common Stock") outstanding as of November 10, 2025, as reported in the Management Discussion and Analysis filed on SEDAR+ on November 12, 2025.

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:	02/13/2026

Thomas E. Claugus

Signature:	/s/ Thomas E. Claugus
Name/Title:	Thomas E. Claugus, Omar Z. Idilby, attorney in fact*
Date:	02/13/2026

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.