GMT Capital and Thomas Claugus Disclose 8.08% Stake in Hudbay (HBM)

Rhea-AI Filing Summary

Hudbay Minerals Inc. disclosed that GMT Capital Corp. and Thomas E. Claugus beneficially own 31,899,020 shares of common stock, equal to 8.08% of the outstanding class. The reported position shows shared voting and shared dispositive power and no sole voting or dispositive power.

The holdings are reported on behalf of managed funds and accounts, including Bay Resource Partners, Bay II Resource Partners and Bay Offshore, and certain sub-advisory and separate account clients. The percentage was calculated using 395,002,063 shares outstanding as of May 8, 2025, per Hudbay's Management Discussion and Analysis on SEDAR+.

Positive

• 31,899,020 shares beneficially owned is explicitly disclosed, providing transparency on a material 8.08% stake
• Holdings are identified as held on behalf of specific managed funds and accounts, clarifying the beneficial owners
• Filing states shared voting and shared dispositive power with 0 sole voting/dispositive power, clarifying control structure

Negative

• None.

Insights

Financial Analyst

TL;DR: A material passive stake of 8.08% disclosed by an investment adviser, notable by size but presented as shared control, not sole ownership.

GMT Capital and its control person report a beneficial holding of 31,899,020 shares, representing 8.08% of Hudbay's common stock on the stated outstanding share base. The filing clarifies that voting and dispositive powers are shared, with no sole voting or dispositive power claimed. For investors, the size of the position is material by regulatory standards but the filing includes a certification that the securities are held in the ordinary course of business and not to effect control.

Corporate Governance Expert

TL;DR: An 8.08% position controlled through shared authority with a named control person directing voting and disposition for the managed accounts.

The filing identifies GMT Capital as an investment adviser and Thomas E. Claugus as the control person who directs voting and disposition for the managed funds and accounts. The disclosure lists the managed funds by name and states that the ownership is reported on their behalf. The certification in the filing states the position is not held to change or influence control, which is a key compliance assertion accompanying the material ownership disclosure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 11)

Hudbay Minerals Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

443628102

(CUSIP Number)

06/30/2025

(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 31,899,020.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 31,899,020.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

31,899,020.00

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)

8.08 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: Calculated based on the 395,002,063 shares of common stock of the Issuer (the "Common Stock") outstanding as of May 8, 2025, as reported in the Management Discussion and Analysis filed on SEDAR+ on May 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 31,899,020.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 31,899,020.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

31,899,020.00

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)

8.08 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: Calculated based on the 395,002,063 shares of common stock of the Issuer (the "Common Stock") outstanding as of May 8, 2025, as reported in the Management Discussion and Analysis filed on SEDAR+ on May 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.
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:	08/14/2025

Thomas E. Claugus

Signature:	/s/ Thomas E. Claugus
Name/Title:	Thomas E. Claugus, Omar Z. Idilby, attorney in fact*
Date:	08/14/2025

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.

FAQ

How many Hudbay (HBM) shares does GMT Capital report owning?

GMT Capital and Thomas E. Claugus report beneficial ownership of 31,899,020 shares of Hudbay common stock.

What percentage of Hudbay (HBM) does the reported stake represent?

The reported holding represents 8.08% of Hudbay's outstanding common stock based on the stated share count.

Does GMT Capital claim sole voting or dispositive power over these shares?

No. The filing reports 0 shares with sole voting or dispositive power and 31,899,020 shares with shared voting and dispositive power.

On behalf of which funds or accounts is this ownership reported?

The ownership is reported on behalf of the Managed Funds and Accounts, including Bay Resource Partners, Bay II Resource Partners and Bay Resource Partners Offshore Master Fund, plus certain sub-advisory and separate account clients.

What outstanding share count was used to calculate the percentage?

The percentage was calculated using 395,002,063 shares outstanding as of May 8, 2025, per Hudbay's Management Discussion and Analysis filed on SEDAR+.