FIL Limited and related entities report a significant passive stake in Hudbay Minerals Inc. They disclose beneficial ownership of 33,143,172 shares of Hudbay common stock, representing 8.4% of the class as of December 31, 2025.
FIL Limited holds sole voting power over 30,775,962 shares and sole dispositive power over 33,143,172 shares, with no shared voting or dispositive power. Economic interests are held on behalf of multiple underlying investors, and no other single person has more than 5% of Hudbay’s outstanding common stock.
The filing is made on a Schedule 13G basis, with FIL certifying that the shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Hudbay Minerals.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
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
FIL Limited
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
BERMUDA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
30,775,962.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
33,143,172.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
33,143,172.00
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)
8.4 %
12
Type of Reporting Person (See Instructions)
FI
SCHEDULE 13G
CUSIP No.
443628102
1
Names of Reporting Persons
Pandanus Partners, L.P.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
33,143,172.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
33,143,172.00
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)
8.4 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
443628102
1
Names of Reporting Persons
Pandanus Associates, Inc.
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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
33,143,172.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
33,143,172.00
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)
8.4 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
HUDBAY MINERALS INC
(b)
Address of issuer's principal executive offices:
25 YORK STREET,SUITE 800,TORONTO,A6,CA,A6 M5J 2V5
Item 2.
(a)
Name of person filing:
FIL Limited
(b)
Address or principal business office or, if none, residence:
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).
Please see Exhibit 99.
Item 4.
Ownership
(a)
Amount beneficially owned:
33143172.00
(b)
Percent of class:
8.4 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Please see the responses to Items 5 and 6 on the cover page.
(ii) Shared power to vote or to direct the vote:
0.00
(iii) Sole power to dispose or to direct the disposition of:
33143172.00
(iv) Shared power to dispose or to direct the disposition of:
0.00
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.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
One or more other persons are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the COMMON STOCK of HUDBAY MINERALS INC. No one other person's interest in the COMMON STOCK of HUDBAY MINERALS INC is more than five percent of the total outstanding COMMON STOCK.
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.
See attached Exhibit 99.
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.
FIL Limited
Signature:
Stephanie J. Brown
Name/Title:
Duly authorized under Power of Attorney effective as of December 19, 2022, by and on behalf of FIL Limited and its direct and indirect subsidiaries*
Date:
02/04/2026
Pandanus Partners, L.P.
Signature:
Stephanie J. Brown
Name/Title:
Duly authorized under Power of Attorney effective as of December 19, 2022, by Pandanus Associates, Inc. on behalf of Pandanus Partners, L.P.*
Date:
02/04/2026
Pandanus Associates, Inc.
Signature:
Stephanie J. Brown
Name/Title:
Duly authorized under Power of Attorney effective as of December 19, 2022, by and on behalf of Pandanus Associates, Inc.*
Date:
02/04/2026
Comments accompanying signature: This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FIL Limited on January 31, 2023, accession number: 0000318989-23-000005.
What percentage of Hudbay Minerals (HBM) does FIL Limited report owning?
FIL Limited reports beneficially owning 8.4% of Hudbay Minerals’ common stock. This represents 33,143,172 shares as of December 31, 2025, giving FIL a sizeable but minority position in the company while filing on a passive Schedule 13G basis.
How many Hudbay Minerals (HBM) shares does FIL Limited control voting for?
FIL Limited has sole voting power over 30,775,962 Hudbay shares. It reports no shared voting power. However, it has sole dispositive power over 33,143,172 shares, meaning it can decide how and when that larger amount of stock is sold or otherwise disposed.
Is FIL Limited’s stake in Hudbay Minerals (HBM) considered passive or active?
FIL Limited characterizes its Hudbay stake as passive. In the certification, it states the securities were acquired and are held in the ordinary course of business, not to change or influence control of Hudbay or participate in any control-related transaction.
Do other investors share in the economic interest of FIL Limited’s Hudbay (HBM) position?
Yes, multiple other persons share economic interests in the Hudbay shares. The filing notes that one or more other persons may receive dividends or sale proceeds, but no single other person holds more than 5% of Hudbay’s outstanding common stock through these arrangements.
Who are the other reporting persons besides FIL Limited in this Hudbay (HBM) filing?
The filing also lists Pandanus Partners, L.P. and Pandanus Associates, Inc. as reporting persons. Each reports beneficial ownership of the same 33,143,172 Hudbay shares with sole dispositive power, reflecting their roles in the ownership structure associated with FIL Limited.
What class of Hudbay Minerals (HBM) securities is covered in FIL Limited’s filing?
The disclosure covers Hudbay Minerals’ common stock. The class is identified as common stock with CUSIP 443628102, and the reported 33,143,172 shares represent 8.4% of that class as of the event date of December 31, 2025.
