ASCU
Live News • May 06
ISS Supports Arizona Sonoran Copper Shareholder Approval for Hudbay Minerals Agreement Institutional Shareholder Services (ISS) has recommended that Arizona Sonoran Copper shareholders vote FOR the proposed arrangement with Hudbay Minerals.
Arizona Sonoran Copper’s board of directors unanimously supports the agreement, stating it believes the deal is in the best interests of the company and its shareholders.
A special shareholder meeting to vote on the arrangement is scheduled for May 11, 2026.
For you as a shareholder or potential investor, ISS backing adds an additional layer of external validation to the board’s support for the Hudbay transaction. ISS is widely followed by institutional investors, so its recommendation can influence how larger shareholders choose to vote at the upcoming meeting.
The key date to watch is May 11, 2026, when shareholders will formally decide on the arrangement. Ahead of that date, it can be useful to review the management information circular and any related filings to understand the terms of the proposal, what consideration is being offered, and how Arizona Sonoran Copper’s board explains its rationale for supporting the deal. Announcement • Mar 02
Hudbay Minerals Inc. (TSX:HBM) entered into a definitive agreement to acquire remaining 90.01% stake in Arizona Sonoran Copper Company Inc. (TSX:ASCU) for CAD 1.6 billion. Hudbay Minerals Inc. (TSX:HBM) entered into a definitive agreement to acquire remaining 90.01% stake in Arizona Sonoran Copper Company Inc. (TSX:ASCU) for CAD 1.6 billion on March 2, 2026. Under the terms of the transaction, each ASCU shareholder will receive 0.242 of a Hudbay common share for each ASCU common share held. The offer implies a value of CAD 9.35 per ASCU share based on Hudbay's closing share price on the Toronto Stock Exchange on February 27, 2026, and represents a premium of 30% to ASCU’s closing share price on February 27, 2026. The offer implies a premium of 36% based on Hudbay’s and ASCU’s 20-day volume-weighted-average share prices on the TSX for the period ending February 27, 2026. Hudbay currently owns 20.8 million common shares, representing approximately 9.99% of the outstanding basic shares of ASCU. Following the closing of the transaction, existing Hudbay and ASCU shareholders will own approximately 89% and 11% of Hudbay, respectively.
The transaction is subject to shareholder approval and satisfaction of certain other closing conditions customary in transactions of this nature, including certain U.S. and Canadian regulatory approvals, court approval and stock exchange approvals. The Board of Directors of both companies have unanimously approved the transaction. The transaction is expected to close in the second quarter of 2026.
TD Securities, Inc. acted as financial advisor to Hudbay Minerals Inc. National Bank Financial Inc. acted as strategic advisor to Hudbay Minerals Inc. Scotiabank, Inc. acted as financial advisor and fairness opinion provider to Arizona Sonoran Copper Company Inc. Origin Merchant Partners acted as fairness opinion provider to Arizona Sonoran Copper Company Inc. Osler, Hoskin & Harcourt LLP and Paul, Weiss, Rifkind, Wharton and Garrison LLP acted as legal advisors to Arizona Sonoran Copper Company Inc. Announcement • Feb 11
Arizona Sonoran Copper Company Inc. Advances FS Drill Program and Updated Mineral Resource Modelling Arizona Sonoran Copper Company Inc. announced the advancement of an updated Mineral Resource model on the Parks/Salyer deposit, reflecting partial results from the completed first phase of the planned Feasibility Study infill drilling program. The target of the updated model is to define Proven Mineral Reserves within the Pre-feasibility Study starter pit representing the first 2-2.5 years of planned copper cathode production. Based on returned drill assays and initial modelling to date, the Company expects modelling results to be consistent with those reflected in the Project’s currently defined Mineral Resource and Mineral Reserve estimates in the same southern zone of Parks/Salyer. The Mineral Resource model will be further updated with additional infill drill holes at Parks/Salyer following condemnation drilling planned for the first quarter of 2026. Parks/Salyer Starter-pit Drill Highlights: ECM-480 – 0.55% CuT over 483 ft (147 m) from 231 ft (70 m) depth (enriched); ECM-477 – 1.72% CuT over 93 ft (28 m) from 267 ft (109 m) depth (enriched); ECM-413 – 0.49% CuT over 269 ft (82 m) from 810 ft (247 m) depth (enriched); ECM-416 – 0.77% CuT over 185 ft (56 m) from 628 ft (191 m) depth (enriched); ECM-424 – 0.33% CuT over 406 ft (124 m) from 559 ft (171 m) depth (enriched). Geology and Drilling Recap: The FS Drill Program is comprised of approximately 92,000 ft (28,000 m) over the southern Parks/Salyer “starter pit” zone, at 125 ft (38 m) drill spacing. With tighter drill spacing, drilling is expected to upgrade the starter pit mineralized zone to the Measured Mineral Resource category based on the mine plan phases as outlined in the Pre-feasibility Study (see Technical Study [4]). As such, drill holes terminate at predetermined depths to only target mineralization within the first two pit phases of the mine plan as contemplated in the Pre-feasibility Study. Mineralized zones within which holes were terminated are planned for infill drilling at a later date from within the pit, in line with the eventual mine plan schedule defined by the Feasibility Study. Drill assay results have been received from approximately 62% of the FS Drill Program completed to date, with results consistent with expectations. Overall, approximately 70% of the FS Drill Program has been completed, with the focus now on condemnation drilling. The remainder of the FS Drill Program is planned to re-start upon completion of the condemnation drilling and will further support an updated Mineral Resource model, in addition to future production geology planning, for the pending Feasibility Study. Following the recommendations from the Prefeasibility Study, geotechnical and hydrogeological drilling for the Feasibility Study have also been initiated and are advancing as per schedule. Quality Assurance /Quality Control: Drilling completed between 2020 and 2026 was supervised by on-site Cactus Project personnel who prepared core samples for assay and implemented a full QA/QC program using blanks, standards, and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Skyline Laboratories in Tucson, AZ for analysis. Skyline’s sample prep, analytical methodologies, and quality control system complies with global certifications for Quality ISO9001:2008. The scientific and technical information in this press release has been reviewed and verified by Allan Schappert: CPG #11758, who is independent of the Company and a qualified person as defined by National Instrument 43-101; Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. 
