Mr. George Ogilvie reports

INDEPENDENT PROXY ADVISORY FIRM ISS RECOMMENDS ARIZONA SONORAN COPPER COMPANY SHAREHOLDERS VOTE FOR THE ARRANGEMENT WITH HUDBAY MINERALS

Leading independent proxy advisory firm Institutional Shareholder Services Inc. (ISS) has recommended that shareholders of Arizona Sonoran Copper Company Inc. vote for the resolution to approve the proposed arrangement with Hudbay Minerals Inc. at the upcoming special meeting of securityholders of the company to be held on May 11, 2026.

Under the terms of the arrangement agreement, each Arizona Sonoran shareholder will receive 0.242 of a Hudbay common share for each Arizona Sonorancommon share held.

ISS recommendation

In making its recommendation that shareholders vote for the arrangement resolution, ISS noted:

"The proposed merger is strategically sound, as the combined entity is expected to benefit from a strengthened financial position and increased liquidity."

Recommendation of the board

As previously communicated, following the unanimous recommendation of the independent directors of the company, the board of directors of the company unanimously determined that the arrangement is in the best interests of the company and is fair to the shareholders (other than Hudbay and its affiliates). Accordingly, the board unanimously recommends that shareholders vote for the arrangement resolution.

Voting and meeting details

The proxy voting deadline is at 1 p.m. (Toronto time) on May 7, 2026, or 48 hours (excluding Saturdays, Sundays and holidays) prior to any adjournment or postponement of the meeting.

The meeting will be held on-line in a virtual-only meeting format via live audio webcast on-line at 1 p.m. (Toronto time) on May 11, 2026. Only securityholders of record at the close of business on March 25, 2026, are eligible to vote their securities virtually or by proxy at the meeting. The management information circular and related meeting materials have been filed by the company on SEDAR+ and are available under its profile at SEDAR+ and the company's website.

Questions? need help voting?

If you have any questions or need additional information regarding the voting of your common shares you should contact your financial, legal, tax or other professional adviser, contact Arizona Sonoran's shareholder proxy solicitation agent, Shorecrest Group Ltd., by telephone at 1-888-637-5789 (North American toll-free) or 647-931-7454 (calls outside North America), or by e-mail at contact@shorecrestgroup.com.

About Arizona Sonoran Copper Company Inc.

Arizona Sonoran is a copper exploration and development company with a 100-per-cent interest in the brownfield Cactus project. The Cactus project, on privately held land, contains a large-scale porphyry copper resource and a recent 2025 PFS (preliminary feasibility study) proposes a generational open pit copper mine with robust economic returns. Cactus is a lower-risk copper developer benefitting from a state-led permitting process, in-place infrastructure, highways, and rail lines at its doorstep and on-site permitted water access. The company believes that Cactus has the potential to become a significant contributor of copper production directly to the United States domestic supply chain. The company is led by an executive management team and board which have a long-standing record of successful project delivery in North America complemented by global capital markets expertise.