Ms. Alison Dwoskin reports

ARIZONA SONORAN SECURITYHOLDERS APPROVE HUDBAY TRANSACTION WITH OVER 99% OF VOTES CAST FOR

At the special meeting of the holders of common shares in the capital of Arizona Sonoran Copper Company Inc., the holders of options to purchase common shares of the company, the holders of deferred share units (DSUs) of the company and the holders of restricted share units (RSUs) of the company held earlier today, the securityholders voted in favour of approving the special resolution authorizing the previously announced arrangement, whereby Hudbay Minerals Inc. will acquire all of the issued and outstanding common shares that it and its affiliates do not already own by way of a statutory plan of arrangement.

Pursuant to the plan of arrangement, each shareholder (other than those shareholders who have properly and validly exercised their dissent rights, and Hudbay or any of its affiliates) will receive 0.242 of a common share in the capital of Hudbay for each common share held immediately prior to the effective time of the arrangement, or, in the case of optionholders, DSU holders and RSU holders, for each common share held following the effective time in accordance with the steps of the plan of arrangement, as further described in the management information circular of the company dated April 7, 2026.

Results from the meeting are reflected in the attached table. Approximately 66.15 per cent of the issued and outstanding securities of the company as of the record date of March 25, 2026, were voted at the meeting. The attached table reflects the results of the votes cast in favour of the arrangement by shareholders, voting as a single class, securityholders, voting as a single class, and shareholders, voting as a single class, and excluding those votes required to be excluded in accordance with Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions.

A report of voting results for the meeting is available on the company's issuer profile on SEDAR+.

Assuming that all remaining approvals are obtained and all other remaining conditions precedent to the completion of the arrangement are satisfied or waived, the company anticipates that the arrangement will be completed in the second quarter of 2026, following which it is expected that the common shares will be delisted from the Toronto Stock Exchange. Completion of the arrangement remains subject to, among other things, satisfaction of all conditions precedent to the completion of the arrangement, including receipt of certain regulatory approvals and the final approval of the Supreme Court of British Columbia. The hearing for the final order of the court to approve the arrangement is scheduled to take place on May 14, 2026. Further details regarding the arrangement are set out in the circular, which is available under the company's issuer profile on SEDAR+.

If you have any questions about submitting your common shares for the arrangement, including, in the case of registered shareholders, with respect to completing the letter of transmittal, please contact TSX Trust Company, which is acting as depositary for the arrangement, at 1-866-600-5869 (North American toll-free) or 1-416-342-1091 (calls outside North America), or by e-mail at tsxtis@tmx.com. Non-registered (beneficial) shareholders should contact their intermediary for questions with respect to submitting their common shares for the arrangement.

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 (prefeasibility 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 U.S. 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.

We seek Safe Harbor.