Base Metals

Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) today announced that production has resumed at its Lalor mine, located in Snow Lake, Manitoba after a fatal incident that occurred on June 19, 2021. Hoisting activities resumed on June 23 and production has since returned to normal levels.

About Hudbay

Hudbay (TSX, NYSE: HBM) is a diversified mining company primarily producing copper concentrate (containing copper, gold and silver) and zinc metal. Directly and through its subsidiaries, Hudbay owns three polymetallic mines, four ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco (Peru), and copper projects in Arizona and Nevada (United States). The company's growth strategy is focused on the exploration, development, operation and optimization of properties it already controls, as well as other mineral assets it may acquire that fit its strategic criteria. Hudbay's vision is to be a responsible, top-tier operator of long-life, low-cost mines in the Americas. Hudbay's mission is to create sustainable value through the acquisition, development and operation of high-quality, long-life deposits with exploration potential in jurisdictions that support responsible mining, and to see the regions and communities in which the company operates benefit from its presence. The company is governed by the Canada Business Corporations Act and its shares are listed under the symbol "HBM" on the Toronto Stock Exchange, New York Stock Exchange and Bolsa de Valores de Lima. Further information about Hudbay can be found on www.hudbay.com .

For further information, please contact:

Candace Brûlé
Director, Investor Relations
(416) 814-4387
candace.brule@hudbay.com



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Ambler Metals, Trilogy Metals' JV Company, Hosts Site Visit for Doyon Region Tribal Chiefs and NANA Region Tribal Presidents

Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy", "Trilogy Metals" or "the Company") announces that on August 12, 2022 Ambler Metals LLC ("Ambler Metals"), the joint venture operating company equally owned by Trilogy and South32 Limited (ASX: S32) (LSE: S32) (JSE: S32) (ADR: SOUHY) ("South32"), hosted a site visit for Chiefs from the Doyon region and NANA region tribal leadership.

Ambler Metals' full news release is below.

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SailingStone Applauds Turquoise Hill Response to Rio Tinto's Offer

Second Open Letter to TRQ Independent Directors Focuses on Unjust Business Dealings by Rio Tinto and Long-Time Concerns of Minority Owners

SailingStone Capital logo

SailingStone Capital Partners, a long-time owner of Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ), has delivered the attached letter to the Turquoise Hill Independent Directors:

Dear Independent Directors of Turquoise Hill Resources Ltd.,

SailingStone Capital Partners applauds the decision of the Turquoise Hill Resources Special Committee to reject Rio Tinto's opportunistic offer to acquire the minorities' stake in TRQ for C$34 /share.

As one of the largest, lowest cost, and longest duration copper/gold assets ever discovered, Oyu Tolgoi is a crown jewel. The proposed acquisition price is nowhere near the intrinsic value of Oyu Tolgoi, as it values the Company at less than 35% of capital invested to date and represents a 60% discount to Rio Tinto's own cost basis in TRQ, a position that Rio acquired over a decade ago when the net present value was far lower and the risks far greater than today. In the next few months, the underground mine will achieve sustainable first production, unlocking billions of dollars in annual free cash flow for decades into the future even before the impact of potential expansions. Tier 1 copper assets with brownfield growth options are increasingly rare and therefore increasingly valuable, particularly given how critical copper is in the race to decarbonize and expand the world's energy systems. Rio Tinto's opportunistic bid did not compensate TRQ minority shareholders adequately for any of these realities.

In addition, we appreciate that "Rio Tinto welcomes the continued investment by Turquoise Hill minority shareholders and their pro rata sharing of future risks and funding obligations." Unfortunately, most of the risks and funding obligations "shared" over the last several years have come as the result of Rio's incompetence, including the incremental equity raise which now must be addressed. However, we welcome Rio's continued participation as mine developer and operator and trust that they have addressed their internal shortcomings so that all Oyu Tolgoi stakeholders can benefit from the mine's incredible employment, business development, and free cash flow potential.

Lastly, we note the following from Rio Tinto's press release.
As previously disclosed, Rio Tinto is not interested in pursuing any alternative transaction, including any such transaction which would result in the sale of Rio Tinto's interest in Turquoise Hill or the acquisition by a third party of Turquoise Hill or Oyu Tolgoi in partnership with or independent of Rio Tinto.

Apparently, Rio Tinto isn't interested in selling their stake in TRQ, even at a price which it claims represents "compelling value" for the seller. More importantly, this statement clearly is intended to preempt any price discovery process which might allow minority owners to be fairly compensated for their 49.2% stake in the Company. While we appreciate that Rio Tinto has certain rights, it cannot and should not preclude potentially interested parties from approaching Turquoise Hill, nor can it preclude the independent directors from considering a combination or transaction from any party which might crystalize the true value of Oyu Tolgoi. In other words, if Rio wants complete control, they can acquire it for a price. The Special Committee has determined that price is meaningfully higher than C$34 /share, and we agree with that conclusion.

Best regards,

SailingStone Capital Partners LLC

ABOUT SAILINGSTONE CAPITAL PARTNERS LLC

SailingStone Capital Partners , a division of Pickering Energy Partners, provides investment solutions in the global natural resource space with a specific focus on the industrial businesses, commodities and infrastructure assets which will enable the energy transition. SailingStone manages concentrated, long-only equity portfolios for institutional investors.

For media inquiries:

Petree Partners LLC
Jennifer Petree / Tina Tallant
713.269.3776

For investor inquiries:

SailingStone
MacKenzie Davis
ir@sailingstonecapital.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/sailingstone-applauds-turquoise-hill-response-to-rio-tintos-offer-301606287.html

SOURCE SailingStone Capital Partners

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Alvo Minerals

Flem Conductors & Mineralised Gossans Define High Priority Targets, Drilling Underway

Alvo Minerals Limited (ASX: ALV) (Alvo or the Company) is pleased to announce multiple new FLEM conductors around the C3 prospect increasing the prospectivity of the C3 ‘cluster’. Follow-up mapping, sampling and trenching has improved the targeting at Mafico, a new and undrilled VMS prospect to the east of C3. Diamond drilling has recommenced at C3 after extensive drilling at C1. The targets around C3 will be the focus of discovery drilling in coming weeks.

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Top 3 Copper Stocks on the TSX in 2022

Click here to read the previous best TSX copper stocks article.

After a strong 2021, copper has seen even greater success in 2022, reaching an all-time high of US$10,910 per metric ton on March 4. However, prices have fallen in Q3, dropping to US$8,085 as of August 11.

This decline began in Q2, and experts have weighed in on what happened and where copper will go from here. In the short term, some market watchers believe prices will fall further, but long-term factors look positive.

“Any sign that inflation is coming down quickly would potentially be a bullish trigger for copper and financial markets more generally,” Dan Smith of Commodity Markets Analytics said. “Russia remains a key swing factor, of course, and this is likely to remain a significant headwind for copper.”

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Western Copper and Gold Corporation

Western Copper & Gold Corp is a Canada-based exploration-stage company. It is engaged in the acquisition, exploration, and future development of resource properties. The company is developing the Casino project into Canada's premier copper-gold mine. It holds significant gold, copper reserves in its Casino project located in the Yukon, Canada.

Ivanhoe Mines Issues Second Quarter 2022 Financial Results, and Review of Mine Construction and Exploration Activities

Ivanhoe Mines reports record profit of $351.5 million for Q2 2022

Kamoa-Kakula Mining Complex in the Democratic Republic of Congo sold record 85,794 tonnes of payable copper and recognized revenue of $494.1 million in Q2 2022

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