VANCOUVER, British Columbia, Nov. 02, 2026 (GLOBE NEWSWIRE) — Pecoy Copper Corp. (“Pecoy Copper” or the “Company”) (TSXV: PCU; FSE: D5E; OTCQX: PCUUF) is pleased to announce that it has entered into subscription agreements with Hudbay Minerals Inc. (TSX, NYSE: HBM) (“Hudbay”) and an additional strategic investor (the “Strategic Investor” and, together with Hudbay, the “Investors”). Under these subscription agreements, subject to the terms and conditions thereof, Hudbay and the Strategic Investor have agreed to subscribe for 14,914,100 and 9,762,425 common shares of the Company (the “Common Shares”), respectively, on a non-brokered private placement basis at a price of C$2.02 per Common Share (the “Issue Price”) for aggregate gross proceeds to the Company of approximately C$49.8 million (the “Private Placement”).
The net proceeds from the Private Placement are expected to be used to advance exploration and development activities at the Company’s flagship Pecoy copper-gold project (“Pecoy” or the “Pecoy Project”) in southern Peru, including ongoing drilling, resource definition and expansion activities, geological and metallurgical studies, and technical work supporting the Company’s planned updated mineral resource estimate, as well as for general corporate and working capital purposes.
Highlights:
- The investments by Hudbay and the Strategic Investor in Pecoy Copper further strengthen the Company’s shareholder base and demonstrate confidence in the long-term potential of the Pecoy Project.
- Hudbay will invest approximately C$30.1 million and the Strategic Investor will invest approximately C$19.7 million, each at the Issue Price, for aggregate gross proceeds of approximately C$49.8 million.
- The Issue Price represents a 10% premium to the 10-day volume-weighted average price (VWAP) of the Common Shares on the TSX Venture Exchange (the “TSXV”) as of October 30, 2026.
- The strategic investments will provide additional financial flexibility to advance exploration, resource definition and technical studies at Pecoy, including the Company’s planned updated mineral resource estimate.
Vincent Metcalfe, President and CEO of Pecoy Copper, commented: “We are extremely pleased to announce these strategic equity investments in Pecoy Copper, representing an important milestone for our Company. We believe these capital commitments reflect the substantial geological potential of Pecoy and the progress achieved through our exploration programs. This additional capital further strengthens our financial position as we continue to expand our understanding of the mineralized system, pursue resource expansion, growth opportunities and advance technical work required to support the next phase of the project’s development. We look forward to building on our relationships with both organizations.”
Peter Kukielski, Chief Executive Officer of Hudbay, commented: “Pecoy is an exciting copper development project in Peru, a jurisdiction where Hudbay has been operating successfully for over a decade. This investment helps to facilitate project de-risking activities and increases our exposure to a high-quality development project in an attractive copper belt.”
Immediately following the Private Placement, each of Hudbay and the Strategic Investor is expected to hold approximately 9.99% of the issued and outstanding Common Shares, calculated on a partially diluted basis.
In connection with the Private Placement, the Company and Hudbay will enter into, subject to closing of the Private Placement with Hudbay, an investor rights agreement (the “Hudbay IRA”). The terms of the Hudbay IRA will grant Hudbay certain rights, provided that it maintains certain ownership thresholds in the Company, including: (a) the right to participate in equity financings and top-up holdings in relation to dilutive issuances in order to maintain pro rata ownership (up to 9.99%); and (b) the right to nominate one person to the board of directors of the Company (or the right to nominate two persons, if the board of directors of the Company is comprised of ten or more directors).
Closing of the Private Placement with each Investor is expected to occur on or about November 5, 2026, and is subject to the satisfaction of customary closing conditions and the receipt of customary regulatory approvals, including the acceptance of the TSXV. The Common Shares to be issued in connection with the Private Placement will be subject to a statutory hold period in accordance with applicable securities laws.
About Pecoy Copper
Pecoy Copper is advancing the Pecoy Copper-Gold-Molybdenum-Silver Project and the Tororume Project, which together cover approximately 19,800 hectares in southern Peru’s Arequipa region. Pecoy is a large, undeveloped porphyry system located at approximately 1,650 metres above sea level, with access to established infrastructure, power, water and Pacific ports.
Prior to the Company’s current drill program, less than 49,000 metres of historical drilling had been completed at Pecoy, defining a broad mineralized system with potential for expansion along strike and at depth.
The Common Shares trade on the TSXV under the symbol PCU, on the Frankfurt Stock Exchange under the symbol D5E and on the OTCQX under the symbol PCUUF.
For further information, please contact:
Vincent Metcalfe, President & CEO
Pecoy Copper Corp.
666 Burrard Street, Suite 2700
Vancouver, BC V6C 2X8
Tel: 1 (778) 401-9305 | Email: info@pecoycopper.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of Canadian securities laws. The forward-looking statements relate to future events or future performance and reflect management’s expectations regarding the Company’s future operations, activities, developments, results of operations, performance and business prospects and opportunities. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements relating to: the terms of the Private Placement, including the number of Common Shares to be issued and the aggregate gross proceeds; the ability of the Company to complete the Private Placement with each of Hudbay and the Strategic Investor on the terms contemplated; the anticipated closing date of the Private Placement; the timing and ability to satisfy the closing conditions and obtain the necessary regulatory approvals, including the acceptance of the TSXV; the expected ownership interest of each of Hudbay and the Strategic Investor following closing of the Private Placement; the execution of the Hudbay IRA and the rights granted thereunder; the anticipated use of the net proceeds of the Private Placement; the anticipated benefits of the strategic investments to the Company; and the Company’s planned exploration, drilling, resource definition and expansion activities and technical studies at the Pecoy Project, including expectations regarding the Company’s planned updated mineral resource estimate.
Such forward-looking statements are based on a number of estimates and assumptions that the Company believes are reasonable when made, including that the Private Placement will be completed on the terms and within the timeframe contemplated; that all closing conditions will be satisfied and all necessary regulatory approvals, including the acceptance of the TSXV, will be obtained; that the net proceeds of the Private Placement will be used as anticipated; the Company’s ability to achieve its exploration, development and other objectives concerning the Pecoy Project; certain expectations regarding future prices of copper and other commodities; and general business and economic conditions in the markets in which the Company operates. Such estimates and assumptions are made by the Company in light of the experience of management and its perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such risk factors include, but are not limited to: the Private Placement not being completed on the terms or within the timeframe currently contemplated, or at all; the satisfaction of closing conditions and the receipt of all necessary regulatory approvals, including the acceptance of the TSXV; risks relating to the use of the net proceeds of the Private Placement; the Company not realizing the anticipated benefits of the strategic investments; and the risks and uncertainties described under the heading “Risk Factors” of the Company’s annual management’s discussion and analysis for the year ended April 30, 2026, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Furthermore, forward-looking statements speak only as of the date of this news release. Forward-looking statements are statements about the future and are inherently uncertain. Except as required under applicable securities laws, the Company does not intend, and does not assume any obligation, to update, revise or review any forward-looking statements, whether as a result of new information, future events or otherwise. For all these reasons, readers should not place undue reliance on the forward-looking statements contained in this news release, as the Company’s actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company’s business, or if the Company’s estimates or assumptions prove inaccurate. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
