Copper World

Copper World is a large-scale open-pit copper development project located in Arizona, USA, and is wholly owned by Hudbay through Copper World LLC, with Mitsubishi Corporation holding a 30% joint venture interest. According to the 2023 pre-feasibility study, Phase I outlines a 20 year operation on private land expected to produce an average of 92,000 tonnes of copper annually over the first 10 years at a cash cost of $1.53/lb. In January 2026, Hudbay completed the Mitsubishi transaction, which funds Mitsubishi’s 30% share of future equity capital contributions and reduces Hudbay’s estimated share of the remaining capital contributions to approximately $200 million based on PFS estimates.

Phase II would extend the mine life by expanding processing facilities and extending mining onto federal land. Hudbay is currently advancing Phase I of Copper World, with all required state permits now in hand, the definitive feasibility study on track for completion in mid-2026, and a project sanction decision expected in 2026. Hudbay has guided 2026 Copper World growth capital of approximately $135 million for feasibility, de-risking and pre-sanction activities, including approximately $60 million for accelerated long-lead items and additional de-risking work.

Metalla holds a 0.315% NSR royalty on Copper World.