On January 16, Louisbourg Investments disclosed a new stake in Hudbay Minerals, acquiring 263,900 shares for an estimated $5.25 million based on the quarterly average price. This investment represents 1.05 percent of the fund’s 13F reportable assets as of December 31. Following this transaction, Hudbay ranks alongside Canadian National (5.7 percent of assets under management), Alphabet (2.9 percent), Microsoft (2.6 percent), iShares Core S&P 500 ETF (2.4 percent) and Wheaton Precious Metals (2.2 percent) among the fund’s top holdings. The move signals Louisbourg’s intent to modestly increase materials exposure without altering its core allocation strategy, positioning Hudbay as a targeted opportunity within its diversified portfolio.

Hudbay Minerals reported preliminary full-year production of 118,188 tonnes of copper and 267,934 ounces of gold, marking the 11th consecutive year of meeting consolidated copper guidance and the 5th for gold. Fourth-quarter output included 33,069 tonnes of copper and 84,298 ounces of gold, with Peru operations delivering 25,038 tonnes of copper and 32,865 ounces of gold driven by higher-grade ore from the Pampacancha satellite deposit. Manitoba achieved 3,326 tonnes of copper and 47,423 ounces of gold despite an eight-day power outage, while British Columbia contributed 4,705 tonnes of copper and 4,010 ounces of gold amid mill maintenance. Pro-forma year-end cash and equivalents stood at approximately $992 million following the closing of the Copper World joint venture. These results underscore Hudbay’s operational resilience and provide a strong liquidity buffer as the company transitions toward higher planned throughput in 2026.