Pecoy Copper Corp. has secured a strategic financing deal worth C$49.8 million, led by Hudbay Minerals Inc. and another investor. The private placement involves Hudbay subscribing for 14,914,100 common shares and the strategic investor for 9,762,425 shares, both at C$2.02 per share. The proceeds will fund exploration and development at the Pecoy copper-gold project in southern Peru, including drilling, resource definition, and technical studies.
The investment represents a 10% premium over the 10-day volume-weighted average price of Pecoy Copper’s shares on the TSX Venture Exchange as of October 30, 2026. Vincent Metcalfe, President and CEO of Pecoy Copper, expressed enthusiasm about the deal, stating it reflects confidence in the Pecoy project’s potential. Peter Kukielski, CEO of Hudbay, highlighted the project’s strategic value in Peru, where Hudbay has operated for over a decade.
Following the placement, both Hudbay and the strategic investor will hold approximately 9.99% of Pecoy Copper’s issued and outstanding shares. The deal includes an investor rights agreement granting Hudbay participation rights in future financings and the ability to nominate a director. The transaction is expected to close on or about November 5, 2026, subject to regulatory approvals.