Pecoy Copper Corp. (TSX-V: PCU) (FSE: D5E) (OTCQX: PCUUF) is pleased to announce the closing of the non-brokered private placement, previously announced in the news release dated November 2, 2026, with Hudbay Minerals Inc. (TSX:HBM) (NYSE: HBM) and an additional strategic investor. At closing of the Private Placement, the Company issued 14,914,100 and 9,762,425 common shares of the Company to Hudbay and the Strategic Investor, respectively, for aggregate gross proceeds to the Company of approximately C$49.8 million. Immediately following the closing of the Private Placement, each of Hudbay and the Strategic Investor held approximately 9.99% of the issued and outstanding Common Shares, in each case, calculated on a partially-diluted basis.

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 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.

In connection with the closing of the Private Placement, the Company and Hudbay entered into an investor rights agreement, as previously described in the news release dated November 2, 2026 announcing the Private Placement.

The Private Placement remains subject to the final acceptance of the TSX Venture Exchange. The Common Shares issued pursuant to the Private Placement are subject to a statutory hold period in accordance with applicable securities laws, expiring four months and one day from the date hereof.

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.