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Callinan announces comprehensive agreement with Hudbay

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Hudbay Minerals Inc.

On November 26, 2014 Callinan Royalties Corporation ("Callinan") announced that it has entered into a definitive agreement (the "Settlement Agreement") with Hudson Bay Mining and Smelting Co. Limited, a wholly owned subsidiary of HudBay Minerals Inc. ("Hudbay"). This marks an end to protracted litigation which Callinan initiated in early 2007, and commencement of a new relationship with Hudbay. Local law firm Thompson, Dorfman, Sweatman LLP acted for HudBay during the litigation. HudBay was advised on the royalty agreements, which were part of the overall settlement agreements, by Fasken Martineau DuMoulin LLP, with a team including Samantha Alfonzo and Michael Bourassa.



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