07:30 AM EST, 01/09/2025 (MT Newswires) -- Panoro Minerals ( POROF ) late on Wednesday said a Hudbay Minerals ( HBM ) subsidiary will exercise its option to repurchase and cancel the 2% net smelter return royalty on the Kusiorcco project for US$2 million.

The companies are in the process of having the repurchase and cancellation of the royalty registered in the Peru Public Registry, which is expected to be finalized in the coming weeks.

Panoro retained the royalty from the sale of the project to Hudbay in 2018.

Panoro remains focused on completing its technical objectives at the Cotabambas project, including project optimization studies that will feed into an updated preliminary economic assessment and help define the scope for the prefeasibility study.