10 Best Canadian Stocks to Buy Under $10

2. Hudbay Minerals Inc. (NYSE:HBM)

Number of Hedge Funds Holders: 35

Share Price as of November 27: $8.77

Hudbay Minerals Inc. (NYSE:HBM) is a diversified mining company, with a core focus on copper mining. The company is engaged in the exploration, development, operation, and optimization of properties in North and South America. Hudbay Minerals Inc. (NYSE:HBM) owns 75% of the Copper Mountain Mine, which is located south of Princeton, British Columbia.

To increase its operational efficiency and output, the company is aiming to stabilize and optimize its operations. Hudbay Minerals Inc. (NYSE:HBM) has successfully extended the life of its Constancia mine in Peru by 3 years to 2041. This shows the company’s execution capability to improve ongoing value from the existing assets and provide a long-term production outlook.

During the third quarter of 2024, Hudbay Minerals Inc. (NYSE:HBM) reported strong financial and operational performance. The company continues to improve its free cash flow and reduce its debt. Over the past 12 months, the company has reduced its net debt by over $500 million. In addition to that, Hudbay reported record gold production in Manitoba, driven by new quarterly record throughput levels at the New Britannia mill.

As of Q3 2024, Waratah Capital Advisors has increased its stake in HBM by 29% from the previous quarter and now owns 7,061,411 shares valued at $64.95 million.