Hercules hires executive team behind $2B Hudbay deal

Hercules Metals (TSXV: BIG; US-OTC: BADEF) has recruited the management team behind Arizona Sonoran Copper’s $2-billion (US$1.4-billion) sale to Hudbay Minerals (TSX, NYSE: HBM) to push the Leviathan copper discovery in Idaho toward development.

George Ogilvie will become president and CEO Sept. 1, joined by six former Arizona Sonoran executives in finance, legal affairs, permitting, investor relations and resource geology. Founder Chris Paul will shift to senior vice-president of exploration and remain a director. Leviathan sits near Cambridge, about two hours by road from Boise, the state capital.

“The project has now grown to a scale that requires a leadership team with top-tier mining experience, deep technical and capital-markets expertise, and a proven ability to transform major discoveries into high-value companies,” Paul said in a Thursday release. “George and his team bring that combination of experience, execution and demonstrated success.”

Hercules drew investor attention over the past year as broad copper intercepts expanded Leviathan and drilling identified a second porphyry centre at Southern Flats. Barrick Mining (TSX: ABX; NYSE: B) backed the company and helped consolidate more than 404.7 sq. km along a 73-km copper belt, strengthening the case for a district rather than a single deposit. Hercules has not yet published a mineral resource or economic study for Leviathan, giving the new team a clean slate to work with.

Team record

The incoming group took Arizona Sonoran from a private company with an implied value of about $125 million in 2021 to Hudbay’s takeover in June, a roughly 16-fold rise. It raised more than $300 million to advance the Cactus project.

Cactus hosts a Sept. 2025 resource estimate of 1.04 billion measured and indicated tonnes grading 0.48% copper for 11 billion lb. contained metal. It added 211.7 million inferred tonnes grading 0.37% copper for 1.7 billion contained pounds.

Ogilvie, a mining engineer with 36 years of experience, previously led Battle North Gold through its 2021 sale to Evolution Mining (ASX: EVN). He also ran Kirkland Lake Gold and Rambler Metals and Mining.

Nicholas Nikolakakis will become senior vice-president of finance and chief financial officer, while Nicholas Hayduk will oversee corporate development and legal affairs. Travis Snider will lead sustainability and external relations, Alison Dwoskin will handle investor relations, Kevin Canario will become vice-president of finance and Anthony Bottrill will serve as senior resource geologist.

Keith Li will step down as CFO Sept. 1 and stay during the handover. Hercules granted the incoming group 18.65 million five-year options at 59¢, equal to about 5.4% of its outstanding shares. The options vest in thirds through September 2028.

Project scale

Hercules found Leviathan in 2023 beneath an epithermal silver system. Discovery hole HER-23-05 cut 185 metres grading 0.84% copper, 111 parts per million molybdenum and 2.6 grams silver per tonne, including 45 metres at 1.94% copper. The hole ended in mineralization.

Later drilling traced the system for more than 1 km along strike, up to 750 metres wide and through 500 metres vertically. Hercules estimates it has tested about one-fifth of the target, which remains open in both directions.

The company controls surface mining rights over Leviathan, while roads and three 260-kilovolt transmission lines cross the property.

Next steps

Hercules is splitting duties between discovery and development. Paul is to lead drilling to expand Leviathan and test other porphyry targets, while Ogilvie’s team will direct resource definition, technical studies, permitting and financing.

The structure keeps exploration with the geologist who found Leviathan. It also puts project advancement in the hands of a proven team.