Exhibit 94.4
FORM 13-502F1
CLASS 1 REPORTING ISSUERS — PARTICIPATION FEE
Reporting Issuer Name: HudBay Minerals Inc.
End date of last completed fiscal year: December 31, 2011
Market value of listed or quoted securities: |
| (i) |
| 171,937,665 |
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Simple average of the closing price of that class or series as of the last trading day of each month in the last completed fiscal year |
| (ii) |
| 13.38 |
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Market value of class or series |
| (i) X (ii) = |
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| (A) 2,300,525,958 |
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(Repeat the above calculation for each other class or series of securities of the reporting issuer that was listed or quoted on a marketplace in Canada or the United States of America at the end of the last completed fiscal year) |
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| (B) N/A |
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Market value of other securities at end of the last completed fiscal year: |
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| (C) N/A |
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(Repeat for each other class or series of securities to which paragraph 2.7(b) of the Rule applies) |
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| (D) N/A |
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Capitalization for the last completed fiscal year |
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| (A) + (B) + (C) + (D)= |
| 2,300,525,958 |
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Participation Fee (From Appendix A of the Rule, select the participation fee beside the capitalization calculated above) |
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| 40,700 |
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Late Fee, if applicable (As determined under section 2.5 of the Rule) |
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| N/A |
ONTARIO SECURITIES COMMISSION
RULE 13-502 FEES
APPENDIX A
CORPORATE FINANCE PARTICIPATION FEES
Capitalization for the Previous Fiscal Year |
| Participation Fee |
| |
under $25 million |
| $ | 820 |
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$25 million to under $50 million |
| $ | 1,780 |
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$50 million to under $100 million |
| $ | 4,380 |
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$100 million to under $250 million |
| $ | 9,200 |
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$250 million to under $500 million |
| $ | 20,100 |
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$500 million to under $1 billion |
| $ | 28,100 |
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$1 billion to under $5 billion |
| $ | 40,700 |
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$5 billion to under $10 billion |
| $ | 52,400 |
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$10 billion to under $25 billion |
| $ | 61,200 |
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$25 billion and over |
| $ | 68,900 |
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Until April 1, 2012
“Class 1 reporting issuer” means a reporting issuer that is incorporated or organized under the laws of Canada or a jurisdiction in Canada and that, at the end of its previous fiscal year, has securities listed or quoted on a marketplace in Canada or the United States of America.