Highland Copper Co., Inc. · TSXV:HI
Highland Copper — Investor Presentation (December 2025)
29 slides from Highland Copper's investor presentation, Dec 10, 2025
Slide 1: Fully Permitted U.S. Domestic Copper
TSX.V: HI OTCQB: HDRSF Fully Permitted U.S. Domestic Copper Targeting 2026 Construction Decision
Slide 2: Disclaimer
Disclaimer Cautionary Statement The reader is advised that a PEA is preliminary in nature and is intended to provide only an initial, high-level review of the Project potential and design options. The PEA mine plan and economic model include numerous The data contained herein is provided for informa
Slide 3: Targeting 2029 Production
Targeting 2029 Production Copperwood stands apart as one the most advanced U.S. domestic copper developers targeting a construction decision in 2026. Fully Permitted / Copperwood is one of few fully-permitted FS Complete projects with a current Feasibility Study Early Site Work Early site work and c
Slide 4: U.S. Jurisdictional Advantage
U.S. Jurisdictional Advantage With critical mineral prioritization, federal capital is being made available to near-dated copper developers. At the same time, Michigan is one of very few jurisdictions both actively permitting and considering incentivizing mining. Access to Federal Fully Permitted on
Slide 5: Strategic White Pine Divestment (November 2025)
Strategic White Pine Divestment (November 2025) The $30 million divestment of White Pine strengthens the balance sheet, funds Copperwood to a construction decision and puts sole focus on the near-dated, fully permitted Copperwood project. Before Transaction Measure After Transaction $11.7 million De
Slide 6: Copperwood Overview
Copperwood Overview Highland Copper Corporate Presentation 6
Slide 7: Copperwood at a Glance
Copperwood at a Glance Copperwood is fully permitted, well understood and has a modest initial capital requirement. Highlights Key Statistics Permitting Unit FS → Fully permitted project on private land → All permits in good standing Mine life years 11 Mineralization Plant throughput tpd 6,800 → Min
Slide 8: State Permitting on Private Land
State Permitting on Private Land All permits to construct and operate are in hand. Demonstrated capacity to amend/renew permits as needed. Copperwood Permit Type Project Part 31: Water Resource Protection, NPDES Permit Part 315: Dam Safety Permit Part 325: Great Lake Submerged Land Permit Part 303:
Slide 9: Benefiting from Regional Infrastructure
Benefiting from Regional Infrastructure Multiple sources of power available, existing highway and rail infrastructure, historic mining towns. Natural gas available from two major pipeline companies: TransCanada, through their subsidiary Natural Gas Great Lake Gas Transmission (“GLGT”) and Northern P
Slide 10: Significant Scale MI&I Resource of 3.7 Billion Pounds
Significant Scale MI&I Resource of 3.7 Billion Pounds The initial 11 year mine life is based on 54 million tonnes Measured and Indicated. There remains significant potential to increase mine life by infill drilling the additional 79 million Inferred tonnes. 1.9 Billion Pounds Inferred (79.1 million
Slide 11: Mineral Reserves Defined
Mineral Reserves Defined Potential to increase mine recoveries with drift and fill mining method in place of room and pillar (FS base case). Mining trade-off study currently underway. Tonnes Cu Grade Ag Grade Cu Contained Ag Contained Copperwood (MT) (%) (g/t) (M lbs) (M oz) Proven 18.2 1.49 4.47 59
Slide 12: Key Environmental Mitigations
Key Environmental Mitigations Permitted under Michigan’s stringent environmental regulation, Highland has taken proactive steps to ensure appropriate environmental mitigations. Additionally, financial assurance posted with Michigan to ensure funding for responsible closure. Mitigating No Acid Rock N
Slide 13: Project Economics / Leverage to Copper Price
Project Economics / Leverage to Copper Price A 25% increase in copper price (from $4.00 to $5.00 per pound) triples the after-tax Net Present Value and increases project IRR to 47.6%. This excludes potential optimizations including LOM extensions, drift and fill, grants, etc. Metric* $4.00 Copper Pr
Slide 14: Progress at Copperwood
Progress at Copperwood Highland Copper Corporate Presentation 14
Slide 15: Concurrent Reclamation Work Complete (September 2025)
Concurrent Reclamation Work Complete (September 2025) Building regional support and operational momentum with early site works and concurrent reclamation. Initial Site Work Building Regional Support Key Team in Place Initial site impacts complete 22 local government resolutions of support Project Di
Slide 16: Phase 1 Engineering Complete (October 2025)
Phase 1 Engineering Complete (October 2025) Targeting 40% engineering completion by H2 2026 to support a construction decision and project financing. Mine & Process Plant Water Management Tailings Disposal Facility DRA engaged Q1 2025 Foth engaged February 2025 Tetra Tech engaged May 2025 Historical
Slide 17: Process Redesign Improves FS Economics (September 2025)
Process Redesign Improves FS Economics (September 2025) The simplified flow sheet, which also incorporated ultrafine flotation technology (Glencore Jameson cells), increased copper recoveries from 86.0% to 87.6%, while also lowering processing cost per tonne. Higher recoveries and lower processing c
Slide 18: Similarities to Kamoa-Kakula
Similarities to Kamoa-Kakula Process flowsheet of highly successful Kakula Phase 1 provides real-world similarity to Copperwood. Kakula’s supergene/higher-grade zones are strongly chalcocite- dominant Copper sulphides typically occur at 15–20 µm grain size. Similarities in Kakula flowsheet testing M
Slide 19: Corporate Developments
Corporate Developments Highland Copper Corporate Presentation 19
Slide 20: Project Funding - U.S. EXIM LOI $250 Million (September 2025)
Project Funding - U.S. EXIM LOI $250 Million (September 2025) Positive momentum and visibility in Washington DC, highlighted by receipt of $250 million LOI from U.S. EXIM for project financing. Active lobbying also at Department of Defense and Department of Energy. Received LOI from US EXIM Up to $2
Slide 21: Block Trade of Greenstone Position (November 2025)
Block Trade of Greenstone Position (November 2025) During November 2025, assisted in orderly trade of Greenstone Resources 16% stake in Highland Copper. Represented institutional demand of approximately C$15 million. Reduction in shareholder concentration. Replaced Greenstone with approximately 6 ne
Slide 22: Capital Structure and Analyst Coverage
Backing from Key Mining Funds 28% 33% 736 million Orion Mine Finance Other Shareholders shares outstanding Capital Structure 45 million options o/s at September 2025 19.9% $7.5 million cash at September 2025 Condire Investors $10.4 million LT debt (White Pine) at September 2025 1% Management and Dir
Slide 23: Peer Comparison
Peer Comparison Highland Copper belongs in an asset class of strong North American copper developers. Highland Copper Arizona Sonoran Ex-New World Foran Metric Copperwood Cactus Antler McIlvenna Bay Location Michigan, USA Arizona, USA Arizona, USA Saskatchewan, CA Mine Type Underground Open Pit, Und
Slide 24: Operational Execution Drives Upcoming Catalysts
Operational Execution Drives Upcoming Catalysts Achievements Upcoming Catalysts Q3 2025 - Ultrafine Flotation Recovery Improvement Q4 2025 - Determination on State Grant Q3 2025 - US EXIM $250 million Letter of Intent Q1 2026 – Conclusion on Mine Plan Review Q4 2025 - Completion of Phase 1 Engineeri
Slide 25: Appendix
Appendix Highland Copper Corporate Presentation 25
Slide 26: Balanced Board and Management
Balanced Board and Management Barry O’Shea Jonathan Cherry David Tennant CEO, Director Independent Director Independent Director Former Partner M&A CEO, Perpetua McCarthy Tetrault LLP Melanie Miller Jo Mark Zurel Stephen Hicks Independent Director Independent Director Highland Chair Chair, Fortis In
Slide 27: Mineral Resource Estimate
Mineral Resource Estimate* Copper Silver Copper Silver Notes on Mineral Resources: 1) Mineral Resources are reported Resource Tonnage using a copper price of $4.00/lb and a silver price of $25/oz. Deposits Grade Grade Contained Contained Category (M t) 2) A payable rate of 96.5% for copper and 90% f
Slide 28: Mineral Resource Estimate
Mineral Resource Estimate* Silver Copper Silver Resource Tonnage Copper Grade Ore Column Grade Contained Contained Category (M t) (%) (g/t) (M lbs) (M oz) Indicated 37.8 1.03 10.1 857 12.3 Full Column (3 m) Inferred 0 - - 0 0 Indicated 112.8 1.06 14.6 2,640 53.1 Parting Shale (2 m) Inferred 96.4 1.0
Slide 29: Contact Information
Registered Office Mailing Address Project Office Royal Centre, 1055 West Georgia St, Highland Copper Company Inc. Copperwood Resources Inc. www.highlandcopper.com 310 US Highway 2, Suite B Suite 1500 9160 Leduc Boulevard Quartier info@highlandcopper.com Vancouver, British Columbia Dix30, Suite 410 W
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