Highland Copper Co., Inc. · TSXV:HI
Highland Copper — PDAC 2026
24 slides from Highland Copper's conference presentation, February 2026
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. Copper Designated $5 Billion Orion U
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: 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 10: 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 11: 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 12: 1.6% Additional Copper Recoveries
1.6% Additional Copper Recoveries 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 costs More efficient co
Slide 13: 2026 Work Plan
2026 Work Plan Engineering • Conclude Integrated Mine Plan Review • Advance to 40% Detailed Engineering • Regional Infrastructure Engineering Financing • Appointment of Debt Advisor • Initiate Debt Process / Advance U.S. EXIM LOI • Assess other State & Federal Opportunities Operational Readiness • A
Slide 14: 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 Copperwood NPV to $507 million, with further non-linear NPV increases at $6.00 copper price. Metric* $4.00 Copper Price $5.00 Copper Price $6.00 Copper Price After-tax NPV 8% $168 mill
Slide 15: 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 16: Corporate Developments
Corporate Developments Highland Copper Corporate Presentation 16
Slide 17: Addressing Shareholder Structure
Addressing Shareholder Structure 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 new institutional sh
Slide 18: U.S. EXIM $250 Million LOI
U.S. EXIM $250 Million LOI Positive momentum and visibility in Washington DC, highlighted by receipt of $250 million LOI from U.S. EXIM for project financing. Initiating competitive project financing process. U.S.EXIM / Federal • LOI for $250 million project financing Support • Ongoing discussion wi
Slide 19: Capital Structure
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% $5.7 million cash at December 2025 Condire Investors $10.9 million LT debt (White Pine) at December 2025 1% Management and Direc
Slide 20: Operational Execution Drives Upcoming Catalysts
Operational Execution Drives Upcoming Catalysts Achievements Upcoming Catalysts Q3 2025 - Ultrafine Flotation Recovery Improvement Q1 2026 - 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 21: Appendix
Appendix Highland Copper Corporate Presentation 21
Slide 22: Balanced Board
Balanced Board Barry O’Shea Jonathan Cherry David Tennant CEO, Director Independent Director Independent Director Former Partner M&A CEO, Perpetua McCarthy Tetrault LLP Melanie Miller Iain Farmer Stephen Hicks Independent Director Director Highland Chair VP Corporate Former GM Hemlo CEO, JM Longyear
Slide 23: 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 24: Highland Copper
Highland Copper