Highland Copper Co., Inc. · TSXV:HI
Highland Copper — Investor Presentation (May 2025)
26 slides from Highland Copper's investor presentation, May 13, 2025
Slide 1: Fully Permitted US Domestic Copper Supply
TSX.V: HI OTCQB: HDRSF Fully Permitted US Domestic Copper Supply Corporate Presentation 2025
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: US Urgently Needs Domestic Copper Supply
US Urgently Needs Domestic Copper Supply Highland Copper Corporate Presentation 3
Slide 4: Copperwood Stands Ready
Copperwood Stands Ready Value Proposition: Highland is advancing to a near-term construction decision at exactly the right time, providing investors leverage to changes in copper price, in addition to a Price/NAV rerate opportunity. Tier 1 US Location with key support from US Location Michigan and l
Slide 5: Governor Whitmer: Build, Michigan, Build
Governor Whitmer: “Build, Michigan, Build” State Permitting Supply to Michigan Community $50 Million State Process on Private Land Industry & OEMs Support Grant Proposal Highland Copper Corporate Presentation 5
Slide 6: Multi-Billion Pound Resource, Well Sequenced
Multi-Billion Pound Resource, Well Sequenced 1.9 Billion Pounds Inferred 2.2 Billion Pounds Inferred (79.1 million tonnes at 1.09%) (96.4 million tonnes at 1.03%) 1.8 Billion Pounds M&I 3.5 Billion Pounds M&I (54.2 million tonnes at 1.51%) (150.7 million tonnes at 1.05%) Copperwood Project White Pin
Slide 7: State Permitting on Private Land
State Permitting on Private Land 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: Wetland Protection Part 301: Inland Lakes and Streams Part 55: Air Discharge Part 632: Nonferrous Metallic
Slide 8: True Leverage to Copper Price
True Leverage to Copper Price Pro Forma Highland Copper 100% Copperwood 34% White Pine North Metric* 2023 Feasibility Study 2023 PEA $168 m After-tax NPV 8 @ $4.00 Copper $279 m $507 m After-tax NPV 8 @ $5.00 Copper $525 m 17.6% After-tax IRR (%) @ $4.00 Copper 20.8% 33.4% After-tax IRR (%) @ $5.00
Slide 9: Copperwood Project
Copperwood Project Highland Copper Corporate Presentation 9
Slide 10: Responsible Project Design
Responsible Project Design Key Environmental Considerations Underground mine with modest surface footprint Electing not to draw water from Lake Superior Rigorous water treatment and monitoring Wetland preservation area of 717 acres protected in perpetuity Financial assurance in place with State of M
Slide 11: Highly Levered to Copper Price, Opportunities Upside
Highly Levered to Copper Price, Opportunities Upside 25% Increase in Copper Price = 300% NPV Increase Value Creation Opportunities: Life of mine additions, converting 79 million Cu Price NPV 0% NPV 8% IRR Payback inferred tonnes ($/lb) ($M) ($M) (%) (Years) Ultrafine flotation technology 5.00 1,013
Slide 12: 2024 Execution Set Stage for Development
2024 Execution Set Stage for Development Initial Site Work Union Engagement Key Team in Place Initial site impacts complete Letter of intent signed Project Director – Wynand van Dyk Mitigating wetland constructed Intention for Project Labor Agreement Site Manager – Mike Foley 717-acre wetland preser
Slide 13: 2025 Execution Drives to Construction Decision
2025 Execution Drives to Construction Decision Detailed Engineering Metallurgical Drilling Community Engagement DRA Global engaged January 2025 Drill program complete Solidifying strong support in Upper Peninsula Phase 1 Engineering initiated Core samples now at lab Education on project and grant De
Slide 14: White Pine North Project
White Pine North Project Highland Copper Corporate Presentation 14
Slide 15: PEA Highlights (100%)
PEA Highlights (100%)* $821 million 20.8% 1.33 After-tax NPV 8% After-tax IRR NPV / Initial Capex 22-year life of mine $615 million $1.58 / lb 5.7 B lbs Initial Capital1 LOM Cash Cost2 Contained Copper3 Highland Copper Corporate Presentation *All figures $USD 1Net of $265 million pre-production reve
Slide 16: White Pine Adds Sequential Growth
White Pine Adds Sequential Growth Drilling Environmental Baselining Engineering Trade-offs Consolidated 20,800m program complete Multiple studies complete in 2024 Completing key trade-offs on mine plan Met and geotech samples collected On-going studies in 2025 Metallurgical trade-offs on optimal rec
Slide 17: Investor Information
Investor Information Highland Copper Corporate Presentation 17
Slide 18: Capital Structure Analyst Coverage
Backing from Key Mining Funds 28% 33% 736 million Orion Mine Finance Other Shareholders shares outstanding Capital Structure 39 million options outstanding 16% $14.3 million cash at December 2024 Condire Investors $7.9 million LT debt at December 2024 1% Management and Directors 16% Analyst Coverage
Slide 19: Key Catalysts
Key Catalysts Copperwood Project White Pine North Project* Q3 2025 - Ultrafine Flotation Testing Complete Advance toward Resource Update Q3 2025 - Completion of Phase 1 Engineering Progress toward a Pre-Feasibility Study H2 2025 - Determination on State Grant Ongoing Environmental Baselining H2 2025
Slide 20: The Big Picture – Building a US Regional Copper Producer
The Big Picture – Building a US Regional Copper Producer Regional First Producer Leverage to Critical Mineral Entrant Rerate Copper Price Alignment Highland Copper Corporate Presentation 20
Slide 21: Appendix
Appendix Highland Copper Corporate Presentation 21
Slide 22: 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 23: Mineral Reserves Estimate
Mineral Reserves Estimate* Tonnes Cu Grade Ag Grade Cu Contained Ag Contained Copperwood (MT) (%) (g/t) (M lbs) (M oz) Proven 18.2 1.49 4.47 597 2.6 Probable 7.5 1.34 2.56 222 0.6 Proven & Probable 25.7 1.45 3.91 820 3.2 Notes on Mineral Reserve Estimates: 1) The Mineral Reserves were estimated usin
Slide 24: 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 25: 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 26: Contact and Registered Office
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 130 King Street West, Suite 1900 info@highlandcopper.com Vancouver, British Columbia Toronto, Ontari
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