Highland Copper Co., Inc. · TSXV:HI
Highland Copper — Investor Presentation (September 2025)
29 slides from Highland Copper's investor presentation, Sep 24, 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 (%) @ $5.00
Slide 9: Copperwood Project
Copperwood Project Highland Copper Corporate Presentation 9
Slide 10: Responsible Project Design
Responsible Project Design Key Environmental Considerations Underground mine with modest surface footprint Electing not to draw water from Lake Superior Rigorous water treatment and monitoring Enclosed processing plant to mitigate light and noise Wetland preservation area of 717 acres protected in p
Slide 11: Highly Levered to Copper Price, Opportunities Upside
Highly Levered to Copper Price, Opportunities Upside 25% Increase in Copper Price = 300% NPV Increase Value Creation Opportunities: Life of mine additions, converting 79 million Cu Price NPV 0% NPV 8% IRR Payback inferred tonnes ($/lb) ($M) ($M) (%) (Years) Ultrafine flotation technology 5.00 1,013
Slide 12: 2024/2025: Execution Sets Stage for Development
2024/2025: Execution Sets 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
Slide 13: 2024/2025: Impact of Concurrent Reclamation
2024/2025: Impact of Concurrent Reclamation B e f o r e A f t e r Stream Diversion Constructed Wetlands Bridge Construction Highland Copper Corporate Presentation 13
Slide 14: 2025: Detailed Engineering Progress
2025: Detailed Engineering Progress Mine & Process Plant Water Management Tailings Disposal Facility DRA engaged January 2025 Foth engaged February 2025 Tetra Tech engaged May 2025 Historical data review complete Historical data review complete Commenced historical data review No fatal-flaws identif
Slide 15: 2025: Impact of Metallurgical Test Program
2025: Impact of Metallurgical Test Program 87.6% Copper Recoveries Reduced Reagents & Power Improved EHS Increased recoveries from adoption of Optimized reagent scheme estimated to Scale of plant reduced, lower environmental Jameson cell ultrafine flotation technology reduction $1.00 per tonne proce
Slide 16: US EXIM Letter of Intent $250 Million
US EXIM Letter of Intent $250 Million Received LOI for US EXIM Up to $250 million debt financing Up to 11-year tenor Full review to follow U.S. Congressman Jack Bergman (R-Michigan) penned a strong letter of support to his Michigan colleagues in the federal Senate and House. Positive meetings in Was
Slide 17: Community & State Engagement
Community & State Engagement 22 formal resolutions of support from key townships, counties and Boards in the district. This includes Wakefield Township, Ironwood Township and Gogebic County (where Copperwood resides). On-going monitoring and site visits from EGLE (Michigan permitting authority) refl
Slide 18: White Pine North Project
White Pine North Project Highland Copper Corporate Presentation 18
Slide 19: 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 $1.63 / lb 5.7 B lbs Initial Capital1 Operating Cost Contained Copper2 Highland Copper Corporate Presentation *All figures $USD 1Net of $265 million pre-production reve
Slide 20: 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 21: Investor Information
Investor Information Highland Copper Corporate Presentation 21
Slide 22: 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% $12.3 million cash at March 2025 Condire Investors $8.1 million LT debt at March 2025 1% Management and Directors 16% Analyst Coverage Green
Slide 23: Upcoming Catalysts
Upcoming Catalysts Copperwood Project White Pine North Project* Q3 2025 - Ultrafine Flotation Testing Complete Advance toward Resource Update Q3 2025 – US EXIM $250 million LOI Progress toward a Pre-Feasibility Study Q3 2025 - Completion of Phase 1 Engineering Ongoing Environmental Baselining H2 202
Slide 24: Appendix
Appendix Highland Copper Corporate Presentation 24
Slide 25: 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 26: 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 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 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 9160 Leduc Boulevard Quartier info@highlandcopper.com Vancouver, British Columbia Dix30, Suite 410 W
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