Highland Copper Co., Inc. · TSXV:HI
Highland Copper — Investor Presentation (February 2025)
29 slides from Highland Copper's investor presentation, February 2025
Slide 1: Advancing to Construction in Michigan
TSX.V: HI OTCQB: HDRSF Advancing to Construction in Michigan 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: Copper in the Headlines
Copper in the Headlines Highland Copper Corporate Presentation 3
Slide 4: Key Building Blocks
Key Building Blocks Tier 1 US Location with key support from US Location Michigan and local communities Copperwood is the only fully-permitted project in Permits in Hand its peer group, White Pine permitting advancing Multi-billion pound copper resource with Resource Scale growth upside, significant
Slide 5: License to Operate in Supportive Michigan
License to Operate in Supportive Michigan State Permitting $50 Million State Supply to Michigan Community Process on Grant Proposal Industry & OEMs Support Private Land 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%) (97.2 million tonnes at 1.03%) 1.8 Billion Pounds M&I 3.2 Billion Pounds M&I (54.2 million tonnes at 1.51%) (133.4 million tonnes at 1.07%) 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 (currently renewing) Part 632
Slide 8: Highest Copper Price Leverage in Peer Group
Highest Copper Price Leverage in Peer Group 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 10.7 Life of Mine (Years) 21.8 $391 m Initial Capital (net pre-
Slide 9: Copperwood Project
Copperwood Project Highland Copper Corporate Presentation 9
Slide 10: Responsible Project Design
Responsible Project Design Key Environmental Considerations Underground mine with modest surface footprint Electing not to draw water from Lake Superior Rigorous water treatment and monitoring Wetland preservation area of 717 acres protected in perpetuity Financial assurance in place with State of M
Slide 11: Highly Levered to Copper Price, Opportunities Upside
Highly Levered to Copper Price, Opportunities Upside 25% Increase in Copper Price = 300% NPV Increase Value Creation Opportunities: Life of mine additions, converting 79 million Cu Price NPV 0% NPV 8% IRR Payback inferred tonnes ($/lb) ($M) ($M) (%) (Years) Ultrafine flotation technology 5.00 1,013
Slide 12: Copperwood 2024 Site Work – Permits Remain in Good Standing
Copperwood 2024 Site Work – Permits Remain in Good Standing Stream Diversion with In-Steam Structures Creation of Mitigating Wetland Completed initial site impacts to wetlands and stream, water management and mitigating stream diversion structures in place and maturing Substantially complete creatio
Slide 13: Other 2024 Accomplishments
Other 2024 Accomplishments State Grant Advancing Union Engagement Key Team in Place Michigan Strategic Fund approved Letter of intent signed Project Director – Wynand van Dyk Michigan House approved Intention for Project Labor Agreement Site Manager – Mike Foley Pending Michigan Senate approval Form
Slide 14: Next Steps 2025
Next Steps 2025 Detailed Engineering Metallurgical Drilling Community Engagement DRA Global engaged January 2025 Two drills currently turning at site Solidifying strong support in Upper Peninsula Phase 1 Engineering initiated Core samples to be collected by February Education on project and grant De
Slide 15: White Pine North Project
White Pine North Project Highland Copper Corporate Presentation 15
Slide 16: 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 17: Available Infrastructure
Available Infrastructure Pictured here is the historic White Pine Mine owned by Subterra and Slag Dump North Tailings Basin I PM Power Group. White Pine North grounds partially shown in photo. Former Cu Smelter Tailings basin is property of White Pine North Former Process Plant Mine Portal Cu Refine
Slide 18: Accomplishments and Next Steps
Accomplishments and Next Steps 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 Additional studies in 2025 Metallurgical trade-offs on optimal reco
Slide 19: Investor Information
Investor Information Highland Copper Corporate Presentation 19
Slide 20: Backing from Key Mining Funds
Backing from Key Mining Funds 28% 33% Orion Mine Finance Other Shareholders 16% Condire Investors 1% Management and Directors 16% Greenstone Resources L.P. 6% Osisko Gold Royalties Capital Structure ➢ 736 million shares outstanding, 48 million options outstanding. No warrants. ➢ $20.3 million cash a
Slide 21: Highland Copper's Achievements
Highland Copper’s Achievements Issued updated Copperwood FS and White Pine North PEA mid-2023 Completed JV with Kinterra, funded both assets Completed 2024 Copperwood site work obligations, permits in good standing Hired Project Director Q3 2024 to advance Copperwood to construction decision Initiat
Slide 22: Key Catalysts
Key Catalysts Copperwood Project White Pine North Project Corporate Completion of Phase 1 & 2 Engineering Resource Update H1 2025 State $50 million grant Drill Results & Ultrafine Flotation Testing Environmental Baselining and Permit Submission Potential Industry Partnerships Project Funding & Const
Slide 23: The Big Picture – Construction Ready Assets to Build Regional Producer
The Big Picture – Construction Ready Assets to Build Regional Producer Regional First Producer Leverage to Critical Mineral Entrant Rerate Copper Price Alignment Highland Copper Corporate Presentation 23
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: www.highlandcopper.com info@highlandcopper.com 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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