Name of the Project
White Pine North project.

Location
Michigan, US.

Project Owner/s
A joint venture (JV) between Kinterra Copper USA (66%) and Highland Copper Company (34%).

Project Description
A robust set of preliminary economic assessment (PEA) results has established a path for White Pine North advancement. The project is the extension of the historical White Pine mine, which operated from 1953 to 1995.

The PEA considers White Pine North as a standalone project, where potential synergies with the company’s Copperwood development are not considered. 

The mine will comprise the Eastern, Center and Western sectors.

The proposed mine has 21.8-year mine life, with average life-of-mine payable copper production of 93.5-million pounds a year and 1.2-million ounces of silver a year.

The PEA envisions that the deposit will be mined with a mix of conventional highly mechanised, drill-and-blast and continuous mining room-and-pillar mining methods.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at an 8% discount rate, of $821-million and an internal rate of return of 20.8% at a copper price of $4/lb.

Capital Expenditure
Initial capital expenditure is estimated at $615-million.

Planned Start/End Date
Not stated.

Latest Developments
Highland Copper will sell its 34% interest to JV partner Kinterra Copper for a total of about $30-million.

The transaction follows its earlier announcement in November 2024 and is governed by a membership interest purchase agreement with Kinterra.

The total consideration comprises $18.3-million in cash, net of the outstanding principal and accrued interest on a loan previously advanced by Kinterra to Highland Copper’s wholly owned subsidiary, Upper Peninsula Copper Holdings. 

The loan balance is expected to amount to about $11.7-million at closing.

As part of the agreement, the parties have also agreed to suspend cash calls under the White Pine joint operating agreement. Highland Copper will not be required to fund cash calls through to closing, with any such amounts to be recorded and allocated between the parties only if the transaction does not proceed.

Highland Copper has said proceeds from the sale will be used to fund planned corporate activities and work at its Copperwood project, eliminate existing debt and streamline the company’s overall corporate structure.

The parties are targeting January 2026 for the closing of the transaction, with an outside date of February 27, 2026. Completion remains subject to customary closing conditions.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
Highland Copper, email info@highlandcopper.com.