Highland Copper announces final approval of US$50 million grant front the state of Michigan for Copperwood Project 

Highland Copper Company Inc. announced final approval by the Michigan Strategic Fund of US$50 million in performance-based grant funding under the Strategic Site Readiness Program (SSRP) to support the development of the company’s fully permitted Copperwood Project and related infrastructure improvements in Gogebic County, Michigan. NO further approvals are needed from the state of Michigan.

The US$50 million award consists of: 

• $44,971,691 to Copperwood Resources Inc., a wholly owned subsidiary of Highland Copper, to support eligible infrastructure expenditures associated with the development of Copperwood. 

• $5,028,309 to the Gogebic County Road Commission to support critical local infrastructure improvements associated with the project and benefiting the broader region. 

In addition to the SSRP funding, the Gogebic County Road Commission has secured a US$7,542,463 Transportation Economic Development Fund (TEDF) Category A grant from the Michigan Department of Transportation (MDOT). Together, the TEDF and SSRP grants will provide approximately $12,570,722 million for improvements to County Road 519, improving road safety, reliability and access while supporting the broader region. 

The final grant approval followed a thorough review of the Copperwood Project and was recommended by the Michigan Economic Development Corporation (MEDC), reflecting the importance of the project’s development to the Upper Peninsula and the company’s approach to responsible mining. The funding will be provided through performance-based reimbursements for eligible site readiness and infrastructure expenditures, including roads, power and communications infrastructure required to advance Copperwood. These investments are also expected to deliver broader regional benefits through improved transportation, utility infrastructure and cellular and broadband connectivity. 

“Final approval of this US$50 million investment represents an important milestone for Copperwood and a strong endorsement of the project’s potential to deliver meaningful economic benefits to Michigan’s Upper Peninsula while meeting the state’s rigorous environmental standards,” said Barry O’Shea, chief executive officer of Highland Copper. “We are grateful for the support of the State of Michigan, Gogebic County and the many local stakeholders who have supported the project throughout this process. 

“This funding also represents an important milestone in the overall project financing. With this grant secured, in addition to the Letter of Interest from the U.S. Export Import Bank, Highland’s capacity to finance Copperwood is considerably strengthened,” said O’Shea. 

Michigan Sen. Ed McBroom, commented, “The grants today from the state of Michigan are a wonderful investment in communities and infrastructure that is long deserved and overdue. Highland Copper’s willingness and patience to leverage this assistance for publicly accessible infrastructure along with its own investment in it and the mine itself, along with all the benefits the mine provides to the region and nation, is a major victory for the UP, Michigan, and the nation.”