Canadian Copper recaps 2025, outlines 2026 plans

Executive Summary

• Canadian Copper Inc. provided a 2025 year-in-review and outlined key milestones for 2026, focusing on the combined development of the Murray Brook deposit and the Caribou processing complex in New Brunswick.
• The company published a Preliminary Economic Assessment (PEA) for the combined strategy, projecting an initial capital cost of $64 million, an after-tax NPV of $169 million, and an IRR of 36%, with a goal to produce concentrates in less than 36 months.
• Management secured significant financing in 2025, including a $6 million equity commitment and a $15 million private placement, ensuring funds to complete the Caribou acquisition and advance engineering and permitting.

Key Details

• Preliminary Economic Assessment (PEA) Results:
  • Published May 22, 2025, to establish benchmark valuation and enable Caribou acquisition financing.
  • Production Profile: Average annual life-of-mine production of ~30 million copper equivalent pounds (CuEq), 98 million zinc equivalent pounds (ZnEq), and ~780,000 ounces of silver per year.
  • Financial Metrics: Initial capital cost of $64 million; After-tax NPV (7% discount rate) of $169 million; After-tax IRR of 36%.
  • Commodity Price Assumptions: $4.25/lb Cu, $1.30/lb Zn, $27/oz Ag, $1.10/lb Pb.
• Financing Activities:
  • June 2025: Secured a $6.0 million equity financing commitment from Ocean Partners U.K. Ltd.
  • September/November 2025: Announced a non-brokered private placement upsized to $15.0 million.
  • Lead Investor: Ocean Partners provided a lead order of up to $8.0 million.
  • New Investors: Paul H. Stephens (Stephens Investment Management LLC) and Crescat Capital LLC.
  • Use of Proceeds: Financed to complete the Caribou acquisition, including project engineering, metallurgical testwork, and environmental permitting at Murray Brook.
• 2025 Operational Highlights:
  • Environment & Permitting: Engaged with provincial/federal regulators via a Technical Review Committee (TRC) in July 2025. Completed baseline environmental data collection (archaeology, fish habitat, wildlife, vegetation, wetlands). Desktop studies for surface water, groundwater, and air quality modeling are underway for EIA registration planned for H1 2026.
  • Metallurgical Testwork: Completed a 1,000-meter drill program (10 holes) in November 2025 to collect material for SGS Canada Inc. to refine process plant operating costs and recovery performance.
• 2026 Key Milestones:
  • Q1 2026: Award next phase of engineering; hire key personnel; complete Caribou processing complex acquisition (including surety bond, asset purchase agreement with court-appointed receiver, and government Cabinet approval); complete third-party review of geophysical data sets.
  • H1 2026: Select project funding pathway and partners; evaluate stock exchange listing upgrades (OTC and TSX Venture); complete continuing metallurgical testing; register Environmental Impact Assessment (EIA) application.
  • Ongoing: Continued engagement with authorities for permitting and incentives (planned Ottawa trip Feb 2, 2026); deliver updated technical study by year-end.
• Strategic Outlook:
  • CEO Simon Quick highlighted a strategy of "near-term critical mineral development" with a focus on capital efficiency and reduced timeline to cash-flow generation.
  • Goal is to produce concentrates in less than 36 months by combining the 100%-owned Murray Brook deposit with the existing, permitted Caribou facility.

Notable Quotes

• "Two thousand twenty-five was an important year of progress for Canadian Copper. Our strategy is near-term critical mineral development in Canada, focused on capital efficient projects with a reduced timeline to cash-flow generation. In a context of rising commodity prices, Canada's policy makers' desire to increase domestic critical mineral supply and New Brunswick's existing infrastructure, we believe our development pathway is well supported. By combining our 100-per-cent-owned Murray Brook deposit with the existing and already permitted Caribou facility, our goal is to be producing concentrates in less than 36 months." — Simon Quick, CEO