Canadian Copper plans to sort out financing by H1 2026

Executive Summary

• Canadian Copper Inc. provided a comprehensive update on its Murray Brook project, covering metallurgical testwork, permitting progress, and funding strategy.
• Metallurgical testwork has been awarded to SGS Canada Inc. to refine process plant operating costs and recovery performance based on the 2025 Preliminary Economic Assessment (PEA).
• Permitting activities are on track for Environmental Impact Assessment (EIA) registration in H1 2026, with baseline environmental data collection for the 2025 field season now complete.
• The company is actively pursuing funding discussions for predevelopment and construction capital, with a path selection expected in H1 2026, while also engaging government sources like Natural Resources Canada.

Key Details

• Metallurgical Program:
  • Testwork awarded to SGS Canada Inc. in Lakefield, Ont., on Nov. 11, 2025.
  • Objective: Refine process plant operating costs and recovery performance; simulate planned plant flowsheet as outlined in the 2025 PEA.
  • Sample Material: Approximately 3,100 kilograms from fresh diamond drill cores totaling about 244 metres.
  • Source: Material selected from a 1,000-metre drill program completed, comprising 10 new drill holes targeting initial phases of mine design.
  • Sample Composition: Massive sulphide intervals including pyrite, chalcopyrite (copper), and sphalerite (zinc) sulphides.
  • Historical Reconciliation: Company twinned historical holes drilled between 2012 and 2013 to ensure desired grades for SGS composites preparation.
  • Geological Model: Visual logging of 2025 cores indicates the geologic and resource model reconciled well.
• Permitting Update:
  • Technical Review Committee (TRC) Engagement: Engaged provincial and federal departments in July 2025 to discuss combined strategy and address questions prior to EIA registration.
  • Current Status: Preparing answers to TRC questions regarding emissions sources and water management infrastructure.
  • Baseline Data: 2025 field season baseline environmental data collection is complete. Programs covered archaeology, fish habitat, avian/other wildlife, vegetation, and wetlands.
  • Desktop Studies: Currently underway for surface water, groundwater, air quality, and climate.
  • Timeline: Technical data reports are being completed for incorporation into the EIA registration document, with expected delivery in H1 2026.
• Funding Strategy:
  • Objective: Secure capital for predevelopment steps (design, permitting, early works, team formation) and project construction capital.
  • Timeline: Company expects to select its path and partners in H1 2026.
  • Government Engagement: Engaging Natural Resources Canada (NRCan) and the Critical Minerals Infrastructure Fund (CMIF), as well as new programs based on the 2025 federal budget.

Notable Quotes

• No direct quotes from management were included in the provided text.