Highland Copper Signs Binding Offer from Kinterra to Sell 34% Interest in White Pine North for US$30 Million

On November 25, 2025, Highland Copper announced it has signed a binding offer with Kinterra Copper USA LLC to sell its 34% interest in the White Pine North Project for a total consideration of US$30 million. The deal consists of US$18.3 million in cash and the assumption by Kinterra of US$11.7 million in debt owed by Highland. CEO Barry O'Shea stated this is a "pivotal moment" providing non-dilutive funding to advance the company's flagship Copperwood Project, eliminate debt, and simplify the corporate structure. The transaction is expected to close by the end of 2025.

This news is materially positive and represents a significant de-risking event for Highland Copper. The transaction achieves several critical objectives outlined in prior communications and addresses the most pressing concerns for a development-stage company.

• Solves Near-Term Funding Needs: The company's annual financial statements for the year ended June 30, 2025, showed cash had declined to C$10.4 million from C$20.3 million a year prior, while loans and borrowings had increased to C$9.5 million. With ongoing engineering and administrative expenses, the company was on a clear path to needing to raise capital within the next 6-12 months, which would likely have been dilutive. The US$18.3 million (approx. C$24.7M) cash injection completely changes this picture, providing a multi-year runway to advance the Copperwood project to a construction decision without tapping the equity markets.

• Eliminates Debt: The assumption of US$11.7 million in debt by Kinterra cleans up Highland's balance sheet. This removes a significant liability, eliminates associated interest payments, and improves the company's financial health ahead of seeking a much larger project financing package for Copperwood's construction.

• Sharpens Strategic Focus: By divesting its non-controlling interest in the earlier-stage White Pine North project, Highland can now dedicate 100% of its financial and managerial resources to its wholly-owned, fully-permitted flagship Copperwood Project. This simplifies the investment thesis and removes the complexity of a joint venture.

• Value Validation: The US$30 million valuation for a 34% minority stake in an exploration project provides a strong, third-party validation of the asset's worth and management's ability to create value.

In the context of historical news, this is the culmination of a clear strategy. Throughout 2025, Highland consistently messaged its focus on de-risking Copperwood through detailed engineering (Jan 15, May 14), metallurgical optimization (Sept 4, Oct 15), and securing financing (Sept 16 EXIM LOI). This asset sale is a masterstroke that underpins all those efforts with a strong, non-dilutive financial foundation.

Highland Copper is a Canadian exploration and development company focused on copper projects in the Upper Peninsula of Michigan, a historically significant mining district in the United States.

The company's flagship asset is the 100%-owned Copperwood Project. It is a fully-permitted, development-stage project that the company is advancing through detailed engineering. A series of 2025 news releases detailed successful metallurgical test work that improved projected copper recoveries to 87.6% and lowered processing costs. The company is targeting a construction decision in the second half of 2026.