Highland Copper receives U.S. bank letter for financing

Executive Summary

• Highland Copper Company Inc. received a non‑binding letter of interest from the U.S. Export‑Import Bank (EXIM) for up to US$250 million in debt financing to support development of its fully permitted Copperwood copper project in Michigan.
• The potential financing would cover a substantial portion of the estimated US$400 million initial capital required to build and commission the mine, with an anticipated repayment term of 11 years.
• EXIM’s involvement is under its “Make More In America” initiative and could also qualify under Chinese and transformational export programs; final commitment remains subject to due‑diligence and underwriting criteria.

Key Details

• Letter of Interest (LOI): Non‑binding, issued by Export‑Import Bank of the United States (EXIM).
• Potential Debt Amount: Up to US$250 million toward Copperwood project costs.
• Project Capital Requirement: Estimated US$400 million total initial capital for construction and commissioning.
• Repayment Terms: Proposed tenor of 11 years (subject to final agreement).
• Next Steps / Conditions:
• Submission of a formal financing application by Highland Copper.
• EXIM will conduct due‑diligence, assess underwriting criteria, complete authorization process, and finalize terms before any commitment.
• Project Status: Copperwood is fully permitted with completed feasibility study; detailed engineering underway to enable near‑term construction decision.
• Strategic Significance: Project aligns with U.S. federal goals to strengthen domestic critical mineral supply chains and supports Michigan’s economy while meeting stringent environmental standards.

Notable Quotes

“We are thankful to receive this letter of interest from EXIM, demonstrating Copperwood's significance at a federal level. Copperwood is strategically positioned to strengthen the U.S. supply chain for critical minerals… operate responsibly, aligned to Michigan's stringent environmental standards.” – Barry O'Shea, CEO, Highland Copper Company Inc.