Highland Copper Strengthens Leadership With Appointment of Trace Arlaud as Copperwood Project Director and Peter Hemstead as Interim CFO

Highland Copper Company Inc. announced operational progress and leadership changes on April 21, 2026. Key details include: - Appointment of Trace Arlaud as Project Director for the Copperwood project and Peter Hemstead as Interim CFO. - Engineering milestones: Targeting completion of 40% of Front End Engineering and Design (FEED) in 2026. - Financing plans: Formal initiation of project financing in 2026, building upon a previously announced $250 million Letter of Interest from the U.S. Export-Import Bank (EXIM). - Technical Advisory Committee formed with industry experts including Dr. Wynand van Dyk and Jon Cherry. - Stock option grants issued to employees and consultants at CDN$0.155 and IR advisors at CDN$0.145.

The April 21 news release represents incremental progress rather than a fundamental shift in the company's valuation thesis. The $250 million EXIM Letter of Interest was previously disclosed in September/October 2025 (NewsId 68886/137616), and the White Pine asset sale closing ($30M) occurred in March 2026 (NewsId 94234). - Expectations: The market was already aware of the financing strategy and engineering timeline outlined in the January 2026 work plan. - Execution: The appointment of a Project Director with Eagle Mine experience is positive for execution risk mitigation, but does not alter financial projections materially. - Comparison: Unlike the March asset sale which provided immediate cash and debt elimination (rated Material - Positive), this update confirms the path to construction decision without new capital terms or breakthroughs. - Conclusion: The news validates the company's stated timeline but lacks the surprise element required for a "Material" rating. It is consistent with previous guidance.

Highland Copper focuses on the fully permitted Copperwood copper project in Michigan's Upper Peninsula. - Project Status: Feasibility Study complete; detailed engineering (FEED) underway. - Mine Type: Underground ramp-accessed room-and-pillar mining. - Production Guidance: 30 ktpa Copper, 110 koz Silver annually. - Costs: LOM average C1 cash cost estimated at $1.99/lb Cu. - Reserves: Measured & Indicated (M&I) – 1.8 billion lbs Cu; Inferred – 1.9 billion lbs Cu. - Timeline: Construction decision targeted for H2 2026; production slated for 2029.