Highland Copper Provides Update on Major Projects, The Canadian Business Journal

Longueuil, Quebec, September 14, 2022 (GLOBE NEWSWIRE) — Highland Copper Company Inc. (TSXV: HI, OTCQB: HDRSF) (“Highland Copper” or “Highland” or the “Company”) announces the following updates: We are pleased to offer Status of major projects.

Following the sale of an exploration property, a C$26 million equity raise last September and the appointment of six new directors with the skills to support the company’s experienced management team towards construction and production, Highland Copper I think it’s the right time. Develop Copperwood and White Pine projects in Michigan.

Copper fundamentals remain strong in light of high demand for electric vehicles and renewable energy, but the supply side is struggling to keep up. The supply imbalance is particularly pronounced in the United States, where Michigan prioritizes funding industries that support electrification.

Denis Miville-Dechênes, President and CEO, said: We love the strong support we have from surrounding communities and states, and we appreciate all the communities, shareholders, and stakeholders who develop, create value, and support these long-term assets. Relentlessly committed to our commitment to bring employment to the benefit of ”

Corporate update

We are stepping up our efforts to develop two 100% owned projects as the best way to create value in the short term.

Both Copperwood and White Pine North hold significant copper resources worth a total of £4.8 billion (182.7 million tonnes at 1.20% copper grade) in the measured and labeled category.¹, an estimated category of 3.5 billion pounds (148.7 million tons at 1.08% copper grade). The two deposits are located in sedimentary rocks and the flotation process produces clean concentrates that are attractive to a wide variety of smelters and traders. Previous metallurgical trials have also shown that the concentrate can be leached for on-site production of copper cathodes, which are preferred from an environmental, sustainability and governance (“ESG”) perspective.

The company’s most advanced asset, the Copperwood project, has a feasibility study dated June 14, 2018 (posted in SEDAR on July 31, 2018). Copperwood plans to produce approximately 30,000 tons of copper per year over the next 11 years. Production will be generated from mining and processing of 2.4 million tonnes per year of copper grade with an average diluted copper grade of 1.43% (Source: Feasibility Study Copperwood Project Michigan, USA, effective June 14, 2018).

According to the Provisional Economic Assessment (“PEA”) dated 22 September 2019 (posted in SEDAR on 7 November 2019), the White Pine Project is expected to produce approximately 45,000 tonnes of copper annually over 20 years . Production is generated from mining and processing of 5.4 million tonnes per year with an average dilution grade of 0.98% copper grade (Source: Preliminary Economic Assessment of White Pine, North Michigan, USA, September 22, 2019)².

Copperwood Feasibility Study Update

Given the changes in the market and industry over the past few years, we have increased our previous realization Decided to update the feasibility study. concentration.

At the same time, opportunities are explored to provide the company with plans to mitigate cost increases and deliver on budget and on time. A key opportunity to be evaluated is the inclusion of ongoing miners developing and producing in underground mines. Hyland will also assess appropriate long-term copper prices for use in its updated feasibility study. This is expected to be higher than the $3.15 per pound used in the 2018 feasibility study. In addition, the application of beneficiation to eliminate waste from dilution at factories and improve grades is being considered.

All necessary permits have been obtained to begin construction, and the project is currently awaiting operating permits at the federal level for the construction and operation of the Lake Superior pumping station. Hyland is actively engaging with the U.S. Army Corps of Engineers to help approve this final required permit.

The company plans to publish its latest feasibility study by the end of the year.

White Pine North Update

The White Pine Mine has been in operation for almost 50 years and has produced over 5 billion pounds of copper. This past activity provides excellent information about the geology, mining and processing of the ore and greatly assists in the design process and in mitigating risks typically associated with new projects.

Highland Copper sees significant opportunities in White Pine North, as demonstrated by the 2019 PEA study. The continuity of the deposit considered in the PEA Mine Plan is equivalent to 133.4 million tons at 1.07% copper grade for the measured and labeled category and 97.2 million tons at 1.03% copper grade for the inferred category.

The White Pine North project is sufficiently robust to justify conducting a feasibility study. A mining program will be conducted this winter with the goal of upgrading the inferred resource to the measured and directed categories used in the feasibility study.

As a former operating mine, several permits have already been set, including a National Pollutant Discharge Removal System (NPDES) permit, a dam safety permit, and a water abstraction permit. The company has started the basic environmental work required for the remaining permits.

The goal is to have the White Pine North project fully licensed and ready for construction soon after Copperwood is developed.

Other opportunities and research

Given the geographic proximity of the projects, located approximately 60km apart, and the many similarities in deposit types, mining methods and processing, the Company has two major asset potentials. There are many options for development and methods to maximize synergies. Perhaps the most economical option is the development of a single central processing facility. Ore from both sites is transported from the mine, mixed and processed in factories to produce concentrates.

The company has launched a study to better clarify the potential for this combined scenario, which should be completed in the first half of 2023. studied. The potential appeal of this scenario is the minimal environmental impact and significant commercial synergies.

Additionally, since July, the company has been analyzing the feasibility of economically leaching the concentrate to produce copper cathodes as an end product. This broad vision enables the sale of copper to manufacturers in Michigan. This aligns our interests with Michigan and potential corporate partners seeking to secure domestic supplies of critical metals.

Updates on the status of this research will be provided as milestones are reached.

<sub>1. The measured category is 27.3 million tons with a copper grade of 1.68%. The category shown is 155.4 million tons of 1.11 copper grade.
2. White Pine North PEA includes an economic analysis of mineral resources. Readers are cautioned that mineral resources that are not mineral reserves have not demonstrated economic viability.</sub>

qualified person

The technical information in this press release has been reviewed and approved by our President and CEO, Denis Miville-Dechenes (P Eng.). Mr. Miville-Dechenes is qualified under Canadian National Instrument 43-101.

About Hyland

Highland Copper Company Inc. is a Canadian company focused on the exploration and development of copper projects in Michigan’s Upper Peninsula, USA. Information about the company is available on SEDAR at: www.sedar.com You can find it on our website www.highlandcopper.com.

Notes

This news release contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. These include, but are not limited to, statements regarding: (b) Timing and expected completion of the updated feasibility study for the Copperwood Project, including the development schedule by the end of 2022; Research and timing of completion of research on alternative development scenarios. Such forward-looking statements are based on a number of assumptions and may prove to be incorrect. Key assumptions about each development project are included in the Feasibility Study (for Copperwood) and PEA (for White Pine). Significant factors that may materially affect our forecasts include: including uncertainties in interpretation of drilling results and other geological and geotechnical data, interpretation of actual exploration results, metallurgical properties of mineralization, and changes in project parameters as plans continue to be refined , uncertainties associated with reserve and resource estimates; availability of skilled labor; impact of government agency regulations; Unexpected cost increases. This could include a significant increase in estimated capital and operating costs. Fluctuations in metal prices and exchange rates. general market and industry conditions; All forward-looking statements in this press release are based on information available to us as of the date of this release, and we do not update forward-looking statements except as required by law. shall have no obligation.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

For more information, please contact:
Denis Miville-Deschênes, President and CEO
Phone: +1.450.677.2455
Email: [email protected]

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