Highland Copper Recaps 2025 Execution and Announces 2026 Work Plan to Advance Copperwood Toward Construction Decision

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• Company is well positioned in Michigan's Upper Peninsula where there is strong regional availability of skilled, unionized trades

  80% confidence

• Drift and fill mining method has the potential to increase mine recoveries relative to the room and pillar method considered in the feasibility study

  80% confidence

• Company has 738,188,122 common shares issued and outstanding

  80% confidence

• Highland is very thankful to Wynand for his service to the Copperwood project. During his tenure, the project has rapidly advanced from an engineering and site readiness perspective. Most impactful, Wynand's metallurgical expertise was instrumental in the process plant design and improved copper recoveries

  80% confidence

• U.S. EXIM LOI for $250 million represents approximately 60% of initial capital

  80% confidence

• Any permit amendments under consideration will generally reduce the environmental impact of the project, while increasing its technical and financial strength

  80% confidence

• Conclusion of debt financing process is only expected to conclude when detailed engineering is advanced to approximate 40% FEED target

  80% confidence

• Highland does not expect Project Director transition to impact the 2026 work plan due to strong technical team

  80% confidence

• Following closing of White Pine transaction, Highland Copper anticipates having no debt, in excess of $20 million in cash, and sole focus on advancing Copperwood

  80% confidence

• Phase 2 FEED engineering goal is to advance engineering to approximately 40% for process plant and mine, and approximately 80% for tailings disposal facility

  80% confidence

• We are very pleased with our execution in 2025, advancing Highland in all key areas of engineering, site work, project financing and corporate development

  80% confidence

• White Pine transaction anticipated to close by February 28, 2026

  80% confidence

• Improved copper recoveries to 87.6% from revised process flow sheet through incorporation of ultrafine flotation technology, increasing recoveries by 1.6 percentage points at lower operating costs

  80% confidence

• For construction phase, Company expects to assess availability of regional rental housing and temporary accommodation options. For operations, will evaluate housing solutions potentially including engagement with local authorities

  80% confidence

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