Highland Copper Estimates the Economic Contribution of the Copperwood Project to Local and State Economies
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November 29, 2023 TSX.V : HI OTCQB: HDRSF
HIGHLAND COPPER ESTIMATES THE ECONOMIC CONTRIBUTION OF THE
COPPERWOOD PROJECT TO LOCAL AND STATE ECONOMIES
Vancouver, Canada, November 29, 2023. Highland Copper Company Inc. (TSXV: HI; OTCQB: HDRSF)
(“Highland” or the “ Company”) is pleased to announce the results of the recently completed Economic
Contribution Analysis for the Copperwood Project.
The Company retained Public Sector Consultants (“PSC”) ou t of Lansing, Michigan to perform the analysis,
based on expenditure projections from the Copperwood Project Feasibility Study issued earlier this year.
PSC conducted two analyses using an input-output modelling tool, Impact Analysis for Planning (“IMPLAN”),
to model the estimated direct, indirect and induced economic contributions of the project during the
construction phase and separately, the annual economic contribution of the operating mine if Highland
proceeds with the development of Copperwood . A construction decision depends on multiple factors
including Highland’s ability to attract project financing.
The modelling tool, IMPLAN, traces the transactions among and between different sectors to quantify how
an activity in one part of the economy affects another , allowing PSC to analyze the expected economic
contribution of the Copperwood project to the local economy of the Upper Peninsula (“U.P.”), and also,
more broadly, its contribution to the economy of the State of Michigan.
Key Highlights
Construction:
• Projected to spend approximately $425 million over the course of the three-year construction phase
if project development is initiated.
• The three-year construction is expected to directly support approximately 300 jobs on -site as well
as another 159 jobs at vendor partners in Michigan. Most of these jobs are projected to be in the
U.P.
• Indirect and induced purchases made by households and businesses driven by the construction
spending are expected to support approximately 353 jobs statewide, with many being in the U.P.
• The analysis estimates that the construction of Copperwood will add approximately $74 million to
Michigan’s gross state product each year during this three-year phase.
• The investment on the Copperwood construction is expected to generate an average of
approximately $4.5 million in local, county and state tax revenue annually.
Steady-state Operations:
• If the project proceeds to operations, the Copperwood Mine expects to provide employment to
approximately 380 individuals at or near the site in Wakefield Township, Michigan.
• It is estimated that operational spending of the mine could support an additional 313 indirect and
induced jobs throughout Michigan.
• The analysis indicated that operational expenses are expected to increase spending to Michigan
businesses by approximately $130 million annually.
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• Operation spending is expected to generate approximately $12 million in local, county and state
tax revenue annually.
“It is Highland’s goal to contribute positively to the economies of the local Upper Peninsula communities
and State of Michigan where we intend on operating. The potential economic contributions are significant
through the creation well-paying jobs, indirect economic activity, and taxes to support local infrastructure.”
stated Barry O’Shea, Interim CEO. “At the same time, we look forward to contributing to critical US domestic
copper supply and supporting the ongoing energy transition.”
About Highland Copper Company
Highland Copper Company Inc. is a Canadian company focused on exploring and developing copper
projects in the Upper Peninsula of Michigan, U.S.A. The Company owns the Copperwood deposit through
long-term mineral leases and 34% of the White Pine North project . The Company also owns surface rights
securing access to the deposit and providing space for infrastructure as required. The Company has
736,363,619 common shares issued and outstanding . Its common shares are listed on the TSX Venture
Exchange under the symbol "HI" and trade on the OTCQB Venture Market under symbol "HDRSF".
More information about the Company is available on the Company’s website at www.highlandcopper.com
and on SEDAR at www.sedar.com.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward -looking statements” and “forward -looking information”
(collectively “forward-looking statements”) within the meaning of applicable Canadian securities
legislation. These statements include, without limitation, statements with respect to: (a) anticipated
construction costs and timeframe for construction of the Copperwood Project ; (b) projected
employment for both construction and operation of the Copperwood Project; (c) the projected tax
and GDP benefits of the Copperwood Project; and (d) the anticipated economic benefits to the local
and state economies resulting from the construction and operation of the Copperwood Project. The
forward-looking statements were prepared based on the Company’s construction and operation
budget for the Copperwood Project, which are summarized in the Company’s technical report
entitled “Feasibility Study Update Copperwood Project Michigan, USA” dated April 20, 2023 available
on SEDARPlus (the “Technical Report”). The forward-looking statements are subject to a number of
assumptions, including those set out in the Technical Report, assumptions regarding the location of
employees and sources of products and services, and assumptions built into the IMPLAN’s model for
projecting direct and indirec t benefits. These underlying assumptions may prove to be incorrect.
Important factors that could materially impact the Company's expectations include: uncertainties
timing of development of the Copperwood Project; changes in project parameters as plans continue
to be refined; availability of services, materials and skilled labour to complete construction and
operate the Copperwood Project ; effects of regulation by governmental agencies; unexpected cost
increases, which could include significant increases in estimated capital and operating costs and the
effects of inflation; fluctuations in metal prices and currency exchange rates; construction and other
delays, construction, operating and reclamation costs varying significantly from those estimated or
projected, general market and industry conditions , and the risks set out in the Company’s public
disclosure documents filed on SEDARPlus. Although the Company believes that the assumptions
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and factors used in preparing the forward -looking statements in this news release are reasonable,
undue reliance should not be placed on forward looking statements. All forward-looking statements
in this press release are based on information available to the Company as of the date hereof, and
the Company undertakes no obligation to update forward-looking statements except as required by
law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
For further information, please contact:
Barry O’Shea, Interim CEO
Email: [email protected]
Website: www.highlandcopper.com