Highland Copper Estimates the Economic Contribution of the Copperwood Project to Local and State Economies

VANCOUVER, British Columbia, Nov. 29, 2023 (GLOBE NEWSWIRE) -- 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”) out 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.