Michigan Strategic Fund Approves $50 Million Grant for Highland Copper's Copperwood Project

VANCOUVER, British Columbia, March 26, 2024 (GLOBE NEWSWIRE) -- Highland Copper Company Inc. (TSXV: HI; OTCQB: HDRSF) (“Highland” or the “Company”) is proud to announce that after review of the permitted Copperwood Project (the “Project”), the Michigan Strategic Fund Board has unanimously approved a performance-based grant of $50 million from the Strategic Site Readiness Program (“SSRP”). The Copperwood Project is strongly aligned with Michigan’s focus on mobility and electrification and has the potential to be a key source of U.S. domestic copper to supply the ongoing clean energy transition. The transfer of funds is pending final approval from the Appropriations Committees in both the Michigan House and Senate.

The SSRP program is funded through the Strategic Outreach and Attraction Reserve Fund (“SOAR”) and provides economic assistance for the purpose of creating investment-ready sites to attract and promote investment in the state. The grant award comes after a thorough review of the Copperwood Project by the state of Michigan and the Company’s demonstration of the importance of the Project’s development to the Upper Peninsula. The grant funds will be in the form of performance-based reimbursements for eligible activities relating to infrastructure development, most notably expenditure on roads, communications infrastructure and bringing power to site. The infrastructure improvements supported by the grant will provide benefits to the surrounding communities and businesses, both during the operations and in the long-term.

“This $50 million grant is a wonderful endorsement from the State of Michigan and provides a significant financial boost to the economic strength of the Copperwood Project. We are thankful to Governor Whitmer and the hard-working team at MEDC for their relentless efforts and support. The aligned attention to detail and carefulness from the State of Michigan and its departments will help drive a successful and safe project for Michigan and the Upper Peninsula. Additionally, I would like to thank the many stakeholders from the Western Upper Peninsula and extended community for the overwhelming amount of support we have received for this project. It has been very humbling to do business in Michigan,” stated Barry O’Shea, Highland Copper’s CEO.