Highland Copper Company Inc. has secured final approval from the Michigan Strategic Fund for US$50 million in performance-based grant funding to advance the Copperwood Project in Gogebic County, Michigan. No further state approvals are required for the award, which consists of US$44.97 million directed to subsidiary Copperwood Resources Inc. for infrastructure expenditures and US$5.03 million allocated to the Gogebic County Road Commission.

In parallel, the Gogebic County Road Commission secured a US$7.54 million Transportation Economic Development Fund grant from the Michigan Department of Transportation. The combined awards provide approximately US$12.57 million for improvements to County Road 519.

The grant disbursement is subject to the completion of a definitive grant agreement with the Michigan Economic Development Corporation. Highland Copper must provide evidence on or before March 31, 2028, of obtaining commitments for US$150 million in additional project financing. Disbursement is further conditional upon establishing a minimum of 380 qualified jobs at the project, with reimbursements applicable to eligible expenditures made on or before March 31, 2033.

“Final approval of this US$50 million investment represents an important milestone for Copperwood and a strong endorsement of the Project’s potential to deliver meaningful economic benefits to Michigan’s Upper Peninsula while meeting the state’s rigorous environmental standards. We are grateful for the support of the State of Michigan, Gogebic County and the many local stakeholders who have supported the Project throughout this process.”

The funding package strengthens the development case for the asset, which holds all major permits alongside surface rights securing site access.

“This funding also represents an important milestone in the overall project financing. With this grant secured, in addition to the Letter of Interest from the U.S. Export Import Bank, Highland’s capacity to finance Copperwood is considerably strengthened.”

— Barry O’Shea, Chief Executive Officer

Aside from the non-binding Export-Import Bank interest of up to US$250 million in debt financing, the company is targeting a construction decision for Copperwood in 2026, with first copper production anticipated in 2029 or 2030.

Read the full announcement: Highland Copper Announces Final Approval of US$50 Million Grant From the State of Michigan for Copperwood Project