Copperwood & White Pine (Cu, Ag)

Royalty and Terms: 1.5% NSR royalty on copper production, and an 11.5% NSR royalty on silver production at both Highland Copper’s Copperwood (“C”) and White Pine (“WP”) projects. At Osisko’s election, the silver royalty percentage may be increased to 100% on Copperwood and White Pine for a payment of US$23 million.
Operator:  Visit Highland Copper for more information
Primary Commodity: Copper, Silver
Location: Michigan, USA
Reserves and Resources:
  • Proven and probable reserves of 364 kt Cu (25 Mt @ 1.43% Cu) (C) and 3,100 koz Ag (25 Mt @ 3.8 g/t Ag) (C)
  • Measured and indicated resources (exclusive of reserves) of 397 kt Cu (24 Mt @ 1.66% Cu) (C), 2,800 koz Ag (24 Mt @ 3.6 g/t Ag) (C), 1,431 kt Cu (133 Mt @ 1.07% Cu) (WP) and 63,800 koz Ag (133 Mt @ 14.9 g/t Ag) (WP)
  • Inferred resources of 597 kt Cu (52 Mt @ 1.16% Cu) (C), 5,600 koz Ag (52 Mt @ 3.4 g/t Ag) (C), 1,003 kt Cu (97 Mt @ 1.03% Cu) (WP) and 27,200 koz Ag (97 Mt @ 8.7 g/t Ag) (WP)
Production:
  • LOM Avg.: 28 kt Cu, 100 koz Ag (C) and 40 kt Cu, 1.25 Moz Ag (WP)

Catalysts (C):

  • Early site and detailed engineering works are expected to commence in 2023 as Copperwood is permitted for mine construction
  • Project financing and final construction decision
  • Subject to completion of financing, the 27-month construction period could begin in Q1 2024

Catalysts (WP):

  • Updated Preliminary Economic Assessment expected H2 2023
  • Post-PEA, commencement and subsequent completion (in 2025-2026) of Feasbility Study
  • Infill drilling for the purposes resource conversion from Inferred to Measured & Indicated

More details in the 2023 Asset Handbook

 

 
Copperwood & White Pine, page 46
Source: Company disclosure and Osisko management estimates.