05:29 PM EST, 01/27/2026 (MT Newswires) -- Highland Copper ( HDRSF ) said Tuesday its 2026 work plan for the Copperwood Project in Michigan is aimed at advancing the project toward a near-term construction decision, with a focus on completing front-end engineering and design (FEED), advancing financing initiatives, and progressing key technical and commercial workstreams.

The plan includes an integrated mine plan review, incorporating a revised cut-off grade, an updated labor-cost survey results, potential changes to mining methods and equipment strategy, and broader market inputs such as copper prices and relevant cost indices.

According to the statement, once all design criteria is finalized, the "goal is to advance engineering to approximately 40%, supporting technical due diligence for project financing in 2026". Highland also intends on awarding engineering design packages for key components of regional infrastructure including road upgrades, installation of site telecommunications, and power source for the operating period and determine potentially required permit amendments.

Chief executive Barry O'Shea said, "From a project and corporate perspective, we are excited to lay out our 2026 work plan and drive value for our shareholders and regional stakeholders."

The company said it will establish a technical committee to review key technical aspects of the project, as well as monitor progress toward financing, construction and operational readiness. The committee may include certain board members with appropriate experience. It will also appoint an offtake advisor in the near term to undertake a broad market review and assess the relative merits of key offtake partners.

To facilitate project financing, Highland will appoint a debt finance advisor and run a "debt process to assess the competing source of debt finance for the Copperwood project".

Project finance is expected to be initiated at the "appropriate time in parallel with ongoing engineering" said the company adding, "Conclusion of the debt financing process is only expected to conclude when the detailed engineering is advanced to the approximate 40% FEED target."

A key 2026 initiative is closing the White Pine transaction. The transaction will eliminate debt, fully fund Copperwood for the 2026 work plan, and provide capital allocation clarity with a singular focus on Copperwood, Highland said. It is anticipated that the transaction will close by February 28, 2026.

Project Director, Dr. Wynand van Dyk will leave Highland on Feb. 28, 2026. However, he will remain contracted in a consulting capacity by Highland for an indefinite period. The company noted it has started a search for a replacement.

Shares of the company closed down $0.01 to $0.18 at TSX Venture Exchange on Tuesday.