Canadian Copper Company (CCI-CSE) It has secured $96 million in committed capital from the metal casting company Or equity company (or-TSX, NYSE) and Ocean Partners UK Ltd. To develop the 100% owned Murray Brook Project and Caribou Process Plant.
This includes $12.3 million that will be received at the close of this month.
The project financing represents a major de-risking milestone as the company aims to become a near-term critical minerals producer in Bathurst, New Brunswick. A
Or Royalties will provide project financing of $38.3 million for 20% of the silver and gold stream payable over the life of the mine from the Bathurst complex. Ocean Partners, the current 17% shareholder in Canadian Copper, will provide up to $48 million of project debt in exchange for 100% of the rights to acquire the Bathurst complex.
In addition, OR Royalties (concurrently) and Ocean Partners (future date, if necessary) have committed common stock subscriptions to Canadian Copper in the amount of up to $10.5 million.
“Today’s project financing funds the initial economic assessment capital expenditure requirements, but also allows our growing development team to focus on securing the remaining permit approvals and delivering one of Canada’s few significant mineral operations in the near term,” said Simon Quick, CEO of Canadian Copper.
The project financing is designed to achieve two main objectives.
Providing the company with sufficient working capital to complete the required Bathurst complex workstreams, including all April materials project tenders, staffing and implementation team, project engineering, permitting, and where possible, compressing the development schedule to first production. This financial capacity will also enable the company to access nearby deposits to increase the mine life of the Bathurst Complex if they become available.
Second, it aims to create financial capacity for the Company’s near-term development capital requirements, while maintaining optionality with other capital providers, particularly Canada’s Critical Minerals Framework announced in the 2025 Federal Budget. This is demonstrated by 55% of total project financing being discretionary at the Company’s discretion.
Canadian copper stocks advanced on the news, rising 4.84%, or $0.03, to 65 cents. Shares are trading in a 52-week range of 82 cents and 14.5 cents.
The brownfield nature of the 100% Canadian Copper-owned Murray Brook facility and the previously operating and permitted Caribou complex are expected to support a fast track to licensing and development with first production from the project expected by 2029. The Murray Brook project is located 60 kilometers west of Bathurst. In October 2024, Canadian Copper said it had acquired the right to acquire the Caribou complex, located 13 kilometers east of Murray Brook. The permitted Caribou complex (along with the permitted tailings storage facility) will be used to produce copper, lead and zinc concentrates with recoverable silver from Murray Brook mineral feedstock. The mine plant life is envisioned as an open pit with four development phases at an average production rate of 3,300 tons per day of mineral material for 13.2 years. Average annual production due includes 8.0 million pounds of copper, 47 million pounds of zinc, 783,000 ounces of silver, and 10 million pounds of lead.
