Canadian Copper Company (CCI-CSE) has closed a precious metals flow and equity subscription amounting to US$43.83 million with OR Royalties Inc., one of the five largest precious metals companies globally. The proceeds will be used to develop the 100% owned Murray Brook project and Caribou Process plant in New Brunswick.
The company said the project financing represents a major de-risking milestone as the company aims to become a significant near-term metals producer in Bathurst, New Jersey. A total of $12.5 million was received from OR Royalties on July 16, 2026.
“Closing our precious metals streaming financing and equity engagement with OR Royalties was our next milestone as we simultaneously develop our feasibility study in parallel with the commencement of the regional permitting process,” said Simon Quick, CEO of Canadian Copper. “We look forward to seeing core drilling this month as we increase our exploration efforts in close proximity to the Murray Brook deposit.”
Canadian copper shares were unchanged on Friday at 59 cents. Shares are trading in a 52-week range of 81 cents and 23 cents.
Under the Precious Metals Purchase Agreement, OR Royalties will provide project financing of $38.3 million for 20% of the lifetime payable silver and gold stream from the Bathurst complex at a cash purchase price equal to 20% of the silver and gold spot price, with the remaining 80% credited against the deposit provided by OR Royalties until the deposit is reduced to zero, after which only the 20% cash price is paid. The OR stream consists of an upfront deposit of $7.02 million payable at closing. This amount was paid by OR Royalties on July 16, 2026. The balance of $31.5 million is being paid in quarterly installments throughout the construction of the Bathurst complex.
OR Royalties also completed a $5.48 million share placement for Canadian Copper common stock, consisting of 7.3 million common shares at a price of 75 cents per share.
Ocean Partners UK Ltd., the current 17% shareholder in Canadian Copper, has agreed to provide up to $48 million of project debt in exchange for 100% of the rights to acquire the Bathurst complex.
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.
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