Canadian Copper closes $43.83 million project financing – Resource World Magazine

Canadian Copper closes $43.83 million project financing – Resource World Magazine

Canadian Copper Inc. [CCI-CSE] said it has closed its precious metals stream and equity subscription of up to $43.83 million with OR Royalties Inc., a global top-five precious metals company. Proceeds will be used to advance its 100%-owned Murray Brook project and Caribou Process plant in New Brunswick. The company said the project financing represents a significant derisking milestone as the company aims to become a near-term critical mineral producer in Bathurst, N.B. A total of $12.5 million was received from OR Royalties on July 16, 2026. “Closing of our precious metal stream financing and equity subscription with OR Royalties was our next milestone as we simultaneously advance our feasibility study in parallel with starting the provincial permitting process,’’ said Canadian Copper CEO Simon Quick. “We look forward to seeing drill core this month as we increase our exploration efforts in close proximity to the Murray Brook deposit.” Canadian Copper shares were unchanged Friday at 59 cents. The shares trade in a 52-week range of 81 cents and 23 cents. Under the precious metals purchase agreement, Or Royalties will provide project funding of $38.3 million in exchange for a 20% life-of-mine payable silver and gold stream from the Bathurst Complex at a cash purchase price equal to 20% of the spot price of silver and gold, with the remaining 80% credited against the deposit advanced by OR Royalties until the deposit is reduced to nil, after which only the 20% cash price is payable. The OR stream consists of a $7.02 million up front deposit payable on closing. This was paid by OR Royalties on July 16, 2026. The balance of $31.5 million is payable in quarterly installments throughout the construction period of the Bathurst complex. OR Royalties has also completed a $5.48 million equity subscription for Canadian Copper common shares, consisting of 7.3 million common shares at a price of 75 cents per share. Ocean Partners UK Ltd., a current 17% shareholder of Canadian Copper, has agreed provide up to $48 million in project debt in exchange for 100% of the Bathurst Complex off-take rights. The Murray Brook project is located 60 kilometres west of the City of Bathurst. In October, 2024, Canadian Copper said it had secured the right to acquire the Caribou Complex, which is situated 13 kilometres east of Murray Brook. The permitted Caribou Complex (along with permitted tailings storage facility) would be used to produce copper, lead, and zinc concentrates with recoverable silver from Murray Brook mineralized feed material. A life of mine plant envisages an open pit with four development phases at an average production rate of 3,300 tonnes per day of mineralized material for 13.2 years. Average annual payable production includes 8.0 million pounds of copper, 47 million pounds of zinc, 783,000 ounces of silver and 10 million pounds of lead.