PRESS RELEASES

Canadian Copper Signs Offtake Agreement and Credit Facility with Ocean Partners

Toronto, January 30th, 2024 – Canadian Copper Inc. (“Canadian Copper” or the “Company”) (CSE:CCI) is pleased to announce that it has entered into a one third of production offtake agreement (“Offtake Agreement”) for copper concentrates from the Murray Brook deposit (“MB”) and an unsecured Credit Facility (“the Credit Facility”) of up to US$1.5 million (C$2.01 million)[1] with Ocean Partners UK Ltd. (“Ocean Partners”).  

Simon Quick, CEO of Canadian Copper, said, “First and foremost, we welcome Ocean Partners as a strategic shareholder to Canadian Copper. Ocean Partners bring in-depth technical expertise in asset evaluations and extensive knowledge of the base metal commodity market, both of which will prove invaluable to us. This new relationship between Ocean Partners and Canadian Copper is a strong endorsement of the advanced Murray Brook deposit and its unique position located less than 10 km from a fully constructed processing plant in need of a partner with ore feed.”

Brent Omland, co-CEO of Ocean Partners, said, “We recognize the strategic rationale and regional consolidation opportunity here between the Murray Brook deposit and its proximity to a nearby milling facility on care and maintenance. Murray Brook benefits from extensive existing infrastructure combined with local and provincial government support which should reduce capital and execution risk. 

The purpose of the Credit Facility is to satisfy the final Murray Brook acquisition condition and replace an existing C$2,000,000 environmental bond with the New Brunswick Government. Mine Lease ownership and title transfers require Ministerial approval under the Mining Act in New Brunswick. Pending consent by the Minister, ownership and title will transfer to Canadian Copper.

Offtake Agreement


Ocean Partners shall have the right to purchase a minimum of one third of the copper concentrate at market rates for the payable metals produced[2] by the Murray Brook deposit and three other Right of First Refusal (“ROFR”) conditions. The remaining ROFR conditions are: 1) Ocean Partners will have the right to match and purchase the remaining copper concentrate produced should a 3rd party submit a bonafide offer, 2) Ocean Partners will have the right to provide offtake financing at the same terms should a 3rd party submit a bonafide offer, and, 3) Ocean Partners will have the right to match and purchase other concentrates should a 3rd party submit a bonafide offer.

Unsecured Credit Facility


The Credit Facility is an aggregate amount of up to US$1,500,000 for a period of one year with a single draw available following satisfaction of customary conditions precedent by the Company. Interest on the Credit Facility will be 10% per annum paid on execution of the Credit Facility. The interest payment consideration will be Company common shares at a fixed rate totalling 2,222,222 at a price of $0.09 per share.

Figure A: Canadian Copper’s Land Position

[1] CAD Exchange Rate (USD:CAD) 1.3436

[2] Deductions such as treatment and refining charges will be calculated using the Annual Copper Benchmark Treatment rate.

About Canadian Copper Inc.


Canadian Copper is a Canadian-based mineral exploration company with a copper and base metals portfolio of properties located in the prolific Bathurst Mining Camp (BMC) of New Brunswick, Canada. There are currently 87,544,760 shares issued and outstanding in the Company.

For more information, please contact:

Simon Quick, Director and CEO   |   (905) 220-6661   |  simon@canadiancopper.com   |   ir@canadiancopper.com

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary and Forward-Looking Statements

This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the PEA, opportunities, combined strategy, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the Company’s option to acquire properties under the Puma Option Agreement, the proposed expenditures for exploration work thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and regulatory approvals (including of the CSE), permits or financing, changes in laws, regulations and policies affecting mining operations, the Company’s limited operating history, currency fluctuations, title disputes or claims, environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s annual management discussion and analysis for the year ended October 31, 2024  and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on SEDAR+ website at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.

Cautionary Note Regarding PEAs and Mineral Resource Estimates

This preliminary economic assessment is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Until mineral deposits are actually mined and processed, Mineral Resources must be considered as estimates only. Mineral Resource Estimates that are not Mineral Reserves have not demonstrated economic viability. The estimation of Mineral Resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties, contingencies and other factors described in the Company’s public disclosure available on SEDAR+ at www.sedarplus.ca. The quantity and grade of reported “Inferred” Mineral Resource Estimates are uncertain in nature and there has been insufficient exploration to define “Inferred” Mineral Resource Estimates as an “Indicated” or “Measured” Mineral Resource and it is uncertain if further exploration will result in upgrading “Inferred” Mineral Resource Estimates to an “Indicated” or “Measured” Mineral Resource category. The accuracy of any Mineral Resource Estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource Estimates may have to be re-estimated based on, among other things: (i) fluctuations in mineral prices; (ii) results of drilling, and development; (iii) results of future test mining and other testing; (iv) metallurgical testing and other studies; (v) results of geological and structural modeling including block model design; (vi) proposed mining operations, including dilution; (vii) the evaluation of future mine plans subsequent to the date of any estimates; and (viii) the possible failure to receive required permits, licenses and other approvals. It cannot be assumed that all or any part of a “inferred” or “indicated” Mineral Resource Estimate will ever be upgraded to a higher category. The Mineral Resource Estimates disclosed in this news release were reported using CIM Standards in accordance with NI 43-101.

Picture of Simon Quick
Simon Quick

Simon's experience includes early stage permitting, project development through to design engineering, construction, and final turnover. He joins Canadian Copper from McEwen Mining Inc. where he was Vice President of Projects. He has an honours degree in Economics from Bishop’s University and an Executive MBA from the Kellogg School of Management at Northwestern University.

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