Canadian Copper has secured up to C$96m in funding from OR Royalties and Ocean Partners UK to develop its Murray Brook and Caribou Process Plant in Bathurst, New Brunswick, Canada.

An initial C$12.33m will be provided when the deal closes later this month.

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OR Royalties, a precious metal streaming company, is set to invest C$38.35m in return for a 20% life-of-mine payable silver and gold stream from the Bathurst Complex.

Concurrently, Ocean Partners, holding a 17% stake in Canadian Copper, will issue up to C$48m in project debt for complete offtake rights.

Additionally, both OR Royalties and Ocean Partners have agreed to potentially invest up to C$10.5m through equity subscriptions at later dates.

Under the financing agreements, OR Royalties will provide an initial C$6.85m deposit, with C$31.5m paid in instalments during construction.

Additionally, OR will purchase C$5.48m in Canadian Copper shares at a premium of 20% over the previous closing price.

The Ocean Partners Facility features a 36-month term with an initial 12-month grace period.

A 2% fee is payable either in cash or shares as funds are utilised, and there is an early repayment fee of 2%.

Canadian Copper CEO Simon Quick said: “Junior near-term producers have three primary goals: 1) secure project financing, 2) secure all necessary permits for construction and 3) execute the project to plan.

“Today’s project financing funds the PEA [preliminary economic assessment] capital expenditure requirements but also allows our growing development team to focus on securing remaining permit approvals and to deliver one of Canada’s few near-term critical mineral operations.

“I also strongly believe this flexible financing structure protects our current long-term shareholders from excessive common share equity dilution and maintains our strong shareholder registry for future development.”

The project financing will initially provide Canadian Copper with the necessary working capital to complete essential tasks for the Bathurst Complex.

These include awarding project tenders by April, hiring staff, conducting project engineering and securing permits.

The funding may also be used to acquire neighbouring deposits, potentially extending the mine’s operational life.

Secondly, the financing will ensure the company has adequate funds for immediate development needs while retaining flexibility with other financial partners, particularly under Canada’s critical minerals strategy announced in the 2025 Federal Budget.

As of the end of January 2026, Canadian Copper reported available cash of C$15.4m, supplemented by a March private placement that raised C$2.36m.

The company holds 38.8 million warrants, which, if fully exercised, could generate C$9.7m in proceeds.

Ventum Financial served as the financial advisor for Canadian Copper regarding the OR financing package.