- Total economic benefit of 689 new annual jobs and $234.9 million in annual Gross Regional Product in the first 10 years of operations.
- Annual mining revenues of $568 million would support 465 direct annual jobs and an additional 224 secondary jobs.
- Annual tax revenues of $15.3 million for the County of Plumas and $9.8 million for the State of California.
- Total tax revenues over 15 years in excess of $225 million for the County of Plumas, $150 million for the State of California, and $375 million for the Federal Government.
- Total capital investments are anticipated to be $1.3 billion in 2024 dollars.
Toronto, Ontario--(Newsfile Corp. - July 15, 2025) - US Copper Corp., (TSXV: USCU) (FSE: C730) ("US Copper" or the "Company") today released the findings of a comprehensive study (the "Study") of the potential economic benefits of building and operating a mine at its Moonlight-Superior Mining property, located in Plumas County, California.
The Study was prepared by Pinyon Environmental, Inc, based in Lakewood, Colorado, a provider of environmental consulting services to private and public clients since 1993. Pinyon used the capital and operating expenses described and summarized in the Preliminary Economic Assessment ("PEA") prepared by Global Resource Engineering ("GRE") in 2025 for U.S Copper, along with the IMPLAN data and software system, to estimate the economic impacts in terms of economic output, employment and Gross Regional Product ("GRP") in Plumas County for the mine construction and mining of the Moonlight-Superior copper deposits owned by US Copper. Gross Regional Product is a measure of economic value added through the production of goods and services in the local economy.
The economic benefits of the initial construction phase were first considered then followed by the ongoing economic benefits of operating the mine and processing facilities. The entire project would develop the copper resources within the Moonlight, Superior, and Engles deposits located within the historic Lights Creek District. The Project will include the mine as well as two recovery methods (heap leach and conventional floatation) as well as other supporting infrastructure (e.g., access roads, buildings and facilities, labs, fuel and water storage, power supply and distribution).
Economic Benefits of Capital Investments
Capital investments would primarily occur during the construction phase but would also occur over the 15-year life of the Project. In total, capital investments are anticipated to be $1.3 billion in 2024 dollars. Peak economic benefits from capital expenses would occur during the second year of construction before operations commence. In this year, there would be a total of 1,661 annual jobs and $172.7 million in GRP created, supported from construction and development activities, including mine equipment purchases, process facility construction, infrastructure construction, and general and administrative expenses.
Economic Benefits from Operations of the Mine and Process Facilities
Once the mine and process facilities are operational, mine revenues of $568 million would support 465 direct annual jobs and $207.8 million in GRP annually in mining and processing industries in Plumas County over the first 10 years of operations. There would be an additional 224 secondary jobs and $27.1 million secondary GRP generated, for a total economic benefit of 689 annual jobs and $234.9 million in annual GRP in the first 10 years when the Project is operational. These 689 annual jobs and $234.9 million in annual GRP during the operations period would result in a 7 percent increase in jobs in Plumas County and 21 percent increase in GRP compared to 2023 levels (9,797 jobs and $1,101.6 million in GRP).
Tax Receipts from Operations of the Mine and Process Facilities
The development and operation of the Moonlight Mine Project will result in various tax receipts for federal, state, and local government entities. These include but are not limited to property taxes, sales and uses taxes, and income and payroll taxes. On average, tax revenues to the state of California are estimated to exceed $9.8 million on an annual basis.
In addition to the taxes paid to the state of California, several county and sub-county entities would also assess taxes on the operation of the Project. On average, the operation of the Project is expected to generate $15.3 million per year in additional tax revenue to local jurisdictions. Most of these revenues are associated with property taxes. In 2023, taxes on production and imports were $103.9 million in Plumas County, and annual tax receipts from the Project of $15.3 million represent an increase of 15 percent over 2023 levels.
Stephen Dunn, CEO of US Copper, commented, "The Moonlight-Superior Mining Project would become a cornerstone of economic growth, prosperity, and community development in the Plumas County region for more than two decades, providing career opportunities and family-supporting employment for years to come. It would transform the economy of the region by establishing a stable source of economic activity that would support further development in areas such as power generation, education, home development, the food industry and a myriad of other industries and professions. Mining jobs in the United States are well paid; the average annual salary for the Moonlight Project is estimated to be in excess of $75,000. Incomes like this strengthen the economy of Plumas County and lead to decades of prosperity. By employing new developments in mining utilizing robotics and artificial intelligence, the area could also become a springboard for research into new technologies."
"Copper is a key element in a wide range of energy technologies and is designated as a Critical Mineral by the government the United States. Moonlight would become an integral supplier of copper metal to the U.S. domestic market with average annual production of 60 million pounds of copper and 1.7 billion pounds over the life of mine. For example, that would be enough copper to supply 12 million electric vehicles. Copper is a critical material for an extensive range of important applications ranging from renewable power generation to electric vehicles. As such, it is vital that the US has a strong and viable domestic source of copper supply."
"Moonlight Superior will be an important direct contributor and catalyst for government revenues at the local, provincial and national levels, supporting vital programs and services that benefit all Americans. Total government revenues generated by the mine for all three levels of government are forecasted to exceed $45 million annually and $570 million over the life of mine."
The full report will be on the US Copper website; visit http://www.uscoppercorp.com and click on the "Moonlight Mine Economic Benefit Study".
About US Copper Corp.
US Copper controls approximately 10 square miles of patented and unpatented federal mining claims in the Light's Creek Copper District in Plumas County, NE California; essentially, the entire District. The District contains substantial copper (silver) sulfide and copper oxide resources in three deposits - Moonlight, Superior and Engels, as well as several partially tested and untested exploration targets.
The Superior and Engels Mines operated from about 1915 to 1930 producing over 161 million pounds of copper from over 4 million tons of rock containing 2.2% copper with silver and gold credits.
The Moonlight deposit was discovered by Placer Amex during the 1960s and a resource was calculated after the drilling of over 400 holes. A development decision was made but then put on hold in 1972 when copper prices were weak. US Copper has owned the project since 2013 and has advanced the project with three different drill programs and a number of engineering studies.
US Copper recently reported an after-tax NPV of US$1.075 billion in a Preliminary Economic Assessment ("PEA") prepared by Global Resource Engineering Ltd ("GRE") dated Dec 16, 2024 with a life of mine production of 1.8 billion pounds of copper (See news release dated Jan 6, 2025).
GRE calculated a new mineral resource for the purposes of this PEA that included all recent drill programs on the property. This resource is summarized below:
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1768/258858_uscopper_table1.png
Notes:
1. The effective date of the Mineral Resource is December 16, 2024.
2. The Qualified Person for the Mineral Resource Estimate is Terre Lane of GRE.
3. Mineral resources are reported at a 0.16% Cu cutoff for oxide and transition material and at a 10.45 NSR cutoff for sulfide material. The oxide and transition cutoff is calculated based on a long-term copper price of US$4.00/lb; assumed combined operating costs of US$7.50/ton (process and G&A); metallurgical recovery of 75% for copper. The sulfide cutoff is calculated as the breakeven NSR, which is equal to the combined process and G&A costs for the sulfide material.
Further details of this Resource, and the Preliminary Economic Assessment NI43-101 Technical Report on the Moonlight-Superior Project, Plumas County, California, USA with an effective date of December 16, 2024 can be found on Sedar+ at sedarplus.ca or at the Company's website at www.uscoppercorp.com.
The PEA 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 under CIM Definition Standards. Readers are advised that there is no certainty that the results projected in this preliminary economic assessment will be realized.
For Further Information Contact:
Mr. Stephen Dunn, President, CEO and Director, US Copper Corp. (416) 361-2827 or email info@uscoppercorp.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "hopes", "anticipates", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedarplus.ca. Investors are cautioned not to place undue reliance upon forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258858
SOURCE: US Copper Corp.
