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Copper Mountain Mining Corporation

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  Suite 1700 – 700 West Pender Street
Vancouver, B.C.
Canada V6C 1G8
Tel No.: 604-682-2992
Fax No.: 604-682-2993
Toll Free No.: 1-877-451-2662
Web Site: www.cumtn.com
E-mail: dan@cumtn.com
Contact Person: Dan Gibbons
Position: Investor Relations


Company Data

Traded Market: TSX
Traded Symbol: CMMC
Outstanding Shares: 133 million
52 Week High: $ 1.32
52 Week Low: $ 0.40
Present Price: Click Here


Introduction

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Copper Mountain's flagship asset is the Copper Mountain mine located in southern British Columbia near the town of Princeton.

The Company has a strategic alliance with Mitsubishi Materials Corporation who owns 25% of the mine.

The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This significant exploration potential will be explored over the next few years in order to fully appreciate the property's full development potential. Additional information is available on the Company's web page at www.CuMtn.com.


Projects in Hand

(1) Copper Mountain Mine, Southern British Columbia

Mine Highlights

  • Ownership: 75% Copper Mountain Mining Corporation / 25% Mitsubishi Materials Corporation
  • Location: 20 km south of Princeton, BC
  • Infrastructure: Road Accessible, 300 km from Vancouver
  • Deposit Type: Porphyry (Alkalic)
  • Mine Type: Open Pit
  • Expected Mine Life: 17 Years
  • Process: Floatation
  • End Product: Cu (+ Au, Ag) Concentrate
  • Cash flow positive mine
  • 2016 Revenue: $278M, net of pricing adjustments and treatment charges
  • Site cash costs for 2016 were US$1.12 per lb of Cu produced, net of precious metal credits. Strong Operational Base
  • Total cash costs for 2016 were US$1.54 per lb of Cu sold, net of precious metal credits and after all off-site charges, a reduction of ~11.5% over 2015 total cash costs
  • Fully Financed – very friendly, low-cost strategic debt; No commodity hedging
  • Strong strategic financial partner – Mitsubishi Materials Corp.
    • Off-take agreement with Mitsubishi for 100% of the concentrate at LME spot rates at the time of settlement
  • Employs approximately 430 direct employees on site

Exploration at Copper Mountain

2016 Exploration Program

A 5,000 meter drill program was completed in the third quarter. The drill program was designed to convert inferred resources into measured and indicated status on the western end of Pit 2.

The Program was successful in upgrading inferred resources to measured and indicated. This increase in resources provides the opportunity to extend the Pit 2 area further to the west. Further drilling is planned in 2017.

2017 Guidance:

  • Copper Production: 75-85 M lbs.
  • Mining Rate ~ 180,000 tpd.
  • Mill rate: 38,000 tpd.
  • Mill Feed Grade: 0.30% Cu.
  • Mining Activities focused on Pit #2, the Saddle Area and Oriole. Virginia Pit is complete
    • utilizing shorter waste haul now.

(2) Fenton Project, British Columbia

The Fenton Property is located 33 km south of Houston, British Columbia and is an advanced stage polymetallic exploration project with significant potential.

Exploration at Fenton Project:

  • Large bulk tonnage type Ag-Au-Zn
  • Narrow high-grade veinlets.
  • 2014 diamond drilling
    • 9 Holes drilled, 2,800m
    • Area drilled is 500m x 200m x 300m
    • Every metre drilled is altered and mineralized
    • Drill holes restricted to existing road access only
  • Z-TEM Airborne Electro-Magnetic Survey completed in 2016. Results of the survey will help define target areas for further drill testing of the Fenton property.
  • Investment Highlights
    • Cash Flow Positive in 2016
      • $75.2 million cash flow from operations before working capital items
      • Revenue of $278 million
      • Gross profit was $27.6 million
      • EBITDA was $77.5 million
    • 2016 Production: 103 M lbs CuEq includes:
      • 83 M lbs Cu
      • 30,800 oz Au
      • 291,900 oz Ag
    • Production
      • Secondary crusher installation: Operating at well above design capacity
      • Site cash costs US$1.12 per pound
      • Total cash costs US$1.54 per pound
    • Significant Exploration Upside
      • Large Copper Resource
      • Converting inferred resources to Measured & Indicated
      • Drill Programs planned for 2017
    • Safe Mining Jurisdiction
      • Princeton, BC
      • Mining-friendly jurisdiction
      • Close to Shipping Port
    • Attractive Valuation
      • Per Scotiabank's analyst Orest Wowkodaw, trading at a 0.49 price to net asset value (P/NAV), while peers are in the 0.87 to 0.90 P/NAV range.
      • High leverage to Copper
      • Minimal shares issued & outstanding
    • Strategic partnership with Mitsubishi Materials Corporation (25% partner)
    • Strategic, friendly debt package; no hedging in place


    Management

    Management and Directors

    James C. (Jim) O'Rourke, P.Eng., OBC., Chief Executive Officer and Director

    Mr. O'Rourke has more than 40 years of hands–on experience in mine evaluations, development, project financing, marketing and operations in Canada, the United States, South America and the Philippines. In 2013 Mr. O'Rourke was inducted into the Canadian Mining Hall of Fame.

    Rodney A. (Rod) Shier, CPA, CA, Chief Financial Officer and Director

    Mr. Shier has over twenty years experience as a corporate officer and director to a number of publicly–traded mining companies, and has experience in raising over $1 billion in debt and equity financing transactions. In 2013 recipient of the Edgar A. Scholz Medal for Excellence In Mine Development in British Columbia.

    Peter Holbek, BSc. (Hons), M.Sc., P.Geo., Vice President Exploration

    Mr. Holbek holds a Masters of Science in Economic Geology (1988) and has 25 years experience in mineral exploration and mine development.

    William (Bill) Mracek, P.Eng., Vice President Mining

    Mr. Mracek has 40 years of practical and management experience in both underground and surface mines across Canada.

    Richard J. Joyes, BSc. Geo., Senior Exploration Geologist

    With a particular focus on 3D modeling, mineral inventory and deposit estimation and database administration, Mr. Joyes brings a wide variety of both field and computer based skills to the exploration team.

    John Tapics, P.Eng., Director

    Marin Katusa, BSc., Director

    Al Cloke, Director

    Carl L. Renzoni, BSc. (Hons), Director

    Bruce Aunger, CA, Director

    Robert J. (BOB) Young, BSc. Geo., Advisor

    Roman Shlanka, PhD Geo., Advisor

    Please refer to Copper Mountain Mining Corporation's website www.cumtn.com for complete biographies.


    News Update

    On November 19, 2017, Copper Mountain Mining Corp. and Altona Mining Ltd. jointly announced that they have agreed to combine the companies by way of a scheme of arrangement under the Australian Corporations Act 2001, pursuant to which Copper Mountain will acquire the entire issued capital of Altona.

    Altona's key asset is the 100-per-cent-owned undeveloped open-pit Cloncurry copper project in Queensland, Australia.

    On November 6, 2017, Copper Mountain Mining Corp. announced Q3 financial 2017 results Copper Mountain Mining Corp. had third quarter revenues of $77.1-million after pricing adjustments and treatment charges from the sale of 22.6 million pounds of copper equivalent, including 19.3 million pounds of copper, 6,500 ounces of gold and 72,700 ounces of silver. Total cash cost for the quarter ended Sept. 30, 2017, was $1.62 (U.S.) per pound of copper sold, net of precious metals credits.

    On October 26, 2017, Copper Mountain Mining Corp. announced additional results from its drilling program at the New Ingerbelle deposit. The first four holes drill results highlights include 121.7 m grading 0.36 per cent copper and 0.16 gram per tonne gold in drill hole 17IG-02 and 137.2 m grading 0.35 per cent Cu and 0.24 g/t Au in drill hole 17IG-04.

    On October 11, 2017, Copper Mountain Mining Corp. announced production results for the third quarter of 2017, from the Copper Mountain mine located in Southern British Columbia.

    Third quarter 2017 production highlights:

    Annual production on track: produced 20.9 million pounds of copper, 6,700 ounces of gold and 79,270 ounces of silver during the third quarter, bringing production totals to 56.2 million pounds of copper, 18,400 ounces of gold and 207,000 ounces of silver for the first three quarters of 2017, which meets guidance for the year.

    On October 2, 2017, Copper Mountain Mining Corp. announced that it has completed its summer drilling program at the Copper Mountain mine site, and a 5,000-metre phase 1 diamond drill program was recently initiated on the New Ingerbelle deposit near Princeton, B.C.

    Highlights from pit 2 east drilling include 105 metres at 0.62% Cu, including 75 m at 0.80% Cu and 9 metres at 3.68% Cu.

    On August 8, 2017, Copper Mountain Mining Corp. announced the second quarter financial 2017 results. The Company had second quarter revenues of $67.1-million after pricing adjustments and treatment charges from the sale of 21.1 million pounds of copper equivalent, including 17.6 million pounds of copper, 6,300 ounces of gold and 62,700 ounces of silver. Total cash cost for the quarter ended June 30, 2017, was $1.74 (U.S.) per pound of copper sold, net of precious metals credits.

    On July 13, 2017, Copper Mountain Mining Corp. announced production results for the second quarter of 2017 from the Copper Mountain mine located in Southern British Columbia.

    Second quarter 2017 production highlights:

    • Annual production on track – produced 17.2 million pounds of copper, 5,856 ounces of gold and 63,179 ounces of silver during the second quarter, bringing the production totals for the first half of the year to 35.3 million pounds of copper, 11,718 ounces of gold and 127,440 ounces of silver;
    • Mill throughput – milled 3.2 million tonnes of ore at an average rate of 35,674 tonnes per day , with 82.4-per-cent operating time; copper recovery for the period was 77.6 per cent treating an average grade of 0.31 per cent copper;
    • Mine production strong – mined approximately 200,000 tonnes of material per day during the second quarter.

    On May 11, 2017, Copper Mountain Mining Corp. has started a 10,000-metre exploration drilling program at the Copper Mountain mine. The 2017 program is targeting to further extend pit 2 to the west and to follow up on the pre-2012 drilling that intersected significant mineralization below pit 2.

    On April 25, 2017, Copper Mountain Mining Corp. had first quarter revenues of $74.1-million after pricing adjustments and treatment charges from the sale of 19.0 million pounds of copper, 6,000 ounces of gold and 64,000 ounces of silver. Total cash cost for the quarter ended March 31, 2017, was $1.86 (U.S.) per pound of copper sold, net of precious metals credits.

    Highlights (100-per-cent basis)

    • Sales for the quarter were $74.1-million from four shipments of concentrate containing 19.0 million pounds of copper, 6,000 ounces of gold and 64,000 ounces of silver, net of pricing adjustments.
    • Gross profit for the quarter was $11.2-million.
    • Earnings before interest, taxes, depreciation and amortization were $22.8-million for the quarter, compared with $34.0-million in the same quarter for 2016.
    • Cash flow from operating activities before working capital changes was $20.8-million.
    • Cash and cash equivalents were $30.1-million at the end of the quarter.
    • Site cash costs for the 2017 first quarter were $1.36 (U.S.) per pound of copper produced net of precious metal credits.
    • Total cash costs for the period were $1.86 (U.S.) per pound of copper sold net of precious metal credits and after all off-site charges.
    • Realized prices on metal sales were $2.65 (U.S.) per pound of copper, $1,217 (U.S.) per ounce of gold and $17.30 (U.S.) per ounce of silver.

    On April 6, 2017, Copper Mountain Mining Corporation announced that the Company will hold a conference call on Tuesday, April 25th, 2017 at 7:30 am (Pacific Standard Time) for management to discuss the Q1 2017 Financial and Operating Results. Results will be released before the market opens on Tuesday, April 25, 2017.

    On February 21, 2017, Copper Mountain Mining Corporation announced 2016 year end revenues of $278 million, after pricing adjustments and treatment charges, from the sale of 82.7 million pounds of copper, 29,900 ounces of gold, and 283,900 ounces of silver. Total cash cost for the year was US$1.54 per pound of copper sold, net of precious metals credits.


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