Positive Results from Drilling at New Ingerbelle

ASX Annoucement

Results from the latest drilling program confirm that the extent of the Cu/Au/Ag resource is a lot bigger than the currently booked resource. Grade quality is modest but in line with that achieved at the currently operational and expanding Copper Mountain mine. Expect these results to be incorporated in the next periodic resource upgrade.

My investment thesis for C6C is i) longterm tailwinds for Cu (but expect volatility in next 2-3 years) ii) existing production at Copper Mountain, with low risk expansion projects and reasonable AISC iii) adjacent New Ingerbelle mine with what appears to be a material resource and iv) Australian Eva project moving towards FID (positive feasibility study, pending some permits and project financing), v) highly leverage to Cu price.

This is the kind of resource company I like to own: proven management, existing production, expansion projects underway, further growth options and favourable country risk exposure (Canada, Australia).

Generally, the industry has uninvested in Copper exploration and development, so incumbents with expandable, discovered resources like C6C are well-position to do well over the next 3-5 years.

Broker vals (look up CMMC) in CAD are current SP = CAD 3.16, TP = CAD 5.15 (range CAD4.70 - 4.75). TP is upside of 63%.

Doesn't get a lot of Australian coverage.

Disc: Held IRL + I have increased my position today.

Copper Mountain Mining Announces Q4 2020 Financial Results, Achieves All-in Cost Guidance and Exceeds Production Guidance

HIGHLIGHTS

~ Record quarterly production in Q4 2020 of 29.1 million pounds of copper equivalent (comprised of 23.1 million pounds of copper, 8,959 ounces of gold, and 144,934 ounces of silver).

~ Full year 2020 production was 77.6 million pounds of copper, exceeding guidance of 70 to 75 million pounds.

~ C1 cash cost in Q4 2020 was US$1.43/lb copper produced, all-in sustaining cost (AISC) was US$1.58/lb copper and all-in cost (AIC) was US$1.82/lb copper.

~ Full year 2020 C1 cash cost was $1.53/lb copper, AISC was US$1.69/copper, and AIC was US$1.90 per pound, meeting the mid-point of improved and revised AIC guidance of US$1.80 to US$2.00/lb.

~Revenue for Q4 2020 was $106.1 million and for the full year was $341.7 million. • Earnings per share for Q4 2020 was $0.10 and for the full year was $0.18.

~ Cash flow from operations for Q4 2020 was $50.9 million and for the full year was $121.6 million.

~ Cash and cash equivalents at the end of 2020 was $85.6 million, an increase of $32.0 million from the end of the third quarter of 2020 and a $53.4 million increase from December 31, 2019.

~ In Q4 2020, restarted the Ball Mill 3 Expansion Project to 45,000 tonnes per day, which is expected to be completed in Q3 2021.

~ In Q4 2020, a new life of mine plan was announced for the Copper Mountain Mine that includes a further mill expansion to 65,000 tonnes per day, demonstrating increased annual production, lower costs and a significantly higher net present value, when compared to the previous 2019 Technical Report.