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.