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.