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Copper Mountain Mine

Overview

The Copper Mountain mine is located about 20 km south of Princeton, British Columbia and 300 km east of the port of Vancouver. The Copper Mountain mineral claims cover approximately 18,000 acres and consist primarily of 135 crown grants, 176 mineral claims and 14 mining leases. The property is accessible by a combination of highways and paved roads and is close to the port of Vancouver that provides service for shipment of copper concentrates.

The Copper Mountain mine is a conventional open pit, truck and shovel operation. The mine has a 40 ktpd plant that utilizes a conventional crushing, grinding and flotation circuit to produce copper concentrates with gold and silver credits. Plant throughput is expected to increase to 45 ktpd in 2020 with the installation of a third ball mill. With the plant expansion, average annual production is expected to increase to 116 million pounds of copper equivalent from 90 million pounds of copper equivalent.

Based on reserves only, and with the integration of New Ingerbelle, which is located one kilometer from the Copper Mountain mine, the operation’s current mine life is expected to be approximately 26 years. Further potential exists through the upgrading of resources to reserves and further exploration.

Project Snapshot

Ownership 75% Copper Mountain Mining Corporation
25% Mitsubishi Materials Corporation (MMC)
Location 20 km south of Princeton, B.C. (Canada)
Deposit Type
(Copper Mountain
Mine and New
Ingerbelle)
Copper/Gold Porphyry
Mine Type Conventional Open Pit
Process Conventional Crush, Grind, Flotation
Expected Mine life 26 years (based on reserves only)
2018 Production 92.4 million lbs of copper equivalent
End Product Copper Concentrate (with Gold and Silver)

Integrated Production Plan Overview

The Company’s Integrated Production Plan includes expanding the plant to 45 ktpd in 2020 and integrating New Ingerbelle into the Copper Mountain Mine’s production plan. New Ingerbelle is located one kilometre away from the Copper Mountain Mine, and the Company plans to truck the ore via a 3 km access road to the existing plant.

  2019 Integrated Production Plan
After-tax NPV (8%)(1) US$619M
Total Initial CAPEX (1) US$48M
Total Copper Equivalent (CuEq) Production (1) 2,344 Mlbs
  Total Copper Production 1,895 Mlbs
  Total Gold Production 982 koz
Annual CuEq Production (1,2) 116 Mlbs
  Annual Copper Production(2) 93 Mlbs
  Annual Gold Production(2) 49 koz
Average Copper Recovery 85.5%
Mine Life 26 years
Average C1 Cash Costs, net of by-product credits (1) US$1.87/lb

(1) Assumes consensus pricing ranging from US$2.94/lb Cu to $3.20/lb Cu with a long-term copper price of $3.18/lb and, US$1,314/oz Au and US$17.75/oz Ag and a USD to CAD exchange rate of 1.32:1.
(2) First ten years of production, commencing in 2020.

Mineral Reserve and Mineral Resources

A summary of the Mineral Reserve and Mineral Resource for the Copper Mountain Operation is provided below. The Mineral Reserve is included in the Mineral Resource and the effective date of the Mineral Reserve and Mineral Resource is January 1, 2019.

Copper Mountain Mine Mineral Reserves

(as at January 1, 2019)

Copper Mountain Operation Mineral Reserves
  Tonnes Copper Gold Silver Copper Gold Silver
  (‘000s) (%) (g/t) (g/t) (M lbs) (k oz) (k oz)
Proven              
    CMM Pit 81,768  0.32  0.09  1.55  571  233  4,067 
    New Ingerbelle Pit 60,455  0.26  0.16  0.52  346  315  1,016 
    Sub-total (Pit) 142,223  0.29  0.12  1.11  916  548  5,083 
     Stockpile 56,124  0.16  0.04  0.45  196  72  814 
    Total Proven 198,346  0.25  0.10  0.92  1,112  620  5,897 
               
Probable              
    CMM Pit 93,301  0.23  0.07  0.98  473  225  2,938 
    New Ingerbelle Pit 132,355  0.23  0.14  0.46  669  614  1,952 
    Sub-total (Pit) 225,656  0.23  0.12  0.67  1,142  838  4,890 
     Stockpile - - - - - - -
    Total Probable 225,656  0.23  0.12  0.67  1,142  838  4,890 
Proven & Probable              
    CMM Pit 175,069 0.27 0.08 1.24 1,043 457 7,005
    New Ingerbelle Pit 192,810 0.24 0.15 0.48 1,015 929 2,968
    Sub-total (Pit) 367,879 0.25 0.12 0.84 2,058 1,386 9,973
     Stockpile 56,124 0.16 0.04 0.45 196 72 814
Proven & Probable 424,002 0.24 0.11 0.79 2,254 1,458 10,787

Mineral Reserve Notes:
1. JORC and CIM Definition Standards were followed for Mineral Reserves.
2. Mineral Reserves were generated using the January 1, 2019 mining surface.
3. Mineral Reserves are reported at a 0.10% Cu cut-off grade.
4. Mineral Reserves are reported using long-term copper, gold, and silver prices of $2.75/lb, $1,250/oz, and $16.50/oz, respectively.
5. To define Mineral Reserves, an average copper process recovery of 80%, gold process recovery of 68%, and silver process recovery of 71% is based on geo-metallurgical domains.
6. Average bulk density is 2.78 t/m3.
7. Stockpile grades are approximations based on grade control results.
8. Stockpile tonnes and grade based on production grade process.

Copper Mountain Mine Mineral Resources

(as at January 1, 2019)

Copper Mountain Operation Mineral Resources (based on a 0.10% Cu cut-off grade)
  Tonnes Copper Gold Silver Copper Gold Silver
  (‘000s) (%) (g/t) (g/t) (M lbs) (M oz) (M oz)
Measured              
    CMM 100,616  0.29  0.09 1.30  632  0.282  4.21 
    New Ingerbelle 60,465  0.26  0.16 0.51  341  0.313  0.99 
    Total Measured 161,081  0.27  0.12 1.01  973  0.595  5.21 
Indicated              
    CMM 228,088  0.21  0.08  0.77  1,057  0.568  5.65 
    New Ingerbelle 159,551  0.23  0.14  0.45  809  0.739  2.33 
    Total Indicated 387,639  0.22  0.11  0.64  1,866  1.31  7.98 
Total M&I              
    CMM 328,704  0.23  0.08  0.93  1,690  0.85 9.86 
    New Ingerbelle 220,016  0.24  0.15  0.47  1,149  1.05 3.33  
    Total M&I 548,720  0.24  0.11  0.75  2,839  1.90 9.86 
Inferred              
    CMM 131,254  0.19  0.08  0.57  560  0.322  2.39 
    New Ingerbelle 106,000  0.22  0.13  0.41  512  0.453  1.40 
    Total Inferred 237,254  0.21  0.10  0.50  1,071  0.776  3.79 

Mineral Resource Notes:
1. Mineral Resources were estimated using the January 1, 2019 mining surface for Copper Mountain Mine.
2. Mineral Resources are constrained by a $3.50/lb Cu pit shell.
3. Cut-off grade is based on copper grade only.
4. Mineral Resources are inclusive of Mineral Reserves but do not include stockpiled material.
5. Mineral Resources are reported at a 0.10% cut-off.
6. Totals may not add due to rounding.

Technical Report

Copper Mountain Mine NI 43-101 Technical Report (2019)

Copper Mountain Mine NI 43-101 Technical Report (2018)

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