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Eva Copper Project

Overview

The permitted, development-ready Eva Copper Project is located 75 kilometres from the town of Cloncurry and 95 kilometres north-east of Mt Isa in north-west Queensland, Australia. The Project is envisioned to be a conventional open pit with a conventional crush, grind, flotation circuit. The property is accessible by air and road and has sufficient water and power available through a 220kV powerline.

43-101 Feasibility Study Results on the Eva Copper Project were announced on October 1, 2018

Project Snapshot

Ownership 100% Copper Mountain Mining Corporation
Location Queensland, Australia. Mt. Isa Inlier area
Infrastructure All-weather paved highway, rail, gas, airports, power
Deposit Type IOCG (Iron Oxide Copper Gold)
Mine Type Conventional Open Pit
Process Conventional Crush, Grind, Flotation
Expected Mine life(1) 12 years
Expected Average Annual Production(1) Approx. 100 Mlbs of copper equivalent
(Approx. 90 Mlbs of copper and approx.19 koz of gold)
Copper Recovery(1) 93%
Copper Feed Grade(1) 0.45%
After-tax NPV (8%)(1) US$256M
After-tax IRR(1) 28%
End Product Copper concentrate (with gold credits)

(1) Based on a October 1, 2018 Feasibility Study

Mineral Reserve and Mineral Resources

The Eva Mineral Reserve is included in the Eva Mineral Resource and the effective date of the Mineral Reserve and Mineral Resource is September 15, 2018. The Mineral Resource is based on all drilling up to July 15, 2018. A summary of the Mineral Reserve and Mineral Resource is provided below.

Eva Mineral Reserves (Sulfide Only)

  Tonnes
(t 000)
Copper Grade
(%)
Gold Grade
(g/t)
Contained Copper
(M lbs)
Contained Gold
(oz 000)
Proven 61,144 0.41 0.07 556 131
Probable 55,893 0.39 0.07 475 129
Proven and Probable 117,037 0.40 0.07 1,031 260

Mineral Reserve Notes:
1. CIM Definition Standards were followed for Mineral Reserves.
2. Mineral Reserves were generated using the August 31, 2018 mining surface.
3. Mineral Reserves are reported at an NSR cut-off value of US$8.95/t for Little Eva and Turkey Creek, US$9.35/t for the Bedford pits, US$10.32/t for Lady Clayre pits, and US$11.44/t for Ivy Ann.
4. Mineral Reserves are reported using long-term copper and gold prices of US$2.75/lb and US$1,250/oz, respectively.
5. An average copper process recovery of 93%, and gold process recovery of 78% were used for all deposit areas.
6. Little Eva, Turkey Creek, Bedford, and Lady Clayre have an equivalent 5.3% NSR royalty. Ivy Ann has an equivalent 5.8% royalty.
7. Average bulk density is 2.7 t/m3.
8. Totals may not add due to rounding.

Eva Mineral Resources

Sulfide
  Tonnes
(t 000)
Copper Grade
(%)
Gold Grade
(g/t)
Contained Copper
(M lbs)
Contained Gold
(oz 000)
Measured 69,829 0.40 0.07 621 160
Indicated 81,292 0.36 0.07 639 172
Measured and Indicated 151,121 0.38 0.07 1,259 330
Inferred 22,368 0.35 0.07 174 53
Oxide
  Tonnes
(t 000)
Copper Grade
(%)
Gold Grade
(g/t)
Contained Copper
(M lbs)
Contained Gold
(oz 000)
Measured 7,255 0.38 0.07 61 16
Indicated 6,818 0.42 0.06 59 13
Measured and Indicated 14,074 0.40 0.07 123 30
Inferred 2,998 0.40 0.05 26 5

Mineral Resource Notes:
1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources are reported at a cut-off grade of 0.17% Cu for copper.
3. Mineral Resources are inclusive of Mineral Reserves.
4. Mineral Resources are estimated using a copper price of US$3.52/lb, and a gold price of US$1,600 per ounce. An US$/AU$ exchange rate of AU$1.35 = US$1.00.
5. Bulk density ranges from 2.4 t/m3 to 3.00 t/m3.
6. Numbers may not add due to rounding.

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