Copper Mountain Reported Record Quarterly Production

VANCOUVER - Copper Mountain Mining Corporation reported record quarterly production in Q1 2021 of 30.4 million pounds of copper equivalent (comprised of 25.5 million pounds of copper, 8,187 ounces of gold, and 160,484 ounces of silver). It also had record quarterly revenue for Q1 2021 of $162.2 million, from the sale of 27.5 million pounds of copper, 8,553 ounces of gold and 161,657 ounces of silver, net of pricing adjustments.

"We started the year in a very strong position achieving record quarterly production for another quarter," said, Gil Clausen, President and CEO. "Production was higher in the first quarter as we mined mostly from Phase 3, which has higher grade ore. As we move to increase the ratio of ore production from Phase 2 of the main pit, we expect to see grades moderate somewhat. Phase 2 of the main pit has lower mining costs than Phase 3 as we are mining upper benches of ore that are closer to the primary crusher and waste dumps. As a result of our record first quarter and the expected continued strong production throughout the year, we expect production to be in the upper half of our annual production range of 85 to 95 million pounds of copper. The Company has a strong cash position, a healthy balance sheet and is generating significant free cash flow.  The US$250 million bond financing completed in April allows the Company to retire all of its previous restrictive debt and access 100% of excess cash to fund the organic growth plans of the Company.  Our vision is to triple our Company's annual production rate from 2020 levels in the next five years from the development of our low cost and high ROIC project pipeline.  We intend to grow in an environmentally and financially conscious manner. As we begin to execute on our growth plans and in anticipation of any major investment decision, we are mindful of protecting our revenue and margins through mechanisms such as the purchase of put options as we have just done in April. The put options set a floor of $3.75 per pound copper for approximately half of our remaining production for the balance of the year, with all of our production open to the upside on a potentially burgeoning copper market."