CIBCEQUITY RESEARCH
December 13, 2021 Earnings Update
COPPER MOUNTAIN MINING
CORPORATION
Eva Project Update Mostly Factors Inflation & FX
Our Conclusion
Copper Mountain’s board has approved the plan to construct Eva, subject to advancing detailed engineering to 80% completion, obtaining committed project financing and the lifting of COVID-19 restrictions in Queensland, Australia. Detailed engineering is expected to be completed within six months, and project financing is expected to be closed by mid-2022, with the process well advanced currently. Commissioning of the mine is now expected in late 2024, vs. earlier in 2024 in our prior model. Updated economics were released, factoring cost increases in upfront capex, sustaining capital and operating costs, mostly driven by inflation pressures and AUD/USD foreign exchange rates. We lower our price target from C$5.00 to C$4.75