Q4 2021 Financial Results and Provides Annual Guidance VANCOUVER, BC, Feb. 14, 2022 /PRNewswire/ -Copper Mountain Mining Corporation (TSX: CMMC) (ASX: C6C) (the "Company" or "Copper Mountain") announces fourth quarter and full year 2021 financial and operating results. All currency is in Canadian dollars, unless otherwise stated. All results are reported on a 100% basis. The Company's Financial Statements and Management's Discussion & Analysis ("MD&A") are available at www.CuMtn.com and www.sedar.com.
HIGHLIGHTS
- Sales in Q4 2021 were 19.4 million pounds of copper, 6,285 ounces of gold, and 108,020 ounces of silver, bringing sales for the year to 93 million pounds of copper, 29,691 ounces of gold, and 533,096 ounces of silver.
- Production in Q4 2021 was 16.7 million pounds of copper, 5,472 ounces of gold, and 80,377 ounces of silver.
- Full year 2021 production was 90.1 million pounds of copper, 28,736 ounces of gold, and 523,821 ounces of silver, achieving the Company's upward revised 2021 copper production guidance range.
- C1 cash cost(1) per pound of copper produced in Q4 2021 was US$2.17, all-in sustaining cost ("AISC") (1) per pound of copper was US$2.54, and all-in cost ("AIC") (1) per pound of copper was US$2.76.
- Full year 2021 C1 cash cost(1) per pound of copper produced was US$1.49, AISC(1) per pound of copper was US$1.84, and AIC(1) per pound of copper was US$2.12.
- Revenue for Q4 2021 was $136.8 million and for the full year was $578.2 million.
- Net income for Q4 2021 was $31.5 million, or $0.11 on a per-share basis, and for the full year was $148.1 million, or $0.50 on a per-share basis.
- Cash flow from operations for Q4 2021 was $50.4 million, or $0.24 on a per-share basis(1) and for the full year was $315.5 million, or $1.50 on a per-share basis(1).
- Cash, cash equivalents and restricted cash at the end of 2021 was $178.4 million.
- The third ball mill at the Copper Mountain Mine was commissioned in Q4 2021, increasing plant milling capacity to 45,000 tonnes per day from 40,000 tonnes per day.
- Exploration success continued with the Company extending mineralization to depth and to the west at New Ingerbelle and extended three major mineralized zones at Cameron Copper.
- Construction plan for the Eva Copper Project was approved, contingent on advancing detailed engineering to 80%, the lifting of COVID-19 restrictions in Queensland and obtaining committed project financing, and capital and operating costs were also updated, confirming positive economics.
- 2021 sustainability targets were met or exceeded, achieving at least an "A" or "Yes" rating on each of the Mining Association of Canada's Towards Sustainable Mining protocols.
- Subsequent to the year-end, zero-cost collar options were purchased for 3.3 million pounds of copper per month through 2022 with a floor price of US$4.00 per pound and an average ceiling price of US$4.91 per pound.
- Annual guidance for 2022:
- Production of 80 to 90 million pounds of copper in 2022 and 90 to 105 million pounds of copper in 2023.