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Eva Copper Project

Overview

The 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.

The May 2020 Feasibility Study on the Eva Copper Project demonstrated robust economics, and further improved the value of the Project when compared to the 2018 Feasibility Study, increasing production, reducing costs and extending the mine life. The results of which are summarized below.

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) 15 years
Expected Average Annual Production(1) Approx. 106 Mlbs of copper equivalent
(Approx. 100 Mlbs of copper and approx. 14 koz of gold)
Copper Recovery(1) 87%
Copper Feed Grade(1) 0.46%
After-tax NPV (8%)(1) US$437M
After-tax IRR(1) 29%
End Product Copper concentrate (with gold credits)

(1) Based on the May 2020 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 January 30, 2020. A summary of the Mineral Reserve and Mineral Resource is provided below.

Eva Mineral Reserves

Eva Copper Mineral Reserve

 

Tonnes
(kt)

Cu Grade
(% Cu)

Au Grade
(g/t)

Cu Pounds
(Mlb)

Au Ounces
(koz)

Proven

92,623

0.48

0.05

975

144

Probable

78,425

0.43

0.04

743

115

Total Proven and Probable

171,047

0.46

0.05

1,718

260

Total Proven and Probable (Gold only)

106,380

 

0.08

 

260

Mineral Reserve Notes:
1. CIM Definition Standards were followed for Mineral Reserves.
2. Mineral Reserves were generated using the December 31, 2019 mining surface.
3. Mineral Reserves are reported at an NSR cut-off value of $8.95/t for Little Eva and Turkey Creek, $9.35/t for Bedford and Blackard, $10.32/t for Lady Clayre and Scanlan, and $11.44/t for Ivy Ann.
4. Mineral Reserves are reported using copper and gold prices of $2.75/lb and $1,250/oz, respectively.
5. Average process recoveries of 95% for copper sulphide, 63% for native copper, and 78% for gold 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. Blackard, Scanlan, and Turkey Creek do not contain gold.
8. Totals may show apparent differences due to rounding.

Eva Mineral Resources

Eva Copper Mineral Resource

 

Tonnes
(kt)

Cu Grade
(% Cu)

Au Grade
(g/t)

Cu Pounds
(Mlb)

Au Ounces
(koz)

Measured

111,821

0.45

0.05

1,098

160

Indicated

148,818

0.40

0.04

1,307

172

Total Measured + Indicated

260,659

0.42

0.04

2,419

330

Total Inferred

46,267

0.42

0.04

415

51

Mineral Resource Notes:
1. Joint Ore Reserves Code (JORC) and CIM definitions were followed for Mineral Resources.
2. Mineral Resources are inclusive of Mineral Reserves.
3. Mineral Resources are constrained within a Whittle pit shell generated with a copper price of $3.50/lb, a gold price of $1,250/oz and an exchange rate of AU$1.35 = US$1.00.
4. Density measurements were applied (ranges from 2.4 t/m3 to 3.0 t/m3).
5. Significant figures have been reduced to reflect uncertainty of estimations and therefore numbers may not add due to rounding.

Technical Report

Eva Copper Feasibility Study NI 43-101 Technical Report (2020)

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