Copper Mountain Mining Announces Q1-2018 Financial Results

(firmenpresse) - Copper Mountain Mining Announces Q1-2018 Financial Results
Vancouver, British Columbia - April 27, 2018 - Copper Mountain Mining Corporation (TSX: CMMC, ASX:C6C) (the Company or Copper Mountain - https://www.youtube.com/watch?v=f5tBLLQV0hQ&t=3s) announces 2018 first quarter revenues of $78 million after pricing adjustments and treatment charges from the sale of 24.8 million pounds of copper equivalent, including 21.7 million pounds of copper, 6,500 ounces of gold, and 80,600 ounces of silver. Total cash cost for the quarter ended March 31, 2018 was US$1.90 per pound of copper sold, net of precious metals credits.

Highlights (100% Basis)

- Copper, gold and silver production for the first quarter of 2018 at Copper Mountain Mine was 23.2 million pounds of copper equivalent which includes 19.9 million pounds of copper, 6,070 ounces of gold and 77,900 ounces
of silver.

- Revenue for the period was $78.0 million, from the sale of 21.7 million pounds of copper, 6,500 ounces of gold and 80,600 ounces of silver, net of pricing adjustments.Gross profit for the quarter was $6.3 million.


- Adjusted EBITDA was $28.6 million for the quarter, compared to $16 million in the same quarter for 2017.

- Adjusted earnings were $10.6 million or $0.08 per share, compared to $0.3 million and nil per share for the same quarter of 2017.


- Site cash costs for the 2018 first quarter were US$1.46 per pound of copper produced net of precious metal credits.


- Total cash costs for the period were US$1.90 per pound of copper sold net of precious metal credits and after all off-site charges.

- At the end of the quarter the Company had $42.5 million in cash, and received an additional $22 million on April 4, 2018 relating to an end of March shipment of copper concentrate.


- Realized prices on metal sales were US$3.17 per pound of copper, US$1,326 per ounce of gold and US$16.60 per ounce of silver.

Jim ORourke, President and CEO of Copper Mountain, remarked During the first quarter of 2018, the mill throughput averaged 38,800 tpd. Abnormally high snowfall during the quarter created operating challenges in the pit and resulted in some power supply disruptions. We remain bullish on the outlook for the copper market and with our production on target we are well positioned to benefit from a strong copper price environment. We continue to focus on cost control and operational improvements to further strengthen the Companys balance sheet.

Summary Financial Results

Three months
ended


March 31,
(In thousands of CDN$, other than 2018 2017
per share and per pound $ $
amounts)

Revenues 77,946 74,096
Cash flow from operations 18,083 20,843
Gross profit 6,312 11,211
Operating income (loss) 3,332 7,971
EBITDA Earnings before interest, 11,485 22,819
taxes, depreciation and
amortization.
Refer to the Non-GAAP Performance
measures section of this
MD&A
.

Adjusted EBITDA 28,553 16,030
Adjusted earnings Adjusted earnings 10,602 328
(loss) is a non-GAAP financial
measure which removes unrealized
gains/losses on

interest rate swaps, pricing
adjustments on concentrate metal
sales and

foreign currency gains/losses.

Adjusted earnings (loss) per share Ca0.08 0.00
lculated

by dividing the total adjusted
earnings
by the weighted average number of
shares outstanding under the basic
method.



Cash and cash equivalents 42,568 30,126
Accounts receivable 36,194 26,044
Total cash and cash equivalents and 78,762 56,170
accounts
receivable

Equity 259,427 230,460

Total pounds of copper sold (000s 21,700 19,000
lbs)

Total ounces of gold sold (oz) 6,500 6,000
Total ounces of silver sold (oz) 80,600 64,000

Site cash costs per pound of copper 1.46 1.36
produced (net of precious metal
credits)
(US$)

Total cash costs per pound of copper 1.90 1.86
sold (net of precious metal
credits)
(US$)


Realized Copper Price (US$) 3.17 2.65

During the quarter, the Company completed a total of four shipments of copper concentrate containing approximately 21.7 million pounds of copper, 6,500 ounces of gold, and 80,600 ounces of silver which generated $78 million in revenue net of treatment and refining charges and pricing adjustments, a 5 % increase over Q1 2017. Site cash costs were US$1.46 per pound of copper produced and total cash costs were US$1.90 per pound sold, net of precious metal credits for the three months ended March 31, 2018; compared to site cash costs of US$1.36 per pound of copper produced and total cash costs of US$1.86 per pound of copper sold, net of precious metal credits for the three months ended March 31, 2017.

Mining activities were mainly focused in the Pit #2, Saddle and Oriole Pit areas for the first quarter of 2018. During the quarter a total of 16.6 million tonnes of material was mined, including 6.5 million tonnes of ore and 10.1 million tonnes of waste for a strip ratio of 1.54:1. During the quarter the mine experienced abnormally high snow fall causing some challenges in the pit and a minor disruption in power supply. During the quarter mining rates of 184,300 tonnes per day moved were achieved.

During the quarter the mill processed a total of 3.5 million tonnes of ore grading 0.33% copper to produce 19.9 million pounds of copper, 6,070 ounces of gold, and 77,900 ounces of silver. Mill head grade was above guidance for the quarter, while copper recoveries were above the plan at 79%. Mill operating time during the quarter averaged 93% and the mill achieved an average throughput rate of 38,800 tpd during the quarter.

The Company currently has 435 operating employees engaged at the mine site.

The following table sets out the major operating parameters for the mine for the three months ended March 31, 2018:

Mine Production Information Three months
ended

March 31,
Copper Mountain Mine (100% 2018 2017
Basis)


Mine:
Total tonnes mined (000s Exc16,584 17,962
ludes ore re-handle from
stockpile

)
Ore tonnes mined (000s) 6,518 5,698
Waste tonnes (000s) 10,066 12,264
Stripping ratio 1.54 2.16

Mill:
Tonnes milled (000s) 3,492 3,361
Feed Grade (Cu%) 0.33 0.31
Recovery (%) 78.7 78.9
Operating time (%) 92.5 91.8
Tonnes milled (TPD Tonnes 38,800 37,350
per

day
)

Production:
Copper production (000s lbs)19,900 18,100
Gold production (oz) 6,070 5,900
Silver production (oz) 77,900 64,300

Site cash costs per pound of 1.46 1.36
copper produced (net of
precious metal credits)
(US$)

Total cash costs per pound of 1.90 1.86
copper sold (net of precious
metal credits)
(US$)

Exploration Update:

During the quarter exploration work consisted of continuous near mine compilation work as well as developing localized exploration drill programs to implement this summer to optimize long term mine planning.

The Company completed the acquisition of Altona Mining Limited on April 18, 2018. With the acquisition the Company holds minerals tenures over approximately 4,000km2 along the Rose Bee fault complex spanning 250 km that is a dominate land position in the Eastern Mt. Isa Inlier area. The Company is planning to follow up on some of the successful drilling from Altonas 2017 drilling program on the Companion, Veiled and Quamby prospects. These prospects add to an emerging cluster of copper-gold discoveries south of the proposed Eva Copper Project.


Listed below is a summarized balance sheet and income statement as well as details for our conference call schedule:

Summarized Balance Sheet

DecemberDecember
31,
31,
2017
$ 2016
$
Assets
Cash 42,568 45,133
Accounts Receivable and 36,194 29,314
prepaids

Inventory 65,404 68,135
Property, plant and 400,989 414,041
equipment


Other Assets 122,873 111,326
668,028 667,949
Liabilities
Current liabilities 88,056 92,056
Amounts payable to related 59,349 43,633
parties

Provisions 6,493 6,521
Interest rate swap liability 1,623 2,081
Long-term debt 253,080 258,373
408,601 402,664
Equity
Share capital 195,758 195,670
Contributed surplus 16,244 15,724
Deficit (30,944)(25,693)
Non-controlling interest 78,369 79,584
Total equity 259,427 265,285
668,028 667,949

Summarized Income Statement

(In thousands of Canadian dollars, other Three months ended
than per share and per pound March 31,
amounts)

2017 2017
$ $
Revenues 77,946 74,096
Cost of sales Cost of sales consists of (71,634) (62,885)
direct mining and milling costs (which
include

mine site employee compensation and benefits,
mine site general and administrative costs,
non-capitalized stripping costs,
maintenance and repair costs, operating
supplies and external services),
depreciation and offsite
transportation
costs.

Gross profit 6,312 11,211

Other income and expenses
General and administration (2,474) (2,682)
Exploration and evaluation - (35)
Share based compensation (506) (523)
Operating income 3,332 7,971

Pricing adjustments on concentrate and metal 9,765 (3,976)
sales

Finance income 136 145
Finance expense (3,514) (3,437)
Current resource tax expense (345) (375)
Deferred income and resource tax expense 1,228 -
Adjusted earnings Adjusted earnings (loss) 10,602 328
is a non-GAAP financial measure which

excludes unrealized gains/losses on
derivative instruments, changes in
fair
value of financial instruments, foreign
currency
gains/losses
, pricing adjustments related to metal sales
and non-recurring
transactions
.


Pricing adjustments on concentrate and metal (9,765) 3,976
sales

Unrealized loss on interest rate swap 773 (358)
Unrealized gain on foreign exchange (8,076) 3,171
Net income and comprehensive income for the (6,466) 7,117
period


Net income and comprehensive income
attributable
to:

Shareholders of the company (5,251) 4,723
Non-controlling interest (1,215) 2,394
(6,466) 7,117

Earnings per share ($0.04) $0.04
Adjusted earnings per share $0.08 $0.00
The full set of financial statements and accompanying MD&A are posted on Sedar.com.


About Copper Mountain Mining Corporation:
Copper Mountains flagship asset is the Copper Mountain mine located in southern British Columbia near the town of Princeton. The Company has a strategic alliance with Mitsubishi Materials Corporation who owns 25% of the mine. The Copper Mountain mine has a large resource of copper that remains open laterally and at depth. This large exploration potential is being explored over the next few years in order to fully appreciate the propertys full development potential. Recently, Copper Mountains acquisition of Altona Mining Limited has been completed which brings with it approximately A$30M cash, the Cloncurry project with development-ready Eva Copper Project and an extensive exploration potential in the acquired ~ 4,000 square km (379,000 hectare) mineralized land package within the highly prospective Mt. Isa inlier area in Queensland, Australia.

Additional information is available on the Companys web page at www.CuMtn.com.

A conference call and audio webcast will be held on Friday April 27, 2018 at 7:30 am (Pacific Daylight Time) for management to discuss the first quarter 2018 results. This discussion will be followed by a question-and-answer period with investors.

Live Dial-in information
Toronto and international: 647-427-7450
North America (toll-free): 1-888-231-8191
To participate in the webcast live via your computer go to:
: http://event.on24.com/r.htm?e=1396431&s=1&k=67F97D9094AA01C7BA6587307E6DA50A
Replay call information
Toronto and international: 416.849.0833, passcode 1590989
North America (toll-free): 1.855.859.2056, passcode 1590898

The conference call replay will be available from 10:30 am (PDT) on April 27, 2018, until 11:59 pm PST on May 14, 2018. Participant audio webcast will also be available on the Companys website at http://www.CuMtn.com

On behalf of the Board of

COPPER MOUNTAIN MINING CORPORATION

Rod Shier-

Rodney A. Shier, CPA,CA
Chief Financial Officer

For further information, please contact:
Dan Gibbons, Investor Relations at 604-682-2992 ext. 238 or e-mail: Dan(at)cumtn.com
Rod Shier, Chief Financial Officer at 604-682-2992 ext.222 or e-mail: Rod(at)CuMtn.com

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info(at)resource-capital.ch
www.resource-capital.ch

Copper Mountain Mining Corporation
Suite 1700, 700 West Pender Street
Vancouver, BC V6C 1G8
Telephone: (604) 682-2992
Facsimile: (604) 682-2993
Web Site: www.CuMtn.com
TSX: CMMC | ASX: C6C

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, forward-looking statements) within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as plans, expects, estimates, intends, anticipates, believes or variations of such words, or statements that certain actions, events or results may, could, would, might, occur or be achieved. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include the successful exploration of the Companys properties in Canada and Australia, the reliability of the historical data referenced in this press relase and risks set out in Copper Mountains public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although Copper Mountain believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by applicable law, Copper Mountain disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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Datum: 30.04.2018 - 07:01 Uhr
Sprache: Deutsch
News-ID 575009
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