2/25/2023 0 Comments Copper mountain weather![]() In the second half of September, we advanced mining to consistently large zones of continuous higher-grade ore in Phase 4. Our higher-grade main pit Phase 4 ore release lagged due to spotty ore continuity in the upper benches of that pushback. We experienced a grade reduction as most of the ore processed in the third quarter came from the lower-grade North Pit as opposed to the planned Phase 4 of the main pit. Lower grade and lower mill throughput impacted our copper output. Gil Clausen, Copper Mountain's President and CEO commented, "Our third quarter clearly did not meet our expectations. See "Cautionary Note Regarding Non-GAAP Performance Measures" in this press release.īased on a C$1.30 to US$1.00 exchange rate and consensus metal prices for years 1, 2, 3 and long-term, respectively, of: US$3.73, US $3.86, US$3.94 and US$3.60 per pound copper US$1,796, US$1,762, US$1,749 and US$1,650 per ounce of gold and US$21.86, US$22.30, US$22.24 and US$21.35 per ounce of silver. The Company reports the non-GAAP financial measures of C1 cash cost, AISC, and AIC per pound of copper produced, adjusted net loss and cash flow from operating activities per share to manage and evaluate its operating performance. Clausen will remain as President and CEO until a successor is in place. The Company has engaged Korn Ferry to assist with the process, which will include a comprehensive global executive search. Clausen has been engaged with the Board for the past year on executive succession planning as he begins to prepare for his long-contemplated retirement. The Company is commencing a public succession planning process for its President and Chief Executive Officer, Gil Clausen.In early October, the expansion to the rougher flotation circuit was successfully commissioned, with all plant improvement and optimization projects planned at the mine now complete.Announced the appointment of Letitia Wong as the Company's Chief Financial Officer.On October 6, 2022, the Company announced an agreement to sell the Eva Copper Project and the Australian exploration tenements to Harmony Gold Mining Company Limited for gross proceeds of up to US$230 million, which includes upfront cash consideration of US$170 million.Released the Company's inaugural Environmental, Social and Governance Report.Announced a 57% increase in mineral reserves at the Copper Mountain Mine supporting a new life of mine plan with a mill expansion to 65,000 tonnes per day ("tpd"), producing a total of 4.1 billion pounds of copper equivalent over a mine life of 32 years, based on mineral reserves only, with robust economics including an after-tax net present value at an 8% discount rate of $1.24 billion (2).Cash, cash equivalents, and restricted cash at Septemwas $49.6 million.Cash flow from operating activities for Q3 2022 was negative $7.5 million, or $(0.04) per-share (1).All-in sustaining cost ("AISC") (1) per pound of copper produced in Q3 2022 was US$4.50 and all-in cost ("AIC") (1) per pound of copper produced was US$4.95.C1 cash cost (1) per pound of copper produced in Q3 2022 was US$3.70.Revenue for Q3 2022 was $58.3 million from the sale of 12.3 million pounds of copper, 4,902 ounces of gold, and 59,790 ounces of silver. ![]() Production in Q3 2022 was 16.5 million pounds of copper equivalent, including 13.2 million pounds of copper, 6,053 ounces of gold, and 64,331 ounces of silver. ![]()
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