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TSX : CMMC | ASX : C6C HIGHLIGHTS Copper Mountain Mining Announces Q2 2021 Financial Results , Achieves Record Operating Cash Flow and Increases Production Guidance ● Vancouver , British Columbia - July 26 , 2021 - Copper Mountain Mining Corporation ( TSX : CMMC | ASX : C6C ) ( the " Company " or " Copper Mountain " ) announces strong second quarter 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 . ● COPPER MOUNTAIN ● ● MINING CORPORATION ● CuMtn.com The Company achieved strong production in the second quarter of 2021 of 29.6 million pounds of copper equivalent ( comprised of 25.5 million pounds of copper , 7,627 ounces of gold , and 147,973 ounces of silver ) . C1 cash cost ( 1 ) per pound of copper produced in the second quarter of 2021 was US $ 1.38 , all - in sustaining cost ( AISC ) ( 1 ) per pound of copper was US $ 1.83 , and all - in cost ( AIC ) ( ¹ ) per pound of copper was US $ 2.06 . Revenue for the second quarter of 2021 was $ 142.1 million from the sale of 21.7 million pounds of copper , 6,545 ounces of gold , and 121,291 ounces of silver , net of pricing adjustments . Gross profit for the second quarter of 2021 was $ 85.8 million and net income was $ 38.7 million , or $ 0.12 on a per - share basis . Cash flow from operations for the second quarter of 2021 was $ 94.6 million , or $ 0.45 ( ¹ ) on a per share basis . During the second quarter of 2021 , the Company closed a US $ 250 million senior secured bond issuance to refinance existing debt enabling the Company to access 100 % of cash flow from the mine . Cash and cash equivalents at the end of the second quarter of 2021 were $ 144.5 million - plus restricted cash of $ 46.7 million . The Company increased 2021 production guidance range to 90 to 100 million pounds of copper . ( 1 ) The Company reports the non - GAAP financial measures of C1 cash costs , AISC and AIC per pound of copper and cash flow per share to manage and evaluate its operating performance . See " Cautionary Note Regarding Non - GAAP Performance Measures " . " We posted yet another strong production quarter contributing to record operating cash flow , " commented Gil Clausen , Copper Mountain's President and CEO . " As a result of the production achieved to date , we are increasing our production guidance range for 2021 to 90 to 100 million pounds of copper . As previously guided , we expect grades to moderate for the remainder of the year as we mine proportionally more lower grade Phase 2 ore in the second half of the year , especially in Q4 as we commission and ramp up production from Ball Mill 3. " Mr. Clausen continued , " The second quarter was transformational as we completed a US $ 250 million bond financing which has allowed us to restructure our balance sheet so that we can access 100 % of excess cash to fund our organic growth plans . We continued to experience high copper prices and generated healthy cash flow building upon our solid cash position . Our Net Debt to last twelve - month EBITDA ( ¹ ) reduced to 0.7 , demonstrating a strong balance 700 West Pender St. , Suite 1700 | Vancouver , BC V6C 1G8 | T : ( 604 ) 682-2992 1