NI 43-101 TECHNICAL REPORT FOR THE EVA COPPER PROJECT—FEASIBILITY STUDY UPDATE NORTH WEST QUEENSLAND, AUSTRALIA EFFECTIVE DATE: January 31, 2020 REPORT DATE: May 7, 2020 QUALIFIED AUTHORS: Paul Staples, VP and Global Practice Lead, Ausenco Alistair Kent, Senior Project Manager, Merit David Johns, Senior Geotechnical Engineer, KCB Peter Holbek, VP Exploration, CMMC Stuart Collins, Independent Mining Consultant, SECEC Mike Westendorf, Director Metallurgy, CMMC Roland Bartsch, VP and Country Manager, Australia, CMMPL Richard Klue, VP Technical Services, CMMC COPPER MOUNTAIN MINING CORPORATION NI 43-101 TECHNICAL REPORT FOR THE EVA COPPER PROJECT FEASIBILITY STUDY UPDATE NORTH WEST QUEENSLAND, AUSTRALIA Table of Contents 1 EXECUTIVE SUMMARY ............................................................................................................. 1-1 1.1 Key Facts ........................................................................................................................... 1-1 1.2 Project Overview ................................................................................................................ 1-3 1.3 Reliance on Other Experts ................................................................................................. 1-4 1.4 Property Description and Location ..................................................................................... 1-5 1.5 Accessibility, Climate, Local Resources, Infrastructure, and Physiography ...................... 1-6 1.6 History ................................................................................................................................ 1-7 1.7 Geological Setting and Mineralization ................................................................................ 1-8 1.8 Drilling ................................................................................................................................ 1-9 1.9 Exploration ......................................................................................................................... 1-9 1.10 Deposit Types .................................................................................................................. 1-10 1.11 Sample Preparation, Analyses, and Security ................................................................... 1-10 1.12 Data Verification ............................................................................................................... 1-11 1.13 Metallurgical Testwork and Process Design .................................................................... 1-11 1.13.1 Highlights of Selected Test Results ................................................................. 1-12 1.13.2 Comminution .................................................................................................... 1-12 1.13.3 Gravity and Flotation Recovery ........................................................................ 1-13 1.13.4 Concentrate Characterization .......................................................................... 1-13 1.13.5 Tailings Handling.............................................................................................. 1-13 1.14 Mineral Resources Estimate ............................................................................................ 1-14 1.14.1 Eva Copper Project Resources ........................................................................ 1-14 1.14.2 Other Deposits Historical Resources ............................................................... 1-16 1.15 Mineral Reserve Estimate ................................................................................................ 1-16 1.16 Mining Method .................................................................................................................. 1-18 1.16.1 Life-of-Mine and Process Production Schedules ............................................. 1-20 1.17 Recovery Methods ........................................................................................................... 1-24 1.17.1 Process Design Description ............................................................................. 1-24 1.18 Project Infrastructure ........................................................................................................ 1-28 1.18.1 Summary .......................................................................................................... 1-28 1.18.2 Power Supply ................................................................................................... 1-29 1.18.3 Water Supply and Treatment ........................................................................... 1-32 1.18.4 Tailings Management ....................................................................................... 1-33 1.18.5 Logistics ........................................................................................................... 1-33 1.19 Market Studies and Contracts .......................................................................................... 1-34 1.19.1 Concentrate Marketing ..................................................................................... 1-34 1.19.2 Copper Price Forecast ..................................................................................... 1-35 1.19.3 Smelter Charges .............................................................................................. 1-35 1.19.4 Precious Metal Prices ...................................................................................... 1-36 1.19.5 Concentrate Markets ........................................................................................ 1-36 1.19.6 Royalties .......................................................................................................... 1-36 1.20 Environment, Permitting, Social, or Community Impact .................................................. 1-37 1.21 Capital and Operating Costs ............................................................................................ 1-38 1.21.1 Capital Costs .................................................................................................... 1-38 1.21.2 Operating Costs ............................................................................................... 1-39 1.22 Economic Analysis ........................................................................................................... 1-39 Table of Contents May 7, 2020 TOC i COPPER MOUNTAIN MINING CORPORATION NI 43-101 TECHNICAL REPORT FOR THE EVA COPPER PROJECT FEASIBILITY STUDY UPDATE NORTH WEST QUEENSLAND, AUSTRALIA 1.23 Adjacent Properties .......................................................................................................... 1-42 1.24 Other Relevant Data and Information .............................................................................. 1-42 1.24.1 Project Execution Plan Outline ........................................................................ 1-42 1.24.2 Engineering, Procurement, and Construction Management ............................ 1-43 1.24.3 Project Execution Schedule ............................................................................. 1-44 1.25 Interpretation and Conclusions ........................................................................................ 1-44 1.25.1 Geology, Mineral Resources, and Mineral Reserves ...................................... 1-45 1.25.2 Mining ............................................................................................................... 1-45 1.25.3 Metallurgical Testwork and Mineral Processing .............................................. 1-45 1.25.4 Process Plant ................................................................................................... 1-46 1.25.5 Infrastructure .................................................................................................... 1-46 1.25.6 Environmental, Permitting, and Social Considerations .................................... 1-46 1.25.7 Capital and Operating Costs ............................................................................ 1-47 1.25.8 Economics ........................................................................................................ 1-47 1.26 Recommendations ........................................................................................................... 1-47 1.26.1 Mineral Resources and Mineral Reserves ....................................................... 1-47 1.26.2 Infrastructure, Process, and Plant.................................................................... 1-48 1.26.3 Project Environmental Authority (EA EPML00899613) ................................... 1-48 2 INTRODUCTION .......................................................................................................................... 2-1 2.1 Copper Mountain Mining Corporation ................................................................................ 2-2 2.2 Terms of Reference and Purpose ...................................................................................... 2-3 2.3 Report Section Responsibilities ......................................................................................... 2-3 2.4 Sources of Information and Data ....................................................................................... 2-4 2.5 Personal Inspection ............................................................................................................ 2-4 2.6 Effective Date ....................................................................................................................