TSX: CMMC | ASX: C6C

Q4 2019 Financial & Operating Results Conference CallFebruary 18, 2020

Forward Looking InformationThis presentation contains certain statements that may be deemed "forward-looking statements." All statements in this presentation, other than statements of historical fact, that address

exploration drilling, exploitation activities, and events or developments that the Company expects to occur, are forward-looking statements. Future estimates regarding production, capital

and operating costs are based on NI 43-101 Technical Reports and on mine plans and production schedules, which have been developed by the Company's personnel and independent

consultants. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes",

"intends", "estimates", "projects", "potential", "targets" and similar expressions, or that events or conditions "will", ''would'', "may”, "could", or "should" occur. Information inferred from the

interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might

be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on

reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that

could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to: general business, economic, competitive, political and social

uncertainties; the limited operating history of the Company; actual results of reclamation activities; conclusions of economic evaluations; fluctuations in the value of the Canadian dollar

relative to the United States dollar; fluctuations in the value of the Australian dollar relative to the United States dollar; changes in project parameters as plans continue to be refined;

failure of equipment or process to operate as anticipated; changes in labor costs and other costs and availability of equipment or processes to operate as anticipated; accidents, labor

disputes and other risks of the mining industry, including but not limited to environmental hazards, cave-ins, pit-wall failures, flooding, rock bursts and other acts of God or unfavorable

operating conditions and losses, detrimental events that interfere with transportation of concentrate or the smelters ability to accept concentrate, including declaration of Force Majeure

events, insurrection or war; delays in obtaining governmental approvals or revocation of governmental approvals; title risks and Aboriginal land claims; delays or unavailability in financing or

in the completion of development or construction activities; failure to comply with restrictions and covenants in senior loan agreements, actual results of current exploration activities;

volatility in Company's publicly traded securities; and the factors discussed in the section entitled "Risk Factors" in the Company's annual information form and in the Company's continuous

disclosure filings available under its profile on SEDAR at www.sedar.com. Investors are cautioned that any such statements are not guarantees of future performance and actual results or

developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the

Company's management on the date the statements are made. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to

update any forward-looking statements, except in accordance with applicable securities laws.

Cautionary Note to Investors Concerning Estimates of Measured and Indicated Resources. This discussion uses the terms "measured resources" and "indicated resources". The Company

advises investors that while those terms are recognized and required by Canadian regulations, the US Securities and Exchange Commission does not recognize them. Investors are

cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves."

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Speakers

Gil Clausen President and CEO

Rod ShierChief Financial Officer

Don StricklandChief Operating Officer

Highlights

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2019 Highlights

Production of 87 million pounds of copper equivalent

72 million pounds of copper

26,746 ounces of gold

271,835 ounces of silver.

Cash costs of

C1 cash cost of US$1.92 per lb

All-in sustaining cost (AISC) of US$2.06 per lb

All-in cost (AIC) of US$2.44 per lb.

Revenue of $288 million.

Cash flow from operations of $51 million.

Cash equivalents of $32.1 million.

Improved working capital by $101 million with the extension of Mitsubishi’s related party short term notes to long term debt.

Copper Production Guidance (Mlbs)

Cost Guidance (US$/lb of copper)

2019A 2020E

C1 cash costs (US$/lb) $1.92 $1.30 to $1.45

AISC (US$/lb) $2.06 $1.40 to $1.60

AIC costs (US$/lb) $2.44 $1.95 to $2.20

Operational Highlights

Don Strickland, Chief Operating Officer

Q4 and 2019 Mining Activities

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CANADA Mined 14.6M tonnes in Q4 and 62.1M tonnes in 2019

o 3.9M tonnes of ore and 10.7M tonnes of waste in Q4

o 12.5M tonnes of ore and 49.6M tonnes of waste in 2019

Significantly reduced strip ratio in Q4 as Copper Mountain

transitions to higher grade ore (to continue in 2020 and

2021, primarily from south side of the Main Pit.)

Haul Truck Trolley Assist Trial

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Reduction of greenhouse gas emissions

Reduction of fuel costs

Increased Haul Truck speed/productivity

New Ingerbelle

Q4 and 2019 Processing Metrics

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Q4 2019 2019

Tonnes milled (000’s) 3,733 14,643

Tonnes milled (TPD) 40,576 40,118

Feed grade (Cu %) 0.31% 0.29%

Recovery (%) 73.0% 77.8%

Operating time (%) 93.1% 93.2%

38.9 38.6 39.8 40.1

0

5

10

15

20

25

30

35

40

45

2016 2017 2018 2019

Average Daily Tonnes Milled (000)

Consistent Performance

Mineralogy

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Project Update

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45,000 tpd mill expansion

Ball Mill 3 installation and commissioning on track for Q4 2020

Blue = Required for 45ktpd Mill Expansion

ESG Focus

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Committed to achieving Mining Association of Canada (MAC) Towards Sustainable Mining (TSM) standard

Confirming “AA” Tailings Management Rating in early 2020

Target to achieve a “AA” or “A” Rating on all other TSM Protocols over 2020-2021

Progressive Reclamation

Focus on Reducing Greenhouse Gas Emissions –Trolley Assist Trial

Strong Community Commitment

Successful Reclamation of Waste Dumps at Copper Mountain Mine

Financial HighlightsRod Shier, Chief Financial Officer

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Q4 and FY 2019 Financial Results

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All $ in Canadian Dollars Q4 2019 Q4 2018 2019 2018

Sales:

Copper (klbs) 17,598 19,431 71,898 79,195

Gold (oz) 6,008 7,475 26,478 26,799

Silver (oz) 76,847 69,761 254,541 284,086

Realized Metal Prices

Copper (per lb) $2.67 $2.81 $2.73 $2.98

Gold (per oz) $1,481 $1,229 $1,381 $1,273

Silver (per oz) $17.11 $14.48 $16.19 $15.58

Revenue $73.7M $73.1M $288M $296M

Cost of Sales $72.1M $65.3M $263M $270M

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All $ in Canadian Dollars Q4 2019 Q4 2018 2019 2018

Gross Profit $1.6M $7.9M $25.1M $25.3M

Net (Loss) $(35.7)M $(19.0)M $(25.9)M $(26.9)M

Loss per Share $(0.14) $(0.09) $(0.12) $(0.13)

Adjusted Net Earnings/(Loss) (1) $1.3M $(1.4)M $0.8M $3.4M

Adjusted Earnings (Loss) per Share $0.01 $(0.01) $0.00 $0.02

EBITDA(1) $(35.3)M $(0.2)M $3.6M $40.7M

Adjusted EBITDA(1) $1.7M $17.3M $30.4M $70.8M

Cash flow from operations $4.3M $28.8M $51.2M $51.3

Cash and cash equivalents $32.1M $46.1M

1. Non-GAAP performance measure. See CMMC’s Q4 2019 MD&A for details.

Q4 and FY 2019 Financial Results

Subsequent to year end, Working Capital Improved by $101M with Extension of Mitsubishi Related Party Short-term Notes to Long-term Debt

Looking ForwardGil Clausen, Chief Executive Officer

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Growth Catalysts

Eva Copper Bankable Feasibility Study Q1 2020

Commissioning of DFRs at Copper Mountain Mine (CMM) Mid-2020

Commissioning of Third Ball Mill at CMM Q4 2020

Updated Mineral Reserve and Mineral Resource for CMM Q4 2020

Pre-feasibility Study on 60-70ktpd Mill Expansion at CMM Q4 2020

TSX: CMMC | ASX: C6C

Copper Mountain Mining Corporation

1700-700 Pender Street

Vancouver, B.C.

Investor Relations

Letitia WongVice President, Corporate Development & Investor Relations

T: (604) 682-2992 Ext 226E: Letitia.Wong@CuMtn.com