Copper Mountain Mining : Announces Continued Positive Drill Results a

Copper Mountain Announces Continued Positive Drill Results at New Ingerbelle,

Extends Mineralization to the West

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onlyVancouver, British Columbia -January20, 2022 - Copper Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the "Company" or "Copper Mountain") is pleased to announce positive results from an additional 10 diamond drill holes, totalling 4,178 metres, as part of the ongoing exploration program at the New Ingerbelle copper-gold open

usepit ("New Ingerbelle"). The drill program continues to intersect significant widths of high-grade mineralization below, and adjacent to, the current reserve pit. New Ingerbelle is situated one kilometre from the Copper Mountain Mine main pit. The Copper Mountain Mine is in southern British Columbia, near the town of Princeton.

The location of the 10 drill holes is shown on a map and a longitudinal section of the deposit in Figures 1 and 2. A complete drill hole summary is provided in Table 1. Figures 3 and 4 show the location of all drill holes in the current New Ingerbelle drill program.

personal"Drilling at New Ingerbelle continues to expand the size of the deposit" commented Gil Clausen, Copper Mountain's President and CEO. "The ongoing drill program has extended the New Ingerbelle mineralization at depth as well as

along strike and the deposit remains open in a number of directions. Based on the positive drilling results from the current program, we expect to substantially increase the Mineral Reserve and Mineral Resource estimate at our Copper Mountain Mine. We plan on announcing an updated Mineral Reserve and Mineral Resource estimate, which will include all drill results from this ongoing drill program along with a new life of mine plan based on a mine/mill expansion by mid-2022. We believe this new plan will demonstrate the scale potential of the Copper Mountain Mine."

Drill Program

The ten drill holes are in the central and western parts of the deposit and have been successful to date in testing the extent and continuity of mineralization at depth and westward below an interpreted, ore-bounding thrust fault. Mineralization remains open below the thrust fault and further drilling will be required to determine the western extent of the deposit.

Mineralization at New Ingerbelle consists of disseminated and fracture-controlled sulphide mineralization and Forexhibits a strong continuity over hundreds of metres of vertical extent. Geology, alteration intensity and

copper/gold ratios appear to be relatively consistent over the vertical extent of the mineralization.

The Company is continuing to drill at New Ingerbelle, with two diamond drills on site. The current program consists of approximately 27,000 metres of diamond drilling and is expected to be completed in the first quarter of 2022. The Company plans to incorporate the results of the 2021-2022 drill program into an updated Mineral Reserves and Mineral Resources estimate, which will in turn support a new "Life of Mine Plan" which is expected to be published in mid-2022.

700 West Pender St., Suite 1700 | Vancouver, BC V6C 1G8 | T: [phone]

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onlyNew Ingerbelle is a past producing open pit that was discovered and developed in the late 1960s with mining taking place between 1972 and 1980. Copper Mountain started exploration drilling at New Ingerbelle in 2017. New Ingerbelle's current Mineral Reserve estimate as of January 1, 2021, is 191 million tonnes grading 0.24% Cu, 0.15 g/t Au and 0.48 g/t Ag, containing 1.0 billion lb Cu, 916k oz Au and 2.9 million oz Ag (as disclosed in Copper Mountain's Annual Information Form dated March 29, 2021, available on SEDAR).

Figure 1: Plan View (Drill Hole Location Map)

For usepersonal

700 West Pender St., Suite 1700 | Vancouver, BC V6C 1G8 | T: [phone]

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onlyFigure 2 Longitudinal Section

For usepersonal

700 West Pender St., Suite 1700 | Vancouver, BC V6C 1G8 | T: [phone]

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onlyFigure 3: Plan View of 2021-2022Drill Program Holes

usepersonalNotes:

1. Planned hole locations may change depending on results and operational constraints. For

700 West Pender St., Suite 1700 | Vancouver, BC V6C 1G8 | T: [phone]

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onlyFigure 4: Longitudinal Section of 2021-2022Drill Program Holes

usepersonalNotes:

1. Planned hole locations may change depending on results and operational constraints. For

700 West Pender St., Suite 1700 | Vancouver, BC V6C 1G8 | T: [phone]

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