Copper Mountain Mining Corporation (CPPMF) Q4 2022 Earnings Conference Call March 27, 2023 10:30 AM ET

Company Participants

Gilmour Clausen - President and Chief Executive Officer

Donald Strickland - Chief Operating Officer

Letitia Wong - Chief Financial Officer

Patrick Redmond - Senior Vice President, Exploration and Geoscience

Conference Call Participants

Orest Wowkodaw - Scotia Capital

Craig Hutchison - TD Securities

Stefan Ioannou - Cormark Securities

Alex Terentiew - Stifel Financial Corp.

Operator

Good morning, ladies and gentlemen. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Copper Mountain Mining Corporation Fourth Quarter and Full Year 2022 Earnings Conference Call. All lines have been placed on mute to avoid any background noise. After the speakers remarks there will be a question-and-answer session. [Operator Instructions]

Please note that comments made today that are not of historical factual nature may contain forward-looking statements. This information, by its nature, is subject to risks and uncertainties that may cause the stated outcome to differ materially from actual outcomes. Please refer to Slide 2 of today's presentation and Copper Mountain's fourth quarter and full year 2022 Management's Discussion and Analysis for more information.

I will now turn over the call to Gil Clausen, President and CEO of Copper Mountain. Please go ahead, sir.

Gilmour Clausen

Thank you, Operator. Good morning, everyone, and thanks for joining us. Starting on Slide 3. Presenting with me today are Don Strickland, our Chief Operating Officer; Letitia Wong, our Chief Financial Officer; and Patrick Redmond, our Senior Vice President of Exploration and Geoscience.

I will begin the call with an overview of our fourth quarter results and a summary of the key objectives that were attained last year. Don will follow presenting our operating results and our '22 ESG achievements and Letitia will provide our financial update and present our newly issued 2023 guidance. Finally Patrick will conclude with an update on our exploration program.

Now turning to Slide 4, and our fourth quarter and full year results. As you all know, last year was an especially challenging year for our company as we faced numerous operational setbacks. From the start of the year the mill was running at reduced rates from damage to the secondary crusher main shaft , then we encountered more oxidized ore in the North Pit than anticipated. We had worn eccentric bushing in our primary crusher and grinding ball breakage issues and general quality problems with the supplier of grinding balls last summer. On top of which, the year culminated with a ransomware attack in late December.