Flin Flon ― I have always loved the name of this rather important mining town in NW Manitoba. Most of our readership will be famil-iar with the name because many of you are resource investors. But did you know that the name Flin Flon came from a fictitious character named Josiah Flintabattey Flonatin in the novel The Sunless City?

Flin Flon started mining in the 1910s and is now Manitoba’s sixth largest city. Built on rock known as the Precambrian Shield, the city sits proudly on the Manitoba-Saskatchewan border some 800km north of Winnipeg, Manitoba. Not only is Manitoba the most pro-lific Volcanogenic Massive Sulphide (“VMS”) mining jurisdiction in Canada, it is also ranked #4 in the world by the 2015 Fraser Institute Study for exploration and mining. Manitoba is blessed with some of the highest grade copper dominant, VMS deposits on earth. Clusters of VMS deposits rich in copper, gold, zinc and silver occur within the Flin Flon-Snow Lake Mining Belt which covers +45,000 square kilometers and Rockcliff Copper Corporation (RCU.V) con-trols four of the highest grade unmined VMS deposits in the camp.

Rockcliff stands out amongst its peers for several reasons. Their high grade Tower Deposit was sold to a private mining compa-ny for cash and a royalty. Commercial production is planned in 2018 which will generate an estimated risk free royalty cash flow estimated at $1.0M annually from the deposit’s present minimum 6 year mine life. So they certainly have demonstrated they can identify long term, mineable, cash flow positive deposits and with approximately $1.8M in its treasury they are well positioned for continued exploration. Another factor is the extraordinary high VMS metal grades in each deposit. As an example, the Talbot De-posit is the highest grade unmined deposit in the camp grading almost 6% Cueq. What got my attention though are the rare high gold grades of the deposit which makes this deposit very unique. While copper will always be in demand, it has yet to attract major attention especially with 51% of the world’s copper mines losing money at $2.00 copper and countries subsidizing producers so that they do not close down their mines. However, copper fun-damentals remain strong with global consumption growing and a copper shortage predicted in 2018. The time is now to explore

eNewsletter

CHF SpotlightMay Issue | 2016

High Grade is King & Copper Reigns

100 years of Mining: 30 Mines,90 VMS deposits

The World Class Flin Flon-Snow Lake Mining Camp

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and discover high grade deposits in the best VMS camp in the world. And under Ken Lapierre’s leadership Rockcliff will undoubt-edly discover more high grade VMS deposits, providing exciting opportunities for its shareholders, of which I am one. They’ve done it before and they’re doing it again!

The Company’s current focus is their Talbot Deposit which has a NI43-101 compliant resource of over 2.1Mt grading 5.7% Cueq. The deposit enjoys rare, higher combined grades and is open in all directions making it very prospective for growth, discovery and future exploitation. Ken also has his sights on other proper-ties controlled by Rockcliff in the camp that show great promise, hosts additional high grade unmined VMS deposits that have exceptional growth potential and high priority untested geo-physical VMS anomalies waiting for discovery. Ken is preparing for a busy and exciting summer and fall program that will involve ground geophysics, geological ground proofing of anomalies and mapping and sampling in preparation for a 7,500m drill program which should add significantly to Rockcliff’s existing re-source compliant base.

Noteworthy is the track record of the Rockcliff manage-ment team. There are few teams that have contributed to so many take-overs since the 1980’s as this team. (See chart below)

Lately, copper has been called the new “Green Metal” as more and more copper is re-quired for present and future “Green Technology”. Anything re-quiring electricity; solar, wind, hybrid vehicles, computers, virtually anything built that requires conductivity, requires lots of copper. As a result, we can expect the world class Flin Flon-Snow Lake mining camp and high grade deposits like the ones controlled by Rock-cliff, a logical place to explore and mine if grade, jurisdiction and infrastructure are factors to consider.

www.rockcliffcoppercorp.com TSX.V: RCU

Project Involvement Production Acquired By

Hemlo Area Corona Gold Mine – Au Golden Giant – Au

TeckNoranda → Hemlo Gold Mines

Timmins Area Bell Creek Mine – AuDavidson Tisdale Mine – Au

Redstone Nickel Mine – Ni

Thunder Creek Mine – Au

Rosario → Goldcorp → Lakeshore → TahoeDT Mines → Getty Mines → Lexam VG

Timmins Nickel → Blackhawk Mining → Liberty → North Sun

Band Ore → West Timmins → Lakeshore → Tahoe

Raglan, Quebec Quebec’s Newest Mine – Ni, PGE J&J Group

Project Involvement Resource Acquired By

Timmins Area Vogel Deposit – Au Fuller Deposit – Au McWaters, Hart, Groves – Ni

Blackhawk → Lakeshore → Tahoe Vedron Gold → Lexum VG Timmins Nickel → Liberty → North Sun

Ontario, Swayze Belt Rundle Deposit – Au Claude Rundle Gold Mine

Michigan, USA Back Forty Deposit – Zn, Cu, Au, Ag JML → Acquila Resources

Manitoba, Bird River Mayville Deposit – Cu, Ni Mustang Minerals

MANAGEMENT: Proven Track Record of Discoveries, Resources and Producing Mines: +US$20 Billion Metal Value

Short term pain... longer term gain By. Harvey Morrison, Portfolio Manager, Investment Advisor

Mackie Research Capital Corporation E: hmorrison@mackieresearch.com, T: 416-860-8644

Archaeologists have evidence that copper was one of the first metals used by humans dating back at least 10,000 years ago. The metal was used in items such as coins and ornaments in Southwest Asia. At a much later period around 2,500 BC, copper was alloyed with tin to produce bronze. This led to the Bronze Age.

Copper is a very versatile metal. Some of the properties that make copper a material of choice in industry, construction and manufac-turing is its ductility and malleability. The metal is an excellent con-ductor of heat and electricity as well as being corrosion resistant and has antimicrobial properties. Copper is the only metal that can be recycled continuously over and over again without losing any of its chemical or physical properties. It is one of the most recycled metals in use today and it has no viable replacement.

Refined copper usage has increased from 500,000 tonnes in 1900 to over 22 million tonnes in 2014, a compounded growth rate of 3.4% per year for the period 1900-2014.1

Copper production has steadily increased over the past 50 years to meet demand with an increasing amount of supply coming from recycled (secondary) copper as well as production from the solvent extraction and electrowining (SX-EW) process which now makes up 20% of supply from a negligible amount in the mid-1980’s.

Despite the steady increase in copper usage over the past 50 years, real prices (adjusted for inflation) for copper have fallen from the early 1960’s through the early 2000’s. It has only been in the past ten years that copper prices have had a sustained rally

in real terms. This rally has taken inflation adjusted prices back to the early 1960’s levels.

Current Demand/Supply Situation Demand: Economic growth around the world is expected to re-main sluggish for 2016 with the IMF forecasting 3.4% growth for this year which is up from an estimated 3.1% for 2015 and not much different than the growth rates of 2012 – 2014.

The copper market appears to be in balance. Minor increases are expected in both refined copper supply and global demand through 2017. After a small deficit in 2015, another small deficit is forecast for 2016 followed by a small surplus in 2017.

It is the economic growth in China that has the highest impact on copper today. China, which accounts for 45% of global demand, had a surprisingly large spurt of economic activity in the first quarter of 2016. This growth was largely a result of gov-ernment stimulus efforts that rivaled similar actions taken in 2009

www.rockcliffcoppercorp.com TSX.V: RCU

Source: ICSG

Meet the President, CEO and Director of RockcliffKenneth J. Lapierre, P.Geo., is a Professional Geologist and a member of the Association of Profes-sional Geoscientists of Ontario, who graduated from the University of Western Ontario in 1983. He was the founder, director and President & CEO of Rockcliff Resources Inc. since its inception in 2005 until its merger with Solvista Gold Corporation in 2015, and now Rockcliff Copper. Prior to that Mr. Lapierre held management positions as President & CEO of JML Resources (2001-2006) and Vice President of Explora-tion with Mustang Minerals Corp. (1996-2006), Findore Minerals Inc. (1987-1995) and Tyranex Gold Inc. (1986-1989). Mr. Lapierre has over 30 years’ experience in exploration, discovery, production and mining in base and precious metals across North and South America.

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www.rockcliffcoppercorp.com TSX.V: RCUduring the global financial crisis. The Chinese government stim-ulated their economy by increasing credit growth by a record 4.6 trillion yuan (US$712 billion) in the first quarter. As a result of their efforts, first quarter construction spending increased by 17%, and auto sales in March rose by 8.9%.2 This action helped demand. Reuters reported on April 28th 2016 that; “March im-ports of refined metal set an all-time record high of 458,000 tonnes. First quarter imports surged by 36 percent to 1.11 million tonnes, while net imports rose by 306,000 tonnes year-on-year to 1.07 million.” As this is debt-fueled growth, it remains to be seen if it is sustainable.

India is another major consumer of copper and will most likely have a large impact on copper demand in the future. Ac-cording to the EIA, India is expected to invest 1.25 trillion into its energy infrastructure by 2030 and that will require increasing amounts of copper as the country builds out its power grid and modernizes its energy infrastructure.

Looking at copper supply we see a market that is currently well supplied. However, grades have been declining for over the past two decades and are forecasted to decline well into the next decade.

Finding high quality resources will become harder in the future, especially deposits that are in politically stable jurisdictions with ample skilled labor, water and energy supply.

The copper market appears to have bottomed at the $2.00 per pound level in the first quarter of 2016. The demand/supply situation for copper seems to be back in equilibrium. China looks like it is taking steps to stimulate its economy. Increas-ing demand from India is expected through 2030 as they build

and modernize their energy infrastructure. Supply is abundant now but could become tight later in this decade. These factors among others may be offering investors a low risk entry point.

Mackie Research Disclaimer: The opinions, estimates and projections contained herein are those of the author alone as of the date hereof and are subject to change without notice and may not reflect those of Mackie Research Capital Corporation (”MRCC”). The information and opinions contained herein have been compiled and derived from sources believed to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness. Neither the author nor MRCC accepts liability whatsoever for any loss arising from any use of this article or its contents. Information may be available to MRCC which is not reflected herein. This article is not to be con-strued as an offer to sell or a solicitation for an offer to buy any securities. Member-Canadian Investor Protection Fund.

CHF Disclaimer: Statements that are forward-looking, including statements relating to the future growth of the company’s assets, dividends or expressions suggesting future outcomes or events are believed to be reasonable but, cannot be relied upon. Forward-looking statements and the use of words such as “expect to”, “will be”, are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. Such information contained herein represents CHF Investor Relations’ knowledge and best judgment as of the date hereof based on information currently available. CHF undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. The company does not intend to update this informa-tion. The Toronto Stock Exchange does not accept responsibility for the adequacy or reliability of information in this publication.

CHF Capital Markets recommends that individuals consult a registered financial advisor and carry out their own independent due diligence before making an investment in any publicly-traded company.

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1 International Copper Study Group; The World Copper Fact Book 2015

2 Bloomberg April 28, 2016

Source: Wood Mackenzie, Q4 2014

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