10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ý	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2016
Or
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                                   to

Commission File Number: 001-33783

THOMPSON CREEK METALS COMPANY INC.

(Exact name of registrant as specified in its charter)

British Columbia, Canada (State or other jurisdiction of incorporation or organization)	98-0583591 (I.R.S. Employer Identification No.)
26 West Dry Creek Circle, Suite 810, Littleton, CO (Address of principal executive offices)	80120 (Zip code)
(303) 761-8801
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer ý Non-accelerated filer o (Do not check if a smaller reporting company) Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). Yes o    No ý

As of July 29, 2016, there were 222,782,042 shares of the registrant's common stock, no par value, outstanding.

Thompson Creek Metals Company Inc.

INDEX TO FORM 10-Q

	Page
PART I. Financial Information	3
Item 1. Financial Statements (unaudited)	3
Condensed Consolidated Balance Sheets	3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	4
Condensed Consolidated Statements of Cash Flows	5
Condensed Consolidated Statements of Shareholders' Equity	6
Notes to the Condensed Consolidated Financial Statements	7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3. Quantitative and Qualitative Disclosures about Market Risk	61
Item 4. Controls and Procedures	64
PART II. Other Information	65
Item 1. Legal Proceedings	65
Item 1A. Risk Factors	65
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	67
Item 3. Defaults Upon Senior Securities	67
Item 4. Mine Safety Disclosures	67
Item 5. Other Information	67
Item 6. Exhibits	68
Signatures	69

2

PART I — FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

THOMPSON CREEK METALS COMPANY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	June 30,			December 31,
(US dollars in millions, except share amounts)	2016			2015
ASSETS
Current assets
Cash and cash equivalents	$	119.7		$	176.8
Accounts receivable (Note 2)	76.0			52.7
Product inventory (Note 3)	56.3			55.8
Materials and supplies inventory	29.3			28.3
Prepaid expenses and other current assets	7.8			4.2
Income and mining taxes receivable	0.2			6.1
	289.3			323.9
Property, plant, equipment and development, net (Note 4)	1,952.9			1,856.2
Restricted cash	3.1			—
Reclamation deposits	10.1			10.1
Other assets	22.2			21.0
Deferred income tax assets (Note 14)	155.7			155.4
	$	2,433.3		$	2,366.6
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	79.5		$	72.0
Income, mining and other taxes payable	0.5			1.1
Current portion of Gold Stream deferred revenue (Note 9)	53.6			47.0
Current portion of long-term lease obligations (Note 7)	25.0			25.6
Other current liabilities	1.2			3.5
	159.8			149.2
Gold Stream deferred revenue (Note 9)	654.9			677.8
Long-term debt, net of unamortized debt issuance costs and discounts (Note 8)	824.2			821.8
Long-term lease obligations (Note 7)	15.3			27.4
Other liabilities (Note 10)	19.2			13.6
Asset retirement obligations	36.2			33.8
Deferred income tax liabilities (Note 14)	72.1			67.7
	1,781.7			1,791.3
Commitments and contingencies (Note 13)
Shareholders' equity
Common stock, no-par, 222,782,042 and 221,622,186 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively	1,198.5			1,196.4
Additional paid-in capital	82.9			82.5
Accumulated deficit	(374.6		)	(381.8		)
Accumulated other comprehensive loss	(255.2		)	(321.8		)
	651.6			575.3
	$	2,433.3		$	2,366.6

See accompanying notes to unaudited condensed consolidated financial statements.

3

THOMPSON CREEK METALS COMPANY INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE (LOSS) INCOME

(UNAUDITED)

	Three Months Ended June 30,						Six Months Ended June 30,
(US dollars in millions, except per share amounts)	2016			2015			2016			2015
REVENUES
Copper sales	$	37.6		$	49.3		$	65.7		$	81.5
Gold sales	64.6			56.3			109.9			92.3
Molybdenum sales	22.3			20.9			41.9			63.7
Tolling, calcining and other	4.2			7.6			8.6			19.6
Total revenues	128.7			134.1			226.1			257.1
COSTS AND EXPENSES
Cost of sales
Operating expenses	86.4			75.3			143.9			158.3
Depreciation, depletion and amortization	29.1			26.8			48.9			46.8
Total cost of sales	115.5			102.1			192.8			205.1
Selling and marketing	2.7			2.2			4.9			5.2
Strategic initiative related costs	4.9			—			8.3			—
Accretion expense	0.6			0.6			1.2			1.2
General and administrative	5.0			4.9			9.1			10.5
Exploration	1.4			0.1			1.4			0.1
Costs for idle mining operations	2.4			12.1			4.8			17.7
Total costs and expenses	132.5			122.0			222.5			239.8
OPERATING (LOSS) INCOME	(3.8		)	12.1			3.6			17.3
OTHER EXPENSE (INCOME)
Loss (gain) on foreign exchange	1.4			(16.9		)	(58.0		)	71.3
Interest and finance fees	20.5			22.3			41.6			44.9
Loss from debt extinguishment	—			3.1			—			2.8
Interest income	(0.1		)	—			(0.2		)	(0.1		)
Other	1.7			(1.8		)	4.9			(3.1		)
Total other expense (income)	23.5			6.7			(11.7		)	115.8
(Loss) income before income and mining taxes	(27.3		)	5.4			15.3			(98.5		)
Total income and mining tax expense (benefit)	0.6			5.1			8.1			(11.6		)
NET (LOSS) INCOME	$	(27.9	)	$	0.3		$	7.2		$	(86.9	)
COMPREHENSIVE (LOSS) INCOME
Foreign currency translation	(2.9		)	17.1			66.6			(79.4		)
Total other comprehensive (loss) income	(2.9		)	17.1			66.6			(79.4		)
Total comprehensive (loss) income	$	(30.8	)	$	17.4		$	73.8		$	(166.3	)
NET (LOSS) INCOME PER SHARE
Basic	$	(0.13	)	$	0.00		$	0.03		$	(0.40	)
Diluted	$	(0.13	)	$	0.00		$	0.03		$	(0.40	)
Weighted-average number of common shares
Basic	221.7			218.0			222.4			216.2
Diluted	221.7			218.1			222.4			216.2

See accompanying notes to unaudited condensed consolidated financial statements.

4

THOMPSON CREEK METALS COMPANY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended June 30,						Six Months Ended June 30,
(US dollars in millions)	2016			2015			2016			2015
OPERATING ACTIVITIES
Net (loss) income	$	(27.9	)	$	0.3		$	7.2		$	(86.9	)
Adjustments to reconcile net (loss) income
Depreciation, depletion and amortization	29.1			26.8			48.9			46.8
Deferred revenue related to Gold Stream Arrangement	(11.4		)	(10.0		)	(18.0		)	(16.4		)
Accretion expense	0.6			0.6			1.2			1.2
Amortization of finance fees	1.2			1.2			2.4			2.4
Stock-based compensation	1.2			1.8			2.5			3.1
Product inventory write downs	(0.1		)	1.8			0.6			7.0
Deferred income tax expense (benefit)	0.2			5.0			8.2			(10.1		)
Unrealized loss (gain) on financial instruments and mark-to-market adjustments	1.2			(6.0		)	(9.5		)	—
Unrealized foreign exchange loss (gain)	4.2			(16.0		)	(55.6		)	70.6
Debt extinguishment loss	—			0.7			—			0.4
Changes in other long term liabilities	4.8			—			5.4			—
Gold Stream Arrangement net payable	5.5			5.8			15.6			0.3
Change in current assets and liabilities (Note 17)	(2.3		)	11.9			(18.3		)	0.2
Cash generated by (used in) operating activities	6.3			23.9			(9.4		)	18.6
INVESTING ACTIVITIES
Capital expenditures	(15.9		)	(9.7		)	(31.5		)	(22.9		)
Capitalized interest payments	(0.3		)	(0.3		)	(0.7		)	(1.0		)
Restricted cash	(3.1		)	0.1			(3.1		)	7.2
Proceeds from sale of assets	—			—			0.1			—
Cash used in investing activities	(19.3		)	(9.9		)	(35.2		)	(16.7		)
FINANCING ACTIVITIES
Equipment financings and repayments	(6.5		)	(6.1		)	(12.8		)	(12.6		)
Repayment of long-term debt	—			(1.0		)	—			(2.3		)
Senior note repurchases	—			(34.2		)	—			(41.0		)
Proceeds from issuance of common shares, net	—			0.2			0.1			0.5
Cash used in financing activities	(6.5		)	(41.1		)	(12.7		)	(55.4		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0.1			—			0.2			(1.0		)
DECREASE IN CASH AND CASH EQUIVALENTS	(19.4		)	(27.1		)	(57.1		)	(54.5		)
Cash and cash equivalents, beginning of period	139.1			238.2			176.8			265.6
Cash and cash equivalents, end of period	$	119.7		$	211.1		$	119.7		$	211.1
Supplementary cash flow information (Note 17)

See accompanying notes to unaudited condensed consolidated financial statements.

5

THOMPSON CREEK METALS COMPANY INC.

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY

(UNAUDITED)

	Common Stock			Additional Paid-in Capital			Accumulated Deficit			Accumulated Other Comprehensive Loss			Total
(US dollars in millions, share data in thousands)	Shares	Amount
Balances at December 31, 2015	221,622	$	1,196.4	$	82.5		$	(381.8	)	$	(321.8	)	$	575.3
Amortization of stock-based compensation	—	—		2.4			—			—			2.4
Shares issued under stock-based compensation	1,160	2.1		(2.0		)	—			—			0.1
Comprehensive income:
Net income	—	—		—			7.2			—			7.2
Foreign currency translation	—	—		—			—			66.6			66.6
Total comprehensive income													$	73.8
Balances at June 30, 2016	222,782	$	1,198.5	$	82.9		$	(374.6	)	$	(255.2	)	$	651.6

See accompanying notes to unaudited condensed consolidated financial statements.

6

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements - Unaudited

(US dollars in millions, except per share amounts)

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q. In compliance with those instructions, certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States ("US GAAP") have been condensed or omitted. This report should be read in conjunction with the Thompson Creek Metals Company Inc. ("TCM," the "Company," "we," "us" or "our") consolidated financial statements and notes contained in its Annual Report on Form 10-K for the year ended December 31, 2015 (the "2015 Form 10-K") filed with the Securities and Exchange Commission ("SEC"). The information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for any other quarter or for the year ending December 31, 2016.

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. TCM bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions.

The condensed consolidated financial statements include the accounts of TCM and its subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Financial amounts are presented in United States ("US") dollars unless otherwise stated. References to C$ are Canadian dollars.

The Copper-Gold operations consist of Mount Milligan Mine, a conventional truck-shovel open-pit copper and gold mine and concentrator in British Columbia. The US operations for molybdenum include the Thompson Creek Mine ("TC Mine") (mine and mill) in Idaho and the Langeloth Metallurgical Roasting Facility (the "Langeloth Facility") in Pennsylvania. The Canadian operations for molybdenum consist of a 75% joint venture interest in the Endako Molybdenum Mine Joint Venture ("Endako Mine") (mine, mill and roaster) in British Columbia. As previously disclosed in TCM's 2015 Form 10-K, due to continued weakness in the molybdenum market Endako Mine was placed on temporary suspension effective December 31, 2014 and subsequently placed on care and maintenance effective July 1, 2015. TC Mine was placed on care and maintenance in December 2014 after the processing of stockpiled ore from Phase 7 was completed. During the first seven months of 2015, TC Mine conducted limited stripping for the next phase of mining (“Phase 8”). As part of TCM's cost reduction measures, further stripping at TC Mine ceased effective August 6, 2015. As of January 2016, TCM is operating a commercial molybdenum beneficiation circuit at TC Mine to treat molybdenum concentrates to supplement the concentrate feed TCM sources directly for the Langeloth facility.

The costs related to the Endako Mine temporary suspension and care and maintenance and TC Mine care and

maintenance are reflected in costs for idle mining operations in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The costs related to the molybdenum beneficiation circuit are reflected in operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

TCM also has a 100% interest in a copper and molybdenum exploration property located in British Columbia (the “Berg property”) and a 0.51% net smelter return royalty and a 10.2% net profits interest in a zinc and lead exploration project located in Canada (the "Howards Pass property").

7

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

1. Basis of Presentation (Continued)

New Accounting Standards

In May 2014, the Financial Accounting Standards Board ("FASB") issued new accounting guidance on revenue recognition, which provides for a single five-step model to be applied to all revenue contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. In June 2015, the FASB agreed to defer by one year the mandatory effective date of this standard but will also provide entities the option to adopt the new guidance as of the original effective date. The provisions of the new guidance will be effective as of the beginning of our 2018 fiscal year but TCM has the option to adopt the guidance as early as the beginning of our 2017 fiscal year. TCM is evaluating the impact of the new guidance on our financial statements and have not yet selected either a transition approach to implement the standard or an adoption date.

In April and August 2015, the FASB issued Accounting Standard Updates ("ASUs") to simplify the presentation of debt issuance costs. These ASUs require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public entities, these ASUs are effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years. TCM adopted this ASU effective January 1, 2016. Upon adoption, TCM retrospectively adjusted its December 31, 2015 balance sheet by decreasing its other assets by $9.8 million and decreasing its long-term debt by $9.8 million.

In June 2014, the FASB issued an ASU to provide clarity on how to account for certain share-based payment awards where the terms of an award may provide that the performance target could be achieved regardless of whether the employee is rendering service on the date the performance target is achieved. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in estimating the grant-date fair value of the award. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The ASU is effective for fiscal years beginning after December 15, 2015. TCM adopted this ASU effective January 1, 2016, and it had no impact on its results of operations.

In January 2016, the FASB issued an ASU to amend certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This ASU eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, requires the use of an exit price notion when measuring the fair value of financial instruments for disclosure purposes and requires a separate presentation in other comprehensive income for the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk. The ASU is effective for fiscal years beginning after December 15, 2017. TCM is evaluating the impact of this ASU on our financial statements.

In March 2016, the FASB issued an ASU to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2016. TCM is evaluating the impact of this ASU on our financial statements.

8

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

2. Accounts Receivable

Accounts receivable are carried at their estimated collectible amounts and were comprised of the following:

	June 30, 2016		December 31, 2015
Receivables
Trade receivables	$	64.7	$	52.8
Mark-to-market adjustments on trade receivables relating to provisional invoices for Mount Milligan Mine copper and gold concentrate sales	4.1		(1.9		)
Goods and services sales tax refunds	7.0		1.4
Settlement receivables on hedges and other miscellaneous receivables	0.2		0.4
	$	76.0	$	52.7

3. Product Inventory

The carrying value of product inventory was as follows:

	June 30, 2016		December 31, 2015
Copper and Gold Inventory
Concentrate	$	20.8	$	19.4
Stockpiled ore	16.7		15.6
	$	37.5	$	35.0
Molybdenum Inventory
Finished product	$	9.9	$	12.3
Work-in-process	8.9		8.5
	$	18.8	$	20.8
	$	56.3	$	55.8

The following table sets forth the adjustments to TCM's molybdenum inventory as a result of changes in the net realizable value, in the accompanying Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended					Six Months Ended
	June 30, 2016			June 30, 2015		June 30, 2016		June 30, 2015
US Molybdenum
Operating expense (1)	$	(0.1	)	$	1.8	$	0.6	$	5.6
Depreciation, depletion and amortization	—			0.1		—		0.4
Canadian Molybdenum
Operating expense	—			—		—		1.4
Depreciation, depletion and amortization	—			—		—		0.1
	$	(0.1	)	$	1.9	$	0.6	$	7.5

_____________________________________________________________________________

⁽¹⁾ Included market price recoveries (not exceeding previously recognized losses) of $0.1 million on molybdenum product inventory during the three months ended June 30, 2016.

9

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements - Unaudited

(US dollars in millions, except per share amounts)

4. Property, Plant, Equipment and Development, Net

Property, plant, equipment and development, net, was composed of the following:

	June 30, 2016			December 31, 2015
Mining properties and mineral reserves	$	669.8		$	630.4
Mining and milling equipment and facilities	1,389.0			1,305.4
Processing facilities	177.4			176.7
Construction-in-progress (1)	48.2			16.4
Other	9.5			9.5
	2,293.9			2,138.4
Less: Accumulated depreciation, depletion and amortization	(341.0		)	(282.2		)
	$	1,952.9		$	1,856.2

_____________________________________________________________________________

⁽¹⁾ The construction-in-progress balances primarily related to the permanent secondary crusher project at Mount Milligan Mine.

5. Financial Instruments

TCM enters into various derivative financial instruments in the normal course of operations to manage exposure to the market prices of copper and gold and foreign exchange risk with respect to its Canadian operations. TCM does not apply hedge accounting to its derivative instruments. Accordingly, changes in fair value of derivative instruments are recorded in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income, except those contracts for which TCM has elected to apply the normal purchases and normal sales scope exception.

The following table sets forth the fair values of TCM's derivative assets and liabilities:

	Fair value as of
	June 30, 2016		December 31, 2015
Assets (1)
Provisionally-priced sales	$	4.1	$	—
Forward currency contracts	1.0		—
Total	$	5.1	$	—
Liabilities (1)
Commodity contracts	$	0.7	$	1.5
Provisionally-priced sales	—		1.9
Forward currency contracts	—		2.0
Total	$	0.7	$	5.4

_____________________________________________________________________________

⁽¹⁾ TCM's derivative assets are included in prepaid expenses and other current assets and accounts receivable, and derivative liabilities are included in other current liabilities in the Condensed Consolidated Balance Sheets. TCM is exposed to credit risk when counterparties with whom it has entered into derivative transactions are unable to satisfy their obligations. To reduce counterparty credit exposure, TCM deals primarily with large, credit-worthy financial institutions and companies. TCM believes the counterparties to the contracts to be credit-worthy entities and, therefore, TCM believes credit risk of counterparty non-performance is relatively low, and, as such, the fair value of the derivatives has not been adjusted.

10

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

5. Financial Instruments (Continued)

The following table sets forth the gains (losses) on derivative instruments for the periods presented

		Three Months Ended June 30,						Six Months Ended June 30,
Derivative Type and Activity	Statement of Operations Classification	2016			2015			2016			2015
Gold hedges related to Gold Stream Arrangement	Gold sales	$	1.9		$	(0.2	)	$	5.8		$	0.5
Provisional priced MTM gold sales	Gold sales	$	1.7		$	0.5		$	3.7		$	(0.7	)
Provisional priced MTM copper sales	Copper sales	$	(0.7	)	$	(4.3	)	$	2.1		$	1.2
Copper and Gold hedges; other commodity contracts	Other	$	(1.4	)	$	1.8		$	(4.2	)	$	3.1
Forward currency contracts	Gain (loss) on foreign exchange, net	$	0.3		$	0.9		$	5.1		$	(0.7	)

Gold Hedges Related to Gold Stream Arrangement and Other Commodity Contracts

TCM must satisfy its obligation under the Gold Stream Arrangement (discussed in Note 9) by delivering gold to Royal Gold after TCM receives cash payment from third-party purchasers, including offtakers and traders, that purchase concentrate from Mount Milligan Mine ("MTM Customers").

In order to hedge its gold price risk that arises when physical purchase and concentrate sales pricing periods do not match, hereafter referred to as the Gold Stream Risk, TCM has entered into certain forward gold purchase and sales contracts pursuant to which it purchases gold at an average price during a quotational period and sells gold at a spot price. TCM records its forward commodity contracts at fair value using a market approach based on observable quoted market prices and contracted prices.

In addition to the Gold Stream Risk and in connection with the sale of concentrate from Mount Milligan Mine, TCM is exposed to copper and gold price fluctuations between the dates of concentrate shipment, provisional payment and final payment. In order to hedge the price risk for the metals contained in concentrate, TCM has entered into certain forward copper and gold purchase and sale contracts pursuant to which it purchases copper or gold at an average price during a quotational period and sells copper or gold at a spot price. Additionally, TCM has entered into put/call collars pursuant to which it agrees with a counterparty to a floor and ceiling relative to future prices of gold and copper. If the gold or copper price is below the floor, the counterparty pays TCM the difference between the price and the floor. If the gold or copper price is above the ceiling, TCM pays the counterparty the difference between the ceiling and the price. TCM records its copper and gold commodity contracts at fair value using a market approach based on observable quoted market prices and contracted prices. These activities are intended to protect against the price risk related to the MTM Customer purchase contracts. Additionally, TCM also enters into fuel hedges to manage its exposure to price fluctuations in the cost of diesel purchased for use in operations.

The following table provides details of TCM's commodity contracts as of June 30, 2016:

	Quantity	Sell Price	Buy Price	Maturities Through
Gold Hedge Purchases related to Gold Stream Arrangement (oz)	39,470	TBD	$1,246 - $1,264 / TBD	July 2016 - November 2016
Forward Gold Sales (oz)	6,000	$1,310	N/A	July 2016
Fuel Hedges (gallons)	780,000	N/A	$2.00	July 2016 - December 2016

	Quantity	Put/Sell Price	Call/Buy Price	Maturities Through
Gold Collars (oz)	29,600	$1,050 - $1,200	$1,164 - $1,350	July 2016 - December 2016

Provisionally-Priced Contracts

TCM's copper and gold sales contracts provide for provisional pricing. These sales contain an embedded derivative related to the provisional-pricing mechanism, which is bifurcated and accounted for as a derivative. TCM also enters into provisionally-priced molybdenum purchase contracts that also contain an embedded derivative, which is bifurcated and accounted for as a derivative.

11

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

5. Financial Instruments (Continued)

TCM determines the fair value of its provisionally-priced contracts using a market approach based upon observable inputs from published market prices and contract terms. Changes to the fair values of the embedded derivatives related to provisionally-priced molybdenum purchases are included in operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income as the product inventory is sold.

The following table sets forth TCM's outstanding provisionally-priced contracts as of June 30, 2016:

		Average Price Per Unit
	Open Positions	Market Price	Contract	Maturities Through
Embedded derivatives in provisional sales contracts
Copper (millions of pounds)	25.3	TBD	TBD	November 2016
Gold (ounces)	50,506	TBD	TBD	September 2016
Embedded derivatives in provisional purchase contracts
Molybdenum (millions of pounds)	1.0	N/A	TBD	August 2016

Forward Currency Contracts

TCM transacts business in various currencies in the normal course of its operations and for capital expenditures. In addition, although TCM's revenues are denominated in US dollars, TCM has ongoing foreign exchange risk with respect to its Canadian operations. To help mitigate this risk, TCM has entered into foreign currency forward contracts pursuant to which it has agreed to buy Canadian dollars at an agreed-upon rate. TCM records its currency contracts at fair value using a market approach based on observable quoted exchange rates and contracted notional amounts. As of June 30, 2016, TCM had 11 open foreign currency option contracts.

The following table provides details of TCM's forward currency contracts as of June 30, 2016:

	Notional Amount	Buy Price	Maturities Through
Forward currency contracts	C$30,000,000	$1USD/C$1.36	July 2016 - October 2016

Fixed-Priced Contracts

TCM enters into certain sales contracts pursuant to which it sells molybdenum products at certain times in the future at fixed prices. These fixed prices may be different than the quoted market prices at the date of sale. TCM has elected to treat these contracts as normal sale contracts.

The Gold Stream Arrangement contains an agreement to sell gold at a fixed price, but it does not meet the definition of a derivative instrument. See discussion of the Gold Stream Arrangement in Note 9.

The following table sets forth TCM's outstanding molybdenum fixed-priced sales contracts as of June 30, 2016:

	Quantity (000's lb)	Sell Price	Maturities Through
Molybdenum fixed price sales	255.5	$11.23	December 2019

12

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

6. Fair Value Measurement

US GAAP includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). TCM's policy is to recognize transfers into and out of Level 3 as of the actual date of the event or change in circumstances. There were no transfers into or out of Level 1, 2 or 3 during the three or six months ended June 30, 2016.

As of June 30, 2016 and December 31, 2015, TCM held certain items that were required to be measured at fair value on a recurring basis. These included derivative assets and liabilities which consist of commodity and foreign currency derivative instruments and provisionally priced contracts. In addition to the fair value disclosure requirements related to financial instruments carried at fair value, TCM has provided disclosures regarding the fair value of all of TCM's financial instruments in accordance with US GAAP. The methods and significant assumptions used to estimate the fair value of these financial instruments have also been disclosed. As of June 30, 2016, there have been no significant changes to these methods or assumptions. As required, financial instruments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The following tables set forth TCM's financial assets and liabilities measured at fair value by level within the fair value hierarchy.

	Fair Value at June 30, 2016
	Total		Level 1		Level 2		Level 3
Assets
Provisionally-priced sales	$	4.1	$	—	$	4.1	$	—
Forward currency contracts	1.0		1.0		—		—
	$	5.1	$	1.0	$	4.1	$	—
Liabilities
Senior secured notes	$	311.5	$	—	$	311.5	$	—
Senior unsecured notes	367.6		—		367.6		—
Commodity contracts	0.7		—		0.7		—
	$	679.8	$	—	$	679.8	$	—

	Fair Value at December 31, 2015
	Total		Level 1		Level 2		Level 3
Liabilities
Senior secured notes	$	257.6	$	—	$	257.6	$	—
Senior unsecured notes	96.7		—		96.7		—
Commodity contracts	1.5		—		1.5		—
Provisionally-priced sales	1.9		—		1.9		—
Forward currency contracts	2.0		2.0		—		—
	$	359.7	$	2.0	$	357.7	$	—

As of June 30, 2016, the carrying values of the 9.75% senior secured notes, the 7.375% senior unsecured notes and the 12.5% senior unsecured notes were higher than their fair values of $311.5 million, $237.6 million and $130.0 million, respectively. TCM determined the fair value of the notes using a discounted cash flow valuation model, consisting of inputs such as risk-free interest rates and credit spreads. See Note 8 for more information regarding the debt. As of December 31, 2015, the carrying values of the 9.75% senior secured notes, the 7.375% senior unsecured notes and the 12.5% senior unsecured notes were higher than their fair values of $257.6 million, $61.1 million and $35.6 million, respectively.

13

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

6. Fair Value Measurement (Continued)

As of June 30, 2016, the carrying values of TCM's financial instruments approximated their fair values. TCM determined the fair value of its financial instruments using LME or COMEX copper and gold forward prices and option pricing models using the counterparties' and TCM's credit quality. See Note 5 for more information regarding TCM's financial instruments.

7. Leases

TCM's total capital lease obligations consisted of the following:

	June 30, 2016			December 31, 2015
Equipment Facility capital leases	$	15.6		$	20.1
Equipment Facility sale leaseback	23.6			31.2
Sale leaseback	1.1			1.7
Total lease obligations	40.3			53.0
Less: Current portion	(25.0		)	(25.6		)
Total long-term lease obligations	$	15.3		$	27.4

TCM entered into an equipment financing facility, as amended from time to time (the "Equipment Facility"), pursuant to which Caterpillar Financial Services Limited ("Caterpillar") agreed to underwrite up to $132.0 million in mobile fleet equipment financing for Mount Milligan Mine. Each borrowing under the Equipment Facility represents a capital lease or a sale leaseback arrangement and has a term of 48 or 60 months. Interest on the amounts borrowed under the Equipment Facility is payable at either floating or fixed rates, at TCM's option. At the end of each 48 or 60 month lease period, TCM has the option to purchase the underlying equipment for a nominal sum. The Equipment Facility includes non-financial covenants, and as of June 30, 2016, TCM was in compliance with these covenants. TCM's ability to finance additional equipment under the Equipment Facility expired in September 2015 per the amended terms of the Equipment Facility agreement. TCM did not enter into any new capital leases pursuant to the Equipment Facility during the three or six months ended June 30, 2016. In May 2016, TCM posted $2.6 million in cash collateral to a surety company in connection with the $10.4 million surety bond for the Equipment Facility with Caterpillar.

With respect to certain equipment pursuant to the Equipment Facility, TCM entered into three leases with Caterpillar, of which two are considered sale-leaseback transactions. Interest payments are based on a fixed rate of 5.50%.

Separate from the Equipment Facility, during 2013, TCM entered into a sale-leaseback transaction with Caterpillar with respect to 75% of certain Endako Mine equipment. Interest payments are based on a fixed rate of 5.85%. During 2015, TCM assumed the lease for the remaining 25% of the equipment and subsequently transferred this equipment to Mount Milligan Mine.

Interest and debt issuance costs on TCM's equipment financings, as described above, consisted of the following:

	Three Months Ended				Six Months Ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Interest paid	$	0.6	$	1.0	$	1.4	$	1.9
Interest and debt issuance costs expensed	$	0.6	$	1.2	$	1.4	$	2.3

14

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

8. Debt

TCM's debt balance at June 30, 2016 is net of reductions of $8.7 million for unamortized net discounts and unamortized debt issuance costs; and at December 31, 2015 is net of reductions of $11.1 million for unamortized net discounts and unamortized debt issuance costs. The components of debt follow:

	June 30, 2016			December 31, 2015
9.75% Senior secured notes due 2017	$	315.8		$	315.8
Less : Deferred financing fees and debt discounts	(3.5		)	(4.8		)
	312.3			311.0
7.375% Senior unsecured notes due 2018	334.1			334.1
Less : Deferred financing fees	(2.6		)	(3.3		)
	331.5			330.8
12.5% Senior unsecured notes due 2019	183.0			183.0
Less : Deferred financing fees	(2.6		)	(3.0		)
	180.4			180.0
Total long-term debt	$	824.2		$	821.8

Interest paid, capitalized and expensed on our senior secured and unsecured notes was as follows:

	Three Months Ended				Six Months Ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Interest paid	$	23.8	$	24.9	$	39.2	$	42.2
Interest capitalized	$	0.8	$	0.3	$	1.3	$	0.6
Interest expensed	$	19.9	$	21.1	$	40.2	$	42.6

9.75% Senior Secured Notes

The 9.75% senior secured notes (the “2017 Notes”) are guaranteed on a senior basis by substantially all of TCM's subsidiaries and are secured by a first priority lien, subject to permitted liens, on substantially all of TCM's and the guarantors' property and assets. The 2017 Notes mature on December 1, 2017 and accrue interest from November 27, 2012 until maturity at a fixed rate of 9.75% per year. Interest on the 2017 Notes is payable on February 1 and August 1 of each year, commencing February 1, 2013, to the holders of record at the close of business on the January 15 and July 15 prior to each interest payment date. There are no maintenance covenants with respect to TCM's financial performance. However, the indenture contains certain transaction-based restrictive covenants. For more information regarding the 2017 Notes, see Note 9 within Item 8 of TCM's 2015 Form 10-K. For additional information see Note 21.

7.375% Senior Unsecured Notes

The 7.375% senior unsecured notes (the "2018 Notes") are guaranteed on a senior basis by substantially all of TCM's subsidiaries. The 2018 Notes mature on June 1, 2018 and accrue interest from May 20, 2011 until maturity at a fixed rate of 7.375% per year. Interest is payable on June 1 and December 1 of each year, and the first interest payment occurred on December 1, 2011. Interest is payable to the holders of record at the close of business on the May 15 and November 15 prior to each interest payment date. There are no maintenance covenants with respect to TCM's financial performance. However, the indenture contains certain transaction-based restrictive covenants. For more information regarding the 2018 Notes, see Note 9 within Item 8 of TCM's 2015 Form 10-K. For additional information see Note 21.

15

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

8. Debt (Continued)

12.5% Senior Unsecured Notes

The 12.5% senior unsecured notes (the “2019 Notes”) are guaranteed on a senior basis by substantially all of TCM's subsidiaries. The 2019 Notes mature on May 1, 2019 and accrue interest from May 11, 2012 until maturity at a fixed rate of 12.5% per year. Interest on the 2019 Notes is payable on May 1 and November 1 of each year, commencing November 1, 2012, to the holders of record at the close of business on the April 15 and October 15 prior to each interest payment date. There are no maintenance covenants with respect to TCM's financial performance. However, the indenture contains certain transaction-based restrictive covenants. For more information regarding the 2019 Notes, see Note 9 within Item 8 of TCM's 2015 Form 10-K. For additional information see Note 21.

9. Gold Stream Arrangement

Pursuant to TCM's agreement with a subsidiary of Royal Gold, Inc. ("Royal Gold") ("Gold Stream Arrangement"), TCM agreed to sell to Royal Gold 52.25% of the refined gold production from Mount Milligan Mine for a total upfront payment of $781.5 million, plus $435 per ounce, or the prevailing market rate if lower than $435 per ounce, when the gold is delivered. The upfront cash payments received under the Gold Stream Arrangement ("Record of Deposit") were recorded as deferred revenue and classified as a liability on TCM's Condensed Consolidated Balance Sheets. As of June 30, 2016, the outstanding Record of Deposit under the Gold Stream Arrangement totaled $618.6 million. In the event of any default under the Company's agreement with Royal Gold, Royal Gold could require TCM to repay the outstanding Record of Deposit. For more information regarding the Gold Stream Arrangement, see Note 10 within Item 8 of TCM's 2015 Form 10-K.

The following table presents the revenue under the Gold Stream Arrangement for the three and six months ended June 30, 2016 and 2015, respectively, in the form of (i) cash receipts based on gold sales during the applicable period, and (ii) deferred revenue for gold ounces delivered and deferred revenue to be recognized upon final settlement during the applicable period:

	Three Months Ended				Six Months Ended
(US$ in millions)	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Gold sales related to cash portion of Gold Stream Arrangement	$	14.1	$	13.1	$	24.1	$	21.4
Gold sales related to deferred portion of Gold Stream Arrangement (1) (2)	11.4		10.0		18.0		16.4
Total gold sales under Gold Stream Arrangement (1)	$	25.5	$	23.1	$	42.1	$	37.8

_____________________________________________________________________________

⁽¹⁾ The three and six months ended June 30, 2016 included $10.3 million and $16.3 million, respectively, of revenue for gold ounces delivered, and $1.1 million and $1.7 million, respectively, in future reduction of deferred revenue liability ultimately to be recognized upon delivery of gold. The three and six months ended June 30, 2015 included $12.8 million and $16.9 million, respectively of revenue for gold ounces delivered partially offset by $2.8 million and $0.5 million, respectively in future reduction of deferred revenue liability ultimately to be recognized upon delivery of gold.

⁽²⁾ The six months ended June 30, 2016 included a $1.5 million reduction related to five provisional invoices from 2015. The decrease resulted from a downward revision to the rate at which the deferred revenue liability resulting from the Gold Stream Arrangement was amortized. This rate is calculated based on the remaining deferred revenue liability and total ounces of refined gold owed to Royal Gold.

16

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

10. Other Liabilities

Other liabilities comprised the following:

	June 30, 2016		December 31, 2015
Liabilities for unrecognized tax benefits (1)	$	8.3	$	9.7
Deferred vendor payable (2)	6.4		—
Employee benefits, retention and incentives (3)	4.5		3.9
	$	19.2	$	13.6

_____________________________________________________________________________

⁽¹⁾ Unrecognized tax benefits related to an uncertain tax position primarily related to timing differences for certain deductions.

⁽²⁾ In March 2016 TCM entered into a program (the "BC Hydro Program") offered by the government of British Columbia to certain copper and coal producers. The BC Hydro Program amended the terms of TCM's existing utility agreement with British Columbia’s crown corporation, BC Hydro. As a participant in this program, TCM can defer payment on up to 75% of electrical obligations to BC Hydro, with the percentage deferral and repayment being dependent upon levels of copper prices and Canadian foreign exchange rates. The BC Hydro Program is a five-year program, with a two-year deferral period. All amounts outstanding must be repaid by the end of the five-year period or if copper prices are above C$3.40. The deferred balance will accrue interest at an annual rate of Prime (as set by the Bank of Canada) +5%, compounded monthly. As of June 30, 2016, TCM continued to elect to participate in the program. TCM can elect to end its participation in the BC Hydro Program at any time by paying the then outstanding obligations in full.

⁽³⁾ See Note 11 for further discussion.

11. Cash-Based Incentive Plan

On March 31, 2016, the Board of Directors of TCM approved the framework for the Thompson Creek Metals Company Inc. Cash-Based Incentive Plan (the “Incentive Plan”), which was finalized and approved by the Compensation Committee of the Board on April 6, 2016. Pursuant to the Incentive Plan, the Compensation Committee approved grants of certain cash-based awards that vest over 2.75 years (the “Performance and Inducement Awards”) and other cash-based awards (the “Incentive Awards”), subject in each case to the terms and conditions of the Incentive Plan and the applicable award agreements, to TCM’s named executive officers and key employees.

Pursuant to the Incentive Plan, $3.3 million of Incentive Awards were granted to TCM’s named executive officers and key employees of which $2.2 million in Incentive Awards were paid to named executive and key officers in April 2016. This payment is subject to an obligation to repay to TCM the total amount of the Incentive Award if the participant’s employment with TCM terminates under certain circumstances, subject to the conditions contained in the applicable award agreement.

The Performance and Inducement Awards of $3.6 million to named executive officers and key employees will be accrued and expensed over the vesting period, commencing in April 2016.

As of June 30, 2016, we had expensed $1.5 million in connection with these Performance and Inducement Awards and Incentive Awards. In accordance with GAAP, in expectation of the consummation of the Arrangement (as defined and discussed in Note 21), the expense related to the Performance and Inducement Awards and Incentive Awards will be accelerated and recognized in full prior to the date of the consummation of the Arrangement.

17

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

12. Stock-Based Compensation

TCM recognized stock-based compensation expense as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Stock options	$	—	$	0.1	$	0.1	$	0.2
Performance share units	0.7		0.9		1.4		1.4
Restricted stock units	0.5		0.7		1.0		1.4
Total stock-based compensation expense	$	1.2	$	1.7	$	2.5	$	3.0

As of June 30, 2016, TCM has outstanding stock options, PSUs and RSUs, as discussed below.

Stock Options

The expiration date and vesting provisions of stock options granted are established at the time an award is made. Stock options vest over 3 years and are exercisable over a period of time not to exceed 10 years from the grant date but generally expire 5 years from the grant date. When an option is exercised, TCM may issue the requisite shares from authorized but unissued common stock, or from treasury stock. The exercise price of options granted is equal to the volume weighted-average trading price of the underlying shares on the TSX over the five consecutive trading days immediately before the grant date, converted to U.S. dollars at the noon exchange rate of the Bank of Canada on the grant date.

The following table summarizes stock option activity during the six months endedJune 30, 2016:

	Options (000's)		Weighted-Average Exercise Price
Stock options outstanding at December 31, 2015	1,156		$	3.26
Granted	6		$	0.53
Canceled/expired/forfeited	(20	)	$	12.99
Stock options outstanding at June 30, 2016	1,142		$	3.08
Vested and exercisable at June 30, 2016 (1)	742		$	3.48

_____________________________________________________________________________

⁽¹⁾ The aggregate intrinsic value of these exercisable awards was nil as of June 30, 2016.

As of June 30, 2016, approximately 0.4 million outstanding options had not vested and were not exercisable. The total unrecognized compensation cost related to these options was $0.2 million as of June 30, 2016 and is expected to be recognized over a weighted-average period of 1.41 years. See Note 21 for additional information.

Performance Share Units (PSUs)

The vesting of the outstanding PSUs granted subsequent to January 1, 2012 and prior to January 1, 2014 is contingent upon two metrics: 1) TCM's Total Shareholder Return (TSR) relative to the Russell 2000 Index during the three-year performance period; and 2) the proven and probable mine reserves replaced by TCM during the three-year performance period as measured by the replacement reserves percentage determined by the plan administrator. The PSUs cliff vest three years from the date of issuance upon achievement of the above metrics. Any PSUs not vested at such time will expire.

The vesting of the outstanding PSUs granted subsequent to January 1, 2014 is contingent upon two metrics: 1) TCM’s Total Shareholder Return (TSR) relative to the S&P TSX Global Base Metals Index during the three-year period commencing on January 1 of the year in which the grant was made (the “performance period”); and 2) cash flow from operations, defined as TCM’s aggregate “cash generated by (used in) operating activities” less aggregate “capital expenditures,” as reported in the Statements of Cash Flows in the Company’s Annual Report on Form 10-K for each fiscal year in the performance period. The PSUs cliff vest approximately three years from the date of grant, or on the date in the first quarter of the fiscal year immediately succeeding the performance period on which the plan administrator determines and certifies the achievement of the above metrics. Any PSUs not vested at such time will expire.

18

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

12. Stock-Based Compensation (Continued)

All PSUs granted are accounted for at fair value using a Monte Carlo simulation valuation model on the date of grant. The Monte Carlo model is based on random projections of stock price paths. Expected volatility is calculated using a weighted average of historical daily volatilities and implied volatility and represents the extent to which TCM's stock price performance is expected to fluctuate during the three-year terms of the respective award.

As of June 30, 2016, unrecognized compensation expense related to PSUs totaled $3.7 million and will be recognized on a straight-line basis over a weighted-average period of 1.42 years. See Note 21 for additional information.

The following table summarizes PSU activity during the six months endedJune 30, 2016:

	Units		Weighted-Average Fair Value
	(000's)
Outstanding at December 31, 2015	3,799		$	2.61
Canceled/expired/forfeited	(411	)	$	4.02
Outstanding at June 30, 2016	3,388		$	2.44

Restricted Stock Units (RSUs)

TCM accounts for RSUs at fair value, which is based on the market value of TCM's common shares on the day of grant and recognized over the vesting period of three years. Upon vesting, TCM may issue the requisite shares from authorized but unissued common stock, or from treasury stock.

As of June 30, 2016, unrecognized compensation expense related to RSUs totaled $1.5 million and will be recognized on a straight-line basis over a weighted-average period of 1.39 years. See Note 21 for additional information.

The following table summarizes RSU activity during the six months endedJune 30, 2016:

	Units		Weighted-Average Fair Value
	(000's)
Outstanding at December 31, 2015	2,680		$	1.87
RSUs vested and common shares issued	(1,136	)	$	1.85
Canceled/expired/forfeited	(35	)	$	1.76
Outstanding at June 30, 2016	1,509		$	1.88

13. Commitments and Contingencies

Legal Matters

TCM is from time to time involved in or subject to legal proceedings related to its business. While it is not feasible to predict or determine the outcome of these proceedings, it is the opinion of management that the resolution of such proceedings is not expected to have a material adverse effect on TCM's consolidated financial position, results of operations or cash flows.

Concentrate Sales Agreements

As of June 30, 2016, TCM has multi-year concentrate sales agreements with four counter parties for the sale of concentrate produced at Mount Milligan Mine. Pursuant to these agreements, TCM has agreed to sell an aggregate of the copper and gold concentrate produced at Mount Milligan Mine of approximately 136,000 dry tonnes in 2016, 100,000 dry tonnes in 2017, 80,000 dry tonnes in 2018 and 40,000 dry tonnes of concentrate in 2019. Pricing under these concentrate sales agreements will be determined by reference to specified published reference prices during the applicable quotation periods. Payment for the concentrate will be based on the price for the agreed copper and gold content of the parcels delivered, less smelting and refining charges and certain other deductions, if applicable. The copper smelting and refining charges will be negotiated in good faith and agreed by the parties for each contract year based on terms generally acknowledged as industry benchmark terms. The gold refining charges are as specified in the agreements. Remaining concentrate produced at Mount Milligan Mine will be sold under short-term contracts or on a spot basis.

19

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

13. Commitments and Contingencies (Continued)

Molybdenum Purchases

In the normal course of operations, TCM enters into agreements for the purchase of molybdenum to utilize the upgrading capabilities at its Langeloth facility and generate saleable upgraded molybdenum products. As of June 30, 2016, TCM had commitments to purchase approximately 7.0 million pounds of unroasted molybdenum concentrate and 1.4 million pounds of molybdenum oxide from 2016 to 2017, to be priced at the time of purchase at a set discount to the market price.

Molybdenum Sales

In the normal course of operations, TCM enters into certain molybdenum sales contracts pursuant to which it sells future production at fixed prices. As of June 30, 2016, TCM had commitments to sell approximately 255.5 thousand pounds of molybdenum oxide from 2016 to 2019 at an average price of $11.23 per pound.

Capital Purchase Commitments

As of June 30, 2016, TCM had open capital purchase commitments of $12.7 million related to the Mount Milligan Mine, which are expected to be incurred throughout 2016.

14. Income and Mining Tax Expense (Benefit)

Income and mining tax expense for the three months ended June 30, 2016 and 2015 was $0.6 million and $5.1 million, respectively. Income and mining tax expense (benefit) for the six months ended June 30, 2016 and 2015 was an expense of $8.1 million and a benefit of $11.6 million, respectively.

For the three and six months ended June 30, 2016, the tax expense did not contain significant unusual items. Usual drivers of differences between our effective rate and from applying the Canadian federal and provincial income tax rates are due to foreign exchange, which largely have no tax impact due to valuation allowances on the associated deferred tax assets, and the British Columbia mineral taxes for Mount Milligan. Furthermore, as a result of a change in the legal structure in late 2015, which will facilitate future consolidation of our Canadian tax reporting entities, the non-foreign exchange income and expenses from the Canadian tax reporting entities largely have no federal and provincial tax impact due to valuation allowances on the associated deferred tax assets.

For the three and six months ended June 30, 2015, the tax expense (benefit) did not contain significant unusual items. Usual drivers of differences between our effective rate and from applying the Canadian federal and provincial income tax rates are due to pre-tax losses from the Endako Mine and foreign exchange, which largely have no tax impact due to valuation allowances on the associated deferred tax assets, and the British Columbia mineral taxes for Mount Milligan.

20

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

15. Net (Loss) Income per Share

The following is a reconciliation of net (loss) income and weighted-average common shares outstanding for purposes of calculating diluted net (loss) income per share for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016		2015
Net (loss) income	$	(27.9	)	$	0.3	$	7.2	$	(86.9	)
Basic weighted-average number of shares outstanding	221.7			218.0		222.4		216.2
Effect of dilutive securities
Share-based awards	—			0.1		—		—
Diluted weighted-average number of shares outstanding	221.7			218.1		222.4		216.2
Net (loss) income per share
Basic	$	(0.13	)	$	0.00	$	0.03	$	(0.40	)
Diluted	$	(0.13	)	$	0.00	$	0.03	$	(0.40	)

For the three and six months ended June 30, 2016, respectively, approximately 1.1 million options were excluded from the computation of diluted weighted-average shares as the exercise prices exceeded the price of the common stock. For the three and six months ended June 30, 2016, respectively, approximately 3.4 million PSUs were excluded from the computation of diluted weighted-average shares because the underlying market and performance metrics are highly probable of not being met. For the three and six months ended June 30, 2016, respectively, approximately 1.5 million RSUs were excluded from the computation of diluted weighted-average shares as the hypothetical repurchase of shares exceeded the number of unvested units.

For the three and six months ended June 30, 2015, respectively, approximately 1.2 million options were excluded from the computation of diluted weighted-average shares as the exercise prices exceeded the price of the common stock. For the three and six months ended June 30, 2015, approximately 2.8 million RSUs were excluded from the computation of diluted weighted-average shares as the hypothetical repurchase of shares exceeded the number of unvested units. For the three and six months ended June 30, 2015, approximately 4.3 million PSUs have been excluded from the computation of diluted weighted average shares because the underlying market and performance metrics had not been met.

16. Transactions with our Endako Mine Joint Venture Partner

During the three and six months endedJune 30, 2016, sales to Sojitz, TCM's Endako Mine joint venture partner were nil. Total sales by TCM to Sojitz, TCM's Endako Mine joint venture partner, were $1.4 million and $7.4 million for the three and six months ended June 30, 2015, respectively. These sales represented 1.0% and 2.9% of TCM's total revenues for these respective periods.

For the three and six months endedJune 30, 2016 and June 30, 2015, TCM recorded insignificant amounts for management fee income and selling and marketing costs from Sojitz.

TCM's related accounts receivable owed from Sojitz were nil as of June 30, 2016 and December 31, 2015.

21

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

17. Supplementary Cash Flow Information

The following table discloses the change in current assets and current liabilities for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended						Six Months Ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Change in current assets and current liabilities:
Accounts receivable	$	(14.7	)	$	14.3		$	(17.5	)	$	14.5
Product inventory	11.1			(0.4		)	(0.2		)	10.1
Materials and supplies inventory	2.4			0.7			(0.3		)	—
Prepaid expenses and other current assets	(0.5		)	(0.3		)	(2.4		)	0.2
Income and mining taxes receivable	6.0			(3.8		)	5.9			(6.4		)
Accounts payable and accrued liabilities	(5.7		)	2.0			(3.0		)	(17.6		)
Income and mining taxes payable	(0.9		)	(0.6		)	(0.8		)	(0.6		)
	$	(2.3	)	$	11.9		$	(18.3	)	$	0.2
Cash interest paid (1)	$	24.4		$	25.9		$	40.6		$	44.1
Income and mining tax (refunds) payments, net (2)	$	(4.9	)	$	1.7		$	(3.9	)	$	2.6

_____________________________________________________________________________

⁽¹⁾ Included cash interest paid on senior secured and unsecured notes and equipment financing arrangements. For the three months and six months ended June 30, 2016, cash interest paid of $0.3 million and $0.7 million, respectively, had been previously capitalized related to TCM's debt. For the three and six months ended June 30, 2015, cash interest paid of $0.3 million and $1.0 million, respectively, had been previously capitalized related to TCM's debt. See Notes 7 and 8 for additional information.

⁽²⁾ For each of the three and six months ended June 30, 2016, TCM received $6.1 million in refunds of US and Canadian income taxes related to prior year tax returns. For each of the three and six months ended June 30, 2015, TCM received nil in refunds of US and Canadian income taxes related to prior year tax returns.

Non-cash Investing and Financing Activities

	Three Months Ended					Six Months Ended
	June 30, 2016		June 30, 2015			June 30, 2016		June 30, 2015
Investing activities
Acquisition of property, plant and equipment under the Equipment Facility (see Note 7)	$	—	$	—		$	—	$	9.2
Financing activities
Capitalized debt costs (1)	$	0.8	$	0.3		$	1.3	$	0.6
Long-term lease obligations	$	—	$	—		$	—	$	8.3
Settlement of tMEDS	$	—	$	(7.2	)	$	—	$	(7.2	)

____________________________________________________________________________

⁽¹⁾ Included capitalized interest not paid in cash, amortization of deferred financing costs and debt discounts.

22

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements - Unaudited

(US dollars in millions, except per share amounts)

18. Concentration of Credit Risk

TCM is exposed to counterparty risk from its cash and cash equivalent balances and its reclamation deposits held by financial institutions and governmental entities. TCM monitors its positions with, and the credit quality of, the financial institutions and companies in which it invests its cash and cash equivalents, and that hold its reclamation deposits. Counterparties to cash balances and reclamation deposits, other than balances maintained in various bank operating accounts, are US and Canadian institutions and the US and Canadian governments.

TCM manages its credit risk from its accounts receivable through its collection activities. As of June 30, 2016, TCM had four customers who owed TCM more than $3.0 million each and collectively accounted for approximately 61.4% of total accounts and other receivables outstanding. As of June 30, 2016, TCM had five customers who owed TCM more than $1.0 million each but less than $3.0 million. As of June 30, 2016, all of the customers discussed above were compliant with credit terms and scheduled payment dates.

TCM's maximum counterparty and credit risk exposure is the carrying value of its cash and cash equivalents and accounts receivable. The carrying amounts of accounts receivable, accounts payable, accrued liabilities and fixed-rate debt, excluding the 2017 Notes, 2018 Notes and 2019 Notes, as discussed in Note 6, approximate fair value as of June 30, 2016.

19. Segment Information

TCM has three reportable segments, based on products and geography: Copper-Gold, US Molybdenum and Canadian Molybdenum. The Copper-Gold segment represents the Mount Milligan Mine and includes the sale of copper-gold products, net of refining costs and all expenditures, including all mining, milling, on-site general and administration, transportation and warehousing. The US Molybdenum segment includes all US molybdenum sales and tolling and calcining revenue, all Langeloth roasting and on-site general and administration expenditures and all expenditures from TC Mine, which was placed on care and maintenance in December 2014, including all mine site general and administration and stripping costs and costs for idle mining operations. The Canadian Molybdenum segment which consists of the 75% owned Endako Mine, which was placed on temporary suspension effective December 31, 2014 and care and maintenance effective July 1, 2015, includes 75% of all Canadian molybdenum sales as well as TCM's 75% share of expenditures from the Endako Mine, including all site general and administration costs, transportation costs, and costs for idle mining operations. The costs related to care and maintenance at TC Mine for the three and six months ended June 30, 2016 and 2015, and our 75% share of the temporary suspension and care and maintenance costs at Endako Mine for the three and six months ended June 30, 2016 and 2015 are reflected in costs for idle mining operations in the statements of operations. The inter-segment represents the elimination of intercompany transactions between the Langeloth Facility and the corporate entity for the three and six months ended June 30, 2016 and 2015.

TCM's chief operating decision makers (President and CEO, CFO) evaluate segment performance based on segment revenue less costs and expenses. TCM attributes other income and expenses to the reporting segments if the income or expense is directly related to segment operations, as described above. TCM does not allocate corporate expenditures such as general and administrative, exploration and interest income and expense items to its reporting segments, unless such expenditures are directly related to segment operations. Gains and losses on foreign exchange are calculated on transactions denominated in a different currency than the segment's functional currency; the Copper-Gold segment's unrealized foreign exchange balance is primarily comprised of its intercompany notes.

23

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

19. Segment Information (Continued)

Segment information for the three and six months ended June 30, 2016 and 2015 was as follows:

For the three months ended June 30, 2016:

	Copper-Gold			US Molybdenum			Canadian Molybdenum			Inter-segment		Total
Revenues
Copper sales	$	37.6		$	—		$	—		$	—	$	37.6
Gold sales	64.6			—			—			—		64.6
Molybdenum sales	—			22.3			—			—		22.3
Tolling, calcining and other	—			4.2			—			—		4.2
	102.2			26.5			—			—		128.7
Cost and expenses
Operating expenses	61.9			24.5			—			—		86.4
Depreciation, depletion and amortization	27.0			2.1			—			—		29.1
Cost of sales	88.9			26.6			—			—		115.5
Selling and marketing	2.2			0.5			—			—		2.7
Accretion expense	0.1			0.1			0.4			—		0.6
Costs for idle mining operations	—			1.7			0.7			—		2.4
	91.2			28.9			1.1			—		121.2
Segment operating income (loss)	11.0			(2.4		)	(1.1		)	—		7.5
Other segment (income) expense
Gain on foreign exchange	(1.0		)	—			—			—		(1.0		)
Segment income (loss) before income and mining taxes	$	12.0		$	(2.4	)	$	(1.1	)	$	—	$	8.5

For the three months ended June 30, 2015:

24

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

19. Segment Information (Continued)

	Copper-Gold			US Molybdenum			Canadian Molybdenum			Inter-segment			Total
Revenues
Copper sales	$	49.3		$	—		$	—		$	—		$	49.3
Gold sales	56.3			—			—			—			56.3
Molybdenum sales	—			20.5			0.4			—			20.9
Tolling, calcining and other	—			7.8			—			(0.2		)	7.6
	105.6			28.3			0.4			(0.2		)	134.1
Cost and expenses
Operating expenses	49.6			25.7			0.2			(0.2		)	75.3
Depreciation, depletion and amortization	22.8			3.8			—			0.2			26.8
Cost of sales	72.4			29.5			0.2			—			102.1
Selling and marketing	1.8			0.5			—			(0.1		)	2.2
Accretion expense	0.1			0.1			0.4			—			0.6
Cost of idle operations	—			1.8			10.3			—			12.1
	74.3			31.9			10.9			(0.1		)	117.0
Segment operating income (loss)	31.3			(3.6		)	(10.5		)	(0.1		)	17.1
Other segment (income) expenses
(Gain) loss on foreign exchange	(4.3		)	—			0.6			—			(3.7		)
Segment income (loss) before income and mining taxes	$	35.6		$	(3.6	)	$	(11.1	)	$	(0.1	)	$	20.8

25

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

19. Segment Information (Continued)

For the six months ended June 30, 2016:

	Copper-Gold			US Molybdenum			Canadian Molybdenum			Inter-segment		Total
Revenues
Copper sales	$	65.7		$	—		$	—		$	—	$	65.7
Gold sales	109.9			—			—			—		109.9
Molybdenum sales	—			41.9			—			—		41.9
Tolling, calcining and other	—			8.6			—			—		8.6
	175.6			50.5			—			—		226.1
Cost and expenses
Operating expenses	97.9			46.0			—			—		143.9
Depreciation, depletion and amortization	44.3			4.5			—			—		48.8
Cost of sales	142.2			50.5			—			—		192.7
Selling and marketing	4.0			0.9			—			—		4.9
Accretion expense	0.2			0.3			0.7			—		1.2
Costs for idle mining operations	—			3.5			1.3			—		4.8
	146.4			55.2			2.0			—		203.6
Segment operating income (loss)	29.2			(4.7		)	(2.0		)	—		22.5
Other segment (income) expense
(Gain) loss on foreign exchange	(14.8		)	—			0.1			—		(14.7		)
Segment income (loss) before income and mining taxes	$	44.0		$	(4.7	)	$	(2.1	)	$	—	$	37.2

26

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

19. Segment Information (Continued)

For the six months ended June 30, 2015:

	Copper-Gold		US Molybdenum			Canadian Molybdenum			Inter-segment			Total
Revenues
Copper sales	$	81.5	$	—		$	—		$	—		$	81.5
Gold sales	92.3		—			—			—			92.3
Molybdenum sales	—		58.3			5.4			—			63.7
Tolling, calcining and other	—		19.9			—			(0.3		)	19.6
	173.8		78.2			5.4			(0.3		)	257.1
Cost and expenses
Operating expenses	83.4		71.6			3.6			(0.3		)	158.3
Depreciation, depletion and amortization	37.1		9.0			0.4			0.2			46.7
Cost of sales	120.5		80.6			4.0			(0.1		)	205.0
Selling and marketing	3.8		1.2			0.2			—			5.2
Accretion expense	0.2		0.3			0.7			—			1.2
Cost of idle operations	—		4.2			13.5			—			17.7
	124.5		86.3			18.4			(0.1		)	229.1
Segment operating income	49.3		(8.1		)	(13.0		)	(0.2		)	28.0
Other segment expenses (income)
Loss (gain) on foreign exchange	13.0		—			(1.5		)	—			11.5
Segment income (loss) before income and mining taxes	$	36.3	$	(8.1	)	$	(11.5	)	$	(0.2	)	$	16.5

Reconciliation of Net (Loss) Income to Segment Income

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net (loss) income	$	(27.9	)	$	0.3		$	7.2		$	(86.9	)
Other expense (income)
General and administrative	5.0			4.9			9.1			10.5
Strategic initiative related costs	4.9			—			8.3			—
Exploration	1.4			0.1			1.4			0.1
Interest expense, net	20.4			22.3			41.4			44.8
Gain (loss) on foreign exchange	2.4			(13.2		)	(43.3		)	59.8
Corporate depreciation	—			—			0.1			0.1
Gain from debt extinguishment	—			3.1			—			2.8
Other expense (income)	1.7			(1.8		)	4.9			(3.1		)
Income and mining tax expense (benefit)	0.6			5.1			8.1			(11.6		)
Segment income before income and mining taxes	$	8.5		$	20.8		$	37.2		$	16.5

27

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

19. Segment Information (Continued)

Other segment information regarding capital expenditures, assets and liabilities, including the assets and liabilities attributed to corporate operations, was as follows:

As of June 30, 2016	Copper-Gold		US Molybdenum		Canadian Molybdenum		Inter-segment		Total
Capital expenditures (1)	$	31.0	$	0.5	$	—	$	—	$	31.5
Property, plant, equipment and development (3)	$	1,820.5	$	107.7	$	24.5	$	0.2	$	1,952.9
Assets	$	2,063.3	$	256.1	$	85.5	$	28.4	$	2,433.3
Liabilities	$	841.6	$	24.5	$	20.5	$	895.1	$	1,781.7

As of December 31, 2015	Copper-Gold		US Molybdenum		Canadian Molybdenum		Inter-segment		Total
Capital expenditures (2)	$	54.9	$	6.2	$	0.2	$	—	$	61.3
Property, plant, equipment and development (3)	$	1,721.0	$	112.0	$	23.0	$	0.2	$	1,856.2
Assets	$	1,920.5	$	324.3	$	84.0	$	37.8	$	2,366.6
Liabilities	$	840.6	$	26.9	$	19.1	$	904.7	$	1,791.3

__________________________________________________________________________

⁽¹⁾ Capital expenditures were for the six months ended June 30, 2016. Copper-Gold capital expenditures include $22.7 million relating to the construction of the permanent secondary crushing circuit, $7.2 million related primarily to the tailings storage facility and $1.1 million for operating capital.

⁽²⁾ Capital expenditures were for the year ended December 31, 2015. Copper-Gold capital expenditures include $18.1 million for the tailings storage facility, $13.0 million for the one-time settlement of certain Mount Milligan Mine construction and development claims, $12.8 million for ongoing operational capital, $5.5 million for engineering, site preparation and pre-construction work for the permanent secondary crusher, $3.3 million for concrete work for the permanent secondary crusher and $2.2 million related primarily to the payment of accruals from 2014.

⁽³⁾ Includes exploration properties.

20. Guarantor Financial Information

TCM has not presented separate combined financial statements of subsidiary guarantors that guarantee the 2017 Notes, 2018 Notes and 2019 Notes, because (1) each of the subsidiary guarantors is wholly owned by TCM; (2) the guarantees are full and unconditional; (3) the guarantees are joint and several; and (4) TCM has no independent assets and operations, and all subsidiaries of TCM other than the subsidiary guarantors are immaterial.

Pursuant to the indentures governing the 2017 Notes, 2018 Notes and 2019 Notes, a guarantor may be released from its guarantee obligations only under certain customary circumstances specified in the indentures, namely upon (1) the sale or other disposition (including by way of merger, amalgamation or consolidation) of such guarantor, (2) the designation of such guarantor as an unrestricted subsidiary in accordance with the terms of the indentures, (3) a legal defeasance or covenant defeasance or (4) the full satisfaction of TCM's obligations under the respective indenture.

28

THOMPSON CREEK METALS COMPANY INC.

Notes to the Condensed Consolidated Financial Statements (Continued) - Unaudited

(US dollars in millions, except per share amounts)

21. Subsequent Events

On July 5, 2016, TCM entered into an Arrangement Agreement (the “Arrangement Agreement”) and an accompanying letter agreement with Centerra Gold Inc. (“Centerra”), pursuant to which Centerra will acquire all of the outstanding common shares of TCM (the “TCM common shares”) pursuant to a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”).

Subject to the terms and conditions of the Arrangement Agreement, at the effective time of the Arrangement, each outstanding TCM common share, other than TCM common shares with respect to which dissent rights have been properly exercised and not withdrawn, will be exchanged for 0.0988 (the “Exchange Ratio”) of a common share of Centerra (a “Centerra common share”). Pursuant to the Arrangement, (i) all outstanding restricted stock unit awards and performance stock unit awards will be accelerated and exchanged for Centerra common shares at the Exchange Ratio, and (ii) each outstanding stock option to purchase TCM common shares, whether vested or unvested, will be converted automatically at the effective time of the Arrangement into a stock option denominated in Centerra common shares based on the Exchange Ratio and subject to terms and conditions substantially identical to those in effect at the effective time of the Arrangement. In addition, on or about the effective time of the Arrangement, the 2017 Notes, the 2018 Notes and the 2019 Notes (collectively, the “ Senior Notes”) will be redeemed, or otherwise satisfied and discharged, in their entirety for cash pursuant to the terms of the Arrangement Agreement and the respective indentures for the Senior Notes.

The closing of the Arrangement is subject to satisfaction of certain conditions, including, among others, approval of the Arrangement by TCM’s shareholders, approval by the Supreme Court of British Columbia, receipt of any regulatory or stock exchange approvals, including approval of the Toronto Stock Exchange, and other customary closing conditions. The Arrangement Agreement contains certain customary termination rights for both TCM and Centerra, including, among other things, a termination right for either party if the transaction is not consummated by October 31, 2016 or if Centerra’s financing to fund the transactions contemplated by the Arrangement Agreement is terminated. In addition, upon termination of the Arrangement Agreement under specified circumstances, including a change in the recommendation of the Company’s board of directors or in order to enter into an alternative transaction, the Company will be required to pay a cash termination fee to Centerra of $35 million. In connection with the successful consummation of the Transaction, an estimated success fee of $10.0 million (net of previously paid amounts of approximately $1 million) will be paid by TCM to its financial advisors. In addition, the costs related to the Incentive Plan discussed in Note 11 and the remaining expense related to stock-based compensation for PSUs and RSUs, discussed in Note 12 will be accelerated and recognized in connection with the consummation of the Arrangement. We anticipate that the Arrangement will be consummated in the second half of 2016.

29

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations

ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management's Discussion and Analysis ("MD&A") provides information that management believes is relevant to an assessment and understanding of the condensed consolidated financial condition and results of operations of TCM for the three and six months ended June 30, 2016, and should be read in conjunction with TCM's condensed consolidated financial statements and the notes thereto included in Item 1 herein and the discussion of Risk Factors included in Part II, Item 1A herein. Additionally, the following discussion should be read in conjunction with the consolidated financial statements, the related "Management's Discussion and Analysis of Financial Condition and Results of Operations, the discussion of Risk Factors and the discussion of TCM's Business and Properties in our Annual Report on Form 10-K for the year ended December 31, 2015 (the "2015 Form 10-K").

The results of operations reported and summarized below are not necessarily indicative of future operating results. Throughout this MD&A, all references to earnings or losses per share are on a diluted basis, unless otherwise noted. The condensed consolidated financial statements have been prepared in accordance with US GAAP. All dollar amounts are expressed in US$, unless otherwise indicated. References to C$ refer to Canadian dollars.

Forward-Looking Statements

Certain statements in this report (including information incorporated by reference) are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation, and are intended to be covered by the safe harbors provided by these regulations. All statements other than statements of historical fact set forth or incorporated herein by reference are forward-looking statements. These forward-looking statements may, in some cases, be identified by the use of terms such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Our forward-looking statements may include, without limitation, statements with respect to: future financial or operating performance of the Company or its subsidiaries and its projects; future liquidity; the proposed arrangement with Centerra Gold Inc. , including, but not limited to, the timing, expectations and risks associated with the proposed arrangement, our ability to access financing arrangements and our ability to refinance or reduce debt on favorable terms or at all; future inventory, production, sales, payments from customers, cash costs, capital expenditures and exploration expenditures; future earnings and operating results; expected mining and concentrate grades and recoveries; estimates of mineral reserves and mineral resources, including estimated mine life and annual production; expectations regarding the optimization of Mount Milligan Mine and construction of a permanent secondary crushing circuit, including timing and cost of construction and the effects of secondary crushing; future concentrate shipment dates and shipment sizes; future operating plans and goals, including expected financial and operating results of the molybdenum business; expected costs, including any severance costs; personnel decisions, including reductions in work force; future copper, gold, and molybdenum prices; and future foreign exchange rates.

Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the section entitled "Risk Factors" in our 2015 Form 10-K, Quarterly Reports on Form 10-Q and other documents filed on EDGAR at www.sec.gov and on SEDAR at www.sedar.com. Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors, currently unknown to us or deemed immaterial at the present time that could cause results or events to differ from those anticipated, estimated or intended. Many of these factors are beyond our ability to control or predict. Given these uncertainties, the reader is cautioned not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

30

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations

Proposed Acquisition by Centerra

On July 5, 2016, TCM entered into an Arrangement Agreement (the “Arrangement Agreement”) and an accompanying letter agreement with Centerra Gold Inc. (“Centerra”), pursuant to which Centerra will acquire all of the outstanding common shares of TCM (the “TCM common shares”) pursuant to a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”).

Subject to the terms and conditions of the Arrangement Agreement, at the effective time of the Arrangement, each outstanding TCM common share, other than TCM common shares with respect to which dissent rights have been properly exercised and not withdrawn, will be exchanged for 0.0988 (the “Exchange Ratio”) of a common share of Centerra (a “Centerra common share”).  Pursuant to the Arrangement, (i) all outstanding restricted stock unit awards and performance stock unit awards will be accelerated and exchanged for Centerra common shares at the Exchange Ratio, and (ii) each outstanding stock option to purchase TCM common shares, whether vested or unvested, will be converted automatically at the effective time of the Arrangement into a stock option denominated in Centerra common shares based on the Exchange Ratio and subject to terms and conditions substantially identical to those in effect at the effective time of the Arrangement.  In addition, on or about the effective time of the Arrangement, TCM’s 9.75% senior secured notes due 2017, 7.375% senior unsecured notes due 2018 and 12.5% senior unsecured notes due 2019 (collectively, the “Senior Notes”) will be redeemed, or otherwise satisfied and discharged, in their entirety for cash pursuant to the terms of the Arrangement Agreement and the respective indentures for the Senior Notes.

The closing of the Arrangement is subject to satisfaction of certain conditions, including, among others, approval of the Arrangement by TCM’s shareholders, approval by the Supreme Court of British Columbia, receipt of any regulatory or stock exchange approvals, including approval of the Toronto Stock Exchange, and other customary closing conditions. The Arrangement Agreement contains certain customary termination rights for both TCM and Centerra, including, among other things, a termination right for either party if the transaction is not consummated by October 31, 2016 or if Centerra’s financing to fund the transactions contemplated by the Arrangement Agreement is terminated. In addition, upon termination of the Arrangement Agreement under specified circumstances, including a change in the recommendation of the Company’s board of directors or in order to enter into an alternative transaction, we will be required to pay a cash termination fee to Centerra of $35 million.

We anticipate that the Arrangement will be consummated in the second half of 2016. We cannot predict with certainty whether and when any of the required closing conditions will be satisfied and there is no assurance that the Arrangement will be completed. Refer to the "Liquidity and Capital Resources" section in this MD&A and Part II. Item 1A. “Risk Factors” in this report for a discussion of risks to our liquidity if the Arrangement is not consummated and other risks associated with the Arrangement.

31

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Highlights for the Second Quarter of 2016

• Total cash and cash equivalents at June 30, 2016 were $119.7 million, compared to $176.8 million at December 31, 2015. Total debt, including capital lease obligations and excluding unamortized debt issuance costs and debt discounts, was $873.2 million at June 30, 2016, compared to $885.9 million at December 31, 2015.

• Working capital at June 30, 2016 was $129.5 million, compared to $174.7 million at December 31, 2015.

• Cash generated by operating activities was $6.3 million in the second quarter of 2016, compared to $23.9 million in the second quarter of 2015.

• Consolidated revenues for the second quarter of 2016 were $128.7 million, compared to $134.1 million in the second quarter of 2015. Copper and gold sales contributed $102.2 million in revenue in the second quarter of 2016, compared to $105.6 million in the second quarter of 2015. Molybdenum sales were $22.3 million for the second quarter of 2016, compared to $20.9 million in the second quarter of 2015. During the second quarter of 2016, we completed four shipments of copper-gold concentrate and recorded four sales, compared to three shipments and four sales in the second quarter of 2015.

• Sales volumes and average realized sales prices for copper and gold for the second quarter of 2016 were 20.3 million pounds of copper at an average realized price of $2.15 per pound and 62,314 ounces of gold at an average realized price of $1,041 per ounce, compared to 21.2 million pounds of copper at an average realized price of $2.63 per pound and 57,920 ounces of gold at an average realized price of $975 per ounce for the second quarter of 2015. In the second quarter of 2016, we sold 3.0 million pounds of molybdenum, which consisted of roasted molybdenum concentrate sourced from third parties, at an average realized price of $7.38 per pound. In the second quarter of 2015, we sold 2.3 million pounds of molybdenum, which consisted of inventory produced at our mines in 2014 in addition to third-party sourced product, at an average realized price of $9.23 per pound.

• Consolidated operating lossfor the second quarter of 2016 was $3.8 million, compared to $12.1 million of operating income for the second quarter of 2015.

• Net loss for the second quarter of 2016 was $27.9 million, or $0.13 per diluted share, compared to net income of $0.3 million, or nil per diluted share, for the second quarter of 2015. The net loss for the second quarter of 2016 and net income for the second quarter of 2015 included primarily unrealized non-cash foreign exchange loss of $1.4 million and unrealized non-cash foreign exchange gain of $16.9 million, respectively, primarily on intercompany notes.

• Non-GAAP adjusted net loss for the second quarter of 2016 was $26.9 million, or $0.13 per diluted share, compared to non-GAAP adjusted net loss for the second quarter of 2015 of $13.5 million, or $0.06 per diluted share. Non-GAAP adjusted net loss excludes foreign exchange gains and losses, net of related income tax effects. See “Non-GAAP Financial Measures” for the definition and reconciliation of non-GAAP adjusted net (loss) income.

• Payable production at Mount Milligan Mine for the second quarter of 2016 was 14.7 million pounds of copper and 46,383 ounces of gold, compared to payable production of 20.2 million pounds of copper and 59,917 ounces of gold for the second quarter of 2015.

• Non-GAAP unit cash cost per pound of copper produced for the second quarter of 2016, on a by-product basis, net of gold credits, was $0.37 per pound and, on a co-product basis, $1.84 per pound of copper and $728 per ounce of gold. Non-GAAP unit cash cost in the second quarter of 2015 was, on a by-product basis, $0.48 per pound of copper and on a co-product basis, $1.55 per pound of copper and $434 per ounce of gold. See “Non-GAAP Financial Measures” for the definition and reconciliation of non-GAAP cash costs.

• Capital expenditures for the second quarter of 2016 were $15.9 million, composed of $15.8 million, primarily for the permanent secondary crushing circuit at Mount Milligan Mine and $0.1 million for TC Mine, compared to $9.7 million for the second quarter of 2015.

32

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Overview

We are a North American mining company. In 2015, we shifted the core focus of our business to copper and gold while at the same time developing a strategy to maintain the optionality of our molybdenum business. This shift in core focus was primarily the result of expected ongoing weakness in the molybdenum market. As discussed above, on July 5, 2016, TCM entered into an Arrangement Agreement and an accompanying letter agreement with Centerra, pursuant to which, subject to certain closing conditions, Centerra will acquire all of the outstanding common shares of TCM pursuant to a statutory plan of arrangement under the Business Corporations Act (British Columbia).

We have three reportable segments, based on products and geography: Copper-Gold, US Molybdenum and Canadian Molybdenum. The Copper-Gold segment represents the Mount Milligan Mine and includes the sale of copper-gold products, net of refining costs, and all expenditures, including all mining, milling, mine site general and administration, transportation and warehousing. The US Molybdenum segment includes the sale of third party sourced molybdenum, tolling and calcining revenue from Langeloth, all roasting and on-site administrative expenditures from Langeloth, molybdenum beneficiation costs and costs for idle mining operations from TC Mine. The Canadian Molybdenum segment includes all 2015 molybdenum sales from the 75% owned Endako Mine, which was placed on care and maintenance effective July 1, 2015, and our 75% share of expenditures from Endako Mine, including all mine site general and administration costs, severance costs, transportation costs, and costs for idle mining operations. Our 75% share of the care and maintenance and temporary suspension costs at Endako Mine along with the care and maintenance costs at TC Mine are reflected in costs for idle mining operations in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and six months ended June 30, 2016.

Copper-Gold

During the second quarter of 2016, we completed four shipments of copper-gold concentrate and recorded four sales, compared to three shipments of copper-gold concentrate and four sales in the second quarter of 2015. During each of the first half of 2016 and 2015, we completed seven shipments of copper-gold concentrate and recorded seven sales.

For the second quarter of 2016, compared to the second quarter of 2015, payable copper production decreased 27.1% primarily due to lower copper grades and recoveries, partially offset by improved throughput. Non-GAAP copper cash costs on a by-product basis decreased22.9% quarter over quarter, primarily due to a 14.7%increase in gold sales together with a favorable Canadian exchange rate, which were somewhat offset by higher operating costs in the second quarter of 2016. Quarter over quarter, on a co-product basis, non-GAAP copper unit cash costs increased by 18.7% primarily due to significantly lower payable copper production and higher operating costs in the second quarter of 2016. See “Non-GAAP Financial Measures” for the definition and reconciliation of non-GAAP cash costs.

For the first half of 2016, payable copper production decreased 5.1% compared to the first half of 2015, with a 20.0% decrease in non-GAAP copper cash costs on a by-product basis for the first half of 2016 compared to the first half of 2015. The period over period decrease in the non-GAAP copper cash costs on a by-product basis was primarily due to a 19.1% increase in gold sales in the first half of 2016 compared to the first half of 2015, which was partially offset by higher operating costs in the comparative 2016 period. On a co-product basis, non-GAAP copper cash costs for the first half of 2016 remained the same as the first half of 2015. See “Non-GAAP Financial Measures” for the definition and reconciliation of non-GAAP cash costs.

For the second quarter of 2016, compared to the second quarter of 2015, payable gold production decreased22.6% due to lower gold grades and recoveries, and gold non-GAAP cash costs on a co-product basis increased 67.7%. Quarter over quarter, the increase in gold non-GAAP unit cash costs on a co-product basis was primarily due to higher cash costs related to temporary secondary crushing, a decrease in capitalized costs related to the tailings storage facility, increase in power usage, a decrease in payable gold production together with an increase in cash costs allocated to gold due the sharp decline in copper market sales prices in the second quarter of 2016 compared to the second quarter of 2015. Payable gold production for the first half of 2016 decreased 6.0% compared to the first half of 2015, with a 33.8% increase in non-GAAP cash costs on a co-product basis period over period. Period over period, the increase in the cash cost of gold on co-product basis was due primarily due to a decrease in payable gold production together with an increase in cash costs allocated to gold due to the sharp decline in copper market sales prices. See “Non-GAAP Financial Measures” for the definition and reconciliation of non-GAAP cash costs.

33

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Average daily throughput for the quarter and six months ended June 30, 2016 significantly improved to 49,980 tonnes, and 54,040 tonnes, respectively compared to 44,940 tonnes and 42,269 tonnes for the quarter and six months ended June 30, 2015, respectively. Various modifications and enhancements that were made in 2015 to remedy operational challenges proved to be successful which resulted in daily mill throughput increases of 11.2% and 27.8%, respectively in the second quarter and first six months of 2016 compared to the same periods of 2015. However, copper payable production decreased by 27.1% and 5.1%, respectively, and gold payable production decreased by 22.6% and 6.0%, respectively, over the same comparative periods in 2015, primarily due to a decrease in ore grades and recoveries. Quarter over quarter, copper ore grade and recovery decreased by 28.6% and 9.7%, respectively, and gold ore grade and recovery decreased by 16.9% and 16.9%, respectively. For the first half of 2016, compared to the first half of 2015, copper ore grade decreased by 18.5% and copper recovery decreased by 8.2%. For the first half of 2016, compared to the first half of 2015, gold ore grade decreased by 14.1% and gold recovery decreased by14.6%. Copper and gold recoveries for the quarter and six months June 30, 2016 were lower as compared to the same periods in 2015 as a result of changes in operational conditions primarily from increased throughput together with lower ore grades due to pit sequencing and transitioning from phase 2 to phase 3 mining. During 2015, our primary focus at Mount Milligan was to increase daily mill throughput. For 2016, our primary focus is to optimize the mine and mill throughput with expected increase in recoveries.

As discussed in our 2015 Form 10-K, in the fourth quarter of 2015 we made the decision to order the long-lead items for the permanent crusher and take additional steps in preparation for construction, and in February 2016 we made the decision to commence construction. We believe that a permanent secondary crushing circuit will enable us to consistently achieve average daily throughput of approximately 62,500 tonnes per day ("tpd") and allow for reliable increases in mill throughput at lower operating cost than what we could achieve with the temporary secondary crushing circuit. The total estimated capital cost for the project is expected to be less than $60 million, inclusive of approximately $22.5 million incurred during the first half of 2016 and $15.0 million incurred in 2015. Capital costs incurred for the permanent secondary crusher through June 30, 2016 related to engineering, design/supply of major equipment, placement of schedule-critical concrete and delivery of initial loads of structural steel and conveyors. As of June 30, 2016 and December 31, 2015, we had accruals related to the permanent crusher of $6.0 million and $6.2 million, respectively. Activities in connection with the construction of the permanent secondary crushing circuit remain on schedule and we expect to complete construction and commissioning by the end of 2016.

See “Selected Condensed Consolidated Financial and Operational Information” and “Operating Segment Discussion” in this MD&A for additional information for our copper-gold operations during the second quarter and first half of 2016 and 2015.

Molybdenum

We provide tolling services for customers by converting molybdenum concentrates to molybdenum oxide powder and briquettes and ferromolybdenum products. Additionally, we also purchase molybdenum concentrates to convert to upgraded products which are then sold in the metallurgical and chemical markets. We expect Langeloth to generate sufficient cash flow to continue to substantially cover the annual costs of care and maintenance at our two molybdenum mines, enabling us to hold our molybdenum business on a cash neutral basis and allowing us to retain the optionality to re-start our mines if a more favorable market presents itself. Additionally, as of January 2016, we are operating a commercial molybdenum beneficiation circuit at our TC Mine to treat molybdenum concentrates to supplement the concentrate feed we source directly for our Langeloth facility. This beneficiation process at TC Mine has allowed us to process high copper molybdenum concentrate, which is then transported to Langeloth for processing.

During the second quarter and first half of 2016, the molybdenum business generated net cash flows (net of capital expenditures and costs of idle operations for TC Mine and Endako Mine) of $2.6 million and used net cash flows of $1.9 million, respectively, primarily as a result of the change in the molybdenum working capital accounts driven by the business cycle of receivables, payments and inventory. During the second quarter of 2016, we incurred approximately $1.7 million and $0.7 million of care and maintenance costs at TC Mine and Endako Mine, respectively. During the first half of 2016, we incurred approximately $3.5 million and $1.3 million of care and maintenance costs at TC Mine and Endako Mine, respectively.

Commodity Prices

Our financial results can vary significantly as a result of fluctuations in the market prices of copper, gold and molybdenum and fluctuations in our production. World market prices for our products have fluctuated historically and are affected by numerous factors beyond our control. Any significant fluctuation in demand or prices may have a material effect on our operating results, cash flows and financial condition.

34

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

The average published price for our products has fluctuated as follows for the periods shown:

	Copper (1)		Gold (2)		Molybdenum oxide (3)
July 2016	$	2.20	$	1,337	$	6.59
Second quarter 2016	$	2.14	$	1,259	$	6.16
First quarter 2016	$	2.12	$	1,181	$	5.32
Fourth quarter 2015	$	2.22	$	1,105	$	4.82
Third quarter 2015	$	2.39	$	1,125	$	5.82
Second quarter 2015	$	2.74	$	1,192	$	7.48

__________________________________________________________________________

⁽¹⁾ Average Metals Bulletin Daily published price for London Metal Exchange (LME) settlement per pound.

⁽²⁾ Average Metals Bulletin Daily published price for daily average London price per troy ounce.

⁽³⁾ Average Platts Metals Week published price per pound for molybdenum oxide.

We have a hedging program in place to provide downside protection for copper and gold prices for 2016. See Note 5 for more information regarding our copper and gold financial instruments.

Liquidity

Our cash and cash equivalents balance was $119.7 million at June 30, 2016, compared to $176.8 million at December 31, 2015. The decrease in our cash balance was primarily due to debt service payments, capital expenditures (primarily related to the Mount Milligan permanent secondary crusher) and payments related to our strategic initiatives (which includes activities related to the proposed Arrangement and our prior debt refinancing/restructuring efforts), which were somewhat offset by the cash flow from the copper and gold sales, net of operating cash costs.

Refer to the "Liquidity and Capital Resources" section in this MD&A for a discussion of important risks to our liquidity if the Arrangement is not consummated.

35

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Outlook

The following table presents our guidance for the full year 2016, which remains unchanged from the guidance issued previously. We currently expect that our 2016 copper production will be on the high end of our guidance range, and our 2016 gold production, by-product cash costs and capital expenditures to be at the low end of our guidance. See footnotes below for changes in underlying foreign exchange rate and gold price assumptions:

	Year Ending December 31, 2016 (Estimated)
Mount Milligan Mine Copper and Gold (1)
Concentrate production (000's dry tonnes)	125 - 135
Copper payable production (000's lb)	55,000 - 65,000
Gold payable production (000's oz) (1)	240 - 270
Unit cash cost - By-product ($/payable lb copper produced): (2)	$0.25 - $0.70
Cash Capital Expenditures ($ in millions, plus or minus 10%):
Mount Milligan operations	$5
Mount Milligan tailings dam	$20
Mount Milligan secondary crusher (3)	$47
Total capital expenditures	$72

_____________________________________________________________________________

⁽¹⁾  Estimates for cash costs and capital expenditures assume an average foreign exchange rate of US$1.00 = C$1.28 for 2016.

⁽²⁾  Assumes gold by-product credits at a weighted average gold price of approximately $867/oz, which takes into account the $435/oz under the streaming arrangement with Royal Gold ("Gold Stream Arrangement").

⁽³⁾  Excludes $6.2 million in accruals as of December 31, 2015 that were paid in 2016.

See Item 1A of our 2015 Form 10-K for a discussion of risk factors relating to our production and cost guidance.

36

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Summary of Quarterly Results

(US$ in millions, except per share, per pound and per ounce amounts—unaudited)

	Jun 30 2016			Mar 31 2016			Dec 31 2015			Sep 30 2015			Jun 30, 2015
Financial Information
Revenues	$	128.7		$	97.4		$	95.3		$	141.7		$	134.1
Operating (loss) income	$	(3.8	)	$	7.4		$	3.2		$	10.5		$	12.1
Net (loss) income	$	(27.9	)	$	35.1		$	12.9		$	(60.9	)	$	0.3
Net (loss) income per share:
—basic	$	(0.13	)	$	0.16		$	0.06		$	(0.28	)	$	0.00
—diluted	$	(0.13	)	$	0.16		$	0.06		$	(0.28	)	$	0.00
Cash generated by (used in) operating activities	$	6.3		$	(15.7	)	$	(19.7	)	$	38.5		$	23.9
Adjusted Non-GAAP Measures(1)
Adjusted net (loss) income	$	(26.9	)	$	(19.3	)	$	(17.1	)	$	(5.0	)	$	(13.5	)
Adjusted net (loss) income per share
—basic	$	(0.13	)	$	(0.09	)	$	(0.08	)	$	(0.02	)	$	(0.06	)
—diluted	$	(0.13	)	$	(0.09	)	$	(0.08	)	$	(0.02	)	$	(0.06	)
Operational Statistics
Copper
Payable production (000's lb) (2)	14,687			19,062			19,473			16,363			20,159
Cash cost ($/payable lb produced) - By-Product (1)	$	0.37		$	0.78		$	0.79		$	(0.16	)	$	0.48
Cash cost ($/payable lb produced) - Co-Product (1)	$	1.84		$	1.41		$	1.39		$	1.66		$	1.55
Copper sold (000's lb)	20,309			14,962			16,123			24,427			21,195
Average realized sales price ($/lb) (1)	$	2.15		$	2.17		$	1.92		$	2.09		$	2.63
Gold
Payable production (oz) (2)	46,383			53,329			58,254			53,791			59,917
Cash cost ($/payable oz produced) - Co-Product (1)	$	728		$	523		$	463		$	527		$	434
Gold sold (oz)	62,314			44,391			51,781			75,451			57,920
Average realized sales price ($/oz) (1)	$	1,041		$	1,026		$	932		$	926		$	975
Molybdenum
Molybdenum sold (000's lb):
TC Mine and Endako Mine product	—			—			244			592			576
Purchased and processed product	3,014			3,036			2,410			2,342			1,679
	3,014			3,036			2,654			2,934			2,255
Average realized sales price ($/lb)	$	7.38		$	6.47		$	6.39		$	7.86		$	9.23

___________________________________________________________

⁽¹⁾  See "Non-GAAP Financial Measures" for the definition and reconciliation of these non-GAAP measures.

⁽²⁾  Payable production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and payable metal deductions, subject to metal content, levied by smelters. The current payable percentage applied is approximately 95.0% for copper and 96.5% for gold.

37

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Selected Condensed Consolidated Financial and Operational Information

(US$ in millions, except per share, per pound and per ounce amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(unaudited)						(unaudited)
Financial Information
Revenues
Copper sales	$	37.6		$	49.3		$	65.7		$	81.5
Gold sales	64.6			56.3			109.9			92.3
Molybdenum sales	22.3			20.9			41.9			63.7
Tolling, calcining and other	4.2			7.6			8.6			19.6
Total revenues	128.7			134.1			226.1			257.1
Costs and expenses
Cost of sales
Operating expenses	86.4			75.3			143.9			158.3
Depreciation, depletion and amortization	29.1			26.8			48.9			46.8
Total cost of sales	115.5			102.1			192.8			205.1
Total costs and expenses	132.5			122.0			222.5			239.8
Operating (loss) income	(3.8		)	12.1			3.6			17.3
Other expense (income)	23.5			6.7			(11.7		)	115.8
(Loss) income before income and mining taxes	(27.3		)	5.4			15.3			(98.5		)
Income and mining tax expense (benefit)	0.6			5.1			8.1			(11.6		)
Net (loss) income	$	(27.9	)	$	0.3		$	7.2		$	(86.9	)
Net (loss) income per share
Basic	$	(0.13	)	$	0.00		$	0.03		$	(0.40	)
Diluted	$	(0.13	)	$	0.00		$	0.03		$	(0.40	)
Cash generated by (used in) operating activities	$	6.3		$	23.9		$	(9.4	)	$	18.6
Adjusted Non-GAAP Measures: (1)
Adjusted net (loss) income (1)	$	(26.9	)	$	(13.5	)	$	(46.2	)	$	(27.7	)
Adjusted net (loss) income per share—basic (1)	$	(0.13	)	$	(0.06	)	$	(0.21	)	$	(0.13	)
Adjusted net (loss) income per share—diluted (1)	$	(0.13	)	$	(0.06	)	$	(0.21	)	$	(0.13	)

38

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

	Three Months Ended				Six Months Ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
	(unaudited)				(unaudited)
Operational Statistics
Copper
Payable production (000's lb) (2)	14,687		20,159		33,749		35,564
Cash cost ($/payable lb produced) - By-Product (1)	$	0.37	$	0.48	$	0.60	$	0.75
Cash cost ($/payable lb produced) - Co-Product (1)	$	1.84	$	1.55	$	1.59	$	1.59
Copper sold (000's lb)	20,309		21,195		35,271		35,986
Average realized sales price ($/lb) (2)	$	2.15	$	2.63	$	2.16	$	2.56
Gold
Payable production (oz)	46,383		59,917		99,712		106,036
Cash cost ($/payable oz produced) - Co-Product (1)	$	728	$	434	$	618	$	462
Gold sold (oz)	62,314		57,920		106,705		94,670
Average realized sales price ($/oz) (1)	$	1,041	$	975	$	1,035	$	979
Molybdenum sold (000's lb):
TC Mine and Endako Mine product	$	—	$	576	$	—	$	3,128
Purchased and processed product	3,014		1,679		6,050		3,412
	3,014		2,255		6,050		6,540
Average realized sales price ($/lb)	$	7.38	$	9.23	$	6.92	$	9.73

_______________________________________________________________________________

⁽¹⁾  See “Non-GAAP Financial Measures” for the definition and reconciliation of these non-GAAP measures.

⁽²⁾  Payable production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and payable metal deductions, subject to metal content, levied by smelters. The current payable percentage applied is approximately 95.0% for copper and 96.5% for gold.

	As of
	June 30, 2016		December 31, 2015
Cash and cash equivalents	$	119.7	$	176.8
Total assets	$	2,433.3	$	2,366.6
Total debt, net of unamortized debt issuance costs and discounts (1)	$	864.5	$	874.8
Total liabilities	$	1,781.7	$	1,791.3
Shareholders' equity	$	651.6	$	575.3
Shares outstanding (000's)	222,782		221,622

⁽¹⁾ Includes capital lease obligations under equipment facility.

39

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Three Months Ended June 30, 2016 (Unaudited)

Net Income (Loss)

Net loss for the second quarter of 2016 was $27.9 million, or $0.13 per diluted share, compared to net income of $0.3 million, or nil per diluted share, for the second quarter of 2015. The net loss for the second quarter of 2016 was primarily due to interest and finance fees of $20.5 million, operating loss of $3.8 million, non-cash foreign exchange losses of $1.4 million and consolidated income and mining tax expense of $0.6 million. The net income for the second quarter of 2015 was due primarily to operating income of $12.1 million and non-cash foreign exchange gains of $16.9 million, partially offset by a consolidated income and mining tax expense of $5.1 million and interest and finance fees of $22.3 million. Quarter over quarter, the decrease in operating income is primarily due to a $16.5 million increase in cost of sales for our copper-gold operations, a $3.4 million decrease in copper and gold sales, a $3.4 million decrease in tolling and calcining, a $4.9 million increase in strategic initiative related costs, partially offset by a $9.7 million decrease in the costs for idle mining operations.

Non-GAAP adjusted net loss for the second quarter of 2016 (which excluded foreign exchange losses related to intercompany notes, net of tax impacts) was $26.9 million, or $0.13 per diluted share. Non-GAAP adjusted net loss for the second quarter of 2015 (which excluded foreign exchange gains related to intercompany notes, net of tax impacts) was $13.5 million, or $0.06 per share.

Revenues

Revenues in the second quarter of 2016 were $128.7 million, down4.0% compared to revenues of $134.1 million for the second quarter of 2015. The quarter over quarter decrease in revenues was driven primarily by lower copper sales due to an 18.3% decline in the average realized sales price for copper and a decrease in tolling and calcining revenues, partially offset by an increase in gold and molybdenum sales revenue. Copper sales decreased by $11.7 million during the second quarter of 2016, as compared to the second quarter of 2015, with the sale of 20.3 million pounds of copper at an average realized sales prices of $2.15 per pound of copper. Gold sales increased by $8.3 million quarter over quarter, with the sale of 62,314 ounces of gold at an average realized price of $1,041 per ounce of gold. During the second quarter of 2015, we sold 21.2 million pounds of copper and 57,920 ounces of gold at average realized sales prices of $2.63 per pound of copper and $975 per ounce of gold.

In the second quarter of 2016, we sold approximately 3.0 million pounds of molybdenum sourced entirely from third party purchased product at an average realized sales price of $7.38 per pound. In the second quarter of 2015, we sold approximately 2.3 million pounds of molybdenum, primarily from third party purchased product, at an average realized sales price of $9.23 per pound.

Operating Expenses

Operating expenses for the second quarter of 2016 were $86.4 million, up14.7% from the same quarter in 2015. Quarter over quarter, the increase in operating expenses is primarily due to higher operating expenses at our Mount Milligan Mine in connection with the temporary secondary crusher circuit, a lower amount of capitalized waste in connection with the construction of the tailings dam, and higher diesel costs, grinding media costs and power usage for our copper-gold operations, partially offset by favorable Canadian foreign exchange rates.

Lower-of-cost-or-market product inventory adjustments reported within operating expenses for the US molybdenum segment during the three months ended June 30, 2016 and 2015 was as follows:

	Three Months Ended
	June 30, 2016			June 30, 2015
US Molybdenum (1)	$	(0.1	)	$	1.8
	$	(0.1	)	$	1.8

____________________________________________________________________________

⁽¹⁾ Included market price recoveries (not exceeding previously recognized losses) of $0.1 million on molybdenum product inventory during the three months ended June 30, 2016.

40

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Molybdenum product inventory adjustments in the second quarter of 2016 were related to third party purchased product and were primarily the result of recovering prices during the quarter. Molybdenum product inventory write-downs in the second quarter of 2015 were a combination of write-downs on third party purchased product and inventory from our molybdenum mines and were primarily the result of declining prices.

Quarter over quarter, operating expenses were impacted by fluctuations in foreign exchange rates. The foreign exchange rate averaged US$1.00 = C$1.29 for the second quarter of 2016, compared to an average rate of US$1.00 = C$1.23 for the same period in 2015.

The non-GAAP financial measure of cash cost per pound produced from Mount Milligan Mine in the second quarter of 2016 was $0.37 per pound of payable copper produced on a by-product basis (net of gold credits), $1.84 per pound of payable copper produced on a co-product basis and $728 per ounce of payable gold produced on a co-product basis. The non-GAAP financial measure of cash cost per pound produced from Mount Milligan Mine in the second quarter of 2015 was $0.48 per pound of payable copper produced on a by-product basis, $1.55 per pound of payable copper produced on a co-product basis and $434 per ounce of payable gold produced on a co-product basis. Quarter over quarter, the decrease in non-GAAP copper cash costs on a by-product basis was primarily related to by an increase in ounces of gold sold and an increase in the average realized price of gold in the second quarter of 2016 together with a favorable Canadian exchange rate. See our Operating Segment Discussion for the further details on other non-GAAP cash cost metrics.

Depreciation, Depletion and Amortization Expense ("DD&A")

DD&A in the second quarter of 2016 was $29.1 million, compared to $26.8 million in the second quarter of 2015. Quarter over quarter, the increase in DD&A is primarily related to the timing of assets placed in service for our copper-gold operations and an increase in gold sales volume in the second quarter of 2016, compared to the second quarter of 2015.

Lower-of-cost-or-market molybdenum product inventory adjustments within DD&A for the three months ended June 30, 2016 and 2015 were as follows:

	Three Months Ended
	June 30, 2016		June 30, 2015
US Molybdenum	$	—	$	0.3
Canadian Molybdenum	—		0.1
	$	—	$	0.4

General and Administrative Expense

General and administrative expense in the second quarter of 2016 was $5.0 million, compared to $4.9 million in the second quarter of 2015. General and administrative expense for the second quarter of 2016 and 2015 included $0.7 million and $0.7 million in stock-based compensation expense, respectively. Under US GAAP, stock-based compensation is included in the specific operating statement categories that include the compensation costs of the employees, officers and directors for which the stock-based award applies.

Strategic Initiative Related Costs

In connection with the evaluation of strategic and financial alternatives, we incurred fees and other related costs of $4.9 million during the second quarter of 2016. No such expense was incurred in the second quarter of 2015.

Costs for Idle Mining Operations

Costs for idle mining operations in the second quarter of 2016 were $2.4 million, compared to $12.1 million in the second quarter of 2015. In the second quarter of 2016 and 2015, we incurred $1.7 million and $1.8 million, respectively, in care and maintenance costs at TC Mine and $0.7 million and $10.3 million, respectively, in care and maintenance and temporary suspension costs at Endako Mine. Quarter over quarter, the decrease in costs for idle operations is due primarily to a $6.7 million decrease in one-time severance costs at Endako Mine incurred in the second quarter of 2015. The Endako Mine was placed on care and maintenance effective July 1, 2015. See our 2015 Form 10-K for further discussion.

41

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Interest and Finance Fees

Interest and finance fees were $20.5 million in the second quarter of 2016, compared to $22.3 million in the second quarterof 2015. Quarter over quarter, the decrease in interest expense was primarily due to debt reductions related to repurchases of our Senior Notes in 2015. See our 2015 Form 10-K for additional details on these repurchases. In the second quarter of 2016 and 2015, we capitalized $0.8 million and $0.3 million, respectively, of interest and amortization of debt issuance costs. We capitalize interest expense allocable to the cost of developing mining properties and to construct new facilities until assets are ready for their intended use. This capitalized interest will be amortized using the units-of-production method over the estimated life of the ore body based on recoverable quantities to be mined from proven and probable reserves.

Foreign Exchange Gains and Losses

For the second quarter of 2016 and 2015, we recognized $1.4 million of foreign exchange losses and $16.9 million of foreign exchange gains, respectively. The foreign exchange losses in the second quarter of 2016 consisted of $1.7 million of unrealized foreign exchange losses on intercompany notes, $2.4 million of unrealized losses on forward currency contracts, partially offset by $2.7 million in realized foreign exchange gains related to forward currency contracts. The foreign exchange gains in the second quarter of 2015 included approximately $16.0 million in unrealized foreign exchange gains on intercompany notes, $0.7 million in realized foreign exchange gains related to forward currency contracts and $0.2 million in realized foreign exchange gains related to other operating items.

The primary driver of the increase in non-cash foreign currency losses were the intercompany notes that are C$ denominated and were entered into as part of a strategy to manage cash balances to fund our operations and provide future tax benefits. Quarter over quarter, the increase in foreign exchange losses was primarily due to the weakening of the C$ against the US$ in the second quarter of 2016 compared to the second quarter of 2015. The foreign exchange rate at which the notes were revalued was US$1.00 = C$1.30 at June 30, 2016 compared to US $1.00 = C$1.30 at March 31, 2016. The foreign exchange rate at which the notes were revalued was US$1.00 = C$1.25 at June 30, 2015 compared to US$1.00 = C$1.27 at March 31, 2015.

Other

Other expense in thesecond quarterof2016was$1.7 million, compared to other income of$1.8 millionin thesecond quarterof2015. Other expense of $1.7 million for the second quarter of 2016 comprised unfavorable mark-to-market losses on our commodity price hedges of which $1.2 million were realized, $0.3 million were unrealized and $0.2 million related to certain tax items. Other income of $1.8 million in the second quarter of 2015 included overall favorable mark-to-market income related to copper and gold commodity price hedges, of which $0.3 million was realized and $1.5 million was unrealized income.

Income and Mining Tax Expense (Benefit)

Tax expense in the second quarter of 2016 was $0.6 million compared to $5.1 million for the second quarter of 2015. Quarter over quarter, the difference in our tax expense is primarily due to the effect of a small foreign exchange loss in the second quarter of 2016 compared to a large foreign exchange gain in the second quarter of 2015. Additionally, the tax expense for the second quarter of 2016 and 2015 included nil and $0.3 million in gains, respectively, related to foreign exchange on deferred tax assets.

42

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Six Months Ended June 30, 2016 (Unaudited)

Net Loss

Net income for the first six months of 2016 was $7.2 million, or $0.03 per diluted share, compared to a net loss of $86.9 million, or $0.40 per diluted share, for the first six months of 2015. The net income for the first half of 2016 was due primarily to operating income of $3.6 million and non-cash foreign exchange gains of $58.0 million, partially offset by interest and finance fees of $41.6 million and a consolidated income and mining tax expense of $8.1 million. The net loss for the first half of 2015 was due primarily to non-cash foreign exchange losses of $71.3 million and interest and finance fees of $44.9 million, which were somewhat offset by operating income of $17.3 million and a consolidated income and mining tax benefit of $11.6 million. Period over period, the decrease in operating income reflects a decrease in copper sales due to a decline in average realized sales prices and slightly lower sales volume for copper, decreased molybdenum sales due to the care and maintenance status of our mines which were somewhat offset by an increase in average realized sales price and sales volume for gold.

Non-GAAP adjusted net loss for the first six months of 2016 was $46.2 million, or $0.21 per diluted share, compared to non-GAAP adjusted net loss of $27.7 million, or $0.13 per diluted share, for the first six months of 2015 (which excluded foreign exchange losses related to intercompany notes, net of tax impacts). See "Non-GAAP Financial Measures" for the definition and reconciliation of non-GAAP adjusted net income.

Revenues

Revenues in the first six months of 2016 were $226.1 million, down12.1%, compared to revenues of $257.1 million for the first six months of 2015. Period over period, the decrease in revenues was primarily driven by lower sales from our molybdenum mines, which are currently on care and maintenance, lower copper sales revenue due to a decrease in the market price of copper and slightly lower copper sales volumes, partially offset by higher gold sales revenue. During the first six months of 2016, we sold 35.3 million pounds of payable copper and 106,705 ounces of payable gold at average realized sales prices of $2.16 per pound of copper and $1,035 per ounce of gold. During the first half of 2015, we sold 36.0 million pounds of payable copper and 94,670 ounces of payable gold at average realized sales prices of $2.56 per pound of copper and $979 per ounce of gold.

We sold approximately 6.1 million pounds and 6.5 million pounds of molybdenum in the first six months of 2016 and 2015, respectively, of which nil and 3.1 million pounds, respectively, were from our mines. Substantially all molybdenum sales from our mines in the first six months of 2015 represented sales of molybdenum inventory from 2014.In the first six months of 2016, the average realized sales price for molybdenum was $6.92 per pound compared to $9.73 per pound in the comparable period in 2015.

Operating Expenses

Operating expenses for the first six months of 2016 were $143.9 million, down9.1% from the comparable period in 2015. Period over period, the decrease in operating expenses is primarily due to the care and maintenance status of our molybdenum mines in 2016 together with favorable Canadian foreign exchange rates, partially offset by increased costs for the temporary secondary crusher circuit, a lower amount of capitalized waste in connection with the construction of the tailings dam, and higher diesel costs, grinding media costs and power usage at our Mount Milligan Mine.

Lower-of-cost-or-market product inventory adjustments within operating expenses for each reportable segment during the six months ended June 30, 2016 and 2015 were as follows:

	Six Months Ended
	June 30, 2016		June 30, 2015
US Molybdenum	$	0.6	$	5.6
Canadian Molybdenum	—		1.4
	$	0.6	$	7.0

Molybdenum product inventory write-downs in the first half of 2016 were related to third party purchased product and costs of molybdenum beneficiation and roasting. Molybdenum product inventory write-downs in the first half of 2015 related to mined and purchased product and were primarily the result of declining prices.

43

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Period over period, operating expenses were impacted by fluctuations in foreign exchange rates. The foreign exchange rate averaged US$1.00 = C$1.33 for the first half of 2016, compared to an average rate of US$1.00 = C$1.24 for the same period in 2015.

The non-GAAP financial measure of cash cost per pound produced from Mount Milligan Mine in the first six months of 2016 was $0.60 per pound of payable copper produced on a by-product basis, $1.59 per pound of payable copper produced on a co-product basis and $618 per ounce of payable gold produced on a co-product basis. The non-GAAP financial measure of cash cost per pound produced from Mount Milligan Mine in the first six months of 2015 was $0.75 per pound of payable copper produced on a by-product basis, $1.59 per pound of payable copper produced on a co-product basis and $462 per ounce of payable gold produced on a co-product basis. Period over period, the unit by-product cash cost for copper was positively impacted by an increase in gold ounces sold and average realized sales of gold, which was somewhat offset by higher operating costs, as discussed above. See our Operating Segment Discussion for the further details on other non-GAAP cash cost metrics.

Depreciation, Depletion and Amortization Expense ("DD&A")

DD&A in the first six months of 2016 was $48.9 million compared to $46.8 million in the comparable period in 2015. DD&A increased primarily due to the timing of assets placed in service for our copper-gold operations and an increase in gold sales volume in the first half of 2016 compared to the first half of 2015.

Lower-of-cost-or-market molybdenum product inventory adjustments within DD&A for the six months ended June 30, 2016 and 2015 were as follows:

	Six Months Ended
	June 30, 2016		June 30, 2015
US Molybdenum	$	—	$	0.4
Canadian Molybdenum	—		0.1
	$	—	$	0.5

General and Administrative Expense

General and administrative expense in the first six months of 2016 was $9.1 million compared to $10.5 million in the first six months of 2015. Lower general and administrative expense in the first six months of 2016 was primarily due to lower compensation, travel, consulting and listing fee expense. General and administrative expense for the first six months of 2016 and 2015 included $1.6 million and $1.8 million in stock-based compensation expense, respectively.

Strategic Initiative Related Costs

In connection with the evaluation of strategic and financial alternatives, we incurred fees and other related costs of $8.3 million during the first half of 2016. No such expense was incurred in the first half of 2015.

Costs for idle mining operations

Costs for idle mining operations in the first six months of 2016 was $4.8 million compared to $17.7 million in the first six months of 2015. In the first six months of 2016 these costs included $3.5 million in care and maintenance expense at TC Mine and $1.3 million in care and maintenance at Endako Mine. In the first six months of 2015 these costs included $4.2 million in care and maintenance expense at TC Mine, $6.8 million in suspension costs at Endako Mine and $6.7 million in one-time severance costs at Endako Mine.

44

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Interest and Finance Fees

Interest and finance fees were $41.6 million in the first six months of 2016 compared to $44.9 million in the first six monthsof 2015. Interest expense was lower in the first six months of 2016 primarily due to debt reductions related to repurchases of our Senior Notes and the tMEDS exchange and final settlement in the first six months of 2015. In the first six months of 2016 and 2015, we capitalized $1.3 million and $0.6 million, respectively, of interest and amortization of debt issuance costs. We capitalize interest expense allocable to the cost of developing mining properties and to construct new facilities and equipment until assets are ready for their intended use. This capitalized interest will be amortized using the units-of-production method over the estimated life of the ore body based on recoverable quantities to be mined from proven and probable reserves.

Foreign Exchange Gains and Losses

For the first six months of 2016 and 2015, we recognized $58.0 million of foreign exchange gains and $71.3 million of foreign exchange losses, respectively. The foreign exchange gains in the first six months of 2016 included approximately $52.6 million of unrealized foreign exchange gains on intercompany notes, $3.0 million in unrealized foreign exchange gains related to forward currency contracts, $2.2 million in realized foreign exchange gains related to forward currency contracts and $0.2 million in realized foreign exchange gains related to other operating items. The foreign exchange losses in the first half of 2015 included $70.5 million in unrealized foreign exchange losses on intercompany notes, $0.9 million in realized foreign exchange losses related to forward currency contracts offset by $0.1 million in realized foreign exchange gains related to other operating items.

Period over period, the increase in non-cash foreign currency gains were primarily unrealized and related to intercompany notes that were entered into as part of a strategy to manage cash balances to fund our operations and provide future tax benefits. The increase in foreign exchange gains was primarily due to the weakening of the C$ against the US$. The foreign exchange rate at which the notes were revalued was US$1.00 = C$1.30 at June 30, 2016 compared to US $1.00 = C$1.38 at December 31, 2015. The foreign exchange rate at which the notes were revalued was US$1.00 = C$1.25 at June 30, 2015 compared to US$1.00 = C$1.16 at December 31, 2014.

Other

Other expense in thefirst six months of2016was$4.9 millioncompared to other income of$3.1 millionin thefirst six months of2015.The $4.9 million of other expense for the first six months of 2016 primarily comprised unfavorable mark-to-market losses on our commodity price hedges, of which $2.1 million were realized losses, $2.1 million were unrealized losses, $0.3 million were fees paid in connection with a gold collar and $0.4 million related to certain tax items. The $3.1 million of other income during the first six months of 2015 represented overall favorable mark-to-market income related to copper and gold commodity price hedges, of which $3.7 million was realized income and $0.6 million was unrealized loss.

Income and Mining Tax (Benefit) Expense

Tax expense in the first half of 2016 was $8.1 million compared to a tax benefit of $11.6 million for the first half of 2015. The difference between our tax expense in the first half of 2016 and tax benefit in the first half of 2015 is primarily due to the effect of foreign exchange gains in the first half of 2016 as compared to foreign exchange losses in the first half of 2015. Additionally, the tax expense for the first half of 2016 and 2015 included a $1.2 million gain and a $1.3 million loss, respectively, related to foreign exchange on deferred tax assets.

45

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Operating Segment Discussion

The following discussion presents operating and financial results for the three and six months ended June 30, 2016 and 2015 for each operating reportable segment. This discussion does not include our idle operations.

Copper-Gold

Mount Milligan Mine

The following table summarizes Mount Milligan Mine's operating and financial results for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,						Six Months Ended June 30,
(Unaudited)	2016			2015			2016			2015
Operational Statistics
Mined
Ore tonnes (000's)	4,345			4,668			9,274			8,996
Waste tonnes (000's)	4,901			3,287			10,183			6,482
Strip ratio	1.13			0.70			1.10			0.72
Milled (000's tonnes)	4,548			4,090			9,835			7,651
Average daily mill throughput (tonnes)	49,980			44,940			54,040			42,269
Copper ore grade (%)	0.20		%	0.28		%	0.22		%	0.27		%
Gold ore grade (g per tonne)	0.54			0.65			0.55			0.64
Copper recovery (%)	77.2		%	85.5		%	75.9		%	82.7		%
Gold recovery (%)	60.4		%	72.7		%	59.8		%	70.0		%
Concentrate production (dry tonnes)	32,328			39,562			72,407			69,907
Copper payable production (000's lb) (1)	14,687			20,159			33,749			35,564
Gold payable production (oz) (1)	46,383			59,917			99,712			106,036
Copper cash cost ($/payable lb produced) - By-Product (2)	$	0.37		$	0.48		$	0.60		$	0.75
Copper cash cost ($/payable lb produced) - Co-Product (2)	$	1.84		$	1.55		$	1.59		$	1.59
Gold cash cost ($/payable oz produced) - Co-Product (2)	$	728		$	434		$	618		$	462
Copper sold (000's lb)	20,309			21,195			35,271			35,986
Gold sold (oz)	62,314			57,920			106,705			94,670
Copper average realized sales price ($/lb) (2)	$	2.15		$	2.63		$	2.16		$	2.56
Gold average realized sales price ($/oz) (2)	$	1,041		$	975		$	1,035		$	979

_____________________________________________________________________________

⁽¹⁾  Payable production for copper and gold reflects estimated metallurgical losses resulting from handling of the concentrate and payable metal deductions, subject to metal content, levied by smelters. The current payable percentage applied is approximately 95.0% for copper and 96.5% for gold.

⁽²⁾  See “Non-GAAP Financial Measures” for the definition and reconciliation of these non-GAAP measures.

Copper and Gold Production and Cash Costs

For the three months ended June 30, 2016 compared to the three months ended June 30, 2015, there was an 18.3%decrease in concentrate production (dry tonnes), a 27.1%decrease in payable copper production, a 22.6% decrease in payable gold production and an 11.2% increase in mill throughput. During the first half of 2016 compared to the first half of 2015, there was a 3.6%increase in concentrate production (dry tonnes), a 5.1%decrease in payable copper production, a 6.0%decrease in payable gold production and a 27.8% increase in mill throughput.

46

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Quarter over quarter, copper and gold recoveries were lower due to lower ore grades primarily due to pit sequencing and transitioning from phase 2 to phase 3 mining, regrind and flotation circuits associated with increased throughput and scheduled and unscheduled maintenance. Period over period, copper and gold recoveries were lower due primarily to the 2016 operational performance of the ball mill, lower ore grades primarily due to pit sequencing and transitioning from phase 2 to phase 3 mining, regrind and flotation circuits associated with increased throughput and scheduled and unscheduled maintenance.

Non-GAAP unit cash costs for the second quarter of 2016 compared to the second quarter of 2015 were $0.37 per pound, compared to $0.48 per pound of copper on a by-product basis, respectively, $1.84 per pound, compared to $1.55 per pound of copper on a co-product basis, respectively, and $728 per ounce compared to $434 per ounce of gold on a co-product basis, respectively. By-product cash costs for the second quarter of 2016 were favorably impacted by an increase in ounces of gold sold and an increase in the average realized price of gold in the second quarter of 2016, compared to the second quarter of 2015 which were somewhat offset by higher operating costs as previously discussed. Quarter over quarter, co-product unit cash costs for copper were unfavorably impacted by significantly lower payable copper production, due to lower ore grades and recoveries discussed previously. Quarter over quarter, the significant increase in gold unit cash costs on a co-product basis was primarily due to an increase in overall cash costs due to factors discussed above as well as a higher proportion of cash costs allocated to gold in the second quarter of 2016 due to lower payable copper production and copper prices together with a decrease in payable gold production and higher operating costs in the second quarter of 2016 compared to the second quarter of 2015.

Non-GAAP unit cash costs for the first half of 2016 compared to the first half of 2015 were $0.60 per pound, compared to $0.75 per pound of copper on a by-product basis, respectively, $1.59 per pound of copper for both periods on a co-product basis and $618 per ounce compared to $462 per ounce of gold on a co-product basis, respectively. By-product cash costs for the first half of 2016 were favorably impacted by an increase in ounces of gold sold and an increase in the average realized price of gold in the first half of 2016, compared to the first half of 2015, which were somewhat offset by higher operating costs as previously discussed. Period over period, co-product unit cash costs for copper remained the same. Period over period, the significant increase in gold unit cash costs on a co-product basis was primarily due to an increase in cash costs allocated to gold due to the sharp decline in copper market prices together with lower payable gold production and higher operating costs.

Operating expenses for our copper-gold operations were higher for the three and six months ended June 30, 2016 compared to the three and six months ended June 30, 2015 due primarily to an increase in costs related to temporary secondary crushing, grinding media, power, diesel and labor usage and a decrease in capitalized costs related to our tailings storage facility. Operating expenses were positively impacted by favorable foreign exchange rates, as the US$ strengthened against the C$ in the three and six months ended June 30, 2016, compared to the three and six months ended June 30, 2015. The average foreign exchange rate was US$1.00 = C1.29 for the second quarter of 2016 and US$1.00 =1.33 for the first half of 2016, compared to US$1.00 = C1.23 for the second quarter of 2015 and US$1.00 = C1.24 for the first half of 2015, resulting in a favorable impact on operating costs of approximately $6.4 million and $6.6 million for the three and six months ended June 30, 2016, respectively.

Copper and Gold Sold

During the second quarter of 2016 compared to the second quarter of 2015, copper sales volumes decreased by 4.2% and gold sales volumes increased by 7.6%. Quarter over quarter, for copper, the 18.3%lower average realized sales price and a decrease in copper sales volumes resulted in an overall decrease in copper sales revenue. Quarter over quarter, for gold, the increase in sales volumes in addition to a 6.8%higher average realized sales price resulted in an increase in gold sales revenue.

During the first half of 2016 compared to the first half of 2015, copper sales volumes decreased by 2.0% and gold sales volumes increased by 12.7%. While we made seven shipments and recognized seven sales in each of the first halves of 2016 and 2015, due to the relative copper and gold content of our 2016 shipments, we recognized higher sales volumes for gold and slightly lower sales volumes for copper in the first half of 2016 compared to the first half of 2015. Period over period, the average realized price for copper decreased by 15.6% and the average realized price for gold increased by 5.7%.

Quarter over quarter and period over period, the average realized prices for copper and gold were impacted by falling copper prices and recovering gold prices. The fluctuations in metals prices resulted in adjustments to the final settlement of certain provisional payments together and mark-to-market adjustments for prior period provisional payments not yet final. See “Non-GAAP Financial Measures” for the definition and reconciliation of the non-GAAP average realized sales prices.

47

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Capital Expenditures

During the three months ended June 30, 2016, we made C$20.3 million of capital expenditures for Mount Milligan Mine, consisting of C$15.6 million related to the permanent secondary crushing circuit, C$4.2 million related to the tailings storage facility and C$0.5 million for ongoing operations. During the six months ended June 30, 2016, we made C$41.2 million of capital expenditures for Mount Milligan Mine, consisting of C$30.1 million related to the permanent secondary crushing circuit, C$9.6 million related to the tailings storage facility and C$1.5 million for ongoing operations. During the three months ended June 30, 2015, we made C$11.3 million of capital expenditures for Mount Milligan Mine, consisting of C$10.1 million for ongoing operations, C$0.6 million for engineering work for the secondary crusher and C$0.6 million related primarily to the payment of accruals from 2014. During the first half of 2015, we made C$26.8 million of capital expenditures for Mount Milligan Mine, consisting of C$22.7 million for ongoing operations, C$2.9 million for engineering work for the secondary crusher and C$1.2 million related to the payment of accruals from 2014.

US Molybdenum Operating Activities

Langeloth Facility

Operating results for the Langeloth Facility represent activities related to the roasting and processing of third-party concentrate and other metals at the Langeloth Facility. However, the molybdenum pounds and the costs for the molybdenum beneficiation circuit at TC Mine, treating molybdenum concentrates to supplement the concentrate feed we source directly for our Langeloth facility, are included in the Langeloth Facility operating results.

The following is a summary of the Langeloth Facility's operating results for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,				Six Months Ended June 30,
(Unaudited)	2016		2015		2016		2015
Operational Statistics
Molybdenum sold from purchased product (000's lb)	3,014		1,679		6,050		3,412
Realized price on molybdenum sold from purchased product ($/lb)	$	7.38	$	8.29	$	6.92	$	8.90
Toll roasted and upgraded molybdenum processed (000's lb)	2,117		4,698		3,750		11,493
Roasted metal products processed (000's lb)	276		1,272		1,972		2,839

Quarter over quarter and period over period, molybdenum sold from third-party purchased molybdenum concentrate increased primarily due to the shift in our Langeloth business model and the operation of the beneficiation circuit. The average realized sales price of molybdenum sold from purchased product was $7.38 per pound and $6.92 per pound for the second quarter and first half of 2016, compared to $8.29 per pound $8.90 per pound for the second quarter and first half of 2015, respectively. Quarter over quarter and period over period the decrease in the average realized sales price of molybdenum is due to the adverse market conditions for molybdenum.

Quarter over quarter and period over period, the decrease in the volume of toll roasted and upgraded molybdenum processed due to decreased demand was 54.9% and 67.4%, respectively. Quarter over quarter and period over period, the decrease in the volume of roasted metal products processed due to decreased demand was 78.3% and 30.5%, respectively.

48

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Liquidity and Capital Resources

Our financial position was as follows:

	As of
(US$ in millions)	June 30, 2016		December 31, 2015
Cash and cash equivalents	$	119.7	$	176.8
Accounts receivable	$	76.0	$	52.7
Product Inventory	$	56.3	$	55.8
Accounts payable	$	79.5	$	72.0
Current portion of equipment financings	$	25.0	$	25.6
Total working capital	$	129.5	$	174.7
Total debt, including equipment financings, excluding unamortized debt issuance costs and discounts	$	873.2	$	885.9

During the second quarter and first half of 2016, our debt and liquidity positions were primarily affected by the following:

• Cash generated by operating activities of $6.3 million during the second quarter of 2016 and cash used in operating $9.4 million for the first half of 2016 reflects four shipments of concentrate and four provisional payments in the second quarter of 2016 and seven shipments of concentrate and seven provisional payments in the first half of 2016;

• Lower average realized prices for copper;

• Payments of $4.9 million in the second quarter of 2016 and $8.3 million in the first half of 2016 related to our strategic initiatives (which includes activities related to the sale of the company and debt refinancing/restructuring efforts);

• Interest payments of $24.4 million and $40.6 million on our Senior Notes for the second quarter of 2016 and first half of 2016;

• Capital expenditures of $15.9 million for the second quarter of 2016 and $31.5 million for the first half of 2016, primarily related to our Mount Milligan Mine permanent secondary crushing circuit; and

• Equipment financing repayments of $6.5 million and $12.8 million for the second quarter and first half of 2016, respectively.

We monitor our exposure to the prices of our products as well as the currencies in which we operate. During the second quarter and first half of 2016, we entered into hedges to manage exposure to fluctuations in the prices of copper and gold and also purchased gold to satisfy our obligations under the Gold Stream Arrangement; we also entered into hedges to manage exposure to the potential strengthening of the Canadian dollar against the US dollar. See Note 5 within Item 1 for further discussion.

As of June 30, 2016, we have provided the appropriate regulatory authorities in the US and Canada with approximately $74.5 million in reclamation financial assurance in the form of surety bonds for our share of mine closure obligations in the jurisdictions in which we operate. As of June 30, 2016, the surety bonds required cash collateral of $10.0 million. We have been notified by one of the surety bond providers that they will not renew the surety bond on the Endako reclamation obligation, which expires on August 18, 2016. We continue to look for alternatives to satisfy the Endako reclamation financial assurance, of which our share is $8.9 million, which may include cash deposits with the appropriate regulatory authority in Canada for the full amount. Additionally, during the second quarter, we were required to post $2.6 million of cash collateral related to a $10 million surety bond related to our equipment lease obligations and $0.5 million of cash related to a surety bond to our electricity provider for TC Mine. Any continued perceived challenges to our liquidity in the short or long term could cause regulatory authorities and contractual counterparties to require additional financial assurances with respect to our obligations to them. To the extent that the value of any security provided to regulatory authorities is or becomes insufficient to cover the amount of financial assurance we are required to post, we would be required to replace or supplement the existing security with more expensive forms of security, which might include further cash deposits, which would have a material adverse effect on our liquidity. Refer to Part I, Item 1.A “Risk Factors” in our 2015 Form 10-K for additional discussion.

49

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Copper and gold prices, the operating performance of our Mount Milligan Mine, the US$ to C$ foreign exchange rate and the scheduled maturities of our outstanding Senior Notes are the critical drivers of our liquidity and credit quality. We believe that estimated cash flow from our Mount Milligan Mine, together with cash on hand as of June 30, 2016, will provide sufficient liquidity to fund our planned capital expenditures, working capital needs, scheduled debt and interest payments and $8.9 million in Endako reclamation financial assurance (discussed above) until our outstanding Senior Notes (outlined above) come due, beginning in December 2017. This liquidity outlook is based on the following assumptions: (i) estimated copper and gold production and operating and capital costs for fiscal years 2016 and 2017 based on our current mining plan; (ii) spot prices ranging from $2.00 to $2.40 per pound for copper; (iii) spot prices ranging from $1,000 to $1,300 per ounce for gold; (iv) foreign exchange rates ranging from US$1.00 = C$1.25-$1.30; and (v) financial assurance obligations, including assurances related to our reclamation obligations, substantially consistent with our current obligations. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business.

As discussed above, on July 5, 2016, we entered into an Arrangement Agreement with Centerra, pursuant to which Centerra will acquire all of our outstanding common shares pursuant to a statutory plan of arrangement under the Business Corporations Act (British Columbia). In addition, pursuant to the Arrangement, our outstanding Senior Notes will be redeemed, or otherwise satisfied and discharged, in their entirety for cash. The closing of the Arrangement is subject to applicable regulatory approvals and satisfaction of other customary conditions, including shareholder approval. If approved, the Arrangement is expected to close in the second half of 2016. In connection with the successful consummation of the Transaction, an estimated success fee of $10 million (net of previously paid amounts of approximately $1 million) will be paid by us to our financial advisors. In addition, upon termination of the Arrangement Agreement under specified circumstances, including a change in the recommendation of our board of directors or in order to enter into an alternative transaction, we will be required to pay a cash termination fee to Centerra of $35 million.

We cannot predict with certainty whether and when any of the required closing conditions will be satisfied and there is no assurance that the Arrangement will be completed. In the event the Transaction is not successfully completed, it is highly likely that we may not have sufficient time to refinance or restructure our current debt prior to December 31, 2016 at which time the 2017 Notes will be classified as current. This factor would raise substantial doubt about our ability to continue as a going concern at year end. A going concern opinion will likely trigger stricter credit terms from our suppliers and requirements to replace or supplement existing security for our financial assurance obligations,  including those related to reclamation liabilities, with more expensive forms of security or cash collateral, which would have a material adverse effect on our liquidity. If we are unable to continue as a going concern, we may be forced to seek bankruptcy protection against our debt obligations and our securityholders could lose their entire investment in our company. Please refer to Part I, Item 1A. “Risk Factors” of our 2015 Form 10-K and Part II, Item 1A. “Risk Factors” in this report for further discussion.

The following table summarizes the scheduled maturities and interest rates of our Senior Notes (excluding the impact of any debt discounts and debt issuance costs) as of June 30, 2016:

Senior Notes (1)	Balance as of June 30, 2016 (in millions)		Maturity	Interest Rate
2017 Notes	$	315.8	December 1, 2017	9.75	%
2018 Notes	334.1		June 1, 2018	7.375	%
2019 Notes	183.0		May 1, 2019	12.5	%
Total	$	832.9

____________________________________________________________________________

⁽¹⁾ Refer to Note 8 in Item 1 for additional information and definitions. All three series of Senior Notes are guaranteed on a senior basis by substantially all of our subsidiaries. The 2017 Notes are secured by a first priority lien (subject to permitted liens) on substantially all of our assets while the 2018 Notes and 2019 Notes are unsecured. The indentures governing the Senior Notes contain certain restrictive covenants but do not contain any maintenance covenants with respect to our financial performance.

50

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Operating Cash Flows

Cash generated by operating activities for the three months ended June 30, 2016 was $6.3 million and cash used in operating activities for the six months ended June 30, 2016 was $9.4 million compared to cash generated by operating activities of $23.9 million and $18.6 million for the three and six months ended June 30, 2015, respectively. Quarter over quarter, the decrease in cash flow from operations was primarily a result of the timing of provisional payments for our concentrate, higher operating cash costs at our Mount Milligan Mine due to higher costs related to temporary secondary crushing, grinding media, power, diesel and labor usage and a decrease in capitalized costs related to our tailings storage facility and costs associated with our strategic initiatives, discussed previously. Period over period the decrease in cash flow from operations is due to a decrease in molybdenum sales revenue due to the care and maintenance status of our molybdenum mines together with the timing of provisional payments for our concentrate, higher cash costs at our Mount Milligan Mine in connection with temporary secondary crushing, grinding media, power, diesel and labor usage and a decrease in capitalized costs related to our tailings storage facility and costs associated with our strategic initiatives. For the three and six months ended June 30, 2016 cash flow from operations benefited $5.5 million and $15.6 million, respectively and for the three and six months ended June 30, 2015 cash flow from operations benefited $5.8 million and $0.3 million, respectively in net payables related to the Gold Stream Arrangement for undelivered ounces.

Investing Activities

Cash used in investing activities for the three and six months ended June 30, 2016 was $19.3 million and $35.2 million, respectively compared to cash used in investing activities of $9.9 million and $16.7 million for the three and six months ended June 30, 2015, respectively. During the three and six months ended June 30, 2016, we spent $15.9 million and $31.5 million, respectively on property, plant, equipment and development expenditures primarily related to the permanent secondary crushing circuit and the tailings storage facility at our Mount Milligan Mine. During the three and six months ended June 30, 2015, we spent $9.7 million and $22.9 million, respectively on property, plant, equipment and development expenditures primarily related to ongoing operating capital and the construction of the secondary crusher. Payments of capitalized interest primarily related to the Mount Milligan Mine were $0.3 million and $0.7 million, respectively during the three and six months ended June 30, 2016, as compared to $0.3 million and $1.0 million for the comparable periods in 2015.

During the three and six months ended June 30, 2016 we posted $2.6 million in cash collateral on certain surety bonds and we posted $0.5 million in other cash collateral, discussed previously. There were no reclamation deposit payments or refunds in the three and six months ended June 30, 2016 and 2015.

Financing Activities

Cash used in financing activities for the three and six months ended June 30, 2016 was $6.5 million and $12.7 million, respectively compared to cash used in financing activities of $41.1 million and $55.4 million, respectively for the three and six months ended June 30, 2015. Quarter over quarter and period over period, the decrease in cash used in financing activities was due primarily to certain senior note repurchases in 2015 periods. For descriptions of our debt and lease obligations, see Notes 7 and 8 within Item 1 of this Form 10-Q.

Off-Balance Sheet Arrangements

As of June 30, 2016, we have commitments to purchase approximately 7.0 million pounds of molybdenum sulfide concentrate and 1.4 million pounds of molybdenum oxide from 2016 to 2017 to be priced at the time of purchase. In addition, we have fixed-priced contracts, under which we have committed to sell approximately 87.8 thousand pounds of molybdenum in 2016 to 2019 at an average market price of $7.45 per pound.

Transactions with our Endako Mine Joint Venture Partner

During the three and six months endedJune 30, 2016, TCM did not make any sales to Sojitz, TCM's Endako Mine joint venture partner.

51

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Non-GAAP Financial Measures

In addition to the condensed consolidated financial statements presented in accordance with US GAAP, we use certain non-GAAP financial measures to assess our operating performance for the reasons described further below. These measures do not have standard meanings prescribed by US GAAP and may not be comparable to similar measures presented by other companies. The presentation of these measures is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with US GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the results of operations as determined in accordance with US GAAP.

Adjusted Net (Loss) Income, Adjusted Net (Loss) Income Per Share—Basic and Diluted

Management of the Company uses adjusted net (loss) income and adjusted net (loss) income per share—basic and diluted to evaluate the Company’s operating performance and for planning and forecasting future business operations. The Company believes the use of these measures allows investors and analysts to compare results of the continuing operations of the Company to similar operating results of other mining companies, by excluding unusual or infrequent items that are considered non-core to our business.

Adjusted net (loss) income represents the (loss) income prepared in accordance with US GAAP, adjusted for significant non-cash items.

For the first three and six months of 2016 and 2015 and for the five quarters ended June 30, 2016, the significant items were the net gains and losses related to the impact of foreign exchange due primarily to intercompany notes and related tax effects. Additionally, for the fourth quarter of 2015, in connection with a change in our legal structure we also had a significant non-cash release of tax valuation allowances which were generated in prior years primarily as a result of asset impairments.

In connection with our strategy to manage cash balances, fund our operations and provide future tax benefits, we may enter into intercompany loan arrangements. At times, the loans are denominated in currencies other than the measurement currency of one of the parties. US GAAP requires that notes that are intended to be repaid should not be considered a capital contribution, and, therefore, the foreign exchange fluctuations related to these loans impact net (loss) income each period. At each period end, we compare the exchange rate between the Canadian and US dollars to the exchange rate at the end of the prior reporting period. The difference between those rates is recorded as an unrealized gain or loss on the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income at each period end. Settlement of these intercompany loans results in realized foreign exchange gains or losses recorded on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The loans between the parent company and its subsidiaries are the primary driver of our foreign exchange gains and losses, as discussed above, management does not consider gains or losses on foreign exchange in its evaluation of our financial performance. We believe that presentation of our non-GAAP measures excluding these gains or losses provides useful information to our investors regarding our financial condition and results of operations.

Adjusted net (loss) income per share (basic and diluted) is calculated using adjusted net (loss) income, as defined above, divided by the weighted-average basic and weighted-average diluted shares outstanding during the period as determined in accordance with US GAAP. If the adjustments to net loss on a US GAAP basis result in non-GAAP adjusted net income, we calculate weighted-average diluted shares outstanding in accordance with US GAAP and use that to calculate adjusted net income per share—diluted. If the adjustments to net income on a US GAAP basis result in non-GAAP adjusted net loss, we utilize weighted-average basic shares outstanding to calculate adjusted net income per share—diluted, in accordance with US GAAP.

The following tables reconciles net (loss) income presented in accordance with US GAAP to the non-GAAP financial measures of adjusted net (loss) income and adjusted net (loss) income per share—basic and diluted, for the three and six months ended June 30, 2016 and 2015 and for the previous four quarters. All figures within the tables are unaudited and are presented in US$ in millions, except shares and per share amounts.

52

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Non-GAAP reconciliation

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net (loss) income	$	(27.9	)	$	0.3		$	7.2		$	(86.9	)
Add (Deduct):
Loss (gain) on foreign exchange (1)	1.4			(17.2		)	(59.2		)	72.6
Tax (benefit) expense on foreign exchange (gain) loss	(0.4		)	3.4			5.8			(13.4		)
Non-GAAP adjusted net loss	$	(26.9	)	$	(13.5	)	$	(46.2	)	$	(27.7	)
Net (loss) income per share
Basic	$	(0.13	)	$	0.00		$	0.03		$	(0.40	)
Diluted	$	(0.13	)	$	0.00		$	0.03		$	(0.40	)
Adjusted net (loss) income per share
Basic	$	(0.13	)	$	(0.06	)	$	(0.21	)	$	(0.13	)
Diluted	$	(0.13	)	$	(0.06	)	$	(0.21	)	$	(0.13	)
Weighted-average shares
Basic	221.7			218.0			222.4			216.2
Diluted	221.7			218.0			222.4			216.2

____________________________________________________________________________

⁽¹⁾ Included a foreign exchange gain of nil and $1.2 million presented in income and mining tax expense (benefit) on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2016, respectively. Included a foreign exchange gain of $0.3 million and a foreign exchange loss of $1.3 million presented in income and mining tax expense (benefit) on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2015, respectively.

	Three Months Ended
	Jun 30 2016			Mar 31 2016			Dec 31 2015			Sep 30 2015			Jun 30 2015
Net (loss) income	$	(27.9	)	$	35.1		$	12.9		$	(60.9	)	$	0.3
Add (Deduct):
Tax valuation allowance	—			—			(51.6		)	—			—
Loss (gain) on foreign exchange (1)	1.4			(60.6		)	29.3			69.9			(17.2		)
Tax (benefit) expense on foreign exchange loss (gain)	(0.4		)	6.2			(7.7		)	(14.0		)	3.4
Non-GAAP adjusted net loss	$	(26.9	)	$	(19.3	)	$	(17.1	)	$	(5.0	)	$	(13.5	)
Net (loss) income per share
Basic	$	(0.13	)	$	0.16		$	0.06		$	(0.28	)	$	0.00
Diluted	$	(0.13	)	$	0.16		$	0.06		$	(0.28	)	$	0.00
Adjusted net loss per share
Basic	$	(0.13	)	$	(0.09	)	$	(0.08	)	$	(0.02	)	$	(0.06	)
Diluted	$	(0.13	)	$	(0.09	)	$	(0.08	)	$	(0.02	)	$	(0.06	)
Weighted-average shares
Basic	221.7			222.2			221.6			221.2			218.0
Diluted	221.7			222.2			221.6			221.2			218.0

_______________________________________________________________________________

53

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

⁽¹⁾ Included a foreign exchange gain of nil; a foreign exchange gain of $1.2 million; foreign exchange losses of $1.0 million and $1.1 million and a foreign exchange gain of $0.3 million presented in income and mining tax expense (benefit) in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three months ended June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015, respectively.

Copper-Gold Operations - Unit Cash Cost and Average Realized Price per Payable Pound or Payable Ounce Sold

Unit cash cost on a by-product and co-product basis are considered key measures in evaluating operating performance in our Copper-Gold operations, as well as measures of profitability and efficiency on a consolidated basis. Although unit cash cost on a by-product and co-product basis are not measures of financial performance, do not have standardized meaning prescribed by US GAAP, and may not be comparable to similar measures presented by other companies, we believe these non-GAAP measures provide useful supplemental information to investors.

Unit cash cost on a by-product and co-product basis represent the mining, milling, on-site general and administration, truck and rail transportation, warehousing, refining and treatment, and ocean freight and insurance costs; and exclude the effects of changes in inventory; other non-cash employee benefits such as stock-based compensation, depreciation, depletion, amortization and accretion.

On a by-product basis, sales of by-product metals are deducted when computing cash costs in accordance with the cash cost standard endorsed by the World Gold Council and, previously, the Gold Institute.

On a co-product basis, cash costs are allocated between copper and gold based on production. Copper production is stated in thousands of pounds. Gold production has been converted to thousands of copper equivalent (Cu eq.) pounds using the gold production for the periods presented, as well as the most recent quarterly average prices for copper and gold. The price used for copper is the most recent quarterly average of the Metals Bulletin Daily published price for LME settlement per tonne. The price used for gold is a weighted average of the most recent quarterly average of the Metals Bulletin Daily published prices for daily average London price per ounce adjusted for the fixed price established under the Gold Stream Arrangement ($435 per oz).

The following tables provide a reconciliation of cash costs, unit cash costs, and operating expenses for Copper-Gold operations included in our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in the determination of net (loss) income for the three and six months ended June 30, 2016 and 2015 and the five quarters ended June 30, 2016.

	Three Months Ended						Six Months Ended
Reconciliation to amounts reported below (US$ in millions)	Jun 30 2016			Jun 30 2015			Jun 30 2016			Jun 30 2015
Copper-Gold segment US GAAP operating expenses	$	61.9		$	49.6		$	97.9		$	83.4
Adjustments:
Direct costs	$	8.6		$	8.4		$	15.0		$	14.9
Changes in inventory	(11.8		)	(1.8		)	(0.3		)	5.2
Silver by-product credits (2)	1.7			1.2			2.7			2.4
Non cash costs and other	0.4			(0.2		)	0.2			(0.4		)
Non-GAAP cash costs	$	60.8		$	57.2		$	115.5		$	105.5

	Three Months Ended				Six Months Ended
Non-GAAP cash costs (US$ in millions)	Jun 30 2016		Jun 30 2015		Jun 30 2016		Jun 30 2015
Direct mining costs (1)	$	48.1	$	45.0	$	92.9	$	82.4
Truck and rail transportation and warehousing costs	4.1		3.8		7.6		8.2
Costs reflected in inventory and operations costs	$	52.2	$	48.8	$	100.5	$	90.6
Refining and treatment costs	6.4		6.6		11.0		11.1
Ocean freight and insurance costs	2.2		1.8		4.0		3.8
Direct costs reflected in revenue and selling and marketing costs	$	8.6	$	8.4	$	15.0	$	14.9
Non-GAAP cash costs	$	60.8	$	57.2	$	115.5	$	105.5

54

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

	Three Months Ended
Reconciliation to amounts reported below (US$ in millions)	Jun 30 2016			Mar 31 2016			Dec 31 2015			Sep 30 2015			Jun 30 2015
Copper-Gold segment US GAAP operating expenses	$	61.9		$	36.0		$	36.2		$	58.1		$	49.6
Adjustments:
Direct costs	$	8.6		$	6.4		$	7.0		$	10.4		$	8.4
Changes in inventory	(11.8		)	11.5			10.2			(14.1		)	(1.8		)
Silver by-product credits (2)	1.7			1.0			0.9			1.4			1.2
Non cash costs and other	0.4			(0.2		)	(0.1		)	(0.2		)	(0.2		)
Non-GAAP cash costs	$	60.8		$	54.7		$	54.2		$	55.6		$	57.2

	Three Months Ended
Non-GAAP cash costs (US$ in millions)	Jun 30 2016		Mar 31 2016		Dec 31 2015		Sep 30 2015		Jun 30 2015
Direct mining costs (1)	$	48.1	$	44.8	$	44.5	$	41.3	$	45.0
Truck and rail transportation and warehousing costs	4.1		3.5		2.7		3.9		3.8
Costs reflected in inventory and operations costs	$	52.2	$	48.3	$	47.2	$	45.2	$	48.8
Refining and treatment costs	6.4		4.6		5.2		7.9		6.6
Ocean freight and insurance costs	2.2		1.8		1.8		2.5		1.8
Direct costs reflected in revenue and selling and marketing costs	$	8.6	$	6.4	$	7.0	$	10.4	$	8.4
Non-GAAP cash costs	$	60.8	$	54.7	$	54.2	$	55.6	$	57.2

_____________________________________________________________________________

⁽¹⁾ Mining, milling and on-site general and administration costs. Mining includes all stripping costs but excludes costs capitalized related to the construction of the tailings dam. Stripping costs that provide access to mineral reserves that will be produced in future periods are expensed as incurred under US GAAP.

⁽²⁾ Silver sales are reflected as a credit to operating costs.

55

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

By-Product

	Three Months Ended						Six Months Ended
(US$ in millions, except pounds and per pound amounts)	Jun 30 2016			Jun 30 2015			Jun 30 2016			Jun 30 2015
Copper payable production (000's lbs)	14,687			20,159			33,749			35,564
Non-GAAP cash cost	60.8			$	57.2		$	115.5		$	105.5
Less by-product credits
Gold sales (1)	64.9			$	56.5		110.4			$	92.7
Gold sales related to deferred portion of Gold Stream Arrangement (2)	(11.4		)	(10.0		)	(18.0		)	(16.4		)
Net gold by-product credits	$	53.5		$	46.5		$	92.4		$	76.3
Silver by-product credits (2)	1.7			1.3			2.7			2.5
Total by-product credits	$	55.2		$	47.8		$	95.1		$	78.8
Non-GAAP cash cost net of by-product credits	$	5.6		$	9.4		$	20.4		$	26.7
Non-GAAP cash cost per pound, on a by-product basis	$	0.37		$	0.48		$	0.60		$	0.75

	Three Months Ended
(US$ in millions, except pounds and per pound amounts)	Jun 30 2016			Mar 31 2016			Dec 31 2015			Sep 30 2015			June 30 2015
Copper payable production (000's lbs)	14,687			19,062			19,473			16,363			20,159
Non-GAAP cash cost	$	60.8		$	54.7		$	54.2		$	55.6		$	57.2
Less by-product credits
Gold sales (1)	$	64.9		$	45.5		$	48.2		$	69.9		$	56.5
Gold sales related to deferred portion of Gold Stream Arrangement (2)	(11.4		)	(6.6		)	(10.4		)	(13.1		)	(10.0		)
Net gold by-product credits	$	53.5		$	38.9		$	37.8		$	56.8		$	46.5
Silver by-product credits (3)	1.7			1.0			0.9			1.4			1.3
Total by-product credits	$	55.2		$	39.9		$	38.7		$	58.2		$	47.8
Non-GAAP cash cost net of by-product credits	$	5.6		$	14.8		$	15.5		$	(2.6	)	$	9.4
Non-GAAP cash cost per pound, on a by-product basis	$	0.37		$	0.78		$	0.79		$	(0.16	)	$	0.48

_______________________________________________________________________________

⁽¹⁾ Excluded refining and treatment charges.

⁽²⁾ The three months ended March 31, 2016 and the six months ended June 30, 2016 included a $1.5 million reduction related to five provisional invoices from 2015. The decrease resulted from a downward revision to the rate at which the deferred revenue liability resulting from the Gold Stream Arrangement was amortized. This rate is calculated based on the remaining deferred revenue liability and total ounces of refined gold owed to Royal Gold.

⁽³⁾ Silver sales are reflected as a credit to operating costs.

56

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Co- Product

	Three Months Ended				Six Months Ended
(US$ in millions, except pounds, ounces and per unit amounts)	Jun 30 2016		Jun 30 2015		Jun 30 2016		Jun 30 2015
Copper payable production (000’s lbs)	14,687		20,159		33,749		35,564
Gold payable production in Cu eq. (000’s lbs) (1)	17,880		17,317		37,818		31,399
Payable production (000’s lbs)	32,567		37,476		71,567		66,963
Non-GAAP cash cost allocated to Copper	27.0		$	30.8	53.8		$	56.0
Non-GAAP cash cost per pound, on a co-product basis	1.84		$	1.55	1.59		$	1.59
Non-GAAP cash cost allocated to Gold	$	33.8	$	26.4	$	61.7	$	49.5
Gold payable production (ounces)	46,383		59,917		99,712		106,036
Non-GAAP cash cost per ounce, on a co-product basis	$	728	$	434	$	618	$	462

	Three Months Ended
(US$ in millions, except pounds, ounces and per unit amounts)	Jun 30 2016		Mar 31 2016		Dec 31 2015		Sep 30 2015		Jun 30 2015
Copper payable production (000’s lbs)	14,687		19,062		19,473		16,363		20,159
Gold payable production in Cu eq. (000’s lbs) (1)	17,880		19,938		19,962		17,199		17,317
Payable production (000’s lbs)	32,567		39,000		39,435		33,562		37,476
Non-GAAP cash cost allocated to Copper	$	27.0	$	26.8	$	27.7	$	27.2	$	30.8
Non-GAAP cash cost per pound, on a co-product basis	$	1.84	$	1.41	$	1.39	$	1.66	$	1.55
Non-GAAP cash cost allocated to Gold	$	33.8	$	27.9	$	26.5	$	28.4	$	26.4
Gold payable production (ounces)	46,383		53,329		58,254		53,791		59,917
Non-GAAP cash cost per ounce, on a co-product basis	$	728	$	523	$	463	$	527	$	434

______________________________________________________________________________

⁽¹⁾ Gold has been converted from payable ounces to thousands of copper equivalent pounds by using the gold production for the periods presented, using a gold price of $824, $793, $757, $764 and $795 per ounce for the three months ended June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015, respectively, (adjusted for the Royal Gold price of $435 per ounce) and a copper price of $2.14, $2.12, $2.21, $2.39 and $2.75 per pound for the three months ended June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015 and June 30, 2015, respectively.

57

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Average realized sales price

The average realized sales price per payable pound or payable ounce sold is calculated by dividing copper or gold sales revenue, gross together with the final pricing adjustments and mark-to-market adjustments by the pounds or ounces sold, respectively, as shown in the tables below.

	Three Months Ended June 30,						Six Months Ended June 30,
(US$ in millions, except pounds, ounces and per unit amounts)	2016			2015			2016			2015
Average realized sales price for Copper
Copper sales reconciliation ($)
Copper sales, excluding adjustments	$	43.9		$	58.4		$	76.0		$	96.7
Final pricing adjustments	0.5			1.6			(1.9		)	(5.7		)
Mark-to-market adjustments	(0.7		)	(4.3		)	2.1			1.2
Copper sales, net of adjustments	43.7			55.7			76.2			92.2
Less Refining and treatment costs	6.1			6.4			10.5			10.7
Copper sales	$	37.6		$	49.3		$	65.7		$	81.5
Pounds of Copper sold (000's lb)	20,309			21,195			35,271			35,986
Average realized sales price for Copper on a per pound basis
Copper sales excluding adjustments	$	2.16		$	2.76		$	2.15		$	2.69
Final pricing adjustments	0.02			0.08			(0.05		)	(0.16		)
Mark-to-market adjustments	(0.03		)	(0.21		)	0.06			0.03
Average realized Copper sales price per pound sold	$	2.15		$	2.63		$	2.16		$	2.56
Average realized sales price for Gold
Gold sales reconciliation ($)
Gold sales related to cash portion of Gold Stream Arrangement	$	14.1		$	13.1		$	24.1		$	21.4
Gold sales related to deferred portion of Gold Stream Arrangement (1)	11.4			10.0			18.0			16.4
Gold sales under Gold Stream Arrangement	25.5			23.1			42.1			37.8
TCM share of gold sales to MTM Customers	38.1			34.0			64.3			55.2
Final pricing adjustments	0.8			(1.1		)	1.4			(0.4		)
Mark-to-market adjustments	0.5			0.4			2.6			—
Gold sales TCM Share	39.4			33.3			68.3			54.8
Gold sales, net of adjustments	64.9			56.4			110.4			92.6
Less Refining and treatment costs	0.3			0.1			0.5			0.3
Gold sales	$	64.6		$	56.3		$	109.9		$	92.3
Ounces of gold sold to Royal Gold	32,294			30,070			55,373			49,224
TCM share of ounces of gold sold to MTM customers	30,020			27,850			51,332			45,446
Total ounces of Gold sold	62,314			57,920			106,705			94,670
Average realized sales price for Gold on a per ounce basis
Gold sales related to cash portion of Gold Stream Arrangement	$	435		$	435		$	435		$	435
Gold sales related to deferred portion of Gold Stream Arrangement	351			334			324			334

58

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Average realized sales price per ounce sold to Royal Gold	$	786	$	769		$	759	$	769
TCM share of gold sales to MTM Customers	$	1,269	$	1,221		$	1,253	$	1,215
Final pricing adjustments	27		(39		)	27		(10		)
Mark-to-market adjustments	19		15			52		—
Average realized sales price per ounce sold for TCM share	$	1,315	$	1,197		$	1,332	$	1,205
Average realized sales price per ounce sold	$	1,041	$	975		$	1,035	$	979

	Three Months Ended
(US$ in millions, except pounds, ounces and per unit amounts)	Jun 30 2016			Mar 31 2016			Dec 31 2015			Sep 30 2015			Jun 30 2015
Average realized sales price for Copper
Copper sales reconciliation ($)
Copper sales, excluding adjustments	$	43.9		$	32.1		$	33.9		$	59.6		$	58.4
Final pricing adjustments	0.5			(2.4		)	(5.1		)	(7.1		)	1.6
Mark-to-market adjustments	(0.7		)	2.8			2.2			(1.5		)	(4.3		)
Copper sales, net of adjustments	43.7			32.5			31.0			51.0			55.7
Less Refining and treatment costs	6.1			4.4			4.9			7.5			6.4
Copper sales	$	37.6		$	28.1		$	26.1		$	43.5		$	49.3
Pounds of Copper sold (000's lb)	20,309			14,962			16,123			24,427			21,195
Average realized sales price for Copper on a per unit basis
Copper sales excluding adjustments	$	2.16		$	2.15		$	2.10		$	2.44		$	2.76
Final pricing adjustments	0.02			(0.16		)	(0.32		)	(0.29		)	0.08
Mark-to-market adjustments	(0.03		)	0.18			0.14			(0.06		)	(0.21		)
Average realized Copper sales price per pound sold	$	2.15		$	2.17		$	1.92		$	2.09		$	2.63
Average realized sales price for Gold
Gold sales reconciliation ($)
Gold sales related to cash portion of Gold Stream Arrangement	$	14.1		$	10.0		$	11.7		$	17.0		$	13.1
Gold sales related to deferred portion of Gold Stream Arrangement (1)	11.4			6.6			10.4			13.1			10.0
Gold sales under Gold Stream Arrangement	25.5			16.6			22.1			30.1			23.1
TCM share of gold sales to MTM Customers	38.1			26.2			26.6			40.2			34.0
Final pricing adjustments	0.8			0.6			0.1			(0.4		)	(1.1		)
Mark-to-market adjustments	0.5			2.1			(0.6		)	0.1			0.4
Gold sales TCM Share	39.4			28.9			26.1			39.9			33.3
Gold sales, net of adjustments	64.9			45.5			48.2			70.0			56.4
Less Refining and treatment costs	0.3			0.2			0.2			0.5			0.1
Gold sales	$	64.6		$	45.3		$	48.0		$	69.5		$	56.3

59

THOMPSON CREEK METALS COMPANY INC.

Management's Discussion and Analysis of Financial Condition and

Results of Operations (Continued)

Ounces of gold sold to Royal Gold	32,294		23,079		26,819			39,061			30,070
TCM share of ounces of gold sold to MTM customers	30,020		21,312		24,962			36,390			27,850
Total ounces of Gold sold	62,314		44,391		51,781			75,451			57,920
Average realized sales price for Gold on a per ounce basis
Gold sales related to cash portion of Gold Stream Arrangement	$	435	$	435	$	435		$	435		$	435
Gold sales related to deferred portion of Gold Stream Arrangement (1)	351		286		390			334			334
Average realized sales price per ounce sold to Royal Gold	$	786	$	721	$	825		$	769		$	769
TCM share of gold sales to MTM Customers	$	1,269	$	1,229	$	1,066		$	1,105		$	1,221
Final pricing adjustments	27		28		3			(11		)	(39		)
Mark-to-market adjustments on current period sales	19		99		(23		)	3			15
Average realized sales price per ounce sold for TCM share	$	1,315	$	1,356	$	1,046		$	1,097		$	1,197
Average realized sales price per ounce sold	$	1,041	$	1,026	$	932		$	926		$	975

_____________________________________________________________________________

⁽¹⁾ The six months ended June 30, 2016 reflect a $1.5 million reduction related to five provisional invoices from 2015. The decrease resulted from a downward revision of $27/oz. to the rate at which the deferred revenue liability resulting from the Gold Stream Arrangement was amortized. This rate is calculated based on the remaining deferred revenue liability and total ounces of refined gold owed to Royal Gold.

Critical Accounting Estimates

Change in Estimate

The critical accounting policies and estimates used in the preparation of our condensed consolidated financial statements are set forth in our 2015 Form 10-K and have not changed.

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ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Commodity Price Risk

Our consolidated revenues include the sale of copper and gold concentrate from Mount Milligan Mine and the sale of molybdenum in various forms from third-party material that is purchased, processed and sold from the Langeloth Facility. Our financial results can vary significantly as a result of fluctuations in the market prices of copper, gold and molybdenum.

Copper and Gold

Substantially all of our concentrate sales contracts provide final pricing in a specified future month (generally one to four months from the shipment date) based primarily on quoted LBMA monthly average spot gold prices or quoted LME monthly average spot copper prices. We receive market prices based on prices in the specified future period, which results in price fluctuations recorded through revenues until the date of settlement. To the extent final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to revenues is recorded each reporting period until the date of final pricing. Accordingly, in times of rising copper and gold prices, our revenues benefit from adjustments to the final pricing of provisionally priced sales pursuant to contracts entered into in prior periods; in times of falling copper and gold prices, the opposite occurs.

For the three and six months ended June 30, 2016, we had copper sales totaling 20.3 million pounds and 35.3 million pounds, respectively, recorded at an average realized price of $2.15 per pound and $2.16 per pound, respectively. As of June 30, 2016, 25.3 million pounds of copper are subject to final pricing over the next several months. We estimate that each $0.10 per pound change in the price realized from the June 30, 2016 provisional price recorded would have a net impact on consolidated revenues for the three and six months ended June 30, 2016 of approximately $2.1 million and $3.5 million, respectively. As of June 30, 2016, we had no derivative contracts related to copper hedging.

For the three and six months ended June 30, 2016, we had gold sales totaling 62,314 ounces and 106,705 ounces, respectively, at an average realized price of $1,041 per ounce and $1,035 per ounce, respectively. As of June 30, 2016, 50,506 ounces of gold are subject to final pricing over the next several months. We estimate that each $25 per ounce change in the price realized from the June 30, 2016 provisional price recorded would have a net impact on our share of the consolidated revenues for the three and six months ended June 30, 2016 of approximately $0.7 million and $1.2 million, respectively.

To satisfy our obligation under the Gold Stream Arrangement, we purchase unallocated refined gold and arrange for delivery to Royal Gold's designated account. Weare currently required to pay Royal Gold upon receipt of final payment from the applicable offtakers. We receive final payments in cash, thus requiring the purchase of gold in order to satisfy the obligation to pay Royal Gold in gold.

In order to hedge our gold price risk that arises when physical purchase and concentrate sales pricing periods do not match, we enter into certain forward gold purchase and sales contracts where we purchase gold at an average price during a quotational period (QP) and sell gold at a spot price. We record our commodity contracts at fair value using a market approach based on observable quote market prices and contracted prices.

At June 30, 2016, under derivative contracts designed to hedge gold price risk, we had contracts to purchase 39,470 ounces of gold at prices to be determined and we had entered into forward gold sales and gold collars for approximately 35,600 ounces in total with a sell price of $1,310 per ounce, buy price to be determined, a put price range of $1,050 - $1,200 per ounce and a call price range of $1,164 - $1,350 per ounce.

The following table provides details of TCM's open copper and gold forward sales contracts as of July 29, 2016:

	Quantity	Sell Price/Put Price	Buy Price/Call Price	Maturities Through
Forward Gold Sales (oz)	6,000	$1,310	N/A	July 2016
Gold Collars (oz)	29,600	$1,050 - $1,200	$1,164 - $1,350	July 2016 - December 2016

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Molybdenum

The following table sets forth our outstanding and committed molybdenum purchase and sale contracts as of June 30, 2016:

	Pounds to be Sold/Purchased/Priced
	(000's lb)
Provisionally-priced contracts:
Purchases to be final priced (1)	1,021.2
Committed purchases (2)	8,400.0
Fixed-price sales contracts:
Committed sales (3)	255.5

_____________________________________________________________________________

⁽¹⁾  As of June 30, 2016, we had 1,021.2 thousand pounds of purchased molybdenum subject to final pricing.

⁽²⁾  In the normal course of operations, we enter into agreements for the purchase of molybdenum to provide product for our Langeloth facility. As of June 30, 2016, we had commitments to purchase approximately 7.0 million pounds of unroasted molybdenum concentrate and 1.4 million pounds of molybdenum oxide from 2016 to 2017, to be priced at the time of purchase at a set discount to the market price.

⁽³⁾  As of June 30, 2016, for our fixed-priced molybdenum sales contracts the average price per pound is $11.23.

As outlined in the table above, we enter into molybdenum purchase contracts to purchase future molybdenum production at provisional prices. To the extent final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to inventory is recorded each reporting period until the date of final pricing. In times of falling molybdenum prices, molybdenum purchases benefit from lower prices paid for contracts priced at current market rates and also from a decrease related to the final pricing of provisionally-priced purchases pursuant to contracts entered into in prior years; in times of rising molybdenum prices, the opposite occurs. The future pricing mechanism of these agreements constitutes an embedded derivative, which is bifurcated and separately marked to estimated fair value at the end of each period. Changes to the fair values of the embedded derivatives related to provisionally-priced molybdenum purchases are included in operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income as the product is sold. For the three and six months ended June 30, 2016, we estimate that for each $1 per pound change in the price realized for molybdenum purchases, our operating income remains largely unchanged as the change in market price affects both our operating expense and sales revenue. Our molybdenum business consists of roasting and processing of third-party concentrate and other metals, as such our exposure to price fluctuation is minimized if our inventory level remain stable.

We also enter into certain molybdenum sales contracts to sell future molybdenum production at fixed prices. We have elected to treat these contracts as normal purchase and normal sale contracts.

Other

In the normal course of operations, we enter into agreements for the purchase of natural gas for use at the Langeloth facility. As of June 30, 2016, we had commitments to purchase approximately 22.6 thousand dekatherms (dt) from April 2016 - September 2016 at prices ranging from $3.07 - $3.13.

In April 2015, we entered into an agreement to purchase specified amounts of diesel fuel during 2015 and 2016. As of June 30, 2016, we had commitments to purchase 0.8 million from July 2016 through December 2016 at a price of $2.00 per gallon.

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Foreign Currency Exchange Risk

We transact business in various currencies in the normal course of operations. All of our revenues are denominated in the US$; however, we pay certain expenses attributable to our Canadian operations in the C$. As a result, we have ongoing foreign exchange translation risk with respect to our Canadian operations. A decrease of 10% in the value of the US$ relative to the C$ would have lowered operating income for the six months ended June 30, 2016 by approximately $14.7 million.

To help mitigate this risk, we enter into foreign currency forward contracts from time to time, in which we have agreed to buy Canadian dollars at an agreed-upon rate. Please refer to Note 5 within Item 1 of this Form 10-Q for further discussion. We record our currency contracts at fair value using a market approach based on observable quoted exchange rates and contracted notional amounts. As of June 30, 2016, we had 11 open foreign currency contracts. The following table provides details of our open forward currency contracts as of July 29, 2016:

	Notional Amount	Buy Price	Maturities Through
Forward currency contracts	C$15,000,000	$1USD/C$1.32	August 2016 - October 2016

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ITEM 4.   CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

TCM's disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports that are filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission, and that such information is accumulated and communicated to TCM's management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Chief Executive Officer and the Chief Financial Officer, with assistance from management, have evaluated the effectiveness of disclosure controls and procedures as of June 30, 2016. Based on that evaluation, our Chief Executive Officer and the Chief Financial Officer have concluded that TCM's disclosure controls and procedures were effective as of June 30, 2016.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting during the three months ended June 30, 2016 that has materially affected, or that is reasonably likely to materially affect, our internal control over financial reporting.

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PART II

PART II - OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

We are involved in or subject to legal proceedings from time to time related to our business. While it is not feasible to predict or determine the outcome of such proceedings, it is the opinion of management that the resolution of such proceedings is not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows.

ITEM 1A.    RISK FACTORS

Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2015 includes information relating to important risks and uncertainties that could materially adversely affect our business, financial condition or operating results. Except as set forth below, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2015.

There is no assurance when or if the Arrangement will be completed.

The completion of the Arrangement is subject to the satisfaction or waiver of a number of conditions as set forth in the Arrangement Agreement, including, among others (i) approval by our shareholders of the Arrangement, (ii) obtaining certain regulatory and governmental approvals, and (iii) the absence of legal restraints prohibiting the completion of the Arrangement. There can be no assurance as to when these conditions will be satisfied or waived, if at all, or that other events will not intervene to delay or result in the failure to close the Arrangement. In addition, Centerra has the ability to terminate the Arrangement Agreement if certain equity and debt financing arrangements are terminated for any reason. Although the Centerra equity and debt financing arrangements are committed, we can provide no assurance that it will not be terminated and such termination is outside of our control.

We and Centerra may be unable to obtain the court approval required to complete the Arrangement or, in order to do so, we and/or Centerra may be required to comply with material restrictions or conditions that may negatively affect the combined company after the Arrangement is completed or cause them to abandon the Arrangement. Failure to complete the Arrangement could negatively affect the future business and financial results of Centerra and Thompson Creek.

Completion of the Arrangement is contingent upon, among other things, the receipt of the required court approval under Division 5 of Part 9 of the BCBCA. We can provide no assurance that the required court approval will be obtained or that the approval will not contain terms, conditions or restrictions that would be detrimental to the combined company after completion of the Arrangement.

After completion of the Arrangement, Centerra may fail to realize the anticipated benefits of the Arrangement, which could adversely affect the value of Centerra common shares, its business and results of operations.

The success of the Arrangement will depend, in part, on Centerra’s ability to integrate effectively the businesses of Centerra and TCM and realize the anticipated benefits from such combination. There is a risk that some or all of the expected benefits of the Arrangement may fail to materialize, or may not occur within the time periods anticipated by Centerra. The realization of such benefits may be affected by a number of factors, many of which may be beyond the control of Centerra.

 In addition, the combined company will be required to devote significant management attention and resources to integrating its business practices and support functions. The diversion of management's attention and any delays or difficulties encountered in connection with the Arrangement and the integration of the two companies' operations could have an adverse effect on the business, financial results, financial condition or share price of Centerra following the Arrangement. The integration process may also result in greater than anticipated or unforeseen expenses.

Completion of the Arrangement may take longer than, and could cost more than, Centerra and TCM expect. Any delay in completing or any additional conditions imposed in order to complete the Arrangement may materially adversely affect the synergies and other benefits that Centerra and TCM expect to achieve from the Arrangement and the integration of their respective businesses. Failure to realize all of the anticipated benefits of the Arrangement may impact the financial performance of Centerra, the combined company and the price of Centerra’s common shares.

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The announcement and pendency of the Arrangement could adversely affect our business, results of operations and financial condition.

The announcement and pendency of the Arrangement could cause disruptions in and create uncertainty surrounding our business, including affecting our relationships with our existing and future customers, suppliers and employees, which could have an adverse effect on our business, results of operations and financial condition, regardless of whether the Arrangement is completed. In particular, we could potentially lose important personnel as a result of the departure of employees who decide to pursue other opportunities in light of the Arrangement. In addition, we have expended, and continue to expend, significant management resources in an effort to complete the Arrangement, which are being diverted from our day-to-day operations.

 In addition, parties with which we do business may experience uncertainty associated with the Arrangement, including with respect to current or future business relationships. These disruptions could have an adverse effect on our business, financial condition, results of operations or prospects. The adverse effect of such disruptions could be exacerbated by a delay in the completion of the Arrangement or termination of the Arrangement Agreement.

If the Arrangement is not consummated, our share price will likely fall, and if we are otherwise unable to refinance or restructure our 2017 Notes by the end of 2016, we will be unable to continue as a going concern, and we may be forced to seek bankruptcy protection.

If the Arrangement is not completed, our share price will likely fall to the extent that the current market price of our common shares reflects an assumption that a transaction will be completed. Further, failure to complete the Arrangement may result in negative publicity and/or a negative impression of us in the investment community and may affect our relationship with employees, customers, lenders and other partners in the business and financial community.

In addition, at the end of 2016, our 2017 Notes will be designated as current debt. If the Arrangement is not successfully consummated, and we are otherwise unable to refinance/restructure our 2017 Notes, in either case, by the end of 2016, we will be unable to continue as a going concern. If we are unable to continue as a going concern, we may be forced to seek bankruptcy protection against our debt obligations, and our shareholders could lose their entire investment in our company.

The Arrangement Agreement limits our ability to pursue alternatives to the Arrangement, including if the Arrangement is not completed.

The Arrangement Agreement contains provisions that may make it more difficult for us to sell our business to a party other than Centerra or pursue other strategic alternatives, including refinancing of our debt. These provisions include a general prohibition on our soliciting any acquisition proposal or offer for a competing transaction and the requirement that we pay a termination fee if the Arrangement Agreement is terminated in specified circumstances. Our board of directors is also limited in its ability to change its recommendation with respect to the arrangement-related proposals.

While we believe these provisions are reasonable and not preclusive of other offers, these provisions could discourage a third party that may have an interest in acquiring all or a significant part of TCM from considering or proposing such an acquisition, even if such third party were prepared to pay consideration with a higher per share cash or market value than the consideration proposed to be received or realized in the Arrangement, or might result in a potential acquirer proposing to pay a lower price than it would otherwise have proposed to pay because of the added expense of the termination fee that may become payable. In addition, these provisions may prevent or delay us from having adequate time and ability to refinance our outstanding debt, including our 2017 Notes, in order to avoid liquidity problems and continue as going concern, which will be necessary if the Arrangement is terminated.

We may have difficulty motivating and retaining executives and other key employees in light of the Arrangement.

Uncertainty about the effect of the Arrangement on our employees may have an adverse effect on us and consequently Centerra. This uncertainty may impair our ability to retain and motivate key personnel until the Arrangement is completed. Employee retention may be particularly challenging during the pendency of the Arrangement, as employees may experience uncertainty about their future roles with Centerra. If our key employees depart because of issues relating to the uncertainty and difficulty of integration or a desire not to become employees of Centerra, Centerra's ability to realize the anticipated benefits of the Arrangement could be reduced.

66

Mine closure and reclamation costs for environmental liabilities may exceed the provisions we have made and our inability to provide reclamation bonding or maintain insurance could adversely affect our operating results and financial condition.

We are required by US federal and state laws and Canadian federal and provincial laws to provide financial assurance sufficient to allow a third party to implement approved closure and reclamation plans if we are unable to do so. These laws are complex and vary from jurisdiction to jurisdiction. The laws govern the determination of the scope and cost of the closure and reclamation obligations and the amount and forms of financial assurance. The amount and nature of the financial assurances are dependent upon a number of factors, including our financial condition and reclamation cost estimates.

As of June 30, 2016, we have provided the appropriate regulatory authorities in the US and Canada with approximately $74.5 million in reclamation financial assurance in the form of surety bonds for our share of mine closure obligations in the jurisdictions in which we operate. As of June 30, 2016, the surety bonds required cash collateral of $10.0 million. As our operations expand or reclamation expenses increase, our reclamation obligations and the financial assurances that we are required to provide may increase accordingly.

In addition, any perceived challenges to our liquidity may cause our surety bond holders to increase the amount of cash collateral required or refuse to provide the same level of surety bonding going forward. For example, we have been notified by one of the surety bond providers that they will not renew the surety bond on the Endako reclamation obligation, which expires on August 18, 2016. We continue to look for alternatives for the Endako reclamation financial assurance, of which our share is $8.9 million, which may include cash deposits with the appropriate regulatory authority in Canada for the full amount. Any continued perceived challenges to our liquidity in the short or long term could cause regulatory authorities and contractual counterparties to require additional financial assurances with respect to our obligations to them. To the extent that the value of the security provided to the regulatory authorities is or becomes insufficient to cover the amount of financial assurance we are required to post, we may be required to replace or supplement the existing security with more expensive forms of security, which might include cash deposits, which would reduce our cash available for operations and financing activities.

We have initiated discussions with relevant US federal and state agencies concerning additional bonding or funding of a trust agreement to cover long-term water treatment at TC Mine, although we are not currently under any requirement to do so. The amount of funding required is subject to numerous variables, potentially including an appropriate discount rate, and cannot be determined at this time. We may be required to engage in a similar discussion with provincial authorities in British Columbia with respect to the Endako Mine.

In addition, the costs of surety bonds and financial assurance have fluctuated in recent years while the market terms of such bonds and financial assurance have generally become less favorable to mine operators. These changes in the terms of the bonds and financial assurance have been accompanied at times by a decrease in the number of companies willing to issue surety bonds and financial assurance. Increased costs related to surety bonds and financial assurance, especially in connection with our current financial condition and restructuring efforts, could have a material adverse effect on our financial condition and liquidity.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.    MINE SAFETY DISCLOSURES

Under Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, mine operators are required to include in their periodic reports filed with the SEC certain information concerning mine safety violations and other regulatory matters. The required information is included in Exhibit 95 to this report.

ITEM 5.   OTHER INFORMATION

None.

67

ITEM 6.    EXHIBITS

Exhibit Number	Description
2.1	Arrangement Agreement, dated July 5, 2016, between Centerra Gold Inc. and Thompson Creek Metals Company Inc. (incorporated by reference to Exhibit 2.1 to TCM’s Current Report on Form 8-K filed with the SEC on July 6, 2016).
3.1	Notice of Articles, dated October 21, 2013 (incorporated by reference to Exhibit 4.1 to TCM's Registration Statement on Form S-8 filed with the SEC on November 22, 2013).
3.2	Certificate of Continuation, dated July 29, 2008 (incorporated by reference to Exhibit 3.1 to TCM's Amendment No. 1 to its Annual Report on Form 10-K filed with the SEC on March 1, 2010).
3.3	Restated Articles of Continuance, effective May 14, 2014 (incorporated by reference to Exhibit 3.1 to TCM's Quarterly Report on Form 10-Q filed with the SEC on August 5, 2014).
10.1	Letter Agreement, dated July 5, 2016, between Centerra Gold Inc. and Thompson Creek Metals Company Inc. (incorporated by reference to Exhibit 10.1 to TCM’s Current Report on Form 8-K filed with the SEC on July 6, 2016).
10.2	Form of Voting and Support Agreement, between Centerra Gold Inc. and certain directors and executive officers of Thompson Creek Metals Company Inc. (incorporated by reference to Exhibit 10.2 to TCM’s Current Report on Form 8-K filed with the SEC on July 6, 2016).
10.3†	Thompson Creek Metals Company Inc. Cash-Based Incentive Plan (incorporated by reference to Exhibit 10.1 to TCM’s Current Report on Form 8-K filed with the SEC on April 12, 2016).
10.4†	Form of Performance-Based Long Term Cash Incentive Award under the Cash-Based Incentive Plan (incorporated by reference to Exhibit 10.2 to TCM’s Current Report on Form 8-K filed with the SEC on April 12, 2016).
10.5†	Form of Incentive Award Agreement under the Cash-Based Incentive Plan (incorporated by reference to Exhibit 10.3 to TCM’s Current Report on Form 8-K filed with the SEC on April 12, 2016).
10.6†	Amended and Restated Employment Agreement, dated April 8, 2016, between Thompson Creek Metals Company USA and Pamela L. Saxton (incorporated by reference to Exhibit 10.4 to TCM’s Current Report on Form 8-K filed with the SEC on April 12, 2016).
10.7*#	Copper Concentrate Sales Agreement, dated May 6, 2016, among Louis Dreyfus Company Metals Suisse S.A., Terrane Metals Corp. and Thompson Creek Metals Company Inc.

31.1*	Certification of Chief Executive Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification of Chief Executive Officer required by Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer required by Section 906 of the Sarbanes-Oxley Act of 2002.
95*	Mine Safety Disclosures.
101*	The following materials from the Quarterly Report on Form 10-Q of Thompson Creek Metals Company Inc. for the quarter ended June 30, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income, (iii) Condensed Consolidated Statements of Cash Flows, (iv) Condensed Consolidated Statements of Shareholders' Equity, and (v) related notes to these financial statements.

_______________________________________________________________________________

* Filed herewith.

** Furnished herewith.

† Denotes management contract, compensatory plan or arrangement.

# Confidential treatment has been requested as to certain portions, which portions were omitted and filed separately with the SEC pursuant to a confidential treatment request.

68

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THOMPSON CREEK METALS COMPANY INC.
	Registrant
August 8, 2016	/s/ JACQUES PERRON
Date	Jacques Perron President and Chief Executive Officer (Principal Executive Officer)
August 8, 2016	/s/ PAMELA L. SAXTON
Date	Pamela L. Saxton Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

69

EX-10.7

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR THE REDACTED PORTIONS OF THIS EXHIBIT. THE REDACTIONS ARE INDICATED WITH “[**]”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION.

COPPER CONCENTRATES SALES AGREEMENT

AMONG

LOUIS DREYFUS COMPANY METALS SUISSE `S.A.,

AND

TERRANE METALS CORP.,

AND

THOMPSON CREEK METALS COMPANY INC.

LOUIS DREYFUS REFERENCE: P100.01728

Dated as of May 6, 2016

TABLE OF CONTENTS

1. DEFINITIONS1

2. QUANTITY AND DURATION                        1

2.01 Annual Quantity                            1

2.02 Base Amounts                                1

2.03 Duration                                1

3. QUALITY                                    2

3.01 Chemical and Physical Specification                    2

3.02 WARRANTY DISCLAIMER                         2

3.03 LIABILITY DISCLAIMER                        2

4. DELIVERY                                    2

4.01 Annual Schedule                            2

4.02 Delivery                                3

4.03 Discharging Berth; Vessel Dimensions                3

4.04 Discharge Rates and Terms4

4.05 Notice of Readiness4

4.06 Calculation of Laytime5

4.07 Demurrage and Despatch5

4.08 Vessel Characteristics6

4.09 Overtime                                6

4.10 Port Charges; Discharge Procedures6

4.11 Stevedore Damage6

4.12 Nomination of Vessels6

4.13 Notices7

4.14 Alternative Port7

5. TITLE AND RISK OF LOSS7

5.01 The Seller’s Warranties on Title7

5.02 Title and Risk of Loss8

6. INSURANCE8

6.01 Cargo Insurance8

6.02 Amount of Coverage8

6.03 Period of Coverage8

6.04 Evidence of Insurance8

7. PRICE8

7.01 Compensation for Concentrates8

7.02 Copper Payment8

7.03 Gold Payment8

7.04 Silver Payment9

7.05 Alternate Pricing9

7.06 Quotational Period10

7.07 Deductions11

7.08 Treatment Charge                        11

7.09 Copper Refining Charge11

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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7.10 Precious Metal Refining Charge12

7.11 [**]12

7.12 Penalties12

8. PAYMENT13

8.01 Manner of Payment13

8.02 Payment of Total Compensation13

8.03 Advance Payment Option                    14

8.04 Provisional Invoices14

8.05 Final Payment15

8.06 Late Payment16

8.07 Price Determination in the Event of Loss16

8.08 Taxes, Tariffs and Duties16

9. WEIGHING, SAMPLING, DETERMINATION OF MOISTURE16

9.01 General Procedure16

9.02 Determination of Dry Weight and Moisture18

9.03 Sample Lots18

9.04 Number and Handling of Samples18

9.05 Penalty Samples18

10. ASSAYS19

10.01 Copper, Gold and Silver Content19

10.02 Method for Determining Final Analysis19

10.03 Umpire Assays19

10.04 Final Analysis based on Umpire’s Assay19

10.05 Parcel Content19

10.06 Royal Gold Interest20

11. FORCE MAJEURE AND TERMINATION20

11.01 Force Majeure20

11.02 Termination21

12. REFEREES21

12.01 Selection of Referees21

12.02 Submission of Positions22

12.03 Proceeding; Final Determination22

12.04 The Decision22

12.05 Costs22

13. MISCELLANEOUS23

13.01 Guarantee23

13.02 Non-Waiver23

13.03 Assignment23

13.04 Benefit of Agreement24

13.05 Amendments24

13.06 No Third-Party Beneficiaries24

13.07 Governing law24

13.08 Confidentiality24

13.09 Notices25

13.10 Remedies25

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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13.11 Execution in Counterparts25

13.12 Arbitration25

13.13 Consent to Jurisdiction26

13.14 Entire Agreement26

13.15 Headings27

13.16 Representations And Warranties27

13.17 Material Adverse Change28

13.18 Security Interest29

DEFINITIONS A-1

CHEMICAL SPECIFICATION B-1

UMPIRES C-1

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

COPPER CONCENTRATES SALES AGREEMENT

This Agreement, effective from May 6, 2016, is made by and among LOUIS DREYFUS COMPANY METALS SUISSE SA, a société anonyme organized under the laws of Switzerland (the “Buyer”), TERRANE METALS CORP., a corporation organized under the laws of British Columbia (the “Seller”), and THOMPSON CREEK METALS COMPANY INC., a corporation organized under the laws of British Columbia (the “Guarantor”).

WHEREAS the Buyer, the Seller and the Guarantor wish to enter into this contract for the sale by the Seller to the Buyer and the purchase by the Buyer from the Seller of Concentrates, and the guarantee by the Guarantor of the Seller’s obligations hereunder, in each case on the terms and conditions set forth herein;

NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, the Buyer, the Seller and the Guarantor agree as follows:

1. DEFINITIONS

In this Agreement, unless something in the subject matter or context is inconsistent therewith, capitalized terms shall have the meanings assigned to them in Appendix A.

2. QUANTITY AND DURATION

2.01    Annual Quantity. Subject to the terms and conditions hereof, including Section 2.04, the quantity of Concentrates which the Seller shall deliver and sell to the Buyer, and the Buyer shall receive and purchase from the Seller, in each Contract Year shall be equal to the Base Amount for that Contract Year, determined pursuant to Section 2.02.

2.02    Base Amounts. In each Contract Year beginning January 1, 2017 and ending December 31, 2019, the Base Amount shall be 40,000 DMT of Concentrates.

2.03    Duration.

(a)This Agreement shall commence on the date hereof and, unless earlier terminated in accordance with the terms and conditions hereof (including pursuant to Section 11.01(f), Section 11.02 or Section 13.17(a)) shall terminate on December 31, 2019.

(b)Not later than July 1, 2019, the Seller and the Buyer shall meet to discuss and endeavour to agree upon the terms of a further agreement respecting the purchase and sale of Concentrates after December 31, 2019; provided that any failure by the Seller and the Buyer to agree on the terms of any new contract shall not give rise to any liability or affect the termination of this Agreement as aforesaid.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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3. QUALITY

3.01    Chemical and Physical Specification

(a)The Concentrates shall be produced from the Production Facility. Appendix B sets out the Seller’s current estimate with respect to the chemical specifications of the Concentrates. The Seller expects, but does not represent or warrant, that the Concentrates delivered to the Buyer shall conform to such estimate.

(b)The Buyer acknowledges that the composition of the Concentrates may vary from the estimate in Appendix B. The Seller shall advise the Buyer from time to time of any material information of which the Seller becomes aware concerning any material changes in the expected characteristics of the Concentrates from the specifications in Appendix B, but such changes shall not affect the Buyer’s obligation to purchase Concentrates hereunder, unless such changes result in a material negative impact upon the Buyer, in which case, the Buyer and the Seller shall proceed pursuant to Section 3.01(c).

(c)If the Seller becomes aware that the specifications of any Parcel, or any portion thereof, deviate materially from the anticipated specifications set out in Appendix B, the Seller shall promptly notify the Buyer and, if such deviation results in a material negative impact upon the Buyer, the Seller and the Buyer shall promptly attempt to negotiate a mutually acceptable adjustment to reasonably compensate the Buyer for such impact, which may include but shall not be limited to the negotiation of a Penalty pursuant to Section 7.12.

3.02    WARRANTY DISCLAIMER. THE BUYER AGREES THAT THE SELLER MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESSED OR IMPLIED, AS TO THE MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF THE CONCENTRATES OR REGARDING ANY OTHER MATTERS, OTHER THAN THE EXPRESS WARRANTIES SET OUT IN THIS AGREEMENT. NO REPRESENTATION, WARRANTY OR OTHER STATEMENT MADE BY THE SELLER OR ITS AGENTS, EMPLOYEES, REPRESENTATIVES OR ANY OTHER PERSON ON ITS BEHALF NOT EXPRESSLY CONTAINED IN THIS AGREEMENT SHALL BE BINDING UPON THE SELLER AS A REPRESENTATION OR WARRANTY OR OTHERWISE.

3.03    LIABILITY DISCLAIMER. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, IN NO EVENT SHALL ANY PARTY BE LIABLE TO ANOTHER PARTY FOR ANY LOSS OF ANTICIPATED PROFITS OR OTHER CONSEQUENTIAL, SPECIAL OR INDIRECT LOSS OR DAMAGE OF ANY NATURE ARISING AT ANY TIME, WHETHER ARISING UNDER CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR FOR ANY OTHER CAUSE WHATSOEVER.

4. DELIVERY

4.01    Annual Schedule

(a)The Concentrates shall be shipped in Parcels of 10,000 DMT (+/- 5% for shipping tolerance only) in each Contract Year.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

- 3 -

(b)The Parcels to be delivered in each of the 2017, 2018 and 2019 Contract Years shall be delivered according to an annual shipping schedule, which, subject to Section 4.01(c), shall be mutually agreed upon by the Seller and the Buyer, acting in good faith, prior to November 30th of the preceding Contract Year, with the intention of having shipments distributed as evenly as possible throughout the Contract Year; provided that the Buyer acknowledges that the timing of production of the Concentrates to be sold and delivered hereunder may not permit shipments to the Buyer at approximately even intervals throughout the Contract Year.

(c)Notwithstanding Section 4.01(b), if the Seller and the Buyer cannot agree on the annual shipping schedule (the “Annual Schedule”) for any particular Contract Year then the Seller shall determine the Annual Schedule and, in so doing, shall use commercially reasonable efforts to make shipments of the Parcels at approximately even intervals throughout the Contract Year; provided that the Buyer acknowledges that the timing of production of the Concentrates to be sold and delivered hereunder may not permit shipments to the Buyer at approximately even intervals throughout the Contract Year.

4.02    Delivery

(a)For each Parcel to be shipped to the Buyer hereunder, the Seller shall notify the Buyer of the calendar month during which the Seller expects to ship that Parcel (the “Month of Notified Shipment”) not later than 60 days prior to the first day of the Month of Notified Shipment of that Parcel. The Buyer shall promptly advise the Seller by written notice of the Port of Discharge of each Parcel in sufficient time to allow the Seller to arrange for shipment within the Month of Notified Shipment, but no earlier than 30 days prior to the first day of the Month of Notified Shipment.

(b)Each Parcel to be delivered to the Buyer hereunder shall be delivered by the Seller [**].

(c)For any Parcel delivered to a Port of Discharge that is not [**], the Seller shall be entitled to a credit if the cost of freight and insurance to be borne by the Seller in respect of the Parcel exceeds that which would be required to ship the same Parcel from the Port of Loading to [**], and the Buyer shall be entitled to a credit if such cost is less (such credit in either case, a “Freight and Insurance Credit”); provided that, in the event that the Seller has a contract of affreightment in place, the amount of such Freight and Insurance Credit shall be based on the rate under the Seller’s contract of affreightment for shipping the Parcel from the Seller’s Port of Loading to [**]. If the Seller does not have a contract of affreightment in place, the amount of such Freight and Insurance Credit shall be based on the rate of prevailing market terms for shipping the Parcel from the Seller’s Port of Loading to [**].

(d)The effect of any Freight and Insurance Credit shall be to increase or decrease the Deductions on the relevant Parcel, as provided for in Section 7.07.

4.03    Discharging Berth; Vessel Dimensions. The Buyer shall nominate and guarantee at the intended Port of Discharge for each Parcel one good and safe berth where vessels may arrive,

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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discharge and depart always afloat. Vessels to be discharged at a particular Port of Discharge shall not exceed the maximum dimensions for that port, if any.

4.04    Discharge Rates and Terms

(a)The Buyer shall procure the discharge of each Parcel shipped to it hereunder from the relevant vessel on terms and conditions, including minimum discharge rates for [**], which shall, subject to Section 4.04(c), be negotiated in good faith and mutually agreed by the Seller and the Buyer in respect of each Contract Year, before the beginning of such Contract Year. In agreeing such terms and conditions, the Seller and the Buyer shall have reference to the then prevailing customs at each port; provided that main terms shall be based on C. (Ore) 7. During the Contract Year, if shipment is made to any Port of Discharge for which particular relevant terms and conditions have not been pre-agreed by the Seller and the Buyer, then that Port of Discharge’s prevailing custom shall apply.

(b)If, in the Buyer’s reasonable opinion, any shipment of Concentrates delivered hereunder is unsuitable for normal grab discharge, the Buyer shall promptly notify the Seller, detailing the nature of the problem, and the Seller and the Buyer shall promptly review how to overcome such problem to facilitate discharge. Notwithstanding the foregoing, the Buyer shall use all reasonable efforts to discharge the Concentrates from the vessel in a timely manner and the Seller and the Buyer shall discuss the appropriate allocation of additional costs associated with such discharge.

(c)If the Seller and the Buyer are unable to agree on the appropriate terms and conditions of discharge under Section 4.04(a) or the appropriate allocation of costs under Section 4.04(b), either Party may refer the matter to a Referee for determination under Article 12. During any period of negotiation referred to in Section 4.04(a), or determination by a Referee under this Section 4.04(c), the Buyer shall not delay in the prompt discharge of any vessel or in the timely fulfilment of any other obligation hereunder.

(d)The permitted laytime for each Port of Discharge shall be among the discharge terms to be agreed annually between the Parties under Section 4.04(a) or determined pursuant to Section 4.04(c), as applicable, as shall be the demurrage and despatch rates (in Dollars); provided that the Despatch rate for laytime saved shall in each case be one half of the demurrage rate.

(e)Unless otherwise expressly agreed in writing between the Seller and the Buyer, the terms and conditions of discharge to be determined under Section 4.04(a) or Section 4.04(c) shall be without prejudice to the general delivery and discharge terms and conditions set forth in Sections 4.05 through 4.14.

4.05    Notice of Readiness. The Notice of Readiness in respect of a Parcel shall be tendered in writing by the master of the relevant vessel to the Buyer's Receiving Agent at the Port of Discharge at any time during Normal Office Hours after the relevant vessel has cleared customs, received free pratique and is in all respects ready for discharge whether in berth or not. If Notice of Readiness is tendered on a Sunday or on a Local Holiday, it shall be treated as if it had been

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

- 5 -

tendered at the commencement of the next working day. The Seller shall appoint the vessel’s agent at the Port of Discharge.

4.06    Calculation of Laytime

(a)Laytime at the Port of Discharge shall commence:

(i)    at 13:00 the same day if Notice of Readiness is tendered during Normal Office Hours before 12:00, unless discharge of cargo is commenced sooner, in which event the time actually used shall count as laytime used, and

(ii)    at 08:00 the next day that is not a Local Holiday, if Notice of Readiness is tendered during Normal Office Hours at or after 12:00, unless discharge of cargo is commenced sooner, in which event the time actually used shall count as laytime used.

Laytime shall terminate upon completion of unloading. If the Buyer is able to arrange for discharge to commence before laytime starts, the vessel's master may allow such work to be done and, if so, all time actually used shall count as laytime.

(b)Time lost in waiting for a berth or, at the request of a port authority, moving on or off a berth or from one berth to another, shall count as laytime used. However, if such request is attributable to the vessel, time lost in moving on or off a berth or from one berth to another shall not count as laytime used.

(c)If the designated discharge berth is not available upon arrival at the Port of Discharge due to congestion, the vessel shall be permitted to tender Notice of Readiness in accordance with Section 4.05, and laytime shall be calculated in accordance with this Section 4.06.

(d)Any time lost in discharging a Parcel due to repairs to the applicable vessel’s equipment or the fault of the vessel, its owner, its master or their agents shall not count as laytime or time on demurrage.

(e)In the event that the Parcel is discharged following the discharging from the same vessel of other Concentrates at the same Port of Discharge, laytime shall commence two hours after completion of discharge of the other Concentrates unless sooner commenced or unless discharging of the other Concentrates is not completed during Normal Office Hours. If discharging of the other Concentrates is completed after Normal Office Hours, laytime shall commence at 08:00 on the next working day unless sooner commenced. If the vessel must wait for a discharging berth due to congestion, the laytime used while waiting for the berth shall be pro-rated between the Parcel and the other Concentrates to be discharged at the berth from that vessel according to the proportion that such Parcel bears to all Concentrates being discharged from that vessel at that berth.

4.07    Demurrage and Despatch. With respect to each Parcel, if the actual laytime, as determined pursuant to Section 4.06, exceeds the permitted laytime for the relevant Port of Discharge, demurrage shall be payable by the Buyer to the Seller as an adjustment to the Deductions for the Parcel; conversely, if the actual laytime, as determined pursuant to Section 4.06,

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

- 6 -

is less than the permitted laytime for the relevant Port of Discharge, despatch shall be payable by the Seller to the Buyer as an adjustment to the Deductions.

4.08    Vessel Characteristics. Shipments shall be effected exclusively in single-deck bulk carriers which shall be suitable for mechanical grab discharge. Concentrates shall be stowed and trimmed as per the Seller’s normal practice, provided that no Concentrates shall be loaded in areas inaccessible to the grabs (e.g., bunkers, deep tanks, tunnels, manholes or shafts). The Concentrates shall be stowed separately from other cargoes. Vessels shall be classed 100 A 1 at Lloyd’s or the equivalent and shall be no more than 20 years of age.

4.09    Overtime. Notwithstanding any other provision hereof, any stevedoring overtime payable at the Port of Discharge for discharging outside normal working hours shall be paid by the Party ordering such overtime, except that officers’ and crews’ overtime shall always be for the Seller’s account.

4.10    Port Charges; Discharge Procedures.

(a)The Buyer shall hold the Seller free and harmless from all port charges and dues, harbour dues, pilotage, crew expenses and light dues (if applicable) calculated with respect to the vessel carrying a Parcel and customarily paid by a vessel at the Port of Discharge.

(b)Notwithstanding the foregoing, the Seller shall ensure that, without cost to the Buyer: (i) each vessel provides all necessary onboard lights for such vessel for night discharging; and (ii) hatches are opened and closed and any beams are removed and replaced at the vessel’s risk as necessary for or in connection with discharging, and time used for such purposes shall not count as laytime used, except that, if the custom of the Port of Discharge does not permit the vessel’s crew to open and close hatches and remove and replace any beams, then such activities shall be performed by shore labour for the Buyer’s account.

(c)The Buyer shall make best efforts to ensure that vessel holds are fully shovelled and swept clean upon completion of discharge and shall instruct stevedores to make best efforts to remove all material. The Seller’s representative shall have the right to visually inspect each vessel’s hold upon completion of discharge to ascertain that all Concentrates have been shovel-cleaned from the hold.

4.11    Stevedore Damage. Stevedores at discharge shall be in the service of the Buyer and all stevedoring and related discharge costs shall be for the Buyer’s account. Damage caused to a vessel by stevedores and/or lighters nominated and/or appointed by the Buyer shall be settled directly between such stevedores and the relevant vessel’s owner. If the stevedores and the vessel’s owner are unable to settle, the Buyer shall cooperate for immediate settlement of such damage.

4.12    Nomination of Vessels

(a)At least 15 days prior to the commencement of any calendar month in which a Parcel is to be shipped hereunder, the Seller shall notify the Buyer of the intended vessel’s name, the approximate quantity of Concentrates to be shipped in such Parcel and the spread

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

- 7 -

of laydays, including the estimated time of such vessel’s arrival at, and the estimated time of its departure from, the Port of Loading, and the estimated date of such vessel’s arrival at the Port of Discharge. At its option, the Seller may subsequently nominate or substitute another vessel, provided that the Seller shall use commercially reasonable efforts to ensure that such vessel has as reasonable a spread of lay days as the initially nominated vessel.

(b)Whenever the Buyer is notified of a vessel in accordance with Section 4.12(a), the Buyer shall advise approval or rejection within the same working day, if at all possible, but in no event shall Buyer’s response exceed two full working days (Saturdays, Sundays and holidays excluded). The only valid ground for such objection shall be if such vessel does not satisfy the requirements of Section 4.08 or if such vessel’s length or draft exceeds the port restrictions for the relevant Port of Discharge.

(c)The Seller shall not charter any vessel to perform shipping under this Agreement from any shipping company if the Seller has a reasonable doubt about whether such company has the financial capacity to carry out its obligations under the Charter Party.

4.13    Notices. Immediately after the departure of each vessel carrying a Parcel from the Port of Loading, the Seller shall notify the Buyer of the tonnage of the Parcel in accordance with the bill of lading, the stowage plan, the name of the vessel and the estimated time of arrival at the Port of Discharge. The applicable Charter Party shall contain a clause stipulating that the master of each vessel shall give the Buyer’s Receiving Agent five notices of the estimated time of arrival at the Port of Discharge ten days, five days, forty-eight hours, twenty-four hours and twelve hours prior to such expected time of arrival.

4.14    Alternative Port. Notwithstanding the foregoing, if the discharge of a Parcel at the appointed Port of Discharge becomes impractical through no fault of the Seller or the vessel, such vessel shall proceed to an alternative safe port (an “Alternative Port”), as notified by the Buyer, where it can safely unload the Parcel. Promptly upon the receipt of such notice from the Buyer, the Seller shall direct the vessel to comply with such notice, so long as the master of the vessel judges such Alternative Port to be safe. If the vessel proceeds to the Alternative Port, any additional freight and other delivery costs incurred by the Seller shall be paid by the Buyer.

5. TITLE AND RISK OF LOSS

5.01    The Seller’s Warranties on Title. The Seller shall have good and marketable title to the Concentrates to be sold hereunder, free and clear of all liens and encumbrances other than any lien or encumbrance on such Concentrates in the Seller’s inventory for the benefit of (i) RGLD Gold AG under the Amended and Restated Security Agreement [Collateral] dated December 14, 2011 among the Seller, the Guarantor, RGLD Gold AG and Royal Gold, Inc., as amended from time to time, and (ii) any lender, creditor or collateral agent(s) under any secured financing arrangements entered into by the Seller, the Guarantor or any affiliate of the Guarantor from time to time. Upon transfer of title to the Concentrates to the Buyer in accordance with Section 5.02, the Buyer shall receive good and marketable title to the Concentrates, free and clear of all liens and encumbrances, other than any liens or encumbrances on such Concentrates arising from the security interest retained by the Seller in accordance with Section 13.18.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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5.02    Title and Risk of Loss. Risks of loss for any Parcel shipped to the Buyer hereunder shall pass to the Buyer as such Concentrates pass over ship’s rail at the Port of Loading. Title to any Parcel shipped to the Buyer shall pass from the Seller to the Buyer as that Parcel has been loaded on to the performing vessel at the Port of Loading as per Incoterms, 2010, or in the event the Seller exercises its Advance Payment Option then title shall pass from Seller to Buyer at the time Seller receives the Advance Provisional Payment.

6. INSURANCE

6.01    Cargo Insurance. The Seller shall obtain and pay for ocean marine cargo insurance on each Parcel shipped hereunder in accordance with the terms and conditions of this Article 6. Such insurance shall be placed with large, well-known, first class companies of good international repute and shall cover All Risks in accordance with Institute Cargo Clause (A) including revised insolvency exclusion clause, S.R.C.C., War Risk and Heating and Spontaneous Combustion Clauses.

6.02    Amount of Coverage. The insurance shall be affected in Dollars in the amount of 110% of the estimated Total Compensation, as set out in the Seller’s Provisional Invoice, and shall be adjusted to 110% of the Total Compensation set out in the Final Invoice. All such insurance shall nominate the Buyer as beneficiary in respect of any loss after the time when the risk of loss passes to the Buyer.

6.03    Period of Coverage. The insurance shall provide coverage from the time the relevant Concentrates pass the ship’s rail at the Port of Loading, until 30 days after discharge of such vessel at the Port of Discharge or until the Concentrates have reached Buyer’s receiving smelter warehouse, whichever is earlier, as long as the Concentrates are in due course of transit.

6.04    Evidence of Insurance. The Seller shall provide to the Buyer the original and duplicate insurance certificates in respect of each Parcel, endorsed in blank.

7. PRICE

7.01    Compensation for Concentrates. The total compensation payable by the Buyer to the Seller for each Parcel (“Total Compensation”) shipped hereunder shall be equal to the aggregate amount of the payments for Payable Copper, Payable Gold and Payable Silver determined in accordance with Sections 7.02 through 7.04, minus the Deductions specified in Section 7.07.

7.02    Copper Payment. All copper in each Parcel (the “Payable Copper”) shall have a price equal to the average of the daily official London Metal Exchange Grade A Settlement quotations for high-grade copper quoted in Dollars, as published in Metal Bulletin during the applicable Quotational Period but corrected to the official quotations of the London Metal Exchange in the event of printing errors [**] (the “Payable Copper Price”).

7.03    Gold Payment. No payment shall be made for gold in any particular Parcel if the gold content of that Parcel is less than [**] per DMT of Concentrates. If the assayed gold content is [**] per DMT of Concentrates, then the payable gold for each DMT of Concentrates in such Parcel (the “Payable Gold”) shall be:

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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(i)    [**] of the assayed gold content if the gold content is greater than or equal to [**] but less than [**] per DMT of Concentrates; or

(ii)    [**] of the assayed gold content if the gold content is greater than or equal to [**] per DMT of Concentrates but less than [**] per DMT of Concentrates; or

(iii)    [**] of the assayed gold content if the gold content is greater than or equal to [**] per DMT of Concentrates but less than [**] per DMT of Concentrates; or

(iv)    [**] of the assayed gold content if the gold content is greater than or equal to [**] per DMT of Concentrates but less than [**] per DMT of Concentrates; or

(v)    [**] of the assayed gold content if the gold content is greater than or equal to [**] per DMT of Concentrates but less than [**] per DMT of Concentrates; or

(vi)    [**] of the assayed gold content if the gold content is greater than or equal to [**] per DMT of Concentrates but less than [**] per DMT of Concentrates; or

(vii)    [**] of the assayed gold content if the gold content is greater than or equal to [**] per DMT of Concentrates but less than [**] per DMT of Concentrates; or

(viii)    [**] of the assayed gold content if the gold content is greater than or equal to [**] per DMT of Concentrates but less than [**] per DMT of Concentrates; or

(ix)    [**] of the assayed gold content if the gold content is greater than or equal to [**] per DMT of Concentrates,

in each case, payable at a price equal to the average of the London Bullion Market Association’s “initial” and “final” daily quotations for gold quoted in Dollars, as published in Metal Bulletin during the applicable Quotational Period, but corrected to the official quotations of the London Bullion Market Association in the event of printing errors (the “Payable Gold Price”).

7.04    Silver Payment. No payment shall be made for silver in any particular Parcel if the silver content of that Parcel is [**] or less per DMT of Concentrates. If the assayed silver content is more than [**] per DMT of Concentrates, then the payable silver for each DMT of Concentrates in such Parcel (the “Payable Silver”) shall be [**] of the assayed silver content, payable at a price equal to the average of the daily London Bullion Market Association’s fine silver spot quotations quoted in Dollars, as published in Metal Bulletin during the applicable Quotational Period, but corrected to the official quotations of the London Bullion Market Association in the event of printing errors (the “Payable Silver Price”).

7.05    Alternate Pricing

(a)In the event that (i) Metal Bulletin ceases to be published, or ceases to publish any quotation referred to in this Article 7 for determining the prices for copper, gold and/or silver, (ii) the London Metals Exchange ceases to quote a price for copper or the London Bullion Market Association ceases to quote a price for gold and/or silver, as the case may

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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be, or (iii) any of such quotations are, in the reasonable opinion of the Seller or the Buyer, no longer internationally recognized as the basis of payments for such metals, then, upon written notice by the Seller or the Buyer to the other, the Seller and the Buyer shall promptly consult with each other with a view toward determining a new basis consistent with the previous method (under this Article 7) for determining the prices for copper, gold and/or silver, as the case may be, with respect to the Concentrates to be sold hereunder.

(b)The prices of copper, gold and/or silver, if quoted in any currency other than Dollars by Metal Bulletin, shall be converted into Dollars using the average daily rate published by the Federal Reserve Board of the United States over the applicable Quotational Period for the purchase of Dollars using the currency quoted in Metal Bulletin. The average price for any such Quotational Period shall be calculated by totalling the Dollar equivalents of the daily prices and dividing such total by the number of pricing days in such period.

(c)If either the Seller or the Buyer notifies the other pursuant to Section 7.05(a) above, the Seller shall then have the right, by written notice to the Buyer, to invoice provisionally (in respect of any of the types of invoices referred to in Article 7.12(a)) at the applicable price(s) applied to the previous shipment of Concentrates sold hereunder prior to such written notice (the “Interim Price”) and the Buyer shall thereafter pay on the basis of the Interim Price until (i) the Seller and the Buyer shall agree on a new pricing basis for the metal(s) concerned or (ii) the Referee has finally determined the price(s) as provided in Section 7.05(d) below, whichever shall first occur. Once agreement is reached pursuant to Section 7.05(a) or determination is made by Referee pursuant to Section 7.05(d), the affected quantities of Concentrates shall be promptly re-invoiced by the Seller based on the new pricing basis for the metal(s) concerned.

(d)In the event that, within 30 days after the date of any notice for consultation pursuant to Section 7.05(a), the Seller and the Buyer shall not have agreed on an alternate basis for determining the price of the copper, gold and/or silver content of the Concentrates to be sold hereunder, as the case may be, either the Seller or the Buyer shall have the right to refer the matter to a Referee for resolution in accordance with Article 12; provided that, during the period of such determination by a Referee, the Seller and the Buyer shall not delay in the complete fulfilment of any obligation hereunder (other than the issuance of any Final Invoice).

7.06    Quotational Period

(a)The Quotational Period with respect to any Parcel shall be:

(i)    [**];

(ii)    With respect to silver, at the election of the Buyer, [**]. The Buyer shall notify the Seller of its election of the Quotational Period for Parcels shipped to it (A) during the first six calendar months of a particular Contract Year, no later than the last day of December immediately preceding the start of such Contract Year, and (B) during the last six months of a particular Contract Year, no later than the last day of June of such Contract Year. Each such election shall apply to all Parcels shipped to the Buyer during the applicable six-month period. If the Buyer fails to

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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make such election by the required date, the Quotational Period applicable to the Buyer for the applicable six-month period shall be the immediately preceding Quotational Period applicable to the Buyer or if there is no such previous applicable Quotational Period, [**]; and

(iii)     With respect to gold, [**]. Seller will notify Buyer prior to the start of the quotational period the estimated payable quantity of Gold to be contained in the Concentrate to be shipped. Such quantity shall be fixed over the declared Quotational Period as detailed in the preceding paragraph. Any excess or deficiency of the settlement quantity of Gold Over or Under the quantity provisionally priced per Seller’s advice to Buyer as above shall be settled using a Quotational Period of [**].

(b)[**]

7.07    Deductions. The “Deductions” shall be equal to the net amount of:

(a)the applicable Treatment Charge;

(b)the applicable Copper Refining Charge;

(c)the Precious Metal Refining Charges;

(d)[**] (the amount of which may increase or decrease the Deductions);

(e)for shipments to other than [**], any applicable Freight and Insurance Credit (the amount of which shall increase or decrease the Deductions);

(f)Demurrage or despatch for the Parcel, pursuant to Section 4.07;

(g)Any other amount owing from the Buyer to the Seller or from the Seller to the Buyer in relation to the Parcel under Article 4 and;

(h)any applicable Penalties.

7.08    Treatment Charge. The treatment charge (the “Treatment Charge”) for Concentrates delivered hereunder shall, for each Contract Year, be negotiated and agreed in good faith between the Seller and the Buyer during the 4th quarter of the preceding Contract Year, provided that [**] (the “Benchmark Terms”) [**].

7.09    Copper Refining Charge. The copper refining charge (the “Copper Refining Charge”) for Concentrates delivered hereunder shall, for each Contract Year, be negotiated and agreed in good faith between the Seller and the Buyer during the 4th quarter of the preceding Contract Year, provided that it shall be based upon the Benchmark Terms [**]; provided that if the Buyer and the Seller fail to reach agreement on any Copper Refining Charge within the applicable time period specified above, the matter may be submitted to a Referee for determination for determination under Article 12, and provided, further that any delay in determining a Copper Refining Charge shall not give rise to a right to adjust any Concentrates delivery schedule or excuse any delay in the complete fulfilment of any obligation hereunder (other than the issuance of any Final Invoice).

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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7.10    Precious Metal Refining Charges. The refining charges for precious metals applicable to Concentrates delivered hereunder (the “Precious Metal Refining Charges”) shall be as follows:

(a)[**]; and

(b)[**],

and shall apply throughout the term of this Agreement.

7.11    [**].

7.12    Penalties

(a)If at any time and from time to time during the term of this Agreement, based on analysis of any Concentrates hereunder and prevailing industry practice, the Buyer determines that penalties for certain elements or compounds contained in such Concentrates should be imposed, the Buyer may give notice to the Seller setting forth the particulars of the proposed penalties. If the Seller objects to the imposition of such penalties, the Seller shall notify the Buyer of such objection within 30 days following the Buyer’s original notice of the proposed penalties. If the Seller does not notify the Buyer of any such objection within such 30-day period the Seller shall be deemed to have agreed to the penalties proposed by the Buyer. If the Seller does so object, the Parties shall promptly following such objection meet and negotiate in good faith with a view to reaching agreement on any applicable penalties.

(b)If the Parties are unable to agree on the applicable penalties within 30 days after the Seller’s notice of objection referred to in Section 7.12(a), either the Buyer or the Seller may refer the matter for negotiation to its respective senior commercial officers. If an agreement has not been reached by the Parties within 30 days of the matter having been referred to the Parties’ senior commercial officers, the Buyer or the Seller may refer the matter for determination to the Referee in accordance with Article 12. In making such determination, the Referee shall consider any penalties then prevailing in the applicable concentrate market as well as such other factors as the Referee may consider appropriate. Irrespective of the foregoing, however, in making its decision, the Referee shall ensure that the Seller is treated no less favourably than any other seller of concentrates to the receiving smelter.

(c)The penalties to be applied with respect to a Concentrate, if any, as consented to by the Seller, as agreed to by the Parties or as determined by the Referee as contemplated above (in each case, a “Penalty”) shall, unless otherwise agreed by the Parties or determined by the Referee following any reference thereto, apply to all Concentrates delivered hereunder starting with the first shipment in the month in which the Buyer gave the Seller the notice of proposed penalties under Section 7.12(a).

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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(d)For the avoidance of doubt, each Penalty shall be imposed in respect of a Parcel only on the basis of final assay results, determined under Article 10, in respect of the relevant Parcel’s content of the element or compound with which the relevant Penalty is associated.

8. PAYMENT

8.01    Manner of Payment. All payments by the Buyer for Concentrates sold to it hereunder shall be made in Dollars in immediately available and freely transferable funds by means of electronic transfer to such bank account as the Seller may notify to the Buyer from time to time in writing.

8.02    Payment of Total Compensation.

(a)The Total Compensation for each Parcel sold to the Buyer hereunder shall be paid by the Buyer as follows:

(i)    if the Seller has not exercised its Advance Payment Option in respect of such Parcel, the Buyer shall make a provisional payment equal to 90% of the estimated Total Compensation (the “Provisional Payment”) to be paid promptly upon shipment of the Parcel from the Port of Loading (the “Provisional Payment Date”) against the Seller’s Provisional Invoice, subject to receipt by the Buyer in respect of such Parcel of the clean on-board bill of lading; or

(ii)    if the Seller has exercised its Advance Payment Option in respect of such Parcel, the Buyer shall make: (A) an advance provisional payment equal to 90% of the estimated Total Compensation (the “Advance Provisional Payment”) to be paid not later than the date that is seven days before the date of arrival of the relevant nominated vessel at the Port of Loading (“Advance Provisional Payment Date”) against the Seller’s Advance Provisional Invoice, subject to receipt by the Buyer in respect of such Parcel of a holding certificate in a form and wording reasonably acceptable to the Buyer and such other documents as the Buyer may reasonably require; (B) a payment equal to the amount, if any, by which the estimated Total Compensation, as set out in the Seller’s Provisional Invoice, exceeds the amount of the Advance Provisional Payment, to be paid on the Provisional Payment Date against the Seller’s Provisional Invoice, subject to receipt by the Buyer in respect of such Parcel of the clean on-board bill of lading; and

(iii)    a final payment equal to the amount, if any, by which the Total Compensation as set out in the Final Invoice exceeds the sum of the net payments made pursuant to Section 8.02(a)(i) and Section 8.02(a)(ii) (the “Final Payment”), to be paid on or before the third Banking Day after receipt by the Buyer of the Final Invoice. Additionally, interest on payments made pursuant to Sections 8.02(a)(ii) and 8.03(b) shall be included in the Final Invoice.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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(b)If the Advance Provisional Payment is more than the Seller’s Provisional Invoice, the Seller shall make payment to the Buyer of such difference on or before the third Banking Day after receipt by Buyer of the Provisional Invoice.

8.03    Advance Payment Option

(a)For each Parcel, the Seller shall have the right (the “Advance Payment Option”) to receive from the Buyer the Advance Provisional Payment. If the Seller wishes to exercise its Advance Payment Option for any Parcel, the Seller shall give a notice to the Buyer not later than 60 days prior to the first day of the Month of Notified Shipment for that Parcel. If the Seller fails to give such notice to the Buyer by such date, the Seller shall not be entitled to receive Advance Provisional Payment for such Parcel.

(b)If the Seller exercises the Advance Payment Option on a particular shipment, interest on such advance payment shall be calculated from the Advance Provisional Payment Date through to the Provisional Payment Date, at a rate to be mutually agreed between the Buyer and the Seller which shall reflect the Buyer’s then prevailing cost of capital. Such interest due from the Seller to the Buyer shall be included in the Final Invoice.

(c)Notwithstanding the foregoing Section 8.03(a), the Seller shall only be permitted to exercise the Advance Payment Option in respect of a Parcel after the Buyer has gone through its internal credit review. In addition, acceptance by the Buyer of the third-party warehouse where the Concentrates are stored at the Port of Loading, and agreement on documentation evidencing clean title transfer from the Seller to the Buyer shall be required prior to the Seller’s exercise of the Advance Payment Option.

8.04    Provisional Invoices

(a)In respect of each Parcel, the Seller shall, at the Production Facilities or the Port of Loading, determine the full weight and moisture content of the Parcel and conduct a provisional assay of the Parcel, and shall set out the results thereof in a provisional certificate (the “Provisional Certificate”), which shall be delivered to the Buyer together with the Provisional Invoice, and any Advance Provisional Invoice for that Parcel.

(b)For purposes of calculating the amount of the Provisional Payment for a Parcel, the Total Compensation shall be estimated by the Seller based on: (i) the Provisional Payment Certificate; (ii) the Deductions then in effect; and (iii) the Seller’s calculation of the Payable Copper Price, Payable Gold Price and Payable Silver Price using provisional metal prices determined in accordance with Article 7 hereof but based on the daily average price thereof during the Calendar Week prior to the Calendar Week containing the date of the bill of lading for the Parcel. The Seller shall prepare and deliver to the Buyer a provisional invoice (the “Provisional Invoice”) for each Parcel in an amount equal to the Provisional Payment relating thereto, calculated as aforesaid no less than three Business Days before the Provisional Payment Date.

(c)If the Seller has exercised its Advance Payment Option in respect of a Parcel, then, for purposes of calculating the Advance Provisional Payment for that Parcel, the Total Compensation shall be estimated by the Seller on the same basis as set out in Section 8.04(b), except that the applicable metal prices shall be based on the daily average price thereof

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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during the Calendar Week prior to the date of the Calendar Week containing the date of the Advance Provisional Invoice. The Seller shall prepare and deliver to the Buyer, no less than three Business Days before the Advance Provisional Payment Date, a provisional invoice (the “Advance Provisional Invoice”) for such Parcel in respect of which the Advance Payment Option has been validly exercised by the Seller in an amount equal to the Advance Provisional Payment relating thereto, calculated as aforesaid.

8.05    Final Payment

(a)For purposes of the Final Payment, the Seller shall prepare its final invoice for each Parcel of Concentrates based on dry weights, assays and the final prices applicable to such Parcel determined in accordance with Articles 7, 9 and 10 hereof, subject to the rounding rules set forth in Section 8.05(b) (the “Final Invoice”), and shall submit such Final Invoice to the Buyer by facsimile or e-mail, promptly after such final data is available. Final Payment for each Parcel of Concentrates sold hereunder, if any is required pursuant to Section 8.02(a)(iii), shall be made by the Buyer by no later than the third Banking Day after receipt by it of the Seller’s Final Invoice. The original of the Final Invoice shall be sent by mail to the Buyer on the same day on which the Seller submits its final invoice by facsimile or e-mail.

(b)The following rounding rules shall apply to determine the Final Invoice:

(i)    Assay quality:

Copper:round to 2 decimals

Gold:round to 2 decimals

Silver:round to 2 decimals

(ii)    Amounts of Payable Copper, Payable Gold, and Payable Silver:

Payable Copper:round to 3 decimals

Payable Gold:round to 3 decimals

Payable Silver:round to 3 decimals

(iii)    Final pricing:

Copper:round to 2 decimals

Gold:round to 5 decimals

Silver:round to 2 decimals

(c)If the Total Compensation as shown on the Seller’s Final Invoice is less than the sum of the payments made by the Buyer to the Seller pursuant to Section 8.02(a)(i) or Section 8.02(a)(ii), the amount of the difference shall be paid by the Seller to the Buyer not

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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later than the third Banking Day after the Seller has transmitted its Final Invoice to the Buyer, in good and collectable funds by electronic transfer to the Buyer at such account as the Buyer may direct or, at the option of the Buyer, the Buyer may deduct such amount from sums thereafter becoming due and payable to the Seller under this Agreement.

8.06    Late Payment. In the event that any payment under this Article 8 is not made on the due date thereof, such payment shall bear interest at [**], from and including such due date to but excluding the date on which such payment is received and calculated on the basis of a 360-day year.

8.07    Price Determination in the Event of Loss

(a)In case of total loss or destruction of any Parcel of Concentrates any time after the risk of loss passes to the Buyer but prior to weighing, sampling and moisture determination pursuant to Section 9.01, the Final Invoice shall be based upon the full weights, which the Seller shall have determined, and provisional assays, which the Seller shall have conducted, at the Port of Loading and set out in the Provisional Certificate.

(b)In the case of total loss or destruction of any Parcel of Concentrates any time after the risk of loss passes to the Buyer but prior to arrival at the Port of Discharge, the Date of Arrival of such Parcel shall be deemed to have occurred 35 days after the bill of lading date for purposes of determining Quotational Periods.

(c)In case of partial loss or damage to a portion of the Concentrates in any Parcel prior to weighing, sampling and moisture determination pursuant to Section 9.01, the final invoice for the lost or damaged portion shall be based upon: (i) the full weight as determined at the Port of Loading; and (ii) the moisture content and the weighted average of the final assays for copper, gold and silver (as ascertained by assay in accordance with Article 9 and Article 10), as determined from the portion of such Parcel safely delivered to the Buyer.

8.08    Taxes, Tariffs and Duties

(a)All taxes, tariffs, fees, duties or other governmental fees or charges whether existing or imposed in future, applicable to the Concentrates and/or contained metals sold hereunder or commercial documents relating thereto imposed by the country of origin, or any political sub-division thereof, shall be borne by the Seller.

(b)All taxes, tariffs, fees, duties or other governmental fees or charges whether existing or imposed in future, applicable to the Concentrates and/or contained metals sold hereunder or commercial documents relating thereto imposed or to be imposed in any country in which any Port of Discharge or any receiving smelter is located, or any political sub-division thereof, shall be borne by the Buyer.

9. WEIGHING, SAMPLING, DETERMINATION OF MOISTURE

9.01    General Procedure

(a)With respect to Parcels shipped to Japan, South Korea, the Philippines, North America (including Mexico), or Western Europe (including Bulgaria) hereunder, the weighing, sampling and determination of moisture for each Parcel shall be carried out in

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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accordance with internationally accepted industry standards at the Port of Discharge or at the ultimate receiving smelter in the country, whichever is customary. The Seller and the Buyer shall mutually agree on the person to supervise at these operations, and its costs shall be shared equally.

(b)For shipments to China and India, the Seller and the Buyer shall mutually agree whether each ultimate receiving smelter: (i) has available reliable modern equipment; and (ii) applies accepted standards commonly recognized in the industry, for the purposes of weighing, sampling and determining moisture content of a Parcel. If the Seller and the Buyer agree that a smelter does not satisfy both of these requirements, the weighing, sampling and determination of moisture of each applicable Parcel shall be carried out in accordance with internationally accepted industry standards at the Port of Discharge. If, alternatively, the Seller and the Buyer agree that both of the foregoing requirements are satisfied, the weighing, sampling and determination of moisture shall be carried out in accordance with internationally accepted industry standards at the receiving smelter. In either event, the Seller and the Buyer shall mutually agree on the person to supervise at these operations, and its costs shall be shared equally.

(c)The Buyer shall take all reasonable precautions to prevent handling or other losses of Concentrates between ship’s rail and the point of weighing, sampling and moisture determination pursuant to Section 9.01(a) or Section 9.01(b). The Seller, at its own expense, shall be entitled to be represented at the discharge, weighing, sampling and determination of moisture by an independent surveyor or representative acceptable to the Buyer, such acceptance not to be unreasonably withheld. Failure of the Seller’s representative to be present on any occasion after receipt of reasonable notice from the Buyer shall constitute a waiver of the Seller’s rights of representation on that occasion.

(d)Notwithstanding the foregoing Sections 9.01(a) and 9.01(b), if neither the Port of Discharge of a Parcel nor its ultimate receiving smelter: (i) has available reliable modern equipment; and (ii) applies accepted standards commonly recognized in the industry, for the purposes of weighing, sampling and determining moisture content of a Parcel, the weighing, sampling and moisture determination for such Parcel shall be carried out at the Port of Loading in accordance with accepted industry standards by the Seller at the Seller’s expense during the loading of the carrying vessel and such weights and samples shall govern for final settlement provided, however, that the dry weight so determined minus 0.2% shall govern for settlement purposes.

(e)In the circumstances, in which neither Section 9.01(a) nor Section 9.01(b) applies, the weighing, sampling and moisture determination for a Parcel shall be carried out in accordance with Section 9.01(d).

(f)If weighing, sampling and moisture determination for a Parcel are carried out at the Port of Loading in accordance with Section 9.01(d), the Buyer shall have the right to be represented thereat, at the Buyer’s expense. Failure of the Buyer’s representative to be present on any occasion after receipt of reasonable notice from the Seller shall constitute a waiver of the Buyer’s rights of representation on that occasion.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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(g)If the Seller and the Buyer fail to reach agreement regarding the equipment or standards at a Port of Discharge or a receiving smelter, or regarding the person to supervise weighing, sampling and the determination of moisture content pursuant to Section 9.01(a) or Section 9.01(b), either Party may refer the matter for a decision by a Referee under Article 12; provided that during the period of such determination by a Referee, no obligation to ship or receive Concentrates hereunder shall be delayed, and provided further that, during the period of such determination, the Seller may conduct the weighing, sampling and moisture determination at the Port of Loading for each affected Parcel, the results of which may serve as definitive measurements hereunder, depending upon the outcome of the applicable referral pursuant to Article 12.

9.02    Determination of Dry Weight and Moisture. The dry weight and moisture as determined pursuant to Section 9.01 shall govern for the purpose of final settlement of the Total Compensation for each Parcel.

9.03    Sample Lots. For purposes of sampling, each Parcel of Concentrates shall be divided into separate lots of approximately 500 WMT each, or as otherwise agreed (each a “Lot”), and samples shall be taken from each Lot.

9.04    Number and Handling of Samples. The sample taken from each Lot as specified in Section 9.03 shall be divided into nine equal parts, two for the Seller, two for the Buyer, two for the receiving smelter and three for reserve/umpire. Two reserve samples shall be sealed and retained by the Seller or its appointed representative.

9.05    Penalty Samples. For the purpose of conducting any analysis for elements other than gold, copper and silver (including to determine whether any Penalty should be assessed), nine sets of composite samples shall be taken from each Parcel, two for the Seller, two for the Buyer, two for the receiving smelter and three for reserve. Two reserve samples shall be sealed and retained by the Seller or its appointed representative.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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10. ASSAYS

10.01    Copper, Gold and Silver Content. The copper, gold and silver content of any Parcel of Concentrates shall be determined in accordance with this Article 10.

10.02    Method for Determining Final Analysis. From the Lot samples taken in accordance with Sections 9.03 and 9.04, assays for each of copper, gold and silver, and penalty elements if applicable, shall be made independently by the respective assayers of the Seller and the Buyer (who shall not at that time be one of the Umpires). The results of such assays shall be exchanged simultaneously on a Lot-by-Lot basis, or composite basis for penalty elements, by mail as soon as possible, on a date mutually agreed upon. If one Party fails to so exchange its assay results, the assay results of the other Party shall be deemed to be conclusive. Determination for gold and silver assays shall be made in accordance with fire assay methods corrected for slag loss and cupel absorption. The mean of such results shall be final and binding upon the Parties hereto if such results show that the differences between the Seller’s and the Buyer’s assays are within the following limits:

Copper:[**]

Gold:[**]

Silver:[**]

10.03    Umpire Assays. If the results of assays described in Section 10.02 show that the difference between the Seller’s and the Buyer’s assays for any of copper, gold or silver or, if applicable, penalty elements in a given Lot exceeds the applicable limit therefor specified in Section 10.02, the matter shall be referred to one of the designated Umpires. The Umpire’s assay shall be made on the basis of one of the reserve samples referred to in Section 9.04, which shall be sent by the Seller or its appointed representative via air freight to the Umpire. The Umpire’s gold and silver assays shall be made in accordance with fire assay methods corrected for slag loss and cupel absorption. The Umpire shall be instructed to advise both the Seller and the Buyer of the results of the Umpire’s assay by facsimile or e-mail and by mail.

10.04    Final Analysis based on Umpire’s Assay. If an Umpire’s assay in respect of an element falls between the applicable assays of the Seller and the Buyer, the mean of the result of the Umpire’s assay and the result of the assay of the Party whose result is nearer to the Umpire’s result shall be final and binding on the Parties. Otherwise, the middle assay of the three assays shall be taken as the agreed assay. The cost of the Umpire’s assay shall be paid by the Party whose assay is further from the Umpire assay. When the Umpire assay is the exact mean of the other two, then these charges shall be shared equally by the Seller and the Buyer.

10.05    Parcel Content. After all per-Lot assays have been completed pursuant to Sections 10.02 through 10.04, the copper, gold and silver content of the relevant Parcel shall be determined based upon the dry weight of the Parcel (determined pursuant to Article 9) and, with respect to each element, the weighted-average of the final assay results for that element for each Lot in the Parcel, determined pursuant to Section 10.02 and 10.04, as applicable. The Buyer and the Seller shall finalize assay quantities of all metals in a given Parcel, including settlement by

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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Umpire if necessary, not later than 135 calendar days after the date of the bill of lading for such Parcel.

10.06    Royal Gold Interest. Notwithstanding any other provision hereof, RGL Gold AG or its representatives shall be permitted to, at their own cost, attend any weighing or sampling of any Parcel.

11. FORCE MAJEURE AND TERMINATION

11.01    Force Majeure

(a)Failure or delay by [**] in the performance of any term, condition or covenant contained herein (other than a failure to make payments required hereunder), shall be excused, if such failure or delay in performance was caused by an act of nature or the elements, disturbance, fire, unavailability of power, water or other items necessary for production, delay or interruption of transportation, war or consequence thereof, insurrection, civil strife or mob violence, export restriction, embargo or similar law, regulation or requirement of any federal, state, provincial or local government or governmental body, expropriation, nationalization or other act of eminent domain, strike, lock-out or other work stoppage, breakdown of equipment or machinery, delays or failure in obtaining materials, supplies or equipment, or any other cause, whether or not similar to those enumerated above, [**], provided that in no event shall a lack of funds constitute a cause [**] and prevention or settlement of any strike or labour disturbance shall not be considered a matter [**]. Each such cause, as aforesaid, shall constitute an Event of Force Majeure and such failure or delay shall be excused until such cause or causes shall have ceased.

(b)Notwithstanding any other provision hereof, in no event shall [**] be obligated to deliver concentrates from other than the Production Facility and [**] shall be obligated to rebuild or repair any damaged or destroyed property in order to fulfill this Agreement.

(c)The Party claiming an Event of Force Majeure shall give prompt notice thereof to the other Parties indicating the nature of such Event, the date of commencement of such Event, and the estimated duration (if possible) of such Event. The Party claiming an Event of Force Majeure shall give further notice to the other Parties (i) from time to time as to the progress in remedying such Event and as to the time that the affected Party expects to resume performance of its obligations hereunder, and (ii) immediately after such Event ceases to have effect.

(d)The following provisions shall apply in the alternative, depending on the duration of an Event of Force Majeure:

(i)    If any Event of Force Majeure continues in effect for a period of 60 consecutive days or less, any affected deliveries of Concentrates hereunder during such period shall be made up as soon as practicable following termination of the Event of Force Majeure.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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(ii)    If any Event of Force Majeure continues in effect for a period of more than 60 days, but less than or equal to 360 consecutive days, then a Party who has received notice of the Event of Force Majeure shall have the option to cancel any of the Concentrates that would have been delivered during such period.

(iii)    If any Event of Force Majeure continues in effect for a period of more than 360 days, then each Party shall have the right to terminate this Agreement.

If an Event of Force Majeure is in effect at the end of the last Contract Year, and has continued for less than 360 days at that time, the term of this Agreement shall herewith be extended until such time that the Event of Force Majeure has ended, or 360 days has elapsed from the start of the Event of Force Majeure, whichever is earlier. Except as provided in the foregoing sentence, no event of Force Majeure shall have the effect of extending the term of this Agreement.

The right to cancel quantities of Concentrates or the right to terminate the Agreement as set forth above shall be made by written notice to the other Parties at any time during the period of the Event of Force Majeure or up to five Business Days following the termination of the period of the Event of Force Majeure.

(e)[**] agree to use all reasonable efforts from time to time and at all times to prevent the occurrence of any Event of Force Majeure, and to cause the termination of any Event of Force Majeure that has occurred. Notwithstanding the foregoing, the settlement of labour disputes shall be entirely in the discretion of the Party affected thereby and there shall be no obligation on the affected Party to test or refrain from testing the validity of any order, regulation or law relating to such labour disputes.

11.02    Termination

(a)If the Seller, the Guarantor or the Buyer materially breaches any material provision hereof (and, for the avoidance of doubt, such breach is not excused by Section 11.01(a)), then if such breach is continuing and has not been reasonably cured by the end of a period of 60 days following written notice of the breach by any Party to the breaching Party, then (i) in the event of a breach by the Seller and/or the Guarantor, the Buyer may terminate this Agreement, effective upon the delivery of written notice to the other Parties, or (ii) in the event of a breach by the Buyer, the Seller may terminate this Agreement, effective upon the delivery of written notice to the Buyer.

(b)Notwithstanding the termination of this Agreement as contemplated hereunder (whether pursuant to Section 11.02(a) or any other provision hereof), each Party shall remain liable for its obligations hereunder which have accrued prior to the date of termination, including all payment obligations.

12. REFEREES

12.01    Selection of Referees. In the event that a matter is to be submitted to a Referee pursuant to this Agreement, the Seller and the Buyer shall appoint an independent industry expert to act as a single Referee to determine the matter. Any person appointed as a Referee shall be a

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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person of sound commercial background and with knowledge of the base metals and concentrates markets. No person who has been an employee, consultant or otherwise provided services (other than as a Referee hereunder) to any Party or any of its affiliates during the five years preceding the reference shall be eligible to act as a Referee. If the Seller and the Buyer are unable to agree on the appointment of the single Referee within five Business Days, then each shall appoint one independent nominator and the Referee shall be appointed by agreement of the two independent nominators. If either the Seller or the Buyer fails to appoint its respective independent nominator within five Business Days after such initial five-Business-Day period, such nominator shall be appointed by the President of the American Arbitration Association and the costs for such appointment shall be paid by the Party failing to appoint such nominator. If the two independent nominators fail to agree on the Referee within five Business Days after the appointment of the second nominator, such Referee shall be appointed by the President of the American Arbitration Association and the costs of such appointment shall be paid equally by the Seller and the Buyer. The individual designated as referee pursuant to this Section 12.01 shall be referred to herein as a “Referee.”

12.02    Submission of Positions. The Seller and the Buyer shall each submit, in writing in English, its respective position to the Referee and to the other Party within five Business Days after the Referee has been appointed. The Seller and the Buyer shall then have a further five Business Days to review the other’s submission and to submit a written rebuttal in English to the Referee (the “Submission Period”).

12.03    Proceeding; Final Determination. Promptly after expiry of the Submission Period, the Referee shall offer such guidance to the Seller and the Buyer, if any, that the Referee considers appropriate with a view toward progressing the negotiations between the Seller and the Buyer. If the Seller and the Buyer fail to agree within 10 Business Days after both the Seller and the Buyer have submitted their respective positions to the Referee, the Referee shall, within five Business Days thereafter, finally determine any such matter by selecting one of such two positions. In making such selection, the Referee shall take account of any basis of negotiations between the Seller and the Buyer set forth in this Agreement with respect to the matter in question. If either the Seller or the Buyer fails to submit its respective position to the Referee prior to the expiry of the Submission Period, the Referee shall promptly following expiry of such period finally determine that the sole position submitted to him shall prevail.

12.04    The Decision. Any decision of the Referee made in accordance with this Agreement shall be final and binding on the Parties and shall apply retroactively to the period for which the Seller and the Buyer were to have reached agreement.

12.05    Costs. Any costs associated with the services of a Referee shall be borne equally by the Seller and the Buyer in the event that agreement is reached by them on a particular issue. If an issue is decided by the Referee, the Party whose position was not selected shall bear all such costs, provided that, if the Referee finds that the other Party acted unreasonably in connection with the matter the Referee may, in his discretion, order that other Party pay all or any portion of such costs.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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13. MISCELLANEOUS

13.01    Guarantee. The Guarantor unconditionally guarantees the punctual performance when due of the Seller’s obligations under this Agreement; provided that the Guarantor shall be entitled to all rights, privileges, and defences otherwise available to the Seller under the Agreement with respect to such obligations, and provided, further that the Buyer shall not proceed against the Guarantor under this Section 13.01 until demand for performance has been made to the Seller and the Guarantor. Such demand shall be deemed to have been effectively made only if and when notice in writing containing such demand addressed to each of the Seller and the Guarantor is given in accordance with Section 13.09.

13.02    Non-Waiver. No course of performance and no delay or failure by any Party in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice its rights, powers or remedies. No single exercise of any right or power shall preclude the further exercise thereof or the exercise of any other right or power hereunder. No right, power or remedy conferred upon any Party by this Agreement shall be exclusive of any other right, power or remedy referred to herein or now or hereafter available at law, in equity, by statute or otherwise, except as expressly provided herein. No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the Party against whom such waiver is sought to be enforced.

13.03    Assignment

(a)Except as otherwise permitted in this Section 13.03, no Party may grant, assign or transfer any of its rights or obligations hereunder without the prior written consent of, with respect to any assignment by the Seller or the Guarantor, the Buyer, or, with respect to any assignment by the Buyer, the Seller and the Guarantor, and any attempt to assign or transfer, or to effect an assignment or transfer without such consent shall render such attempted assignment or transfer void. Any such assignment with consent shall not relieve the assignor from its obligations under this Agreement to the extent the assignee fails to perform such obligations.

(b)The Buyer may assign its rights and obligations under this Agreement to a wholly-owned subsidiary of the Buyer, provided that prior to such assignment the Buyer, the Seller, the Guarantor and such subsidiary enter into an assignment agreement in form satisfactory to the Seller and the Guarantor pursuant to which (i) the Buyer and the assignee represent and warrant to the Seller and the Guarantor that the assignee is a wholly-owned subsidiary of the Buyer and that such assignment shall not give rise to any increased costs to the Seller or the Guarantor during the remaining term of this Agreement, (ii) such assignment shall automatically terminate if the assignee ceases to be a wholly-owned subsidiary of the Buyer or if the assignment at any time gives rise to any increased costs for the Seller or the Guarantor and termination of the assignment would reduce the Seller’s or the Guarantor’s costs, and (iii) the Buyer agrees that, notwithstanding such assignment, it shall remain liable for all of its obligations under the Agreement to the extent the assignee fails to perform all or any portion of such obligations or in the event of the termination of such assignment as aforesaid.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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(c)The Seller may, without the consent of the Buyer, assign any of its rights and obligations under this Agreement, provided that such assignment is to (i) a successor of the Seller by consolidation, merger or operation of law, (ii) a purchaser of all or substantially all of the Seller’s assets, or (iii) a lender of the Seller as collateral.

13.04    Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective successors and assigns (subject to Section 13.03), and no other person shall have any right or obligation hereunder. Successors and assigns of the Parties hereto shall in no respect be entitled to any right, title or interest to which the assignor is not entitled unless otherwise provided for hereunder.

13.05    Amendments. Any amendment to this Agreement shall only be effective if in writing and executed by or on behalf of each of the Parties.

13.06    No Third-Party Beneficiaries. Except as otherwise expressly stated herein, this Agreement shall be to the benefit of no party other than the Seller, the Buyer and the Guarantor.

13.07    Governing Law. This Agreement shall be governed by and construed in accordance with the law of the state of New York (without regard to its laws relating to any conflict of laws). The United Nations Vienna Convention on Contracts for the International Sale of Goods shall not apply to this Agreement.

13.08    Confidentiality

(a)Each Party shall use its best efforts to ensure that the provisions of this Agreement and all information disclosed to it concerning the other Parties and their respective assets and businesses and not otherwise publicly available, and the determination of any matter hereunder by any Referee, Umpire or arbitrator, shall be kept confidential and shall, unless otherwise required by law or the rules and regulations of any stock exchange, not be disclosed without the consent of the other Parties to anyone other than (a) the directors, officers, employees, accountants, consultants, counsel and representatives of each Party, (b) any proposed assignee, (c) any person or entity providing substantial financing to the Seller or the Guarantor, (d) the direct or indirect shareholders of the Seller, (e) any underwriter of securities to be issued by the Buyer, the Guarantor or the Seller, or to a rating agency, (f) in connection with legal proceedings or required filings with government agencies, courts, stock exchanges or other regulatory agencies, or (g) any Umpire, Referee or arbitrator appointed hereunder. If such information is so disclosed to any such person or entity, the disclosing Party agrees to use its best efforts to obtain from such person or entity a covenant for the benefit of each of the Parties hereto to keep such information confidential.

(b)Notwithstanding the foregoing, the Seller may deliver a copy of this Agreement and of each other document prepared in connection herewith to RGL Royalty AG and its affiliates. In addition, the Seller may notify RGL Royalty AG and its affiliates in writing when any dispute arising out of or in connection with this Agreement is commenced in respect of Concentrates and may provide RGL Royalty AG and its affiliates with timely updates of the status of any such dispute and the final decision and award of any Referee, Umpire, court or arbitration panel with respect to such dispute, as the case may

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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be. The Seller may also notify RGL Royalty AG and its affiliates in writing upon the occurrence of any Event of Force Majeure under this Agreement and provide RGL Royalty AG and its affiliates with timely updates of the status thereof.

13.09    Notices. All notices, requests, directions and other communications required or permitted by any provision of this Agreement shall be in writing and in the English language and shall be sufficiently given or transmitted if delivered by hand or sent by email or facsimile and addressed (i) in the case of the Buyer, to Louis Dreyfus Company Metals Suisse SA Route de l’Aeroport 29, Case Postale 236, CH-1215, Geneva 15, Switzerland, Attn: Global Head Copper Concentrates, Telephone: , Facsimile: , Email: (ii) in the case of the Seller, to Terrane Metals Corp., 26 West Dry Creek Circle, Littleton, CO, 80120, Attention: Chief Commercial Officer, Facsimile: , Email: and (iii) in the case of the Guarantor, to Thompson Creek Metals Company Inc., 26 West Dry Creek Circle, Littleton, CO 80120, Attention: General Counsel, Facsimile: , Email: , or at such other address as may be designated in writing by the applicable Party to the other Parties hereto, as the proper address to which such communications should be delivered to it and shall become effective on the date of receipt by each Party to which it shall be addressed.

13.10    Remedies. Except as otherwise expressly provided herein, no remedy herein conferred upon any Party is intended to be exclusive of any other remedy and each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise. Notwithstanding any other provision of this Agreement, no Party shall have any liability to the other Parties with respect to any hedging or similar losses any Party may suffer in connection with the transactions contemplated by this Agreement.

13.11    Execution in Counterparts. This Agreement may be executed in any number of counterparts and by the Parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all the counterparts shall together constitute one and the same instrument.

13.12    Arbitration

(a)Any dispute, claim or failure to agree arising out of or relating to this Agreement or any provision hereof, except those specifically identified as being determined by Referee or Umpire, shall be determined by arbitration between the Parties, in accordance with the then prevailing UNCITRAL Arbitration Rules. Except as otherwise expressly provided in this Agreement, arbitration shall be the exclusive method for resolution of the dispute, and the determination of the arbitrators shall be final and binding on the Parties. The Parties agree that they shall give conclusive effect to the arbitrators’ determination and award and that judgment thereon may be entered by any court having jurisdiction. Each Party shall bear its own costs in any such arbitration, provided that, if the arbitrators find that any Party shall have acted unreasonably they may, in their discretion, award costs against such Party.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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(b)Under no circumstances shall any arbitration required by this Agreement be subject to consolidation for any purpose with any other arbitration involving the Seller and persons other than the Buyer and the Guarantor hereunder.

(c)The number of arbitrators shall be three, each of whom shall be disinterested in the dispute or controversy and shall be impartial with respect to all Parties hereto. The Seller and the Buyer shall each appoint one arbitrator and the third arbitrator shall be appointed in accordance with the then prevailing UNCITRAL Arbitration Rules. If either the Seller or the Buyer fails to appoint its respective arbitrator within 10 Business Days after the matter has been referred to arbitration, or if the two arbitrators fail to agree on the third within 15 Business Days after the appointment of the second, such arbitrator shall be appointed by the American Arbitration Association from its Large Complex Arbitration Panel.

(d)The place of arbitration shall be the City of New York, U.S.A. The arbitration shall be held in camera and conducted in the English language and any documents or portions thereof presented at such arbitration in a language other than English shall be accompanied by an English translation thereof. The arbitrators shall give effect insofar as possible to the desire of the Parties hereto that the dispute or controversy be resolved in accordance with good commercial practice.

13.13    Consent to Jurisdiction

(a)Each Party hereto hereby irrevocably consents and agrees, for the benefit of each other Party, that any legal action, suit or proceeding against it (i) with respect to enforcement of the provisions set forth in Section 13.12, shall be brought in any federal or state court located in the Borough of Manhattan, The City of New York (a “New York Court”) and irrevocably accepts and submits to the exclusive jurisdiction of such New York Court with respect to any such action, suit or proceeding; and (ii) with respect to the enforcement, modification, vacation or correction of an award rendered in an arbitration conducted pursuant to Section 13.12 may be brought in any New York Court and hereby irrevocably accepts and submits to the non-exclusive jurisdiction of such New York Court with respect to any such action, suit or proceeding. Each Party waives any objection that it may have now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings specified in sections (i) and (ii) above brought in any New York Court and hereby further waives and agrees not to plead or claim in any such New York Court that any such action, suit or proceeding therein has been brought in an inconvenient forum and waives any right it may have to trial by jury. No Party shall be relieved from its performance under this Agreement pending any such proceeding.

(b)To the extent that any Party hereto has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution, sovereign immunity or otherwise) with respect to itself or its property, it hereby irrevocably waives such immunity in respect of its obligations under this Agreement.

13.14    Entire Agreement. This Agreement sets forth the entire understanding of the Parties with respect to the subject matter hereof. Neither this Agreement nor any provision hereof can be

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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waived, changed, discharged or terminated except by an instrument in writing signed by the Party against which the enforcement of any waiver, change, discharge or termination is sought.

13.15    Headings. The headings of the respective articles, sections and clauses of this Agreement are inserted for convenience of reference only and shall not be deemed to be a part of this Agreement or considered in construing this Agreement.

13.16    Representations And Warranties

(a)The Seller represents and warrants to the Buyer the following:

(i)    The Seller is a corporation duly organized under the laws of British Columbia, with full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action (including, but not limited to, approval by the board of directors and, if necessary, stockholders) of the Seller and this Agreement constitutes a valid and binding obligation of the Seller enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization and other laws of general application limiting the enforcement of creditors’ rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court.

(ii)    Neither the execution and delivery of this Agreement nor the consummation of any or all of the transactions contemplated hereunder shall (i) violate any provision of the certificate of incorporation or by-laws or other organizational documents of the Seller, (ii) violate, be in conflict with, or constitute a default (or an event that, with notice or lapse of time or both, would constitute a default) under any material agreement or commitment to which the Seller is a party or (iii) violate, in any material respect, any statute or law or any judgment, decree, order, regulation or rule of any court or any governmental body applicable to the Seller.

(b)The Guarantor represents and warrants to the Buyer the following:

(i)    The Guarantor is a corporation duly organized under the laws of British Columbia, with full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action (including, but not limited to, approval by the board of directors and, if necessary, stockholders) of the Guarantor and this Agreement constitutes a valid and binding obligation of the Guarantor enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization and other laws of general application limiting the enforcement of creditors’ rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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(ii)    Neither the execution and delivery of this Agreement nor the consummation of any or all of the transactions contemplated hereunder shall (i) violate any provision of the certificate of incorporation or by-laws or other organizational documents of the Guarantor, (ii) violate, be in conflict with, or constitute a default (or an event of default which, with notice or lapse of time or both, would constitute a default) under any material agreement or commitment to which the Guarantor is a party or (iii) violate, in any material respect, any statute or law or any judgment, decree, order, regulation or rule of any court or any governmental body applicable to the Guarantor.

(c)The Buyer represents and warrants to the Seller and the Guarantor the following:

(i)    The Buyer is a société anonyme organized under the laws of Switzerland, with full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action (including, but not limited to, approval by the board of directors and, if necessary, stockholders) of the Buyer and this Agreement constitutes a valid and binding obligation of the Buyer enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization and other laws of general application limiting the enforcement of creditors’ rights generally and to the fact that specific performance is an equitable remedy available only in the discretion of the court.

(ii)    Neither the execution and delivery of this Agreement nor the consummation of any or all of the transactions contemplated hereunder shall (i) violate any provision of the certificate of incorporation or by-laws or other organizational documents of the Buyer, (ii) violate, be in conflict with, or constitute a default (or an event of default which, with notice or lapse of time or both, would constitute a default) under any material agreement or commitment to which the Buyer is a party or (iii) violate, in any material respect, any statute or law or any judgment, decree, order, regulation or rule of any court or any governmental body applicable to the Buyer.

13.17    Material Adverse Change.

(a)The Parties hereto agree that, if a Party (the “Notifying Party”) reasonably determines and informs another Party (the “Notified Party”) in writing (with copy to the third Party hereto) that in its reasonable opinion the Notified Party has suffered a material adverse change in its financial condition or creditworthiness when compared to its financial condition or creditworthiness as at the date of the Agreement, the Agreement shall be terminated upon the delivery of such notice. In the event of such notification and termination, no penalties or fees shall apply to any Party as a result solely of the termination.

(b)Notwithstanding the foregoing, each Party undertakes that, prior to delivering a notice of material adverse change to another Party pursuant to Section 13.17(a), it shall

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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orally advise the other Parties of its specific concerns and ask the Party experiencing a material adverse change in its financial condition or creditworthiness to seek a cure, whether in the form of credit support or collateral, which, if proposed or implemented, it in its sole discretion may or may not accept.

13.18    Security Interest. The Seller shall retain, and the Buyer hereby grants to the Seller, a security interest in all Concentrates delivered to the Buyer hereunder until such time as the Buyer has made the Final Payment for such Concentrates. Such security interest (i) shall only apply to the extent that any portion of the Final Payment remains outstanding, (ii) shall not affect the Buyer’s right to blend, commingle, treat, process or resell the Concentrates and (iii) shall not apply or attach to any metal produced from such Concentrates and sold in the ordinary course of the Buyer’s business.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

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IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.

LOUIS DREYFUS COMPANY METALS SUISSE SA
By:	/s/ Paul Shapiro
	Name: Paul Shapiro Title: Global Head, Copper Raw Materials
By:	/s/ Hal Didner
	Name: Hal Didner Title: Manager
By:	/s/ Thomas Mackay
	Name: Thomas Mackay Title: Head of Refined Materials
TERRANE METALS CORP.
By:	/s/ Mark A. Wilson
	Name: Mark A. Wilson Title: Chief Commercial Officer
THOMPSON CREEK METALS COMPANY INC.
By:	/s/ Jacques Perron
	Name: Jacques Perron Title: Chief Executive Officer

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

A-1

Appendix A

DEFINITIONS

In this Agreement, unless the context otherwise requires, the following terms shall have the meanings assigned below. References in the Agreement to the singular include the plural and vice versa. Unless otherwise specified, references in this Appendix A to sections and articles are to sections and articles of the Agreement:

“Advance Provisional Payment” shall have the meaning assigned to it in Section 8.02(a)(ii).

“Advance Provisional Payment Date” shall have the meaning assigned to it in Section 8.02(a)(ii).

“Advance Payment Option” shall have the meaning assigned to it in Section 8.03.

“Advance Provisional Invoice” shall have the meaning assigned to it in Section 8.04(c).

“Agreement” shall mean the Copper Concentrates Sales Agreement to which this Appendix A is attached, including this Appendix A and the other appendices thereto.

[**]

“Alternative Port” shall have the meaning assigned to it in Section 4.14.

“Annual Schedule” shall have the meaning set forth in Section 4.01(c).

“Banking Day” shall mean any day other than a Saturday, a Sunday or a day that is a bank or public holiday in the City of London, England, the State of Colorado, United States of America or the Province of British Columbia, Canada.

“Base Amount” shall mean, with respect to a Contract Year, the DMT of Concentrates to be purchased and sold hereunder in that Contract Year.

“Benchmark Terms” shall have the meaning assigned to it in Section 7.08.

“Business Day” shall mean any day other than a Saturday, a Sunday or a day that is a bank or public holiday in the State of Colorado, United States of America, the State of New York, United States of America or the Province of British Columbia, Canada.

“Buyer” shall have the meaning assigned thereto in the recitals of this Agreement.

“Buyer’s Receiving Agent” shall mean the receiving agent at the applicable Port of Discharge appointed by the Buyer, after notice thereof has been given to the Seller.

“Calendar Week” means a week beginning on a Monday and ending on a Sunday.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

- 2 -

“Charter Party” shall mean the contract of charter or affreightment to be entered into from time to time between the Seller and the owner of a vessel chartered or hired for the shipment of any Parcel pursuant to this Agreement.

“Concentrates” shall mean flotation copper concentrates produced at and originating from the Production Facility.

“Contract Year” shall mean the period of twelve consecutive calendar months commencing on January 1, 2017 or any of the subsequent periods of twelve consecutive calendar months beginning on January 1 of any year during the term of this Agreement.

[**]

“Copper Refining Charge” shall have the meaning assigned to it in Section 7.09.

“Date of Arrival” shall mean with reference to (a) any vessel containing no cargo other than Concentrates sold by the Seller to the Buyer under this Agreement, the date on which the master of the vessel tenders Notice of Readiness to the Buyer as provided for in Section 4.05, or (b) any vessel which is carrying cargo in addition to Concentrates sold by the Seller to the Buyer under this Agreement, the later of the date on which the master of the vessel tenders Notice of Readiness to the Buyer as provided in Section 4.05, and the date on which the discharge of the Concentrates sold by the Seller to the Buyer is actually commenced.

“Deductions” shall have the meaning assigned to it in Section 7.07.

“Dollars” or “$” shall mean the currency of the United States of America.

“DMT” shall mean a dry metric tonne equal to 1,000 kilograms.

“Event of Force Majeure” shall mean an event of the type described in Section 11.01(a).

“Final Invoice” shall have the meaning assigned to it in Section 8.05(a).

“Final Payment” shall have the meaning assigned to it in Section 8.02(a)(iii).

“Freight and Insurance Credit” shall have the meaning assigned to it in Section 4.02(c).

“Guarantor” shall have the meaning assigned thereto in the recitals of this Agreement.

“LIBO Rate” shall mean, for any period, the interest rate per annum for deposits in U.S. dollars for such period which appears on the Reuters LIBOR01 page (or such other page as may replace that page on that service for the purpose of displaying the British Bankers Association Settlement Rates for London interbank deposits in U.S. dollars) at or about 11:00 a.m. London time on the Business Day in London before and for value on the first day of such period, provided that:

(i)if such period is not equal to any period shown on such page, LIBOR shall be the rate determined by interpolation from the rates for the next longer and next shorter periods

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

- 3 -

shown on such page, using the number of days as the basis for the interpolation, expressed as a decimal fraction to five decimal places and rounded to the closest fifth decimal; and

(ii)if the LIBO Rate is not published on such day, then the first day preceding such day on which the LIBO Rate is so published.

“Local Holidays” shall mean the national or customary local holidays and Saturdays customarily not worked by the office personnel at the Buyer’s Receiving Agent or at the Port of Discharge of which the Buyer has notified the Seller.

“Lot” shall have the meaning assigned to it in Section 9.03.

“Metal Bulletin” shall mean the publication known as the “Metal Bulletin” and currently published twice a week in London, England, buy the Metal Bulletin Journals Ltd. (a subsidiary of Metal Bulletin plc) (or any replacement thereof published by the same publisher or any successor thereto).

“Month of Notified Shipment” shall have the meaning assigned to it in Section 4.02(a).

“New York Court” shall have the meaning ascribed thereto in Section 13.13.

“Normal Office Hours” shall mean (a) on Monday through Friday, from 08:00 to 16:00, and (b) on Saturday, from 08:00 to 12:00; provided, however, Normal Office Hours shall not include Local Holidays (unless such days are worked).

“Notice of Readiness” shall mean the notice provided when a vessel has cleared customs, obtained free pratique and is in all respects ready to discharge.

“Notified Party” shall have the meaning assigned to it in Section 13.17(a).

“Notifying Party” shall have the meaning assigned to it in Section 13.17(a).

“Parcel” shall mean a tonnage of Concentrates to be shipped hereunder to a particular Port of Discharge in a single voyage of a vessel.

“Parties” shall mean the Buyer, the Seller and the Guarantor, and “Party” shall mean one of them or any of them, as the context requires.

“Payable Copper” shall have the meaning assigned to it in Section 7.02.

“Payable Copper Price” shall have the meaning assigned to it in Section 7.02.

“Payable Gold” shall have the meaning assigned to it in Section 7.03.

“Payable Gold Price” shall have the meaning assigned to it in Section 7.03.

“Payable Silver Price” shall have the meaning assigned to it in Section 7.04.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

- 4 -

“Payable Silver” shall have the meaning assigned to it in Section 7.04.

“Penalty” shall have the meaning assigned to it in Section 7.12(c).

“Port of Loading” shall mean the Port of Vancouver, Canada, or such other port as the Seller may determine.

“Port of Discharge” shall mean, with respect to a particular Parcel, the port named by the Buyer in the notice to the Seller referred to in Section 4.02(a) as the port to which such Parcel is to be delivered.

“ppm” shall mean parts per million.

“Precious Metal Refining Charges” shall have the meaning assigned to it in Section 7.10.

“Production Facility” shall mean the mine, mill and related facilities located near Fort St. James, British Columbia, Canada and known together as the Mt. Milligan Mine, which are currently under development by the Seller.

“Provisional Certificate” shall have the meaning assigned to it in Section 8.04(a).

“Provisional Invoice” shall have the meaning assigned to it in Section 8.04(b).

“Provisional Payment” shall have the meaning assigned to it in Section 8.02(a)(i).

“Provisional Payment Date” shall have the meaning assigned to it in Section 8.02(a)(i).

“Quotational Period” shall mean the applicable period determined in accordance with Section 7.06.

“Referee” shall have the meaning assigned to it in Section 12.01.

“Seller” shall have the meaning assigned thereto in the recitals of this Agreement.

“Total Compensation” shall have the meaning assigned to it in Section 7.01.

“Treatment Charge” shall have the meaning assigned to it in Section 7.08.

“Umpire” shall mean any one of the umpires listed in Appendix C.

“Unit” shall mean one hundredth part of a DMT.

“WMT” shall mean a wet metric tonne, equal to 1,000 kilograms.

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

B-1

Appendix B

CHEMICAL SPECIFICATION

The Seller estimates and expects (but does not warrant) that the Concentrates sold to the Buyer shall exhibit approximately the following specifications:

Mineral Element Range		Range
Cu Content in Concentrate	%	23-27
Au	g/dmt	35-90
Ag	g/dmt	70-125
Al2O3	%	0.7-1.75
As	ppm	30-240
Bi	ppm	<140
Cd	ppm	<30
Cl	ppm	90-240
F	ppm	60-250
Fe	%	24-34
Hg	ppm	<13
Ni	ppm	50-250
Pb	%	0.005-0.15
Sb	ppm	100-450
Zn	%	0.01-0.2

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

C-1

Appendix C

UMPIRES

[**]

[**] - Indicates certain information has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the redacted portions.

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jacques Perron, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Thompson Creek Metals Company Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2016

/s/ JACQUES PERRON

Jacques Perron

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Pamela L. Saxton, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Thompson Creek Metals Company Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2016

/s/ PAMELA L. SAXTON

Pamela L. Saxton

Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of Thompson Creek Metals Company Inc. (the "Company") on Form 10-Q for the quarter ended June 30, 2016, as filed with the Securities and Exchange Commission (the "Report"), Jacques Perron, President and Chief Executive Officer of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. §1350), that to his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 8, 2016

/s/ JACQUES PERRON

Jacques Perron

President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of Thompson Creek Metals Company Inc. (the "Company") on Form 10-Q for the quarter ended June 30, 2016, as filed with the Securities and Exchange Commission (the "Report"), Pamela L. Saxton, Chief Financial Officer of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. §1350), that to her knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2 The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 8, 2016

/s/ PAMELA L. SAXTON

Pamela L. Saxton

Chief Financial Officer

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	Thompson Creek Metals Co Inc.
Entity Central Index Key	0001415020
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		222,782,042
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 119.7	$ 176.8
Accounts receivable	76.0	52.7
Product inventory	56.3	55.8
Materials and supplies inventory	29.3	28.3
Prepaid expenses and other current assets	7.8	4.2
Income and mining taxes receivable	0.2	6.1
Total current assets	289.3	323.9
Property, plant, equipment and development, net	1,952.9	1,856.2
Restricted cash	3.1	0.0
Reclamation deposits	10.1	10.1
Other assets	22.2	21.0
Deferred income tax assets	155.7	155.4
Total assets	2,433.3	2,366.6
Current liabilities
Accounts payable and accrued liabilities	79.5	72.0
Income, mining and other taxes payable	0.5	1.1
Current portion of Gold Stream deferred revenue	53.6	47.0
Current portion of long-term lease obligations	25.0	25.6
Other current liabilities	1.2	3.5
Total current liabilities	159.8	149.2
Gold Stream deferred revenue	654.9	677.8
Long-term debt, net of unamortized debt issuance costs and discounts	824.2	821.8
Long-term lease obligations	15.3	27.4
Other liabilities	19.2	13.6
Asset retirement obligations	36.2	33.8
Deferred income tax liabilities	72.1	67.7
Total liabilities	1,781.7	1,791.3
Commitments and contingencies
Shareholders' equity
Common stock, no-par, 222,782,042 and 221,622,186 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively	1,198.5	1,196.4
Additional paid-in capital	82.9	82.5
Accumulated deficit	(374.6)	(381.8)
Accumulated other comprehensive loss	(255.2)	(321.8)
Total shareholders' equity	651.6	575.3
Total liabilities and shareholders' equity	$ 2,433.3	$ 2,366.6

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, shares issued	222,782,042	221,622,186
Common stock, shares outstanding	222,782,042	221,622,186

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUES
Copper sales	$ 37.6	$ 49.3	$ 65.7	$ 81.5
Gold sales	64.6	56.3	109.9	92.3
Molybdenum sales	22.3	20.9	41.9	63.7
Tolling, calcining and other	4.2	7.6	8.6	19.6
Total revenues	128.7	134.1	226.1	257.1
Cost of sales
Operating expenses	86.4	75.3	143.9	158.3
Depreciation, depletion and amortization	29.1	26.8	48.9	46.8
Total cost of sales	115.5	102.1	192.8	205.1
Selling and marketing	2.7	2.2	4.9	5.2
Strategic initiative related costs	4.9	0.0	8.3	0.0
Accretion expense	0.6	0.6	1.2	1.2
General and administrative	5.0	4.9	9.1	10.5
Exploration	1.4	0.1	1.4	0.1
Costs for idle mining operations	2.4	12.1	4.8	17.7
Total costs and expenses	132.5	122.0	222.5	239.8
OPERATING (LOSS) INCOME	(3.8)	12.1	3.6	17.3
OTHER EXPENSE (INCOME)
Loss (gain) on foreign exchange	1.4	(16.9)	(58.0)	71.3
Interest and finance fees	20.5	22.3	41.6	44.9
Loss from debt extinguishment	0.0	3.1	0.0	2.8
Interest income	(0.1)	0.0	(0.2)	(0.1)
Other	1.7	(1.8)	4.9	(3.1)
Total other expense (income)	23.5	6.7	(11.7)	115.8
(Loss) income before income and mining taxes	(27.3)	5.4	15.3	(98.5)
Total income and mining tax expense (benefit)	0.6	5.1	8.1	(11.6)
NET (LOSS) INCOME	(27.9)	0.3	7.2	(86.9)
COMPREHENSIVE (LOSS) INCOME
Foreign currency translation	(2.9)	17.1	66.6	(79.4)
Total other comprehensive (loss) income	(2.9)	17.1	66.6	(79.4)
Total comprehensive (loss) income	$ (30.8)	$ 17.4	$ 73.8	$ (166.3)
NET (LOSS) INCOME PER SHARE
Basic (in USD per share)	$ (0.13)	$ 0.00	$ 0.03	$ (0.40)
Diluted (in USD per share)	$ (0.13)	$ 0.00	$ 0.03	$ (0.40)
Weighted-average number of common shares
Basic (in shares)	221.7	218.0	222.4	216.2
Diluted (in shares)	221.7	218.1	222.4	216.2

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES
Net (loss) income	$ (27.9)	$ 0.3	$ 7.2	$ (86.9)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation, depletion and amortization	29.1	26.8	48.9	46.8
Deferred revenue related to Gold Stream Arrangement	(11.4)	(10.0)	(18.0)	(16.4)
Accretion expense	0.6	0.6	1.2	1.2
Amortization of finance fees	1.2	1.2	2.4	2.4
Stock-based compensation	1.2	1.8	2.5	3.1
Product inventory write downs	(0.1)	1.8	0.6	7.0
Deferred income tax expense (benefit)	0.2	5.0	8.2	(10.1)
Unrealized loss (gain) on financial instruments and mark-to-market adjustments	1.2	(6.0)	(9.5)	0.0
Unrealized foreign exchange loss (gain)	4.2	(16.0)	(55.6)	70.6
Debt extinguishment loss	0.0	0.7	0.0	0.4
Changes in other long term liabilities	4.8	0.0	5.4	0.0
Gold Stream Arrangement net payable	5.5	5.8	15.6	0.3
Change in current assets and liabilities	(2.3)	11.9	(18.3)	0.2
Cash generated by (used in) operating activities	6.3	23.9	(9.4)	18.6
INVESTING ACTIVITIES
Capital expenditures	(15.9)	(9.7)	(31.5)	(22.9)
Capitalized interest payments	(0.3)	(0.3)	(0.7)	(1.0)
Restricted cash	(3.1)	0.1	(3.1)	7.2
Proceeds from sale of assets	0.0	0.0	0.1	0.0
Cash used in investing activities	(19.3)	(9.9)	(35.2)	(16.7)
FINANCING ACTIVITIES
Equipment financings and repayments	(6.5)	(6.1)	(12.8)	(12.6)
Repayment of long-term debt	0.0	(1.0)	0.0	(2.3)
Senior note repurchases	0.0	(34.2)	0.0	(41.0)
Proceeds from issuance of common shares, net	0.0	0.2	0.1	0.5
Cash used in financing activities	(6.5)	(41.1)	(12.7)	(55.4)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	0.1	0.0	0.2	(1.0)
DECREASE IN CASH AND CASH EQUIVALENTS	(19.4)	(27.1)	(57.1)	(54.5)
Cash and cash equivalents, beginning of period	139.1	238.2	176.8	265.6
Cash and cash equivalents, end of period	$ 119.7	$ 211.1	$ 119.7	$ 211.1

XML

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - 6 months ended Jun. 30, 2016 - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Balances at (in shares) at Dec. 31, 2015	221,622,186	221,622,000
Beginning balance at Dec. 31, 2015	$ 575.3	$ 1,196.4	$ 82.5	$ (381.8)	$ (321.8)
Increase (Decrease) in Shareholders' Equity
Amortization of stock-based compensation	2.4		2.4
Shares issued under stock-based compensation (in shares)		1,160,000
Shares issued under stock-based compensation	0.1	$ 2.1	(2.0)
Comprehensive income:
Net (loss) income	7.2			7.2
Foreign currency translation	66.6				66.6
Total comprehensive (loss) income	$ 73.8
Balances at (in shares) at Jun. 30, 2016	222,782,042	222,782,000
Ending balance at Jun. 30, 2016	$ 651.6	$ 1,198.5	$ 82.9	$ (374.6)	$ (255.2)

XML

Basis of Presentation

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q. In compliance with those instructions, certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States ("US GAAP") have been condensed or omitted. This report should be read in conjunction with the Thompson Creek Metals Company Inc. ("TCM," the "Company," "we," "us" or "our") consolidated financial statements and notes contained in its Annual Report on Form 10-K for the year ended December 31, 2015 (the "2015 Form 10-K") filed with the Securities and Exchange Commission ("SEC"). The information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for any other quarter or for the year ending December 31, 2016.

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. TCM bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions.

The condensed consolidated financial statements include the accounts of TCM and its subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Financial amounts are presented in United States ("US") dollars unless otherwise stated. References to C$ are Canadian dollars.

The Copper-Gold operations consist of Mount Milligan Mine, a conventional truck-shovel open-pit copper and gold mine and concentrator in British Columbia. The US operations for molybdenum include the Thompson Creek Mine ("TC Mine") (mine and mill) in Idaho and the Langeloth Metallurgical Roasting Facility (the "Langeloth Facility") in Pennsylvania. The Canadian operations for molybdenum consist of a 75% joint venture interest in the Endako Molybdenum Mine Joint Venture ("Endako Mine") (mine, mill and roaster) in British Columbia. As previously disclosed in TCM's 2015 Form 10-K, due to continued weakness in the molybdenum market Endako Mine was placed on temporary suspension effective December 31, 2014 and subsequently placed on care and maintenance effective July 1, 2015. TC Mine was placed on care and maintenance in December 2014 after the processing of stockpiled ore from Phase 7 was completed. During the first seven months of 2015, TC Mine conducted limited stripping for the next phase of mining (“Phase 8”). As part of TCM's cost reduction measures, further stripping at TC Mine ceased effective August 6, 2015. As of January 2016, TCM is operating a commercial molybdenum beneficiation circuit at TC Mine to treat molybdenum concentrates to supplement the concentrate feed TCM sources directly for the Langeloth facility.

The costs related to the Endako Mine temporary suspension and care and maintenance and TC Mine care and

maintenance are reflected in costs for idle mining operations in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. The costs related to the molybdenum beneficiation circuit are reflected in operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

TCM also has a 100% interest in a copper and molybdenum exploration property located in British Columbia (the “Berg property”) and a 0.51% net smelter return royalty and a 10.2% net profits interest in a zinc and lead exploration project located in Canada (the "Howards Pass property").

New Accounting Standards

In May 2014, the Financial Accounting Standards Board ("FASB") issued new accounting guidance on revenue recognition, which provides for a single five-step model to be applied to all revenue contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. In June 2015, the FASB agreed to defer by one year the mandatory effective date of this standard but will also provide entities the option to adopt the new guidance as of the original effective date. The provisions of the new guidance will be effective as of the beginning of our 2018 fiscal year but TCM has the option to adopt the guidance as early as the beginning of our 2017 fiscal year. TCM is evaluating the impact of the new guidance on our financial statements and have not yet selected either a transition approach to implement the standard or an adoption date.

In April and August 2015, the FASB issued Accounting Standard Updates ("ASUs") to simplify the presentation of debt issuance costs. These ASUs require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public entities, these ASUs are effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years. TCM adopted this ASU effective January 1, 2016. Upon adoption, TCM retrospectively adjusted its December 31, 2015 balance sheet by decreasing its other assets by $9.8 million and decreasing its long-term debt by $9.8 million.

In June 2014, the FASB issued an ASU to provide clarity on how to account for certain share-based payment awards where the terms of an award may provide that the performance target could be achieved regardless of whether the employee is rendering service on the date the performance target is achieved. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in estimating the grant-date fair value of the award. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The ASU is effective for fiscal years beginning after December 15, 2015. TCM adopted this ASU effective January 1, 2016, and it had no impact on its results of operations.

In January 2016, the FASB issued an ASU to amend certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This ASU eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, requires the use of an exit price notion when measuring the fair value of financial instruments for disclosure purposes and requires a separate presentation in other comprehensive income for the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk. The ASU is effective for fiscal years beginning after December 15, 2017. TCM is evaluating the impact of this ASU on our financial statements.

In March 2016, the FASB issued an ASU to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2016. TCM is evaluating the impact of this ASU on our financial statements.

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Accounts Receivable

6 Months Ended

Jun. 30, 2016

Receivables [Abstract]

Accounts Receivable

Accounts Receivable

Accounts receivable are carried at their estimated collectible amounts and were comprised of the following:

	June 30, 2016		December 31, 2015
Receivables
Trade receivables	$	64.7	$	52.8
Mark-to-market adjustments on trade receivables relating to provisional invoices for Mount Milligan Mine copper and gold concentrate sales	4.1		(1.9		)
Goods and services sales tax refunds	7.0		1.4
Settlement receivables on hedges and other miscellaneous receivables	0.2		0.4
	$	76.0	$	52.7

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Product Inventory

6 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Product Inventory

Product Inventory

The carrying value of product inventory was as follows:

	June 30, 2016		December 31, 2015
Copper and Gold Inventory
Concentrate	$	20.8	$	19.4
Stockpiled ore	16.7		15.6
	$	37.5	$	35.0
Molybdenum Inventory
Finished product	$	9.9	$	12.3
Work-in-process	8.9		8.5
	$	18.8	$	20.8
	$	56.3	$	55.8

The following table sets forth the adjustments to TCM's molybdenum inventory as a result of changes in the net realizable value, in the accompanying Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended					Six Months Ended
	June 30, 2016			June 30, 2015		June 30, 2016		June 30, 2015
US Molybdenum
Operating expense (1)	$	(0.1	)	$	1.8	$	0.6	$	5.6
Depreciation, depletion and amortization	—			0.1		—		0.4
Canadian Molybdenum
Operating expense	—			—		—		1.4
Depreciation, depletion and amortization	—			—		—		0.1
	$	(0.1	)	$	1.9	$	0.6	$	7.5

_____________________________________________________________________________

⁽¹⁾ Included market price recoveries (not exceeding previously recognized losses) of $0.1 million on molybdenum product inventory during the three months ended June 30, 2016.

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Property, Plant, Equipment and Development, Net

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property, Plant, Equipment and Development, Net

Property, Plant, Equipment and Development, Net

Property, plant, equipment and development, net, was composed of the following:

	June 30, 2016			December 31, 2015
Mining properties and mineral reserves	$	669.8		$	630.4
Mining and milling equipment and facilities	1,389.0			1,305.4
Processing facilities	177.4			176.7
Construction-in-progress (1)	48.2			16.4
Other	9.5			9.5
	2,293.9			2,138.4
Less: Accumulated depreciation, depletion and amortization	(341.0		)	(282.2		)
	$	1,952.9		$	1,856.2

_____________________________________________________________________________

⁽¹⁾ The construction-in-progress balances primarily related to the permanent secondary crusher project at Mount Milligan Mine.

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Financial Instruments

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Financial Instruments

TCM enters into various derivative financial instruments in the normal course of operations to manage exposure to the market prices of copper and gold and foreign exchange risk with respect to its Canadian operations. TCM does not apply hedge accounting to its derivative instruments. Accordingly, changes in fair value of derivative instruments are recorded in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income, except those contracts for which TCM has elected to apply the normal purchases and normal sales scope exception.

The following table sets forth the fair values of TCM's derivative assets and liabilities:

	Fair value as of
	June 30, 2016		December 31, 2015
Assets (1)
Provisionally-priced sales	$	4.1	$	—
Forward currency contracts	1.0		—
Total	$	5.1	$	—
Liabilities (1)
Commodity contracts	$	0.7	$	1.5
Provisionally-priced sales	—		1.9
Forward currency contracts	—		2.0
Total	$	0.7	$	5.4

_____________________________________________________________________________

⁽¹⁾ TCM's derivative assets are included in prepaid expenses and other current assets and accounts receivable, and derivative liabilities are included in other current liabilities in the Condensed Consolidated Balance Sheets. TCM is exposed to credit risk when counterparties with whom it has entered into derivative transactions are unable to satisfy their obligations. To reduce counterparty credit exposure, TCM deals primarily with large, credit-worthy financial institutions and companies. TCM believes the counterparties to the contracts to be credit-worthy entities and, therefore, TCM believes credit risk of counterparty non-performance is relatively low, and, as such, the fair value of the derivatives has not been adjusted.

The following table sets forth the gains (losses) on derivative instruments for the periods presented

		Three Months Ended June 30,						Six Months Ended June 30,
Derivative Type and Activity	Statement of Operations Classification	2016			2015			2016			2015
Gold hedges related to Gold Stream Arrangement	Gold sales	$	1.9		$	(0.2	)	$	5.8		$	0.5
Provisional priced MTM gold sales	Gold sales	$	1.7		$	0.5		$	3.7		$	(0.7	)
Provisional priced MTM copper sales	Copper sales	$	(0.7	)	$	(4.3	)	$	2.1		$	1.2
Copper and Gold hedges; other commodity contracts	Other	$	(1.4	)	$	1.8		$	(4.2	)	$	3.1
Forward currency contracts	Gain (loss) on foreign exchange, net	$	0.3		$	0.9		$	5.1		$	(0.7	)

Gold Hedges Related to Gold Stream Arrangement and Other Commodity Contracts

TCM must satisfy its obligation under the Gold Stream Arrangement (discussed in Note 9) by delivering gold to Royal Gold after TCM receives cash payment from third-party purchasers, including offtakers and traders, that purchase concentrate from Mount Milligan Mine ("MTM Customers").

In order to hedge its gold price risk that arises when physical purchase and concentrate sales pricing periods do not match, hereafter referred to as the Gold Stream Risk, TCM has entered into certain forward gold purchase and sales contracts pursuant to which it purchases gold at an average price during a quotational period and sells gold at a spot price. TCM records its forward commodity contracts at fair value using a market approach based on observable quoted market prices and contracted prices.

In addition to the Gold Stream Risk and in connection with the sale of concentrate from Mount Milligan Mine, TCM is exposed to copper and gold price fluctuations between the dates of concentrate shipment, provisional payment and final payment. In order to hedge the price risk for the metals contained in concentrate, TCM has entered into certain forward copper and gold purchase and sale contracts pursuant to which it purchases copper or gold at an average price during a quotational period and sells copper or gold at a spot price. Additionally, TCM has entered into put/call collars pursuant to which it agrees with a counterparty to a floor and ceiling relative to future prices of gold and copper. If the gold or copper price is below the floor, the counterparty pays TCM the difference between the price and the floor. If the gold or copper price is above the ceiling, TCM pays the counterparty the difference between the ceiling and the price. TCM records its copper and gold commodity contracts at fair value using a market approach based on observable quoted market prices and contracted prices. These activities are intended to protect against the price risk related to the MTM Customer purchase contracts. Additionally, TCM also enters into fuel hedges to manage its exposure to price fluctuations in the cost of diesel purchased for use in operations.

The following table provides details of TCM's commodity contracts as of June 30, 2016:

	Quantity	Sell Price	Buy Price	Maturities Through
Gold Hedge Purchases related to Gold Stream Arrangement (oz)	39,470	TBD	$1,246 - $1,264 / TBD	July 2016 - November 2016
Forward Gold Sales (oz)	6,000	$1,310	N/A	July 2016
Fuel Hedges (gallons)	780,000	N/A	$2.00	July 2016 - December 2016

	Quantity	Put/Sell Price	Call/Buy Price	Maturities Through
Gold Collars (oz)	29,600	$1,050 - $1,200	$1,164 - $1,350	July 2016 - December 2016

Provisionally-Priced Contracts

TCM's copper and gold sales contracts provide for provisional pricing. These sales contain an embedded derivative related to the provisional-pricing mechanism, which is bifurcated and accounted for as a derivative. TCM also enters into provisionally-priced molybdenum purchase contracts that also contain an embedded derivative, which is bifurcated and accounted for as a derivative.

TCM determines the fair value of its provisionally-priced contracts using a market approach based upon observable inputs from published market prices and contract terms. Changes to the fair values of the embedded derivatives related to provisionally-priced molybdenum purchases are included in operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income as the product inventory is sold.

The following table sets forth TCM's outstanding provisionally-priced contracts as of June 30, 2016:

		Average Price Per Unit
	Open Positions	Market Price	Contract	Maturities Through
Embedded derivatives in provisional sales contracts
Copper (millions of pounds)	25.3	TBD	TBD	November 2016
Gold (ounces)	50,506	TBD	TBD	September 2016
Embedded derivatives in provisional purchase contracts
Molybdenum (millions of pounds)	1.0	N/A	TBD	August 2016

Forward Currency Contracts

TCM transacts business in various currencies in the normal course of its operations and for capital expenditures. In addition, although TCM's revenues are denominated in US dollars, TCM has ongoing foreign exchange risk with respect to its Canadian operations. To help mitigate this risk, TCM has entered into foreign currency forward contracts pursuant to which it has agreed to buy Canadian dollars at an agreed-upon rate. TCM records its currency contracts at fair value using a market approach based on observable quoted exchange rates and contracted notional amounts. As of June 30, 2016, TCM had 11 open foreign currency option contracts.

The following table provides details of TCM's forward currency contracts as of June 30, 2016:

	Notional Amount	Buy Price	Maturities Through
Forward currency contracts	C$30,000,000	$1USD/C$1.36	July 2016 - October 2016

Fixed-Priced Contracts

TCM enters into certain sales contracts pursuant to which it sells molybdenum products at certain times in the future at fixed prices. These fixed prices may be different than the quoted market prices at the date of sale. TCM has elected to treat these contracts as normal sale contracts.

The Gold Stream Arrangement contains an agreement to sell gold at a fixed price, but it does not meet the definition of a derivative instrument. See discussion of the Gold Stream Arrangement in Note 9.

The following table sets forth TCM's outstanding molybdenum fixed-priced sales contracts as of June 30, 2016:

	Quantity (000's lb)	Sell Price	Maturities Through
Molybdenum fixed price sales	255.5	$11.23	December 2019

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Fair Value Measurement

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

US GAAP includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). TCM's policy is to recognize transfers into and out of Level 3 as of the actual date of the event or change in circumstances. There were no transfers into or out of Level 1, 2 or 3 during the three or six months ended June 30, 2016.

As of June 30, 2016 and December 31, 2015, TCM held certain items that were required to be measured at fair value on a recurring basis. These included derivative assets and liabilities which consist of commodity and foreign currency derivative instruments and provisionally priced contracts. In addition to the fair value disclosure requirements related to financial instruments carried at fair value, TCM has provided disclosures regarding the fair value of all of TCM's financial instruments in accordance with US GAAP. The methods and significant assumptions used to estimate the fair value of these financial instruments have also been disclosed. As of June 30, 2016, there have been no significant changes to these methods or assumptions. As required, financial instruments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The following tables set forth TCM's financial assets and liabilities measured at fair value by level within the fair value hierarchy.

	Fair Value at June 30, 2016
	Total		Level 1		Level 2		Level 3
Assets
Provisionally-priced sales	$	4.1	$	—	$	4.1	$	—
Forward currency contracts	1.0		1.0		—		—
	$	5.1	$	1.0	$	4.1	$	—
Liabilities
Senior secured notes	$	311.5	$	—	$	311.5	$	—
Senior unsecured notes	367.6		—		367.6		—
Commodity contracts	0.7		—		0.7		—
	$	679.8	$	—	$	679.8	$	—

	Fair Value at December 31, 2015
	Total		Level 1		Level 2		Level 3
Liabilities
Senior secured notes	$	257.6	$	—	$	257.6	$	—
Senior unsecured notes	96.7		—		96.7		—
Commodity contracts	1.5		—		1.5		—
Provisionally-priced sales	1.9		—		1.9		—
Forward currency contracts	2.0		2.0		—		—
	$	359.7	$	2.0	$	357.7	$	—

As of June 30, 2016, the carrying values of the 9.75% senior secured notes, the 7.375% senior unsecured notes and the 12.5% senior unsecured notes were higher than their fair values of $311.5 million, $237.6 million and $130.0 million, respectively. TCM determined the fair value of the notes using a discounted cash flow valuation model, consisting of inputs such as risk-free interest rates and credit spreads. See Note 8 for more information regarding the debt. As of December 31, 2015, the carrying values of the 9.75% senior secured notes, the 7.375% senior unsecured notes and the 12.5% senior unsecured notes were higher than their fair values of $257.6 million, $61.1 million and $35.6 million, respectively.

As of June 30, 2016, the carrying values of TCM's financial instruments approximated their fair values. TCM determined the fair value of its financial instruments using LME or COMEX copper and gold forward prices and option pricing models using the counterparties' and TCM's credit quality. See Note 5 for more information regarding TCM's financial instruments.

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Leases

6 Months Ended

Jun. 30, 2016

Leases, Capital [Abstract]

Leases

Leases

TCM's total capital lease obligations consisted of the following:

	June 30, 2016			December 31, 2015
Equipment Facility capital leases	$	15.6		$	20.1
Equipment Facility sale leaseback	23.6			31.2
Sale leaseback	1.1			1.7
Total lease obligations	40.3			53.0
Less: Current portion	(25.0		)	(25.6		)
Total long-term lease obligations	$	15.3		$	27.4

TCM entered into an equipment financing facility, as amended from time to time (the "Equipment Facility"), pursuant to which Caterpillar Financial Services Limited ("Caterpillar") agreed to underwrite up to $132.0 million in mobile fleet equipment financing for Mount Milligan Mine. Each borrowing under the Equipment Facility represents a capital lease or a sale leaseback arrangement and has a term of 48 or 60 months. Interest on the amounts borrowed under the Equipment Facility is payable at either floating or fixed rates, at TCM's option. At the end of each 48 or 60 month lease period, TCM has the option to purchase the underlying equipment for a nominal sum. The Equipment Facility includes non-financial covenants, and as of June 30, 2016, TCM was in compliance with these covenants. TCM's ability to finance additional equipment under the Equipment Facility expired in September 2015 per the amended terms of the Equipment Facility agreement. TCM did not enter into any new capital leases pursuant to the Equipment Facility during the three or six months ended June 30, 2016. In May 2016, TCM posted $2.6 million in cash collateral to a surety company in connection with the $10.4 million surety bond for the Equipment Facility with Caterpillar.

With respect to certain equipment pursuant to the Equipment Facility, TCM entered into three leases with Caterpillar, of which two are considered sale-leaseback transactions. Interest payments are based on a fixed rate of 5.50%.

Separate from the Equipment Facility, during 2013, TCM entered into a sale-leaseback transaction with Caterpillar with respect to 75% of certain Endako Mine equipment. Interest payments are based on a fixed rate of 5.85%. During 2015, TCM assumed the lease for the remaining 25% of the equipment and subsequently transferred this equipment to Mount Milligan Mine.

Interest and debt issuance costs on TCM's equipment financings, as described above, consisted of the following:

	Three Months Ended				Six Months Ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Interest paid	$	0.6	$	1.0	$	1.4	$	1.9
Interest and debt issuance costs expensed	$	0.6	$	1.2	$	1.4	$	2.3

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Debt

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Debt

Debt

TCM's debt balance at June 30, 2016 is net of reductions of $8.7 million for unamortized net discounts and unamortized debt issuance costs; and at December 31, 2015 is net of reductions of $11.1 million for unamortized net discounts and unamortized debt issuance costs. The components of debt follow:

	June 30, 2016			December 31, 2015
9.75% Senior secured notes due 2017	$	315.8		$	315.8
Less : Deferred financing fees and debt discounts	(3.5		)	(4.8		)
	312.3			311.0
7.375% Senior unsecured notes due 2018	334.1			334.1
Less : Deferred financing fees	(2.6		)	(3.3		)
	331.5			330.8
12.5% Senior unsecured notes due 2019	183.0			183.0
Less : Deferred financing fees	(2.6		)	(3.0		)
	180.4			180.0
Total long-term debt	$	824.2		$	821.8

Interest paid, capitalized and expensed on our senior secured and unsecured notes was as follows:

	Three Months Ended				Six Months Ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Interest paid	$	23.8	$	24.9	$	39.2	$	42.2
Interest capitalized	$	0.8	$	0.3	$	1.3	$	0.6
Interest expensed	$	19.9	$	21.1	$	40.2	$	42.6

9.75% Senior Secured Notes

The 9.75% senior secured notes (the “2017 Notes”) are guaranteed on a senior basis by substantially all of TCM's subsidiaries and are secured by a first priority lien, subject to permitted liens, on substantially all of TCM's and the guarantors' property and assets. The 2017 Notes mature on December 1, 2017 and accrue interest from November 27, 2012 until maturity at a fixed rate of 9.75% per year. Interest on the 2017 Notes is payable on February 1 and August 1 of each year, commencing February 1, 2013, to the holders of record at the close of business on the January 15 and July 15 prior to each interest payment date. There are no maintenance covenants with respect to TCM's financial performance. However, the indenture contains certain transaction-based restrictive covenants. For more information regarding the 2017 Notes, see Note 9 within Item 8 of TCM's 2015 Form 10-K. For additional information see Note 21.

7.375% Senior Unsecured Notes

The 7.375% senior unsecured notes (the "2018 Notes") are guaranteed on a senior basis by substantially all of TCM's subsidiaries. The 2018 Notes mature on June 1, 2018 and accrue interest from May 20, 2011 until maturity at a fixed rate of 7.375% per year. Interest is payable on June 1 and December 1 of each year, and the first interest payment occurred on December 1, 2011. Interest is payable to the holders of record at the close of business on the May 15 and November 15 prior to each interest payment date. There are no maintenance covenants with respect to TCM's financial performance. However, the indenture contains certain transaction-based restrictive covenants. For more information regarding the 2018 Notes, see Note 9 within Item 8 of TCM's 2015 Form 10-K. For additional information see Note 21.

12.5% Senior Unsecured Notes

The 12.5% senior unsecured notes (the “2019 Notes”) are guaranteed on a senior basis by substantially all of TCM's subsidiaries. The 2019 Notes mature on May 1, 2019 and accrue interest from May 11, 2012 until maturity at a fixed rate of 12.5% per year. Interest on the 2019 Notes is payable on May 1 and November 1 of each year, commencing November 1, 2012, to the holders of record at the close of business on the April 15 and October 15 prior to each interest payment date. There are no maintenance covenants with respect to TCM's financial performance. However, the indenture contains certain transaction-based restrictive covenants. For more information regarding the 2019 Notes, see Note 9 within Item 8 of TCM's 2015 Form 10-K. For additional information see Note 21.

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Gold Stream Arrangement

6 Months Ended

Jun. 30, 2016

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Gold Stream Arrangement

Gold Stream Arrangement

Pursuant to TCM's agreement with a subsidiary of Royal Gold, Inc. ("Royal Gold") ("Gold Stream Arrangement"), TCM agreed to sell to Royal Gold 52.25% of the refined gold production from Mount Milligan Mine for a total upfront payment of $781.5 million, plus $435 per ounce, or the prevailing market rate if lower than $435 per ounce, when the gold is delivered. The upfront cash payments received under the Gold Stream Arrangement ("Record of Deposit") were recorded as deferred revenue and classified as a liability on TCM's Condensed Consolidated Balance Sheets. As of June 30, 2016, the outstanding Record of Deposit under the Gold Stream Arrangement totaled $618.6 million. In the event of any default under the Company's agreement with Royal Gold, Royal Gold could require TCM to repay the outstanding Record of Deposit. For more information regarding the Gold Stream Arrangement, see Note 10 within Item 8 of TCM's 2015 Form 10-K.

The following table presents the revenue under the Gold Stream Arrangement for the three and six months ended June 30, 2016 and 2015, respectively, in the form of (i) cash receipts based on gold sales during the applicable period, and (ii) deferred revenue for gold ounces delivered and deferred revenue to be recognized upon final settlement during the applicable period:

	Three Months Ended				Six Months Ended
(US$ in millions)	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Gold sales related to cash portion of Gold Stream Arrangement	$	14.1	$	13.1	$	24.1	$	21.4
Gold sales related to deferred portion of Gold Stream Arrangement (1) (2)	11.4		10.0		18.0		16.4
Total gold sales under Gold Stream Arrangement (1)	$	25.5	$	23.1	$	42.1	$	37.8

_____________________________________________________________________________

⁽¹⁾ The three and six months ended June 30, 2016 included $10.3 million and $16.3 million, respectively, of revenue for gold ounces delivered, and $1.1 million and $1.7 million, respectively, in future reduction of deferred revenue liability ultimately to be recognized upon delivery of gold. The three and six months ended June 30, 2015 included $12.8 million and $16.9 million, respectively of revenue for gold ounces delivered partially offset by $2.8 million and $0.5 million, respectively in future reduction of deferred revenue liability ultimately to be recognized upon delivery of gold.

⁽²⁾ The six months ended June 30, 2016 included a $1.5 million reduction related to five provisional invoices from 2015. The decrease resulted from a downward revision to the rate at which the deferred revenue liability resulting from the Gold Stream Arrangement was amortized. This rate is calculated based on the remaining deferred revenue liability and total ounces of refined gold owed to Royal Gold.

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Other Liabilities

6 Months Ended

Jun. 30, 2016

Other Liabilities [Abstract]

Other Liabilities

Other Liabilities

Other liabilities comprised the following:

	June 30, 2016		December 31, 2015
Liabilities for unrecognized tax benefits (1)	$	8.3	$	9.7
Deferred vendor payable (2)	6.4		—
Employee benefits, retention and incentives (3)	4.5		3.9
	$	19.2	$	13.6

_____________________________________________________________________________

⁽¹⁾ Unrecognized tax benefits related to an uncertain tax position primarily related to timing differences for certain deductions.

⁽²⁾ In March 2016 TCM entered into a program (the "BC Hydro Program") offered by the government of British Columbia to certain copper and coal producers. The BC Hydro Program amended the terms of TCM's existing utility agreement with British Columbia’s crown corporation, BC Hydro. As a participant in this program, TCM can defer payment on up to 75% of electrical obligations to BC Hydro, with the percentage deferral and repayment being dependent upon levels of copper prices and Canadian foreign exchange rates. The BC Hydro Program is a five-year program, with a two-year deferral period. All amounts outstanding must be repaid by the end of the five-year period or if copper prices are above C$3.40. The deferred balance will accrue interest at an annual rate of Prime (as set by the Bank of Canada) +5%, compounded monthly. As of June 30, 2016, TCM continued to elect to participate in the program. TCM can elect to end its participation in the BC Hydro Program at any time by paying the then outstanding obligations in full.

⁽³⁾ See Note 11 for further discussion.

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Cash-Based Incentive Plan

6 Months Ended

Jun. 30, 2016

Compensation Related Costs [Abstract]

Cash-Based Incentive Plan

Cash-Based Incentive Plan

On March 31, 2016, the Board of Directors of TCM approved the framework for the Thompson Creek Metals Company Inc. Cash-Based Incentive Plan (the “Incentive Plan”), which was finalized and approved by the Compensation Committee of the Board on April 6, 2016. Pursuant to the Incentive Plan, the Compensation Committee approved grants of certain cash-based awards that vest over 2.75 years (the “Performance and Inducement Awards”) and other cash-based awards (the “Incentive Awards”), subject in each case to the terms and conditions of the Incentive Plan and the applicable award agreements, to TCM’s named executive officers and key employees.

Pursuant to the Incentive Plan, $3.3 million of Incentive Awards were granted to TCM’s named executive officers and key employees of which $2.2 million in Incentive Awards were paid to named executive and key officers in April 2016. This payment is subject to an obligation to repay to TCM the total amount of the Incentive Award if the participant’s employment with TCM terminates under certain circumstances, subject to the conditions contained in the applicable award agreement.

The Performance and Inducement Awards of $3.6 million to named executive officers and key employees will be accrued and expensed over the vesting period, commencing in April 2016.

As of June 30, 2016, we had expensed $1.5 million in connection with these Performance and Inducement Awards and Incentive Awards. In accordance with GAAP, in expectation of the consummation of the Arrangement (as defined and discussed in Note 21), the expense related to the Performance and Inducement Awards and Incentive Awards will be accelerated and recognized in full prior to the date of the consummation of the Arrangement.

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

Stock-Based Compensation

TCM recognized stock-based compensation expense as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Stock options	$	—	$	0.1	$	0.1	$	0.2
Performance share units	0.7		0.9		1.4		1.4
Restricted stock units	0.5		0.7		1.0		1.4
Total stock-based compensation expense	$	1.2	$	1.7	$	2.5	$	3.0

As of June 30, 2016, TCM has outstanding stock options, PSUs and RSUs, as discussed below.

Stock Options

The expiration date and vesting provisions of stock options granted are established at the time an award is made. Stock options vest over 3 years and are exercisable over a period of time not to exceed 10 years from the grant date but generally expire 5 years from the grant date. When an option is exercised, TCM may issue the requisite shares from authorized but unissued common stock, or from treasury stock. The exercise price of options granted is equal to the volume weighted-average trading price of the underlying shares on the TSX over the five consecutive trading days immediately before the grant date, converted to U.S. dollars at the noon exchange rate of the Bank of Canada on the grant date.

The following table summarizes stock option activity during the six months endedJune 30, 2016:

	Options (000's)		Weighted-Average Exercise Price
Stock options outstanding at December 31, 2015	1,156		$	3.26
Granted	6		$	0.53
Canceled/expired/forfeited	(20	)	$	12.99
Stock options outstanding at June 30, 2016	1,142		$	3.08
Vested and exercisable at June 30, 2016 (1)	742		$	3.48

_____________________________________________________________________________

⁽¹⁾ The aggregate intrinsic value of these exercisable awards was nil as of June 30, 2016.

As of June 30, 2016, approximately 0.4 million outstanding options had not vested and were not exercisable. The total unrecognized compensation cost related to these options was $0.2 million as of June 30, 2016 and is expected to be recognized over a weighted-average period of 1.41 years. See Note 21 for additional information.

Performance Share Units (PSUs)

The vesting of the outstanding PSUs granted subsequent to January 1, 2012 and prior to January 1, 2014 is contingent upon two metrics: 1) TCM's Total Shareholder Return (TSR) relative to the Russell 2000 Index during the three-year performance period; and 2) the proven and probable mine reserves replaced by TCM during the three-year performance period as measured by the replacement reserves percentage determined by the plan administrator. The PSUs cliff vest three years from the date of issuance upon achievement of the above metrics. Any PSUs not vested at such time will expire.

The vesting of the outstanding PSUs granted subsequent to January 1, 2014 is contingent upon two metrics: 1) TCM’s Total Shareholder Return (TSR) relative to the S&P TSX Global Base Metals Index during the three-year period commencing on January 1 of the year in which the grant was made (the “performance period”); and 2) cash flow from operations, defined as TCM’s aggregate “cash generated by (used in) operating activities” less aggregate “capital expenditures,” as reported in the Statements of Cash Flows in the Company’s Annual Report on Form 10-K for each fiscal year in the performance period. The PSUs cliff vest approximately three years from the date of grant, or on the date in the first quarter of the fiscal year immediately succeeding the performance period on which the plan administrator determines and certifies the achievement of the above metrics. Any PSUs not vested at such time will expire.

All PSUs granted are accounted for at fair value using a Monte Carlo simulation valuation model on the date of grant. The Monte Carlo model is based on random projections of stock price paths. Expected volatility is calculated using a weighted average of historical daily volatilities and implied volatility and represents the extent to which TCM's stock price performance is expected to fluctuate during the three-year terms of the respective award.

As of June 30, 2016, unrecognized compensation expense related to PSUs totaled $3.7 million and will be recognized on a straight-line basis over a weighted-average period of 1.42 years. See Note 21 for additional information.

The following table summarizes PSU activity during the six months endedJune 30, 2016:

	Units		Weighted-Average Fair Value
	(000's)
Outstanding at December 31, 2015	3,799		$	2.61
Canceled/expired/forfeited	(411	)	$	4.02
Outstanding at June 30, 2016	3,388		$	2.44

Restricted Stock Units (RSUs)

TCM accounts for RSUs at fair value, which is based on the market value of TCM's common shares on the day of grant and recognized over the vesting period of three years. Upon vesting, TCM may issue the requisite shares from authorized but unissued common stock, or from treasury stock.

As of June 30, 2016, unrecognized compensation expense related to RSUs totaled $1.5 million and will be recognized on a straight-line basis over a weighted-average period of 1.39 years. See Note 21 for additional information.

The following table summarizes RSU activity during the six months endedJune 30, 2016:

	Units		Weighted-Average Fair Value
	(000's)
Outstanding at December 31, 2015	2,680		$	1.87
RSUs vested and common shares issued	(1,136	)	$	1.85
Canceled/expired/forfeited	(35	)	$	1.76
Outstanding at June 30, 2016	1,509		$	1.88

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Legal Matters

TCM is from time to time involved in or subject to legal proceedings related to its business. While it is not feasible to predict or determine the outcome of these proceedings, it is the opinion of management that the resolution of such proceedings is not expected to have a material adverse effect on TCM's consolidated financial position, results of operations or cash flows.

Concentrate Sales Agreements

As of June 30, 2016, TCM has multi-year concentrate sales agreements with four counter parties for the sale of concentrate produced at Mount Milligan Mine. Pursuant to these agreements, TCM has agreed to sell an aggregate of the copper and gold concentrate produced at Mount Milligan Mine of approximately 136,000 dry tonnes in 2016, 100,000 dry tonnes in 2017, 80,000 dry tonnes in 2018 and 40,000 dry tonnes of concentrate in 2019. Pricing under these concentrate sales agreements will be determined by reference to specified published reference prices during the applicable quotation periods. Payment for the concentrate will be based on the price for the agreed copper and gold content of the parcels delivered, less smelting and refining charges and certain other deductions, if applicable. The copper smelting and refining charges will be negotiated in good faith and agreed by the parties for each contract year based on terms generally acknowledged as industry benchmark terms. The gold refining charges are as specified in the agreements. Remaining concentrate produced at Mount Milligan Mine will be sold under short-term contracts or on a spot basis.

Molybdenum Purchases

In the normal course of operations, TCM enters into agreements for the purchase of molybdenum to utilize the upgrading capabilities at its Langeloth facility and generate saleable upgraded molybdenum products. As of June 30, 2016, TCM had commitments to purchase approximately 7.0 million pounds of unroasted molybdenum concentrate and 1.4 million pounds of molybdenum oxide from 2016 to 2017, to be priced at the time of purchase at a set discount to the market price.

Molybdenum Sales

In the normal course of operations, TCM enters into certain molybdenum sales contracts pursuant to which it sells future production at fixed prices. As of June 30, 2016, TCM had commitments to sell approximately 255.5 thousand pounds of molybdenum oxide from 2016 to 2019 at an average price of $11.23 per pound.

Capital Purchase Commitments

As of June 30, 2016, TCM had open capital purchase commitments of $12.7 million related to the Mount Milligan Mine, which are expected to be incurred throughout 2016.

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Income and Mining Tax Expense (Benefit)

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Income and Mining Tax Expense (Benefit)

Income and Mining Tax Expense (Benefit)

Income and mining tax expense for the three months ended June 30, 2016 and 2015 was $0.6 million and $5.1 million, respectively. Income and mining tax expense (benefit) for the six months ended June 30, 2016 and 2015 was an expense of $8.1 million and a benefit of $11.6 million, respectively.

For the three and six months ended June 30, 2016, the tax expense did not contain significant unusual items. Usual drivers of differences between our effective rate and from applying the Canadian federal and provincial income tax rates are due to foreign exchange, which largely have no tax impact due to valuation allowances on the associated deferred tax assets, and the British Columbia mineral taxes for Mount Milligan. Furthermore, as a result of a change in the legal structure in late 2015, which will facilitate future consolidation of our Canadian tax reporting entities, the non-foreign exchange income and expenses from the Canadian tax reporting entities largely have no federal and provincial tax impact due to valuation allowances on the associated deferred tax assets.

For the three and six months ended June 30, 2015, the tax expense (benefit) did not contain significant unusual items. Usual drivers of differences between our effective rate and from applying the Canadian federal and provincial income tax rates are due to pre-tax losses from the Endako Mine and foreign exchange, which largely have no tax impact due to valuation allowances on the associated deferred tax assets, and the British Columbia mineral taxes for Mount Milligan.

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Net (Loss) Income per Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Net (Loss) Income per Share

Net (Loss) Income per Share

The following is a reconciliation of net (loss) income and weighted-average common shares outstanding for purposes of calculating diluted net (loss) income per share for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016		2015
Net (loss) income	$	(27.9	)	$	0.3	$	7.2	$	(86.9	)
Basic weighted-average number of shares outstanding	221.7			218.0		222.4		216.2
Effect of dilutive securities
Share-based awards	—			0.1		—		—
Diluted weighted-average number of shares outstanding	221.7			218.1		222.4		216.2
Net (loss) income per share
Basic	$	(0.13	)	$	0.00	$	0.03	$	(0.40	)
Diluted	$	(0.13	)	$	0.00	$	0.03	$	(0.40	)

For the three and six months ended June 30, 2016, respectively, approximately 1.1 million options were excluded from the computation of diluted weighted-average shares as the exercise prices exceeded the price of the common stock. For the three and six months ended June 30, 2016, respectively, approximately 3.4 million PSUs were excluded from the computation of diluted weighted-average shares because the underlying market and performance metrics are highly probable of not being met. For the three and six months ended June 30, 2016, respectively, approximately 1.5 million RSUs were excluded from the computation of diluted weighted-average shares as the hypothetical repurchase of shares exceeded the number of unvested units.

For the three and six months ended June 30, 2015, respectively, approximately 1.2 million options were excluded from the computation of diluted weighted-average shares as the exercise prices exceeded the price of the common stock. For the three and six months ended June 30, 2015, approximately 2.8 million RSUs were excluded from the computation of diluted weighted-average shares as the hypothetical repurchase of shares exceeded the number of unvested units. For the three and six months ended June 30, 2015, approximately 4.3 million PSUs have been excluded from the computation of diluted weighted average shares because the underlying market and performance metrics had not been met.

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Transactions with our Endako Mine Joint Venture Partner

6 Months Ended

Jun. 30, 2016

Related Party Transactions [Abstract]

Transactions with our Endako Mine Joint Venture Partner

Transactions with our Endako Mine Joint Venture Partner

During the three and six months endedJune 30, 2016, sales to Sojitz, TCM's Endako Mine joint venture partner were nil. Total sales by TCM to Sojitz, TCM's Endako Mine joint venture partner, were $1.4 million and $7.4 million for the three and six months ended June 30, 2015, respectively. These sales represented 1.0% and 2.9% of TCM's total revenues for these respective periods.

For the three and six months endedJune 30, 2016 and June 30, 2015, TCM recorded insignificant amounts for management fee income and selling and marketing costs from Sojitz.

TCM's related accounts receivable owed from Sojitz were nil as of June 30, 2016 and December 31, 2015.

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Supplementary Cash Flow Information

6 Months Ended

Jun. 30, 2016

Supplemental Cash Flow Elements [Abstract]

Supplementary Cash Flow Information

Supplementary Cash Flow Information

The following table discloses the change in current assets and current liabilities for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended						Six Months Ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Change in current assets and current liabilities:
Accounts receivable	$	(14.7	)	$	14.3		$	(17.5	)	$	14.5
Product inventory	11.1			(0.4		)	(0.2		)	10.1
Materials and supplies inventory	2.4			0.7			(0.3		)	—
Prepaid expenses and other current assets	(0.5		)	(0.3		)	(2.4		)	0.2
Income and mining taxes receivable	6.0			(3.8		)	5.9			(6.4		)
Accounts payable and accrued liabilities	(5.7		)	2.0			(3.0		)	(17.6		)
Income and mining taxes payable	(0.9		)	(0.6		)	(0.8		)	(0.6		)
	$	(2.3	)	$	11.9		$	(18.3	)	$	0.2
Cash interest paid (1)	$	24.4		$	25.9		$	40.6		$	44.1
Income and mining tax (refunds) payments, net (2)	$	(4.9	)	$	1.7		$	(3.9	)	$	2.6

_____________________________________________________________________________

⁽¹⁾ Included cash interest paid on senior secured and unsecured notes and equipment financing arrangements. For the three months and six months ended June 30, 2016, cash interest paid of $0.3 million and $0.7 million, respectively, had been previously capitalized related to TCM's debt. For the three and six months ended June 30, 2015, cash interest paid of $0.3 million and $1.0 million, respectively, had been previously capitalized related to TCM's debt. See Notes 7 and 8 for additional information.

⁽²⁾ For each of the three and six months ended June 30, 2016, TCM received $6.1 million in refunds of US and Canadian income taxes related to prior year tax returns. For each of the three and six months ended June 30, 2015, TCM received nil in refunds of US and Canadian income taxes related to prior year tax returns.

Non-cash Investing and Financing Activities

	Three Months Ended					Six Months Ended
	June 30, 2016		June 30, 2015			June 30, 2016		June 30, 2015
Investing activities
Acquisition of property, plant and equipment under the Equipment Facility (see Note 7)	$	—	$	—		$	—	$	9.2
Financing activities
Capitalized debt costs (1)	$	0.8	$	0.3		$	1.3	$	0.6
Long-term lease obligations	$	—	$	—		$	—	$	8.3
Settlement of tMEDS	$	—	$	(7.2	)	$	—	$	(7.2	)

____________________________________________________________________________

⁽¹⁾ Included capitalized interest not paid in cash, amortization of deferred financing costs and debt discounts.

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Concentration of Credit Risk

6 Months Ended

Jun. 30, 2016

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

Concentration of Credit Risk

TCM is exposed to counterparty risk from its cash and cash equivalent balances and its reclamation deposits held by financial institutions and governmental entities. TCM monitors its positions with, and the credit quality of, the financial institutions and companies in which it invests its cash and cash equivalents, and that hold its reclamation deposits. Counterparties to cash balances and reclamation deposits, other than balances maintained in various bank operating accounts, are US and Canadian institutions and the US and Canadian governments.

TCM manages its credit risk from its accounts receivable through its collection activities. As of June 30, 2016, TCM had four customers who owed TCM more than $3.0 million each and collectively accounted for approximately 61.4% of total accounts and other receivables outstanding. As of June 30, 2016, TCM had five customers who owed TCM more than $1.0 million each but less than $3.0 million. As of June 30, 2016, all of the customers discussed above were compliant with credit terms and scheduled payment dates.

TCM's maximum counterparty and credit risk exposure is the carrying value of its cash and cash equivalents and accounts receivable. The carrying amounts of accounts receivable, accounts payable, accrued liabilities and fixed-rate debt, excluding the 2017 Notes, 2018 Notes and 2019 Notes, as discussed in Note 6, approximate fair value as of June 30, 2016.

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Segment Information

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Information

Segment Information

TCM has three reportable segments, based on products and geography: Copper-Gold, US Molybdenum and Canadian Molybdenum. The Copper-Gold segment represents the Mount Milligan Mine and includes the sale of copper-gold products, net of refining costs and all expenditures, including all mining, milling, on-site general and administration, transportation and warehousing. The US Molybdenum segment includes all US molybdenum sales and tolling and calcining revenue, all Langeloth roasting and on-site general and administration expenditures and all expenditures from TC Mine, which was placed on care and maintenance in December 2014, including all mine site general and administration and stripping costs and costs for idle mining operations. The Canadian Molybdenum segment which consists of the 75% owned Endako Mine, which was placed on temporary suspension effective December 31, 2014 and care and maintenance effective July 1, 2015, includes 75% of all Canadian molybdenum sales as well as TCM's 75% share of expenditures from the Endako Mine, including all site general and administration costs, transportation costs, and costs for idle mining operations. The costs related to care and maintenance at TC Mine for the three and six months ended June 30, 2016 and 2015, and our 75% share of the temporary suspension and care and maintenance costs at Endako Mine for the three and six months ended June 30, 2016 and 2015 are reflected in costs for idle mining operations in the statements of operations. The inter-segment represents the elimination of intercompany transactions between the Langeloth Facility and the corporate entity for the three and six months ended June 30, 2016 and 2015.

TCM's chief operating decision makers (President and CEO, CFO) evaluate segment performance based on segment revenue less costs and expenses. TCM attributes other income and expenses to the reporting segments if the income or expense is directly related to segment operations, as described above. TCM does not allocate corporate expenditures such as general and administrative, exploration and interest income and expense items to its reporting segments, unless such expenditures are directly related to segment operations. Gains and losses on foreign exchange are calculated on transactions denominated in a different currency than the segment's functional currency; the Copper-Gold segment's unrealized foreign exchange balance is primarily comprised of its intercompany notes.

Segment information for the three and six months ended June 30, 2016 and 2015 was as follows:

For the three months ended June 30, 2016:

	Copper-Gold			US Molybdenum			Canadian Molybdenum			Inter-segment		Total
Revenues
Copper sales	$	37.6		$	—		$	—		$	—	$	37.6
Gold sales	64.6			—			—			—		64.6
Molybdenum sales	—			22.3			—			—		22.3
Tolling, calcining and other	—			4.2			—			—		4.2
	102.2			26.5			—			—		128.7
Cost and expenses
Operating expenses	61.9			24.5			—			—		86.4
Depreciation, depletion and amortization	27.0			2.1			—			—		29.1
Cost of sales	88.9			26.6			—			—		115.5
Selling and marketing	2.2			0.5			—			—		2.7
Accretion expense	0.1			0.1			0.4			—		0.6
Costs for idle mining operations	—			1.7			0.7			—		2.4
	91.2			28.9			1.1			—		121.2
Segment operating income (loss)	11.0			(2.4		)	(1.1		)	—		7.5
Other segment (income) expense
Gain on foreign exchange	(1.0		)	—			—			—		(1.0		)
Segment income (loss) before income and mining taxes	$	12.0		$	(2.4	)	$	(1.1	)	$	—	$	8.5

For the three months ended June 30, 2015:

	Copper-Gold			US Molybdenum			Canadian Molybdenum			Inter-segment			Total
Revenues
Copper sales	$	49.3		$	—		$	—		$	—		$	49.3
Gold sales	56.3			—			—			—			56.3
Molybdenum sales	—			20.5			0.4			—			20.9
Tolling, calcining and other	—			7.8			—			(0.2		)	7.6
	105.6			28.3			0.4			(0.2		)	134.1
Cost and expenses
Operating expenses	49.6			25.7			0.2			(0.2		)	75.3
Depreciation, depletion and amortization	22.8			3.8			—			0.2			26.8
Cost of sales	72.4			29.5			0.2			—			102.1
Selling and marketing	1.8			0.5			—			(0.1		)	2.2
Accretion expense	0.1			0.1			0.4			—			0.6
Cost of idle operations	—			1.8			10.3			—			12.1
	74.3			31.9			10.9			(0.1		)	117.0
Segment operating income (loss)	31.3			(3.6		)	(10.5		)	(0.1		)	17.1
Other segment (income) expenses
(Gain) loss on foreign exchange	(4.3		)	—			0.6			—			(3.7		)
Segment income (loss) before income and mining taxes	$	35.6		$	(3.6	)	$	(11.1	)	$	(0.1	)	$	20.8

For the six months ended June 30, 2016:

	Copper-Gold			US Molybdenum			Canadian Molybdenum			Inter-segment		Total
Revenues
Copper sales	$	65.7		$	—		$	—		$	—	$	65.7
Gold sales	109.9			—			—			—		109.9
Molybdenum sales	—			41.9			—			—		41.9
Tolling, calcining and other	—			8.6			—			—		8.6
	175.6			50.5			—			—		226.1
Cost and expenses
Operating expenses	97.9			46.0			—			—		143.9
Depreciation, depletion and amortization	44.3			4.5			—			—		48.8
Cost of sales	142.2			50.5			—			—		192.7
Selling and marketing	4.0			0.9			—			—		4.9
Accretion expense	0.2			0.3			0.7			—		1.2
Costs for idle mining operations	—			3.5			1.3			—		4.8
	146.4			55.2			2.0			—		203.6
Segment operating income (loss)	29.2			(4.7		)	(2.0		)	—		22.5
Other segment (income) expense
(Gain) loss on foreign exchange	(14.8		)	—			0.1			—		(14.7		)
Segment income (loss) before income and mining taxes	$	44.0		$	(4.7	)	$	(2.1	)	$	—	$	37.2

For the six months ended June 30, 2015:

	Copper-Gold		US Molybdenum			Canadian Molybdenum			Inter-segment			Total
Revenues
Copper sales	$	81.5	$	—		$	—		$	—		$	81.5
Gold sales	92.3		—			—			—			92.3
Molybdenum sales	—		58.3			5.4			—			63.7
Tolling, calcining and other	—		19.9			—			(0.3		)	19.6
	173.8		78.2			5.4			(0.3		)	257.1
Cost and expenses
Operating expenses	83.4		71.6			3.6			(0.3		)	158.3
Depreciation, depletion and amortization	37.1		9.0			0.4			0.2			46.7
Cost of sales	120.5		80.6			4.0			(0.1		)	205.0
Selling and marketing	3.8		1.2			0.2			—			5.2
Accretion expense	0.2		0.3			0.7			—			1.2
Cost of idle operations	—		4.2			13.5			—			17.7
	124.5		86.3			18.4			(0.1		)	229.1
Segment operating income	49.3		(8.1		)	(13.0		)	(0.2		)	28.0
Other segment expenses (income)
Loss (gain) on foreign exchange	13.0		—			(1.5		)	—			11.5
Segment income (loss) before income and mining taxes	$	36.3	$	(8.1	)	$	(11.5	)	$	(0.2	)	$	16.5

Reconciliation of Net (Loss) Income to Segment Income

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net (loss) income	$	(27.9	)	$	0.3		$	7.2		$	(86.9	)
Other expense (income)
General and administrative	5.0			4.9			9.1			10.5
Strategic initiative related costs	4.9			—			8.3			—
Exploration	1.4			0.1			1.4			0.1
Interest expense, net	20.4			22.3			41.4			44.8
Gain (loss) on foreign exchange	2.4			(13.2		)	(43.3		)	59.8
Corporate depreciation	—			—			0.1			0.1
Gain from debt extinguishment	—			3.1			—			2.8
Other expense (income)	1.7			(1.8		)	4.9			(3.1		)
Income and mining tax expense (benefit)	0.6			5.1			8.1			(11.6		)
Segment income before income and mining taxes	$	8.5		$	20.8		$	37.2		$	16.5

Other segment information regarding capital expenditures, assets and liabilities, including the assets and liabilities attributed to corporate operations, was as follows:

As of June 30, 2016	Copper-Gold		US Molybdenum		Canadian Molybdenum		Inter-segment		Total
Capital expenditures (1)	$	31.0	$	0.5	$	—	$	—	$	31.5
Property, plant, equipment and development (3)	$	1,820.5	$	107.7	$	24.5	$	0.2	$	1,952.9
Assets	$	2,063.3	$	256.1	$	85.5	$	28.4	$	2,433.3
Liabilities	$	841.6	$	24.5	$	20.5	$	895.1	$	1,781.7

As of December 31, 2015	Copper-Gold		US Molybdenum		Canadian Molybdenum		Inter-segment		Total
Capital expenditures (2)	$	54.9	$	6.2	$	0.2	$	—	$	61.3
Property, plant, equipment and development (3)	$	1,721.0	$	112.0	$	23.0	$	0.2	$	1,856.2
Assets	$	1,920.5	$	324.3	$	84.0	$	37.8	$	2,366.6
Liabilities	$	840.6	$	26.9	$	19.1	$	904.7	$	1,791.3

__________________________________________________________________________

⁽¹⁾ Capital expenditures were for the six months ended June 30, 2016. Copper-Gold capital expenditures include $22.7 million relating to the construction of the permanent secondary crushing circuit, $7.2 million related primarily to the tailings storage facility and $1.1 million for operating capital.

⁽²⁾ Capital expenditures were for the year ended December 31, 2015. Copper-Gold capital expenditures include $18.1 million for the tailings storage facility, $13.0 million for the one-time settlement of certain Mount Milligan Mine construction and development claims, $12.8 million for ongoing operational capital, $5.5 million for engineering, site preparation and pre-construction work for the permanent secondary crusher, $3.3 million for concrete work for the permanent secondary crusher and $2.2 million related primarily to the payment of accruals from 2014.

⁽³⁾ Includes exploration properties.

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Guarantor Financial Information

6 Months Ended

Jun. 30, 2016

Product Warranties Disclosures [Abstract]

Guarantor Financial Information

Guarantor Financial Information

TCM has not presented separate combined financial statements of subsidiary guarantors that guarantee the 2017 Notes, 2018 Notes and 2019 Notes, because (1) each of the subsidiary guarantors is wholly owned by TCM; (2) the guarantees are full and unconditional; (3) the guarantees are joint and several; and (4) TCM has no independent assets and operations, and all subsidiaries of TCM other than the subsidiary guarantors are immaterial.

Pursuant to the indentures governing the 2017 Notes, 2018 Notes and 2019 Notes, a guarantor may be released from its guarantee obligations only under certain customary circumstances specified in the indentures, namely upon (1) the sale or other disposition (including by way of merger, amalgamation or consolidation) of such guarantor, (2) the designation of such guarantor as an unrestricted subsidiary in accordance with the terms of the indentures, (3) a legal defeasance or covenant defeasance or (4) the full satisfaction of TCM's obligations under the respective indenture.

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Subsequent Events

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 5, 2016, TCM entered into an Arrangement Agreement (the “Arrangement Agreement”) and an accompanying letter agreement with Centerra Gold Inc. (“Centerra”), pursuant to which Centerra will acquire all of the outstanding common shares of TCM (the “TCM common shares”) pursuant to a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”).

Subject to the terms and conditions of the Arrangement Agreement, at the effective time of the Arrangement, each outstanding TCM common share, other than TCM common shares with respect to which dissent rights have been properly exercised and not withdrawn, will be exchanged for 0.0988 (the “Exchange Ratio”) of a common share of Centerra (a “Centerra common share”). Pursuant to the Arrangement, (i) all outstanding restricted stock unit awards and performance stock unit awards will be accelerated and exchanged for Centerra common shares at the Exchange Ratio, and (ii) each outstanding stock option to purchase TCM common shares, whether vested or unvested, will be converted automatically at the effective time of the Arrangement into a stock option denominated in Centerra common shares based on the Exchange Ratio and subject to terms and conditions substantially identical to those in effect at the effective time of the Arrangement. In addition, on or about the effective time of the Arrangement, the 2017 Notes, the 2018 Notes and the 2019 Notes (collectively, the “ Senior Notes”) will be redeemed, or otherwise satisfied and discharged, in their entirety for cash pursuant to the terms of the Arrangement Agreement and the respective indentures for the Senior Notes.

The closing of the Arrangement is subject to satisfaction of certain conditions, including, among others, approval of the Arrangement by TCM’s shareholders, approval by the Supreme Court of British Columbia, receipt of any regulatory or stock exchange approvals, including approval of the Toronto Stock Exchange, and other customary closing conditions. The Arrangement Agreement contains certain customary termination rights for both TCM and Centerra, including, among other things, a termination right for either party if the transaction is not consummated by October 31, 2016 or if Centerra’s financing to fund the transactions contemplated by the Arrangement Agreement is terminated. In addition, upon termination of the Arrangement Agreement under specified circumstances, including a change in the recommendation of the Company’s board of directors or in order to enter into an alternative transaction, the Company will be required to pay a cash termination fee to Centerra of $35 million. In connection with the successful consummation of the Transaction, an estimated success fee of $10.0 million (net of previously paid amounts of approximately $1 million) will be paid by TCM to its financial advisors. In addition, the costs related to the Incentive Plan discussed in Note 11 and the remaining expense related to stock-based compensation for PSUs and RSUs, discussed in Note 12 will be accelerated and recognized in connection with the consummation of the Arrangement. We anticipate that the Arrangement will be consummated in the second half of 2016.

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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q. In compliance with those instructions, certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States ("US GAAP") have been condensed or omitted. This report should be read in conjunction with the Thompson Creek Metals Company Inc. ("TCM," the "Company," "we," "us" or "our") consolidated financial statements and notes contained in its Annual Report on Form 10-K for the year ended December 31, 2015 (the "2015 Form 10-K") filed with the Securities and Exchange Commission ("SEC"). The information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for any other quarter or for the year ending December 31, 2016.

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. TCM bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions.

Consolidation

The condensed consolidated financial statements include the accounts of TCM and its subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Financial amounts are presented in United States ("US") dollars unless otherwise stated. References to C$ are Canadian dollars.

New Accounting Standards

In May 2014, the Financial Accounting Standards Board ("FASB") issued new accounting guidance on revenue recognition, which provides for a single five-step model to be applied to all revenue contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. In June 2015, the FASB agreed to defer by one year the mandatory effective date of this standard but will also provide entities the option to adopt the new guidance as of the original effective date. The provisions of the new guidance will be effective as of the beginning of our 2018 fiscal year but TCM has the option to adopt the guidance as early as the beginning of our 2017 fiscal year. TCM is evaluating the impact of the new guidance on our financial statements and have not yet selected either a transition approach to implement the standard or an adoption date.

In April and August 2015, the FASB issued Accounting Standard Updates ("ASUs") to simplify the presentation of debt issuance costs. These ASUs require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public entities, these ASUs are effective for annual periods beginning after December 15, 2015, and interim periods within those fiscal years. TCM adopted this ASU effective January 1, 2016. Upon adoption, TCM retrospectively adjusted its December 31, 2015 balance sheet by decreasing its other assets by $9.8 million and decreasing its long-term debt by $9.8 million.

In June 2014, the FASB issued an ASU to provide clarity on how to account for certain share-based payment awards where the terms of an award may provide that the performance target could be achieved regardless of whether the employee is rendering service on the date the performance target is achieved. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in estimating the grant-date fair value of the award. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The ASU is effective for fiscal years beginning after December 15, 2015. TCM adopted this ASU effective January 1, 2016, and it had no impact on its results of operations.

In January 2016, the FASB issued an ASU to amend certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This ASU eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, requires the use of an exit price notion when measuring the fair value of financial instruments for disclosure purposes and requires a separate presentation in other comprehensive income for the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk. The ASU is effective for fiscal years beginning after December 15, 2017. TCM is evaluating the impact of this ASU on our financial statements.

In March 2016, the FASB issued an ASU to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2016. TCM is evaluating the impact of this ASU on our financial statements.

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Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2016

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable are carried at their estimated collectible amounts and were comprised of the following:

	June 30, 2016		December 31, 2015
Receivables
Trade receivables	$	64.7	$	52.8
Mark-to-market adjustments on trade receivables relating to provisional invoices for Mount Milligan Mine copper and gold concentrate sales	4.1		(1.9		)
Goods and services sales tax refunds	7.0		1.4
Settlement receivables on hedges and other miscellaneous receivables	0.2		0.4
	$	76.0	$	52.7

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Product Inventory (Tables)

6 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Schedule of Carrying Value of Product Inventory

The carrying value of product inventory was as follows:

	June 30, 2016		December 31, 2015
Copper and Gold Inventory
Concentrate	$	20.8	$	19.4
Stockpiled ore	16.7		15.6
	$	37.5	$	35.0
Molybdenum Inventory
Finished product	$	9.9	$	12.3
Work-in-process	8.9		8.5
	$	18.8	$	20.8
	$	56.3	$	55.8

Inventory Write Downs

The following table sets forth the adjustments to TCM's molybdenum inventory as a result of changes in the net realizable value, in the accompanying Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended					Six Months Ended
	June 30, 2016			June 30, 2015		June 30, 2016		June 30, 2015
US Molybdenum
Operating expense (1)	$	(0.1	)	$	1.8	$	0.6	$	5.6
Depreciation, depletion and amortization	—			0.1		—		0.4
Canadian Molybdenum
Operating expense	—			—		—		1.4
Depreciation, depletion and amortization	—			—		—		0.1
	$	(0.1	)	$	1.9	$	0.6	$	7.5

_____________________________________________________________________________

⁽¹⁾ Included market price recoveries (not exceeding previously recognized losses) of $0.1 million on molybdenum product inventory during the three months ended June 30, 2016.

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Property, Plant, Equipment and Development, Net (Tables)

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant, Equipment and Development

Property, plant, equipment and development, net, was composed of the following:

	June 30, 2016			December 31, 2015
Mining properties and mineral reserves	$	669.8		$	630.4
Mining and milling equipment and facilities	1,389.0			1,305.4
Processing facilities	177.4			176.7
Construction-in-progress (1)	48.2			16.4
Other	9.5			9.5
	2,293.9			2,138.4
Less: Accumulated depreciation, depletion and amortization	(341.0		)	(282.2		)
	$	1,952.9		$	1,856.2

_____________________________________________________________________________

⁽¹⁾ The construction-in-progress balances primarily related to the permanent secondary crusher project at Mount Milligan Mine

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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Location and Fair Value Amounts of all Derivative Financial Instruments in the Consolidated Balance sheets

The following table sets forth the fair values of TCM's derivative assets and liabilities:

	Fair value as of
	June 30, 2016		December 31, 2015
Assets (1)
Provisionally-priced sales	$	4.1	$	—
Forward currency contracts	1.0		—
Total	$	5.1	$	—
Liabilities (1)
Commodity contracts	$	0.7	$	1.5
Provisionally-priced sales	—		1.9
Forward currency contracts	—		2.0
Total	$	0.7	$	5.4

_____________________________________________________________________________

⁽¹⁾ TCM's derivative assets are included in prepaid expenses and other current assets and accounts receivable, and derivative liabilities are included in other current liabilities in the Condensed Consolidated Balance Sheets. TCM is exposed to credit risk when counterparties with whom it has entered into derivative transactions are unable to satisfy their obligations. To reduce counterparty credit exposure, TCM deals primarily with large, credit-worthy financial institutions and companies. TCM believes the counterparties to the contracts to be credit-worthy entities and, therefore, TCM believes credit risk of counterparty non-performance is relatively low, and, as such, the fair value of the derivatives has not been adjusted.

Schedule of Gains (Losses) on Derivative Instruments

The following table sets forth the gains (losses) on derivative instruments for the periods presented

		Three Months Ended June 30,						Six Months Ended June 30,
Derivative Type and Activity	Statement of Operations Classification	2016			2015			2016			2015
Gold hedges related to Gold Stream Arrangement	Gold sales	$	1.9		$	(0.2	)	$	5.8		$	0.5
Provisional priced MTM gold sales	Gold sales	$	1.7		$	0.5		$	3.7		$	(0.7	)
Provisional priced MTM copper sales	Copper sales	$	(0.7	)	$	(4.3	)	$	2.1		$	1.2
Copper and Gold hedges; other commodity contracts	Other	$	(1.4	)	$	1.8		$	(4.2	)	$	3.1
Forward currency contracts	Gain (loss) on foreign exchange, net	$	0.3		$	0.9		$	5.1		$	(0.7	)

Schedule of Commodity Contracts

The following table provides details of TCM's commodity contracts as of June 30, 2016:

	Quantity	Sell Price	Buy Price	Maturities Through
Gold Hedge Purchases related to Gold Stream Arrangement (oz)	39,470	TBD	$1,246 - $1,264 / TBD	July 2016 - November 2016
Forward Gold Sales (oz)	6,000	$1,310	N/A	July 2016
Fuel Hedges (gallons)	780,000	N/A	$2.00	July 2016 - December 2016

	Quantity	Put/Sell Price	Call/Buy Price	Maturities Through
Gold Collars (oz)	29,600	$1,050 - $1,200	$1,164 - $1,350	July 2016 - December 2016

Schedule of Outstanding Provisionally-Priced Contracts

The following table sets forth TCM's outstanding provisionally-priced contracts as of June 30, 2016:

		Average Price Per Unit
	Open Positions	Market Price	Contract	Maturities Through
Embedded derivatives in provisional sales contracts
Copper (millions of pounds)	25.3	TBD	TBD	November 2016
Gold (ounces)	50,506	TBD	TBD	September 2016
Embedded derivatives in provisional purchase contracts
Molybdenum (millions of pounds)	1.0	N/A	TBD	August 2016

Schedule of Forward Currency Contracts

The following table provides details of TCM's forward currency contracts as of June 30, 2016:

	Notional Amount	Buy Price	Maturities Through
Forward currency contracts	C$30,000,000	$1USD/C$1.36	July 2016 - October 2016

Schedule of Outstanding Fixed-Priced Molybdenum Sales Contracts

The following table sets forth TCM's outstanding molybdenum fixed-priced sales contracts as of June 30, 2016:

	Quantity (000's lb)	Sell Price	Maturities Through
Molybdenum fixed price sales	255.5	$11.23	December 2019

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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth TCM's financial assets and liabilities measured at fair value by level within the fair value hierarchy.

	Fair Value at June 30, 2016
	Total		Level 1		Level 2		Level 3
Assets
Provisionally-priced sales	$	4.1	$	—	$	4.1	$	—
Forward currency contracts	1.0		1.0		—		—
	$	5.1	$	1.0	$	4.1	$	—
Liabilities
Senior secured notes	$	311.5	$	—	$	311.5	$	—
Senior unsecured notes	367.6		—		367.6		—
Commodity contracts	0.7		—		0.7		—
	$	679.8	$	—	$	679.8	$	—

	Fair Value at December 31, 2015
	Total		Level 1		Level 2		Level 3
Liabilities
Senior secured notes	$	257.6	$	—	$	257.6	$	—
Senior unsecured notes	96.7		—		96.7		—
Commodity contracts	1.5		—		1.5		—
Provisionally-priced sales	1.9		—		1.9		—
Forward currency contracts	2.0		2.0		—		—
	$	359.7	$	2.0	$	357.7	$	—

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Leases (Tables)

6 Months Ended

Jun. 30, 2016

Leases, Capital [Abstract]

Schedule of Future Lease Payments Under Capital Leases

TCM's total capital lease obligations consisted of the following:

	June 30, 2016			December 31, 2015
Equipment Facility capital leases	$	15.6		$	20.1
Equipment Facility sale leaseback	23.6			31.2
Sale leaseback	1.1			1.7
Total lease obligations	40.3			53.0
Less: Current portion	(25.0		)	(25.6		)
Total long-term lease obligations	$	15.3		$	27.4

Schedule of Interest Costs Incurred

Interest and debt issuance costs on TCM's equipment financings, as described above, consisted of the following:

	Three Months Ended				Six Months Ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Interest paid	$	0.6	$	1.0	$	1.4	$	1.9
Interest and debt issuance costs expensed	$	0.6	$	1.2	$	1.4	$	2.3

Interest paid, capitalized and expensed on our senior secured and unsecured notes was as follows:

	Three Months Ended				Six Months Ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Interest paid	$	23.8	$	24.9	$	39.2	$	42.2
Interest capitalized	$	0.8	$	0.3	$	1.3	$	0.6
Interest expensed	$	19.9	$	21.1	$	40.2	$	42.6

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Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The components of debt follow:

	June 30, 2016			December 31, 2015
9.75% Senior secured notes due 2017	$	315.8		$	315.8
Less : Deferred financing fees and debt discounts	(3.5		)	(4.8		)
	312.3			311.0
7.375% Senior unsecured notes due 2018	334.1			334.1
Less : Deferred financing fees	(2.6		)	(3.3		)
	331.5			330.8
12.5% Senior unsecured notes due 2019	183.0			183.0
Less : Deferred financing fees	(2.6		)	(3.0		)
	180.4			180.0
Total long-term debt	$	824.2		$	821.8

Schedule of Interest Costs Incurred

Interest and debt issuance costs on TCM's equipment financings, as described above, consisted of the following:

	Three Months Ended				Six Months Ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Interest paid	$	0.6	$	1.0	$	1.4	$	1.9
Interest and debt issuance costs expensed	$	0.6	$	1.2	$	1.4	$	2.3

Interest paid, capitalized and expensed on our senior secured and unsecured notes was as follows:

	Three Months Ended				Six Months Ended
	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Interest paid	$	23.8	$	24.9	$	39.2	$	42.2
Interest capitalized	$	0.8	$	0.3	$	1.3	$	0.6
Interest expensed	$	19.9	$	21.1	$	40.2	$	42.6

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Gold Stream Arrangement (Tables)

6 Months Ended

Jun. 30, 2016

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Revenue Recognition Gold Stream Arrangement

The following table presents the revenue under the Gold Stream Arrangement for the three and six months ended June 30, 2016 and 2015, respectively, in the form of (i) cash receipts based on gold sales during the applicable period, and (ii) deferred revenue for gold ounces delivered and deferred revenue to be recognized upon final settlement during the applicable period:

	Three Months Ended				Six Months Ended
(US$ in millions)	June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015
Gold sales related to cash portion of Gold Stream Arrangement	$	14.1	$	13.1	$	24.1	$	21.4
Gold sales related to deferred portion of Gold Stream Arrangement (1) (2)	11.4		10.0		18.0		16.4
Total gold sales under Gold Stream Arrangement (1)	$	25.5	$	23.1	$	42.1	$	37.8

_____________________________________________________________________________

⁽¹⁾ The three and six months ended June 30, 2016 included $10.3 million and $16.3 million, respectively, of revenue for gold ounces delivered, and $1.1 million and $1.7 million, respectively, in future reduction of deferred revenue liability ultimately to be recognized upon delivery of gold. The three and six months ended June 30, 2015 included $12.8 million and $16.9 million, respectively of revenue for gold ounces delivered partially offset by $2.8 million and $0.5 million, respectively in future reduction of deferred revenue liability ultimately to be recognized upon delivery of gold.

⁽²⁾ The six months ended June 30, 2016 included a $1.5 million reduction related to five provisional invoices from 2015. The decrease resulted from a downward revision to the rate at which the deferred revenue liability resulting from the Gold Stream Arrangement was amortized. This rate is calculated based on the remaining deferred revenue liability and total ounces of refined gold owed to Royal Gold.

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Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2016

Other Liabilities [Abstract]

Other Liabilities

Other liabilities comprised the following:

	June 30, 2016		December 31, 2015
Liabilities for unrecognized tax benefits (1)	$	8.3	$	9.7
Deferred vendor payable (2)	6.4		—
Employee benefits, retention and incentives (3)	4.5		3.9
	$	19.2	$	13.6

_____________________________________________________________________________

⁽¹⁾ Unrecognized tax benefits related to an uncertain tax position primarily related to timing differences for certain deductions.

⁽²⁾ In March 2016 TCM entered into a program (the "BC Hydro Program") offered by the government of British Columbia to certain copper and coal producers. The BC Hydro Program amended the terms of TCM's existing utility agreement with British Columbia’s crown corporation, BC Hydro. As a participant in this program, TCM can defer payment on up to 75% of electrical obligations to BC Hydro, with the percentage deferral and repayment being dependent upon levels of copper prices and Canadian foreign exchange rates. The BC Hydro Program is a five-year program, with a two-year deferral period. All amounts outstanding must be repaid by the end of the five-year period or if copper prices are above C$3.40. The deferred balance will accrue interest at an annual rate of Prime (as set by the Bank of Canada) +5%, compounded monthly. As of June 30, 2016, TCM continued to elect to participate in the program. TCM can elect to end its participation in the BC Hydro Program at any time by paying the then outstanding obligations in full.

⁽³⁾ See Note 11 for further discussion.

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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock-Based Compensation

TCM recognized stock-based compensation expense as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Stock options	$	—	$	0.1	$	0.1	$	0.2
Performance share units	0.7		0.9		1.4		1.4
Restricted stock units	0.5		0.7		1.0		1.4
Total stock-based compensation expense	$	1.2	$	1.7	$	2.5	$	3.0

Summary of Stock Option Activity

The following table summarizes stock option activity during the six months endedJune 30, 2016:

	Options (000's)		Weighted-Average Exercise Price
Stock options outstanding at December 31, 2015	1,156		$	3.26
Granted	6		$	0.53
Canceled/expired/forfeited	(20	)	$	12.99
Stock options outstanding at June 30, 2016	1,142		$	3.08
Vested and exercisable at June 30, 2016 (1)	742		$	3.48

_____________________________________________________________________________

⁽¹⁾ The aggregate intrinsic value of these exercisable awards was nil as of June 30, 2016.

Summary of Performance Share Unit (PSU) Activity

The following table summarizes PSU activity during the six months endedJune 30, 2016:

	Units		Weighted-Average Fair Value
	(000's)
Outstanding at December 31, 2015	3,799		$	2.61
Canceled/expired/forfeited	(411	)	$	4.02
Outstanding at June 30, 2016	3,388		$	2.44

Summary of Restricted Stock Unit (RSU) Activity

The following table summarizes RSU activity during the six months endedJune 30, 2016:

	Units		Weighted-Average Fair Value
	(000's)
Outstanding at December 31, 2015	2,680		$	1.87
RSUs vested and common shares issued	(1,136	)	$	1.85
Canceled/expired/forfeited	(35	)	$	1.76
Outstanding at June 30, 2016	1,509		$	1.88

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Net (Loss) Income per Share (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Schedule of Reconciliation of Net (Loss) Income and Weighted-Average Common Shares Outstanding for Purposes of Calculating Diluted Net (Loss) Income per Share

The following is a reconciliation of net (loss) income and weighted-average common shares outstanding for purposes of calculating diluted net (loss) income per share for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016		2015
Net (loss) income	$	(27.9	)	$	0.3	$	7.2	$	(86.9	)
Basic weighted-average number of shares outstanding	221.7			218.0		222.4		216.2
Effect of dilutive securities
Share-based awards	—			0.1		—		—
Diluted weighted-average number of shares outstanding	221.7			218.1		222.4		216.2
Net (loss) income per share
Basic	$	(0.13	)	$	0.00	$	0.03	$	(0.40	)
Diluted	$	(0.13	)	$	0.00	$	0.03	$	(0.40	)

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Supplementary Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2016

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplementary Cash Flow Information

The following table discloses the change in current assets and current liabilities for the three and six months ended June 30, 2016 and 2015:

	Three Months Ended						Six Months Ended
	June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Change in current assets and current liabilities:
Accounts receivable	$	(14.7	)	$	14.3		$	(17.5	)	$	14.5
Product inventory	11.1			(0.4		)	(0.2		)	10.1
Materials and supplies inventory	2.4			0.7			(0.3		)	—
Prepaid expenses and other current assets	(0.5		)	(0.3		)	(2.4		)	0.2
Income and mining taxes receivable	6.0			(3.8		)	5.9			(6.4		)
Accounts payable and accrued liabilities	(5.7		)	2.0			(3.0		)	(17.6		)
Income and mining taxes payable	(0.9		)	(0.6		)	(0.8		)	(0.6		)
	$	(2.3	)	$	11.9		$	(18.3	)	$	0.2
Cash interest paid (1)	$	24.4		$	25.9		$	40.6		$	44.1
Income and mining tax (refunds) payments, net (2)	$	(4.9	)	$	1.7		$	(3.9	)	$	2.6

_____________________________________________________________________________

⁽¹⁾ Included cash interest paid on senior secured and unsecured notes and equipment financing arrangements. For the three months and six months ended June 30, 2016, cash interest paid of $0.3 million and $0.7 million, respectively, had been previously capitalized related to TCM's debt. For the three and six months ended June 30, 2015, cash interest paid of $0.3 million and $1.0 million, respectively, had been previously capitalized related to TCM's debt. See Notes 7 and 8 for additional information.

⁽²⁾ For each of the three and six months ended June 30, 2016, TCM received $6.1 million in refunds of US and Canadian income taxes related to prior year tax returns. For each of the three and six months ended June 30, 2015, TCM received nil in refunds of US and Canadian income taxes related to prior year tax returns.

Schedule of Non-Cash Investing and Financing Activities

	Three Months Ended					Six Months Ended
	June 30, 2016		June 30, 2015			June 30, 2016		June 30, 2015
Investing activities
Acquisition of property, plant and equipment under the Equipment Facility (see Note 7)	$	—	$	—		$	—	$	9.2
Financing activities
Capitalized debt costs (1)	$	0.8	$	0.3		$	1.3	$	0.6
Long-term lease obligations	$	—	$	—		$	—	$	8.3
Settlement of tMEDS	$	—	$	(7.2	)	$	—	$	(7.2	)

____________________________________________________________________________

⁽¹⁾ Included capitalized interest not paid in cash, amortization of deferred financing costs and debt discounts

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Schedule of Segment Information

Segment information for the three and six months ended June 30, 2016 and 2015 was as follows:

For the three months ended June 30, 2016:

	Copper-Gold			US Molybdenum			Canadian Molybdenum			Inter-segment		Total
Revenues
Copper sales	$	37.6		$	—		$	—		$	—	$	37.6
Gold sales	64.6			—			—			—		64.6
Molybdenum sales	—			22.3			—			—		22.3
Tolling, calcining and other	—			4.2			—			—		4.2
	102.2			26.5			—			—		128.7
Cost and expenses
Operating expenses	61.9			24.5			—			—		86.4
Depreciation, depletion and amortization	27.0			2.1			—			—		29.1
Cost of sales	88.9			26.6			—			—		115.5
Selling and marketing	2.2			0.5			—			—		2.7
Accretion expense	0.1			0.1			0.4			—		0.6
Costs for idle mining operations	—			1.7			0.7			—		2.4
	91.2			28.9			1.1			—		121.2
Segment operating income (loss)	11.0			(2.4		)	(1.1		)	—		7.5
Other segment (income) expense
Gain on foreign exchange	(1.0		)	—			—			—		(1.0		)
Segment income (loss) before income and mining taxes	$	12.0		$	(2.4	)	$	(1.1	)	$	—	$	8.5

For the three months ended June 30, 2015:

	Copper-Gold			US Molybdenum			Canadian Molybdenum			Inter-segment			Total
Revenues
Copper sales	$	49.3		$	—		$	—		$	—		$	49.3
Gold sales	56.3			—			—			—			56.3
Molybdenum sales	—			20.5			0.4			—			20.9
Tolling, calcining and other	—			7.8			—			(0.2		)	7.6
	105.6			28.3			0.4			(0.2		)	134.1
Cost and expenses
Operating expenses	49.6			25.7			0.2			(0.2		)	75.3
Depreciation, depletion and amortization	22.8			3.8			—			0.2			26.8
Cost of sales	72.4			29.5			0.2			—			102.1
Selling and marketing	1.8			0.5			—			(0.1		)	2.2
Accretion expense	0.1			0.1			0.4			—			0.6
Cost of idle operations	—			1.8			10.3			—			12.1
	74.3			31.9			10.9			(0.1		)	117.0
Segment operating income (loss)	31.3			(3.6		)	(10.5		)	(0.1		)	17.1
Other segment (income) expenses
(Gain) loss on foreign exchange	(4.3		)	—			0.6			—			(3.7		)
Segment income (loss) before income and mining taxes	$	35.6		$	(3.6	)	$	(11.1	)	$	(0.1	)	$	20.8

For the six months ended June 30, 2016:

	Copper-Gold			US Molybdenum			Canadian Molybdenum			Inter-segment		Total
Revenues
Copper sales	$	65.7		$	—		$	—		$	—	$	65.7
Gold sales	109.9			—			—			—		109.9
Molybdenum sales	—			41.9			—			—		41.9
Tolling, calcining and other	—			8.6			—			—		8.6
	175.6			50.5			—			—		226.1
Cost and expenses
Operating expenses	97.9			46.0			—			—		143.9
Depreciation, depletion and amortization	44.3			4.5			—			—		48.8
Cost of sales	142.2			50.5			—			—		192.7
Selling and marketing	4.0			0.9			—			—		4.9
Accretion expense	0.2			0.3			0.7			—		1.2
Costs for idle mining operations	—			3.5			1.3			—		4.8
	146.4			55.2			2.0			—		203.6
Segment operating income (loss)	29.2			(4.7		)	(2.0		)	—		22.5
Other segment (income) expense
(Gain) loss on foreign exchange	(14.8		)	—			0.1			—		(14.7		)
Segment income (loss) before income and mining taxes	$	44.0		$	(4.7	)	$	(2.1	)	$	—	$	37.2

For the six months ended June 30, 2015:

	Copper-Gold		US Molybdenum			Canadian Molybdenum			Inter-segment			Total
Revenues
Copper sales	$	81.5	$	—		$	—		$	—		$	81.5
Gold sales	92.3		—			—			—			92.3
Molybdenum sales	—		58.3			5.4			—			63.7
Tolling, calcining and other	—		19.9			—			(0.3		)	19.6
	173.8		78.2			5.4			(0.3		)	257.1
Cost and expenses
Operating expenses	83.4		71.6			3.6			(0.3		)	158.3
Depreciation, depletion and amortization	37.1		9.0			0.4			0.2			46.7
Cost of sales	120.5		80.6			4.0			(0.1		)	205.0
Selling and marketing	3.8		1.2			0.2			—			5.2
Accretion expense	0.2		0.3			0.7			—			1.2
Cost of idle operations	—		4.2			13.5			—			17.7
	124.5		86.3			18.4			(0.1		)	229.1
Segment operating income	49.3		(8.1		)	(13.0		)	(0.2		)	28.0
Other segment expenses (income)
Loss (gain) on foreign exchange	13.0		—			(1.5		)	—			11.5
Segment income (loss) before income and mining taxes	$	36.3	$	(8.1	)	$	(11.5	)	$	(0.2	)	$	16.5

Schedule of Reconciliation of Net (Loss) to Segment Income

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net (loss) income	$	(27.9	)	$	0.3		$	7.2		$	(86.9	)
Other expense (income)
General and administrative	5.0			4.9			9.1			10.5
Strategic initiative related costs	4.9			—			8.3			—
Exploration	1.4			0.1			1.4			0.1
Interest expense, net	20.4			22.3			41.4			44.8
Gain (loss) on foreign exchange	2.4			(13.2		)	(43.3		)	59.8
Corporate depreciation	—			—			0.1			0.1
Gain from debt extinguishment	—			3.1			—			2.8
Other expense (income)	1.7			(1.8		)	4.9			(3.1		)
Income and mining tax expense (benefit)	0.6			5.1			8.1			(11.6		)
Segment income before income and mining taxes	$	8.5		$	20.8		$	37.2		$	16.5

Schedule of Other Segment Information Regarding Capital Expenditures, Assets and Liabilities, Including the Assets and Liabilities Attributed to Corporate Operations

Other segment information regarding capital expenditures, assets and liabilities, including the assets and liabilities attributed to corporate operations, was as follows:

As of June 30, 2016	Copper-Gold		US Molybdenum		Canadian Molybdenum		Inter-segment		Total
Capital expenditures (1)	$	31.0	$	0.5	$	—	$	—	$	31.5
Property, plant, equipment and development (3)	$	1,820.5	$	107.7	$	24.5	$	0.2	$	1,952.9
Assets	$	2,063.3	$	256.1	$	85.5	$	28.4	$	2,433.3
Liabilities	$	841.6	$	24.5	$	20.5	$	895.1	$	1,781.7

As of December 31, 2015	Copper-Gold		US Molybdenum		Canadian Molybdenum		Inter-segment		Total
Capital expenditures (2)	$	54.9	$	6.2	$	0.2	$	—	$	61.3
Property, plant, equipment and development (3)	$	1,721.0	$	112.0	$	23.0	$	0.2	$	1,856.2
Assets	$	1,920.5	$	324.3	$	84.0	$	37.8	$	2,366.6
Liabilities	$	840.6	$	26.9	$	19.1	$	904.7	$	1,791.3

__________________________________________________________________________

⁽¹⁾ Capital expenditures were for the six months ended June 30, 2016. Copper-Gold capital expenditures include $22.7 million relating to the construction of the permanent secondary crushing circuit, $7.2 million related primarily to the tailings storage facility and $1.1 million for operating capital.

⁽²⁾ Capital expenditures were for the year ended December 31, 2015. Copper-Gold capital expenditures include $18.1 million for the tailings storage facility, $13.0 million for the one-time settlement of certain Mount Milligan Mine construction and development claims, $12.8 million for ongoing operational capital, $5.5 million for engineering, site preparation and pre-construction work for the permanent secondary crusher, $3.3 million for concrete work for the permanent secondary crusher and $2.2 million related primarily to the payment of accruals from 2014.

⁽³⁾ Includes exploration properties.

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Basis of Presentation (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of ownership interest in project	75.00%
Net smelter return royalty	0.51%
Net profit interest in exploration project	10.20%
Endako Mine
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of ownership interest in project	75.00%
Berg Property
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of ownership interest in project	100.00%
Other Assets | Account Standards Updated 2015-03
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Debt issuance costs		$ 9.8
Long-term Debt | Account Standards Updated 2015-03
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Debt issuance costs		$ (9.8)

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Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 76.0	$ 52.7
Total receivables	76.0	52.7
Trade receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	64.7	52.8
Mark-to-market adjustments on trade receivables relating to provisional invoices for Mount Milligan Mine copper and gold concentrate sales
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	4.1	(1.9)
Goods and services sales tax refunds
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	7.0	1.4
Settlement receivables on hedges and other miscellaneous receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 0.2	$ 0.4

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Product Inventory - Carrying Value (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Inventory [Line Items]
Concentrate	$ 20.8	$ 19.4
Stockpiled ore	16.7	15.6
Copper and Gold Inventory	37.5	35.0
Finished product	9.9	12.3
Work-in-process	8.9	8.5
Molybdenum Inventory	18.8	20.8
Product inventory	$ 56.3	$ 55.8

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Product Inventory - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Inventory Disclosure [Abstract]
Write up of inventory	$ (11.1)	$ 0.4	$ 0.2	$ (10.1)
Product inventory write-downs	$ (0.1)	$ 1.9	$ 0.6	$ 7.5

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Product Inventory - Write Downs of Inventory (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Inventory [Line Items]
Product inventory write-downs		$ (0.1)	$ 1.9	$ 0.6	$ 7.5
US Molybdenum | Operating expense (1)
Inventory [Line Items]
Product inventory write-downs	[1]	(0.1)	1.8	0.6	5.6
US Molybdenum | Depreciation, depletion and amortization
Inventory [Line Items]
Product inventory write-downs		0.0	0.1	0.0	0.4
Canadian Molybdenum | Operating expense (1)
Inventory [Line Items]
Product inventory write-downs		0.0	0.0	0.0	1.4
Canadian Molybdenum | Depreciation, depletion and amortization
Inventory [Line Items]
Product inventory write-downs		$ 0.0	$ 0.0	$ 0.0	$ 0.1

[1] Included market price recoveries (not exceeding previously recognized losses) of $0.1 million on molybdenum product inventory during the three months ended June 30, 2016.

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Property, Plant, Equipment and Development, Net (Details) - USD ($) $ in Millions		Jun. 30, 2016	Dec. 31, 2015
Property, plant and equipment
Property, plant and equipment, gross		$ 2,293.9	$ 2,138.4
Less: Accumulated depreciation, depletion and amortization		(341.0)	(282.2)
Property, plant and equipment, net		1,952.9	1,856.2
Mining properties and mineral reserves
Property, plant and equipment
Property, plant and equipment, gross		669.8	630.4
Mining and milling equipment and facilities
Property, plant and equipment
Property, plant and equipment, gross		1,389.0	1,305.4
Processing facilities
Property, plant and equipment
Property, plant and equipment, gross		177.4	176.7
Construction-in-progress
Property, plant and equipment
Property, plant and equipment, gross	[1]	48.2	16.4
Other
Property, plant and equipment
Property, plant and equipment, gross		$ 9.5	$ 9.5

[1] The construction-in-progress balances primarily related to the permanent secondary crusher project at Mount Milligan Mine.

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Financial Instruments - Location and Fair Value of All Derivative Instruments (Details) - USD ($) $ in Millions		Jun. 30, 2016	Dec. 31, 2015
Derivative fair value
Derivative assets	[1]	$ 5.1	$ 0.0
Derivative liabilities	[1]	0.7	5.4
Commodity contracts
Derivative fair value
Derivative liabilities	[1]	0.7	1.5
Provisionally-priced sales
Derivative fair value
Derivative assets	[1]	4.1	0.0
Derivative liabilities	[1]	0.0	1.9
Forward currency contracts
Derivative fair value
Derivative assets	[1]	1.0	0.0
Derivative liabilities	[1]	$ 0.0	$ 2.0

[1] TCM's derivative assets are included in prepaid expenses and other current assets and accounts receivable, and derivative liabilities are included in other current liabilities in the Condensed Consolidated Balance Sheets. TCM is exposed to credit risk when counterparties with whom it has entered into derivative transactions are unable to satisfy their obligations. To reduce counterparty credit exposure, TCM deals primarily with large, credit-worthy financial institutions and companies. TCM believes the counterparties to the contracts to be credit-worthy entities and, therefore, TCM believes credit risk of counterparty non-performance is relatively low, and, as such, the fair value of the derivatives has not been adjusted.

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Financial Instruments - Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Commodity contracts | Gold sales
Derivative instruments, gain (loss)
Gain (losses) on derivative instrument	$ 1.9	$ (0.2)	$ 5.8	$ 0.5
Commodity contracts | Other
Derivative instruments, gain (loss)
Gain (losses) on derivative instrument	(1.4)	1.8	(4.2)	3.1
Provisional priced MTM sales | Gold sales
Derivative instruments, gain (loss)
Gain (losses) on derivative instrument	1.7	0.5	3.7	(0.7)
Provisional priced MTM sales | Copper sales
Derivative instruments, gain (loss)
Gain (losses) on derivative instrument	(0.7)	(4.3)	2.1	1.2
Forward currency contracts | Gain (loss) on foreign exchange, net
Derivative instruments, gain (loss)
Gain (losses) on derivative instrument	$ 0.3	$ 0.9	$ 5.1	$ (0.7)

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Financial Instruments - Forward Commodity Contracts (Details)	6 Months Ended
	Jun. 30, 2016 oz $ / oz $ / gal gal
Gold Hedge Purchases related to Gold Stream Arrangement
Derivative [Line Items]
Quantity (mass) | oz	39,470
Forward Gold Sales
Derivative [Line Items]
Quantity (mass) | oz	6,000
Fuel Hedges
Derivative [Line Items]
Quantity (volume) | gal	780,000
Gold Collars
Derivative [Line Items]
Quantity (mass) | oz	29,600
Put/Sell | Forward Gold Sales
Derivative [Line Items]
Price per unit of mass ($/mass)	1,310
Put/Sell | Gold Collars | Minimum
Derivative [Line Items]
Price per unit of mass ($/mass)	1,050
Put/Sell | Gold Collars | Maximum
Derivative [Line Items]
Price per unit of mass ($/mass)	1,200
Call/Buy | Gold Hedge Purchases related to Gold Stream Arrangement | Minimum
Derivative [Line Items]
Price per unit of mass ($/mass)	1,246
Call/Buy | Gold Hedge Purchases related to Gold Stream Arrangement | Maximum
Derivative [Line Items]
Price per unit of mass ($/mass)	1,264
Call/Buy | Fuel Hedges
Derivative [Line Items]
Price per volume ($/volume) | $ / gal	2.00
Call/Buy | Gold Collars | Minimum
Derivative [Line Items]
Price per unit of mass ($/mass)	1,164
Call/Buy | Gold Collars | Maximum
Derivative [Line Items]
Price per unit of mass ($/mass)	1,350

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Financial Instruments - Provisional, Fixed, Forwards Contracts, and Warrant Derivatives (Details)	Jun. 30, 2016 CAD $ / lb lb oz pound contract $ / CAD
Forward currency contracts
Derivative [Line Items]
Open foreign currency option contracts | contract	11
Notional Amount (in CAD) | CAD	CAD 30,000,000
Forward currency contracts | CAD
Derivative [Line Items]
Buy Price (in CAD) | $ / CAD	0.7246
Fixed-priced contracts-current | Supply Commitment
Derivative [Line Items]
Quantity (000's lb) | lb	255,500
Sell Price ($/lb) | $ / lb	11.23
Short | Copper
Derivative [Line Items]
Open Positions Pounds to be Sold/Purchased (mass)	25,300,000.0
Short | Gold
Derivative [Line Items]
Open Positions Pounds to be Sold/Purchased (mass) | oz	50,506
Long | Molybdenum
Derivative [Line Items]
Open Positions Pounds to be Sold/Purchased (mass)	1,021,200.0

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Fair Value Measurement - Fair Value by Level (Details) - USD ($) $ in Millions		Jun. 30, 2016	Dec. 31, 2015
Fair value
Derivative assets	[1]	$ 5.1	$ 0.0
Financial liabilities		679.8	359.7
Derivative liabilities	[1]	0.7	5.4
Level 1
Fair value
Derivative assets		1.0
Financial liabilities		0.0	2.0
Level 2
Fair value
Derivative assets		4.1
Financial liabilities		679.8	357.7
Level 3
Fair value
Derivative assets		0.0
Financial liabilities		0.0	0.0
Senior secured notes
Fair value
Financial liabilities		311.5
Senior secured notes | Level 1
Fair value
Financial liabilities		0.0	0.0
Senior secured notes | Level 2
Fair value
Financial liabilities		311.5	257.6
Senior secured notes | Level 3
Fair value
Financial liabilities		0.0	0.0
Senior unsecured notes
Fair value
Financial liabilities		367.6	96.7
Senior unsecured notes | Level 1
Fair value
Financial liabilities		0.0	0.0
Senior unsecured notes | Level 2
Fair value
Financial liabilities		367.6	96.7
Senior unsecured notes | Level 3
Fair value
Financial liabilities		0.0	0.0
Provisionally-priced sales
Fair value
Financial liabilities			1.9
Provisionally-priced sales | Level 1
Fair value
Financial liabilities			0.0
Provisionally-priced sales | Level 2
Fair value
Financial liabilities			1.9
Provisionally-priced sales | Level 3
Fair value
Financial liabilities			0.0
Provisionally-priced sales
Fair value
Derivative assets	[1]	4.1	0.0
Derivative liabilities	[1]	0.0	1.9
Provisionally-priced sales | Level 1
Fair value
Derivative assets		0.0
Provisionally-priced sales | Level 2
Fair value
Derivative assets		4.1
Provisionally-priced sales | Level 3
Fair value
Derivative assets		0.0
Commodity contracts
Fair value
Derivative liabilities	[1]	0.7	1.5
Commodity contracts | Level 1
Fair value
Derivative liabilities		0.0	0.0
Commodity contracts | Level 2
Fair value
Derivative liabilities		0.7	1.5
Commodity contracts | Level 3
Fair value
Derivative liabilities		0.0	0.0
Forward currency contracts
Fair value
Derivative assets	[1]	1.0	0.0
Derivative liabilities	[1]	0.0	2.0
Forward currency contracts | Level 1
Fair value
Derivative assets		1.0
Derivative liabilities			2.0
Forward currency contracts | Level 2
Fair value
Derivative assets		0.0
Derivative liabilities			0.0
Forward currency contracts | Level 3
Fair value
Derivative assets		$ 0.0
Derivative liabilities			$ 0.0

[1] TCM's derivative assets are included in prepaid expenses and other current assets and accounts receivable, and derivative liabilities are included in other current liabilities in the Condensed Consolidated Balance Sheets. TCM is exposed to credit risk when counterparties with whom it has entered into derivative transactions are unable to satisfy their obligations. To reduce counterparty credit exposure, TCM deals primarily with large, credit-worthy financial institutions and companies. TCM believes the counterparties to the contracts to be credit-worthy entities and, therefore, TCM believes credit risk of counterparty non-performance is relatively low, and, as such, the fair value of the derivatives has not been adjusted.

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Fair Value Measurement - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Senior secured notes
Fair value
Interest rate stated percentage	9.75%
Fair value of debt instruments	$ 311.5	$ 257.6
7.375% Senior Unsecured Notes
Fair value
Interest rate stated percentage	7.375%
Fair value of debt instruments	$ 237.6	61.1
Senior unsecured notes
Fair value
Interest rate stated percentage	12.50%
Fair value of debt instruments	$ 130.0	$ 35.6

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Leases - Capital Lease Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total long-term lease obligations	$ 15.3	$ 27.4
Equipment Facility
Debt Instrument [Line Items]
Total lease obligations	40.3	53.0
Equipment Facility sale leaseback	23.6	31.2
Less: Current portion	(25.0)	(25.6)
Total long-term lease obligations	15.3	27.4
Equipment Facility | Endako Mine
Debt Instrument [Line Items]
Equipment Facility sale leaseback	1.1	1.7
Equipment Facility | Mount Milligan Mine
Debt Instrument [Line Items]
Total lease obligations	$ 15.6	$ 20.1

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Leases - Narrative (Details)	1 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2016 USD ($)	Jun. 30, 2016 USD ($) lease	Dec. 31, 2015
Capital Leased Assets [Line Items]
Percentage of ownership interest in project		75.00%
Endako Mine
Capital Leased Assets [Line Items]
Percentage of ownership interest in project		75.00%
Equipment Facility | Mount Milligan Mine
Capital Leased Assets [Line Items]
Maximum underwriting available under facility (up to)		$ 132,000,000
Equipment Facility | Caterpillar
Capital Leased Assets [Line Items]
Interest rate stated percentage		5.50%
Equipment Facility | Endako Mine
Capital Leased Assets [Line Items]
Interest rate stated percentage		5.85%
Minimum | Equipment Facility
Capital Leased Assets [Line Items]
Term of borrowing under facility (in months)		48 months
Maximum | Equipment Facility
Capital Leased Assets [Line Items]
Term of borrowing under facility (in months)		60 months
Caterpillar | Mount Milligan Mine
Capital Leased Assets [Line Items]
Sale leaseback transaction, percentage of lease assumed			25.00%
Sale Leaseback Transaction | Equipment Facility | Caterpillar
Capital Leased Assets [Line Items]
Number of leases | lease		2
Surety Bond
Capital Leased Assets [Line Items]
Cash collateral for surety bond	$ 2,600,000
Surety bond issued	$ 10,400,000

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Leases - Interest and Debt Issuance Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Interest paid	$ 23.8	$ 24.9	$ 39.2	$ 42.2
Interest and debt issuance costs expensed	19.9	21.1	40.2	42.6
Equipment loans
Debt Instrument [Line Items]
Interest paid	0.6	1.0	1.4	1.9
Interest and debt issuance costs expensed	$ 0.6	$ 1.2	$ 1.4	$ 2.3

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Debt - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015	Nov. 27, 2012	May 11, 2012	May 20, 2011
Debt Instrument [Line Items]
Debt balance, net of reductions	$ 8.7	$ 11.1
Secured Debt | 9.75% Senior Secured Notes
Debt Instrument [Line Items]
Debt balance, net of reductions	$ 3.5	$ 4.8
Interest rate stated percentage	9.75%	9.75%	9.75%
Unsecured Debt | 7.375% Senior Unsecured Notes
Debt Instrument [Line Items]
Debt balance, net of reductions	$ 2.6	$ 3.3
Interest rate stated percentage	7.375%	7.375%			7.375%
Unsecured Debt | 12.5% Senior Unsecured Notes
Debt Instrument [Line Items]
Debt balance, net of reductions	$ 2.6	$ 3.0
Interest rate stated percentage	12.50%	12.50%		12.50%

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Debt - Debt Components (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015	Nov. 27, 2012	May 11, 2012	May 20, 2011
Debt Instrument [Line Items]
Less : Deferred financing fees and debt discounts	$ (8.7)	$ (11.1)
Total long-term debt	$ 824.2	$ 821.8
Secured Debt | 9.75% Senior Secured Notes
Debt Instrument [Line Items]
Interest rate stated percentage	9.75%	9.75%	9.75%
Outstanding payable amount	$ 315.8	$ 315.8
Less : Deferred financing fees and debt discounts	(3.5)	(4.8)
Total long-term debt	$ 312.3	$ 311.0
Unsecured Debt | 7.375% Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate stated percentage	7.375%	7.375%			7.375%
Outstanding payable amount	$ 334.1	$ 334.1
Less : Deferred financing fees and debt discounts	(2.6)	(3.3)
Total long-term debt	$ 331.5	$ 330.8
Unsecured Debt | 12.5% Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate stated percentage	12.50%	12.50%		12.50%
Outstanding payable amount	$ 183.0	$ 183.0
Less : Deferred financing fees and debt discounts	(2.6)	(3.0)
Total long-term debt	$ 180.4	$ 180.0

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Debt - Interest Paid, Capitalized, and Expensed (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Disclosure [Abstract]
Interest paid	$ 23.8	$ 24.9	$ 39.2	$ 42.2
Interest capitalized	0.8	0.3	1.3	0.6
Interest expensed	$ 19.9	$ 21.1	$ 40.2	$ 42.6

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Gold Stream Arrangement - Narrative (Details) $ in Millions	1 Months Ended
	Aug. 31, 2012 USD ($) $ / ozt	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gold Stream deferred revenue		$ 654.9	$ 677.8
Gold Stream Amended and Restated Agreements | Mount Milligan Mine
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of payable gold to be sold per arrangement (as a percent)	52.25%
Aggregate cash deposits to be received	$ 781.5
Specified purchase price per ounce (in dollars per ounce) | $ / ozt	435
Gold Stream deferred revenue		$ 618.6

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Gold Stream Arrangement - Revenue Recognition (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) invoice	Jun. 30, 2015 USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gold sales		$ 64.6	$ 56.3	$ 109.9	$ 92.3
Revenues		128.7	134.1	226.1	257.1
Gold Stream Amended and Restated Agreements
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gold sales	[1],[2]	11.4	10.0	18.0	16.4
Revenues	[2]	25.5	23.1	42.1	37.8
Gold Stream Amended and Restated Agreements | Up-front Payment Arrangement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Gold sales		14.1	13.1	24.1	21.4
Decrease in gold sales				$ (1.5)
Number of invoices | invoice				5
Gold Stream Amended and Restated Agreements | Gold sales
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue recognized		1.1	(2.8)	$ 1.7	(0.5)
Gold Stream Amended and Restated Agreements | Gold sales | Up-front Payment Arrangement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue recognized		$ 10.3	$ 12.8	$ 16.3	$ 16.9

[1] The six months ended June 30, 2016 included a $1.5 million reduction related to five provisional invoices from 2015. The decrease resulted from a downward revision to the rate at which the deferred revenue liability resulting from the Gold Stream Arrangement was amortized. This rate is calculated based on the remaining deferred revenue liability and total ounces of refined gold owed to Royal Gold.

[2] The three and six months ended June 30, 2016 included $10.3 million and $16.3 million, respectively, of revenue for gold ounces delivered, and $1.1 million and $1.7 million, respectively, in future reduction of deferred revenue liability ultimately to be recognized upon delivery of gold. The three and six months ended June 30, 2015 included $12.8 million and $16.9 million, respectively of revenue for gold ounces delivered partially offset by $2.8 million and $0.5 million, respectively in future reduction of deferred revenue liability ultimately to be recognized upon delivery of gold.

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Other Liabilities - Components of Other Liabilities (Details) $ in Millions		1 Months Ended
		Mar. 31, 2016 CAD / unit	Jun. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)
Other Liabilities [Abstract]
Liabilities for unrecognized tax benefits	[1]		$ 8.3	$ 9.7
Deferred vendor payable	[2]		6.4	0.0
Employee benefits, retention and incentives	[3]		4.5	3.9
Other liabilities			$ 19.2	$ 13.6
Percentage of payable deferred (up to)		75.00%
Payment deferral program duration		5 years
Payment deferral period		2 years
Price per unit of copper (in CAD per unit) | CAD / unit		3.40
Marginal rate above basis for deferred balance		5.00%

[1] Unrecognized tax benefits related to an uncertain tax position primarily related to timing differences for certain deductions.

[2] In March 2016 TCM entered into a program (the "BC Hydro Program") offered by the government of British Columbia to certain copper and coal producers. The BC Hydro Program amended the terms of TCM's existing utility agreement with British Columbia’s crown corporation, BC Hydro. As a participant in this program, TCM can defer payment on up to 75% of electrical obligations to BC Hydro, with the percentage deferral and repayment being dependent upon levels of copper prices and Canadian foreign exchange rates. The BC Hydro Program is a five-year program, with a two-year deferral period. All amounts outstanding must be repaid by the end of the five-year period or if copper prices are above C$3.40. The deferred balance will accrue interest at an annual rate of Prime (as set by the Bank of Canada) +5%, compounded monthly. As of June 30, 2016, TCM continued to elect to participate in the program. TCM can elect to end its participation in the BC Hydro Program at any time by paying the then outstanding obligations in full.

[3] See Note 11 for further discussion.

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Cash-Based Incentive Plan (Details) - USD ($) $ in Millions		6 Months Ended
	Mar. 31, 2016	Jun. 30, 2016	Apr. 30, 2016
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Award vesting period	2 years 9 months
Incentive Awards | Executive Officer
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Cash based awards granted		$ 3.3
Awards paid			$ 2.2
Performance and Inducement Awards | Executive Officer
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Compensation to be accrued and expensed		3.6
Accrued compensation		$ 1.5

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Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1.2	$ 1.8	$ 2.5	$ 3.1
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	0.0	0.1	0.1	0.2
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	0.7	0.9	1.4	1.4
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	0.5	0.7	1.0	1.4
Stock Options, Performance Share Units, and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1.2	$ 1.7	$ 2.5	$ 3.0

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Stock-Based Compensation - Stock Options (Details) $ / shares in Units, shares in Thousands	6 Months Ended
	Jun. 30, 2016 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable period (not to exceed)	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Vested and exercisable at period end (in shares)	742	[1]
Weighted-Average Exercise Price
Vested and exercisable at period end (in US dollars per share) | $ / shares	$ 3.48	[1]
Aggregate intrinsic value of exercisable awards | $	$ 0
Options not vested and not exercisable (in shares)	400
Total compensation cost related to these non-vested awards not yet recognized (in dollars) | $	$ 200,000
Weighted average period over which compensation cost related to non-vested awards is expected to be recognized (in years)	1 year 4 months 28 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Expiration period	5 years
Period for measurement of exercise price	5 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Stock options outstanding at beginning of period (in shares)	1,156
Granted (in shares)	6
Canceled/expired/surrendered (in shares)	(20)
Stock options outstanding at end of period (in shares)	1,142
Weighted-Average Exercise Price
Stock options outstanding at the beginning of period (in US dollars per share) | $ / shares	$ 3.26
Granted (in US dollars per share) | $ / shares	0.53
Canceled/expired/forfeited (in US dollars per share) | $ / shares	12.99
Stock options outstanding at end of period (in US dollars per share) | $ / shares	$ 3.08

[1] The aggregate intrinsic value of these exercisable awards was nil as of June 30, 2016.

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Stock-Based Compensation - Performance Shares (Details) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($) metric $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost related to these non-vested awards not yet recognized (in dollars) | $	$ 0.2
Weighted average period over which compensation cost related to non-vested awards is expected to be recognized (in years)	1 year 4 months 28 days
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance metrics for vesting to occur | metric	2
Performance period	3 years
Vesting period	3 years
Total compensation cost related to these non-vested awards not yet recognized (in dollars) | $	$ 3.7
Weighted average period over which compensation cost related to non-vested awards is expected to be recognized (in years)	1 year 5 months 1 day
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at (in shares) | shares	3,799
Cancelled/expired/forfeited (in shares) | shares	(411)
Outstanding at (in shares) | shares	3,388
Weighted-Average Fair Value
Outstanding at (in dollars per share) | $ / shares	$ 2.61
Cancelled/expired/forfeited (in dollars per share) | $ / shares	4.02
Outstanding at (in dollars per share) | $ / shares	$ 2.44

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Stock-Based Compensation - Restricted Stock Units (Details) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost related to these non-vested awards not yet recognized (in dollars) | $	$ 0.2
Weighted average period over which compensation cost related to non-vested awards is expected to be recognized (in years)	1 year 4 months 28 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Total compensation cost related to these non-vested awards not yet recognized (in dollars) | $	$ 1.5
Weighted average period over which compensation cost related to non-vested awards is expected to be recognized (in years)	1 year 4 months 21 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at (in shares) | shares	2,680
Vested and common shares issued (in shares) | shares	(1,136)
Cancelled/expired/forfeited (in shares) | shares	(35)
Outstanding at (in shares) | shares	1,509
Weighted-Average Fair Value
Outstanding at (in dollars per share) | $ / shares	$ 1.87
Vested and common shares issued (in dollars per share) | $ / shares	1.85
Cancelled/expired/forfeited (in dollars per share) | $ / shares	1.76
Outstanding at (in dollars per share) | $ / shares	$ 1.88

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Commitments and Contingencies (Details) t in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2016 USD ($) $ / lb lb counterparty t
Commitments and Contingencies
Number of counterparties | counterparty	4
Purchase commitment of molybdenum oxide (in lbs) | lb	1,400,000
Open capital purchase commitment | $	$ 12.7
Molybdenum Purchases
Commitments and Contingencies
Purchase commitment from 2016 to 2017 (in lbs) | lb	7,000,000
Four Copper Concentrate Sales Contracts
Commitments and Contingencies
Number of dry metric tonnes agreed to sell (in tonnes)	136
Number of dry metric tonnes agreed to sell in year two (in tonnes)	100
Number of dry metric tonnes agreed to sell in year three (in tonnes)	80
Number of dry metric tonnes agreed to sell in year four (in tonnes)	40
Fixed-Priced Contracts | Molybdenum Sales
Commitments and Contingencies
Sale commitment (in lbs) | lb	255,500
Sale commitment average price (in USD per lb) | $ / lb	11.23

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Income and Mining Tax Expense (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income and mining tax expense (benefit)	$ 0.6	$ 5.1	$ 8.1	$ (11.6)

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Net (Loss) Income per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reconciliation of Net (Loss) Income and Weighted-Average Common Shares Outstanding:
Net (loss) income	$ (27.9)	$ 0.3	$ 7.2	$ (86.9)
Basic weighted-average number of shares outstanding (in shares)	221.7	218.0	222.4	216.2
Effect of dilutive securities
Share-based awards (in shares)	0.0	0.1	0.0	0.0
Diluted weighted-average number of shares outstanding (in shares)	221.7	218.1	222.4	216.2
Net (loss) income per share
Basic (in USD per share)	$ (0.13)	$ 0.00	$ 0.03	$ (0.40)
Diluted (in USD per share)	$ (0.13)	$ 0.00	$ 0.03	$ (0.40)
Stock options
Net (loss) income per share
Shares excluded from calculation of diluted earnings per share (in shares)	1.1	1.2	1.1	1.2
Performance Shares
Net (loss) income per share
Shares excluded from calculation of diluted earnings per share (in shares)	3.4	4.3	3.4	4.3
Restricted stock units
Net (loss) income per share
Shares excluded from calculation of diluted earnings per share (in shares)	1.5	2.8	1.5	2.8

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Transactions with our Endako Mine Joint Venture Partner (Details) - Endako Mine - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Related party transactions
Sales to related party		$ 1,400,000		$ 7,400,000
Percentage of sales to related party out of total revenue (as a percent)		1.00%		2.90%
Accounts receivable from related party	$ 0		$ 0		$ 0

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Supplementary Cash Flow Information - Change in Current Assets and Liabilities (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Change in current assets and current liabilities:
Accounts receivable		$ (14.7)	$ 14.3	$ (17.5)	$ 14.5
Product inventory		11.1	(0.4)	(0.2)	10.1
Materials and supplies inventory		2.4	0.7	(0.3)	0.0
Prepaid expenses and other current assets		(0.5)	(0.3)	(2.4)	0.2
Income and mining taxes receivable		6.0	(3.8)	5.9	(6.4)
Accounts payable and accrued liabilities		(5.7)	2.0	(3.0)	(17.6)
Income and mining taxes payable		(0.9)	(0.6)	(0.8)	(0.6)
Change in working capital accounts, total		(2.3)	11.9	(18.3)	0.2
Cash interest paid	[1]	24.4	25.9	40.6	44.1
Income and mining tax (refunds) payments, net	[2]	(4.9)	1.7	(3.9)	2.6
Cash interest paid, capitalized		0.3	0.3	0.7	1.0
Refunds of US and Canadian income taxes related to prior year tax returns		$ 6.1		$ 6.1

[1] Included cash interest paid on senior secured and unsecured notes and equipment financing arrangements. For the three months and six months ended June 30, 2016, cash interest paid of $0.3 million and $0.7 million, respectively, had been previously capitalized related to TCM's debt. For the three and six months ended June 30, 2015, cash interest paid of $0.3 million and $1.0 million, respectively, had been previously capitalized related to TCM's debt. See Notes 7 and 8 for additional information.

[2] For each of the three and six months ended June 30, 2016, TCM received $6.1 million in refunds of US and Canadian income taxes related to prior year tax returns. For each of the three and six months ended June 30, 2015, TCM received nil in refunds of US and Canadian income taxes related to prior year tax returns.

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Supplementary Cash Flow Information - Noncash Investing and Financing Activities (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Acquisition of property, plant and equipment under the Equipment Facility		$ 0.0	$ 0.0	$ 0.0	$ 9.2
Capitalized debt costs	[1]	0.8	0.3	1.3	0.6
Long-term lease obligations		0.0	0.0	0.0	8.3
Settlement of tMEDS		$ 0.0	$ (7.2)	$ 0.0	$ (7.2)

[1] Included capitalized interest not paid in cash, amortization of deferred financing costs and debt discounts.

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Concentration of Credit Risk (Details) - Accounts receivable	6 Months Ended
	Jun. 30, 2016 USD ($) customer
Customer group one
Concentration of credit risk
Number of customers considered for concentration risk | customer	4
Concentration risk receivable, minimum (more than)	$ 3,000,000.0
Concentration risk (as a percent)	61.40%
Customer group two
Concentration of credit risk
Number of customers considered for concentration risk | customer	5
Concentration risk receivable, minimum (more than)	$ 1,000,000
Concentration risk receivable, maximum for range (less than)	$ 3,000,000.0

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Segment Information - Segment Income (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) segment	Jun. 30, 2015 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment			3
Percentage of ownership interest in project	75.00%		75.00%
Revenues
Copper sales	$ 37.6	$ 49.3	$ 65.7	$ 81.5
Gold sales	64.6	56.3	109.9	92.3
Molybdenum sales	22.3	20.9	41.9	63.7
Tolling, calcining and other	4.2	7.6	8.6	19.6
Total revenues	128.7	134.1	226.1	257.1
Cost and expenses
Operating expenses	86.4	75.3	143.9	158.3
Depreciation, depletion and amortization	29.1	26.8	48.9	46.8
Total cost of sales	115.5	102.1	192.8	205.1
Selling and marketing	2.7	2.2	4.9	5.2
Accretion expense	0.6	0.6	1.2	1.2
Cost of idle operations	2.4	12.1	4.8	17.7
Total costs and expenses	132.5	122.0	222.5	239.8
OPERATING (LOSS) INCOME	(3.8)	12.1	3.6	17.3
Gain (loss) on foreign exchange	1.4	(16.9)	(58.0)	71.3
Operating Segments
Revenues
Copper sales	37.6	49.3	65.7	81.5
Gold sales	64.6	56.3	109.9	92.3
Molybdenum sales	22.3	20.9	41.9	63.7
Tolling, calcining and other	4.2	7.6	8.6	19.6
Total revenues	128.7	134.1	226.1	257.1
Cost and expenses
Operating expenses	86.4	75.3	143.9	158.3
Depreciation, depletion and amortization	29.1	26.8	48.8	46.7
Total cost of sales	115.5	102.1	192.7	205.0
Selling and marketing	2.7	2.2	4.9	5.2
Accretion expense	0.6	0.6	1.2	1.2
Cost of idle operations	2.4	12.1	4.8	17.7
Total costs and expenses	121.2	117.0	203.6	229.1
OPERATING (LOSS) INCOME	7.5	17.1	22.5	28.0
Gain (loss) on foreign exchange	(1.0)	(3.7)	(14.7)	11.5
Segment income (loss) before income and mining taxes	8.5	20.8	37.2	16.5
Operating Segments | Copper-Gold
Revenues
Copper sales	37.6	49.3	65.7	81.5
Gold sales	64.6	56.3	109.9	92.3
Molybdenum sales	0.0	0.0	0.0	0.0
Tolling, calcining and other	0.0	0.0	0.0	0.0
Total revenues	102.2	105.6	175.6	173.8
Cost and expenses
Operating expenses	61.9	49.6	97.9	83.4
Depreciation, depletion and amortization	27.0	22.8	44.3	37.1
Total cost of sales	88.9	72.4	142.2	120.5
Selling and marketing	2.2	1.8	4.0	3.8
Accretion expense	0.1	0.1	0.2	0.2
Cost of idle operations	0.0	0.0	0.0	0.0
Total costs and expenses	91.2	74.3	146.4	124.5
OPERATING (LOSS) INCOME	11.0	31.3	29.2	49.3
Gain (loss) on foreign exchange	(1.0)	(4.3)	(14.8)	13.0
Segment income (loss) before income and mining taxes	12.0	35.6	44.0	36.3
Operating Segments | US Molybdenum
Revenues
Copper sales	0.0	0.0	0.0	0.0
Gold sales	0.0	0.0	0.0	0.0
Molybdenum sales	22.3	20.5	41.9	58.3
Tolling, calcining and other	4.2	7.8	8.6	19.9
Total revenues	26.5	28.3	50.5	78.2
Cost and expenses
Operating expenses	24.5	25.7	46.0	71.6
Depreciation, depletion and amortization	2.1	3.8	4.5	9.0
Total cost of sales	26.6	29.5	50.5	80.6
Selling and marketing	0.5	0.5	0.9	1.2
Accretion expense	0.1	0.1	0.3	0.3
Cost of idle operations	1.7	1.8	3.5	4.2
Total costs and expenses	28.9	31.9	55.2	86.3
OPERATING (LOSS) INCOME	(2.4)	(3.6)	(4.7)	(8.1)
Gain (loss) on foreign exchange	0.0	0.0	0.0	0.0
Segment income (loss) before income and mining taxes	(2.4)	(3.6)	(4.7)	(8.1)
Operating Segments | Canadian Molybdenum
Revenues
Copper sales	0.0	0.0	0.0	0.0
Gold sales	0.0	0.0	0.0	0.0
Molybdenum sales	0.0	0.4	0.0	5.4
Tolling, calcining and other	0.0	0.0	0.0	0.0
Total revenues	0.0	0.4	0.0	5.4
Cost and expenses
Operating expenses	0.0	0.2	0.0	3.6
Depreciation, depletion and amortization	0.0	0.0	0.0	0.4
Total cost of sales	0.0	0.2	0.0	4.0
Selling and marketing	0.0	0.0	0.0	0.2
Accretion expense	0.4	0.4	0.7	0.7
Cost of idle operations	0.7	10.3	1.3	13.5
Total costs and expenses	1.1	10.9	2.0	18.4
OPERATING (LOSS) INCOME	(1.1)	(10.5)	(2.0)	(13.0)
Gain (loss) on foreign exchange	0.0	0.6	0.1	(1.5)
Segment income (loss) before income and mining taxes	(1.1)	(11.1)	(2.1)	(11.5)
Intersegment Eliminations
Revenues
Copper sales	0.0	0.0	0.0	0.0
Gold sales	0.0	0.0	0.0	0.0
Molybdenum sales	0.0	0.0	0.0	0.0
Tolling, calcining and other	0.0	(0.2)	0.0	(0.3)
Total revenues	0.0	(0.2)	0.0	(0.3)
Cost and expenses
Operating expenses	0.0	(0.2)	0.0	(0.3)
Depreciation, depletion and amortization	0.0	0.2	0.0	0.2
Total cost of sales	0.0	0.0	0.0	(0.1)
Selling and marketing	0.0	(0.1)	0.0	0.0
Accretion expense	0.0	0.0	0.0	0.0
Cost of idle operations	0.0	0.0	0.0	0.0
Total costs and expenses	0.0	(0.1)	0.0	(0.1)
OPERATING (LOSS) INCOME	0.0	(0.1)	0.0	(0.2)
Gain (loss) on foreign exchange	0.0	0.0	0.0	0.0
Segment income (loss) before income and mining taxes	$ 0.0	$ (0.1)	$ 0.0	$ (0.2)

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Segment Information - Reconciliation of Segment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reconciliation of segment income to net income
NET (LOSS) INCOME	$ (27.9)	$ 0.3	$ 7.2	$ (86.9)
Other expense (income)
General and administrative	5.0	4.9	9.1	10.5
Strategic initiative related costs	4.9	0.0	8.3	0.0
Interest expense, net	20.5	22.3	41.6	44.9
Gain (loss) on foreign exchange	1.4	(16.9)	(58.0)	71.3
Gain from debt extinguishment	0.0	3.1	0.0	2.8
Other expense (income)	1.7	(1.8)	4.9	(3.1)
Income and mining tax expense (benefit)	0.6	5.1	8.1	(11.6)
Segment income before income and mining taxes	(27.3)	5.4	15.3	(98.5)
Segment Reconciling Items
Other expense (income)
General and administrative	5.0	4.9	9.1	10.5
Strategic initiative related costs	4.9	0.0	8.3	0.0
Exploration	1.4	0.1	1.4	0.1
Interest expense, net	20.4	22.3	41.4	44.8
Gain (loss) on foreign exchange	2.4	(13.2)	(43.3)	59.8
Corporate depreciation	0.0	0.0	0.1	0.1
Gain from debt extinguishment	0.0	3.1	0.0	2.8
Other expense (income)	1.7	(1.8)	4.9	(3.1)
Income and mining tax expense (benefit)	0.6	5.1	8.1	(11.6)
Segment income before income and mining taxes	$ 8.5	$ 20.8	$ 37.2	$ 16.5

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Segment Information - Other Segment Information (Details) - USD ($) $ in Millions		6 Months Ended		12 Months Ended
		Jun. 30, 2016		Dec. 31, 2015
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures		$ 31.5	[1]	$ 61.3	[2]
Property, plant, equipment and development	[3]	1,952.9		1,856.2
Assets		2,433.3		2,366.6
Liabilities		1,781.7		1,791.3
Operating Segments | Copper-Gold
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures		31.0	[1]	54.9	[2]
Property, plant, equipment and development	[3]	1,820.5		1,721.0
Assets		2,063.3		1,920.5
Liabilities		841.6		840.6
Operating Segments | Secondary Crusher
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures		22.7
Operating Segments | Permanent Operations Residence
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures				18.1
Operating Segments | Support Equipment and Facilities
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures		7.2
Operating Segments | US Molybdenum
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures		0.5	[1]	6.2	[2]
Property, plant, equipment and development	[3]	107.7		112.0
Assets		256.1		324.3
Liabilities		24.5		26.9
Operating Segments | Canadian Molybdenum
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures		0.0	[1]	0.2	[2]
Property, plant, equipment and development	[3]	24.5		23.0
Assets		85.5		84.0
Liabilities		20.5		19.1
Operating Segments | Mount Milligan Mine
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures				13.0
Operating Segments | Uncompleted Wells Equipment and Facilities
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures				5.5
Operating Segments | Project Capital
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures				2.2
Intersegment Eliminations
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures		0.0	[1]	0.0	[2]
Property, plant, equipment and development	[3]	0.2		0.2
Assets		28.4		37.8
Liabilities		895.1		904.7
Secondary Crusher | Operating Segments
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures				3.3
Operational Capital | Operating Segments
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures		$ 1.1
Operational Capital | Operating Segments | Mount Milligan Mine
Other segment information regarding capital expenditures, assets and liabilities
Capital expenditures				$ 12.8

[1] Capital expenditures were for the six months ended June 30, 2016. Copper-Gold capital expenditures include $22.7 million relating to the construction of the permanent secondary crushing circuit, $7.2 million related primarily to the tailings storage facility and $1.1 million for operating capital

[2] Capital expenditures were for the year ended December 31, 2015. Copper-Gold capital expenditures include $18.1 million for the tailings storage facility, $13.0 million for the one-time settlement of certain Mount Milligan Mine construction and development claims, $12.8 million for ongoing operational capital, $5.5 million for engineering, site preparation and pre-construction work for the permanent secondary crusher, $3.3 million for concrete work for the permanent secondary crusher and $2.2 million related primarily to the payment of accruals from 2014.

[3] Includes exploration properties.

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Subsequent Events (Details) $ in Millions	Jul. 05, 2016 USD ($)	Dec. 31, 2016 USD ($)	Jun. 30, 2016	Dec. 31, 2015	Nov. 27, 2012	May 11, 2012	May 20, 2011
Centerra | Subsequent Event
Subsequent Event [Line Items]
Stock exchange conversion ratio	0.0988
9.75% Senior Secured Notes | Secured Debt
Subsequent Event [Line Items]
Interest rate stated percentage			9.75%	9.75%	9.75%
7.375% Senior Unsecured Notes | Unsecured Debt
Subsequent Event [Line Items]
Interest rate stated percentage			7.375%	7.375%			7.375%
12.5% Senior Unsecured Notes | Unsecured Debt
Subsequent Event [Line Items]
Interest rate stated percentage			12.50%	12.50%		12.50%
Transaction Unsuccessful - Termination Fee | TCM | Centerra | Scenario, Forecast
Subsequent Event [Line Items]
Contingent consideration		$ 35
Transaction Completed - Success Fee | TCM | Centerra | Scenario, Forecast
Subsequent Event [Line Items]
Contingent consideration		$ 10
Previously paid	$ 1