Nevada Copper Announces Financing Package for Pumpkin Hollow Project

YERINGTON, NV - Nevada Copper Corp. reported the execution of binding agreements with respect to a financing package that will provide liquidity for the continued ramp-up of operations at the Company’s underground project. Mike Ciricillo, Chief Executive Officer, said, “On behalf of the entire Company, I want to sincerely thank KfW for its ongoing support of the Company. The package not only meets the projected requirements of the ramp-up, but provides additional contingency headroom for the Company. With the Main Shaft materials handling system on track for mechanical completion in December, we expect to see hoisting rates increase significantly as planned in the coming weeks during final commissioning. Along with this significant milestone, the positive conclusion of KfW’s independent engineer review further validates our ramp-up plans.”

As previously announced, the Company completed a geotechnical review and elected to reduce the size of certain early stopes in a localized area where initial ramp-up ore is planned. While the move to initially smaller stopes in the Upper East South zone will further de-risk the Underground Project and does not affect the life of mine resource, the change has increased the Company’s costs in the short-term. The Company expects that the new financing package will address the cost increases resulting from the geotechnical changes and enable the Company to complete the ramp-up of the Underground Project.

The Company expects to close the financing package by the end of 2020 and will continue to review opportunities to supplement and optimize the financing package.