Resumption Of Ore Processing Operations At Pumpkin Hollow

YERINGTON, NV - Randy Buffington, President and CEO of Nevada Copper Corp., stated, “It is with great pride that I announce that we have achieved the critical milestone in restarting process at the Pumpkin Hollow underground mine. The restart of the mill has been orchestrated through careful planning and establishing the infrastructure needed to ensure sustained process plant operations, including the building of significant surface stockpiles and progression on critical capital projects. We are now well positioned to move towards steady state operations of 5,000 tons per day. My sincerest thanks to the entire Nevada Copper team and our business partners for their tireless efforts in achieving this important milestone for the future of Pumpkin Hollow.”

Processing operations recommenced at an initial feed rate to the mills of 3,000 tons per day (tpd) to allow for the process team to optimize reagent addition and establish and reinforce operating procedures and ensure consistent operations. The mill is being recommissioned on lower grade ore stockpiles and will transition to a combination of mined stope ore and stockpiled ore. By mid-October, throughput is planned to be increased steadily towards a goal of achieving steady state operations of 4,500-5,000 tpd by the end of 2023. Once steady-state operations are achieved, the Company may consider relatively simple optimization opportunities in 2024 to increase mill throughput potential beyond 5,000 tpd.

The third dike crossing was completed in September, clearing the way for planned 2024 stope development. Continued development beyond the dike is to ultimately provide a full ventilation circuit for the Lower East North stoping areas, but it also provides additional headings for the development contractor to open targeted 2024 stopes. Rock conditions beyond the dike continue to be as predicted by the geotechnical model.

The initial stope in the 2023 mining sequence was mined in July and August with 9,000 tons of ore extracted in the Sugarcube area of the East South (ES) Zone. Stope back filling activities began in September and a full stope was backfilled, completing successful testing of both the surface paste plant and the underground paste delivery system. This Sugarcube stope is part of the ES Zone planned stopes and ground conditions encountered during mining were conducive to a successful paste back fill. Drilling and blasting on the next planned stope in the Alphabet area of the ES Zone is in progress and is expected to yield 20,000 tons of ore by the end of this month.