Update On Operations And Production Restart From Pumpkin Hollow

YERINGTON, NV - Nevada Copper Corp. reported an update on operations and planned restart of production from its Pumpkin Hollow Underground Mine.

Progressing to plan with accelerated development: Main Shaft equipping advancing to plan; Materials handling system complete and in position pending finalization of related civil works. Plan for imminent restart of production confirmed: Mill restart is expected for mid-August; Initial production will come from both existing stockpile and development ore; Commencement of ore hoisting from Main Shaft in Q4; Full production capacity is expected to be achieved in Q4. Operational de-risking measures implemented: Cost reduction program completed over Q1 and Q2; New underground contractor performing to plan; Simplified critical path plan adopted to enable restart operations with stope ore hoisting directly from Main Shaft, expediting ramp-up of ore volumes to mill; Ore stockpile continues to grow, with lateral development focused on key infrastructure and building high-grade stope inventory; Mill optimization completed during suspension period; COVID-19 operating and contingency plans implemented; Optionality to lock-in forward copper prices and de-risk forward revenues; & Management team build-out and strengthening.

Evan Spencer, Chief Executive Officer said, “The Pumpkin Hollow management team is making excellent progress. Operational readiness is now well on-track and we are continuing the remobilization of our workforce. We are entering exciting times as we prepare to commission the Main Shaft and plan to bring the Pumpkin Hollow underground mine into full scale production in the fourth quarter.”