Further Ramp-Up Progress At Pumpkin Hollow Underground Project

YERINGTON, NV - Nevada Copper Corp. (TSX: NCU) (OTC:NEVDF) (“Nevada Copper” or the “Company’’) is very pleased to announce a steady increase in performance from the Pumpkin Hollow underground project (the “Underground Project”).

Performance Highlights: Mine Hoisting - In December, the Company hoisted 36,000 tons of ore, an increase of over 60% from November. During the first week of January 2021, electrical and instrumentation commissioning of the main hoist system was completed, allowing the main hoist to operate at the full production speed of 1,800 ft per minute, with hoisting rates in January targeted to increase by 200% – 300%; Recovery rates - In December, the average concentrate recovery was 86% including a number of days that reached above the Company’s target of 90%; Lateral development - Monthly lateral development for December increased to approximately 1,200 ft, which is an increase of over 37% from November. A significant increase is expected in January with the main shaft online; Geotechnical Stability - Geotechnical boundaries and properties of the East North orebody have been verified by the recent underground drilling and development drifting. As expected, the resulting geotechnical modeling has confirmed the stability of the East North ore body; and Production - The Company expects to reach steady-state production of approximately 5,000tpd by mid-2021.

CEO, Mike Ciricillo said, “The team continues to improve the performance both at the mine and processing plant, evidenced by the operational metrics for December. Most importantly, they have done it safely. In addition, the commissioning of the main hoist system is progressing well, with the shaft reaching its full production speed further enabling the ramp-up to our goal of 5,000 tpd of hoisted material. We are well on our way to show the potential of the Pumpkin Hollow Underground Project.”