Pumpkin Hollow Project Achieves Peak Daily Hosting Rate

YERINGTON, NV - Nevada Copper Corp. reported at its Pumpkin Hollow project it achieved a peak daily hoisting rate of over 3,000 tons in February, and has achieved a hoisting rate equivalent to 5,000 tons per day on a shift basis. Despite the improving hoisting rates, the cumulative impact of a series of unplanned stoppages due to mechanical issues and other incidents in the main shaft has led to lower than expected ore production to date in 2021. Average hoisting rates for February to date were approximately 1,600 tons per day, compared to plan of approximately 3,000 tons per day. Retrofitting work to resolve these issues is expected to be completed soon.

Mill throughput has performed well at an average of approximately 3,100 tons of ore per day to date in 2021, with a peak of 4,000 tons per day. Recoveries have continued to increase, with average recoveries of approximately 90% in February. Product specifications remain consistent with expectations, with high-grade, clean copper concentrates being delivered to the Company’s offtaker. The mill continues to process development ore, with higher grade stope ore expected to be available in the coming months as planned.

As a result of the shaft delays noted, and delayed upgrade of the underground electrical and ventilation systems, production of copper concentrates during the first half of 2021 is expected to be significantly lower than planned. The resolution of the main shaft commissioning items, the ongoing installation of incremental underground power and ventilation upgrades and the deployment underground of additional mobile fleet equipment is expected to result in increased copper production rates beginning in the second quarter of 2021. The Company expects that, due to the delays noted, steady state production of 5,000 tons of ore per day will be deferred from mid year into the third quarter of 2021.

“We are pleased with the continued improvements of the milling operations and the peak hoisting numbers achieved this month,” stated Mike Ciricillo, CEO. “We look forward to completing upgrades to the Main Shaft in the coming weeks and the resulting increases in hoisting and production.”