Continued Production Ramp-Up At Pumpkin Hollow Underground Mine

YERINGTON, NV - Nevada Copper Corp. Chief Executive Officer Matt Gili, said “The company has entered into non-binding arrangements for a proposed substantial balance sheet strengthening package in order to provide increased operating flexibility to continue its ramp-up to steady-state commercial production during this period of market uncertainty. The proposed financing package is expected to provide significant balance sheet strength and positions our business to weather this period of unprecedented market uncertainty. We are working with our financing partners to conclude these arrangements. Despite the significant macro headwinds, I am pleased to report continued production ramp-up from our Pumpkin Hollow Underground Mine. Whilst we are experiencing a longer than anticipated commissioning period, we are now delivering ongoing growth in concentrate production volumes as the mine continues to ramp-up towards commercial production. We are also seeing positive reconciliation of mined copper grades and definition drilling versus the resource model.”

While the arrangements are non-binding, Nevada Copper is working with its financing partners in an effort to reach binding agreements within the next two weeks. The package comprises a combination of measures that are expected to significantly improve the liquidity profile of the Company under lower copper price scenarios and provide enhanced operating flexibility during the ramp-up of the Pumpkin Hollow Underground Mine. When implemented, these measures will provide Nevada Copper confidence regarding its positioning to weather the current environment and execute its stated business objectives.

The Company has entered into a non-binding term sheet with Triple Flag Precious Metals Corp. and Triple Flag Mining Finance Bermuda Ltd. (collectively, “Triple Flag”) that provides for a precious metals stream amendment for the underground mine and a royalty package for the Pumpkin Hollow open pit project and Tedeboy exploration property (collectively the foregoing, the “Triple Flag Financing Transactions”). The Triple Flag Financing Transactions are subject to, among other things, the Company and Triple Flag negotiating and entering into definitive documentation, .

The Company has obtained consent, in principle, from its senior lender KFW to the Triple Flag Financing Transactions, subject to final approval and review of the final documentation. The Company is also seeking amendments to its credit facility with KFW in order to provide for certain amortization deferrals and debt service reserve account adjustments in order to maintain the financial flexibility that the Company requires and that the Refinancing Transactions are designed to provide. The Company believes it will be able to work in a collaborative manner with KFW to achieve the required consents and amendments to facilitate the Refinancing Transactions.