NEVADA COPPER CLOSES PREVIOUSLY ANNOUNCED BALANCE SHEET STRENGTHENING TRANSACTIONS

All amounts herein are in United States Dollars unless otherwise indicated.

YERINGTON, Nev., March 30, 2020 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX: NCU) (“Nevada Copper” or the “Company’’) is pleased to announce that it has closed its previously announced balance sheet strengthening transactions.

Completed Balance Sheet Strengthening Package

The following components of the financing transactions have now closed. Additional details on these transactions can be found in the Company’s press release, dated March 27, 2020.

KfW Amendment ($12.2 million re-sculpting of senior debt service)

• Amendments to the Company’s existing senior credit facility with KfW IPEX-Bank GMBH, providing for an aggregate of $12,200,000 in payment deferrals through the re-sculpting of certain amortization and debt service reserve account payments.

Triple Flag Transactions ($20 million advanced and $15 million in subsequent payments)

• An amendment to the existing metals purchase and sale agreement with an affiliate of Triple Flag Precious Metals Corp. (“TFPM”) that provides for an additional $15,000,000 in payments to the Company, comprised of a $10,000,000 payment on May 1, 2020 and an additional $5,000,000 to be paid through the reinvestment of 50% of the value of metal deliveries received by TFPM’s affiliate under the agreement.
   
• New net smelter return royalty agreements with an affiliate of TFPM over the Company’s Open Pit project and Tedeboy exploration property. The Company has received an aggregate of $20,000,000 as the purchase price for these royalties.
   
• TFPM was issued an aggregate of 15,000,000 common share purchase warrants of the Company at an exercise price of C$0.225.

Convertible Loan ($30 million credit facility re-financing)

• A new convertible loan facility (the “Convertible Loan”) with Pala Investments Limited (“Pala”) in the principal amount of $30,000,000, which extends and replaces the $30,000,000 unsecured credit facility the Company entered into with Pala on November 29, 2019, as amended.
   
• The Company and Pala intend to seek additional investors (which may include insiders of the Company) to which Pala may syndicate a portion of the Convertible Loan up to a maximum amount of $12,000,000.

Backstop Commitment (up to $20 million)

• A backstop agreement among Pala, the Company and an affiliate of TFPM (the “Backstop”), providing for up to $20,000,000 which will be available for the Company to call on if required until December 31, 2021 if it is unable to raise capital from other sources.