Nevada Copper Provides Update on Project Development Objectives - Seite 2

       º  Drilling plans defined to follow-up on high-potential targets

• Underground Future Extension:
  
         º  Inferred conversion: Significant additional inferred resources to be in-filled as underground mining advances into new zones
  
         º  Exploration: Multiple underground mine extension targets to be further evaluated, including a new potentially large target to the east of the main shaft that is previously untested
  
         º  Expansion: Future expansion potential to be studied post achievement of steady-state production

FURTHER DETAILS OF DEVELOPMENT PLANS

Open Pit Advancement

One of the only fully permitted copper projects of scale in North America, with potential to further increase deposit size and project production scale.

Optimized Project Scale

Since the publication of 2019 Open Pit Pre-Feasibility Study (“PFS”), multiple project scale options have been evaluated, indicating substantial upside to project economics through larger scale options.

The development case presented in the PFS assumed a 37,000 tons per day (“tpd”) initial stage with an expansion to 70,000 tpd six years later, and a pit shell which was designed to maximize IRR at US$2.50/lb copper.

Internal trade-off studies indicate significant potential value upside from larger scale options:

• Going directly to 70,000 tpd in a single stage may enhance project economics by increasing the initial production profile.
• In response to recent successful drilling and the improved copper market fundamentals, the Company will review optimized pit shell designs.

Further Extension and Infill Drilling

Further drilling following-on from the highly successful 2018 open pit drill program is required to both:

• Seek to convert inferred open pit resources into measured and indicated category. There are currently 197 million lbs Cu of in-pit inferred resources, the successful conversion of which is expected to improve economics.
• Continue to extend the Northern Extension and Connector Zones. The recent open pit drill program both converted in-pit waste to ore and extended the mineral deposit boundaries with the ultimate size of the pit yet to be defined (see Figures 2 and 3).

Resource and reserve update