Nevada Copper Continues Ramp Up of Process Operations; First Concentrate Deliveries in October; Anna Ladd-Kruger Appointed to Board

Third Quarter Financial Statements and MD&A Filed

YERINGTON, Nev., Nov. 14, 2023 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) provides updates on recent operational developments at its Pumpkin Hollow underground mine (the “Underground Mine”), including the first deliveries of concentrate in October 2023.

Randy Buffington, President and CEO of Nevada Copper, stated, “The mill has been able to process at nameplate capacity for certain periods exceeding expected recoveries on a number of occasions. With additional refinement, we expect to be achieving nameplate capacity consistently by the end of 2023 meeting all expected operating parameters. The team has worked tirelessly to get us to this point and I appreciate their dedication towards the restart and ramp up of the mine.”

Highlights of recent operational achievements include:

• Mill commissioning progressing well – Since the mill restart on October 3, 2023, commissioning activities have demonstrated that the mill can perform at nameplate capacity, with multiple shifts exceeding expected ramp-up capacity. The process team continues to make operational and mechanical improvements in preparation for the mill operating at nameplate capacity by the end of 2023.
• Concentrate shipping in progress – The first concentrate shipments started in October with approximately 446 dry metric tonnes shipped during the month. Concentrate quality shipped to date has met sales specifications.
• First Geho pump online – RAM Enterprise, Inc., a Nevada construction contractor, made significant progress on the life of mine de-watering system. One of the two Geho pumps is operational with the second expected to begin commissioning shortly. The de-watering system is expected to be fully operational in the fourth quarter of 2023 providing an additional 1,000 gallons per minute of dewatering capacity.
• Underground development – During Q3 2023, Small Mining Development continued to ramp-up lateral development, completing 3,366 feet, a 76% increase from the second quarter of 2023. With the assistance of development contractors, twelve ore stopes were fully developed with top and bottom lateral development completed and are now available for extraction once stope mining continues in the fourth quarter of 2023. Total available ore, including developed stopes, development tons, blasted inventory and surface stockpile is 442,089 tons. Ground conditions beyond the dike crossings are proving to be competent and consistent with the geotechnical model, which should enable conventional development and ground support.
• Surface ore stockpile – Approximately 84,364 tons of material was hoisted during Q3 2023, including approximately 62,277 tons of development ore and approximately 7,956 tons of stope ore. Ore stockpiled on surface at the end of Q3 2023 was estimated to be approximately 129,500 tons.