Nevada Copper Provides Financing Update

YERINGTON, Nev., April 22, 2024 (GLOBE NEWSWIRE) -- Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) provides an update on its financing activities in connection with the ramp-up of its wholly owned Pumpkin Hollow Underground copper mine (the “Underground Mine”).

As previously disclosed, the Company requires further funding in the near term to complete the commissioning and ramp-up of its underground mine and to continue operations. The Company has been in discussions with a third-party regarding a proposal for additional financing and a potential change of control transaction. While the exclusivity period relating thereto has lapsed, discussions are continuing. The Company is also in discussions with its key stakeholders to obtain funding and is seeking to enter into discussions with other parties in order to obtain funding and/or enter into a change of control transaction. There can be no assurance that any such discussions will progress or that any funding or transaction will be obtained or entered into.

The Company’s largest shareholder, Pala Investments Limited, and other existing stakeholders of the Company have been providing limited interim funding to the Company. These stakeholders are under no obligation to provide additional funding. Certain of these stakeholders have confirmed to the Company their intention to provide limited additional funding for a short period to allow the Company to continue to pursue the discussions referred to above, subject to their comfort that sufficient progress is being made. In the absence of securing sufficient funding from existing stakeholders and/or third parties in the near term, the Company will not be able to continue carrying on business and may need to take steps to seek creditor protection.

About Nevada Copper

Nevada Copper (TSX: NCU) is the owner of the Pumpkin Hollow copper project located in Nevada, USA with substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which was recently restarted and is undergoing a ramp up of operations to nameplate capacity, and a large-scale open pit PFS stage project.

Randy Buffington
President & CEO

For additional information, please see the Company’s website at www.nevadacopper.com, or contact:
Tracey Thom | Vice President, IR and Community Relations
[e-mail]