YERINGTON, Nev., Oct. 28, 2022 (GLOBE NEWSWIRE) — Nevada Copper NCU NEVDF ZYTA (“Nevada Copper” or the “Company”) is pleased to announce that it has closed its financing package (the “Restart Financing Package”) previously announced in the Company’s press release dated October 25, 2022 (the “Pre-Announcement”). The restart financing package will provide the Company with up to $123 million in liquidity to support the restart and ramp-up of the Company’s underground copper mine, Pumpkin Hollow (the “Underground Mine”), which is underway.

In addition, the Company is pleased to announce the appointment of Randy Buffington, President and Chief Executive Officer, to Nevada Copper’s board of directors (the “Board of Directors”) effective November 1, 2022 in connection with the completion of the financing package for the restart.

Restart Funding Package Summary

A summary of the key components of the restart funding package is as follows:

• Equity investments ($40 million): Pala Investments Limited (“Pala”), the Company’s largest shareholder, provided US$20 million in exchange for 125,435,185 common shares of the Company (the “Shares”) at a subscription price of $0.2160 per share (the “Share Subscription Price “) available”). Pala also received 9,558,399 shares as a satisfaction guarantee and other fees at a deemed price equal to the share subscription price. Mercuria Energy (“Mercuria”), a major shareholder of the Company, provided $10 million, its first tranche of financing, in exchange for 62,717,593 shares at a subscription price equal to the share subscription price, and placed in escrow $10 million, its second tranche of financing Mercuria’s second tranche of financing will be made available upon the satisfaction or waiver of certain conditions in the exchanged for shares at a subscription price representing a 15% discount to the volume-weighted F The five day average price of shares on the Toronto Stock Exchange (the “TSX”) on the trading day prior to the applicable…