YERINGTON, Nev., Dec. 29, 2022 (GLOBE NEWSWIRE) — Nevada Copper NCU NEVDF ZYTA (“Nevada Copper” or the “Company”) is pleased to announce that the second tranche of financing totaling $20 million from Mercuria Energy (“Mercuria”) and Triple Flag Precious Metals Corp. (“Triple Flag”) when part of Nevada Copper was released from escrow under the Company’s restart financing package (the “Restart Funding Package”), the first tranche of which closed on October 28, 2022. In consideration for its $10 million portion of the second tranche financing, Mercuria received 63,411,540 common shares of the Company. The $10 million portion of the second tranche of financing provided by Triple Flag resulted in the completion of the increase in its existing net smelter return royalty on the Company’s open pit project from 0.7% to 2%. In connection with the closing conditions for the second tranche, the Company and Mercuria have determined that certain informational and other matters will be addressed after closing. Please see the Company’s prior press releases dated October 28, 2022 and October 25, 2022 for further details on the restart financing package, including the use of proceeds therefrom.

The Company is proceeding with restarting activities at its Pumpkin Hollow underground copper mine (the “Underground Mine”), including:

• Mining contractors for development The Company is currently finalizing its selection of a mining development contractor and expects to award a contract in the first quarter of 2023.
• major projects The Company is finalizing terms of contract with a capital projects contractor to complete the installation of the Geho drainage system and coarse ore bin and the rehabilitation of the vent shaft. Permission to continue mobilization planning was granted to allow for an expedient ramp-up once the contract has been awarded.
• Underground development works – Raising to surface material recently mined in the underground mine and other…