Mr. Mike Ciricillo reports

NEVADA COPPER ANNOUNCES FURTHER RAMP-UP PROGRESS & CLOSING OF CREDIT FACILITY INCREASE

Nevada Copper Corp. notes a steady increase in performance from the Pumpkin Hollow underground project.

Performance highlights:

• Mine hoisting: In December, the company hoisted 36,000 tons of ore, an increase of over 60 per cent from November. During the first week of January, 2021, electrical and instrumentation commissioning of the main hoist system was completed, allowing the main hoist to operate at the full production speed of 1,800 feet per minute, with hoisting rates in January targeted to increase by 200 per cent to 300 per cent.
• Recovery rates: In December, the average concentrate recovery was 86 per cent, including a number of days that reached above the company's target of 90 per cent.
• Lateral development: Monthly lateral development for December increased to approximately 1,200 feet, which is an increase of over 37 per cent from November. A significant increase is expected in January with the main shaft on-line.
• Geotechnical stability: Geotechnical boundaries and properties of the East North orebody have been verified by the recent underground drilling and development drifting. As expected, the resulting geotechnical modelling has confirmed the stability of the East North orebody.
• Production: The company expects to reach steady-state production of approximately 5,000 tonnes per day by mid-2021.

Nevada Copper chief executive officer Mike Ciricillo comments: "The team continues to improve the performance both at the mine and processing plant, evidenced by the operational metrics for December. Most importantly, they have done it safely. In addition, the commissioning of the main hoist system is progressing well, with the shaft reaching its full production speed further enabling the ramp-up to our goal of 5,000 tpd of hoisted material. We are well on our way to show the potential of the Pumpkin Hollow underground project."

Closing of credit facility increase

On Dec. 30, 2020, the company closed the previously announced amendment to its existing senior credit facility with KfW IPEX-Bank, which included a $15-million (U.S.) increase in the loan amount and a deferral of $26-million (U.S.) of planned debt service until 2023. Also on that date the company drew down the full $15-million (U.S.) amount of the increase.

Qualified persons

The information and data in this news release were reviewed by Greg French, CPG, and David Sabourin, PE, for Nevada Copper, who are non-independent qualified persons within the meaning of National Instrument 43-101.

About Nevada Copper Corp.

Nevada Copper is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, United States, Pumpkin Hollow has substantial reserves and resources, including copper, gold and silver. Its two fully permitted projects include the high-grade underground mine and processing facility, which is now in the production stage, and a large-scale open-pit project, which is advancing toward feasibility status.

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