NCU Nevada Copper Corp

Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to announce that it has agreed to non-binding terms with its senior lender, KfW IPEX-Bank (“KfW’) and its largest shareholder, Pala Investments Limited (“Pala”), for a loan of up to US$70 million, by way of a new tranche extension to the existing senior credit facility with KfW. This funding would be provided by Pala, with the potential participation of other lenders. Of the total amount, US$50 million will be committed to be advanced by the lenders (including the outstanding amount of the previously announced up to US$20 million promissory note provided by Pala) and US$20 million may be available for future draw by the Company on an uncommitted basis. The Company is in ongoing discussions with KfW, Pala and other lenders with the aim of executing binding agreements during the month of July 2022.

If implemented, the proposed financing package will provide access to significant further liquidity for the Company to maintain the assets at the Pumpkin Hollow underground copper mine (the “Underground Mine”) and pursue certain projects such as completing the dike crossing and advancing open pit project feasibility study work, and to explore and advance discussions on further financing and strategic options.

The proposed financing package is subject to, amongst other things, negotiation of the terms with KfW, Pala and the Company’s other lenders, negotiation and execution of definitive documentation, satisfaction of conditions precedent and regulatory approval. The consent of certain of the Company’s other lenders will be required with respect to the financing package (including consent from the Company’s working capital provider and stream financer), and there can be no assurance that such consents will be obtained.

While negotiating the financing package, the Company intends to make further draws under the previously disclosed US$20 million promissory note from Pala in order to meet its immediate cash needs. Further draws under the promissory note are subject to agreed use of proceeds and satisfactory arrangements being reached with certain creditors and vendors (which may not be reached).

There can be no assurance that the definitive binding agreements for the proposed financing package as outlined above will be entered into, relevant consents can be obtained, that the transactions will be completed, or that further draws under the Pala promissory note will be available. If further draws are not available, the financing package is not completed, or satisfactory arrangements are not implemented with vendors, then absent obtaining other financing and/or making such other arrangements, the Company will not be able to continue carrying on business in the ordinary course and may need to pursue proceedings for creditor protection. The Company’s creditors may also seek to commence enforcement action, including realizing on their security over the Company’s assets.

As previously announced, in light of the Company’s liquidity constraints, the Company has not made payments that were due to certain creditors and vendors, including its mining contractor Redpath. As a result, the Company has received a notice of default from Redpath, which has indicated that it intends to pursue its available remedies. Despite the default, the Company and Redpath have reached agreement on the suspension of mining work at the Underground Project and the limited work to be completed going forward in order to protect the Company’s assets.

About Nevada Copper

Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, 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 towards feasibility status.

Randy BuffingtonPresident & CEO

For additional information, please see the Company’s website at www.nevadacopper.com, or contact:

Tracey Thom | Vice President, IR and Community Relationstthom@nevadacopper.com+1 775 391 9029

Cautionary Language on Forward Looking StatementsThis news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to financing requirements, reaching agreement on obtaining additional financing from KfW, Pala and other lenders, including obtaining consent from the Company’s lenders for the financing package discussed above, reaching satisfactory arrangements with vendors, and creditor protection proceedings.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: requirements for additional capital and no assurance can be given regarding the availability thereof; the outcome of discussions with creditors and vendors; potential creditor protection proceedings; the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022. The forward-looking statements and information contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the ramp-up, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risk Factors” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedar.com.

The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.