NIF.UN Noranda Income Fund

Noranda Income Fund (TSX:NIF.UN) (the “Fund”) announced today that a special meeting of unitholders (the “Meeting”) will be held on March 28, 2023 in response to the meeting requisition notice received from certain unitholders, including Riverstyx Capital Management and LM Asset Fund Limited Partnership, dated November 24, 2022.

Over the last week, independent members of the Board of Trustees (the “Board”) of the Noranda Operating Trust (the “Trust”) initiated engagement with Riverstyx Capital Management and LM Asset Fund Limited Partnership. The goal was to come to a shared understanding and identify a mutually agreeable path forward. While no such path as yet has been agreed, the Trust’s Board regularly engages in conversations with unitholders and remains open to maintaining a dialogue with Riverstyx Capital Management and LM Asset Fund Limited Partnership.

The past few years have been a difficult for the resource industry, with supply chain disruptions and labour shortages presenting challenges to the sector globally. Following recently announced production issues, the Fund has made the necessary investments to make immediate repairs and is advancing on its longer-term cellhouse revitalization plan. With challenges still on the horizon, the Board remains focused on continuing to pursue opportunities to create value for unitholders.

Further details, including the exact time and location of the Meeting, will be announced in due course and will be contained in a formal notice of meeting and management information circular to be prepared by the Fund and sent to unitholders in accordance with the disclosure and timing requirements of applicable securities laws. Unitholders as of January 27, 2023, will be entitled to vote at the Meeting. Unitholders will receive detailed information about the matters presented at the Meeting and how to vote in a management information circular in advance of March 28, 2023. Unitholders are encouraged to vote and have their say. Unitholders should read the information carefully before deciding how to vote. There is no need for unitholders to take any voting action.

Forward-Looking Information Certain information in this press release, including statements regarding the Fund’s response to the Requisition, the holding of the Meeting, and repairs and investments to the cellhouse, are forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the "Risk Factors" section of the Fund’s Annual Information Form dated March 30, 2022 for the year ended December 31, 2021 and the Fund’s other periodic filings available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Fund; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release, and the Fund expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

About the Noranda Income FundNoranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol “NIF.UN”. Noranda Income Fund owns the electrolytic zinc processing facility and ancillary assets (the “Processing Facility”) located in Salaberry-de-Valleyfield, Quebec. The Processing Facility is the second-largest zinc processing facility in North America and the largest zinc processing facility in eastern North America, where the majority of zinc customers are located. It produces refined zinc metal and various by-products from sourced zinc concentrates. The Processing Facility is operated and managed by Canadian Electrolytic Zinc Limited, a wholly-owned subsidiary of Glencore Canada Corporation. Further information about Noranda Income Fund can be found at: www.norandaincomefund.com.

Kingsdale Advisors is acting as strategic shareholder advisor and proxy solicitation agent to Noranda Income Fund.

For more information:

Paul EinarsonChief Executive Officer of Canadian Electrolytic Zinc Limited, Noranda Income Fund’s ManagerTel.: 514-745-9380info@norandaincomefund.com