July 1, 2022 – Yerington, NV: Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or
the “Company”) provides an update on operations at its Pumpkin Hollow underground copper mine
located in Yerington, Nevada (the “Underground Mine”) and on its financial liquidity.
Response to Restricted Stope Access and Dike Progress
As previously disclosed on June 6, 2022, an unidentified weak rock structure being encountered in the main ramp to the East South Zone restricted access to the Company’s planned East South stoping zones.
In response to this event, the Company has taken steps to curtail operating activities while developing plans to address this issue.
The Company has continued development of its priority heading through the dike structure and into the East North mining zone, which is expected to have significantly higher copper grades and better
geotechnical conditions compared with the East South Zone. Although almost complete, additional work is required to finish the dike crossing.
Due to the liquidity issues referred to below, the Company may not be able to undertake further work on
the ramp to the East South Zone or the dike crossing.

Liquidity
As previously disclosed, the Company has been seeking to raise additional funds to continue its operations, including the ramp-up of the Underground Mine. The Company is in ongoing discussions with third parties and the Company’s financing partners, including its senior lender, KfW IPEX-Bank, and Pala Investments Limited (“Pala”), the Company’s largest shareholder, about additional funding and other financial accommodations. The Company has drawn US$11.5 million under the previously disclosed US$20 million promissory note from Pala. Further draws under the promissory note are subject to agreed use of
proceeds and satisfactory arrangements being reached with certain creditors and vendors (which have not yet been reached). There can be no assurance that further draws under the promissory note will be available.
While these discussions are ongoing, the Company is taking measures to significantly reduce Underground
Mine site and other operational expenditures, including the suspension of most mining activities. The
Company has not made payments due to certain creditors and vendors, including its mining contractor
and working capital provider, and is in discussions with them regarding timing of payments and services and supplies. Consequently, the Company is in default of its obligations under certain financing and contractual arrangements.
While the Company is continuing discussions with its financing partners and vendors to secure further funding and other satisfactory arrangements, there is no assurance that such funding and other arrangements will be obtained within the required timeframe and in a sufficient amount, or at all. In the absence of securing such 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.

Qualified Person
The technical information and data in this news release has been reviewed by Steven Newman, Registered Member – SME, Vice President, Technical Services for Nevada Copper, who is a non-independent Qualified Person within the meaning of NI 43-101.

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 Buffington
President & CEO