Optimized Life Of Mine Plan For Pumpkin Hollow

YERINGTON, NV - Nevada Copper reported that it has completed an optimized life-of-mine plan that focuses on accessing the larger, higher-grade stopes of the East North Zone (EN Zone) at Pumpkin Hollow, to bring value forward in the mine life. This optimized plan is being incorporated into the development and mine planning in preparation for restart of mining operations.

The Company continues to build on the significant progress made to date with the completion of the second dike crossing. This critical achievement provides access to the higher-grade stopes of the EN Zone that is estimated to represent the highest value area of the underground reserve. This zone also represents the most competent geotechnical rock mass within the reserve which is expected to allow larger stopes to be extracted, significantly improving production efficiencies. The Company is encouraged by the rock quality being encountered beyond the dike as progress is made on development headings into the EN Zone, and appears to be as predicted by the geotechnical models. To date, nine of the first stopes to be mined have been drilled to provide critical data for final stope design in preparation for the commencement of mining in the second half of 2023.

The underground crews have transitioned to work on the final dike crossing which is expected to be completed in early 2023. A well-known industry grouting and geotechnical consultant has been engaged in developing the final dike crossing design and plan. The completion of the dike crossing will provide necessary access for a development contractor to begin rapid development into the EN Zone in early 2023.

The Company has also secured the remaining long-lead item for the coarse ore bin project, the underground jaw crusher, currently being delivered.