Mr. Randy Buffington reports

NEVADA COPPER RECEIVES US$20 MILLION FROM CLOSING OF SECOND TRANCHE OF RESTART FINANCING PACKAGE AND PROVIDES UPDATE

Nevada Copper Corp.'s second tranche of financing of an aggregate of $20-million (U.S.) provided by Mercuria Energy and Triple Flag Precious Metals Corp. has been released from escrow to Nevada Copper as part of the company's restart financing package, the first tranche of which closed on Oct. 28, 2022. In exchange for its $10-million (U.S.) portion of the second tranche of financing, Mercuria received 63,411,540 common shares of the company. The $10-million (U.S.) portion of the second tranche of financing provided by Triple Flag resulted in the completion of the increase of its existing net smelter returns royalty on the company's open pit project from 0.7 per cent to 2 per cent. In connection with the closing conditions relating to the second tranche, the company and Mercuria have determined that certain informational and other matters will be addressed postclosing. Please see the company's prior press releases on Oct. 28, 2022, and Oct. 25, 2022, for additional details regarding the restart financing package, including the use of proceeds therefrom.

The company continues to progress restart activities at its Pumpkin Hollow underground copper mine, including:

• Development mining contractor -- The company is finalizing its selection of a development mining contractor and expects to award a contract in Q1 2023.
• Capital projects -- The company is finalizing contract conditions with a capital projects contractor to complete the installation of the Geho dewatering system and coarse ore bin and rehabilitation of the vent shaft. Authorization to proceed with mobilization planning has been given to allow for an expedient ramp-up once the contract has been awarded.
• Underground development work -- Hoisting of material to surface recently commenced at the underground mine and other development activities, such as advancing through the final dike crossing, completion of the maintenance shop and rehabilitation of ore passes, continue in preparation for mobilization of a development mining contractor in 2023.

About Nevada Copper Corp.

Nevada Copper (TSX: NCU) 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 PFS (preliminary feasibility study) stage project.

We seek Safe Harbor.