Mr. Randy Buffington reports

NEVADA COPPER PROVIDES UPDATE ON PUMPKIN HOLLOW RESTART PROGRESS

Nevada Copper Corp. has provided an update on restart activities at its Pumpkin Hollow underground mine located in Yerington, Nev.

Restart progress:

• Underground development completed in Q2 2023 increased 65 per cent to 1,424 feet (ft) as compared with Q1 2023 (496 ft).
• Small Mine Development Inc. (SMD), Nevada Copper's development mining contractor, continues to ramp up following its mobilization in June, with a 25-per-cent increase in average daily development footage in July compared with June development.
• In Q2 2023, restart preparations for the mill and process plant advanced as planned, and the mill is on schedule to restart in September, 2023.
• The surface stockpile has increased to approximately 73,000 tons of crushed ore, in preparation for sustained process operations on planned mill restart in September, 2023.
• Mining of the first stope began in early August and is expected to be completed before the end of August to provide an open stope for paste backfill placement, to allow for commissioning of the paste plant.
• Dumas Contracting USA Inc. completed all vertical and lateral development for the underground ore handling project and, as a result, the project has been turned over to RAM Enterprise Inc. for the installation and commissioning of all mechanical and electrical components, including the conveyors and crusher systems.
• Dumas also advanced the Geho dewatering system installation and expects to have the new Geho pumps running by the end of the third quarter of 2023.
• To date, the company has rehabilitated ore passes No. 1 and No. 2, and expects to complete ore pass No. 3 in August, 2023.
• The Nevada Copper work force has increased year-to-date by 30 per cent to 177 employees, not including the development and projects contractor work force -- the largest work force in the company's history.

Randy Buffington, president and chief executive officer, stated: "The team, alongside our contracting partners, has made significant strides in advancing the underground mining and development activities at Pumpkin Hollow to enable the restart of milling activities in the third quarter, as planned. The process plant preparation and restart activities are moving forward well, with September representing a significant milestone for Nevada Copper. The restart of processing operations will mark the end of restart activities and the beginning of an exciting new chapter for Nevada Copper as we realize the potential of this significant North American copper asset."

Two thousand twenty-three outlook reiterated

Nevada Copper reiterates its outlook for 2023, with the principal objective of achieving nameplate milling throughput of 5,000 tons per day (tpd) by the end of the year, and all critical underground infrastructure complete and sufficient advance development to support sustained operations.

With the vent shaft project complete, underground lateral development continues to ramp up as the company increases staffing levels to meet development expectations. Lateral development over the second half of 2023 is planned to be 16,000 ft of combined primary and stope development. Commissioning of the underground crush and convey system is now scheduled for late October, 2023, reflecting delays in underground excavation. To support the start of stope mining by the company in September, existing ore passes and the surface crusher are being utilized until commissioning of the underground crusher is complete.

Mill restart is scheduled in September, 2023, at an expected rate of approximately 3,500 tons per day. The mill and paste plant will be recommissioned on low-grade stockpiled ore. Mill capacity and grade are expected to increase through the balance of 2023, however, milled grades will remain lower than average stope grades, as lower-grade development ore constitutes a higher percentage of mill feed through these early commissioning months. The company plans to truck its first concentrates in late September, with first revenues expected in the fourth quarter.

Filing of second quarter 2023 financial statements, and management's discussion and analysis (MD&A)

Nevada Copper filed its consolidated interim financial statements and MD&A for the quarter ended June 30, 2023. These filings can be found on the company's website and under the company's SEDAR+ profile.

Qualified person

The technical information and data in this news release have been reviewed by Steven Newman, member of SME, vice president of technical services, and Greg French, CPG, vice-president of exploration for Nevada Copper, each of whom are a non-independent qualified persons within the meaning of National Instrument 43-101.

About Nevada Copper Corp.

Nevada Copper is the owner of the Pumpkin Hollow copper project located in Nevada, United States, with 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 undergoing a restart of operations, and a large-scale open-pit PFS (prefeasibility study)-stage project.

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