Mr. Randy Buffington reports

NEVADA COPPER ANNOUNCES RESUMPTION OF ORE PROCESSING OPERATIONS AT PUMPKIN HOLLOW

Nevada Copper Corp. has restarted processing operations at its Pumpkin Hollow underground mine, with the first ore being fed to the mill.

Randy Buffington, president and chief executive officer of Nevada Copper, stated: "It is with great pride that I announce that we have achieved the critical milestone in restarting process operations. The restart of the mill has been orchestrated through careful planning and establishing the infrastructure needed to ensure sustained process plant operations, including the building of significant surface stockpiles and progression on critical capital projects. We are now well positioned to move towards steady-state operations of 5,000 tonnes per day. My sincerest thanks to the entire Nevada Copper team and our business partners for their tireless efforts in achieving this important milestone for the future of Pumpkin Hollow."

Successful mill restart: Processing operations recommenced at an initial feed rate to the mills of 3,000 tonnes per day to allow for the process team to optimize reagent addition, establish and reinforce operating procedures, and ensure consistent operations. The mill is being recommissioned on lower-grade ore stockpiles and will transition to a combination of mined stope ore and stockpiled ore. By mid-October, throughput is planned to be increased steadily toward a goal of achieving steady-state operations of 4,500 to 5,000 tonnes per day by the end of 2023. Once steady-state operations are achieved, the company may consider relatively simple optimization opportunities in 2024 to increase mill throughput potential beyond 5,000 tonnes per day.

Dike 3 crossing completed: The third dike crossing was completed in September, clearing the way for planned 2024 stope development. Continued development beyond the dike is to ultimately provide a full ventilation circuit for the Lower East North stoping areas, but it also provides additional headings for the development contractor to open targeted 2024 stopes. Rock conditions beyond the dike continue to be as predicted by the geotechnical model.

Paste plant commissioned and first stope back filled: The initial stope in the 2023 mining sequence was mined in July and August with 9,000 tonnes of ore extracted in the Sugarcube area of the East South (ES) zone. Stope backfilling activities began in September and a full stope was backfilled, completing successful testing of both the surface paste plant and the underground paste delivery system. This Sugarcube stope is part of the ES zone planned stopes and ground conditions encountered during mining were conducive to a successful paste backfill. Drilling and blasting on the next planned stope in the Alphabet area of the ES zone are in progress and are expected to yield 20,000 tonnes of ore by the end of October.

Remaining capital projects progressing: Work on the underground crusher and ore handling system is progressing. The Geho dewatering system is mechanically complete with electrical and piping installation in process and expected to be completed and commissioned by the end of October, 2023.

Regional drilling program commences: One reverse circulation drill is planned to be on site starting the week of Oct. 2, 2023. The primary goal of the 5,000-foot drill program is to follow up on the recent results and historic sampling that are discussed in the Nevada Copper news release dated July 26, 2023. The Copper Ridge and Dimples target areas are outside of the current mineral resources and have the potential to establish additional mineral resources within the Pumpkin Hollow property.

Work force growing at a rapid pace: The Nevada Copper work force has more than doubled to over 200 employees over the last year with the most significant additions in technical roles as well as mining and process teams.

Qualified person

The technical information and data in this news release have been reviewed by Steve Newman, registered member of the SME (Society of Manufacturing Engineers) and vice-president, technical services, for Nevada Copper, and Greg French, CPG, vice-president, exploration, for Nevada Copper, who are 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 prefeasibility-study-stage project.

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