Mr. Randy Buffington reports

NEVADA COPPER CONTINUES RAMP UP OF PROCESS OPERATIONS; FIRST CONCENTRATE DELIVERIES IN OCTOBER; ANNA LADD-KRUGER APPOINTED TO BOARD

Nevada Copper Corp. has provided updates on recent operational developments at its Pumpkin Hollow underground mine, including the first deliveries of concentrate in October, 2023.

Randy Buffington, President and CEO of Nevada Copper, stated , "The mill has been able to process at nameplate capacity for certain periods exceeding expected recoveries on a number of occasions. With additional refinement, we expect to be achieving nameplate capacity consistently by the end of 2023 meeting all expected operating parameters. The team has worked tirelessly to get us to this point and I appreciate their dedication towards the restart and ramp up of the mine."

Highlights of recent operational achievements include:

Mill commissioning progressing well - Since the mill restart on October 3, 2023, commissioning activities have demonstrated that the mill can perform at nameplate capacity, with multiple shifts exceeding expected ramp-up capacity. The process team continues to make operational and mechanical improvements in preparation for the mill operating at nameplate capacity by the end of 2023.

Concentrate shipping in progress - The first concentrate shipments started in October with approximately 446 dry metric tonnes shipped during the month. Concentrate quality shipped to date has met sales specifications.

First Geho pump online - RAM Enterprise, Inc., a Nevada construction contractor, made significant progress on the life of mine de-watering system. One of the two Geho pumps is operational with the second expected to begin commissioning shortly. The de-watering system is expected to be fully operational in the fourth quarter of 2023 providing an additional 1,000 gallons per minute of dewatering capacity.

Underground development - During Q3 2023, Small Mining Development continued to ramp-up lateral development, completing 3,366 feet, a 76% increase from the second quarter of 2023. With the assistance of development contractors, twelve ore stopes were fully developed with top and bottom lateral development completed and are now available for extraction once stope mining continues in the fourth quarter of 2023. Total available ore, including developed stopes, development tons, blasted inventory and surface stockpile is 442,089 tons. Ground conditions beyond the dike crossings are proving to be competent and consistent with the geotechnical model, which should enable conventional development and ground support.

Surface ore stockpile - Approximately 84,364 tons of material was hoisted during Q3 2023, including approximately 62,277 tons of development ore and approximately 7,956 tons of stope ore. Ore stockpiled on surface at the end of Q3 2023 was estimated to be approximately 129,500 tons.

Exploration

As previously announced, the Company completed 2023 drill program with a total of 11 holes (3,305 feet) drilled on the Copper Ridge target and 9 holes (1,653 feet) on the Dimples target. Preliminary assays from the first two holes from the program have indicated that mineralization and alteration found at surface has been intersected in the drill holes. Final assays and QA/QC samples are expected to be received in Q4 2023 and Q1 2024. Board Changes

The Company has appointed Anna Ladd-Kruger to the Board of Directors of Nevada Copper, effective November 20, 2023.

Stephen Gill, Chairman of the Board of Directors of Nevada Copper, stated , "We are very pleased to have Anna join the Board, adding her operational and financial experience in base and precious metals companies. She has been an integral member of executive management for several companies that have grown from exploration and development to mid-tier producers, gaining key knowledge through all facets of the mining development cycle. She will add a strong strategic presence as we continue to ramp up Pumpkin Hollow and look towards future opportunities including the open pit."

Ms. Ladd-Kruger has over 25 years of industry experience, progressing her career through financial and operational leadership roles at several Canadian publicly listed mining companies. She has experience in various stages of the mining process from exploration to multi-jurisdictional operations. Prior to retiring in 2022, Ms. Ladd-Kruger was the Chief Financial Officer (CFO) of McEwen Mining Inc. where she was brought in to lead financial and operational turnaround strategies and was key to the McEwen Copper spin-out, including serving as its CFO and director. Ms. Ladd-Kruger previously served as the CFO and VP Corporate Development for a number of mining companies and began her career working at Vale S.A.'s Thompson and Sudbury Canadian operations before joining Kinross Gold Corporation as their North American Group Controller. Ms. Ladd-Kruger holds both a CPA and CMA designation, a Master's of Economics from Queen's University and a Bachelor of Commerce from the University of British Columbia. She also holds the Canadian Institute of Corporate Directors designation (ICD.D).

Ms. Ladd-Kruger expected to join the Independent Committee and replace Mr. Lucio Genovese as Chairman of the Audit Committee. Mr. Genovese has indicated that he will step down from the Board of Directors effective November 20, 2023. Mr. Genovese has been a key member of the Board since May 2016.

Stephen Gill, further stated, "On behalf of the Board and management team, I thank Lucio for his efforts in building Nevada Copper from an early-stage development project to an operating company. We wish him well in his future endeavors."

Outlook for the remainder of 2023

Nevada Copper's principal objective for the remainder of 2023 is to have the Underground Mine operating at nameplate milling capacity of 5,000 tons per day by year end.

To achieve that goal, several important milestones were achieved in October 2023. The mill was restarted on October 3, 2023, and milled over 48,000 tons of low-grade ore in October as part of the planned commissioning. Daily operating rates exceeded 3,000 tons per day over certain periods. Operations were impacted by periodic stoppages to address operating and maintenance conditions that are typically experienced in a commissioning phase. The plant achieved commissioning targets with copper recoveries averaging over 87% and demonstrated that copper concentrate can be produced within required specifications. Approximately 446 dry metric tonnes of concentrate were trucked to the rail transfer station in October as concentrate sales logistics were re-activated. As expected, a portion of concentrate production in the month was below specification grade and is expected to be blended with higher grade concentrate through November 2023 to upgrade it to specification prior to transport.

Critical underground capital projects have progressed with the Geho life of mine dewatering project partially online as one of the pumps commissioned on November 12 and the second pump expected to begin commissioning later in November. Completion of this project doubles underground water pumping capacity. This project is expected to be fully on-line in November 2023. The underground crush and convey system completion has been delayed to January 2024, allowing RAM to focus their efforts on completion of the more critical Geho project as well as addressing delays in concrete pours due limited to underground access on certain levels. Three ore passes are in operation to mitigate ore and waste handling until the crushing system is commissioned.

Commencement of stope mining was deferred to November 2023 to allow underground mining crews to address water management and hoisting priorities. Stockpile of ore on surface is sufficient to provide current mill feed. The mine encountered a water bearing structure while driving an access ramp which necessitated a focus on grouting and water management in advance of the Geho pumps being available. Water levels impeded access to certain areas of the mine and impacted hoisting activities through certain periods of October. As a result, clearing the mine of ore and waste that was mined and stockpiled underground has been a priority. Twelve ore stopes are fully developed with top and bottom lateral development complete and available for extraction once stope mining continues.

Through the remainder of Q4 2023, Nevada Copper anticipates continued improvement in mill stability and mill throughput rates and achieving sequential increases in volumes of concentrates sold with underground lateral development and mining operations continuing their ramp up to support the 5,000 tons per day objective as we move into 2024.

Third Quarter 2023 Financial Statements and MD&A Filed

Nevada Copper filed its consolidated interim financial statements and management's discussion and analysis ("MD&A") for the quarter ended September 30, 2023. Reference should be made to the MD&A for additional information regarding the Company's liquidity and financing requirements. These filings can be found on the Company's website at www.nevadacopper.com and the Company's SEDAR+ profile at www.sedarplus.ca.

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 and Greg French, C.P.G., VP Exploration for Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.

About Nevada Copper

Nevada Copper (TSX: NCU) is the owner of the Pumpkin Hollow copper project located in Nevada, USA 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 was recently restarted and is undergoing a ramp up of operations to nameplate capacity, and a large-scale open pit PFS stage project.

We seek Safe Harbor.