The Globe and Mail reports in its Friday edition that Scotia Capital's Orest Wowkodaw, citing "heightened going concern risks associated with another liquidity shortfall," placed his investment rating for shares of Nevada Copper to "under review" from "sector perform." The Globe's David Leeder writes that Mr. Wowkodaw removed his $2 share target for the Vancouver-based company. Analysts on average target the shares at 10 cents. Mr. Wowkodaw says in a note: "As disclosed on April 2, Nevada Copper exited Q4/23 with cash of only $1-million, an elevated net debt position of $238-million (vs. $203-million at Q3/23), and a net working capital deficit of $84-million, as the ramp-up of the 5ktpd underground Pumpkin Hollow Cu [copper] mine continues to underperform expectations (only 1.5 million pounds copper produced in Q4/23). While the company's largest shareholder, Pala, has loaned Nevada Copper an additional $25-million of capital in Q1/24, there is no obligation for Pala to supply additional liquidity; moreover, the amount of loans provided by Pala has been decreasing, resulting in an accumulation of trade payables. NCU warned that it will not be able to continue carrying on business without additional near-term funding."