Nevada Copper Provides Update on Financing Efforts and Liquidity
June 6, 2024 – Yerington, NV: Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) provides an update to its previously disclosed financing efforts. As discussed in recent press releases and securities filings, the Company continues to require further funding to maintain operations and complete the commissioning and ramp-up of its Pumpkin Hollow underground mine located in Yerington, Nevada.
The Company has engaged in discussions with its key stakeholders and other parties to obtain funding and/or enter into a change of control transaction. However, at this time the Company has neither a binding offer for a transaction of this kind nor any offer of adequate and sufficient ordinary course funding to continue operations. Pala Investments Limited (“Pala”) and other existing stakeholders of the Company have been providing limited interim funding to the Company but are under no obligation to provide additional funding. These stakeholders have indicated that they may not be prepared to provide further funding. As a result, the Company’s cash position has become substantially depleted and the Company has begun to significantly scale down operations at the Underground Mine. The Company has also received notices of resignation, effective June 5, 2024, from directors Mr. Evgenij Iorich and Mr. Stephen Gill who were both nominees of Pala.
In the absence of securing sufficient funding on an urgent basis, the Company will not be able to continue carrying on business and may have no alternative but to seek creditor protection.