In addition to the finishing touch and commissioning of Geho’s dewatering formula and the timing phase of the ore handling formula, other infrastructure innovations at LOM include the drilling of a new fuel delivery shaft, the drilling of a moment paste hole that will ensure the life of the mine. delivery of pulp for EN domain worksites and surface water infiltration formula upgrades to address surge overcapacity. A specification is being issued to potential contractors for the final phase of the ore handling formula, which includes the installation and commissioning of the crushing formula.
Financing Matters
Given the demanding unforeseen situations described above, the Company generated lower-than-expected sales through the acceleration process, which adversely affected financing requirements. As previously reported, the Company has fully retired US$25 million of debt pursuant to a deferred financing agreement. with its two main shareholders, Pala Investments Limited (“Pala”) and Mercuria Holdings (Singapore) Pte Ltd. Since then, Pala has been offering exclusive financing for the Company’s operating purposes in the form of debt on terms similar to the Company’s October 2022. line of credit with Pala, that such debt is unsecured and unsecured through the Company’s subsidiaries and that the interest rate on the debt is SOFR 10% and matures in December 2024.
The Company requires additional financing in order to complete the ramp-up of the Underground Mine. While Pala has continued to support the Company, it is under no obligation to do so. The Company is also in discussions with other third parties. There is no assurance that additional financing will be obtained in a sufficient amount, or at all. In the absence of securing sufficient funding from Pala or other third parties, the Company will not be able to continue carrying on business.
As previously reported, the Company completed its 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 continue to be received and analyzed by the Company and indicate that mineralization and alteration found at surface has been intersected in the drill holes. Further updates will be made once the final assays and QA/QC samples are expected to be received in the first quarter of 2024.
Qualified person
The technical data and know-how contained in this press release has been reviewed through Steven Newman, Registered Member – SME, Vice President of Technical Services for Nevada Copper and Greg French, C. P. G. , Vice President of Exploration for Nevada Copper, who are non-independent qualified persons under Regulation 43-101.
About Nevada Copper
Randy BuffingtonPresident & CEO
For additional information, please see the Company’s website at www.nevadacopper.com, or contact:Tracey Thom | Vice President, IR and Community [email protected]+1 775 391 9029
Cautionary Note Regarding Forward-Looking Statements This press release comprises “forward-looking facts” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements contained in this press release, other than statements of past fact, are forward-looking statements. Such forward-looking data and forward-looking statements in particular include, but are not limited to, statements relating to the acceleration and restart of operations at the underground mine and the resolution of unforeseen exigencies and long-term financing needs. There is no guarantee that the commissioning of the underground mine will be completed. Additional financing will be required to complete the development of the underground mine and there can be no assurance that such additional financing will be obtained on terms favorable to the Company or that it will be obtained at all.
Forward-looking statements and data come with statements relating to management’s expectations and beliefs. Often, but not always, forward-looking statements and forward-looking data can be learned through the use of words such as “plans,” “expects,” “potential,” “is expected,” “anticipates,” “is the target. “. “Budgeted”, “programmed”, “estimates”, “foresees”, “intends”, “anticipates” or “believes” matrix or its negative facets or diversifications of those words, expressions or statements that certain actions, occasions or effects” “possibly”, “could”, “could”, “could” or “will be” taken, happened or achieved. Forward-looking statements or data should not be construed as promises of functionality or long-term effects. They are subject to known and unknown risks, uncertainties and other points that could cause actual effects and occasions to be materially different from any effects, functionality or achievements expressed or implied by such forward-looking statements or data.
Forward-looking information and statements are made as of the date hereof. The Company disclaims any objective or legal responsibility to update any forward-looking statements or information, unless required by law. Although the Company has attempted to identify vital points that may also cause actual actions, occasions or effects to differ materially from those described in forward-looking statements and statements, there may be other points that may also cause actual actions, occasions or effects. The effects are not those anticipated, estimated or anticipated. Specific reference is made to “Risks and uncertainties” in the Company’s control report corresponding to the financial year ended December 31, 2022 and to “Risk points” in the Company’s annual composition report dated March 20, 2022. 2023, for a study of points that could possibly cause forward-looking statements and information. If one or more of those dangers or uncertainties materialize, if other dangers or uncertainties materialize or if underlying assumptions prove incorrect, actual effects and occasions may also differ materially from those described in the forward-looking statements and settings. Information about the Company and the dangers and demanding situations of its business, investors deserve to consult the Company’s filings located at www. sedarplus. com.
The Company provides no assurance that forward-looking statements and data will prove to be accurate, as actual effects and long-term events may differ materially from those anticipated in such statements or data. Therefore, readers should not place undue reliance on any forward-looking statements or data.