The Prospector News

Nevada Copper Receives US$20 Million from Closing of Second Tranche of Restart Financing Package and Provides Update

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Nevada Copper Receives US$20 Million from Closing of Second Tranche of Restart Financing Package and Provides Update

 

 

 

 

 

Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) is pleased to announce that the second tranche of funding of an aggregate of US$20 million provided by Mercuria Energy and Triple Flag Precious Metals Corp. has been released from escrow to Nevada Copper as part of the Company’s restart financing package, the first tranche of which closed on October 28, 2022. In exchange for its US$10 million portion of the second tranche of funding, Mercuria received 63,411,540 common shares of the Company. The US$10 million portion of the second tranche of funding provided by Triple Flag resulted in the completion of the increase of its existing net smelter returns royalty on the Company’s open pit project from 0.7% to 2%. In connection with the closing conditions relating to the second tranche, the Company and Mercuria have determined that certain informational and other matters will be addressed post-closing. Please see the Company’s prior press releases on October 28, 2022 and October 25, 2022 for additional details regarding the Restart Financing Package, including the use of proceeds therefrom.

 

The Company continues to progress restart activities at its Pumpkin Hollow underground copper mine, including:

  • Development mining contractor – the Company is finalizing its selection of a development mining contractor and expects to award a contract in Q1 2023.
  • Capital projects – the Company is finalizing contract conditions with a capital projects contractor to complete the installation of the Geho dewatering system and coarse ore bin and rehabilitation of the vent shaft. Authorization to proceed with mobilization planning has been given to allow for an expedient ramp-up once the contract has been awarded.
  • Underground development work – hoisting of material to surface recently commenced at the Underground Mine and other development activities, such as advancing through the final dike crossing, completion of the maintenance shop and rehabilitation of ore passes, continue in preparation for mobilization of a development mining contractor in 2023.

 

About Nevada Copper

 

Nevada Copper is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has 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 now in the production stage, and a large-scale open pit PFS stage project.

 

Posted December 30, 2022

Share this news article

MORE or "UNCATEGORIZED"


URANIUM ENERGY CORP ANNOUNCES THE CLOSING OF $203 MILLION PUBLIC OFFERING

Proceeds to be Used to Accelerate the Development of the United ... READ MORE

October 6, 2025

Barrick Announces Sale of Interest in Tongon for Up To $305 Million

Barrick Mining Corporation (NYSE:B) (TSX:ABX) announced that it h... READ MORE

October 6, 2025

Aquitaine Metals Drills Broad High-Grade Gold Mineralization: 16.45 g/t gold over 20.00 metres at Limousin Project

Aquitaine Metals Corp. is pleased to announce the first drill res... READ MORE

October 6, 2025

B2Gold Achieves Commercial Production at the Goose Mine

B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) is pleased to announce th... READ MORE

October 6, 2025

Osisko Development Provides Infill Drilling Update on Its 13,000-Meter Lowhee Program at Cariboo Gold Project; Intercepts Include 45.24 G/T Gold Over 3.0 Meters, Including 233.92 G/T Gold Over 0.5 Meters

HIGHLIGHTS 2,279 m of infill drilling completed on 10-m dr... READ MORE

October 6, 2025

Copyright 2025 The Prospector News