- Nevada Copper (NCU) has received the second tranche of funding of an aggregate of US$20 million
- The funding, which is provided by Mercuria Energy and Triple Flag Precious Metals Corp., has been released from escrow to Nevada Copper
- 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 company has also provided some updates on its activities
- Nevada Copper is a copper producer and owner of the Pumpkin Hollow copper project
- Nevada Copper Corp. opened trading at $0.275
Nevada Copper (NCU) has received the second tranche of funding of an aggregate of US$20 million.
The funding, which is provided by Mercuria Energy and Triple Flag Precious Metals Corp., has been released from escrow to Nevada Copper.
The funding is part of the company’s restart financing package. The first tranche was 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 per cent to 2 per cent.
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.
The company continues to progress restart activities at its Pumpkin Hollow underground copper mine. This includes finalizing its selection of a development mining contractor, and expects to award a contract in Q1 2023.
Furthermore, 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 the 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.
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.
Nevada Copper is a copper producer and owner of the Pumpkin Hollow copper project.
Nevada Copper Corp. opened trading at $0.275.