Nevada Copper : Corporate Presentation - February 2021

BUILDING A NEW US COPPER DISTRICT

FEBRUARY 2021

Cautionary Language

Forward-Looking Information

This presentation contains "forward-looking information" within the meaning of applicable Canadian securities laws, concerning the Company and its plans for its properties and other matters. Such forward-looking information specifically includes, but is not limited to, information with respect to: the company's plan for the Pumpkin Hollow project (the "Project"), the various impacts of the COVID-19 pandemic on the Project and Nevada Copper (the "Company"); the Company's mine development, production and ramp-up plans and the expected costs and results thereof; future ore production rates; the completion of the ramp-up of the underground project and plans in respect thereof; and expected commencement of positive cash flow from operating activities.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "potential", "is expected", "anticipated", "is targeted", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the ramp-up of the underground Project within the expected cost estimate and timeframe; the state of financial markets; the impact of the COVID-19 pandemic on the business and operations of the Company; history of losses; requirements for additional capital and no assurance can be given regarding the availability thereof; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the underground project; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management's expectations and the difference may be material; legal and regulatory proceedings and community actions; the outcome of disputes with the Company's contractors; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company's securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry; The forward-looking statements and information contained in this presentation and the documents incorporated by reference herein are based upon assumptions management believes to be reasonable, including, without limitation: no adverse development in respect of the property at the Project;

NEVADA COPPER

no material changes to applicable laws; the ramp-up of operations at the underground project in accordance with management's plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of the COVID-19 pandemic in the medium-term and long-term; no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to ""Risk Factors" in the Annual Information Form date March 29, 2019 and in the "Risks and Uncertainties" section of the Company's MD&A. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information. The forward-looking statements and information contained herein are made as of the date of this presentation (or as otherwise indicated) and the Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person.

Note: All dollar amounts are in US dollars unless otherwise denoted.

The Nevada Copper Story

Unique Source of US Copper Supply Growth

• • Nevada Copper controls one of the only production-ready new sources of copper supply in North America today

• • Exceptional ESG stewardship - Dry filtered tailings, water management and solar power option

• • Management team with deep operational and strategic experience

Production Ramp-up Progressing

• • First mine in production and ramping-up to steady-state

Clear Route to Building a New Copper District

• • Potential to expand underground mine without material capex

• • Large-scale Open Pit Project is permitted, with significant upside

• • Large property with multiple defined mineral deposits with potential to further extend operating life

• • Potential for district consolidation, opportunity to leverage Nevada

  Copper's infrastructure as a processing hub

Copper Market: Scarcity of ready-projects in favorable jurisdictions

The developed world urgently needs new sources of copper…

• • Significant demand for copper to build a cleaner world

• • Need for reliable supply chains without ethical, environmental externalities

• • Need for shorter supply chains to reduce costs, carbon footprints

…But after decades of underinvestment the pipeline is bare

• • Global copper output estimated to peak in just 24 months

• • The little growth remaining is from high-risk projects in challenging jurisdictions (Mongolian and Indonesian block caves)

• • Even historically reliable sources are now unsure (Chile grade decline and regional unrest)

Today there are no projects of scale ready to build in North America, except Pumpkin Hollow

• • To bring on other new sources of copper will require:

  • • Incentive copper pricing to be reached and sustained

  • • Lots of time (discovery to production takes on average in excess of 15 years)

• (1) Source: WoodMac copper production by geography. Colors denote company assessment of jurisdictional risk

• (2) Source: World Bank

Copper supply is risky, and is getting riskier1

Nevada Copper - The Operations and Strategic Position

Exceptional Production Growth Profile

• • One operation already in production, with expansion defined

• • Second mine permitted, with multiple expansion phases

• • Current reserves of 4.4Bn lbs Cu eq1,2

• • Large 24,000-acre land holding in rare US copper district

Significant Exploration Upside

• • Additional 2.6Bn lbs Cu eq1,2 of resources

• • Multiple additional targets already defined on Nevada Copper property

Strategic Advantage in Re-emerging District

• • Key position in district with significant copper resources

• • Power infrastructure in-place and water rights secured

• • Dry-stack tailings permitted, with large area for storage expansion

• • 2015 Nevada Copper land bill has yet to be replicated by any other project in US

• (1) Source: Resource Statements (see Appendix), effective date January 21, 2019

• (2) Metals prices used for equivalent calculations: US$1,800/oz Au, US$25/oz Ag, US$6,600/t Cu. Recoveries used for UG resources/reserves as per 2019 PFS Technical Report: 92% Cu, 78% Au, 70% Ag. Recoveries used for OP resources/reserves as per 2019 PFS Technical Report: 90% Cu, 67.3% Au, 56.3% Ag

Benchmarking: Unique permitted status and highly-competitive economics1,2,3

Industry-leading project returns on capital….

…and lowest capital intensity of peer group

35.0%

30.0%

25.0%After-Tax IRR (%)

20.0%

15.0%

Copper Creek

>100kt CuEq Production UG-OP Combined
Arctic
O	pen Pit Casino
Copperwood Black Butte	Rosemont

$25,000

Galore Creek

>15%After-TaxIRR

Twin MetalsTwin MetalsPebble

10.0%

Ann Mason

NorthMet

Capital Intensity (US$/tonne CuEq Production)

$20,000

Schaft Creek

$15,000

<$10,000/tCuEq

NorthMetRosemontCopper Creek

Pebble

CasinoBlack Butte

Ann Mason

$10,000

Copperwood

Open Pit

ArcticGalore Creek

$5,000

5.0%

----

--100 $5,000

Schaft Creek

<$1,000M Initial Capital

50

150

200

250

300

--$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

LOM Avg. Annual Production (kt CuEq)

Initial Capital (US$M)

(1) Comparative analysis from Scotia Capital, based on public company filings and Nevada Copper Technical Reports

(2) Open pit analysis based on Technical Report, entitled "NI 43-101 Technical Report: Nevada Copper Corp. Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS)", with an effective date of January 21st, 2019.

(3) Underground analysis based on "NI 43-101 Technical Report: Nevada Copper Corp., Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS)" with an effective date January 21, 2019. Valuation in PFS adjusted to update for US$206m of initial construction capital and working capital spent; metals prices used 3.20/lb Cu, $1,850/oz Au, $18/oz Ag.

Corporate Summary

Capital Structure

Ticker	TSX:NCU
Share Price (18 Feb '20)	C$ 0.20
Market Capitalization	C$ 410M
Senior Debt	US$ 129M
Cash & Cash Equivalents (30 Sept '20)	US$ 0.8M
Shares Outstanding	1.8B
30-Day Average Traded Volume	8M
Shareholders
Pala Investments	38.0%
Castlelake	15.9%
Fourth Sail	3.9%
BlackRock	1.8%
Regal Funds Management	1.7%
Management & Insiders	0.7%
Retail & Other	38.0%

Asset	Status	Production
Pumpkin Hollow Underground	Producing	Expected 77m lbs p.a.1
Pumpkin Hollow Open Pit	Permitted, PFS	Expected 200m lbs p.a. 1
Tedeboy	Exploration	-
Black Mountain	Exploration	-
Mountain View	Exploration	-
Copper Ridge	Exploration	-

(1)Source: "NI 43-101 Technical Report: Nevada Copper Corp., Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS)" with an effective date January 21, 2019.

Underground Mine: Production Ramp-Up Update

Ramp-Up in Progress

• • Following completion of operational disruptions and

  COVID-related suspension in 2020, mine is progressing in ramp up of production:

  • • Main shaft completed in Dec 2020 allows step change in ore production rate up to 150kt/month in 2021

  • • Daily processing rates have exceeded 90% of nameplate capacity

  • • Copper recoveries exceeding 90%

• • At steady-state life-of-mine production of 77m lbs Cu eq with high >40% margins at $3.20/lb Cu1,2

COVID Update

• • COVID Protocols well established

• • Temperature monitoring and regular site-wide testing

• • Increased hygiene practices

Hoisting Capacity (Kt per month)

Ventilation Shaft (2020)Main Shaft (2021)

• (1) NI 43-101 Technical Report: Nevada Copper Corp., Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS) with an effective date January 21, 2019.

• (2) Consensus prices per the 2019 NI 43-101 Tech Report : US$2.83 - 3.20/lb Cu, US$1,276 - 1,325oz Au, US$18.77-$20.01/oz Ag.

200,000

Main Shaft long-term capacity

Exceptional Organic Growth ProfileOrganic Growth: 1. Underground Expansion

Significant inferred resource upside and latent installed capacity creates attractive options expansionExcess Installed Capacity

• • Major infrastructure was constructed with excess installed capacity

• • Potential for significant production expansion with only minor modifications

• • Construction of E2 surface decline would also improve the independence of the 3 mining areas

Significant Resource Upside

• • Significant underground Inferred Resources provide opportunity to extend mine life through infill drilling

• • Multiple resource extension targets around mining zones, plus potentially large new target to east of headframe identified through recent geophysical survey

• • Converting inferred resource and expanding throughput could significantly further increase project economics1,2

Additional 636 million lbs of inferred resource outside of UG mine plan

Recent geophysical survey identifies further UG extensions

• (1) NI 43-101 Technical Report: Nevada Copper Corp., Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS) with an effective date January 21, 2019.

• (2) 2019 PFS trade-off study assessing conversion of underground inferred resources and expansion of throughput

Organic Growth: 2. Open Pit Project - Robust Economics and Large Scale

>5 billion pounds of copper resource1

Fully permitted: only permitted copper project in North America

Exceptional ESG metrics (dry tailings, water management, solar option)

High copper grades: 0.69% Cu eq first 5yrs

Lowest capital intensity of peer group

US$239m annual EBITDA at $3.20/lb copper1,2

Expandable scale: start-up at 37Ktpd, option to accelerate 70Ktpd expansion, reviewing beyond >80Ktpd

• (1) Technical Report, entitled "NI 43-101 Technical Report: Nevada Copper Corp. Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS)", with an effective date of January 21st, 2019.

• (2) EBITDA and AISC are Non-IFRS measures. For more information please see "NI 43-101 Technical Report: Nevada Copper Corp. Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS)"

Organic Growth: 3. Open Pit Optimization - Project Scale Optionality

2019 PFS Optimized for Upfront Capex2

• • Designed to minimize upfront capital and maximize

  IRR at low copper prices

  • • Staged approach: 37ktpd start-up, expanding to 70ktpd in year 6

  • • Pit designed using Cu price of $2.48/lb

  • • High >45% margins at $3.20/lb LT Cu priceOption to Expand Immediately

• • The Open Pit phase 2 expansion is highly flexible, allowing for Phase 2 to be accelerated or deferred

• • Accelerating expansion to 70kptd could significantly further increase project economics

  • • Increase initial copper production by over 25ktpa

  • • Increase EBITDA by 40%

Compelling economics: PFS2 designed to maximize IRR at low prices

Long Life of Mine

Value optimized head grade profile

Low upfront capital cost

Competitive C1 and AISC3

Strong EBITDA4

Significant cashflow generation

Robust economics

• (1) 2019 PFS trade-off study including Phase 1 and Phase 2 constructed concurrently

  19 years - 386Mt @ 0.50%Cu 0.69%CuEq first 5yrs

  $672M

  $1.73/lb Cu & $2.03/lb Cu5

  LoM average $239Mpa (51% margin)5

  Avg cashflow $180Mpa of 17 steady state years

  Post-Tax 21% IRR and $829M NPV

• (2) Technical Report, entitled "NI 43-101 Technical Report: Nevada Copper Corp. Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS)", with an effective date of January 21st, 2019.

• (3) AISC is defined as C1 plus sustaining capital expenditures.

• (4) Utilizes long-term copper price of $3.20/lb.

• (5) EBITDA and AISC are Non-IFRS measures. For more information please see "NI 43-101 Technical Report: Nevada Copper Corp. Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS)"

Organic Growth: 3. Open Pit Optimization - Resource Extension

Open Pit Resource Extension

• • PFS project value has notable upside from infill drilling in / on the edge of the pit

• • Historic land boundary limited drilling of open pit reserve, in particular Northern Extension historically treated as waste

• • 2018 drilling encountered significant mineralization both within the Northern Extension zone and beyond the pit shell

• • Ultimate scale of the deposit yet to be definedOpen Pit Inferred Resource Conversion

• • Infill drilling of inferred material within pit has potential to increase tonnage / grade

  • • 200Mlbs Cu additional inferred within the pit and on boundary of existing mine plan

  • • Inclusion of inferred material could significantly increase NPV by both increasing copper revenues and reducing waste1,2

• (1) Based on 2019 PFS trade-off study

  Open Pit reserve was previously constrained by historic land boundary…

  … 2018 drill program demonstrated Northern Extension is mineralized and ore body extends beyond pit shell

• (2) Technical Report, entitled "NI 43-101 Technical Report: Nevada Copper Corp. Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS)", with an effective date of January 21st, 2019.

Organic Growth: 4. Defined Exploration Targets - Near Mine IOCG

Exceptional exploration near-mine pipeline provides visibility over long operational life and substantial production growth

Near Mine Exploration Potential

• • Historic exploration was limited to Underground and Open Pit given past license limitations

• • Multiple historic mine workings exist on property

• • During 2019, expanded land holding by 40%, consolidating multiple new targets

• • Recently completed the first aero-magnetic survey since the 1960s, generating highly encouraging results and multiple new targets

Organic Growth: 4. Defined Exploration Targets - Porphyry Target

Large porphyry target identified on Eastern side of property

• • Classic porphyry setting: Alluvial covered basin to east of exposed copper mineralization, where recent geophysical survey shows a magnetic low

• • Exposed mineralization: Higher levels of a copper porphyryindicated by exposed copper mineralization plus quartz-sericite veins cutting epidote-altered granodiorite

• • Initial copper intercepts: Initial reconnaissance drilling and mapping/sampling has intercepted copper mineralizationEast Yerington District Side Section

Organic Growth: 4. Strategic Advantage in Re-Emerging Copper District

• • Significant defined copper resources in district across multiple deposits

• • Nevada Copper holds permits and key infrastructure within the district

• • Nevada Copper's processing capability and infrastructure is key to creating a regional copper hub, unlocking viability of other Yerington deposits

• • Region logically operated as a district over multiple generations

Strategic Plan: High-Return Capital Efficient, Organic Growth

Building a new copper district through staged, low-capex, short-lead time expansion options1,2

• • Underground mine ramping-up

• • Underground mine expandable

• • Open Pit fully-permitted

• • Open Pit resources increase and project scale optimization

• • Near-mine targets defined to extend operating life

• • Potentially large porphyry target identified

• • Strategic advantage in re-emerging copper district with large copper endowment

500

CopperProduction(MlbsCupa)

400 300 200 100

0

2021 2023 2025 2027

2029

2031 2033 2035 2037

UG PFSUG ExpansionOP PFSOP OptimizedProperty and District

2039

2040+

• (1) UG PFS and OP PFS Source: "NI 43-101 Technical Report: Nevada Copper Corp. Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS)", with an effective date of January 21st, 2019.16

• (2) UG Expansion, OP Optimized, & Property and District, denoted in different colors and with dotted lines, are for illustrative purposes only

Appendices

Appendix: Senior Management Team

Management team highly experienced in mine construction, start-up and business optimization in both majors and juniors

	Mike Ciricillo	Chief Executive Officer	Mike has 30 years of experience in the global mining sector culminating in his previous role as Head of Glencore's Worldwide Copper Assets. Prior to his seven years at Glencore, he served as president of Freeport-McMoRan Africa and oversaw the construction and operation of the Tenke Fungurume copper mine in the DRC.
André van Niekerk	Chief Financial Officer	Andre was previously the CFO of Golden Star Resources where he oversaw the establishment of multiple new mining operations, as well as an overhaul of the company's ERP and management reporting and control systems. He also has extensive capital markets experience and previously held senior positions at KPMG.
	Cassandra Joseph	General Counsel	Cassandra has more than 20 years of legal experience with a focus on mining and metals, environmental and corporate law. Prior to joining Nevada Copper, she served as VP Associate General Counsel, Corporate Secretary and Chief Compliance Officer for Nevada-based Tahoe Resources Inc.
Dale Ekmark	Chief Operating Officer	Dale brings almost 30 years of domestic and international experience to Nevada Copper, with an acute focus on top-tier safety and operational results. He most recently served as CEO and Chairman of OKD in Czechia where he oversaw the operation of four ultra-deep underground mines with over 12,000 employees.
Timothy M. Dyhr	VP External & Government Relations	Timothy has 35 years of experience in mining, including leading multidisciplinary teams to successfully permit copper and gold mines in Nevada since 1983. He has also worked as a mine site environmental manager, environmental consultant, natural resources manager, and group environmental manager for BHP Copper.
	Greg French	VP Exploration and Project Development	Greg is a geologist with over 35 years of exploration experience in the western US and Canada, including for Homestake Mining Co., Atlas Precious Metals, and Cornerstone Industrial Minerals. He is credited with a Nevada gold discovery and has extensive experience in overseeing projects developed into successful operations.

Appendix: Board of Directors

Board of directors with exceptional depth of industry experience

Stephen Gill	Chairman	Stephen is a Managing Partner at Pala Investments Ltd. He has overseen many of Pala's principal investments in the mining sector and specializes in assisting companies to define and implement strategic initiatives to realize value.
Tom Albanese	Lead Independent Director Technical Committee Chair	Tom is currently a Director of Franco-Nevada Corporation, and previously held roles as CEO of Vedanta Resources (2014-2017) and Rio Tinto plc (2007-2013). He also served on the boards of Ivanhoe Mines Ltd and Palabora Mining.
Ernie Nutter	Director Compensation Committee Chair	Ernie is a highly regarded mining analyst, formerly with one of the world's largest money managers, Capital Group, from 2004 until his retirement in 2017. Prior to this he was Managing Director of RBC Capital Markets.
Lucio Genovese	Director Audit Committee Chair Governance Committee Chair	Lucio has 28 years of experience in both the merchant and financial sector of the metals and mining Industry. He is currently CEO of Nage Capital Management in Baar, Switzerland, and a member of the board of Mantos Copper S.A.
Mike Brown	Director	Mike is Managing Partner Africa at Palaris, a leading international mining advisory firm. Prior to this, he was Managing Director Technical at Pala Investments and COO of De Beers Consolidated Mines, responsible for all operations in South Africa.
Justin Cochrane	Director	Justin has over 18 years of royalty and stream financing, M&A and corporate finance experience, including five years as Executive Vice President and Head of Corporate Development for Sandstorm Gold Ltd. Prior to Sandstorm, he spent nine years in investment banking and equity capital markets with National Bank Financial.
	Kate Southwell	Director	Kate has over 15 years of experience as a legal advisor, including as General Counsel of Nevada Copper from 2017-2019. She is a currently General Counsel at Pala Investments, and previously worked at Nyrstar and Shearman & Sterling LLP.
	Ricardo De Armas	Director	Ricardo is an investment professional at Castlelake, L.P. He has spent over a decade in the investment and corporate finance sector, occupying senior roles with De Jong Capital, Zaff Capital and Citigroup's investment banking division, and as a financial analyst at Procter & Gamble.
Evgenij Iorich	Director	Evgenij has over 15 years of investment and asset management experience and is currently Managing Partner at Pala Investments where he is involved in oversight of Pala's private equity and liquid equity investment portfolios.

ESG Stewardship and Community Integration

Exceptional ESG stewardship has been key to Nevada Copper's ability to secure US operating permitsEnvironmental Controls

• • Both mines utilize dry filtered tailings - The gold standard in waste management, removing the need for tailings dams

• • Nevada has experience of low-carbon energy sources, and a solar power option at Pumpkin Hollow has potential to further reduce project carbon footprint and operating costs

Community

• • NCU has focused on fostering diversity and quality through its labor force and management

• • Proximity to Reno provides access to talent pool and key infrastructure alongside major businesses including Tesla, Google, Switch, Amazon

Governance

• • Majority independent board and committees

• • Compensation and incentive structures designed and independently vetted to align management with shareholders

Focus on local engagement and environmental stewardshipPotential to leverage Nevada's experience in solar projects

Appendix: Product Marketing and Key Balance Sheet Items

Flexible concentrate treatment options

• • Open pit unencumbered

• • Clean concentrate, a desirable feed for many smelters:

  • • High Cu

  • • Very low As and Hg

  • • Very good ratio of S, Fe, Cu

• • Proximity to West Coast ports and regional smelters presents attractive outlets for concentrate in NA and Asia

  • • Impurity levels well below international import and shipping limits

  • • 279 miles railway route from transload facility to port of Stockton, with new transload facility 20 miles from mine gate

• • Well positioned to supply local smelters that regularly process domestic concentrate to maximize utilization rates

Key Balance Sheet Items

• • Cash (at 30 Sept 2020): $0.8m

• • Senior debt: KFW:

  • • Tranche 1: $115m, 10yrs, L+1.5%,

  • • Tranche 2: $15m 3yrs, L+4.9%

• • Working Capital Facility: Concord Resources - $40m, 5yrs, L+4% ($31m drawn at 31 Dec 2020)

• • Subordinated Credit Facility: Pala Investments - $15m + $15m available for drawdown, 3 yrs, L+9%

• • Precious metal by-product stream: Triple Flag - $85m, 97.5% of precious metals from UG mine

KfW IPEX-Bank is a large, sough-after partner focused on the export industry, climate protection and infrastructure and supply of raw materials.

"Financing of this type allows KfW IPEX-Bank to play an important role in environmental and climate protection, while helping ensure the future success of German and European industry."

Markus Scheer, member of the Management Board of KfW IPEX-Bank

Appendix: Resources and Reserves

Appendix: Leverage to Cu Price

Combined UG and OP NPV7.5 Sensitivity to Copper Price1,2

Note: Underground NPV based on PFS and does not adjust for construction capital already spent3

US$3,085m

US$2,719m

US$2,347m

US$1,972m

US$1,597m

$3.50/lb

$3.75/lb

$4.00/lb

$4.25/lb

$4.50/lb

• (1) Open pit valuation based on Technical Report, entitled "NI 43-101 Technical Report: Nevada Copper Corp. Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS)", with an effective date of January 21st, 2019.

• (2) Underground valuation based on Technical Report "NI 43-101 Technical Report: Nevada Copper Corp. Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study (PFS)", with an effective date of January 21st, 2019.

• (3) Combined NPVs above do not reflect construction capital and working capital already spent on the underground which was estimated at $206m in the PFS

BUILDING A NEW US COPPER DISTRICT