37
Corporate Presentation May 2018 TSX:NCU nevadacopper.com
CorporatePresentationMay 2018
TSX:NCUnevadacopper.com
Cautionary Note
Forward-Looking Information
Certain statements contained in this presentation constitute forward-looking statements. All statements in this presentation, other than statements of historical facts, including analysis ofpotential future mining operations, the likelihood of commercial mining, securing a strategic partner, securing of project funding, expanding the mineral resources and reserve are forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results of the NevadaCopper Corp. (“the Company”) to be materially different from achievements expressed or implied by such forward-looking statements. Such forward-looking statements and forward-lookinginformation specifically include, but are not limited to, statements concerning the Company’s plans at the Pumpkin Hollow Project; from the 2017 PFS NI 43-101 report, the estimated metalproduction and the timing thereof, capital and operating costs, future metal prices, cash flow estimates and economic indicators derived from the foregoing. Such forward-looking statementsand forward-looking information reflect the Company’s current expectations regarding future events and market conditions and speaks only as of the date of this presentation. The Companyassumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable securities laws. Investors are cautionednot to place undue reliance on these forward-looking statements.
This presentation describes “Measured”, “Indicated” and/or “Inferred” Resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, theSecurities and Exchange Commission does not recognize them. “Inferred Resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economicfeasibility. It cannot be assumed that all or any part of any inferred resource will ever be upgraded to a higher category. Exploration is an inherently risky proposition and investors areadvised that most exploration projects fail to identify economic resources.
The mineral resource and mineral reserve estimates disclosed herein were developed by members of Sedgman Engineering, Mining Plus, Tetra Tech, Inc., and Stantec, Inc., all of whom areindependent Qualified Persons as set forth under Canadian National Instrument 43-101 (“NI 43-101”) and disclosed in the Technical Report entitled “ Pumpkin Hollow Development Options– Pre-feasibility Study 5,000 tons/day Underground Project; Feasibility Study for a 70,000 tons/day Open Pit/Underground Project “ (“the 2017 NI43-101 Technical Report”) with an effectivedate of September 15, 2017. All reserve and resource information has been prepared and filed in accordance with NI 43-101. Mineral resources that are not mineral reserves have notdemonstrated economic viability.
The Company has included certain non-IFRS measures in this material. The Company discloses “cash costs” or “C1 cash costs”, “All in Sustaining Costs” (AISC) and similar measuresbecause it understands that certain investors use this information to determine the Company’s ability to generate future earnings and cash flows for use in investing and other activities. TheCompany believes that these measures, in addition to measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of theCompany and to compare it to information reported by other companies. The non-IFRS measures are intended to provide additional information and should not be considered in isolation oras a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not becomparable to other issuers.
The technical information in this corporate presentation has been reviewed and approved by Gregory French, P.G. Vice President Exploration & Project Development and Robert McKnight,P.Eng., Executive Vice President & CFO and David Swisher, P.E., VP Operations, all of whom are non-independent Qualified Persons as defined in NI 43-101.
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 to whom it is unlawful to make such an offer orsolicitation in such jurisdiction. This presentation is not, and under no circumstances is to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering ofsecurities in the Company in Canada, the United States or any other jurisdiction. No securities commission or similar authority in Canada or in the United States has reviewed or in any waypassed upon this presentation or the merits of the securities described herein, and any representation to the contrary is an offense. Since the securities are being offered in Canada on aprivate placement basis pursuant to certain prospectus exemptions, there will be restrictions on the resale of the securities. None of the Company or any of the agents engaged by theCompany has any obligation to repurchase the securities described herein, except and only to the extent explicitly provided for in the terms of such securities. Purchasers of the securitiesare advised to seek legal advice prior to any resale of the securities. The securities have not been registered under the United States Securities Act of 1933 (the “U.S. Securities Act”), or anystate securities laws, and are being offered and sold outside of the United States in offshore transaction in reliance or Regulation S under the U.S. Securities Act.
The Company’s actual results could differ materially from those anticipated in the forward-looking information as a result of the following factors: general economic conditions in Canada, theUS and internationally, geopolitical risk, risks associated with the business of exploration for minerals and mining, risks associated with exploration and development activities, marketabilityof natural resources, ability to raise the necessary capital at competitive rates, title related risk, the Company has no operating history and no history of earnings, the Company is exposed tocurrency fluctuations, the Company is subject to environmental regulations that may change during its development and operation, the Company is in competition with other miningcompanies that may have greater resources and experience, the Company is dependent on key personnel, some of the directors of the Company are involved with other mineral resourcecompanies and may have conflicts of interest, legal proceedings against foreign directors, additional capital raising requirements will result in the dilution to the Company’s shareholders andthe Company has a material level of secured debt and the failure to adhere to the covenants associated therewith may trigger default rights for accelerated repayment.
2
The New Nevada Copper
Permits secured on both underground and open pit projects
Key board additions completed, and “mine builder team” being retained
Restarting construction of re-engineered underground mineOptimized open pit focused on reduced-capex, staged-development approach
Significant company recapitalization completed
3
Land package consolidated
and fully permitted
New board and management
Re-engineered projects
focused on margin and
execution
Financing package in place
Investment Highlights
(1) November 2017 NI 43-101 Technical Report Case A and Case B
Only permitted, shovel-ready project of scale in the US, located in mining-friendly Nevada, and entering production into growing copper supply deficits
Underground mine fast-tracked by existing shaft and infrastructure
Fully-permitted open pit, drawing on 5 billion lb copper reserve, is currently being optimized to target a reduced-capex, high-return, staged-development approach1
Highly-flexible funding through new project financing facility and precious metals stream
4
The next North American
copper producer
Re-engineered construction-
ready underground project
Globally significant open pit
Financing package and
sustainable balance sheet
Company Snapshot
5
2.00
2.20
2.40
2.60
2.80
3.00
3.20
3.40
3.60
3.80
4.00
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
-
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
Co
pp
er
Sp
ot
Pri
ce (
US
$ /
lb
)
NC
U S
ha
re P
rice (
C$ /
sh
)
Nevada Copper Share Price (C$)
Copper Spot Price (US$ / lb)
(1) USD:CAD conversion of $1.29(2) As at February 28, 2018
(3) Source: Bloomberg
Capitalization Items1
Symbol TSX: NCU
Share Price (Mar 12, 2018) C$ 0.70
Market Capitalization C$M 312
Senior Debt C$M 103
Mandatory Convertible Debenture C$M 19
Cash & Equivalents2C$M 62
Enterprise Value C$M 353
Shares Outstanding M 445
Options / Warrants M 11
Fully-Diluted Shares Outstanding M 456
Strong Insitutional Backing
Key Shareholders Include:
Pala Investments
Castlelake LLP
Triple Flag Mining Finance
JP Morgan
Share Price Performance3
Asset Summary
Projects: Pumpkin Hollow Open Pit and Underground
Projects Location: Nevada, USA
Ownership: 100%
Permit Status: Fully Permitted
Financing Status: Fully Underwritten
Reserves: Copper 5bn lbs, Gold 0.76m oz, Silver 27.6m oz
6
The Next North American
Copper Producer
1,193
892
434
172 164
71
-121Africa Latin America /
CaribbeanAsia /
Middle EastRussia /Caspian
Oceania Europe North America
7
Strong Copper Market Fundamentals
(1) Source: Wood Mackenzie (2) Source: Codelco
Change in Copper Production by Region(1)
kt Cu | 2016 to 2020E
Highlights Scarcity value of new US copper projects
Risked Production Base
▪ 2017 saw first decline in copper output in 15 years
▪ 958kt (5% of supply) production lost to disruptions in
2017, and multiple risk events upcoming in 20181
▪ Copper grades globally are declining, having fallen
30% since 2000(2)
Market is transitioning into deficit following years of surplus
Strong Demand
▪ Synchronized global economic growth
▪ New sources of demand from electric vehicles
and green energy infrastructure
▪ Chinese environmental agenda constraining
scrap imports
Copper Supply and Demand(Million tonnes)
10
15
20
25
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Base Supply Demand
DeficitSurplus
Project pipelines are sparse, incentive pricing required
8
90
80
70
60
50
40
30
20
10
0
Copper
Resourc
e S
ize
(Mt
Conta
ined C
u)
1995 2000 2005 2010 2015 2020 2025
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
3-M
onth
Rollin
g fw
dC
opper P
rice
(US
$/t)
Collahuasi (CL)
Los Pelambres (CL)
Antamina (PE)
Batu Hijau (ID) Esperanza (CL)Salobo I (BR)
Mina
Ministro
Halees (CL)
Las
Bambas
Toromocho
(PE)
Antamina
Expansion (PE)Caserones/
Regalito (CL)
Los Bronces
Expansion (CL)
Los Pelambres
Expansion (CL)
Oyu Tolgoi
(MN)
Cobre
Panana
El Teniente (CL)
Chuquicamata
Underground (CL)
Andina
Expansion
(CL)
Quellaveco (PE)
Corredor (CL)
Existing Projects New Projects
$0
$10
$20
$30
$40
Chile / Peru Other LatinAmerica
Asia Canada/ Alaska Russia / OtherCIS
Australia DRC / Zambia USA Other
Capex R
equirem
ents
(N
ext
the 1
0 Y
ears
)(U
S$ B
illio
ns)
Copper supply built during the last cycle has been worked through, with few new projects ready to fill the gap1…
… Following a period of major underinvestment, $100bn of capex required over the next decade.2
(1) Source: Aurubis(2) Source: BHP Billiton
An
n M
aso
n
Arc
tic
Cop
per
Cre
ek
Va
n D
yke
Pe
bb
le
Bla
ck B
utt
e
Tw
in M
eta
ls
Reso
lution
Rose
mo
nt
Nort
h M
et
Gu
nn
ison
Cop
perw
oo
d
Flo
ren
ce
Pu
mp
kin
Hollo
w
9
Only Fully-Permitted, Shovel-Ready Copper Project in the U.S.
Development Project Status(1)
(1) Source: Global Mining Research
Preliminary Economic Assessment
Pre-Feasibility
Feasibility
Permitted
Capital Intensity / Tonne of Cu Capacity (US$/t)(1)
World-class, long-life copper deposit in a Tier 1 jurisdiction
Fully-permitted,shovel-ready project
Significant production scale at a low capital intensity
Uniquely positioned to benefit from the need for new copper supply
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
10
Board of Directors and Management Team
Board of Directors (as of May 4, 2018 post AGM)
Stephen Gill, Non-Executive Chairman
▪ Managing Partner at Pala Investments Ltd. and former Director on various
public mining company boards
▪ Prior to joining Pala, worked at AMEC Plc. advising on a range of natural resources transactions
Tom Albanese, Director
▪ Currently a director of Franco Nevada
▪ Previously CEO of Rio Tinto plc and Vedanta Resources Limited
▪ Previously served on the boards of Ivanhoe Mines Limited, Palabora Mining Company and
Turquoise Hill Resources Limited
Ernie Nutter, Director
▪ Previously 13 years as Mining Analyst at Capital Group
▪ Prior to which spent 13 years with Royal Bank of Canada, as MD of RBC Capital Markets and
Chairman of RBC Dominion Securities Strategic Planning Committee
Raffaele (Lucio) Genovese, Director
▪ CEO of Nage Capital Management, Chairman of Firestone Diamonds plc,
Director of Mantos Copper S.A., Ferrous Resources Limited and Ferrexpo AG
▪ Former CEO of the CIS region and manager of the Moscow office at Glencore International AG
▪ Chartered Accountant
Abraham (Braam) Jonker, Director
▪ Chairman of Golden Reign Resources and Lead Independent Director of Mandalay Resources
Corporation
▪ Former CFO of Western Coal Corporation
▪ Chartered Accountant
Justin Cochrane, Director
▪ President and COO of Cobalt27
▪ Over 16 years of royalty and stream financing, M&A and corporate finance
▪ Former Executive VP and Head of Corporate Development for Sandstorm Gold Ltd
Michael Brown, Director
▪ Managing Partner at Africa for Palaris
▪ Former COO at De Beers Consolidated Mines Ltd. and former Head of Strategic Development
at De Beers, Previously Head of Technical at Pala Investments
Evgenij Iorich, Director
▪ Managing Partner at Pala Investments Ltd., Director of Peninsula Energy and Director of
Serinus Energy
▪ Over 15 years of investment and asset management experience
Management Team
Matthew Gili, P. Eng. President and CEO▪ Comes directly from Barrick, where he served as Executive General Manager for
the Cortez District in Nevada and, more recently, as Chief Technical Officer and
Senior Vice President, Operations Projects
▪ Mr. Gili has over 20 years of experience in the mining industry, having served in
a variety of senior executive roles at Barrick and Rio Tinto
Phil Day, Chief Operating Officer
▪ Vice President, Technical and Operations Team at Pala Investments Ltd.
▪ Former VP Process Engineering at AMEC Americas, and with operational,
managerial and technical roles for BHP Billiton, WMC Resources, Minara
Resources and Wiluna Gold
Robert McKnight, P.Eng.. Executive Vice President & CFO
▪ Over 35 years of mineral resources experience in engineering and project
finance.
▪ Senior roles with Brascan, Wright Engineers, Getty, TOTAL, Endeavour
Financial, Pincock, AMEC, Yukon Zinc, Selwyn Resources
David Swisher, P.E. Vice President, Operations
▪ Mining engineer with over 23 years senior mine operations and consulting
experience with Getchell Gold, Cargill and others
Greg French, P.G. Vice President, Exploration & Project Development
▪ Geologist with over 25 years of exploration experience in the Western US and
Canada
▪ Previously worked with Homestake., Atlas Precious Metals, and Cornerstone
Industrial Min.
Timothy M. Dyhr, Vice President, Environment & External Relations
▪ Led multidisciplinary teams to successfully permit copper and gold mines in
Nevada since 1983 & key environmental management roles with BHP Copper
Rich Matthews, Vice President, Investor Relations & Marketing
• Experienced IR and marketing professional with successful track record of
international marketing programs
• Previously ran the IR for Fission Uranium – a multiple award-winning exploration
and development company
11
Globally Significant Scale
One Project, Two Mines(1)
12
Dry
Stack
Waste
Rock
Mill
Shaft
Open Pits UG
Two
mines
>5 billion lbof contained copper
300 million lbof annual production
>23 yearsproject life
(1) Nov 2017 NI 43-101 Technical Report Feasibility Study Case B Integrated Development
13
Scale and Infrastructure on Secured Land Package
13
Water
Paved Road Access
Unpatented BLM Claims
Unpatented BLM Claims
Open Pit
U/G
Private Land Owned By Nevada Copper
Private Land Owned By Nevada
Copper
City of
Yerington
Power
Total Land Position: 27 square miles, 17,513 acres
Including Private Lands of 17 square miles, 10,683 acres
14
Re-engineered Construction-
Ready Underground Project
15
De-risked Development and Accelerated Lead Time
▪ Significant Invested Capital: US$220 million invested to date reduces upfront capital requirement(1)
▪ Key Construction Milestones Completed: Concrete-lined production-sized shaft, 644 feet of lateral development and significant above-ground work completed including head frame and hoist
▪ Risk Sharing Contracts: EPC build contract on process plant paired with an underground mining contract
(1) Source: Nevada Copper audited Financial Statements
Combination of existing shaft, EPC build and mining contract de-risks project and shortens lead time
16
Economically Robust Underground Development Plan in Place
(1) November 2017 NI 43-101 Technical Report.(2) AISC is defined as C1 plus sustaining capital expenditures.
(3) Consensus prices per the 2017 NI 43-101 Tech Report : US$2.62-3.20/lb Cu, US$1,254-$1,325/oz Au, US$17.31-$20.01/oz Ag (4) Cu-equiv based on price s of $3.00/lb Cu, $1,300/oz Au and $17.00/oz Ag and met recoveries of 92%,78% and 70% respectively.
Enhanced project economics make Pumpkin Hollow a highly robust near-term mine
Robust economics
Underground Mine Highlights(1)
Project
Economics
(Unlevered)(2)
NPV5%/IRR: $301m / 25%
Capex Pre-production capex: US$182 million
Opex(2)
First 5 Years
C1: US$1.68/lb Cu
AISC: US$1.86/lb Cu
LOMC1: US$1.81/lb CuAISC: US$1.96/lb Cu
Construction
Timeline~15 months to first production
Production
Profile
Y1-5 annual avg. of 60 Mlbs Cu, 9 koz Au, 173 koz Ag
LOM annual avg. of 50 Mlbs Cu, 8 koz Au, 150 koz Ag
Annual free cash
flowAverage US$80m per annum over first five years(3)
Reserves23.9 mt @ 1.74% Cu eq. (2.01% Cu eq. over first five
years)(4)
Mine Life13.5 years
Significant extension potential from identified resources
Low upfront capex
Competitive opex
Short lead time
Strong production profile
Significant cash generation
Long life
17
Significant Underground Resource Upside
Substantial mine life extension potential from defined underground resource upside
18
Globally Significant
Open Pit Project
19
Large-Scale Open Pit Opportunity
(1) Nov 2017 NI 43-101 Technical Report Feasibility Study Case B Integrated Development(2) Consensus prices per the Nov. 2017 NI 43-101 Technical Report : US$2.62-$3.20/lb Cu, US$1,254-$1,325/oz Au, US$17.31-$20.01/oz Ag
(3) US$4.73 of initial capex per annual pound of copper production
The Project Today
▪ Globally Significant Scale:
Largest fully-permitted copper
project in North America. 5bn lbs
of copper, 23-year project life(1)
▪ Meaningful Project Value:
NPV5% of US$1.2Bn at
consensus metal prices(1,2)
▪ Low Capital Intensity:
One of the least capital intensive
copper projects globally(3)
The Opportunity
▪ Quick to production:
Fully-permitted with
infrastructure in place
▪ Well-defined:
204,000 meters of drilling,
metallurgical testing and study,
concentrate tested by major
smelters
▪ Unrealized potential:
Project previously designed for
scale at peak of cycle.
Opportunity for re-engineering
focused on economics and
cashflow
Optimization Underway
▪ Demonstrated optimization
upside:
Team responsible for successful
underground re-engineering now
developing optimized and staged
open pit plan
▪ Revised project focus:
“Margin-over-tonnes” focus on
higher grade, “smarter”
engineering, retained scalability
via staged expansion
▪ Drilling and revised study
underway:
Drill rigs on site and leading
engineering groups engaged for
optimized open pit studies
20
Open Pit Optimization Plan
Untested Extensions
South Pit Extensions
North Pit Extensions
ConnectorZone
Private Land Acquired by NCU from Federal Gov’t (formerly BLM unpatented claims)
Boundary of patented claims controlled by NCU
Continue to Convert waste/inferred to Ore
Optimization of Existing Plan
Internal studies indicate ability to significantly
improve project economics:
1. North Pit grade 40% higher than South Pit
2. Tighten pit wall angles
3. Revise plant layout and resize mine fleet
4. Re-cost materials
Staged Development Approach
Initial production scale to be staged:
▪ Lower-cost, smaller initial mill start-up option
focused on high-grade North Pit
▪ Subsequent ability to expand production scale
incorporating South Pit reserves
Waste-to-Ore Conversion
High-value drill targets underway:
▪ Conversion of inferred and waste to resource,
reducing stripping costs and extending ore body
▪ In-pit infill drilling targeting grade improvement
▪ Additional geotechnical data
21
Open Pit –Northern Extension Zone
2014 pit shell
S-4
S-6
South Metallurgical
Drilling
Not Tested in
view of Land
Transfer that
was pending
Increased grade
demonstrated
via drilling
completed post
open pit FS
Expand and
convert
resources into
connector zone
Looking East
Measured & Indicated
Grade Blocks
Greater than 0.15%
Northern Extension
22
Open Pit –Connector Zone
Currently
Waste or
Inferred
Not Tested in
order not to
complicate
Land Transfer
Northern Extension
23
Geological Potential/
Exploration Upside
Substantial further regional potential
24
North
E2
Bear
YeringtonAnn Mason
Mason Area Mines Pumpkin
Hollow
McArthur
Blue Hills
Nevada Copper QuaterraMason Resources Corp. (Formerly Entree Gold)
Mason Valley Properties
District Cu
Inventory
> 33 Bn Lbs
25
Financing Package in Place
with Flexible Balance Sheet
26
Strong Balance Sheet to Support Project Development
Robust and flexible balance sheet
▪ US$80 million project financing facility in place:
▪ Tranche 1: 9-year bullet
▪ Tranche 2: 7-year term, two-year grace period
▪ US$48 million cash position1
Construction financing package
▪ US$70 million precious metals stream
▪ US$25 million mandate for working capital facility
▪ US$60 million equity back stop
Balance Sheet upside
▪ Pursing discussions with low-cost project lenders
▪ Opportunity to reduce cost of debt service and secure strong financing partners for open pit
▪ Reduces potential future equity requirements for open pit
(1) At February 28, 2018
$251 $425 $600 $765$631
$1,356
$2,028
$2,694
$882
$1,781
$2,628
$3,459
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
NPV NPV NPV NPV
$3.00 $3.50 $4.00 $4.50
Net P
resent V
alu
e 5
% (
US
$M
)
Copper Price (US$/lb) Underground Only Open Pit Delta = Integrated
0.32x
0.16x
0.11x0.08x
0.00x
0.05x
0.10x
0.15x
0.20x
0.25x
0.30x
0.35x
$3.00 $3.50 $4.00 $4.50
Implie
d P
/NA
V (
x)
Copper Price (US$/lb) - Flat
27
Highly Levered to Rising Copper Prices
(1) Derived from after-tax NPV for UG development (Case A) and integrated development (Case B) and related sensitivity analyses in 2017 Integrated Feasibility Study. After-tax NPV shown pre-stream.(2) P/NAV calculated as ratio of market capitalization to after-tax NPV for integrated development (Case B) plus cash less debt-like items as at February 2018
Corporate Valuation Sensitivity(2)
10% increase in Cu price = 60% increase in after-tax NPV(1)
Further upside from reduced US corporate tax, not reflected
3
Project NPV Sensitivity(1)
28
Defined Path to Production with Multiple Near-Term Catalysts
Strategy to drive near-term re-rate potential and unlock long-term value
Release PFS on Underground
Announce Builder’s
Team
Board Additions
CompletePre-
Construction Activities
Begin Construction on
Underground
Optimization Pit Conceptual
Study
UndergroundMine EntersProduction
Execute on Growth Strategy
Develop Open Pit
Appoint Chief Operating Officer
Complete Project Financing
Optimization Pit Drilling
OptimizationPit PFS
ResourceUpdate
Regional Exploration
29
Appendices
0.24x(2) 0.26x0.34x
0.57x
0.75x
1.15x
0.36x
0.66x
0.46x
0.00x
0.20x
0.40x
0.60x
0.80x
1.00x
1.20x
1.40x
Nevad
a C
opper
Weste
rn C
opper
Nort
he
rn D
ynasty
Pano
ro
Ivanh
oe M
ines
NG
Ex R
esourc
es
Filo
Trilo
gy M
eta
ls
Poly
met M
inin
g
P / N
AV
30
Significant Re-rating Potential Independent of Copper Prices
Note: As at February 6, 2018
(1) Peer NAV based on Analyst consensus estimates
(2) NAV5% of US$1.144M based on consensus prices per the Nov. 2017 NI 43-101 Technical Report : US$2.62-$3.20/lb Cu, US$1,254-$1,325/oz Au, US$17.31-$20.01/oz Ag
(3) Based on country risk ratings for respective project(s), according to S&P Capital IQ Metals & Mining profiles for political, operational, security, and terrorism risk
(4) Represents Ivanhoe’s 39.6% interest
(5) Represents NGEx’s 60% interest
Peer Comparison (1)
Geopolitical
Risk(3)
Permitted?
Stage of
Development
Initial Capital
(US$M)
Low Low Low Medium High Low Medium Low Low
Yes No No No No No No No No
Construction Ready
Permitting PermittingPEA
CompleteUpdated
PEA UnderwayPEA
CompletePEA
UnderwayPFS
UnderwayPermitting
$182 $2,456 $4,700 $1,533 $480(4) $1,848(5) n/a n/a $380
Valuation implies significant discount to peers who are largely early stage, unpermitted and long-dated
$251
$425
$600
$76523%
34%
44%
53%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$3.00 $3.50 $4.00 $4.50
Underg
round P
roje
ct N
PV
NPV (5%) IRR (%)
31
Underground - Economically Robust Development Plan in Place(1)
(1) November 2017 NI 43-101 Technical Report.
Production Profile & Cash Generation
Underground Project Highly Leveraged to Copper Prices
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
0
10
20
30
40
50
60
70
80
1 2 3 4 5 6 7 8 9 10 11 12 13
Afte
r-Ta
x O
pera
ting C
ash F
low
(US
$M
)Payable
Copper
Pro
ductio
n (
Mlb
s)
Production Year
Copper Production (Mlbs) After-Tax Operating Cash Flow (US$M)
Avg. after-tax operating cash flow of ~US$80M per year at consensus prices over the first 5 years(2)
32
Open Pit - Existing Large-Scale Option
2017 Integrated Underground + Open Pit Feasibility Highlights(1)
Reserves(2) OP 539 mt @ 0.42% Cu-eq ; UG 32.6Mt @ 1.4% Cu-eq ; Mill Feed 571Mt @ 0.47% Cu-eq
Mine Life 23 years (extension targets identified to North Deposit and Saddle Zone and UG)
Plant Capacity 70,000 stpd
Production ProfileLOM average of 199 Mlbs Cu p.a.; 23 koz Au p.a.; 689 koz Ag p.a.
Y1-5 average of 275 Mlbs Cu p.a.; 30 koz Au p.a.; 934 koz Ag p.a.
Strip Ratio 3.59 waste: ore (inclusive of pre-strip)
Initial Capex Integrated open pit and underground capex: US$1.1 Billion
Opex(3)
First 5 Years
C1: US$1.49/lb Cu
AISC: US$1.66/lb Cu
LOM
C1: US$1.76/lb Cu
AISC: US$1.87/lb Cu
Production Profile and Cash Generation(4)
0
50
100
150
200
250
300
350
400
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0
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
Aft
er-
Tax O
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tin
g C
ash
Flo
w (
US
$M
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Payable
Copper
Pro
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s)
Production Year
Copper Production (Mlbs) After-Tax Operating Cash Flow (US$M)
(1) Nov 2017 NI 43-101 Technical Report Feasibility Study Case B Integrated Development
(2) Cu-equiv based on price s of $3.00/lb Cu, $1,300/oz Au and $17.00/oz Ag and metallurgical recoveries of 89.3%,67.3% and 57.3% respectively
(3) AISC is defined as C1 plus sustaining capital expenditures.
(4) Consensus prices per the Nov. 2017 NI 43-101 Technical Report : US$2.62-$3.20/lb Cu, US$1,254-$1,325/oz Au, US$17.31-$20.01/oz Ag
Open Pit - Potential 30,000 TPD Layout
33
34
Pumpkin Hollow Mineral Underground Reserves (1)(2)
(1) Mineral Reserves November 2017 43-101 Technical Report, Case A Underground;
(2) Cu Equivalent based on metals prices of Cu $3.00/lb, Au $1,343/oz, Ag $19.86/oz and metallurgical recoveries of 92%, 78% and 70%, respectively
Mineral Reserves – Eastern Underground Deposits (East and E2) :
(Nov 2017 43-101 Technical Report: Case A)
Ore Copper Gold SilverContained
Copper
Contained
Gold
Contained
Silver
Copper
Equiv.
Classification 000's tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %
Proven 7,400 1.850 0.00695 0.144 273,800 51,430 1,063,602 2.01
Probable 16,500 1.470 0.00618 0.138 485,100 101,970 2,269,410 1.61
Total 23,900 1.59 0.00642 0.139 758,900 153,400 3,333,012 1.74
Note: Case A Underground and Case B Integrated Mineral Reserves are not additive
Nov 2017 NI43-101: Case A Underground Development
35
Pumpkin Hollow Integrated Mineral Reserves (1)(2)
(1) Nov. 2017 NI 43-101 Technical Report Preliminary Feasibility Study: Case B Integrated Development
(2) Cu Equivalent based on metals prices of Cu $3.00/lb, Au $1,300/oz, Ag $17.00/oz and metallurgical recoveries of 89.3%, 67.3% and 57.3%, respectively
Mineral Reserves North & South - Open Pit Deposits
Ore Copper Gold Silver Contained Copper
Contained Gold
Contained Silver
Copper Equiv.
Classification 000's tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %
North
Proven 122,403 0.479 0.001 0.056 1,173,000 175,000 6,862,000 0.513
Probable 178,241 0.422 0.001 0.051 1,505,000 178,000 9,097,000 0.448
Total 300,644 0.445 0.001 0.053 2,678,000 353,000 15,959,000 0.471
South
Proven 143,117 0.328 0.001 0.038 938,000 143,000 5,438,000 0.351
Probable 95,524 0.312 0.001 0.027 595,000 96,000 2,579,000 0.333
Total 238,641 0.321 0.001 0.033 1,533,000 239,000 8,017,000 0.343
Total North & South
Proven 265,520 0.40 0.001 0.046 2,111,000 318,000 12,300,000 0.425
Probable 273,765 0.38 0.001 0.043 2,100,000 274,000 11,676,000 0.408
Total 539,285 0.39 0.001 0.044 4,211,000 592,000 23,976,000 0.414
Mineral Reserves - Eastern Underground Deposits
Ore Copper Gold Silver Contained Copper
Contained Gold
Contained Silver
Copper Equiv.
Classification 000's tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %
Proven 8,923 1.59 0.006 0.124 283,000 54,000 1,106,000 1.71
Probable 23,680 1.17 0.005 0.109 556,000 116,000 2,581,000 1.28
Total 32,603 1.29 0.005 0.113 839,000 170,000 3,687,000 1.39
Mineral Reserves North & South - Open Pit & Eastern Underground Deposits
Ore Copper Gold Silver Contained Copper
Contained Gold
Contained Silver
Copper Equiv.
Classification 000's tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %
Proven 274,443 0.44 0.001 0.049 2,394,000 372,000 13,406,000 0.467
Probable 297,445 0.45 0.001 0.048 2,656,000 390,000 14,257,000 0.477
Total 571,888 0.44 0.001 0.048 5,050,000 762,000 27,663,000 0.472
Nov 2017 NI43-101: Case B Integrated Development
Note: Case A Underground and Case B Integrated Mineral Reserves are not additive
36
Pumpkin Hollow - 2018 Geotechnical Drilling
East North
North Vent
37
Nevada Copper Corp.
Nevada Copper, Inc.
Suite 1238,
200 Granville Street
Vancouver, BC
Canada V6C 1S4
T: (604) 683-8992
F: (604) 681-0122 nevadacopper.com
