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Nevada Copper Announces $115M to Advance Pumpkin Hollow Project

Wed June 19, 2019 - West Edition #13
Nevada Copper

(Nevada Copper photo)
(Nevada Copper photo)

Nevada Copper Corp., the 100 percent owner of the Pumpkin Hollow copper project announced the financial close of the previously announced $115 million credit facility with KfW IPEX-Bank GMBH, dated May 6, 2019.

The net proceeds of drawdown will be used to advance the construction and development of the company's Pumpkin Hollow underground project.

Matthew Gili, chief executive officer of Nevada Copper, said, "We are very pleased to have closed this project finance facility. KfW IPEX-Bank is a government-backed, tier one lender and is a highly sought after and long-term project partner. KfW's involvement with Nevada Copper not only highlights the value of the Pumpkin Hollow copper project but also of the team that is executing on the company's business strategy."

The KfW facility is part of a broader financing package announced by the company in its news release dated May 7, 2019.

The benefits of this broader financing package include:

  • Reduces senior debt interest margin, which is expected to lead to annual interest savings averaging approximately $5 million calculated over the nine-year term of the KfW IPEX-Bank Facility
  • Extends senior debt maturity from 2025 to 2028
  • Amends previous restrictions on distributions, allowing for, subject to certain conditions, free excess cash flow to be utilized in Open Pit development, exploration and payment of dividends
  • Provides potential long-term financing partner for future project expansion with demonstrated capacity and experience financing some of the world's largest mining projects
  • Cost Overrun Facility ($26.4M) funding provides further financing contingency for construction and ramp-up at the Underground Project
  • Working Capital Facility ($35M) provides additional funding flexibility during production ramp-up at the Underground Project and interest rate reduction upon reaching run-rate production at the Underground Project
  • Offtake Agreements provide increased stability of revenue and optimized logistics solution for the Underground Project while leaving the Open Pit offtake 100% unencumbered
About Nevada Copper

Nevada Copper's Pumpkin Hollow project is in construction with a view to the commencement of copper production in Q4, 2019. Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully-permitted projects include a high-grade underground project (under construction) and a large-scale open pit project.

For more information, visit

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