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ACQUISITION OF SHARES AND WARRANTS OF NEVADA COPPER CORP. BY MERCURIA
29.11.2021

VANCOUVER, BRITISH COLUMBIA – November 29, 2021 – Pursuant to early warning requirements, Mercuria Energy Holdings (Singapore) Pte. Ltd. ("Mercuria") reports that it has acquired beneficial ownership of, and control or direction over, an aggregate of 48,700,000 common shares ("Common Shares") of Nevada Copper Corp. (the "Company") and 24,350,000 Common Share purchase warrants ("Warrants") as a result of the purchase of 48,700,000 units of the Company ("Units") in the Company’s public offering (the "Offering") of Units that closed on November 29, 2021. Under the Offering, the Company issued 162,644,300 Units and 2,000,000 Warrants, including 14,544,300 Units and 2,000,000 Warrants pursuant to the partial exercise of the underwriters’ over-allotment option. Each Unit consisted of one Common Share and one-half of one Warrant. The total consideration paid for the 48,700,000 Units purchased by Mercuria under the Offering was C$37,499,000, at a price of C$0.77 per Unit.

In connection with the Offering, the Company also completed a concurrent private placement whereby it issued an additional 98,104,584 Units (the "Private Placement"). Further information in respect of the Offering and the Private Placement is contained in the Company’s press release dated November 29, 2021, a copy of which can be found under the SEDAR profile of the Company at www.sedar.com.

Immediately prior to the completion of the Offering, Mercuria had beneficial ownership of and exercised control or direction over nil Common Shares or 0% of the issued and outstanding Common Shares. Immediately following the completion of the Offering, Mercuria had beneficial ownership of and exercised control or direction over 48,700,000 Common Shares and 24,350,000 Warrants, representing approximately 10.92% of the issued and outstanding Common Shares on a non-diluted basis (on the basis of 445,900,563 Common Shares issued and outstanding as of the date hereof). If Mercuria fully exercised the Warrants acquired under the Offering, Mercuria would hold an aggregate 73,050,000 of the issued and outstanding Common Shares on a partially-diluted basis (on the basis of 470,250,563 Common Shares issued and outstanding), representing approximately 15.53% of the issued and outstanding Common Shares on a partially-diluted basis.

Mercuria holds the Common Shares and Warrants for investment purposes. Mercuria or another controlled entity, may acquire or dispose of additional securities of the Company in the future through the market, privately, or otherwise, as circumstances or market conditions warrant. Any transaction that Mercuria or another controlled entity, may pursue may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of the Company's securities, subsequent developments affecting the Company, its business and prospects, other investment and business opportunities available to Mercuria, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by Mercuria.

The head office of the Company is located at61 E. Pursel Lane, Yerington, Nevada, 89447. Mercuria will file an early warning report under the SEDAR profile of the Company at www.sedar.com.

Mercuria Energy Holdings (Singapore) Pte. Ltd.
12 Marina View

#26-01
Asia Square Tower 2
Singapore (018961)

About Mercuria

Established in 2004, the Mercuria group is one of the largest independent energy and commodity groups in the world, bringing efficiency to the commodity value chain with technology, expertise and solutions. Mercuria’s business includes trading flows, strategic assets and structuring activities that generate more than $120 billion in turnover. The company has built upon a series of strategic acquisitions, including the physical commodities trading unit of JPMorgan Chase & Company, Noble Group’s US gas and power business and the Aegean Marine Petroleum Network, reorganized as Minerva Bunkering. It has become one of the most active players in the renewable markets with more than fifty percent of new investments dedicated to the energy transition.

NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

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