Published: June 20, 2024 |

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Nevada Copper and its subsidiaries has released an update on its Chapter 11 bankruptcy process and management appointments.

The company has received orders from the Bankruptcy Court of the District of Nevada, including interim approval of its debtor-in-possession financing, where the company has been authorized to proceed with an initial borrowing of $20 million under its $60 million debtor-in-possession financing commitment.

This borrowing will fund the company’s care and maintenance and other requirements during the Chapter 11 process. The company intends to seek a final order approving the remainder of the borrowing to provide it with liquidity for the balance of the restructuring period.

The company also received approval to continue wages and benefit programs for its employees during the bankruptcy process.

During the restructuring period, the company intends to pursue a sale process and has retained Moelis & Company to assist with the process.

Nevada Copper’s board of directors has appointed Gregory Martin as interim president and CEO and Matthew Anderson as interim CFO. Messrs. Martin, and Anderson previously served as EVP & CFO and VP, Finance for Nevada Copper, respectively.

The company said it is under delisting review by the Toronto Stock Exchange and its shares currently remain halted from trading on the exchange.

Nevada Copper is the owner of the Pumpkin Hollow copper project located in Nevada, with substantial reserves and resources including copper, gold, and silver. Its two fully permitted projects include the high-grade underground mine and processing facility and a large-scale open pit PFS stage project.

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