Funds Managed by Castlelake File an Updated Early Warning Report

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MINNEAPOLIS, July 28, 2021 (GLOBE NEWSWIRE) -- Global alternative investment firm Castlelake, L.P. (“Castlelake”), today announced that it has filed an updated Early Warning Report in respect of Nevada Copper Corp. (“NCU”). As a result of the completion in January 2021 of NCU’s public offering and private placement of units (each unit consisting of one common share (a “NCU Share”) and one-half of one NCU Share purchase warrant (a full warrant, a “Warrant”)) (the “Transactions”), the issuances over the past few months of NCU Shares to various parties in connection with the satisfaction of certain fees payable by NCU and the settlement of a litigation, and the issuances of NCU Shares to various parties in connection with the exercise of deferred share units and Warrants, the Castlelake funds’ holdings of NCU Shares decreased by 4.0% on a non-diluted basis and 4.6% on a partially diluted basis. Castlelake did not participate in the Transactions.

Prior to the completion of the Transactions and the said issuances of NCU Shares, Castlelake funds held (a) 286,535,165 NCU Shares (representing approximately 19.6% of the then issued and outstanding NCU Shares on a non-diluted basis); and (b) 74,951,426 Warrants (representing, together with the 286,535,165 NCU Shares, approximately 23.5% of the then issued and outstanding NCU Shares on a partially diluted basis (assuming only the exercise of the Warrants held by the Castlelake funds)).

Upon completion of the Transactions and the said issuances of NCU Shares, Castlelake funds hold (a) 286,535,165 NCU Shares (representing approximately 15.6% of the current issued and outstanding NCU Shares on a non-diluted basis); and (b) 74,951,426 Warrants (representing, together with the 286,535,165 NCU Shares, approximately 18.9% of the current issued and outstanding NCU Shares on a partially diluted basis (assuming only the exercise of the Warrants held by the Castlelake funds)).

For further information, please refer to the Early Warning Report filed on SEDAR under the company’s profile or please contact Molly Blemker at (+1 612 851 3083). NCU is a corporation organized under the laws of British Columbia with its head office at Suite 598 - 999 Canada Place Vancouver, BC, V6C 3E1.

About Castlelake

Castlelake, L.P. is a global alternative investment manager focused on opportunistic investments in real assets, specialty finance and aviation. Founded in 2005, Castlelake manages approximately $20 billion of assets on behalf of its investors. The Castlelake team comprises more than 200 experienced professionals, including 89 investment professionals, across six offices in North America, Europe and Asia. For more information, please visit https://www.castlelake.com/.

Media Contact

Molly Blemker

+1 612 851 3083

molly.blemker@castlelake.com