Friday, October 17, 2025

Latest

Nevada Copper In Talks For US$50 Million Credit Facility Extension

It appears that Nevada Copper (TSX: NCU) might not be dead just quite yet after all, following its announcement that all mining had stopped at the firms Pumpkin Hollow operation as of July 1. The company may have found a source of additional capital, which would enable it to continue with its operations.

Non-binding terms have reportedly been agreed to with the firms senior lender KfW IPEX-Bank, as well as Pala Investments, the firms largest shareholder. The terms propose a financing of US$70 million, which will effectively be an extension of a senior credit facility that is already in place.

The financing would include a $20 million promissory note already made available by Pala, of which $11.5 million has already been drawn. A total of US$50 million would be committed to be advanced under the non-binding terms, with a potential further $20 million remaining uncommitted. In simple terms, $30 million in additional funds would be made available on a committed basis outside of the funds already available to the company, with the potential for a further loan of $20 million.

Discussions for the loan are said to be ongoing, with binding agreements expected to be entered into at some point this month. In the interim, mining operations remain halted at the Pumpkin Hollow mine, a result of the firm not paying its mining contractor. The contractor has issued a notice of default, and will only be conducting limited work to protect the asset on a go forward basis. Further, the contractor has indicated it intends to “pursue its available remedies,” which the company on Friday suggested could include securing assets.

In the interim, Nevada Copper has said it intends to continue drawing funds from its promissory note already in place with Pala Investments, which has $8.5 million in funds still available, subject to the approval of use of proceeds.

Nevada Copper last traded at $0.26 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

Military Seizes Power in Madagascar After President Flees

Altamira Gold Hits 395.5 Metres Of 0.4 g/t Gold At Maria Bonita

Related News

Nevada Copper Tosses In The Towel, Files For Chapter 11 Bankruptcy

It took less than a week for Nevada Copper (TSX: NCU) to transition from “likely...

Monday, June 10, 2024, 09:20:22 AM

Nevada Copper Ends Q2 2021 With US$14.1 Million Net Loss, Gets US$2.4 Million Payroll Loan Waived

Nevada Copper Corp. (TSX: NCU) announced on Friday after closing bell its financial results for...

Monday, August 16, 2021, 03:33:00 PM

Nevada Copper Signs Debt Repayment Deferral, Additional Credit Facility For “Balance Sheet Flexibility”

Nevada Copper Corp. (TSX: NCU) announced this morning the agreement with its senior lender, KFW-IPEX...

Tuesday, October 12, 2021, 02:28:00 PM

Nevada Copper Posts US$5.0 Million In Revenue, US$3.9 Million In Cash Balance In Q2 2022

Nevada Copper Corp. (TSX: NCU) announced its financial results for the second quarter ended June...

Monday, August 15, 2022, 08:31:21 AM

Nevada Copper Looks To Raise $75.0 Million To Clean Up Balance Sheet

Nevada Copper Corp (TSX: NCU) is looking to raise funds. The firm last night after...

Thursday, November 11, 2021, 08:17:00 AM