An Emerging Copper CompanyTSX: NCUwww.nevadacopper.com

Corporate Presentation

December 2017

1

Forward-Looking Information

Certain statements contained in this presentation constitute forward-looking statements. All statements in this presentation, other than statements of historical facts, including the likelihood of commercial mining, securing a

strategic partner, securing of project funding, expanding the mineral resources and reserve are forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and

other factors which may cause the actual results of the Nevada Copper Corp. (“the Company”) to be materially different from achievements expressed or implied by such forward-looking statements. Such forward-looking

statements and forward-looking information specifically include, but are not limited to, statements concerning the Company’s plans at the Pumpkin Hollow Project; from the 2017 PFS NI 43-101 report and the 2013 Open Pit

Only Feasibility Study (which is a non-current NI43-101 Technical Report), the estimated metal production and the timing thereof, capital and operating costs, future metal prices, cash flow estimates and economic indicators

derived from the foregoing. Such forward-looking statements and forward-looking information reflects the Company’s current expectations regarding future events and market conditions and speaks only as of the date of this

presentation. The Company assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable securities laws. Investors are cautioned not to

place undue reliance on these forward-looking statements.

This presentation describes “Measured”, “Indicated” and/or “Inferred” Resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, the Securities and Exchange

Commission does not recognize them. “Inferred Resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic feasibility. It cannot be assumed that all or any part of any

inferred resource will ever be upgraded to a higher category. Exploration is an inherently risky proposition and investors are advised that most exploration projects fail to identify economic resources.

The mineral resource and mineral reserve estimates were developed by Sedgman Engineering, Mining Plus, Tetra Tech, Inc., and Stantec, Inc., all of whom are independent Qualified Persons as set forth under Canadian

National Instrument 43-101 (“NI 43-101”). All reserve and resource information has been prepared and filed in accordance with NI 43-101. Mineral resources that are not mineral reserves have not demonstrated economic

viability.

The technical information in this corporate presentation has been reviewed and approved by Gregory French, P.G. Vice President Exploration & Project Development and Robert McKnight, P.Eng., Executive Vice President &

CFO both of whom are non-independent Qualified Persons as defined in NI 43-101.

This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction. This

presentation is not, and under no circumstances is to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of securities in the Company in Canada, the United States or any other

jurisdiction. No securities commission or similar authority in Canada or in the United States has reviewed or in any way passed upon this presentation or the merits of the securities described herein, and any representation to

the contrary is an offense. Since the securities are being offered in Canada on a private placement basis pursuant to certain prospectus exemptions, there will be restrictions on the resale of the securities. None of the Company

or any of the agents engaged by the Company has any obligation to repurchase the securities described herein, except and only to the extent explicitly provided for in the terms of such securities. Purchasers of the securities

are advised to seek legal advice prior to any resale of the securities. The securities have not been registered under the United States Securities Act of 1933 (the “U.S. Securities Act”), or any state securities laws, and are being

offered and sold outside of the United States in offshore transaction in reliance or Regulation S under the U.S. Securities Act.

The Company’s actual results could differ materially from those anticipated in the forward-looking information as a result of the following factors: general economic conditions in Canada, the US and internationally, geopolitical

risk, risks associated with the business of exploration for minerals and mining, risks associated with exploration and development activities, marketability of natural resources, ability to raise the necessary capital at competitive

rates, title related risk, the Company has no operating history and no history of earnings, the Company is exposed to currency fluctuations, the Company is subject to environmental regulations that may change during its

development and operation, the Company is in competition with other mining companies that may have greater resources and experience, the Company is dependent on key personnel, some of the directors of the Company

are involved with other mineral resource companies and may have conflicts of interest, legal proceedings against foreign directors, additional capital raising requirements will result in the dilution to the Company’s shareholders

and the Company has a material level of secured debt and the failure to adhere to the covenants associated therewith may trigger default rights for accelerated repayment.

Cautionary Note

2

Investment Highlights

✓ Rare U.S.-Based Copper Project Poised for Near-Term Production

■ Premier North American copper deposit located in mining-friendly state of Nevada

■ Only permitted, shovel-ready project in the United States

✓ Economically Robust Underground Development Plan in Place

■ Re-engineered and robust pre-feasibility study outlining rapid timeline to production recently completed

■ Strong after-tax economic returns with an IRR of 25% at consensus metal prices(1)

✓ Open Pit Offers Significant Upside and Leverage to Copper

■ Mineral Reserves of more than 4.1 Blbs(1)

of Cu and 4.6 Blbs of CuEq(2)

■ Expected to produce an average of 221 Mlbs of Cu per year over the first 5 years, providing path to over 280

Mlbs of combined Cu production(1,3)

✓ Attractive Value Proposition with Multiple Near-Term Catalysts

■ Current valuation attractive entry point at opportune time in copper cycle

■ Significant re-rating potential given number of near term catalysts and value milestones – release of feasibility

study, project financing, start of construction and open pit optimization

✓ Strong Management Team and Experienced Board of Directors

■ Strong management team with deep experience in permitting, financing and operating mining projects of

global significance

■ Seasoned Board of Directors with extensive mining sector knowledge and capital markets expertise

(1) Based on consensus prices per November 2017 NI43-101 Technical Report : US$2.62-3.20/lb Cu, US$1,254-$1,325/oz Au, US$17.31-$20.01/oz Ag

(2) Cu equivalency based on LT consensus prices of US$3.20/lb Cu, US$1,325/oz Au, US$20.01/oz Ag(3) Amounts reflect periods of full production

3

Rare U.S.-Based Copper Project Poised for Near-Term Production

✓ World-class, long-life copper deposit in a Tier 1 jurisdiction

▪ Total Mineral Reserve of 5 Blbs Cu(1)

and Measured and

Indicated Resources of over 6 Blbs Cu(1)

▪ Located in mining-friendly Nevada with significant

surrounding infrastructure

✓ Significant production scale

▪ Combined high-grade underground and large-scale open

pit mining operation has potential to be in excess of

280 Mlbs per annum (2)

Pumpkin Hollow Site

Nevada

✓ Fully-permitted, shovel-ready copper project with a clear path to production

▪ Both underground and open pit mines are fully-permitted

▪ Re-engineered pre-feasibility study outlining rapid timeline to production in place

✓ Uniquely positioned to take advantage of expected need for new copper supply

▪ Following years of underinvestment as copper prices declined, resilient global demand and mine depletion have

once again balanced the copper market with supply deficit expected to form over medium term

▪ Pumpkin Hollow’s rapid development timeline to production in 2019 from the high-grade underground option

allows it to take advantage of strengthening copper market dynamics in a phased approach

(1) Source: Nov 2017 NI43-101 Technical Report P&P 572Mtons@0.44%Cu; M&I 620Mtons@0.51% Cu

(2) Source Nov 2017 NI43-101 Technical Report Case B: Amounts reflect periods of full production

4

Economically Robust Underground Development Plan in Place

Underground Mine Highlights(1)

Reserves 23.9 mt @ 1.74% Cu eq. (2.01% Cu eq. over first five years)

Mine Life 13.5 years (plus significant reserve extension from identified resources)

Plant Capacity 5,000 stpd

Production Profile LOM annual avg. of 50 Mlbs Cu, 8 koz Au, 150 koz Ag

Y1-5 annual avg. of 60 Mlbs Cu, 9 koz Au, 173 koz Ag

Capex Pre-production capex: US$182 million

Construction Timeline ~15 months to first production

Opex(2)

First 5 Years

C1: US$1.68/lb Cu

AISC: US$1.86/lb Cu

LOM

C1: US$1.81/lb Cu

AISC: US$1.96/lb Cu

Project Economics

(Unlevered)Consensus Prices

(3)

NPV5%/IRR: $301m / 25%

(1) November 2017 NI 43-101 Technical Report

(2) AISC = C1 costs + sustaining capital

(3) Consensus prices per the 2017 NI 43-101 Tech Report : US$2.62-3.20/lb Cu, US$1,254-$1,325/oz Au, US$17.31-$20.01/oz Ag

Production Profile & AISC

▪ PFS completed indicating economically robust underground

project

▪ “Grade over tons” approach focused on cash margins

▪ Combination of existing shaft and hoist, EPC build contract and

mining contract substantially de-risks project execution

▪ Robust economics with low upfront capex and competitive

operating costs:

▪ Initial pre-production capital of US$182 million

▪ Unlevered post-tax NPV5% of US$301 million and IRR of

25% at consensus metal prices

▪ Estimated 15 months to production

Re-defined Underground Project(1)

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

0

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1 2 3 4 5 6 7 8 9 10 11 12 13

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Payable

Copper

Pro

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Mlb

s)

Production Year

Copper Production (Mlbs) AISC (Pre-Stream) (US$/lb Cu)

Avg. after-tax operating cash flow of ~US$80M per year at consensus prices over the first 5 years

Underground Project Highly Leveraged to Copper Prices

$158$247

$334$421

$508$596

17%

23%

29%

34%

39%

44%

$0

$100

$200

$300

$400

$500

$600

$700

$2.75 $3.00 $3.25 $3.50 $3.75 $4.00

Underg

round P

roje

ct N

PV

5%

)

Copper Price (US$/lb)

NPV (5%) IRR (%)

(3)

5

Significant Existing Underground Infrastructure

▪ US$220 million of capital has been invested to-date(1)

▪ Concrete lined 24 foot production-sized shaft already in place to the 1,900 foot main haulage level

▪ 644 feet of lateral development completed

▪ Significant above ground work completed including head-frame and hoist, and supporting underground

infrastructure

(1) Source: Nevada Copper audited Financial Statements

6

Open Pit Offers Significant Upside and Leverage to Copper

2013 Open Pit Feasibility Study Highlights(1)

Reserves 548 mt @ 0.42% Cu eq.

Mine Life 22 years (significant extension targets identified to North Deposit and Saddle

Zone)

Plant Capacity 70,000 stpd

Production Profile LOM average of 168 Mlbs Cu p.a.; 22 koz Au p.a.; 683 koz Ag p.a.

Y1-5 average of 221 Mlbs Cu p.a.; 24 koz Au p.a.; 849 koz Ag p.a.

Strip Ratio 3.69 waste:ore (inclusive of pre-strip)

Initial Capex Pre-production open pit capex: US$927 million

Opex(4)

First 5 Years

C1: US$1.76/lb Cu

AISC: US$2.04/lb Cu

LOM

C1: US$1.99/lb Cu

AISC: US$2.20/lb Cu

(1) Source: 2013 NI 43-101 Technical Report Feasibility Study which is relevant but it is historical in nature, not current and should not be relied upon. The current Technical Report was filed on SEDAR on November 29 2017.(2) Amounts reflect periods of full production

(3) Consensus prices per the Nov. 2017 NI 43-101 Technical Report : US$2.62-$3.20/lb Cu, US$1,254-$1,325/oz Au, US$17.31-$20.01/oz Ag

(4) All-In cost = C1 costs + sustaining capital

(5) Source: Nov 2017 NI43-101 Technical Report

North & South Open Pit Deposits Contain >4Bn lbs. of Copper(5)

Production Profile & AISC

▪ One of the largest fully-permitted, shovel-ready copper projects in the

Americas with a clear path to production

▪ Tier 1 jurisdiction, 100%-owned land, nearby infrastructure

▪ 2013 study outlined plan to produce 221 Mlbs of copper per year for

the first 5 years from a standalone open pit operation (1,2)

▪ NPV5% of US$980million and IRR of 16% at consensus metal prices (3)

▪ One of the least capital intensive copper projects globally at US$553

of initial capex per LOM tonne of copper production (US$0.25/lb)

▪ Further opportunity for optimization using same approach

implemented on underground

Open Pit Opportunity

$0.00

$0.75

$1.50

$2.25

$3.00

$3.75

$4.50

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100

150

200

250

300

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

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roduct A

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Copper

Pro

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Mlb

s)

Production Year

Copper Production (Mlbs) AISC (US$/lb Cu)

(2)

7

Project Value Highly Levered to Strong Copper Prices (1)

(1) After-tax NPV shown pre-stream. Gold price of US$1,325/oz, silver price of US$20.01/oz

$699

$1,410

$2,077

$2,728

$251

$426

$601

$766

$950

$1,836

$2,678

$3,494

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

NPV(5%) NPV(5%) NPV(5%) NPV(5%)

$3.00 $3.50 $4.00 $4.50

Net

Pre

sen

t V

alu

e (

US

$M

)

Copper Price (US$/lb)

Open Pit Underground

8

Open Pit Upside Opportunities

▪ Reducing upfront capex by updating input costs and having

engineering firms work under firm EPC quotes for the surface

process plant

▪ Improving opex and sustaining capex by optimizing mill sizing,

steepening pit wall angles and looking to incorporate material

from the Northern Extension and Connector zones

▪ The Northern Extension zone and Connector zone are both

targets for potential future resource expansion and

optimization

▪ High-grade, near-surface mineralization demonstrated to

continue into the Northern Extension Zone creates value

opportunity:

▪ Conversion of waste to resources, reducing waste

stripping capital costs

▪ Defining near-surface extensions to ore body

▪ Converting inferred material to reserves

(1) Based on 2016 preliminary internal review including work from Ausenco and MiningPlus, Although considered relevant, the 2016 review and the 2013 Feasibility

Study are historical in nature not NI 43-101 compliant and should not be relied upon.

Staged Approach

Optimization

Exploration Potential

▪ Potential to optimize open pit economics through staged

development, beginning with 35,000 stpd operation and

ramping up to 70,000 stpd (1)

▪ 2016 preliminary review suggests initial capex could be

substantially reduced from US$927M outlined in the 2013

70,000 stpd feasibility study (1)

Untested Extensions

South Pit Extensions

North Pit Extensions

ConnectorZone

Private Land Acquired by NCU from Federal Gov’t (formerly BLM unpatented claims)

Boundary of patented claims controlled by NCU

Continue to Convert waste/inferred to Ore

Boundary of patented claims controlled by NCU

N

Land TransferGround

High grade Extensions

North Pit South Pit

Deep Extensions

Older Feasibility Designed Pits

Patented Ground

Currently Waste or Inferred

Not Tested in order not to

complicate Land

Transfer

9

Only Fully-Permitted, Shovel-Ready Copper Project in the U.S.

Development Project Status (1)

(1) Source: Global Mining Research

(2) Based on 2013 NI 43-101 Technical Report Feasibility Study (open pit only) which, although considered relevant, is historical in nature and should not be relied upon.

(3) Company reports

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Preliminary Economic Assessment

Pre-Feasibility

Feasibility

PermittedRosemont Value Comparison

Rosemont is one of the few other large unbuilt US copper projects

■ Hudbay acquired Rosemont in 2014 at an implied

transaction value of US$725M

■ Rosemont was acquired unpermitted, and remains

unpermitted today facing opposition in Arizona

■ Recent preproduction capex estimates for Rosemont are

double that of Pumpkin Hollow

■ Rosemont has higher throughput to offset lower grades

■ Significant stripping costs sitting in sustaining capex vs

opex

Pumpkin Hollow Open Pit and Rosemont Project Comparison

Project Pumpkin Hollow Open Pit(2)

Rosemont (3)

Ownership Nevada Copper (100%) Hudbay (80%)

Initial Capex US$927M US$1,921M

Sustaining Capex US$758M US$1,168M

Cash Costs US$1.99/lb US$1.29/lb

LOM Production

Rates168 Mlbs copper per annum

33 koz Au Eq. per annum

216 Mlbs copper per annum

37 koz Au Eq. per annum

Mine Life 22 years 19 years

Reserve (M&I)

Cu Eq. Grade548 Mt

0.42%

536 Mt

0.31%

Capital Intensity / Tonne of Cu Capacity (US$/t) (1)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

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Low Low Low Low Medium Low Medium Low High

Yes No No No No No No No No

Construction

ReadyPermitting

PEA

CompletePermitting

PEA

Underway

PFS

Underway

PEA

CompletePermitting

Updated

PEA

Underway

$182 $2,456 $1,848 $380 n/a n/a $1,533 $4,700 $480

10

Attractive Value Proposition with Significant Re-rating Potential

Note: As at November 22, 2017

(1) Peer NAV based on Analyst consensus estimates

(2) Based on NAV of US$708M; OP and UG NPV calculated using 8% discount rate for comparability

(3) Based on country risk ratings for respective project(s), according to S&P Capital IQ Metals & Mining profiles for political, operational, security, and terrorism risk

(4) Represents NGex’s 60% interest

(5) Represents Ivanhoe’s 39.6% interest

Peer P / NAV (1)

Valuation implies significant discount to peers who are largely early stage, unpermitted and long-dated

(4)

Permitted?

Stage of

Development

Initial

Capital

(US$M)

Geopolitical

Risk

(2)

(3)

(5)

$70

$159

$239

$398

128%

241%

469%

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

500%

550%

600%

650%

700%

750%

800%

$0

$100

$200

$300

$400

$500

0.09x 0.20x 0.30x 0.50x

% G

ain

for S

hare

hold

ers

Mark

et

Cap (

C$M

)

Pro Forma

P / NAV Multiple (x)

Re-Rating Range

P / NAV Multiple

Potential Value Increase

~$330 million in re-rating potential

Implied NCU Share Price : $1.64

$0.72NCU Share Price (C$):

$2.46 $4.10

Market Cap % Gain

0.09x

0.24x

0.45x

0.54x 0.55x

0.70x

0.54x

0.70x

0.78x

0.00x

0.10x

0.20x

0.30x

0.40x

0.50x

0.60x

0.70x

0.80x

0.90x

Nevada C

opper

Weste

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NG

Ex R

esourc

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Po

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et M

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Filo

Trilo

gy M

eta

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Pa

noro

Nort

hern

Dyn

asty

Ivanhoe M

ines

P / N

AV

11

Defined Path to Production with Multiple Near-Term Catalysts

Strategy to Drive Near-Term Re-Rate Potential and Unlock Long-Term Value

▪ Add construction and operation experience to management team, transition to majority independent board, secure project financing and commence

underground construction

▪ Start generating cash flow from underground mine in 2019 and evaluate market environment for open pit development

▪ Longer term opportunities to create shareholder value through executing a broader copper consolidation strategy and through development of an

optimized open pit project

Q4 2017 H1 2018 2018/2019 2019+

Release PFS on

underground

Announce

builders team

Reorganize

Board

Underground

project financing

(Q1 2018)

Release FS

(Q1 2018)

Begin

construction on

underground

(Q2 2018)

Optimization & value add

drilling of open pit project

Underground

mine enters

production

Execute on M&A

strategy

Develop open pit

project

Appoint Chief

Operating

Officer

12

Strong Management Team

Giulio BonifacioFounder, President & CEO

■ Over 30 years in senior executive positions in the mining industry, held senior executive roles with Getty Resources Limited, TOTAL S.A., and

Vengold Inc.

■ Has been instrumental in providing over $400 million of capital to projects

■ Chartered Professional Accountant with extensive experience in corporate finance, securities matters, project finance and mergers & acquisitions

Robert McKnightExecutive Vice President & CFO

■ Held senior roles with Brascan Resources, Wright Engineers, Getty Resources, TOTAL S.A., Endeavour Financial, Pincock Allen & Holt Ltd.,

AMEC, Yukon Zinc and most recently Selwyn Resources

■ Professional Engineer and MBA with over 30 years of experience in the resource business

Greg FrenchVice President, Exploration & Project Development

■ Geologist with over 25 years of exploration experience in the Western US and Canada

■ Worked in various capacities for Homestake Mining Co., Atlas Precious Metals, and Cornerstone Industrial Minerals as well as consulting for

numerous junior mining companies

Timothy M. DyhrVice President, Environment & External Relations

■ Led multidisciplinary teams to successfully permit copper and gold mines in Nevada since 1983, and worked on projects in Arizona, California,

Washington, Montana, Wyoming, Peru, Chile, Argentina, Australia, Africa, Turkey, China and Papua New Guinea

■ Worked as a mine site environmental manager, environmental consultant, natural resources manager, and group environmental manager for BHP

Copper

Phil DayCOO

■ Vice President, Technical and Operations Team at Pala Investments Ltd.

■ Former Vice President for Process Engineering at AMEC Americas, and had operational, managerial and technical roles for BHP Billiton, WMC

Resources, Minara Resources and Wiluna Gold

13

Experienced Board of Directors

Michael BrownDirector

■ Technical Advisor at Pala Investments Ltd. and Managing Partner at Africa for Palaris

■ Former COO at De Beers Consolidated Mines Ltd. and former Head of Strategic Development at De Beers

Lucio GenoveseDirector

■ CEO of Nage Capital Management, Chairman of Firestone Diamonds plc, Board member of Mantos Copper S.A., Ferrous Resources Limited, Ferrexpo AG and

Nevada Copper Inc.

■ Former CEO of the CIS region and manager of the Moscow office at Glencore International AG

■ Chartered Accountant

Stephen GillDirector

■ Managing Partner at Pala Investments Ltd. and former Director on various public mining company boards

■ Prior to joining Pala, worked at AMEC Plc. advising on a range of natural resources transactions, including the IPO of the Kazakhstan state oil company and CITIC

Resources' acquisition of the Karazhanbas oilfield

■ Holds an MBA from the IE Business School in Madrid

Evgenij IorichNon-Executive Chairman

■ Managing Partner at Pala Investments Ltd., Director of Peninsula Energy and Director of Serinus Energy

■ Former Financial Manager at Mechel, where his responsibilities included all aspects of budgeting and financial modeling

Abraham (Braam) JonkerDirector

■ Chairman of the Board of Golden Reign Resources and Lead Independent Director of the Board of Directors of Mandalay Resources Corporation

■ Former CFO of Western Coal Corporation

■ Chartered Accountant in British Columbia (Canada), England and Wales as well as South Africa

14

Appendices

15

Comparable Companies – Developers

Nevada

Copper

Nevada

Copper

Western

CopperPolyMet

NGex

ResourcesTrilogy Filo Mining

Panoro

Minerals

Northern

Dynasty

Ivanhoe

MinesAverage

AssetPumpkin Hollow

U/G

Pumpkin Hollow

O/PCasino NorthMet

Project

ConstellationUKMP Filo del Sol

Cotabambas /

AntillaPebble Project

Kamoa-Kakula

Project

Country USA USA Canada USA Chile / Argentina USA Chile Peru USA DRC

Project Parameters

Ownership 100% 100% 100% 100% 60% 100% 100% 100% 100% 39.6%

Stage Pre-Construction Development Permitting Permitting PEA Complete PFS Underway PEA Underway PEA Complete PermittingUpdated PEA

Underway

Permitting Status Permitted Permitted Unpermitted Unpermitted Unpermitted Unpermitted Unpermitted Unpermitted Unpermitted Unpermitted

Reserves/Mineable Resource (Attr.)

Contained Cu (Mlbs) 759 4,134 4,466 1,538 n/a n/a n/a n/a n/a n/a 3,002

Cu Grade (%) 1.59% 0.38% 0.18% 0.28% n/a n/a n/a n/a n/a n/a 0.23%

Contained CuEq. (Mlbs) 825 4,598 9,686 3,912 n/a n/a n/a n/a n/a n/a 6,799

CuEq. Grade (%) 1.74% 0.42% 0.39% 0.78% n/a n/a n/a n/a n/a n/a 0.59%

M&I + Inf. Resources (Attr.)

Contained Cu (Mlbs) 2,138 6,840 5,558 4,989 19,680 8,936 4,216 7,927 81,310 31,910 20,566

Cu Grade (%) 1.28% 0.36% 0.14% 0.27% 0.33% 1.83% 0.31% 0.33% 0.34% 2.72% 0.78%

Contained CuEq. (Mlbs) 2,346 7,582 21,299 13,240 25,974 10,908 7,970 10,250 141,994 31,910 32,943

CuEq. Grade (%) 1.41% 0.40% 0.29% 0.79% 0.44% 2.23% 0.59% 0.42% 0.59% 2.72% 1.01%

Technical Parameters (Attr.)

Avg. Annual Cu Production (Mlbs) 50 168 203 77 198 n/a n/a 147 678 87 232

Avg. Annual CuEq. Production (Mlbs) 55 181 440 196 248 n/a n/a 189 1,203 87 394

Mine Life 13 22 22 20 48 n/a n/a 18 25 24 26

Initial Capex (US$M) $182.4 $926.6 $2,456 $380 $1,848 n/a n/a $1,533 $4,700 $480 $1,899

Capital Intensity (US$/Annual Cu.) $3.6 $5.5 $12.1 $4.9 $9.3 n/a n/a $10.5 $6.9 $5.5 $8.2

Cash Cost (US$/lb Cu) $1.81 $1.99 $1.52 ($0.28) $1.05 n/a n/a $1.22 ($0.11) $1.05 $0.72

AISC (US$/lb Cu) $1.96 $2.20 n/a n/a n/a n/a n/a n/a n/a n/a $1.26

NPV (US$M) $301 $980 $1,830 $649 $1,566 n/a n/a $684 $1,559 $3,664 $1,499

NPV Discount Rate (%) 5.0% 5.0% 8.0% 7.5% 8.0% n/a n/a 7.5% 7.0% 8.0% 7.7%

IRR (%) 25% 16% 20% 31% 17% n/a n/a 17% 15% 38% 22%

Company Market Valuation

Enterprise Value (US$M) - - $90.7 $308.1 $172.9 $87.8 $109.1 $77.2 $683.8 $2,587.4 $514.6

Valuation Multiples

EV/lb Resource (US$/lb CuEq.) - - $0.004 $0.023 $0.007 $0.008 $0.014 $0.008 $0.005 $0.037 $0.013

P/NAV - - 0.24x 0.54x 0.45x 0.55x 0.54x 0.70x 0.70x 0.78x 0.54x

2

2

2

3

5

1

5 6 6

Source: S&P Market Intelligence; Corporate disclosures

Note: Market data as at November 22, 2017; Cu equivalency based on Cu $3.20/lb, Au $1,325/oz, Ag $20.01/oz, Pb $0.90/lb, Zn $1.00/lb, Mo $7.40/lb

(1) South32 holds an option exercisable at any time to form a 50-50 JV with Trilogy

(2) Pumpkin Hollow U/G reserves based on November 2017 PFS 43-101 Technical Report, Case A; Pumpkin Hollow U/G resources based on NI 43-101 Technical Report filed on SEDAR in July 2015; Pumpkin Hollow OP reserves and resources based on 2013 NI 43-101 Technical Report Feasibility Study

(3) Panoro technical parameters based on Cotabambas Project PEA (Sep. 2015), exclude Antilla Project

(4) Avg. production and initial Capex figures for Project Constellation and Kamoa-Kakula Project presented based on attributable ownership basis

(5) Project NPVs & company NAVs based on Analyst consensus estimates. Pumpkin Hollow UG NPV(5%) = US$301 million

(6) Based on consensus prices per November 20, 2017 press release: $2.62-3.20/lb Cu, $1,254-$1,325/oz Au, $17.31-$20.01/oz Ag

(7) EV/lb Resource metric based on CuEq. resource combined across all company projects

4

4

4

4

4

4

7

16

Comparable Companies – Producers

Pumpkin

Hollow

U/G

Pumpkin

Hollow

O/P

Highland

Valley

Pinto

ValleyGibraltar

Red

Chris

Copper

Mountain

Mount

MilliganMinto

Mount

PolleyMing

2017E Production klbs Cu 50,000 167,821 214,951 134,482 133,200 78,000 76,267 60,000 41,888 21,000 12,000

2017E AISC (net) US$/lb Cu $1.96 $2.20 1.45 $1.93 1.85 n/a $1.96 $1.95 $1.65 n/a 1.70

2017E Copper Revenue Share % 92% 93% 91% 99% 97% 84% 86% 37% 79% 49% 87%

Contained Reserve Mlbs Cu 759 4,134 3,495 3,091 3,578 2,387 1,171 2,050 143 443 348

Reserve Grade % Cu 1.59% 0.38% 0.29% 0.31% 0.26% 0.36% 0.29% 0.19% 1.66% 0.27% 1.82%

Contained Resource Mlbs Cu 2,138 6,840 14,518 9,759 5,155 15,403 4,924 2,798 1,117 1,500 1,112

Resource Grade % Cu 1.28% 0.36% 0.26% 0.29% 0.25% 0.33% 0.23% 0.17% 1.07% 0.26% 1.51%

Project Consensus NPV US$M $301 $980 $1,842 $527 $802 $1,007 $528 $1,021 $60 $126 $120

Market Capitalization US$M - - $12,470 $484 $534 $211 $178 $1,799 $484 $211 $63

Basic Cash US$M - - $644 $122 $77 $11 $29 $302 $122 $11 $3

Debt US$M - - $4,777 $294 $259 $663 $269 $328 $294 $663 $20

Enterprise Value US$M - - $16,536 $755 $696 $862 $466 $1,825 $755 $862 $80

P/NAV x - - 0.82x 0.79x 1.17x 0.50x 0.85x 0.82x 0.79x 0.50x n/a

1

1

1

1

1

11 11

3 3 33

5

5

2

2

2

6 6

2

2

2

4 4

4

4

4

4

4

4

Source: S&P Global Market Intelligence; Corporate disclosures; Analyst estimates

Note: Production, contained reserve, contained resource, and consensus NPV figures presented on a 100% project ownership basis; Market data as at November 2, 2017; Cu equivalency based on Cu $3.20/lb, Au $1,325/oz, Ag $20.01/oz, Pb $0.90/lb, Zn $1.00/lb, Mo $7.40/lb

(1) Production & AISC (net) figures based on companies 2017 guidance; Gibraltar Project production and AISC figures represent 2016 YE results; Copper Mountain Project production & AISC figures based on Analyst research consensus; Highland Valley AISC figure represents Teck overall 2017 guidance for copper unit costs; Mount Milligan Project AISC shown on

co-products basis; Ming Project AISC figure represents Rambler target C1 cost

(2) Pumpkin Hollow Project production, AISC, and copper revenue share figures represent LOM averages

(3) Copper revenue share based on companies 2017 production guidance; Pinto Valley Project, Gibraltar Project, and Minto Project revenue share based on 2016 YE results

(4) Pumpkin Hollow U/G reserves based on November 2017 PFS 43-101 Technical Report, Case A; Pumpkin Hollow U/G resources based on NI 43-101 Technical Report filed on SEDAR in July 2015; Pumpkin Hollow OP reserves and resources based on 2013 NI 43-101 Technical Report Feasibility Study

(5) Project NPVs & company NAVs based on Analyst consensus estimates; Pumpkin Hollow UG NPV(5%) = US$301 million

(6) Based on consensus prices per November 20, 2017 press release: $2.62-3.20/lb Cu, $1,254-$1,325/oz Au, $17.31-$20.01/oz Ag, and 8% d.r.

17

Supportive Copper Market

▪ Copper market has moved into balance following years of surplus

▪ Declining grades combined with demand growth from traditional and new

sources of demand such as electric vehicles will lead to large deficits

▪ The deficits forecast by analysts equate to many multiples of the combined

production of Pumpkin Hollow’s open pit and underground mines

▪ Expect the larger open pit project to ramp up concurrent with the opening up of

a significant copper supply deficit

(1) Wood Mackenzie and UBS estimates

Escondida Copper Production (kt Cu/Mt Ore)

Codelco Head Grade (% Cu)

Copper Deficit Forecast vs. Pumpkin Hollow Production1

18

Copper Supply Growth Concentrated in Developing Regions

(1) Source: Wood Mackenzie

Copper Supply Forecast by Region(1)

Mt Cu

Change in Copper Production by Region(1)

kt Cu | 2016 to 2020E

▪ As copper price fundamentals have improved, the majority of the sector’s supply growth is coming from less desirable

mining jurisdictions

▪ Expected supply reduction in North America enhances the scarcity value of Pumpkin Hollow

▪ Nevada Copper is a rare US-based advanced development copper opportunity

0

5

10

15

20

25

2014 2015 2016 2017 2018 2019 2020

Latin America / Caribbean Asia / Middle East Africa

Russia / Caspian North America Europe

Oceania1,193

892

434

172 164

71

-121

Africa Latin America /Caribbean

Asia /Middle East

Russia /Caspian

Oceania Europe North America

BMO Forecast AIC for Copper Majors

Company 2018E 2019E 2020E 2021E 2022E 2023E

Antofagasta 1.66 1.65 1.77 1.93 1.94 1.93

Atalaya Mining 1.96 2.00 2.15 2.23 2.35 2.19

Copper Mountain 2.13 2.10 2.04 2.06 2.19 2.11

Capstone Mining 2.54 2.54 2.96 3.05 2.54 2.60

First Quantum 2.85 2.31 2.22 2.33 2.54 2.83

Kaz Minerals 1.50 1.45 1.57 1.55 1.59 1.59

KGHM 1.90 1.91 1.97 2.55 2.54 2.54

Hud Bay 2.55 2.52 2.89 3.75 4.27 2.59

Lundin 2.45 2.48 2.39 2.37 2.46 2.44

Nevsun Resources 2.61 3.28 3.95 4.40 1.70 1.65

TECK 2.29 2.75 2.93 2.89 2.48 2.34

Taseko 2.19 2.12 2.35 2.66 2.72 2.71

Average 2.22 2.26 2.43 2.65 2.44 2.29

NCU Underground - 2.38 2.23 2.17 2.06 2.04

Relative Cost / lb (0.12) 0.20 0.48 0.38 0.25

CuEq AIC (US$/lb)1

19

Pumpkin Hollow Underground Cost Comparison

▪ Pumpkin Hollow underground’s all-in costs are below the forecast

average for the majors

▪ Re-engineered mine plan to focus on high-grade E2 zone early in

mine life results in substantially lower initial unit costs and a more

consistent LOM cost profile

(1) CuEq AIC includes all operating costs, royalties, taxes, capital costs (both sustaining‘ and development), corporate level exploration, G&A, and debt interest costs

(2) Goldman Sachs Copper Top Projects 2017

Y1-5 NCU All-In (pre-finance): $1.93

▪ All-in costs sit well below the marginal cost of production and

provides robust margins at spot prices

▪ Following years of cost deflation in which the incentive price has

fallen 30%, costs bottomed in 2016 and are essentially flat YoY2

▪ New incentivized production will fill out the top end of the cost curve

and the cost of existing production is expected to rise as high-

grading strategies conclude

Pumpkin Hollow Cost Comparison 2021 Copper Cost Curve (All-In Costs)

Source: Broker research Source: Wood Mackenzie, Broker research

20

Water

Paved Road Access

Unpatented BLM Claims

Unpatented BLM Claims

Open Pit

U/G

Private Land Owned By Nevada Copper

Private Land Owned By Nevada Copper

City of

Yerington

Power

Total Land Position: 27 square miles, 17,513 acres

Including Private Lands of 17 square miles, 10,683 acres

Land Status

21

2014 pit shell

S-4

S-6

South Metallurgical Drilling

Not Tested in view of

Pending Land Transfer Priority Targets

Increased Grade

Expand and

Convert

Looking East

Measured & Indicated Grade Blocks

Greater than 0.15%

Northern Extension

North Deposit Section 362620 E

22

North Deposit Section 362920 E – Connector Zone

23

Block Model Classification 3D Section Slice and Mine Plan

24(1) Mineral Reserves November 43-101 Technical Report, Case A; and same study for open pit Mineral Resources

(2) Cu Equivalent based on metals prices of Cu $3.00/lb, Au $1,343/oz, Ag $19.86/oz and metallurgical recoveries of 92%, 78% and 70%, respectively

Pumpkin Hollow Mineral UG Reserves: Nov 2017 NI43-101: Case A (1)(2)

Mineral Reserves – Eastern Underground Deposits (East and E2) :

(Nov 2017 43-101 Technical Report: Case A)

Ore Copper Gold SilverContained

Copper

Contained

Gold

Contained

Silver

Copper

Equiv.

Classification 000's tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %

Proven 7,400 1.850 0.00695 0.144 273,800 51,430 1,063,602 2.01

Probable 16,500 1.470 0.00618 0.138 485,100 101,970 2,269,410 1.61

Total 23,900 1.59 0.00642 0.139 758,900 153,400 3,333,012 1.74

25(1) Source: Nov. 2017 NI 43-101 Technical Report Preliminary Feasibility Study: Case B

(2) Cu Equivalent based on metals prices of Cu $3.00/lb, Au $1,300/oz, Ag $17.00/oz and metallurgical recoveries of 89.3%, 67.3% and 57.3%, respectively

Pumpkin Hollow Mineral Reserves (1)(2)

Mineral Reserves North & South - Open Pit Deposits

Ore Copper Gold SilverContained

Copper

Contained

Gold

Contained

Silver

Copper

Equiv.

Classification 000's tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %

North

Proven 122,403 0.479 0.001 0.056 1,173,000 175,000 6,862,000 0.513

Probable 178,241 0.422 0.001 0.051 1,505,000 178,000 9,097,000 0.448

Total 300,644 0.445 0.001 0.053 2,678,000 353,000 15,959,000 0.471

South

Proven 143,117 0.328 0.001 0.038 938,000 143,000 5,438,000 0.351

Probable 95,524 0.312 0.001 0.027 595,000 96,000 2,579,000 0.333

Total 238,641 0.321 0.001 0.033 1,533,000 239,000 8,017,000 0.343

Total North & South

Proven 265,520 0.40 0.001 0.046 2,111,000 318,000 12,300,000 0.425

Probable 273,765 0.38 0.001 0.043 2,100,000 274,000 11,676,000 0.408

Total 539,285 0.39 0.001 0.044 4,211,000 592,000 23,976,000 0.414

1.3862928Mineral Reserves - Eastern Underground Deposits

Ore Copper Gold SilverContained

Copper

Contained

Gold

Contained

Silver

Copper

Equiv.

Classification 000's tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %

Proven 8,923 1.59 0.006 0.124 283,000 54,000 1,106,000 1.71

Probable 23,680 1.17 0.005 0.109 556,000 116,000 2,581,000 1.28

Total 32,603 1.29 0.005 0.113 839,000 170,000 3,687,000 1.39

Mineral Reserves North & South - Open Pit & Eastern Underground Deposits

Ore Copper Gold SilverContained

Copper

Contained

Gold

Contained

Silver

Copper

Equiv.

Classification 000's tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %

Proven274,443 0.44 0.001 0.049 2,394,000 372,000 13,406,000 0.467

Probable297,445 0.45 0.001 0.048 2,656,000 390,000 14,257,000 0.477

Total 571,888 0.44 0.001 0.048 5,050,000 762,000 27,663,000 0.472

Nevada Copper Corp.

Nevada Copper, Inc.Suite 1238, 200 Granville Street

Vancouver, BCCanada V6C 1S4

Telephone: (604) 683-8992Facsimile: (604) 681-0122

www.nevadacopper.com