“We took critical steps and refocused resources to mitigate and address these issues. The hoisting and ore handling system has returned to full capacity and mill operations continue to incrementally improve with over two months of mill feed stockpiled on surface,” CEO Randy Buffington said in the February 8 press release.
Due to these challenges, Nevada Copper said it generated lower sales through the ramp-up process than previously anticipated, which also negatively impacted its financing requirements. As previously disclosed, the company has fully drawn $25 million of debt under a deferred funding agreement with its two largest shareholders, Pala Investments and Mercuria Holdings.
Pala has since been providing sole funding for the company’s operating needs in the form of debt but is not obligated to do so, and has indicated that it may not be prepared to provide further funding, Nevada Copper said.
As a result, the…
