Acquisition of Shares and Warrants of Nevada Copper Corp.

/NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./

ZUG, Switzerland, Nov. 29, 2021 /CNW/ - Solway Finance LTD. ("Solway") is pleased to announce that it has acquired beneficial ownership of, and control or direction over, an aggregate of 48,700,000 common shares ("Common Shares") of Nevada Copper Corp. (TSX: NCU) (the "Company") and 24,350,000 Common Share purchase warrants ("Warrants") through the purchase of 48,700,000 units of the Company ("Units") under the Company's public offering of Units which closed on November 29, 2021 (the "Offering"). The Units were acquired at a price of C$0.77 per Unit for an aggregate purchase price of C$37,499,000.00. Each Warrant will be exercisable for one Common Share at a price of C$1.00 per Warrant at any time for a period of 18 months following closing of the Offering.

Under the Offering, the Company issued 162,644,300 Units and 2,000,000 Warrants, including 14,544,300 Units and 2,000,000 Warrants pursuant to the partial exercise of the underwriters' over-allotment option. The Company also completed a concurrent private placement in connection with the Offering, whereby it issued an additional 98,104,584 Units (the "Private Placement"). Further information in respect of the Offering and the Private Placement is contained in the Company's press release dated November 29, 2021, a copy of which can be found under the SEDAR profile of the Company at www.sedar.com.

Immediately prior to transactions referred to herein, Solway had beneficial ownership of and exercised control or direction over nil Common Shares or 0% of the issued and outstanding Common Shares. Immediately following the transactions referred to herein, Solway had beneficial ownership of and exercised control or direction over 48,700,000 Common Shares and 24,350,000 Warrants, representing approximately 10.92% of the issued and outstanding Common Shares on a non-diluted basis (on the basis of 445,900,563 Common Shares being issued and outstanding as of the date hereof). If Solway fully exercises the Warrants acquired under the Offering, Solway would hold an aggregate 73,050,000 of the issued and outstanding Common Shares on a partially-diluted basis, representing approximately 15.53% of the issued and outstanding Common Shares (on the basis of 470,250,563 Common Shares being issued and outstanding).

Solway holds the Common Shares and Warrants for investment purposes. Solway or another controlled entity may acquire or dispose of additional securities of the Company in the future through the market, privately, or otherwise, as circumstances or market conditions warrant. Any transaction that Solway or another controlled entity, may pursue may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of the Company's securities, subsequent developments affecting the Company, its business and prospects, other investment and business opportunities available to Solway, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by Solway.

Solway is located at Baarerstrasse 8, 6300 Zug Switzerland. For further information please contact Andre Seidelsohn at +356 77068339.

The head office of the Company is located at 61 E. Pursel Lane, Yerington, Nevada, United States, 89447. For further information please contact Rich Matthews, Investor Relations, at +1 604 757 7179.

Solway will file an early warning report under the SEDAR profile of the Company at www.sedar.com.

SOURCE Solway Finance Ltd.