Announcement • Dec 15

Noranda Income Fund Successfully Completes Major Cellhouse Repairs and Restarts Operations

Noranda Income Fund provided an update regarding the successful completion of the maintenance shutdown and recommissioning of its electrolytic zinc processing facility (Processing Facility) located in Salaberry-de-Valleyfield, As previously announced, the Fund temporarily shut down operations to proceed with a proactive cell repair program and a cell -by-cell integrity assessment aimed at mitigating risk in the cellhouse. The shutdown lasted approximately six weeks, following which the facility went through a recommissioning phase. The Fund expects to benefit from the findings of its cell-by- cell integrity assessment as it continues the execution of its repair and maintenance program. Quebec. The Fund remains steadfast in its commitment to unitholders that despite unprecedented challenges across the resource industry brought on by global supply chain challenges and labour shortages, the objective remains the same to pursue opportunities to create value for unitholders. To that end, the Board of Trustees and management will continue to focus on solutions that are practical and implementable to deliver on that objective. While the Fund believes the cellhouse repairs conducted during the maintenance shutdown will contribute to stabilizing near- term cellhouse operating conditions, they will not fully address underlying operational issues. The ongoing performance of cellhouse operations will depend on the eventual rate of deterioration of the cells. As previously disclosed, evaluations undertaken thus far have led to the conclusion that a replacement of all cells will be necessary to stabilize and improve operating conditions for the long-term, in addition to planned crane replacements. The cost of a full cell and crane replacement is currently estimated to be approximately US$100 million and replacement would not commence before 2024. Since its last update, the Fund has been advancing its long-term cellhouse revitalization plan, including work on financing options, engineering plans and the procurement of long-lead items. More updates will follow once the plan has been finalized. The project timeline may be influenced by supply chain constraints and by the securing of appropriate financing.

Noranda Income Fund Stock Price

NIF.UN Share Price Performance

NIF.UN Community Narratives

Trending Discussion

Recently Updated Narratives

Snowflake Analysis

Noranda Income Fund Key Details

About NIF.UN

Recent NIF.UN News & Updates

Price target increased by 39% to CA$1.98

Noranda Income Fund Announces Special Cash Distribution, Payable on January 25, 2023

Noranda Income Fund Successfully Completes Major Cellhouse Repairs and Restarts Operations

Recent updates

Noranda Income Fund Competitors

St. Augustine Gold and Copper

Bravo Mining

Tudor Gold

Copper Fox Metals