This report provides a detailed analysis of Nevada Copper Corp. (NCU), a copper exploration and development company. It finds the stock to be bearish overall based on its below median performance on factors like earnings growth, returns, market capitalization and cash flow. It provides an overview of the company and its financials, compares its performance to peers, and lists recent analyst ratings and targets.

1. Page 1 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
NCU:CA:TSX (Nevada Copper Corp)
Copper | TSX | Common Stock
Values as of 18th May, 2022
Stock Target Advisor
Detailed Stock Report
Report Date: 19th May, 2022
Last Close
CAD 0.49
Change
-0.04(-7.55%)
Market Cap
CAD 0.24B
1 Yr Capital Gain
-82.50%
1 Yr Dividend Return
N/A
1 Yr Total
Return
-82.50%
Earning Growth (5 yr)
102.90%
Average Target Price
0.83(+70.07% )
Average Analyst
Rating
Buy
Fundamental
Analysis
Bearish
Our view of the stock is Bearish with a score of 2.5 out of 10, where 0 is very bearish and 10 very bullish
What to like
Low volatility
The stock’s annual returns have been stable and consistent compared to its sector peers(for a hold period of at least 12 months) and is in the top quartile. Although
stability is good, also keep in mind it can limit returns.
Underpriced compared to book value
The stock is trading low compared to its peers on a price to book value basis and is in the top quartile. It may be underpriced but do check its financial performance to
make sure there is no specific reason.
Positive free cash flow
The company had positive total free cash flow in the most recent four quarters.
What to not like
Low market capitalization
This is among the smaller entities in its sectors with below median market capitalization. That may make it less stable in the long run unless it has a unique
technology or market which can help it grow or get acquired in future.
Poor risk adjusted returns
This company is delivering below median risk adjusted returns in its peers. Even if it is outperforming on returns , the returns are unpredictable. Proceed with caution.
Below median dividend returns
The company’s average income yield over the past 5 years has been low compared to its peers. However, it is not a problem if you are not looking for income.
Overpriced compared to earnings
The stock is trading high compared to its peers on a price to earning basis and is above the sector median.
Poor return on equity
The company management has delivered below median return on equity in the most recent 4 quarters compared to its peers.
Highly leveraged
The company is in the bottom half compared to its sector peers on debt to equity and is highly leveraged. However, do check the news and look at its sector and
management statements. Sometimes this is high because the company is trying to grow aggressively.
Negative cashflow
The company had negative total cash flow in the most recent four quarters.
Overpriced on free cash flow basis
The stock is trading high compared to its peers on a price to free cash flow basis. It is priced above the median for its sectors. Proceed with caution if you are
considering to buy.
Low Earnings Growth
This stock has shown below median earnings growth in the previous 5 years compared to its sector

2. Page 2 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
NCU:CA:TSX (Nevada Copper Corp)
Copper | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 19th May, 2022
Adjusted Closing Share Volume
Relative Returns Relative Performance (Total Returns)
Security Capital Gain Dividend Return Total Return
NCU:CA
Nevada Copper Corp
-83.4% 0 -83.4%
XIU:CA
iShares S&P/TSX 60 Index ETF
+4.4% +2.7% +7.1%
Company Overview
Nevada Copper Corp. engages in the exploration, development, and operation of mineral properties in Nevada. The company explores for
copper, iron magnetite, gold, and silver ores. Its holds 100% interests in the Pumpkin Hollow property located in Nevada, the United States.
Nevada Copper Corp. was incorporated in 1999 and is based in Vancouver, British Columbia.

3. Page 3 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
Company Website
https://www.nevadacopper.com
Address
800 West Pender Street, Vancouver, WA, United States
Fiscal Year End
December
Technical Indicators
Value Value
Beta 2.10 52 Week High 2.80
Short Ratio 6.76 52 Week Low 0.45
Shorted Shares 2,526,221 200 Day Moving Average 0.78
Shorted Shares Previous Month 1,902,340 50 Day Moving Average 0.63
Shares Held By Insiders 5,934.30% Short Percentage N/A
Shares Held by Institutions 3.60 Dividend Yield N/A

4. Page 4 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
NCU:CA:TSX (Nevada Copper Corp)
Copper | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 19th May, 2022
Market Performance
Market Performance vs. Industry / Classification (Copper) Market Performance vs. Exchange (Nasdaq Global Select)
Value Sector Median
Percentile
Rank
Grade Market Median Percentile Rank Grade
YTD
Capital Gain -30.99% -15.2% 7% -9.8% 10%
Dividend Return N/A 0.1% N/A 1.0% N/A
Total Return -30.99% -15.2% 7% -9.2% 10%
Trailing 12 Months
Capital Gain -82.50% -23.1% 7% -5.7% 1%
Dividend Return N/A 0.2% N/A 2.6% N/A
Total Return -82.50% -19.7% 7% -4.1% 1%
Trailing 5 Years
Capital Gain -91.97% 31.2% 8% 5.4% 1%
Dividend Return N/A 1.2% N/A 11.4% N/A
Total Return -91.97% 44.0% 8% 17.0% 1%
Average Annual (5 Year Horizon)
Capital Gain -31.81% 35.0% 7% 4.6% 0%
Dividend Return N/A 0.3% N/A 1.8% N/A
Total Return -31.81% 35.0% 7% 6.3% 0%
Risk Return Profile
Volatility (Standard
Deviation)
32.80% 82.8% 93% 15.9% 26%
Risk Adjusted Return -96.97% N/A 7% 40.7% 1%
Market Capitalization 0.24B 0.58B 20% 0.51B 46%

5. Page 5 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
Key Financial Ratios
Ratios vs. Industry / Classification (Computer Hardware) Ratios vs. Exchange (Nasdaq Global Select)
Value Sector Median
Percentile
Rank
Grade Market Median Percentile Rank Grade
Market Value
peratio 132.5 10.7 7% 13.7 5%
pbratio 0.3 1.3 100% 1.5 98%
pcfratio -30.2 3.7 93% 7.4 94%
pfcfratio 482.4 8.3 8% 9.2 2%
Management Effectiveness
retequity 0.18% 10.8% 40% 8.9% 33%
retinvcap -1.70% 10.0% 27% 4.3% 30%
retass -0.26% 6.8% 33% 2.5% 28%
debtequityratio 27.69% 27.7% 50% 50.5% 67%
Technical Ratios
yield N/A 0.3% N/A 3.4% N/A
sratio 6.76 4.01 21% 1.76 19%
spercent 0.26% 0.9% 69% 2.1% 75%
beta 2.10 1.99 43% 1.04 10%

6. Page 6 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
NCU:CA:TSX (Nevada Copper Corp)
Copper | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 19th May, 2022
Recent Analyst Ratings
Price Action Rating Action Analyst Rating Price date
Maintains Scotiabank Capital Sector Perform CAD 0.8 2022-05-18
Assigns STA Research Speculative Buy CAD 0.75 2022-05-18
Upgrade Haywood Securities Buy CAD 0.8 2022-04-11
Target Down Scotiabank Capital Sector Perform CAD 0.8 2022-04-04
Target STA Research Buy CAD 1 2022-04-04
Target Down Scotiabank Capital Sector Perform CAD 0.85 2021-11-30
Target Down Scotiabank Capital NA CAD 1.25 2021-10-12
Target Lowered by Haywood Securities CAD 2 » CAD 1 2021-10-11
Target Down RBC Royalbank Outperform CAD 2 2021-09-29
Target Up Scotiabank Capital Sector Perform CAD 1.5 2021-09-22
Target Down Scotiabank Capital Sector Perform CAD 0.15 2021-09-02
Target Down RBC Royalbank Outperform CAD 0.5 » CAD 0.25 2021-09-02
Target Down Haywood Securities Buy CAD 0.2 2021-08-17
Target Down
National Bank of Canada
Financial
Sector Perform CAD 0.15 2021-08-17
Target Up Haywood Securities NA CAD 0.3 2021-05-26
Target Up
National Bank of Canada
Financial
Sector Perform CAD 0.3 2021-05-20
Target Lowered by
National Bank of Canada
Financial
Sector Perform CAD 0.25 » CAD 0.2 2021-01-06
Target Up Scotiabank Capital Sector Perform CAD 0.2 2020-12-10
Target Lowered by Scotiabank Capital CAD 0.2 » CAD 0.15 2020-11-12
Upgraded by Scotiabank Capital
Sector Perform »
Outperform
CAD 0.2 » CAD 0.25 2020-07-28
Target Lowered by Scotiabank Capital CAD 0.3 » CAD 0.2 2020-04-15
Target Lowered by Scotiabank Capital CAD 0.5 » CAD 0.3 2020-04-08
Target Lowered by
National Bank of Canada
Financial
Sector Perform CAD 0.3 » CAD 0.25 2020-03-30
Target Lowered by Haywood Securities CAD 0.6 » CAD 0.25 2020-03-24
Downgraded by
National Bank of Canada
Financial
Outperform » Sector
Perform
CAD 0.7 » CAD 0.3 2020-03-23

7. Page 7 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
NCU:CA:TSX (Nevada Copper Corp)
Copper | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 19th May, 2022
Annual Financial (CAD)

8. Page 8 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
NCU:CA:TSX (Nevada Copper Corp)
Copper | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 19th May, 2022
Quarterly Financial (CAD)

9. Page 9 of 9 Any information in this report is not , and should not be regarded as investment advice or as a recommendation regarding any particular security or course of
action. We recommend seeking a licensed professional for investment advice.
NCU:CA:TSX (Nevada Copper Corp)
Copper | | Common Stock
Stock Target Advisor
Detailed Stock Report
Report Date: 19th May, 2022
Largest Industry Peers for Copper
Symbol Company Name Price(Change) Market Cap
FM:CA First Quantum Minerals Ltd -2.00 (-5.5%) CAD 25.31B
KAT:CA Katanga Mining Limited N/A CAD 9.49B
LUN:CA Lundin Mining Corporation -0.38 (-3.6%) CAD 8.20B
TRQ:CA Turquoise Hill Resources Ltd -1.76 (-4.9%) CAD 7.23B
CS:CA Capstone Mining Corp -0.25 (-5.0%) CAD 3.43B
HBM:CA Hudbay Minerals Inc -0.33 (-4.5%) CAD 1.93B
ERO:CA Ero Copper Corp -0.36 (-2.4%) CAD 1.35B
AYM:CA Atalaya Mining Plc +0.35 (+6.1%) CAD 0.80B
TKO:CA Taseko Mines Limited -0.06 (-2.9%) CAD 0.58B
CMMC:CA Copper Mountain Mining Corpora.. -0.22 (-8.1%) CAD 0.57B
The Stock Target Advisor platform run millions of calculations every day on over 30,000 Canadian and American stocks, comparing and
ranking their financial and market performance against their sectors and exchange.
We represent the percentile ranking using the following grading system.
Letter Grade Percentage Letter Grade Percentage Letter Grade Percentage
A+ 97%-100% A 93%-96% A- 90%-92%
B+ 97%-89% B 83%-86% B- 80%-82%
C+ 77%-79% C 73%-76% C- 70%-72%
D+ 67%-69% D 63%-66% D- 60%-62%
F 0%-59%