07:26 AM EDT, 06/06/2024 (MT Newswires) -- Nevada Copper ( NEVDF ) , which has lost more than half its value in the past year, on Thursday said its cash position has become "substantially depleted" and that it might have to seek creditor protection.

The company has been unable to obtain additional funding to maintain operations and complete the commissioning and ramp-up of its Pumpkin Hollow underground mine in Yerington, Nevada. As its cash position has worsened, the company has scaled down operations at the mine.

Pala Investments and other company stakeholders have been providing limited interim funding, but have indicated they may turn off the tap. Nevada Copper ( NEVDF ) has also received notices of resignation, effective June 5, from two directors who were Pala nominees.