Noranda Income Fund Provides Production Update; Revised the 2022 production target

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Noranda Income Fund

TORONTO, April 8, 2022 (GLOBE NEWSWIRE) — Noranda Income Fund (TSX:NIF.UN) (the “Fund”) today announced operational challenges at its electrolytic zinc processing facility (the “Processing Facility”) in Salaberry-de -Valleyfield, Quebec, negatively impacted zinc production and sales for the first quarter ended March 31, 2022, resulting in a revision of its annual production and sales target.

“A tight labor market and increased COVID-related absenteeism coupled with cold weather impacting maintenance activities and resulting in a record number of power outages have exacerbated ongoing operational challenges at the electrolysis hall. Despite the team’s best efforts, this has resulted in a decline in production quality and volume in the first quarter of 2022,” said Paul Einarson, Chief Executive Officer of CEZinc, the fund’s manager.

“The processing plant team continues to work diligently to stabilize operations and have made progress in improving operating conditions, a careful and incremental process given the complexity of the smelter operation. In an environment that continues to be complex, it will be crucial to achieve improvements in operational security. We look forward to capitalizing on our strategic expansion projects once these operational challenges are fully resolved,” added Mr. Einarson.

Zinc metal production for the first quarter of 2022 is expected to be 57,588 tonnes, compared to 66,345 tonnes in the first quarter of 2021. Zinc metal sales are expected to be 56,826 tonnes, compared to 66,277 tonnes in the first quarter of 2021. As a result, the Fund is revising its annual production and sales target to 255,000 to 265,000 tonnes of zinc, from its previously announced target of 270,000 to 280,000 tonnes for 2022.

The Fund expects to complete the commissioning of its strategic expansion projects consisting of the installation of additional belt filters and associated equipment to increase the filtration capacity of the processing plant and two additional cooling towers in the cellhouse to improve cooling capacity during the summer months. in the second quarter of 2022.

First Quarter 2022 Results
The Fund expects to report its financial and operating results for the first quarter ended March 31, 2022 on or about April 28, 2022.

above Noranda Income Fund

The Noranda Income Fund is an income fund whose shares trade on the Toronto Stock Exchange under the symbol “NIF.UN”. The Noranda Income Fund owns the electrolytic zinc processing facility and related assets (the “Processing Facility”) located in Salaberry-de-Valleyfield, Quebec. The processing facility is the second largest zinc processing facility in North America and the largest zinc processing facility in eastern North America, where most zinc customers are located. It produces refined zinc metal and various by-products from sourced zinc concentrates. The processing facility is operated and managed by Canadian Electrolytic Zinc Limited, a wholly owned subsidiary of Glencore Canada Corporation. For more information about the Noranda Income Fund, visit www.norandaincomefund.com

Forward-Looking Information
Certain information in this press release, including statements regarding the production and sales of the Fund, future business plans and operations of the processing facility, future liabilities and obligations of the Fund (including capital expenditures), the Fund’s ability to operate profitably, dependence on the ongoing Zinc concentrate supply and related competition, the processing facility’s ability to handle a more diverse feed quality stream, anticipated trends in zinc concentrate supply and demand, smelting capacity, demand and supply in the sulfuric acid market, zinc concentrate treatment fees, the anticipated financial and operating results of the Funds, distributions to Shareholders, the scope, timing and completion of expansion projects, the impact of expansion projects on processing facility operations, the Fund’s operating and financial results, and d The impact of the amendments to the SPA, the Operations and Management Agreement, the Management Services Agreement, the Administration Agreement and the zinc concentrate purchase and zinc metal sale agreements are forward-looking information. In some instances, but not necessarily all instances, forward-looking information is identified by the use of forward-looking terms such as “plans,” “aims,” “expects” or “does not expect,” “is expected.” , “there is an opportunity,” “is positioned,” “estimates,” “intends,” “anticipates,” “anticipates,” or “does not anticipate,” or “believes,” or variations of such words and phrases, or indicate that certain actions are performed, events or results “may”, “could”, “would”, “could”, “will” or “occur”, “occur” or “be achieved”. Statements that contain forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates, which, while believed to be reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, level of activity, performance or achievements differ materially from those expressed or implied by such forward-looking information, including without limitation those factors more fully described in the “Risk Factors” section of the Fund’s annual information form dated March 30 December 2022 for dated 31 December 2021 year-ending and the Fund’s other periodic filings available at www.sedar.com. These factors are not intended to be an exhaustive list of factors that could affect the Fund; However, these factors should be carefully considered. There can be no assurance that such estimates and assumptions will prove to be correct. The forward-looking statements contained in this press release are made as of the date of this press release and the Fund expressly disclaims any obligation to update or revise any statement, containing forward-looking information or the factors or assumptions underlying it, whether as a result of new information, future events or for any other reason, except as required by law.

For more informations:

Paul Einarson
Chief Executive Officer of Canadian Electrolytic Zinc Limited, manager of the Noranda Income Fund
Phone: 514-745-9380
[email protected]

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