Noranda Income Fund Receives Unitholder Meeting Requisition

TORONTO, Nov. 24, 2022 (GLOBE NEWSWIRE) — Noranda Income Fund (TSX:NIF.UN) (the “Fund”) today announced that it received a meeting requisition notice (the “Requisition”) dated November 24, 2022 on behalf of the beneficial holders of, in aggregate, greater than 20% of the outstanding Class A Priority Units of the Fund. The Requisition requests that Computershare Trust Company of Canada, as sole trustee of the Fund, call a special meeting of the unitholders of the Fund for the purposes of (a) removing from office the four independent trustees of Noranda Operating Trust (the “Trust”), and (b) if removed, filling the vacancies created by their removal by electing four trustees nominated by the requisitioning unitholders.

The Fund is reviewing the Requisition with the assistance of its professional advisors and will respond in due course. In the meantime, there is no need for unitholders of the Fund to take any action.

The members of the board of trustees of the Trust, including the four independent trustees, wish to assure unitholders of their unwavering commitment to the best interests of the Fund and its unitholders.

Forward-Looking Information
Certain information in this press release, including statements regarding the Fund’s response to the Requisition, are forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. Statements containing 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 that, while considered reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Fund’s Annual Information Form dated March 30, 2022 for the year ended December 31, 2021 and the Fund’s other periodic filings available at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect the Fund; however, these factors should be considered carefully. 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 alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

About the Noranda Income Fund
Noranda Income Fund is an income trust whose units trade on the Toronto Stock Exchange under the symbol “NIF.UN”. Noranda Income Fund owns the electrolytic zinc processing facility and ancillary 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 the majority of 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. Further information about Noranda Income Fund can be found at: www.norandaincomefund.com.

For more information:

Paul Einarson Chief Executive Officer of Canadian Electrolytic Zinc Limited, Noranda Income Fund’s Manager Tel.: 514-745-9380 [email protected]

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