NIF.UN Noranda Income Fund

Noranda Income Fund (TSX: NIF.UN) (the “Fund”) today announced that the Board of Trustees of Noranda Operating Trust (the “Board”) has approved a special cash distribution of $0.03 per unit payable on January 25, 2023, to Priority and Ordinary Unitholders of record as at the close of business on December 30, 2022.

This special cash distribution is based on the Fund’s 2022 unconsolidated taxable income calculated in accordance with the Fund’s Trust Indenture. All cash distributions to Unitholders must be approved by the asset-based revolving credit facility (“ABL Facility”) lenders of the Fund and they have provided consent for this special distribution.

While this special distribution comes on the heels of a return to production after successful maintenance on the cellhouse, it does not signal a return to regular monthly distributions to Unitholders. Based on the Fund’s current liquidity position and capital requirements, as well as continued challenging market conditions, the Fund has a limited ability to pay regular distributions. With challenges still on the horizon, the Board remains focused on continuing to pursue opportunities to create value for unitholders. This includes continual examination of the Fund’s required levels of reserves and expected future cash flows, to determine its ability to pay distributions to Unitholders in future.

Forward-Looking Information Certain information in this press release, including statements regarding the Fund’s distributable cash flow from operations and distributions to Unitholders 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 31, 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 EinarsonChief Executive Officer of Canadian Electrolytic Zinc Limited, Noranda Income Fund’s ManagerTel.: 514-745-9380info@norandaincomefund.com