Noranda Income Fund Announces Executive Changes

TORONTO, March 25, 2021 (GLOBE NEWSWIRE) -- Noranda Income Fund (TSX:NIF.UN) (the “Fund”) today announced that Liana Centomo is stepping down from her role as Chief Executive Officer (“CEO”) of Canadian Electrolytic Zinc Limited (“CEZinc”), the Fund’s Manager, effective April 30, 2021, in order to pursue other opportunities within Glencore plc. Paul Einarson, Chief Financial Officer (“CFO”) of CEZinc, will take on the role of interim CEO upon her departure.

“On behalf of the Board of Trustees, I would like to sincerely thank Liana for her many contributions during her long career with CEZinc and most recently, her leadership through the COVID-19 pandemic. We also wish her the very best in her new career pursuits,” stated Mr. Anthony Lloyd, Chairman of the Fund’s Board of Trustees. “I am pleased to be able to count on the strong management team in place to continue to lead the Fund and pursue our 2021 objectives, which include maintaining our operational discipline as the pandemic persists, and the execution of our ongoing strategic projects aimed at increasing our production capacity and ultimately, the Fund’s long-term profitability.”

Paul Einarson, CPA, CA, has been CFO of the Fund’s Manager since 2018 and with Glencore Canada Corporation (“Glencore Canada”) since 2014. A seasoned executive, Mr. Einarson has spent the last 15 years in the resource sector having held a series of senior management positions with various publicly traded companies prior to joining Glencore Canada. Mr. Einarson holds a Bachelor of Commerce with Honours degree from the University of Manitoba.

Forward-Looking Information

This press release contains forward-looking information and statements within the meaning of applicable securities laws. Forward-looking information involves known and unknown risks, uncertainties and other factors, which may cause actual events, results or performance to be materially different from any future events, results or performance expressed or implied by the forward-looking information, and as a result, the Fund cannot guarantee that any forward-looking statements or information will materialize.

Such risks and uncertainties include, but are not limited to, the effect of general business and economic conditions, the Fund's ability to operate at normal production levels, the Fund's capital expenditure requirements and other general risks and uncertainties set out in the Fund's continuous disclosure documents on available on SEDAR at .

Forward-looking information contained in this press release is based on, among other things, management's current estimates, expectations, assumptions, plans and intentions, which management believes are reasonable as of the current date, and which are subject to a number of risks and uncertainties. Except as required by law, the Fund does not undertake to update these forward-looking statements or information, whether written or oral, that may be made from time to time by the Fund or on the Fund's behalf.

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, Québec. 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:

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For further information, please contact:

Paul Einarson,

Chief Financial Officer of Canadian Electrolytic Zinc Limited, Noranda Income Fund’s Manager

Tel: 514-745-9380