Cyprium Metals

$31.6M Equity Raising Completed

Cyprium Metals Limited (ASX: CYM) (“CYM”, “Cyprium” or “the Company”) is pleased to announce the capital raising via a placement (Placement) and a pro rata non‐renounceable entitlement offer (Entitlement Offer) was oversubscribed, raising a total of $31.6 million before costs (Equity Raising).


HIGHLIGHTS

  • $24M Placement to Sophisticated and Institutional Investors Completed
  • $5M Entitlement Offer closed oversubscribed raising $7.6M from book build and shareholder demand
  • $21M (US$14.5M) Bridging Facility Completed last quarter1
  • Placement received significant demand from numerous new and existing high quality domestic and offshore institutions, family offices and private equity investors
  • Investor support for the Equity Raising provides a strong endorsement of Cyprium’s strategy to restart the Nifty operation as a long-life large scale open pit mine
  • Mr Clive Donner, an experienced mining industry executive, appointed as Managing Director
  • Leading private equity firm Pacific Road Capital Management (PRCM) has subscribed for $8.3M in the Equity Raising to hold a 15.5% interest in the Company
  • Mr Matt Fifield, Managing Director of PRCM, appointed to the Board as Interim Chair

Clive Donner, Managing Director commented:

“The Board is very appreciative of the strong support from current shareholders and welcomes a number of new institutional investors onto the register.

The oversubscribed Equity Raising has now been completed, which together with the US$14.5 million Bridging Facility closed last quarter, provides the Company with the capital to advance the Nifty technical studies and finalise an appropriate development funding package next year. This will enable the delivery and execution of our strategy to restart the Nifty Project as a larger scale open pit copper operation.”

Placement and Entitlement Offer

Cyprium Metals Limited (CYM, Cyprium or the Company) is pleased to announce the capital raising via a placement (Placement) and a pro rata non‐renounceable entitlement offer (Entitlement Offer) was oversubscribed, raising a total of $31.6 million before costs (Equity Raising).

The Company has completed the Placement to issue 600 million new shares (Placement Shares) at an offer price of $0.04 per share (Offer Price), raising $24 million. The Placement was strongly supported by sophisticated and professional investors, including numerous new and existing high quality domestic and offshore natural resources focused institutions, family offices and private equity investors.

The Company has also completed the Entitlement Offer under which it has issued 125 million new shares (Entitlement Shares) at the Offer Price, raising $5 million. The oversubscriptions in this Entitlement Offer shortfall enabled the Company to place an additional 65.5 million new shares being issued at the Offer Price, raising a further $2.6 million.

The Company’s Secured Loan financier, Nebari Natural Resources Credit Fund II, LP (Nebari), subscribed for $0.5 million of the Entitlement Offer shortfall.

Leading private equity firm and existing shareholder, Pacific Road Capital Management (PRCM), subscribed for $8.26 million in the Equity Raising, representing a 15.54% interest in the Company post‐ Equity Raising.

Each participant in the Equity Raising received 1 free attaching option for every 2 Shares to issued under the Equity Raising (Options). The Options will be exercisable at $0.06 each, on or before 31 December 2024.

Canaccord Genuity (Australia) Limited acted as the Lead Manager to the Placement. Steinepreis Paganin acted as legal adviser to Cyprium.

Board and Management Changes

Appointment of Mr Clive Donner as Managing Director

Cyprium is pleased to announce the appointment of Mr Clive Donner as Managing Director of the Company, effective immediately.

Mr Donner is an experienced mining private equity and financing expert who has financed over 50 mines globally. He founded and actively managed 2 private equity funds which focussed on emerging and mid‐tier mining companies. Mr Donner was previously a Director of Rothschild Australia responsible for mine development financing. Mr Donner has been engaged to lead the raising of the required debt and equity capital, developing the assets of the Company and building the Company into a mid‐tier copper producer.

The material terms of Mr Donner’s employment agreement were provided in CYM ASX Announcement dated 12 July 2023, “Firm Commitments received for $24M Conditional Placement and announcement of $5M Entitlement Offer”.

Mr Donner participated in the Placement.

Appointment of Mr Matt Fifield as Interim Chair

Cyprium is pleased to announce the appointment of Mr Matt Fifield as a Non‐Executive Interim Chair of the Company, effective immediately.

Mr Fifield is the Managing Director of Pacific Road Capital, a leading resource investment firm that has managed over $1 billion in funds raised to develop and enhance resource companies around the world. Mr Fifield has participated in over $10 billion of capital raising and M&A transactions across his career and is a leading voice on responsible resource investing. He is a frequent speaker and contributor around issues of sustainable development practices.

In his role as Non‐Executive Interim Chair, Mr Fifield will receive a salary of $60,000 per annum.

Resignation of Mr Barry Cahill as Managing Director

Mr Barry Cahill has resigned from the Board and as Managing Director, effective immediately. The Company thanks Mr Cahill for his service to the Company.


Click here for the full ASX Release

This article includes content from Cyprium Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Cyprium Metals

Cyprium Metals Ltd Quarterly Activities Report

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) provides the following overview of the Company's activities.

Nifty Strategy

The Company's priority is to restart the Nifty operation with lower capital intensity and lower risk by developing a large-scale open pit mine utilising the extensive sunk capital infrastructure.

The Nifty development strategy currently includes the integration of a Copper oxide starter open pit operation that will be complemented by the larger scale sulphide open pit, which together is expected to provide a significant +15-year mine life based on +900,000 tonne contained copper mineral resource. Nifty's prospectivity is excellent and the mineral inventory is relatively shallow, is open along strike in multiple directions and at depth, giving good potential to increase the current resource endowment.

Cyprium's other exploration assets at Maroochydore and in the Murchison represent an attractive portfolio of exploration projects that will be assessed and reviewed for additional expenditure along with the commencement of the development of Nifty. These projects, together with Nifty, contain more than 1.6 million tonnes of contained copper.

Highlights

- Company's priority is to restart the Nifty operations with lower capital intensity and lower risk by developing a large-scale open pit mine utilising the extensive sunk capital infrastructure

- $24M Placement to Sophisticated and Institutional Investors Completed

- $5M Entitlement Offer closed oversubscribed raising $7.6M from book build and shareholder demand

- Placement received significant demand from numerous new and existing high quality domestic and offshore institutions, family offices and private equity investors

- Investor support for the Equity Raising provides a strong endorsement of Cyprium's strategy to restart the Nifty operation as a long-life large scale open pit mine

- Mr Clive Donner, an experienced mining industry executive, appointed as Managing Director

- Leading private equity firm Pacific Road Capital Management (PRCM) now has a 17% relevant interest in the Company

- Mr Matt Fifield, Managing Director of PRCM, appointed to the Board as Interim Chair

- Reinstatement to Official Quotation following the confirmation from ASX of the satisfaction of certain conditions for reinstatement to quotation

Clive Donner, Managing Director commented:

"The Company is now adequately funded to progress the technical studies necessary to build an integrated mining development plan that encompasses both the oxide and substantial sulphide resources at Nifty. The Company anticipates being able to release a feasibility study during the first half of calendar 2024.

Through this additional work we expect to demonstrate a significantly larger scale and longer life project than the previous Oxide Restart Project alone. Experienced mining industry professionals are being selectively recruited to the board and management team to ensure the Nifty integrated open pit technical studies deliver the right results for shareholders."

*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/9N77OMK4



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



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Cyprium Metals Ltd

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Cyprium Metals

Cyprium Metals Ltd Management Update and Change of Company Secretary

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) advises that Wayne Apted has resigned as the Chief Financial Officer and Company Secretary, effective today. The Board wishes to thank Mr Apted for his considerable efforts and contribution to the growth of Cyprium since 2019 and wishes him well in his future endeavours.

The Company's Group Financial Controller, Manu Trivedi will serve as the Company's interim CFO until a suitable replacement is found.

David Hwang has been appointed Company Secretary of the Company, effective immediately. For the purpose of ASX Listing Rule 12.6, Mr David Hwang, Company Secretary, is the person responsible for communications with the ASX in relation to ASX Listing Rule matters.

David is a corporate lawyer, company secretary and advisor to Boards and management of pre-IPO and ASX listed entities. David regularly advises emerging and listed entities across a range of compliance, legal, governance and strategic matters. David is the Managing Director of Confidant Partners, which provides ASX compliance, company secretarial and Board advisory services. Prior to this, David was a senior executive at a leading integrated technology solutions and professional services provider, where he led Australia's largest outsourced company secretarial and legal team.



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



Source:
Cyprium Metals Ltd

News Provided by ABN Newswire via QuoteMedia

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Cyprium Metals Ltd  Nifty East Extensional Infill Drilling Results

Cyprium Metals Ltd Nifty East Extensional Infill Drilling Results

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) is pleased to announce that assay results have been received from the Nifty East infill extensional drilling. The program comprised 21 RC holes for 5,725m targeting areas from the previous program which identified encouraging widths of oxide/transitional mineralisation extending east and sulphide mineralisation extending east at depth beneath the former Nifty open pit (Figure 1*).

HIGHLIGHTS

- All results received from Nifty East Extensional Infill drilling program, targeting the oxide/transitional mineralisation and sulphide mineralisation at depth beneath the open pit

- Results demonstrate potential to define additional shallow mineralisation for the planned heap leach restart and grow the existing +0.9 Mt contained copper Mineral Resource

- Significant widths of copper mineralisation intersected are shown below

Executive Director Barry Cahill commented:

"The first phase of drilling at Nifty East has firmed up our understanding of the copper mineralisation extending from the current Nifty open pit and clearly demonstrates excellent potential to grow the existing resource further east. The results will be added to the resource model. These East drilling results along with the previously released West drilling clearly demonstrate the potential to expand the mineral resource as further phases of drilling proceed.

Discussion of results

Section 102,800E

Hole 21NRSP021 confirmed oxide mineralisation that was previously intercepted in holes 21NRSP006 and 21NRSP011 (Figure 3* 18m at 0.45% Cu, including 1m at 2.35% Cu). Hole 21NRSP021 also extended sulphide mineralisation at depth within the carbonate-shale host rocks (4m at 0.36% Cu, 3m at 0.47% Cu and 17m at 0.52% Cu, including 2m at 1.14% Cu and 6m at 0.16% Cu).

Section 102,840E

Hole 21NRSP030 confirms oxide mineralisation close to surface that was previously intersected in hole 21NRSP001 and historical drillhole NCP0317 (Figure 4* 3m at 0.15% Cu, 3m at 0.14% Cu and 5m at 0.26% Cu). Three deeper holes intercepted sulphide mineralisation extensions at depth where there is no historical drilling.

Hole 21NRSP0022 intercepted 3m at 0.19% Cu, 11m at 0.66% Cu including 2m at 1.57% Cu and 3m at 0.31%, and 5m at 0.51% Cu including 1m at 1.40% Cu. Hole 21NRSP0031 intercepts include 6m at 0.33% Cu and 7m at 1.14% Cu including 4m at 1.76% Cu. 21NRSP0032 intersected 3m at 0.21% Cu, 3m at 0.29% Cu and 4m at 0.20% Cu.

Section 102,880E

Figure 5* illustrates infill transitional and sulphide mineralisation which was intercepted in hole 21NRSP039 (3m at 0.69% Cu including 1m at 1.21% Cu, 3m at 0.44%, 4m at 0.30% Cu, 5m at 0.18% and 3m at 1.18% Cu including 2m at 1.38% Cu), and Hole 21NRSP023, which intercepts upper sulphide mineralisation (12m at 0.74% Cu including 2m at 1.20% Cu and including 1m at 1.50% Cu and including 1m at 1.26% Cu).

Section 102,920E

The drilling has identified further extensionsto the oxide mineralisation east of the Nifty pit. The mineralisation is mostly in proximity to the northern limb of the Nifty Syncline. It has also been confirmed to extend further south, interpreted as an extension of the sub-parallel zone of supergene copper mineralisation, which was identified in the first phase of drilling by Cyprium Metals in 2021.

Hole 21NRSP0033 (4m at 0.14% Cu, 3m at 0.16% Cu, 6m at 0.22% Cu, 14m at 0.27% Cu, 5m at 0.17% Cu and 3m at 0.26% Cu) and Hole 21NRSP034 (3m at 0.13% Cu, 4m at 0.16% Cu, 3m at 0.19% Cu, 4m at 0.70% Cu including 2m at 1.17% Cu, 3m at 0.30% Cu, 5m at 0.32% Cu and 1m at 1.23% Cu) have confirmed oxide and transitional mineralisation previously unidentified (Figure 6*).

The sub-parallel zone of supergene mineralisation was intercepted by hole 21NRSP024 (5m at 0.47% Cu including 1m at 1.36% Cu and 4m at 0.11% Cu). This hole also confirms sulphide mineralisation at depth (13m at 1.08% Cu including 1m at 1.12% Cu and including 3m at 3.10% Cu).

Section 102,960E

The drilling has confirmed oxide and transitional mineralisation previously identified in historical holes. New extensions to sulphide mineralisation to the east and at depth have also been identified (Figure 7*).

Hole 21NRSP035 confirms intercepts of shallow oxide and deeper transitional mineralisation (4m at 0.16% Cu, 7m at 0.16% Cu and 8m at 0.24% Cu).

Hole 21NRSP026 has intercepted the southern sub-parallel zone of supergene copper mineralisation (6m at 0.16% Cu). Sulphide mineralisation within the Nifty Syncline carbonate-shale host rocks was intercepted at depth (7m at 0.30%, 7m at 0.34% Cu and 4m at 0.20% Cu).

Sulphide mineralisation was intersected higher in the stratigraphic sequence in hole 21NRSP0025 (13m at 0.52% Cu including 1m at 1.48% Cu and including 1m at 2.13% Cu) and at depth (3m at 0.42% Cu and 4m at 0.19% Cu).

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/ETZVU06G



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



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Cyprium Metals Ltd

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