Quarterly Activities Report for the Period Ending 31 December 2023

Cyprium Metals Limited (ASX:CYM) (CYM, Cyprium or the Company) provides the following overview of the Company’s activities for the quarter.

Highlights

• Restart Feasibility and resource update for Nifty targeted for completion in Q1 2024.
• Various feasibility study programs on the larger Integrated Open Pit Study commenced during the quarter including:
  • Mineral Resource update
  • Geotechnical and infill drilling
  • Optimisation and mine planning
  • Concentrator refurbishment assessment
• Further feasibility work streams in process to provide a path to early production of copper.
• Technical management team strengthened - senior processing/metallurgical and mining engineering executives appointed.
• Mr Ross Bhappu, appointed as a Non-Executive Director of the Company. Mr Bhappu currently serves as a Senior Strategic Advisory Partner at Resource Capital Funds (RCF), and previously served as RCF’s Head of Private Equity Funds.
• Cost and productivity assessments were initiated during the quarter and the governance process strengthened.

Clive Donner, Managing Director commented:

"We have accomplished a lot in the past quarter and I am very excited by the potential opportunities we are uncovering as we progress our restart plans. Our focus during the quarter was to transition the company as quickly as possible to the proposed restart strategy of the larger integrated pit. This involved the early integration of the new management team into the various work streams and the formal engagement of MEC Mining to provide external capability to assist us in undertaking the resource update, geotechnical and mine planning work streams. The revised board has been very active and helpful in assisting the company with its short-term goals and I am very pleased with the sense of urgency displayed by the management team to advance all the work streams. Our existing agglomerated heap leach pads at Nifty continue to generate substantial copper in pregnant leach solution. Accordingly, we are reviewing all the opportunities available to us to commence early copper production including the potential to generate early revenue from these heaps using existing SX-EW facilities in a scaled down capacity.

Substantially all of the required technical data has now been catalogued into an orderly form and all key consultants have been engaged to support the various aspects of the restart feasibility studies. The refurbishment of the concentrator and associated infrastructure remains our key focus in order to deliver copper production as early as possible. Following a positive outcome of the feasibility work, the Company plans to work toward the delivery of a DFS during the year.

As part of the management and strategy transition during the quarter, we implemented a review of our governance processes, site management costs and productivity. Additionally, site clean-up activities identified a number of non-core assets and AUD0.73 million was sold during the quarter.

We believe we have 3 very high-quality projects all in a tier 1 jurisdiction and at varying stages of development. The shorter-term corporate objective is to refine the execution pathway that best fits with the scale of these assets and the size of our balance sheet.”

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