Cyprium Metals

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.”


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.

CYM:AU
Cyprium Metals

Cyprium Metals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Cyprium Metals Limited

Cyprium Metals


Keep reading...Show less
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.



Source:
Cyprium Metals Ltd

News Provided by ABN Newswire via QuoteMedia

[subscribe_company_profile use_post="101691698"]

Keep reading...Show less
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

[subscribe_company_profile use_post="101691698"]

Keep reading...Show less
Cyprium Metals Ltd

Cyprium Metals Ltd Entitlement Offer Update

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) is pleased to advise that it has executed a Shortfall Agreement with Nebari Natural Resources Credit Fund II, LP (Nebari) to take $500,000 of the shortfall under the $5,000,000 Entitlement Offer which closes on 7 September 2023 (also refer to CYM ASX release dated 14 August 2023, "Lodgement of Prospectus").

Under the Shortfall Agreement, Nebari has agreed to subscribe for $500,000 worth of Shares (being 12,500,000 Shares at an issue price of $0.04 per Share (with free attaching 1:2 Options at $0.06 per option) pursuant to the Shortfall Offer (Shortfall Shares).

In addition, the Board has received interest to take a substantial portion of the shortfall (if any). Shareholders as at the Record Date (18 August 2023) can apply for their pro rata entitlements and top up allocations directly through CYM's share registry, Automic. Please visit:
https://investor.automic.com.au/

Management Comment

Clive Donner, proposed Managing Director commented:

"We are very pleased to have our financier, Nebari, a highly respected and experienced financier of mining projects globally, subscribing for $500,000 of Shortfall Shares in the Entitlement Offer."

*To view the indicative timetable, please visit:
https://abnnewswire.net/lnk/QI25DK82



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

[subscribe_company_profile use_post="101691698"]

Keep reading...Show less
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.



Source:
Cyprium Metals Ltd

News Provided by ABN Newswire via QuoteMedia

Keep reading...Show less
True North Copper

TNC 2024 Exploration Program: Targeting Transformative Discoveries

True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce its 2024 Exploration Program across TNC’s Mt Oxide and Cloncurry Copper Projects (TNC 2024 Exploration Program presentation attached below).
Keep reading...Show less
Miramar Resources

Bangemall Ni-Cu-PGE Exploration Update

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to provide an update on exploration activities within the Company’s large 100%-owned Bangemall Project in the Gascoyne region of Western Australia.

Keep reading...Show less

Lundin Mining Fourth Quarter and Full Year 2023 Results

Lundin Mining Logo (CNW Group/Lundin Mining Corporation)

TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its fourth quarter and full year 2023 financial results. Unless stated otherwise, results are presented on a 100% basis and Caserones results are from July 13, 2023 .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Forum Energy Metals to Present in March at the Red Cloud Pre-PDAC Mining Showcase and the PDAC 2024 Convention in Toronto, Canada

Forum Energy Metals to Present in March at the Red Cloud Pre-PDAC Mining Showcase and the PDAC 2024 Convention in Toronto, Canada

You are welcome to join Forum Energy Metals (TSXV: FMC) (OTCQB: FDCFF) at the Red Cloud Pre-PDAC Mining Showcase on Thursday, February 29 and Friday, March 1 at the Sheraton Centre Toronto Hotel followed by the PDAC Convention at the Metro Toronto Convention Centre, Sunday March 3rd through Wednesday March 6th.

Dr. Rebecca Hunter, VP, Exploration will be presenting at the Red Cloud Pre-PDAC Mining Showcase at 10:00am on Thursday, February 29th. Dr. Hunter will update investors on her plans for drilling on Forum's Thelon Basin uranium discovery in Nunavut, the next premier uranium mining district. For registration details visit: https://redcloudfs.com/prepdac2024/.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Ero Copper Announces 2023 Production Results and Provides 2024 Guidance

(all amounts in US dollars, unless otherwise noted)

Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the "Company") is pleased to announce its 2023 production results, 2024 guidance and three-year production outlook.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Forte Minerals (CSE: CUAU)

Forte Minerals Releases First ESG Report

Forte Minerals Corp. ("Forte" or the "Company") (CSE: CUAU) (OTQB: FOMNF) (Frankfurt: 2OA), a junior exploration company with a focus on copper and gold projects in Peru, is proud to announce the publication of its initial Environmental, Social, and Governance (ESG) report. This milestone document shows a significant stride in Forte Minerals' journey towards sustainable exploration and mining practices and underscores our unwavering commitment to responsible operations.

Under the leadership of Patrick Elliott, MSc, MBA, CEO, and President of Forte Minerals, the Company has embarked on a sustainable exploration and development journey. "The release of our 2023 ESG report is pivotal for the Company. It echoes over 15 years of dedicated engagement with the Peruvian landscapes and communities, emphasizing our proactive adoption of ESG principles that guide our exploration endeavors," stated Elliott. "This report showcases our commitment to sustainability, ethical conduct, and community engagement and sets a foundation for continuous improvement in our operations."

Keep reading...Show less
Cyprium Metals

Cyprium Metals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×