Quarterly Activities Report For The Period Ending 31 March 2023

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

Highlights

• Cyprium has a suite of high-quality copper projects with +1.6Mt of contained Copper in Mineral Resources
  
• Cyprium is undertaking a full strategic review of all assets
• Work underway on +20 year super pit mine life development at Nifty, based on the current MRE of 940,200 tonnes of contained Copper
  
• Cyprium has entered into a Secured Loan Deed for AUD6 million
• Appointment of Mr John Featherby as Non-Executive Director

Cyprium Managing Director Barry Cahill commented:

“Copper market fundamentals combined with Cyprium’s quality portfolio of more than 1.6Mt of contained copper at Nifty, Maroochydore and the Murchison, as well as the Paterson Exploration JV with IGO, presents a highly attractive portfolio.

Nifty has a mineral resource of 940,000 tonnes contained copper plus there is a further 90,000 tonnes of contained copper in the existing heap leach pads. Work is continuing on a super pit mine study at Nifty, which will show a mine life of over 20 years and generating strong cash flows.

The restart project economics for the initial oxide portion of the open pit and retreat of the existing heap leach pads, remains robust. The project economics are further enhanced based on current copper prices of around AUD13,000 per tonne, which remains AUD1,000 per tonne higher than used in the Nifty Copper Project Restart Study.

The board is undertaking a strategic review and is committed to preserving the value of the Company’s assets as a priority during this strategic review period.

We were pleased to announce the appointment of John Featherby to the Cyprium Board in April. His experience and knowledge will be of great benefit to Cyprium as we move to the next stage of the company strategy.

We also thank Nick Rowley for his efforts and contribution to the growth of Cyprium since its inception in 2019 to its current three copper projects. We wish him well with his future endeavors.”

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