Maroochydore Copper – Cobalt Project Final RC Drilling Results

Cyprium Metals Limited (“CYM”, “Cyprium” or “the Company”) is pleased to report the remaining assay results from the initial drilling campaign which was completed in 2021 at the Maroochydore copper-cobalt project (refer to Figure 1).

HIGHLIGHTS

• Drilling extends massive Maroochydore copper-cobalt oxide resource potential
• Maroochydore is the 8th largest copper development project in Australia, ranked by contained copper metal
• Near-surface oxide copper-cobalt mineralisation extended to 3,000m long, up to 500m wide and up to 100m thick

Significant Copper results include:

• 38m @ 1.04 % Cu & 508 ppm Co from 82m in 21MDRC027 including:
  • 20m @ 1.60 % Cu & 794 ppm Co from 86m
• 61m @ 0.92% Cu & 543 ppm Co from 71m in 21MDRC030 including:
  • 5m @ 1.39 % Cu & 795 ppm Co from 73m
  • 4m @ 1.92 % Cu & 794 ppm Co from 90m
  • 13m @ 1.77 % Cu & 818 ppm Co from 96m
• 61m @ 0.35 % Cu & 203 ppm Co from 56m in 21MDRC033 including:
  • 2m @ 0.45 % Cu & 146 ppm Co from 62m
  • 5m @ 0.46 % Cu & 244 ppm Co from 69m
  • 4m @ 1.27 % Cu & 212 ppm Co from 88m
  • 6m @ 0.46 % Cu & 342 ppm Co from 102m

Significant Cobalt results include:

• 22m @ 0.19 % Cu & 529 ppm Co from 25m in 21MDRC022 including:
  • 4m @ 0.16 % Cu & 1,659 ppm Co from 42m
• 35m @ 0.31 % Cu & 743 ppm Co from 39m in 21MDRC024 including:
  • 7m @ 0.48 % Cu & 1,775 ppm Co from 48m
  • 6m @ 0.54 % Cu & 1,186 ppm Co from 60m

Managing Director Barry Cahill commented:

“Repeated significant intersections demonstrate the robustness and size of this deposit at Maroochydore. Our initial drilling programme at Maroochydore targeted the oxide zones of the deposit and has returned better than expected results. We look forward to further developing the oxide and sulphide resource base of this large greenfield project in the next phase of drilling.”

The 50 RC drillhole programme included 46 resource definition and extension holes (5,990m) and 4 water monitoring bores (228m) for a total of 6,218 metres as detailed in Figure 2, Images 1 to 5 and Table 1. The initial results from 18 resource extension drillholes and 1 water bore were the subject of the Cyprium announcement titled Maroochydore Cu-Co Project Initial RC Drilling Results released 14 February 2022.

Oxide mineralisation at Maroochydore has currently been drilled over a strike length of 3,000m, has a width up to 700m and thicknesses up to 100m, as outlined in Figure 2 and Sections 1 to 3. The 2021 RC drilling programme targeted oxide, supergene and transitional mineralisation at the project, the results of which will inform a mineral resource update for the project in the second half of 2022 to be utilised in a scoping study. Cyprium will release to the market the results of the mineral resource estimate and scoping study as and when they become available.

Figure 1 / Maroochydore Copper – Cobalt Project location plan

Image 1 / RC drill rig at the Maroochydore project, October 2021

Image 2 / RC drill chips: 21MDRC027, 86-106m (20m @ 1.60 % Cu & 794 ppm Co, transitional to sulphide chalcopyrite and chalcocite mineralisation)

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