Base Metals

Altiplano Initiates Advance on the Hugo Decline to the 360 m Level at Farellon

Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to provide an update on the ongoing underground development at the Farellon Copper-Gold (Cu-Au) mine located near La Serena, Chile.

The development work on the Hugo Decline continues, with the underground advance to the next operating position located at the 360 m level (Figure 1). The extension of the decline is part of the ongoing development to support additional operating levels at depth. This work was initiated after establishing working levels on the 368 m drift and has an expected total advance of 92.5 m to reach the 360 m level. To date, 28 m have been completed, with the intersection of the 360 m level expected in late August. The advance also involves the construction of two mucking bays (aka cuddies) used to store waste from the advance of the decline. On completion of the 360 m advance, both mucking bays will be used as emergency stations as the Hugo Decline continues expansion to additional lower levels.

Figure 1. Underground Schematic of Hugo Decline Advance

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The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with the production decision

CEO Alastair McIntyre comments "Advancing the Hugo Decline to the 360 m is the next step in the underground development of the Farellon Mine. The 360 m level provides opportunity to access new working faces and positions us for accessing additional levels at depth, which will be supported by our recently announced underground drilling program."

About Altiplano

Altiplano Metals Inc. (TSXV: APN) is a Canadian mining company focused on the acquisition and development of near-term cash flowing assets and exploration projects of significant scale. Altiplano's goal is to grow into a mid-tier producer of copper, gold and silver with immediate plans of generating profits from three cash flowing projects in 2021. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value.

John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed and approved the technical contents of this document.

Altiplano is part of the Metals Group of companies, managed by an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.

 

ON BEHALF OF THE BOARD

/s/ "John Williamson"
Chairman

For further information, please contact:
Alastair McIntyre, CEO
alastairm@apnmetals.com
Tel: (416) 434 3799

Jeremy Yaseniuk, Director
jeremyy@apnmetals.com
Tel: (604) 773-1467

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. A qualified person has not done sufficient work to classify any historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. The Farellon mine was previously in production dating back to the 1970's with a reported historical production (to a depth of 70 m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization to reactivate production. The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with any production decision. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90958

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Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) provides the following update in relation to its funding requirements and the commencement of a strategic review.

Secured Loan Deed

As outlined in the Company's 23 February 2023 ASX Announcement, the Company was unable to secure senior debt financing for the Nifty Copper Project Restart on commercially attractive terms and as a result, the previously announced $35 million equity raise was not completed.

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Key terms of the Loan Deed facility:

- Facility amount: $6 million

- Facility term: 6 months from first drawdown

- Interest rate: Commercial rates of financing charges, capitalised over the Facility term

- Loan conversion: A minimum of $0.8 million will be converted into CYM shares

- Share issue price: 20% discount to the Issue price of the next capital raising ("NCR")

- Loan repayment: Balance after Loan conversion is repayable following issue of shares under NCR

- Director: Investor has the right to appoint a nominee Director to the CYM Board

Management Comment

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, including significant infrastructure, as well as the xtensive Paterson Exploration JV with IGO in the highly prospective Paterson Province presents a highly attractive portfolio in an environment where battery metals are in strong demand.

The board is committed to preserving the value of the Company's assets as a priority whilst the strategic review is undertaken."

Strategic Review

Cyprium owns a high-quality portfolio of West Australian copper development opportunities with a total of +1.6Mt2 of contained copper in JORC 2012 Mineral Resources ("MRE") across its projects, comprising:

- Nifty Copper Mine (currently on care & maintenance) containing an MRE of 940,200 of contained Cu2

- Maroochydore Copper Project containing an MRE of 486,000 tonnes of contained Cu2

- Murchison Copper Project, comprising the Cue Copper-Gold Project (MRE of 51,500 tonnes of contained Cu) and Nanadie Well (MRE of 162,000 tonnes of contained Cu)

- Paterson Exploration Project (which includes a farm-in agreement with IGO Limited)

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Nifty is a significant near-term long life brownfield copper development project located in the Tier 1 mining jurisdiction of Western Australia, with extensive infrastructure in place to re-start production.

As a result of the increased activity and interest in the battery minerals sector, the Company has commenced discussions to allow the development of a new strategic plan. The strategic plan will involve the short medium- and long-term opportunities for the company in light of the positioning of copper in the critical metals supply chain.

During this period, the Company will work with its advisors and key stakeholders to develop a new strategic plan with the objective of maximising shareholder value.

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- potential life of mine development scenarios at Nifty, including the open-pit sulphide potential

- alternative longer-term financing strategies

- asset realisation initiatives

- composition of the board and management

Preparation of the new strategic plan and implementing a financial restructure is expected to take several months to complete. Cyprium is committed to maintaining its portfolio of copper projects in good standing to facilitate the rapid resumption of development, pending the outcomes of the strategic review.

There is no certainty that the strategic review will lead to any particulate outcome or transaction. Cyprium shareholders do not need to take any action in relation to the strategic review. Cyprium will continue to keep shareholder informed about the progress and outcome of the strategic review in accordance with Cyprium's continuous disclosure obligations.

As a result of the challenging market conditions associated with financing the Nifty Copper Project Restart project and the requirement to enter the Loan Deed for Cyprium's near-term funding requirements, the Company expects that it will require further external funding later in the year. The extent and availability of this additional funding requirement is naturally dependent on a range of commercial factors that are still being assessed and Cyprium remains in continued discussions with its brokers in connection with the additional funding requirements.

The Company's Shares will remain suspended from trading on the ASX until such time as the Directors have completed a strategic review and the Company has funding in place for a re-instatement of the Company's Shares to trading on the ASX.



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

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