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White Metal Resources Corp. Partner Noronex Provides Update on Exploration Program at the DorWit Copper-Silver Project, Namibia

Thunder Bay, ON, Canada (ABN Newswire) - White Metal Resources Corp. (CVE:WHM) (FRA:CGK1) (OTCMKTS:TNMLF) is pleased to provide an update from its Australian joint venture partner Noronex Limited (ASX:NRX) ("Noronex") on their current exploration program at the DorWit Copper-Silver Project (the "Property" or "Project") in Namibia (see Noronex ASX news release dated 8 July 2021*). The Namibian Project comprises three Exclusive Prospecting Licences (EPLs) that cover 78,000 hectares, referred to as the Witvlei (EPL 7028 and EPL 7029) and Dordabis (EPL 7030) properties. The Project is prospective for sedimentary hosted Cu-Ag mineralisation within the prolific Kalahari Copper Belt that spans Namibia and Botswana.

Michael Stares, President & CEO of White Metal, stated, "This is great news for our shareholders and I am very pleased to have Noronex as a partner. They continue to demonstrate that they are very committed to moving the DorWit copper-silver project forward and have outlined some exceptional copper targets for drilling. I look forward to receiving the results from the upcoming drilling program."

Highlights

- Field visits by the Noronex team were undertaken in May and June to finalise drill planning. The visits confirmed sub-cropping copper mineralisation at geochemistry soil targets.

- Five high priority prospects defined for drill testing for large scale sediment hosted copper deposit including:

o sub-cropping copper at Dalheim with two-kilometre strike extent.
o gossan float at Gemboksvlei on a one-kilometre-long copper soil anomaly.
o outcropping copper at Otjiwaru over an 800 m wide zone.
o a 2.5 by 1.2 km copper-in-soil anomaly in an altered structural zone south of Okasewa.
o unexplained copper soil anomalies at the Christiadore prospect.

- Access agreements have been signed with landowners for the commencement of drilling, and a contract with a suitable drilling contractor is currently being finalised.

- A program of over fifty holes is being planned to test these targets.

- Trial IP survey is also planned at Gemboksvlei and Okasewa to define their IP signature.

- Meetings were held in-country with the Ministry of Mines, consultants appointed, and a subsidiary company and bank accounts established.

For additional information on the DorWit copper-silver project, please click the following link:
https://www.whitemetalres.com/dorwit-cu-ag.html

Qualified Person

Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo.), Vice President Exploration and a Director of White Metal, who is a Qualified Person under the definitions established by the NI 43-101.

To view the Noronex news release, please visit:
https://abnnewswire.net/lnk/1JY17UTS



About White Metal Resources Corp:

White Metal Resources Corp. (CVE:WHM) (FRA:CGK1) (OTCMKTS:TMNLF) is a junior exploration company exploring in Canada and southern Africa. The company's two key properties are the Flagship Tower Stock Gold Project in Thunder Bay, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, Africa. For more information about the Company please visit www.whitemetalres.com.



Source:
White Metal Resources Corp



Contact:
Michael Stares
President and CEO
White Metal Resources Corp.
Phone: +1 (807) 358-2420

Nancy Massicotte
Investor Relations
IR Pro Communications Inc.
Phone: +1 (604) 507-3377
TF: +1 (866) 503-3377
nancy@irprocommunications.com

News Provided by ABN Newswire via QuoteMedia

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Cyprium Metals

Cyprium Metals Update

Cyprium Metals Limited (ASX: CYM) (“CYM”, “Cyprium” or “the Company”) provides the following update in relation to its funding requirements and the commencement of a strategic review.

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Cyprium Metals Ltd Update on Funding Requirements and the Commencement of a Strategic Review

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.

As a result, Cyprium has entered into a Secured Loan Deed ("Loan Deed") with Avior Asset Management No. 2 Pty Ltd ("the Investor").

The proceeds from the Loan Deed will be used for the upcoming interest payment on the Company's existing unsecured $36 million Convertible Notes and for working capital purposes whilst the Company undertakes a strategic review on all assets in the company.

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)

All of Cyprium's copper development projects MRE's are shallow, open in multiple directions and at depth, giving good potential to substantially increase the current resource endowment.

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.

A key part of the strategic review will be for the Board to evaluate:

- 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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