Nifty Copper Project Restart Study

Cyprium Metals Limited (ASX: CYM, Cyprium, or the Company) is pleased to announce the results of the Restart Study for the Nifty Copper Project which has highlighted a robust initial oxide project with the potential for strong financial returns.

• Current copper price ~USD4.60/lb
• Oxide C1 costs of USD1.91/lb and C3 costs of USD2.82/lb
• Average production of 25,000 tpa copper cathode
• Oxide cathode production 146,100 tonnes copper metal
• Pre-production capital AUD149M
• Positive engagement with Financiers now accessing final study and extensive data room
• NPV @7% of AUD277M with an IRR of 37% (post tax)
• Mineral Resource Estimate (MRE) to include 2021 drilling & inferred resource conversion
• Oxide mine life 2023-29 at ~6.3 years (pre-MRE upgrade) with sulphide potential +20yrs
• Metallurgical testwork confirms 85% recovery in Retreat and 90% in Oxide Pit material
• Free cashflow AUD544M
• Payback in 3 years
• Regulatory approvals submitted and on track
• Sulphide heap leach metallurgy test work commenced

The Nifty Copper Project is 100% owned by Cyprium and the Restart Study results are reported on a project post-tax basis with all currency quoted in Australian dollars (AUD) unless otherwise specified.

The basis of the analysis is the JORC 2012 Mineral Resource Estimate released in November 2021 (refer to CYM ASX release dated 17 November 2021 titled ‘Updated Nifty Copper Mineral Resource Estimate’) and does not include the recent released drilling results from the within the South-West and South-East of the presented pit shape. The study considers and includes measured and indicated resources and does not include inferred resources contained within the pit shape.

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