Quarterly Activities Report For the Period Ending 31 March 2022

Cyprium Metals Limited (ASX: CYM) (“Cyprium” or the “Company”) is pleased to provide the following overview of the Company’s activities for the March 2022 quarter.

• Current copper price ~USD4.50/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) being upgraded 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 testwork commenced

Nifty drilling – Nifty copper mineralisation ~100m thick

• Mineral Resource infill and extensional drilling programmes continues to provide wide intervals of ~70m to ~115m thick zones of significant copper mineralisation intersected including:
  • 20m at 0.70% Cu from 210m, 31m at 1.61% Cu from 234m and 13m at 0.55% Cu from 268m in Hole 21NRWP064
  • 57m at 1.01% Cu from 224m in Hole 21NRWP047
  • 19m at 0.66% Cu from 186m, 10m at 0.49% Cu from 218m, 17m at 1.19% Cu from 232m and 11m at 0.53% Cu from 271m in Hole 21NRWP048
  • 5m at 1.96% Cu from 221m, 22m at 0.88% Cu from 227m, 17m at 1.39% Cu from 265m in Hole 21NRWP049
  • 1m at 1.16% Cu from 238m, 20m at 0.85% Cu from 258m and 13m at 1.14% Cu from 288m in Hole 21NRWP051
  • 30m at 1.12% Cu from 234m and 41m at 0.91% Cu from 265m in Hole 21NRWP052

Maroochydore drilling – Maroochydore copper oxide mineralisation ~100m thick

• Drilling further extends massive Maroochydore copper - cobalt resource potential
• Near-surface oxide copper/cobalt mineralisation extended to 3,000m long, up to 500m wide and up to 100m thick
• Sulphide copper - cobalt mineralisation 2,500m long (still open), up to 500m wide and up to 50m deep (still open)

Significant results include:

• 11m @ 2.27% Cu & 429 ppm Co from 65m and 20m @ 0.72% Cu & 38 ppm Co from 78m in 21MDRC015
• 20m @ 0.86% Cu & 609 ppm Co from 41m in 21MDRC016
• 5m @ 1.68% Cu & 678 ppm Co from 34m in 21MDRC017
• 17m @ 0.84% Cu & 462 ppm Co from 56m in 21MDRC011
• 13m @ 0.85% Cu & 429 ppm Co from 50m in 21MDRC012
• 41m @ 0.45% Cu & 263 ppm Co from 79m in 21MDRC018
• 23m @ 0.58% Cu & 261 ppm Co from 25m in 21MDWB02

Managing Director Barry Cahill commented: “We were very pleased to announce the results of the Nifty Copper Project Restart Study during the quarter. The fundamentals of the project are robust and outline the first phase of a long-life operation. Additionally the study does not include the addition of a further update to the Mineral Resource Estimate and the conversion of inferred resources during the pit mining.

Excellent drilling assay results continued during the quarter for the highly successful Nifty West drilling programme. There is a substantial zone of mineralisation, which provides additional copper tonnes in the future large-scale open pit development. Furthermore, this area remains open to the west and south.

Maroochydore is another exciting project, and the first round of RC drilling results reinforces the quality of this large copper-cobalt deposit. In addition, this drilling has increased the oxide-supergene resource potential further to the east.

We are currently focused on finalising the financing of the Restart of the Nifty Copper Project to establish Cyprium as copper producer in the shortest time frame possible.”

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