Cyprium Metals Nears First Copper Cathode Production at Nifty as Phase 1 Restart Progresses

Cyprium Metals Ltd (ASX:CYM, OTCQB:CYPMF) is targeting first copper cathode production from the Nifty Copper Complex in Western Australia during the September quarter after making substantial progress on its Phase 1 restart program. Construction and refurbishment work is moving toward practical completion, with the focus now shifting to commissioning, operational readiness and delivery of the solvent extraction and electrowinning plant. Cyprium ended the June quarter with A$68.5 million in cash, providing funding to advance the restart alongside its broader growth and exploration programs.

Construction Milestones Accelerate Toward Operational Readiness

■Commissioning of a new acid storage and distribution terminal completed

■Sulphuric acid deliveries restarted to Nifty for the first time since entering care and maintenance in 2009

■Leach solution infrastructure, heap turnover and dripper installation progressed significantly

■Hydro-testing of surface and direct-injection leach systems initiated

■Concrete repairs and acid-proofing works at the SXEW plant nearing completion

■Electrowinning cell components, anodes, rectiformer and transformer delivered to site

Strategic Expansion Targets 20,000 Tonnes Annual Capacity

■Evaluation underway to expand cathode production capacity from 6,000 tonnes to 20,000 tonnes per annum

■Plans include refurbishment of the larger A Train, construction of a new leach pad and development of shallow oxide material within the existing open pit

■Refined access strategies to large sulphide reserves and concentrator refurbishment underway

■Updated mineral resource and ore reserve estimates expected in H2 2026 following additional drilling and mine planning

Waste Dump Reveals Low-Cost Oxide Feed Potential

■Drilling identified extensive near-surface copper oxide mineralisation suitable for low-cost feed supply

■Results included 9 metres at 1.00% copper from surface (including 4 metres at 1.83%) and 7 metres at 1.11% copper (including 3 metres at 1.55%)

■Mineralized material located within 1.2 kilometres of existing leach pads with established haul road connectivity

Markets are watching closely as Nifty's restart introduces a potentially lower-cost oxide-based production model compared to traditional copper hubs, especially amid sluggish growth in North America. The September quarter cathode output could signal a new tier of production emergence, with Cyprium's cash position and expansion ambitions likely to sharpen the risk-reward calculus for investors. However, scaling infrastructure to reach the 20,000-tonne target—particularly accessing sulphide reserves—carries execution risks that may extend full-capacity achievement into late 2027.