Cyprium Metals refinances senior loan facility with Nebari

Proactive

Written by Jonathan Jackson

Cyprium Metals Ltd (ASX:CYM, OTC:CYPMF), a copper developer progressing the phased restart of the Nifty Copper Complex in the Paterson region of Western Australia (Nifty), has executed a binding term sheet with Nebari to refinance its existing US$27.3 million senior secured loan facility. Under the arrangements, Cyprium will repay its current senior secured loan with Glencore Australia Holdings Pty Limited and establish a new senior secured loan facility with Nebari (Nebari Facility).

Key points

• Cyprium’s US$27.3 million senior secured loan facility has been refinanced with Nebari Natural Resources Credit Fund II LP (Nebari), a well-known mining lender and former lender to the company.

• Loan maturity extended by one year to December 2029.

• Company can repay and redraw principal under the facility until December 2027.

Structure provides flexibility to preserve liquidity while progressively reducing debt during the construction phase.

“We are very pleased to work with Nebari again to build the right form of financing for this period of Cyprium’s growth. The new facility allows the Company to manage its balance sheet but also retain additional liquidity as we invest in restarting cathode production at the Nifty Copper Complex,” Cyprium executive chairman, Matt Fifield, said.

Commenting on the refinance, Nebari founders Dan Freuman and Clark Gillam, said: “We are pleased to be able to deepen our relationship with Cyprium as they restart cathode production. The Nifty Copper Complex is a rare copper brownfield of scale, and we’re interested in continuing to work with management to see this come back on-line quickly.”

Cyprium and Nebari are also in early, non-binding talks on accelerated funding for the next stage of development at the Nifty Copper Complex, targeting an expansion of open-pit mining to lift cathode and concentrate production.

Shoring up its bottom line

In the past month, Cyprium has been busy strengthening its balance sheet and expertise. It recently completed the sale of surplus generators from the Nifty Copper Complex in Western Australia. The company has received the final incremental payment of US$1.2 million (A$1.8 million), taking total proceeds to US$6.4 million (A$9.8 million).

On October 1, the company raised $6 million through a fully underwritten entitlement offer, strengthening its balance sheet as it advances the staged restart of the Nifty Copper Complex.

Cyprium also announced two new board appointments, Jim Simpson and Amber Banfield joining the team as non-executive directors, following the recent capital raise to support the restart of the Nifty copper cathode project.

Simpson brings broad corporate and operational experience in Australian copper operations, particularly heap leaching, while Banfield adds expertise in ESG, sustainability and carbon accounting.

Cyprium said the appointments support its transition toward an operational phase.

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