Cyprium board signs off on Nifty cathode restart, clearing path to mid-2026 production

Proactive

Written by Lisa Uhlman

Cyprium Metals Ltd (ASX:CYM, OTC:CYPMF) has formally approved the restart of cathode operations at the Nifty Copper Complex in Western Australia, marking the final internal milestone needed to push the project towards first copper production in mid-2026.

The decision gives management the authority to commit to significant early-works spending and long-lead procurement, keeping the project on schedule and building on a busy period of corporate and operational progress for the company, including a $74 million placement and $6 million entitlement offer completed last month to fund the restart.

“Following our transformative equity raise that closed in October, Cyprium has been working at full speed with our partner Macmahon to quickly re-establish cathode production,” said Cyprium executive chairman Matt Fifield.

“As a brownfield restart, some of our great advantages are sunk capital and time,” he added. “Establishing initial cathode production from our aboveground heap leach resources is a low-risk way to produce meaningful cash flow.

“The restart also is strategically important as it enables accelerated future growth from open pit and regional ore sources.”

The board clearance comes days after Cyprium cleared the final administrative hurdle for the Nifty restart, with the Western Australia Department of Energy and Economic Diversification on Monday approving the company’s Notice to Proceed.

Restart plan focuses on re-leaching existing heaps

The standalone restart will initially target the re-leaching of Nifty’s existing heap leach pads — a large stockpile of oxide material with significant remaining recoverable copper.

The plan draws directly from the company’s 2024 pre-feasibility study, which outlined 6,000 tonnes per annum of copper cathode production from heap re-leaching alone.

Four workstreams form the backbone of the restart program:

• Re-establishment of heap leach infrastructure, including reconstruction of drainage systems, ponds and new liners to restore solution-handling capacity.

• Commissioning of leach activities, with a new acid terminal, pumps, valves, piping and irrigation infrastructure, plus excavator work to open up material for improved percolation.

• Refurbishment of the solvent extraction electrowinning (SXEW) plant, covering electrical, mechanical, structural, processing control and instrumentation upgrades across both solvent extraction and electrowinning circuits.

• Site-wide operational readiness, including safety systems, environmental compliance processes, training programs and workforce support facilities.

Cyprium said consistent on-site activity through the second half of 2025 has already delivered substantial progress on early works.

Long-lead procurement approved as works accelerate

With the board’s approval, Cyprium has now authorised all identified long-lead items across each workstream — a critical step in ensuring the SXEW refurbishment and leaching circuits remain on track for commissioning.

The company maintains its guidance for first cathode production in mid-2026 and will continue to update shareholders as project milestones are met.

efinanced its senior debt with Nebari, and recently secured the final administrative approval needed to re-establish cathode operations.

First phase in broader Nifty restart strategy

Cyprium views the cathode restart as the first step in reactivating the entire Nifty Copper Complex and transitioning from developer to producer.

Initial cathode output is expected to generate material cash flow while enabling the next stage of activity — restarting the Nifty open pit, which hosts a shallow oxide resource overlying a much larger sulphide orebody.

Oxide ore mined from the open pit would feed directly into the refurbished SXEW plant. Longer-term, sulphide material would be treated through the existing Nifty concentrator, subject to updated approvals and feasibility work already in development.

Cyprium says its substantial portfolio of environmental and regulatory approvals provides a clear regulatory pathway for phased growth.

The company continues to position Nifty as a long-life Australian copper asset benefiting from significant sunk capital, an extensive operating history and large-scale resources across the Paterson and Murchison provinces.

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