Cyprium advances Nifty restart as A$80m funding sets stage for mid-2026 copper production

Written by Proactive

Cyprium Metals Ltd (ASX:CYM, OTCQB:CYPMF) has entered 2026 with momentum, approving the Phase 1 restart of copper cathode production at the Nifty Copper Complex and securing the funding and approvals needed to transition from developer to near-term producer.

During the December 2025 quarter, the company completed a transformational A$80 million capital raise, refinanced its senior debt facility and maintained a strong cash position of A$75.0 million, providing a clear runway toward first cathode production targeted for mid-2026.

Board approves Phase 1 cathode restart

A major milestone was achieved in November 2025 when Cyprium’s board formally approved the Phase 1 Cathode Restart Project at Nifty, authorising key expenditures to maintain the project schedule.

The restart strategy is structured around four workstreams: re-establishing heap leach infrastructure, recommencing leaching activities, refurbishing the solvent extraction and electrowinning (SXEW) plant, and preparing site-wide operational systems.

During the quarter, Cyprium materially progressed refurbishment of drainage systems and leach solution ponds adjacent to the heap leach pads, addressing degradation from weathering and historical operations. Early works also included foundations for new acid storage and distribution infrastructure, while long-lead items were ordered to support plant refurbishment in the first half of 2026.

Project execution gathers pace

Operational readiness advanced across multiple fronts, with Cyprium completing detailed project execution planning, establishing project governance systems and identifying the critical path to first production.

The company also progressed installation of pit dewatering systems, enhanced its mine safety management systems and recruited key personnel and consultants to support the restart.

In a further step toward execution, Cyprium executed a construction contract with DECMIL, a subsidiary of Macmahon, for refurbishment of the SXEW plant. The contract has an estimated value of A$27 million, plus standard margins and incentives.

Regulatory risk was also removed during the quarter, with the Western Australian Department of Energy and Economic Diversification approving Cyprium’s Notice to Proceed in November. This represented the final administrative approval required under the State Agreement before cathode operations can recommence.

Chairman highlights transition toward production

Commenting on the December 2025 quarter, Cyprium executive chairman Matt Fifield said: “Cyprium enters 2026 with the Nifty Phase 1 Cathode Restart well underway following completion of our transformational $80 million capital raise and the refinancing of our existing debt facility. Across the quarter we made significant progress preparing the heap leach infrastructure to be ready to operate, and ordered the long lead items that will allow our extended team to refurbish the SXEW plant across the first half of this year. This next half year is continued focus on project execution and preparing ourselves to transition from developer to producer.

"As our first project starts to deliver, we are naturally increasing our focus on growing our business rapidly. We continuing to advance all workstreams around the next phase of the Nifty Copper Complex which involves designing and building a surface mine to access the permitted shallow open-pit oxide ores and the sulphide ores beneath it.

"We have also increased our focus on resources outside of the Nifty Copper Complex that could quickly come into a production plan. Now that we have regained control of the Paterson Exploration Project from IGO, there is significant potential to leverage exploration data from the past into potentially meaningful developments for Cyprium as we continue to build Australia’s next great copper company.”

Exploration pipeline builds beyond Nifty

Alongside restart activities, Cyprium continued advancing studies for Phase 2 open-pit mining at Nifty, focusing on sequencing options to optimise capital intensity by leveraging existing infrastructure and approvals.

The company also progressed near-mine exploration targeting extensions of sediment-hosted copper mineralisation up-dip and along strike from the former underground mine, while designing drill programs to test conceptual targets around the complex.

Following the dissolution of its joint venture with IGO, Cyprium regained full control of the Paterson Exploration Project and received extensive exploration data from IGO’s A$24 million expenditure, opening up new opportunities for value creation.

At the Cue Copper-Gold Project, drilling is scheduled to commence in January 2026 at the Heeler and Eelya South prospects, subject to contractor availability.

Balance sheet strengthened for execution

Cyprium finished the quarter with A$75 million in cash, supported by completion of the A$80 million equity raising and refinancing of its senior secured loan facility with Nebari Natural Resources Credit Fund II LP. The refinancing extended loan maturity to December 2029 and improved balance sheet flexibility.

The company also completed the sale of surplus generators, receiving total proceeds of US$6.4 million, and finalised a 1-for-10 share consolidation following shareholder approval.

Focus turns to delivery in 2026

Looking ahead to the March 2026 quarter, Cyprium will focus on delivering the Phase 1 cathode restart, advancing open-pit restart planning and progressing high-value exploration opportunities across its portfolio.

With funding secured, approvals in place and copper prices supportive, Cyprium is positioned to execute its phased restart strategy at Nifty and take the next step toward becoming Australia’s next copper producer.

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