Cyprium advances Nifty copper restart as first cathode production nears

Proactive

Written by Jonathan Jackson

Cyprium Metals Ltd (ASX:CYM, OTCQB:CYPMF) has reported material progress on the Phase 1 Copper Cathode Restart project at the Nifty Copper Complex in Western Australia during the March quarter, keeping the company on track for first cathode production in the September quarter of 2026.

Work during the quarter focused on site infrastructure, heap leach preparation and SX-EW plant refurbishment.

Cyprium completed significant work on W-drains and ponds, progressed solution pipe installation and began heap turnover and dripper line installation.

The company also advanced construction of the acid storage and distribution terminal, with dry commissioning imminent, while pit dewatering infrastructure was installed to support leaching operations.

“Another significant quarter for Cyprium, with substantial progress on our Phase 1 Copper Cathode Restart project and our future growth ambitions. The Cyprium team, together with our execution partners, Macmahon and DECMIL, is delivering safely against our plan despite the challenging conditions that have emerged for supply chains during the quarter," Cyprium executive chairman Matt Fifield, said.

"The March 2026 quarter saw a tremendous team effort on the ground. Our operations team worked seamlessly alongside our key technical partners to rapidly advance physical site readiness and planning for operations later this year.

"The emerging conflict in the Middle East has made our world more complex. In the quarter our integrated project delivery team stepped up, working to ensure availability of all major procured items and first fills that support our construction and commissioning activities. We secured multiple months of physical supply of sulphuric acid and diesel either on site or within our supply chain to support near-term cathode production.

"Beyond our restart of cathode operations, we have continued to progress our technical work to expand the Nifty Copper Complex beyond our Phase 1 restart. We look forward to updating shareholders and outlining a staged approach to open-pit mining and growth in copper production.

SX-EW plant 50% complete

Refurbishment of Train B of the Nifty SX-EW plant reached around 50% of planned labour hours by mid-April.

Quarterly works included concrete repairs, acid-proof coating, Spintek filter tank installation, pipework reinstatement, valve and gasket installation, cable tray replacement and preparation for new pumps and motors.

All significant outstanding capital items have been committed and scheduled for delivery.

Supply chain focus

Cyprium is closely managing supply chain risks linked to potential disruptions from conflict in the Middle East.

The company has up to five months of sulphuric acid requirements held by suppliers and multiple months of projected diesel usage on site.

Natural gas availability is not expected to have a material impact on the Nifty operation at this stage.

Growth options under review

Alongside the Phase 1 restart, Cyprium is evaluating options to expand cathode production through further use of existing infrastructure.

This includes potential shallow oxide material from the open pit, low-grade oxide stockpiles and higher recovery from existing pads.

The company is also continuing technical work on a potential open-pit concentrate production restart, including mine planning, mill refurbishment scope and regulatory approvals.

Exploration work expands

Cyprium completed near-Nifty RC and diamond drilling programs totalling 12 RC holes for 2,806 metres and 2 diamond holes for 1,751 metres.

At the Rainbow prospect, 8 confirmatory diamond holes for 1,168.8 metres were completed, testing a 1.2-kilometre copper lag anomaly. Assays are expected in the June quarter.

A review of regional Paterson data identified several priority targets, including Rainbow, Rainbow South, Stirling, NL04b and MB01.

Funding position strengthened

Cyprium ended the quarter with A$96.5 million in cash after completing a A$41 million capital raising, comprising a A$36 million placement and A$5 million entitlement offer.

Net cash used in operating activities was A$9.3 million, while A$10.3 million was used in investing activities, mainly for Nifty restart works and exploration.

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