Announcement PDF SEPTEMBER 2024 QUARTERLY PRESENTATION 7 NOVEMBER 2024 MATT FIFIELD - EXECUTIVE CHAIR www.cypriummetals.com DISCLAIMERS AND FORWARD-LOOKING STATEMENTS IMPORTANT: You must read the following before continuing. This Shareholder Update Presentation (“Presentation”) has been prepared by Cyprium Metals Limited (ABN 48 002 678 640) (“Cyprium” or “Company”) and authorised for release to ASX by the Executive Chair. Summary information By reviewing or retaining these materials, or attending or participating in this Presentation, you acknowledge and represent that you have read, understood and accepted the terms of this “Important Notices and Disclaimer”. This Presentation contains summary information about Cyprium, and its activities current only at the date of this Presentation. This Presentation is for information purposes only. The information in the Presentation is of a general nature only and does not purport to be complete. This Presentation should be read in conjunction with Cyprium’s most recent financial report and other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (“ASX”) which are available at www.asx.com.au and also available on Cyprium’s website at www.cypriummetals.com. Certain information in this Presentation has been sourced from Metals X Limited, the former owner of Paterson and their representatives or associates. While steps have been taken to review that information, no representation or warranty, expressed or implied, is made as to its fairness, correctness, completeness or accuracy. Certain information in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Cyprium nor its representatives have independently verified any such information sourced from third parties or industry or general publications. Not an offer This Presentation is for information purposes and is not, and does not purport to be, a prospectus, product disclosure statement or any other offering document under Australian law or the law of any other jurisdiction (and will not be lodged with the Australian Securities and Investments Commission (“ASIC”) or any foreign regulator). The information does not and will not constitute or form part of an offer, invitation, solicitation or recommendation in relation to the subscription, purchase or sale of securities in any jurisdiction and neither this Presentation nor anything in it shall form any part of any contract for the acquisition of Cyprium shares. The distribution of this Presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. Not investment or financial product advice This Presentation does not constitute financial product, investment, legal, taxation, accounting or other advice and is not intended to be used or relied upon as the basis for making an investment decision. This Presentation is not a recommendation by Cyprium or its advisers to acquire Cyprium shares or New Shares. This Presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction. Cyprium is not licensed to provide financial product advice in respect of Cyprium shares. Effect of rounding A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. Past performance Past performance information, including past share price performance of Cyprium and pro forma financial information, given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Cyprium’s (or anyone else’s) views on Cyprium’s future financial performance or condition. Past performance of Cyprium cannot be relied upon as an indicator of (and provides no guidance as to) the future performance of Cyprium. Nothing contained in this Presentation nor any information made available to you is, or shall be relied upon as a promise, representation, warranty or guarantee, whether as to the past, present or future. Forward-looking statements This Presentation contains certain “forward-looking statements” and comments about future events, including statements regarding Cyprium’s intent, belief or current expectations with respect to the Company’s business and operations, market conditions, results of operations and financial condition, and risk management practices. The words “likely”, “expect”, “aim”, “should”, “could”, “may”, “anticipate”, “predict”, “believe”, “plan”, “estimate”, “will”, “believe”, “target” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance outlook on, future earnings or financial position or performance are also forward-looking statements and include statements in this Presentation regarding the conduct and the future performance of Cyprium. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumption on which these statements are based. These statements may assume the success of Cyprium’s business strategies. The success of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Recipients of this Presentation are cautioned not to place undue reliance on forward-looking statements, and except as required by law or regulation, none of Cyprium, its representatives or advisers assumes any obligation to update these forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this Presentation. The forward-looking statements are based on information available to Cyprium as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), none of Cyprium, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Cautionary Statements This document contains information from the Nifty Scoping Study. The Scoping Study was undertaken for the purposes of demonstrating the business case to support the recommencement of surface mining and copper concentrator operations at the Nifty Copper Operation. It is a preliminary technical and economic study of the potential viability of the Nifty Copper Operation. It is based on low-level technical and economic assessments that are not sufficient to support the estimation of ore reserves. A level of accuracy of +/-30% is applicable in accordance with Scoping level accuracy. Further evaluation work and appropriate studies are required before Cyprium will be in a position to estimate any ore reserves or to provide any assurance of an economic development case. The project economics in this Study are derived solely from the mining and processing of Measured and Indicated Mineral Resources. The small amount of Inferred Mineral Resources mined is treated as mineralised waste and does not contribute to the project economics. The Scoping Study is basedon the material assumptions as detailed in the ASX announcement dated 23/5/24. References to Mineral Resources The information in this announcement that relates to Mineral Resources for Nifty was previously reported by the Company in its announcements dated 14 March 2024 and 19 August 2024. The Company confirms that it is not aware of any new information or data that materially affects the information included in those market announcements and, in the case of Mineral Resources, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. 2 CYPRIUM | SEPTEMBER 2024 QUARTERLY PRESENTATION ACKNOWLEDGEMENT OF COUNTRY Cyprium recognises and respects the Traditional Custodians of the lands where we conduct our business. We acknowledge the profound spiritual and cultural significance these lands hold for their ancestral owners. 3 We are committed to fostering enduring relationships with indigenous communities, recognizing our shared obligation to protect and cherish the land, waters and heritage for generations to come. SEPTEMBER QUARTER PRIORITIES Very clear priorities going into the quarter Executed on financial and technical milestones required 4 Enhance financial and commercial capabilities Address near-term maturities Advance near-term revenue opportunity: Nifty cathode restart Low cost, low complexity path to revenue Advance largest value driver: Nifty new surface mine $880m Scoping Study NPV on long-lived brownfield Australian copper CYPRIUM | SEPTEMBER QUARTERLY ACTIVITIES PRESENTATION | 7 NOVEMBER 2024 RAPID EXECUTION IS TRANSFORMING CYPRIUM Delivering clear commercial and technical pathways to restarting Nifty copper complex ENHANCE FINANCIAL AND COMMERCIAL CAPABILTIES Glencore Commercial Strategic Partnership Board and mgmt appointments June Qtr New Surface Mine Scoping Study Glencore Offtakes Executed MLX Convertible Note Amendment July Announce Glencore Facility Draw Glencore Facility August September New Surface Mine geotech upgraded to PFS level Heap Leach Mineral Resource Surface Mine MRE New Surface Mine re-optimized revealing long life of cathode plant infrastructure ADVANCE NECESSARY TECHNICAL AND OPERATION PLANNING TOWARDS RESTART 5 CYPRIUM | SEPTEMBER QUARTERLY ACTIVITIES PRESENTATION | 7 NOVEMBER 2024 Dec Qtr GREATER UNDERSTANDING OF SITE INTERACTIONS PFS-level geotech provides essential information Comparison of New Surface Mine and Heap Leach Interactions Before: Releach pads OR operate surface mine Positives: Challenges: 1 Quick to revenue, simple project Uncertain project life given scoping study pit Needed: Better understanding of site interactions 2 Now: Releach pads 5-6 AND operate surface mine Note: Refer ASX Announcement dated 12 September for durther details 6 CYPRIUM | SEPTEMBER QUARTERLY ACTIVITIES PRESENTATION | 7 NOVEMBER 2024 From here: Completing PFS-level work on 5-6 and defining upside from 1-4 and open pit oxide Choice: (1) Integrated restart with surface mine or (2) Standalone restart RAPID EXECUTION IS TRANSFORMING CYPRIUM Delivering clear commercial and technical pathways to restarting Nifty copper complex ENHANCE FINANCIAL AND COMMERCIAL CAPABILTIES Enhance focus on Nifty execution Continue to strengthen financial capability June Qtr July August September Dec Qtr Ore Reserve Define concentrator restart opportunity to PFS level; Define logical cathode site interactions Advance all other PFS workstreams ADVANCE NECESSARY TECHNICAL AND OPERATION PLANNING TOWARDS RESTART 7 CYPRIUM | SEPTEMBER QUARTERLY ACTIVITIES PRESENTATION | 7 NOVEMBER 2024 CASH MOVEMENTS IN QUARTER Drawdown of Nebari to manage liquidity • September 2024 Quarter Changes in Cash Balances (A$M) 8 20.6 (4.6) Metals X Convertible Note Extended • Three-year extension of convertible notes allowed for refinancing of senior loan • Amendment terms are subject to shareholder vote on Nov 28 Glencore Loan Facility Replaces Prior Senior Secured Facility CYPRIUM | SEPTEMBER QUARTERLY ACTIVITIES PRESENTATION | 7 NOVEMBER 2024 Closing Cash Net Financing Activities (2.3) Investing Cash Flow Nebari Draw Opening Cash 5.4 Operating Cash Flow 7.3 14.8 Early in quarter the company fully drew the Nebari facility to manage liquidity • Draw of US$ 27.5 million in quarter repaid prior senior secured facility in full • A$20 million required from additional funding from equity, royalty and asset sales Cash of $20.6 million at end of quarter BUILDING AUSTRALIA’S NEXT GREAT COPPER COMPANY Focus: Australian brownfield copper assets with low-risk path to production Leadership: Experience, skill mix, focus on shareholder value Team: Build capacity to execute through partnership Execution Ethos: Develop ability to move quickly and safely Foundation: Establishing strong technical and financial grounding 9 CYPRIUM | SEPTEMBER QUARTERLY ACTIVITIES PRESENTATION | 7 NOVEMBER 2024 THANK YOU Contact Us Registered Office & Principal Place of Business Level 1, 437 Roberts Road Subiaco WA 6008 Australia Telephone +61 8 6374 1550 www.cypriummetals.com