Announcement PDF Annual Report 2026 Contents Corporate Directory  3 Chairman’s Letter  4 Review of Operations  6 Sustainability 13 Mineral Resources & Ore Reserves 16 Directors’ Report  19 Remuneration Report 25 Consolidated Financial Statements  37 Notes to the Consolidated Financial Statements  41 Consolidated Entity Disclosure Statement  67 Directors’ Declaration  68 Auditor’s Independence Declaration  69 Independent Auditor’s Report  70 ASX Additional Information  75 About Cyprium Metals Limited and Schedule of Tenements  78 Acknowledgement of country Cyprium acknowledges the Traditional Custodians of the lands on which we operate and work. We particularly acknowledge the Martu people of the Western Desert region, whose ngurra (Country) includes our Nifty Copper Complex, and we pay our respects to Elders past and present. We recognise and acknowledge the enduring connection of Aboriginal and Torres Strait Islander peoples to land, waters and culture across all regions in which we operate. Cyprium Metals I Annual Report 2026 2 Corporate Directory Directors J. Matthew Fifield (Executive Chairman) Amber Banfield (Non-Executive Director) Gary Comb (Non-Executive Director) Scott Perry (Non-Executive Director) James Simpson (Non-Executive Director) Company Secretary David Hwang Auditors HLB Mann Judd Level 4, 130 Stirling Street Perth WA 6000 Website www.cypriummetals.com Registered Office & Principal Place of Business Level 1 437 Roberts Road Subiaco WA 6008 Telephone: +61 8 6374 1550 ABN: 48 002 678 640 Share Registry Automic Level 5, 191 St Georges Terrace Perth NSW 6000 Telephone: 1300 288 664 or +61 2 8072 1400 Securities Exchange Australian Securities Exchange ASX Code: CYM Date of Annual General Meeting 18 November 2026 at Vibe Hotel Subiaco 9 Alvan St, Subiaco WA 6008 3 3 Cyprium Metals I Annual Report 2026 3 Cyprium Metals I Annual Report 2026 Chairman’s Letter Dear fellow shareholders, The past year has been a landmark one for Cyprium. Over that time, we have moved the Nifty Copper Complex from an initial restart plan into the final stages of construction and commissioning, with first copper cathode production on track for Q4 CY2026. With funding secured and all key approvals in place, our focus has firmly been on execution. Major construction, refurbishment and commissioning activities were undertaken across the existing heap leach pads, solution handling, site infrastructure and SXEW facilities, resulting in substantial progress across all critical workstreams and zero lost time injuries (LTIs) recorded across all workstreams to date. Notably, post reporting period we have achieved a major operational milestone by commencing acid commissioning of the existing heaps, marking the first time acid has been applied to the heap leach pads since operations ceased in 2009. This followed a highly successful direct injection leaching trial using pit water that confirmed commercial flow rates and produced copper in solution in sufficient grade and quantity to commission our plant, leading us to expand our wellfield to 98 production wells and unlock access to approximately 1.7 million tonnes of leachable material. The work undertaken to restart Nifty is also establishing a platform for its longer-term growth and development. We are assessing opportunities to expand cathode production beyond the initial restart capacity, as well as the potential for future open-pit mining. Collectively, these initiatives have the potential to increase production, extend mine life and provide greater flexibility in how we develop and process the significant copper endowment held by Cyprium Metals.1 Beyond Nifty, we regained full control of our large-scale Paterson Exploration Project and completed a detailed review of its extensive historical datasets, identifying several compelling targets for exploration including the Rainbow Prospect located approximately 30 kilometres north-northwest of Nifty. The Company will continue to assess these opportunities as part of its broader strategy to unlock the potential of the Paterson region. A key priority during FY2026 was ensuring the Company had sufficient runway to advance the Phase 1 Cathode Restart Project. We strengthened our balance sheet through the successful completion of two equity raisings in October 2025 and January 2026, and the refinancing of our senior secured loan facility with Nebari in November 2025. The strong support received from both existing and new institutional investors was particularly encouraging, reflecting confidence not only in the quality of the Nifty asset, but also in Cyprium’s strategy and team’s ability to deliver. To support both the Nifty restart, expansion and our regional exploration initiatives, we strengthened our leadership team with the appointments of Justin De Meillon as Nifty Site General Manager, Richard Holmes as Chief Development Officer, and Chris Catania as Chief Technical Officer. These appointments add substantial operational, development and technical expertise as we progress toward production. 1 Refer to important .information regarding forward looking statements on page 80. 4 Cyprium Metals I Annual Report 2026 We also strengthened our Board with the appointments of Jim Simpson and Amber Banfield as Non-Executive Directors, further enhancing the Company’s industry experience, strategic oversight and governance capabilities. Collectively, our Board and management team share a clear vision for Nifty and the opportunities it presents. With this highly experienced leadership team, Cyprium is well positioned to execute its strategy and deliver long- term value for shareholders. Returning a complex brownfield operation to production after almost two decades requires disciplined execution, meticulous planning and an unwavering commitment to safety. I am proud of the progress our team has achieved during FY2026 and of the way our employees, contractors and strategic partners have worked together to advance the Nifty restart. I would like to thank our people, contractors and strategic partners for their dedication and hard work throughout this important and demanding period. Their contributions have been instrumental in bringing Nifty to the threshold of production. To our shareholders, thank you for your continued support and confidence in Cyprium. Your commitment has enabled us to reach this pivotal stage in the Company’s development, and we remain focused on delivering long-term value through disciplined execution, operational excellence and the responsible development of our assets. With first copper cathode production approaching, Cyprium is transitioning to become Australia’s next great copper company. I look forward to sharing this exciting next chapter with you. Sincerely, J. Matthew Fifield | Executive Chairman Chairman’s Letter continued... 5 5 Cyprium Metals I Annual Report 2026 5 Cyprium Metals I Annual Report 2026 Review of Operations Phase 1 Cathode Restart Approved by the Cyprium Board In November 2025, the Cyprium Board of Directors approved the Phase 1 Cathode Restart plan, authorising significant expenditure to deliver a highly robust program of works, consisting of four key work phases: • Re-establishing the heap leach support infrastructure, including restoring drainage systems and ponds that had filled with debris over time. • Commissioning of leaching activities, involving construction of a new acid terminal along with pumps, valves, pipelines, irrigation equipment, and preparation of existing heap material. • Refurbishing the SXEW plant, including electrical, mechanical and structural upgrades to both the solvent extraction and electrowinning circuits. • Strengthening site-wide support infrastructure to ensure operational readiness, including establishing standard operating procedures, safety systems, environmental monitoring, training programs and preparing site services for the workforce. Notice to Proceed Approved by the WA Government On 17 November 2025, the Western Australia Department of Energy and Economic Diversification approved Cyprium’s Notice to Proceed. This approval followed extensive regulatory submissions and aligns with the broader restart strategy for the Nifty Copper Complex. In November 2025, the Cyprium Board of Directors approved Phase 1 Cathode Restart ” ” 6 Cyprium Metals I Annual Report 2026 6 Cyprium Metals I Annual Report 2026 Phase 1 Copper Cathode Restart Project During FY2026, Cyprium, together with its key execution partners, including Macmahon, Decmil, PPM and NewPro, made significant progress on the Phase 1 Copper Cathode Restart Project at Nifty. Major refurbishment, construction and restoration works were completed across the heap leach infrastructure, solution handling and storage facilities, electrical systems, and the SX-EW plant. Importantly, these works were delivered while maintaining a strong safety record with zero LTIs recorded since the commencement of construction activities. Significant progress was achieved across the heap leach pads. De-silting, re-profiling and relining works were completed on key drainage channels and pond systems, restoring the integrity and capacity of the leach network. Substantial advances were also made in the installation and commissioning of solution transport infrastructure, including pipelines, pumps, instrumentation and control systems required to support reliable leaching operations. In the second half of FY2026, the Company completed and commissioned a new sulphuric acid storage and distribution terminal. Following receipt of all required regulatory approvals, sulphuric acid deliveries recommenced in May 2026. Subsequent to year-end, the Company completed a successful direct injection leaching trial using pit water, demonstrating commercial-scale flow rates of approximately 250 m³/hr and producing copper in solution in sufficient grade and quantity to support plant commissioning. Following this success, the production wellfield was expanded from 14 to 98 wells, providing immediate access to approximately 1.7 million tonnes of leachable material.1 Also subsequent to year-end, a significant milestone was achieved with the commencement of acid commissioning on the existing heaps, marking the first application of acid solution to these pads since operations ceased in 2009. Acidified solution from the Eastern Intermediate Liquor Solution (ILS) pond is being actively introduced to the heaps, resulting in the accumulation of copper- rich inventory within both the Pregnant Liquor Solution (PLS) and ILS ponds required for plant startup. Refurbishment of Train B of the SX-EW plant is now substantially mechanically complete, with dry commissioning and water testing underway across all major process areas: • Solvent Extraction (SX): Primary settling tanks (E1, E2, S1), crud/clay lines, diluent circuits, and fibreglass repairs across settling and mixing tanks have been completed alongside static hydrotesting of key storage vessels. • Electrowinning (EW): Major equipment has been delivered and installed, including circulation tanks, cell off-flow/on-flow headers, intercell insulators, and reconditioned busbars. Final tasks focus on cell top furniture installation, stripping machine refurbishment closeout, and cathode/anode loading. • Electrical & Instrumentation: Key high-voltage infrastructure has been installed, including rectiformer cooling slabs, rectiformer and transformer lifts, and HV cable runs connecting the rectiformer to the power station. Auxiliary power is currently being used to progress pre-commissioning activities prior to final system energisation. All key regulatory approvals required to support the Cathode Phase 1 restart have been secured, with only final commissioning activities remaining. Near-Term Outlook As the remaining work packages progress toward completion, the Company’s focus has shifted to final commissioning, plant energisation and operational readiness. Wet commissioning activities are advancing, and first copper cathode production is expected in the December quarter. The restart of cathode operations will represent a transformative milestone for Cyprium, marking its transition from project developer to copper producer and returning an important source of Australian copper production to the market. The initial cathode operation is expected to generate meaningful cash flow to support the Company’s growth objectives and will serve as the first step in the broader reactivation of the Nifty Copper Complex.2 1 Relative to rates assumed in the Nifty PFS. Refer to important information regarding Nifty PFS on page 80 of this report. 2 Refer to important information regarding forward looking statements on page 80. 7 Cyprium Metals I Annual Report 2026 Growth Activities Expanded Cathode Production1 In parallel with the Phase 1 Cathode Restart, Cyprium is advancing its evaluation of opportunities to expand cathode production from the targeted ~6,000 tpa (Phase 1) towards ~20,000 tpa2 cathode production capacity. An expansion of cathode production capacity would seek to further leverage SXEW infrastructure that is being refurbished in Phase 1.3 Activities undertaken during the year in pursuit of this objective included: • Successful validation of direct injection leaching methods to significantly expand the total volume of heap material under leach; • Expanded wellfield network from 14 to 98 production wells, successfully unlocking immediate access to ~1.7 million tonnes of leachable material (exceeding the initial target of 1.2 million tonnes);4 1 Refer to important information on page 80 of this announcement regarding forward looking statements. 2 Production cited is a reference to targeted production capacity of the SXEW and not a production target. Refer to important information regarding forward looking statements on page 80 of this release. 3 The existing SX-EW plant at Nifty historically produced at a peak annual production rate of 25,000 tpa. 4 Relative to rates assumed in the Nifty PFS. Refer to the Company’s ASX release dated 27 November 2024 for more information. 5 Installed capacity and historic production performance cited. Refer to important information regarding the Nifty PFS on page 80. Concentrate Production Cyprium continues to advance its evaluation of re-starting concentrate production through open pit mining of the large Nifty sulphide mineralisation and refurbishment of the existing processing infrastructure, including the 2.8 million tonnes per annum (Mtpa) mill and flotation circuit with a peak historical production of more than 50,000 tonnes per annum (tpa) of copper in concentrate.5 During the year, Cyprium continued to refine planning in this area with a focus on: • Mine planning studies aimed at identifying opportunities to accelerate production and mitigate risks associated with potential interactions between the proposed open pit and historic underground mine workings; • Evaluating the benefits of recommencing concentrate production using the existing milling capacity prior to undertaking the mill expansion contemplated in the PFS; • Evaluating options to maximise utilisation of the large flotation circuit; • Aligning future processing capacity expansion with the potential development of additional ore sources from Cyprium’s exploration assets at Rainbow and Maroochydore; • Scope development and detailed costing for the refurbishment of the mill and the flotation plant; and • Undertaking a strategic review of existing regulatory approvals and mine closure obligations, while identifying additional activities required to support the restart of concentrate production. The Company’s ongoing technical and strategic evaluations are focused on enhancing project economics, reducing development risk and establishing a staged pathway for the potential return of large-scale concentrate production at the Nifty Copper Complex. Cyprium is advancing its evaluation to expand cathode production ” ” 8 Cyprium Metals I Annual Report 2026 Exploration and Development Update Cyprium has continued to advance exploration and development activities across its portfolio, with a focus on unlocking near term growth opportunities and supporting the planned restart of operations at the Nifty Copper Complex. These workstreams were directed toward identifying additional copper and copper-gold mineralisation, improving the quality of the regional geological datasets and assessing future feed optionality for the Nifty operating hub. Near-Nifty Exploration Drilling completed by previous owners of the Nifty Copper Complex identified the potential for fault- offset extensions to the known orebody, highlighting opportunities for future resource growth. During the reporting period, the Company completed two targeted drilling programs designed to test conceptual exploration targets at the Nifty Copper Complex. Structural data collected from the diamond drill core validated Cyprium’s geological interpretation that the Nifty host sequence has been displaced by post-mineralisation movement along discrete fault structures. Nifty Waste Dump Mineralisation Post the reporting period, Cyprium announced the results of an RC drilling program testing an area of the Nifty waste dump hosting visible copper oxide mineralisation. The waste dumps represent a potentially attractive, low- cost source of oxide feed for the refurbished heap leach and SXEW operations, with mineralised material located within 1.2 kilometres of the existing heap leach pads and accessible via established haulage infrastructure. A total of 133 RC holes were completed for 2,697 metres, with drilling intersecting extensive zones of copper oxide mineralisation across the target area. The results reinforce the potential for the waste dumps to provide a supplementary feed source capable of enhancing operational flexibility and supporting future output expansion opportunities.1 Maroochydore Copper-Cobalt Project The Maroochydore Project lies in the Paterson region of Western Australia, approximately 85km southeast of the Nifty Copper Complex. Maroochydore is a sediment- hosted deposit located on granted mining leases. The deposit is concealed beneath transported cover, with oxide mineralisation commencing as little as 20m below surface. An estimated Inferred Resource for Maroochydore is 371Mt @ 0.43% Cu, 0.023% Co for 1,595kt of copper and 84kt of cobalt; using a higher cutoff grade of 0.45% copper, the Inferred Resource is 106.3Mt @ 0.67% Cu, 0.031% Co for 712kt of copper and 33kt of cobalt (refer to ASX announcement 5 February 2025).2 The Company continues to examine the potential for the Maroochydore Copper-Cobalt deposit to provide ore feed into a Paterson hub and spoke processing model using the existing SXEW plant and sulphide concentrator at the Nifty Copper Complex. 1 Drilling results released to the ASX announcement platform on 9 July 2026 (release entitled Drilling identitfies copper mineralisation within the Nifty Waste Dump). Refer to that release for further information regarding drilling results, including competent person’s statement and JORC Code table disclosure. 2 Information regarding Cyprium’s Mineral Resources and Ore Resources estimate is included from page 16 of this report. 9 Cyprium Metals I Annual Report 2026 Paterson Exploration The Paterson Exploration Project tenements cover an area of approximately 2,000km2 in two contiguous blocks surrounding Nifty and Maroochydore Project tenure. The Project area is prospective for sediment- hosted copper-(cobalt) deposits such as Nifty and Maroochydore as well as intrusive-related copper-gold and gold-copper deposits like Winu and Telfer. Following the dissolution of the Joint Venture and Farm-in Agreement with IGO, Cyprium regained full control of the Paterson Exploration Project along with the substantial exploration datasets generated through IGO’s approximately $24 million investment in exploration and evaluation of the tenure. The combined exploration database for the Paterson region comprises more than 9,100 drill holes and approximately 30,000 soil samples, along with extensive regional geophysical datasets which include airborne magnetics, airborne and ground electromagnetic surveys, and ground gravity data. Across 2026, Cyprium completed an initial review of the extensive Paterson exploration dataset, identifying several highly prospective target areas exhibiting strong indicators of copper and associated mineralisation. This work confirmed a pipeline of opportunities for follow-up exploration, including the advancement of drill-ready targets at the Rainbow and Rainbow South prospects. Historical airborne electromagnetic (EM) datasets were also re-evaluated, resulting in the identification of several additional anomalies warranting further investigation. Heritage clearances were undertaken over high-priority target areas to support planned drill activities. During H2 FY2026, the Company completed a drilling program at the Rainbow prospect. The program was designed to validate and improve confidence in historical drilling results and targeted a WMC-defined copper lag anomaly exceeding 100ppm Cu over a strike length of approximately 1.2 kilometres. The target area hosts several historical copper-silver intersections and is considered highly prospective. Results are pending. Looking ahead, Cyprium intends to undertake a broader regional exploration program, targeting mineralisation in the Broadhurst Formation, which hosts the Nifty deposit, and the Lamil Group, which hosts several world- class copper-gold deposits, including Winu and Telfer. These programs are designed to unlock the broader potential of the Paterson district and identify additional opportunities to support the long-term growth of the Nifty Copper Complex. 10 Cyprium Metals I Annual Report 2026 Cue Copper-Gold Project Cyprium holds an 80% interest in non-gold rights in joint venture with Ramelius Resources Limited (ASX: RMS) at the Cue Copper-Gold Project, which is located in the Murchison region of Western Australia. The Cue Project includes Hollandaire, a VMS deposit with resources totaling 51,500 tonnes of contained copper on a granted mining lease. Drilling completed at the Heeler prospect in 2026 further tested mineralisation identified in the area in 2023. Anomalous mineralisation was intersected and is being interpreted to assist in designing follow up work during FY2027. Drilling was also completed at the Eelya South prospect to test for eastern extensions of mineralisation tested in 2020. The Company continues to review its longer-term plans for the Cue Copper-Gold Project. Exploration and development program focused on unlocking near-term growth opportunities ” ” 11 Cyprium Metals I Annual Report 2026 Corporate Update During the period, Cyprium strengthened its leadership team, governance framework, and financial position to support the Company’s transition toward initial production and long-term copper output growth. Director Appointments The Company further strengthened its governance framework with the appointment of two experienced Non-Executive Directors, Jim Simpson and Amber Banfield, whose elections were endorsed by shareholders at the Annual General Meeting held on 20 November 2025. Former Non-Executive Director, Ross Bhappu, retired at the close of that meeting. Strengthening our Team To support the ramp-up of operating and expansion activities at the Nifty Copper Complex and the advancement of its exploration programs, Cyprium strengthened its management team during the year through a number of key appointments. These included Justin De Meillon as Nifty Site General Manager, Richard Holmes as Chief Development Officer, and Chris Catania as Chief Technical Officer. The Company also expanded its exploration, finance, and logistics teams to support growing operational requirements and the ongoing execution of its development strategy. Senior Loan Facility Refinanced Cyprium also advanced its funding strategy by refinancing its existing US$27.3 million senior secured loan facility. The new facility, provided by Nebari Natural Resources Credit Fund II LP, extends the loan maturity to December 2029 and provides enhanced flexibility through the ability to pay down and redraw principal. Capital Raising Activities During the period, the Company completed two significant equity raising initiatives: • $80 million gross proceeds raised via a two-tranche placement and fully underwritten entitlement offer, with both components concluded in October 2025. • $41 million gross proceeds raised via a two-tranche placement and fully underwritten entitlement offer, with both components concluded in March 2026. Share Consolidation Cyprium completed a 1 for 10 share consolidation during the period, following shareholder approval at the General Meeting on 13 October 2025. Trading on a post consolidation basis commenced on 28 October 2025, simplifying the capital structure and improving the alignment of the Company’s share register. Stronger balance sheet ” ” 12 Cyprium Metals I Annual Report 2026 Setting the foundations Sustainability is a critical part of the foundation for a successful modern mining business. At Cyprium we recognise that: • sustainability impacts operational continuity and regulatory confidence, and is directly linked to long‑term value creation for our shareholders; • embedding responsible environmental stewardship, transparency, and proactive community engagement into our strategy, strengthens our social licence to operate, reduces exposure to compliance and reputational risk, and positions Cyprium as a trusted partner to investors, governments, and stakeholders; and • sustainability is also a key element of our employee value proposition. Sustainability sits at the heart of Cyprium’s strategy: Cyprium’s approach Cyprium’s approach to sustainability has three core elements: • Health, Safety (including psychological safety) and hygiene; • Environmental Stewardship; and • Stakeholder Engagement. These core elements are underpinned by Transparency - through reporting and direct engagement with our shareholders and other stakeholders. FY2027 priorities As an intentionally lean organisation with ambitions to be Australia’s next great copper company, it is critical that we prioritise our efforts to focus on the sustainability priorities that: • have a meaningful impact on our business and future value creation; and • are most important to our investors and other stakeholders. Cyprium’s initial priority in FY2027 is to complete a materiality assessment with input from our investors, our workforce and our other key stakeholders. The outcomes of that materiality assessment will inform our sustainability priorities for FY2027 and beyond, as well as providing the framework for future sustainability reporting. Cyprium’s second initial priority in FY2027 will be to evaluate the sustainability performance data we currently collect and identify and implement steps to capture the additional sustainability data needed to properly understand our sustainability performance and future opportunities. This focus on data is particularly important as Cyprium transitions from explorer- developer to producer. Copper, more than any other metal, makes sustainability possible. Copper is essential to the global energy transition, underpinning both technological progress and a lower-carbon future. Brownfield project development extracts additional value from established infrastructure and processing circuits, thereby extending the life of what already exists while minimising waste, disturbance, and carbon intensity (relative to greenfield mine development). Adopting the philosophy of ‘fast follower’ and evaluating opportunities to deploy or adapt established technologies to different challenges, delivering operating and sustainability performance. OUR FOCUS ON COPPER BROWNFIELD DEVELOPMENT INNOVATION About this sustainability section Cyprium is not currently a reporting entity under the Australian Sustainability Reporting Standards, including AASB S2 (Climate-related Disclosures). The information in this section of the Annual Report is disclosed on a voluntary basis to provide investors and other market participants with insights regarding how Cyprium approaches sustainability subject matter. This information has not been subject to external audit or assurance. Refer to the end of this sustainability section for information regarding Cyprium’s approach to future sustainability reporting. Sustainability 13 Cyprium Metals I Annual Report 2026 FY2026 performance data Set out below is sustainability performance data for the 12-months ending 30 June 2026 (the ‘Reporting Period’). Where available, performance from the prior corresponding period is also shown. Health, Safety & Hygiene Health, safety (including psychological safety) and hygiene performance metrics for the Reporting Period are set out in the table below. The performance, year-on-year, is a performance highlight in the context of the significant increase in on-site activity during the year as we moved from care-and-maintenance (FY2025) to the Phase 1 Cathode Restart Project at the Nifty Copper Complex (from mid FY2026). Cyprium is committed to a culture that promotes continuous improvement. However, the performance shown is a credit to our operating team, and our execution partners. Estimate Unit FY2026 FY2025 Total recordable injuries (TRI) # 1 0 Total recordable injury frequency rate (TRIFR) TRIs per million labour hours1 3.5 0 Medical treatment injuries (MTI) # 0 0 Lost time injury (LTI) # 0 0 Lost time injury frequency rate (LTIFR) LTIs per million labour hours1 0 0 High potential incidents (HPI) # 1 0 Reportable exposure site dust exceedances # 0 0 1. TRIFR and LTIFR are calculated on a rolling per million labour hours basis. Environmental stewardship Our environmental stewardship performance for the