Announcement PDF ASX Announcement ASX: CYM | 14 SEPTEMBER 2026 T +61 8 6374 1550 E communications@cypriummetals.com W cypriummetals.com Level1, 437 Roberts Road Subiaco WA 6008 AUSTRALIA Cyprium Metals Limited ABN: 48 002 678 640 ASX: CYM OPERATIONS UPDATE: PHASE 1 CATHODE RESTART PROJECT HIGHLIGHTS • Commissioning of the existing heaps with acid has commenced - First time acid has been applied to the existing heaps since operations ceased in 2009 • Successful trial of direct injection leaching technology has confirmed well design and ability for existing heaps to accept injected solution at commercial flow rates of 250m3 per hr and beyond - 14 well trial utilising water flush produced copper in sufficient grade and quantity to commission the SX-EW - Production wells drilled in readiness for operations, ~1.7 million tonnes of material accessible • SX area is substantially mechanically complete; EW area preparing for install of cathodes and anodes • Rectiformer and transformer installed; firewater infrastructure substantially complete • All regulatory approvals to support the Phase 1 Cathode Restart project are in place, pending successful completion of commissioning • Strong safety record: zero lost time injuries (LTIs) to date from start of construction • Wet commissioning of plant and first cathode to follow energisation - First cathode now expected in fourth quarter during wet commissioning and ramp up Cyprium Metals Limited (ASX: CYM / OTCQB: CYPMF) (Cyprium or the Company), a copper developer focused on the phased restart of the Nifty Copper Complex in the Paterson region of Western Australia (Nifty), provides the following project update on the Phase 1 Copper Cathode Restart project. Executive Chairman Matt Fifield commented: “We are now completing our Phase 1 project which will produce copper from our existing heaps and cathode from the B Train of our SX-EW plant. We are commissioning our heaps, ponds and acid circuit now. Applying acid solution to the existing heaps is a significant milestone for Cyprium – this is the first leach on these pads in nearly twenty years. We have already filled the ponds with enough copper rich solution to support the plant startup. Now we expect to start quickly building grade to support production. In the plant, we are rapidly closing out scopes of work and focused on delivering a safe and successful commissioning and start up. 2 ASX: CYM | The mood on site and throughout the company is high energy. Being a part of bringing a project from concept to reality is special, and there have been many people contributing to create this success. I am particularly proud of our team and our partners at Macmahon, Decmil, PPM, Newpro and our first-rate specialists who have worked tirelessly on refurbishment of this brownfield site with a high degree of problem solving and collaboration. Phase 1 cathode production restart is the first step in building Australia’s next great copper company; I look forward to updating you on our leaching operations and the close out of the plant construction and commissioning activities.” Moving high grade solution inventory Rectiformer lift Detailed pipe installation 3 ASX: CYM | OPERATIONS UPDATE HEAP LEACH PADS AND LEACHING ACTIVITY Commissioning of the heaps with acid solution is underway. The heap commissioning activities involve the introduction of acid solution into the heaps for the first time in close to 20 years. Following successful completion of commissioning, our target is to quickly ramp-up leaching operations to support cathode production as the SX-EW plant commences operations. As previously reported, Cyprium conducted a trial implementing direct injection technology to the existing heaps at Nifty. The 14 well trial utilised water without the addition of acid to test the hydrostatic properties of the heaps, radius of influence from wellbore give varying pressures, pressure gradient curves, and trials around wet and dry starts. The trial successfully confirmed well design and demonstrated the ability for existing heaps to accept injected solution at commercial flow rates of ~250m3 per hr and beyond. The introduction of water into the heaps also produced copper outflows in sufficient grade and quantity to commission the SX-EW. Following successful completion of the direct injection leaching trial, Cyprium has expanded the wellfield from 14 wells to 98 production wells to support future operations. The wells in place provide access to ~1.7 million tonnes of material for future leaching operations. Additional wells will be progressively installed as required to support production plans. Drill out of production area Future production areas drilled and cased High pressure pump for injection leaching Low pressure injection during trial 4 ASX: CYM | PONDS AND SOLUTION INFRASTRUCTURE For the purposes of commissioning the heaps, sulphuric acid transportation infrastructure and the eastern ILS (‘intermediate liquor solution’) and PLS (‘pregnant liquor solution’) ponds are also being commissioned. During commissioning, sulphuric acid will be added to the existing solution in the eastern ILS pond, creating an acidified ILS that is then transported to the heaps. Welding main pipeworks Moving high grade solution ILS2 and PLS2 pump station commissioning Containment infrastructure around pumps SOLVENT EXTRACTION PLANT The SX plant refurbishment works are now substantially mechanically complete. Commissioning activities (dry commissioning and commissioning with water) have commenced, with equipment in various stages of commissioning. Mixer tank hydrotest Mixer blade and rotor lifted and installed 5 ASX: CYM | Settler tank lids lifted into place Pumps installed Progress highlights include: • Completion of piping installation on all primary settling tanks (E1, E2, S1), crud and clay, and the strong electrolyte, coalesced and loaded organic tank lines, and raffinate tanks • Completion of fibreglass repairs of all tanks including settling, primary and secondary mixing tanks • Installation of pumps at loaded organic tank, loaded organic coalescer tank, strong electrolyte tank and raffinate tank • Installation of compressor in the SX plant • Completion of pipework and installation of fire water tanks • Completion of static hydrotesting of the coalescer, loaded organic, EW and raffinate tanks • Completion of diluent tanks and piping, with valves and pumps on site for installation • Fire system and ring main substantially complete • Hazardous area (static electricity) audit completed ELECTROWINNING PLANT The EW plant is now substantially mechanically complete with all major equipment delivered and installed. Remaining scope includes completing install of cell top furniture, completion of refurbishment of stripping machine, loading of cathodes and anodes, as well as final completion of electrical and instrumentation scope. Cell top furniture being installed EW pipework installed 6 ASX: CYM | EW busbar reconditioned Control room refurbished Progress highlights include: • Completion of refurbishment of the circulation tank, hydro test, and cell off-flow / on-flow headers • Completion of repair of fibre glass cells, with installation of intercell insulators and cell top furniture underway • Reagent tanks and heat exchanger in place • Refurbishment of stripping machine underway • Refurbishment of cathode scales, punch and strapper complete • Control room refurbished ELECTRICAL AND INSTRUMENTATION Completion of physical installation and termination works of much of the electrical scope has been completed. Failure of existing high voltage components during testing required procurement and expediting of replacement parts which is completing now. The company has kept schedule by progressing pre-commissioning activities (bumping motors and pressurising pipes and valves) using auxiliary power. Completion of this scope remains a key focus area, alongside instrumentation and earthing / bonding required for safe energisation. Rectiformer Lift MCC busbars 7 ASX: CYM | LV cabling New PLC controls installed Progress highlights include: • Completion of construction of the rectiformer cooling slabs • Completion of rectifier and transformer lifts, and installation of busbar to EW • Completion of HV cable runs connecting rectiformer to power station • Completion of the HV approval process • MCC buckets largely complete, with final PLC/SCADA and instrumentation install remaining AUXILLIARY, COMMISSIONING AND OPERATIONAL READINESS Site activities across the quarter supported pre-commissioning and commissioning activities and heightened operational readiness. Pre-start meeting Firewater system installed Process water lines being buried Scaffold removal 8 ASX: CYM | Progress highlights include: • Preparation of operations manual and procedures, along with development of training systems • Completion of fit out of laboratories necessary to support production • Acquisition of appropriate rescue, safety and hazmat equipment • Initial deliveries of first fill material • Establishment of warehouse stocktake and ERP protocol. Solvent Extraction Plant Area (SX) Aerial view of heaps and ponds 9 ASX: CYM | GROWTH PROGRAM1 SX-EW PLANT CAPACITY EXPANSION The expansion of cathode production capacity in the SX-EW plant is likely to be the first major growth step beyond the current Phase 1 Cathode Restart project. Cyprium is currently completing planning work and capital estimates to expand the refurbishment of the SX-EW plant required to increase production capacity from the targeted ~6,000 tpa cathode production capacity of the Phase 1 Cathode Restart project to ~20,000 tpa2 . The key enablers for plant expansion will be Cyprium’s ability to generate more copper in leach, either by increasing mining rate of the existing heap leach pads and/or obtaining additional oxide material for leaching operations from existing surface stockpiles and the open pit. The successful trial of direct injection leaching demonstrated heightened ability to inject leaching solution at commercial flow rates at significantly higher volumes and rates than were forecast for the traditional surface leach method. Accessing pad material via wellbore is expected to be quicker and less costly than surface leach method. In combination, the trial indicated that the heap leach system will be able to access more material more quickly than previously forecast by adopting the direct injection leach method. 3 Cyprium has now established a well field that has the ability to reach ~1.7 million tonnes of material from wellbore, above the previously targeted level of 1.2 million tonnes of leachable inventory.3 Drilling oxide material at Nifty Copper Complex 1 Refer to important information regarding forward-looking statements on page 11 of this release. 2 Production cited is a reference to targeted production capacity of the SX-EW and not a production target. Refer to important information regarding forward looking statements on page 11 of this release. 3 Relative to rates assumed in the Nifty PFS. Refer to important information regarding the Nifty PFS on page 11 of this release. 10 ASX: CYM | OPEN PIT OXIDES As outlined in the Nifty PFS4 , there is known shallow oxide material in the open pit at Nifty. For the purposes of the Nifty PFS, this shallow oxide material was not included in the cathode operations on the basis that further evaluation was required. As a result, the oxide material that was mined enroute to reaching the sulphide ores was stockpiled as waste, adding to cost but generating no revenue. Cyprium continues to advance its evaluation of the shallow oxide material, including undertaking additional drilling and mine planning. Following completion of this work, Cyprium expects to report updated Mineral Resources & Ore Reserves estimates for the Nifty Copper Complex during the second half of CY2026. OPEN PIT SULPHIDES AND CONCENTRATOR Throughout the current quarter, Cyprium has continued work to refine its plans regarding open pit mining and the refurbishment of the existing Nifty concentrator, including expected capital costs, mine engineering, and scheduling and operating costs. EXPLORATION In parallel to Phase 1 Cathode Restart project activities, exploration drilling and data analysis continues. Drilling including Nifty oxides (open pit), and Nifty orebody extension at depth. Heritage clearing of areas for future drilling at Rainbow and Rainbow South have also been undertaken. Final assay results from the Rainbow drilling program undertaken earlier in the year remain outstanding. Initial assay results showed conflicting information during normal QAQC processes and samples have been sent to another lab for reprocessing. The Company expects this data back early next quarter. The Company continues to work interpreting legacy data and new geologic information from former partners, Geoscience Australia and CSIRO, to increase confidence and inform future exploration activities. Cyprium initiated a program to clean and order all legacy data in the Nifty Copper Complex, the state agreement area, and the adjacent tenements, and has evaluated AI tools to assist the geology team in their work processes. This ASX announcement was authorised by the Cyprium Executive Chairman. 4 Refer to important information regarding the Nifty PFS on page 11 of this release. 11 ASX: CYM | For Enquiries: Angus Miles | VP – Corporate Development and Investor Relations +61 8 6374 1550 Chris Lim | External Media Relations Advisor +61 493 392 001 communications@cypriummetals.com Follow Cyprium Metals: Subscribe to Email alerts https://cypriummetals.com/contact-us/subscribe-to-email-alerts/ LinkedIn https://www.linkedin.com/company/cyprium-metals/ X https://x.com/CypriumMetals IMPORTANT INFORMATION Forward-looking statements This document contains statements and comments about future events, including in relation to Cyprium’s business, plans and strategies, and expected events and trends in the industry in which Cyprium operates. Such statements and comments are commonly referred to as forward- looking statements. Forward-looking statements can generally be identified by the use of words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “intend”, “likely”, “may”, “outlook”, “plan”, “predict”, “propose”, “should”, “target”, and “will”, and other similar expressions. Indications of, and guidance and outlook commentary regarding, future earnings, financial performance and operating performance are also forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements involve inherent risks, assumptions and uncertainties, both general and specific, and there is a risk that forward-looking statements will not be achieved. A number of important factors may result in Cyprium’s actual results and performance differing (including materially) from the plans, objectives, estimates, targets and intentions expressed in forward-looking statements, and many of these factors are beyond the control of Cyprium, its directors and management. Statements or assumptions in this document may prove to be incorrect, and circumstances may change, and the contents of this document may become outdated as a result. This may include statements about market and industry trends which are based on subjective interpretations of prevailing market conditions. Unless otherwise stated, statements in this document regarding the Company’s plans reflect the Company’s plans at the time of writing, which plans remain subject to one or more of changes as a result of ongoing technical work, regulatory approvals, securing funding requirements and Board approval. Forward-looking statements in this document are based on Cyprium’s good faith assumptions as to the financial, market, regulatory and other relevant conditions that will exist and affect Cyprium’s business and operations in the future. Cyprium does not give any assurance that these assumptions will prove to be correct. There could be other factors that may cause actual results, conditions or events not to be as anticipated, many of which are beyond Cyprium’s reasonable control. Forward-looking statements in this document speak only as at the date of this document and, expect where required by applicable law, Cyprium does not intend to update or revise any forward-looking statements, nor to publish forward-looking statements in the future, regardless of whether new information, future events or other factors affect the information contained in this document. Nothing in this document is, or is intended to be, a promise or representation as to the future, and past performance is not a guarantee of future performance. None of Cyprium, its directors or management make any representation or warranty as to the accuracy of any forward- looking statements in this document. Nifty PFS Cyprium published a pre-feasibility study for the Nifty Copper Complex (the Nifty PFS) on 27 November 2024 (announcement entitled “Nifty PFS Confirms $1.129m Pre-Tax NPV and 797kt Ore Reserve” released to the ASX announcements platform on 27 November 2024). Readers should refer to the Nifty PFS for detailed information regarding the study and study outcomes, including: ▪ cautionary statements; ▪ Mineral Resources and Ore Reserves estimates, including competent person statements and JORC Code disclosures; and ▪ technical and financial assumptions underpinning the economic evaluation in the Nifty PFS. 12 ASX: CYM | ABOUT US Cyprium Metals Limited (ASX: CYM / OTCQB: CYPMF) is an ASX-listed Australian copper company. Its flagship property is the Nifty Copper Complex in Western Australia, which previously produced significant copper from both oxide and sulphide resources. Cyprium is focused on redeveloping Nifty, which has the advantage of significant invested capital, data from a long operating history, large-scale resources, current operational approvals, and recent investment in the property. The Company’s other assets include significant copper-focused properties in the Paterson and Murchison Provinces, including multiple defined resources. For more information, visit: www.cypriummetals.com Near-term Producer Fast-track restart with low capex and near-term cash flow from heap leach reprocessing Advantage Tier-one copper assets in Western Australia with existing infrastructure and permits in place Exploration Highly prospective copper targets at Paterson and Cue support long-term growth pipeline