Announcement PDF www.cypriummetals.com UNLOCKING VALUE AT NIFTY COPPER COMPLEX www.cypriummetals.com NOOSA MINING PRESENTATION | 13 NOVEMBER 2025 NEAR-TERM CATHODE PRODUCER 2 ACCELERATION OF NIFTY COPPER COMPLEX RESTART Executing at speed to capitalize on asymmetric opportunity Nifty, a former prolific producer currently at midlife, is a company-making asset with brownfield advantages of cost, time and scale – Early shutdown of SXEW left an above-ground heap leach JORC resource of 12.7Mt at 0.43% Cu with added potential from unclassified materials – Closure and abandonment of high-grade underground mine left surface-mineable reserve of 83Mt at 0.9% Cu next to a 3.0Mtpa feed rate concentrator – Continued investment over time maintained key permits and left serviceable camp, airstrip, infrastructure – Two processing plants (cathode and concentrator) are fit for purpose and require refurbishment to operate CYM are rapidly executing a very simple plan to bring Nifty back online – Reprocess the heap leach pads for early cash flow – Refurbish the concentrator, build new surface mine to access a 20+ year reserve – Ultimately, expand to process material from other regional prospects including Maroochydore – We are supported by best-in-class partners who are vested in our success Following $80m raise, fully funded to deliver restart of Cathode production – Cyprium to be producing copper cathode within 12-months, delivering into historically high copper price environment – Low capital restart leveraging brownfield plant to deliver $30m – $50m of FCF per year 1 2 3 The most asymmetric risk-reward to copper price on ASX? CYPRIUM | INVESTOR PRESENTATION | NOVEMBER 2025 3 CYPRIUM METALS SNAPSHOT (ASX: CYM) (1) Trading data at 10 November 2025. Adjusted cash and debt at 30 September 2025: Cash balance A$24.5m plus A$62.8m gross proceeds from T2 Placement and Entitlement Offer, plus A$1.8m surplus generator progress payment received post quarter. Excludes any fees and expenses associated with T2 Placement and Entitlement Offer and operating and capital expenses from 30 September 2025 to the date of this publication. Glencore senior secured debt US$27.5m at AUD:USD 0.65. Metals X Convertible Notes A$36.0m face value. CORPORATE SUMMARY CYM 12MTH SHARE PRICE CHART BOARD, MANAGEMENT, STRATEGIC PARTNERS Matt Fifield Executive Chairman Colin Mackey Chief Operating Officer Ross Bhappu Non-Executive Director Jeff Sommers Chief Financial Officer Gary Comb Non-Executive Director Angus Miles Corporate Development & Investor Relations Scott Perry Non-Executive Director Marketing Partner David Hwang Company Secretary Operations Partner Share Price (as of 10 November 2025) A$0.375 Shares on issue (post consolidation) 492m Market Capitalisation A$184.6m Adjusted Cash (from September 2025) A$89.1m Senior Debt (maturity September 2028) A$42.3m Convertible Notes (redemption March 2028) A$36.0m Enterprise Value A$173.8m 0.10 0.20 0.30 0.40 0.50 0.60 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Volume (M) Share Price (A$) TRANSFORMATIONAL EQUITY RAISE • August 2025 - $80 million capital raise via Placement and Entitlement Offer strengthens balance sheet and fully funds cathode restart plan • Significant shareholders include Flat Footed, Tribeca, Tanito Group, Paradice, Nokomis • Cathode operations expected in mid-2026 at initial 6-7,000tpa from restart of heap leach operations • Expansion via open pit mining to access further oxide and sulphide resources for multi-decade operations at scale Brownfield restart of prolific copper complex in Western Australia CYPRIUM | INVESTOR PRESENTATION | NOVEMBER 2025 4 ASSET BASE FOR AUSTRALIA’S NEXT GREAT COPPER COMPANY Western Australia copper assets in the Paterson Province NIFTY COPPER COMPLEX PATERSON EXPLORATION MAROOCHYDORE – Large copper-cobalt resource 80km from Nifty – 370.8Mt @ 0.43% Cu, 227 ppm Co for 1.6Mt Cu – 42Mt oxide ore @ 0.52% Cu and 385 ppm Co – 56Mt transitional ore @ 0.51% Cu and 272 ppm Co – 273Mt sulphide ore @ 0.39% Cu and 193 ppm Co – Prolific copper producer with 720,000 tonnes produced – Reserves of 83Mt @ 0.90% Cu for 750kt Cu – Cathode plant (SXEW) with 25,000tpa Cu capacity – Concentrator with 2.8Mtpa milling capacity and historical 50,000tpa Cu in concentrate production rate - 1,938km2 of exploration tenure - Drilling database of 1.1 million meters - Multiple high-grade historical hits not pursued - Recent regional data base generated by IGO - $24 million spent CYPRIUM | INVESTOR PRESENTATION | NOVEMBER 2025 5 NIFTY COPPER COMPLEX: PROLIFIC PRODUCER AT MIDLIFE Historic mining pursued shallow oxides and very high-grade underground, leaving substantial reserves for new surface mine Source: Company production records, 2024 Pre-feasibility Study, which excludes certain oxide material that may be produced and recovered from the open pit. Copper contained in stockpiles accounted for by reconciliation of historical metallurgical accounting does not conform to JORC standards. A large portion of this material is deemed unclassified -- please refer to company announcement “Nifty Heap Leach Mineral Resource Estimate” dated 19 August 2024 for additional information and further JORC resource and reserve figures on the following pages. Nifty: Sedimentary-hosted Copper Orebody 220,000 Tonnes of Cu Cathode via Heap Leach Surface Oxides (’93-’06) 500,000 Tonnes Cu in Concentrate from High Grade Underground (’08-’19) 1 Oxides mined from open pit and processed via SXEW 220,000 tonnes cathode produced High grade sulphides were mined from underground and processed through mill: 500,000 tonnes Cu metal in concentrate produced CYPRIUM | INVESTOR PRESENTATION | NOVEMBER 2025 6 PHASE 1: RESTART COPPER CATHODE PRODUCTION Copper cathode plant (SXEW): up to 25,000 tonnes of productive capacity PFS Outlined Restoring Plant and re-leaching heaps - Significant prior investment to bring to “ready for restart” enables low cost and rapid refurb - Find/replace electrical, pump, motor, value, instrumentation - Project delivery time estimate of 7-8 months Source: Company announcement “Nifty PFS Confirms $1,129m Pre-Tax NPV and 797kt Ore Reserve” dated 27 November 2024 for additional information. CYPRIUM | INVESTOR PRESENTATION | NOVEMBER 2025 7 (14) 28 35 34 29 (7) 39 47 45 34 (1) 47 57 55 39 3.9 5.4 6.2 6.0 2.9 Year 1 Year 2 Year 3 Year 4 Year 5 PFS US$4.50/lbs, AUD:USD 0.65 US$5.00/lbs, AUD:USD 0.65 Cu Cathode Plated (kt) FAST TRACK TO CASH FLOW: RESTART COPPER CATHODE PRODUCTION Development capital A$30m Capitalised operating costs A$16m Construction and commissioning time ~7-8 months Average production Cu 6ktpa AISC A$/t pay. Cu A$6,800 AISC US$/lb pay. Cu $2.18 Reserve life 4.2 yrs Expected project life ~7 yrs excl. open pit PFS recovery rate 45% Cathode restart can generate ~$30-50m free cash flow per year from ~$40m investment PFS PROJECT METRICS (November 2024) 1. PFS pricing: Cu price US$4.25 / pound; AUD:USD $0.71. PRODUCTION (KT) & PRE-TAX FCF (A$M) – PFS Case Source: Please refer to company announcement “Nifty PFS Confirms $1,129m Pre-Tax NPV and 797kt Ore Reserve” dated 27 November 2024 for additional information. CYPRIUM | INVESTOR PRESENTATION | NOVEMBER 2025 8 FOUR KEY FOCUS AREAS Site reactivation and resumption of production breakdown HEAP LEACH INFRASTRUCTURE Drains & Ponds HEAP LEACH COMMISSIONING Acid delivery to heap PLANT REFURBISHEMNT SXEW Readiness OPERATIONAL READINESS General Team and Site Readiness “Ready to Leach” “Ready to Recover” “Ready to Plate” “Send to Market, Safety, Compliance, Training” CYPRIUM | INVESTOR PRESENTATION | NOVEMBER 2025 9 Role Relevant Experience Owner, Commercials, Site Operating Model, Environmental Specific Nifty cathode operations Master Contract, Site Operations Lead Site operations from early 2025 SXEW Plant Refurbishment Extensive civil and plant D&C Commissioning, Startup, Operational Readiness Specific Nifty cathode operations Specialist in HL and hydrometallurgy plant operations Construction review and operational readiness (owner’s team) Specific Nifty cathode operations Specialist in HL and hydrometallurgy plant construction and delivery CATHODE RESTART TEAM HAS DEEP PROJECT KNOWLEDGE Nifty’s Cathode Phase was a key training ground for many of today’s hydrometallurgical experts Delivery team knows the operations and has the relevant skills to deliver CYPRIUM | INVESTOR PRESENTATION | NOVEMBER 2025 10 11 PHASE 2: RESTART OPEN PIT 2.8-3.0Mtpa conventional mill, has float capacity to produce up to 50,000 tonnes of metal in concentrate from sulphide ores PFS Studied Refurbishment and Expansion - Estimated restart of concentrator at existing capacity $35 million capital, <1 yr - Expansion of crushing and milling to 4.5Mtpa ore feed $100 million capital, <2 yrs - Looking at mine/mill match scenarios with MAH Source: Company announcement “Nifty PFS Confirms $1,129m Pre-Tax NPV and 797kt Ore Reserve” dated 27 November 2024 for additional information. CYPRIUM | INVESTOR PRESENTATION | NOVEMBER 2025 12 LARGE VALUE DRIVER: EXTEND OPEN PIT, RESTART CONCENTRATOR Open pit project delivers both scale of MAC and longevity - 12 34 46 35 28 39 46 46 41 41 35 33 39 43 44 44 35 22 14 14 3 - - 5 10 15 20 25 30 35 40 45 50 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 FY37 FY38 FY39 FY40 FY41 FY42 FY43 FY44 FY45 FY46 FY47 FY48 kt 1. PFS pricing: Cu price US$4.25 / pound; AUD:USD $0.71. Please refer to company announcement “Nifty PFS Confirms $1,129m Pre-Tax NPV and 797kt Ore Reserve” dated 27 November 2024 for additional information. PFS PROJECT METRICS Development capital A$239m Capitalised operating costs A$173m Construction time ~17-20 months Average production Cu 39 ktpa AISC A$/t pay. Cu A$8,158 AISC US$/lb pay. Cu US$2.62 Reserve life 20 yrs Pre-tax NPV81 A$1.04B Pre-tax IRR1 26.3% COPPER IN CONCENTRATE PRODUCTION CYPRIUM | INVESTOR PRESENTATION | NOVEMBER 2025 13 CONTINUED DELIVERY OF FOCUSED PLAN Value unlock comes through executing simple plans at pace and with strong partners 2024-2025 ACHIEVEMENTS TO DATE – Refinanced balance sheet – Developed forward plan based on upgrade of all relevant information – 3x MRE, concept study, PFS – Strengthened Board and executive team – Commercial partnerships with Glencore and Macmahon – $80m equity raised via Placement and Entitlement Offer NEAR-TERM FOCUS ON DELIVERABLES – Funding and project sanctioning of cathode restart – Deliver of four key project areas – Feasibility plan for fast track to concentrate – Continued development of funding and strategic partnership around Nifty KEY OUTCOMES – Transition to producer inside 12-months CYPRIUM | INVESTOR PRESENTATION | NOVEMBER 2025 14 DISCLAIMERS AND FORWARD-LOOKING STATEMENTS IMPORTANT: You must read the following before continuing. This Investor Presentation (“Presentation”) has been prepared by Cyprium Metals Limited (ABN 48 002 678 640) (“Cyprium” or “Company”) and authorised for release by the Executive Chair of Cyprium. 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 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 the Paterson Copper Portfolio 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 and Competent Person Statement This document contains information from the Nifty Copper Complex - Pre-feasibility Study (PFS) which was released on 27 November 2024. Please refer to the cautionary statements in that document in detail. The information in the Pre-feasibility Study is supported by a Competent Person Statement, please refer to the ASX release dated 27 November 2024 for further details. References to Mineral Resources, Ore Reserves and PFS The information in this announcement that relates to Mineral Resources for Nifty and Maroochydore was previously reported by the Company in announcements made in March, August and November 2024 (Nifty) and February 2025 (Maroochydore). 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 and PFS, 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. CYPRIUM | INVESTOR PRESENTATION | NOVEMBER 2025 Registered Office Level 1, 437 Roberts Road Subiaco WA 6008 Australia Telephone +61 8 6374 1550 www.cypriummetals.com CONTACT Angus Miles Corporate Development and Investor Relations communications@cypriummetals.com +61 8 6374 1550 Dannika Warburton Investor & Media Relations investors@investability.com.au +61 401 094 261