Announcement PDF AGM PRESENTATION MAY 2023 www.cypriummetals.com IMPORTANT NOTICES AND DISCLAIMER IMPORTANT: You must read the following before continuing. This investor presentation (“Presentation”) has been prepared by Cyprium Metal s Limited (ABN 48 002 678 640) (“Cyprium” or “Company”). 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. Future performance 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, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic, 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 STATEMENT 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”). • The Restart Study as referred to in this ASX announcement is intended to be used for the process of financing the construction of the Nifty Copper Project by outlining the technical, commercial and profit potential aspects of the Project. The technical and economic study has a number of sections of study that have accuracy ranges from ± 5% to ± 20% depending on the materiality of the section. The overall accuracy of the Study is judged to be in the order of ± 10% which would enable the estimate of ore reserves. Notwithstanding that the information contained in this release is accurate in presenting the investment case determined from the Study it remains a summary and it is not possible to release to the market all the background data and studies undertaken to compile it. Further there is information omitted from this summary (and from the background data) that directly relates to Cyprium’s intellectual property in the project. • The project NPV and favourable economic outcome considers and includes re-treatment of and copper production from the historical heap leach material, however the 2012 JORC Code is unable to be applied to accommodate the existing historical heap leach material in terms of Mineral Resource classification. The tonnes and grade of the material is based on historical production reconciliation as a heap leach quantity ought to be, that is a stockpile of material less the physical metal extracted thereof. • The open pit ore mined has been calculated and considered as applicable to be quoted as an open pit reserve including only measured and indicated resources used in the determination of the quantity and grade but under JORC 2012 are unable to quote as such as the economics are linked to the treatment of heap leach material which is outside a JORC classification as described in the point above. • The directors of the Company consider this to be a fair and balanced summary of the study undertaken. However, given the uncertainties involved in any study of this type, and the assumptions made, investors should not make any investment decisions based solely on the results of the Restart Study and/or the summary contained herein. 2 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 VISION STATEMENT Cyprium Vision: “To become a significant profitable copper producer targeting 100Kt+ of copper production annually with a multi-asset strategy set to capitalise on the global electrification thematic.” 3 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 WHO IS CYPRIUM METALS? AUSTRALIAN COPPER DEVELOPER Located in a tier-1 mining jurisdiction • Strong global copper thematic • Attractive portfolio of 3 copper projects in Western Australia with a Mineral Resource of +1.6 million tonnes of contained copper • Flagship project is the 100% owned brownfield Nifty Copper Project which has in place:  A large open cut resource with copper oxides and predominately copper sulphide ores  2.8 Mtpa sulphide concentrator and SX-EW processing facilities on site • Significant historical mine with continuous operations over a period >25 years • Associated infrastructure including power, gas, accommodation and airstrip with sunk capital of ~$450m water, • Fully permitted to commence open pit oxide heap leach SX-EW operations1 1Amendment to the State Agreement Approval required after FID 4 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 THE NIFTY STRATEGY Restart the Nifty operation with lower capital intensity and risk by developing a large-scale open cut mine utilising its significant sunk capital infrastructure. This will unlock Nifty’s +15 year, +900Kt copper resource. Oxide processing within 1 year of FID Modernise and restart Nifty’s existing SX-EW plant Treat oxide and re-agglomerated heaps Production target of 20 – 25Ktpa copper metal Oxide cashflows will assist in the development of the larger integrated operation • • • • Larger Pit Development – Copper metal + Copper in concentrate Within 3 years of oxide FID, copper concentrate production to commence Concentrator expansion from existing 2.8Mtpa to 4Mtpa Production target of 28 – 40Ktpa copper in concentrate Resource expansion expected as ore body is open to east and down plunge • • • • 5 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 NIFTY EXECUTION PLAN – INDICATIVE TIMELINE Month 3 (Year 1) Month 6 (Year 1) Month 12 (Year 1) Month 18 (Year 2) Month 24 (Year 2) Year 3 Year 4 Cathode Production Execution Plan (updated costs) Integrated Scoping Study (Oxide & Sulphide) SX EW Development/ Refurbishment Financing/ FID Oxides DFS/ FID Integrated Operation (Cu Metal/ Concentrates) 6 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 Production Cu Metal Target: 20 – 25Ktpa Copper Metal Concentrator Development/ Construction Production Cu Concentrates Target: 28 – 40Ktpa Cu Concentrate BOARD OF DIRECTORS & SENIOR MANAGEMENT GARY COMB JOHN FEATHERBY BARRY CAHILL WAYNE APTED CLIVE DONNER MILAN JERKOVIC Non-Executive Chairman Non-Executive Director Managing Director CFO & Company Secretary Executive Executive • Mr Comb is an engineer with over 35 years’ experience in the Australian mining industry, with a strong track record in successfully commissioning and operating base metal mines. • Mr Featherby has extensive experience in the stockbroking and wealth management industry. • Mr Cahill is a mining engineer with over 35 years’ experience, including management of exploration, financing, project development, commissioning and operations. • Mr Donner is an experienced mining private equity and financing expert who has financed over 50 mines globally . He founded 2 private equity funds which focussed on emerging and mid-tier mining companies. Previously a Director of Rothschild Australia responsible for mine development financing. • Mr Jerkovic career has been based around building resource companies from early stage, under-financed geological opportunities to fully engineered, built operations and capitalized companies. • He was Chairman of Finders Resources Ltd from 2013 to 2018. Mr Comb was previously the Managing Director of Jabiru Metals Ltd and the CEO of BGC Contracting Pty Ltd. 7 • Mr Featherby joined Hartley Poynton (now EurozHartleys) in 1987 from State Treasury, was appointed a Director in 2003 continuing through to 2018 serving as Chairman for seven years in that period. • He was the Managing Director of Finders Resources Ltd and previously the Operations Director at Perilya Ltd and Managing Director of Australian Mines Ltd and Norseman Gold Plc. CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 • Mr Apted is a chartered accountant with over 25 years’ experience in the mining industry. He was the Chief Financial Officer of Finders Resources Ltd until its takeover in 2018. • Mr Apted has previously worked in senior finance roles for Masan Resources Ltd, Glencore plc, Xstrata plc, Normandy Mining Ltd and Aurora Gold Ltd in global locations. • Mr Donner has been engaged by the Board to develop the assets and lead the Company’s focus on all corporate and development initiatives. • Mr Jerkovic has been engaged by the Board to build the technical team and deliver the execution of the development of Nifty. CORPORATE OVERVIEW Corporate snapshot Share price performance Share price (22 February 2023 – date of suspension) AU$ 0.11/share Shares on Issue 730.2 million Performance rights 50.5 million Options Nil Market capitalization AU$ 80 million Cash (31 March 2023) AU$ 5 million Current Debt (Secured) AU$ 6 million Non-Current Debt (Unsecured Convertible Note) AU$ 36 million Enterprise value AU$ 117 million AUD/share 0.40 0.35 0.30 0.25 0.20 Shareholders 0.15 0.10 HSBC Citicorp 0.05 PRCM Management Other Top 20 Other 8 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 0.00 13/01/2021 13/05/2021 13/09/2021 13/01/2022 13/05/2022 13/09/2022 13/01/2023 NIFTY COPPER MINE – SITE LAYOUT Permitted Tailings Dam Waste Dumps 2.8Mtpa Sulphide Concentrator 400 person Mine Village Open Pit Waste Water Treatment Facility Offices and Workshops Heap Leach Pads Gas Pipeline Solution Ponds 9 25,000 tpa SX EW Plant CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 21MW Gas Power Plant Bitumen All Weather Airstrip COPPER DEVELOPER PEER COMPARISON Contained Copper Mineral Resources in Australian Projects1 10 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 1. Refer to Appendix and https://cypriummetals.com/investor-centre/analyst-research-reports/ Right Plan – Right Team – Right Time for Nifty (update), Evolution Capital, 6 June 2022 BRIEF HISTORY OF NIFTY History Historical production and copper prices • Nifty produced 720,000 tonnes of copper between 1993 and 2019 from a single orebody under the stewardship of 4 different companies • Commenced as an open pit oxide heap leach from 1993 to 2009 producing ~220,000 tonnes of copper cathode • Sulphide concentrator produced ~500,000 tonnes of contained copper in concentrate from 2006 to 2019 • Substantial operating history and data spanning over 25 years producing both copper metal and concentrate Annual copper cathode production Annual copper in concentrate production Grade (tpa) % Cu 70,000 4.50% 4.00% 60,000 3.50% 50,000 3.00% 40,000 2.50% 30,000 2.00% 1.50% 20,000 1.00% 10,000 0.50% 0.00% 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 0 11 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 PATERSON EXPLORATION PROJECT Premier exploration destination in Australia - Cyprium leveraged to exploration success via JV with IGO Ltd • Large & highly prospective position in the Paterson Province, adjacent to Nifty processing infrastructure • IGO can sole fund AU$32 million of exploration activities over 6.5 years to earn a 70% interest • Including a minimum expenditure before withdrawal of AU$11 million over 3.5 years • Upon earning a 70% interest, the JV will form and IGO will free-carry to the completion of a Pre-feasibility Study on a new mineral discovery 12 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 MAROOCHYDORE COPPER PROJECT Potential to unlock value from a substantial copper resource • Substantial shallow Oxide and Sulphide Mineral Resource of over 480,000 tonnes of copper • Mineralisation remains open along strike >3km and down-dip • Diamond drilling completed for metallurgical testwork • Maroochydore has similar mineralogy of Nifty as it is hosted in the shales of the Broadhurst Formation so has potential for synergies with the Nifty Heap Leach strategy • Existing resource also contains material cobalt endowment • Potential for synergies with the Nifty Operation 13 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 MURCHISON COPPER PROJECT Hollandaire and Nanadie Well are complementary deposits that comprise the Murchison Copper Project • Murchison Copper Project is a shallow resource development opportunity • Cue Copper Project located ~20km east of Cue Township • Hollandaire Mineral Resource (JORC 2012) 2.8Mt @ 1.9% Cu Contained metal of 51.5kt of Cu, 28Koz Au & 0.5Moz Ag • Nanadie Well located ~75km ENE of Cue Copper Project • Nanadie Well Mineral Resource (JORC 2012) 40.4Mt @ 0.4% Cu Contained metal of 162kt of Cu, 130Koz Au & 1.4Moz Ag • Nanadie Well is a polymetallic deposit with Cu, Au, Ag, PGE’s as well as other base metals including Ni • Stark Cu-Ni mineralised intersections • Gloria June Au mineralised intersections 14 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 SUMMARY Strong market thematic for copper demand – supply deficit Critical mineral for the Green transition MRE +1.6mt copper with exploration upside (3 projects) Tier 1 location copper assets with substantial endowment Substantial sunk capital (>$450m) with valuable infrastructure in place: power, water, roads, air strip, camp Strengthened executive team to deliver execution and growth All permitting for the restart of the Oxide SX-EW mine in place Commencement of first cashflow within 18 months Expected production of 48Kt-60Kt per annum within 4 years from Nifty Nifty LOM of +15 years extracted through large open pit with two processing circuits • • • • • • • • • • 15 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 APPENDIX 16 Cyprium | AGM Presentation - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 MINERAL RESOURCE ESTIMATES - NIFTY NIFTY COPPER OPERATION - MINERAL RESOURCE ESTIMATE AT MAY 2022 2 Measured Cut-off Inferred Indicated Total Ore Source %Cu Ore Mt Grade %Cu Metal t Cu Ore Mt Grade %Cu Metal t Cu Ore Mt Grade %Cu Metal t Cu Ore Mt Grade %Cu Metal t Cu Oxide 0.25 1.6 0.9 13,600 0.7 0.7 4,700 0.3 0.7 2,200 2.6 0.8 20,600 Lower Saprolite 0.25 2.0 0.7 13,900 0.6 0.6 3,800 0.3 0.5 1,600 2.9 0.7 19,200 Transition 0.25 0.4 0.5 1,700 0.4 0.5 1,800 0.1 0.5 600 0.9 0.5 4,200 Chalcocite 0.25 4.9 1.1 52,300 3.0 1.0 30,200 1.8 1.0 17,800 9.8 1.0 100,300 Total Oxide 0.25 8.8 0.9 81,500 4.7 0.9 40,500 2.6 0.9 22,300 16.1 0.9 144,300 Sulphide 0.25 39.9 1.1 443,200 22.9 1.0 222,900 16.2 0.8 129,800 79.0 1.0 795,900 48.7 1.1 524,700 27.6 1.0 263,400 18.8 0.8 152,100 95.1 1.0 940,200 TOTAL NOTES: 1. Mineral Resources are reported inclusive of Mineral Resources modified to produce an Ore Reserve; 2. Tonnes are reported as million tonnes (Mt) and rounded to the nearest 100,000; Cu tonnes are rounded to the nearest 100 tonnes. 3. Rounding may result in some slight apparent discrepancies in totals Competent Person Statement NIFTY COPPER PROJECT The information in this report that relates to the estimation and reporting of the Nifty Mineral Resource Estimate dated 16 May 2022 is an accurate representation of the recent work completed by CSA Global Pty Ltd. Ms. Felicity Hughes has compiled the work for CSA Global and is an Associate of CSA Global Pty Ltd and a Member of the Australasian Institute of Mining and Metallurgy (106498). Ms. Hughes has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person (CP). Ms. Hughes consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. 1 Cyprium Metals ASX announcement: 29 September 2020, Hollandaire Copper-gold Mineral Resource Estimate. 2 Cyprium ASX announcement: 16 May 2022 – 28.4% increased Nifty Copper MRE to 940,200t copper metal 3 Metals X ASX announcements: 10 March 2020, Nifty Copper Mine Resource Update and 18 August 2016, Annual Update of Mineral Resources and Ore Reserves 4 Cyprium Metals ASX announcement: 19 July 2022, Nanadie Well Mineral Resource Estimate 17 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 MINERAL RESOURCE ESTIMATES - MAROOCHYDORE MAROOCHYDORE - MINERAL RESOURCE ESTIMATE AT 31 MARCH 2016 3 Ore Source Indicated Inferred Total Ore Gra de Conta i ned Ore Gra de Conta i ned Ore Grade Contained (Mt) (% Cu) (t Cu) (Mt) (% Cu) (t Cu) (Mt) (% Cu) (t Cu) Sul phi de - - - 5.43 1.66% 90,000 5.43 1.66% 90,000 Oxi de 40.8 0.92% 375,000 2.4 0.81% 19,000 43.2 0.91% 394,000 Total 40.8 0.92% 375,000 7.83 1.39% 109,000 48.63 1.00% 486,000 NOTES: 1. Tonnes are reported as million tonnes (Mt) and rounded to nearest 10,000; 2. Cu tonnes are rounded to nearest 1,000 tonnes; Co tonnes are rounded to the nearest 100 tonnes; 3. Cut-off Grade of 0.5% Cu (oxide); 4. Cut-off Grade of 1.1% Cu (sulphide); 5. Rounding may result in some slight apparent discrepancies in totals. Competent Person Statement MAROOCHYDORE The information in this report that relates to Exploration Targets, Exploration Results and the estimation and reporting of the Maroochydore Mineral Resource Estimate is an accurate representation of the available data and is based on information compiled by external consultants and Mr. Peter van Luyt who is a member of the Australian Institute of Geoscientists (2582). Mr. van Luyt is the Chief Geologist of Cyprium Metals Limited, in which he is also a shareholder. Mr. van Luyt has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (CP). Mr. van Luyt consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 1 Cyprium Metals ASX announcement: 29 September 2020, Hollandaire Copper-gold Mineral Resource Estimate. 2 Cyprium ASX announcement: 16 May 2022 – 28.4% increased Nifty Copper MRE to 940,200t copper metal 3 Metals X ASX announcements: 10 March 2020, Nifty Copper Mine Resource Update and 18 August 2016, Annual Update of Mineral Resources and Ore Reserves 4 Cyprium Metals ASX announcement: 19 July 2022, Nanadie Well Mineral Resource Estimate 18 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 MINERAL RESOURCE ESTIMATES – HOLLANDAIRE / NANDIE WELL NANADIE WELL - 2012 JORC MINERAL RESOURCE ESTIMATE 4 HOLLANDAIRE - 2012 JORC MINERAL RESOURCE ESTIMATE 1 Resource Category Indicated Material type Volume Tonnes Cu % Cu Tonnes Au g/t Au Ounces Ag g/t Ag Ounces Oxide 5,000 10,000 1.2 100 0.09 0 4.16 1,300 Transitional 95,000 275,000 1.8 5,000 0.24 2,100 5.06 44,700 Fresh 638,000 1,894,000 2 37,100 0.31 18,900 6.64 404,400 738,000 2,179,000 2 42,200 0.3 21,000 6.43 450,400 Sub Total Transitional 4,000 12,000 0.4 0 0.02 0 0.98 400 194,000 593,000 1.6 9,300 0.41 7,800 6.46 123,200 Sub Total 198,000 605,000 1.6 9,300 0.4 7,800 6.35 123,600 TOTAL 936,000 2,784,000 1.9 51,500 0.32 28,800 6.41 574,000 Inferred Fresh Resource Category Material type Inferred Total Inferred Total Volume Tonnes Oxide Transitional Fresh 1,300,000 200,000 11,700,000 13,200,000 3,500,000 600,000 36,300,000 40,400,000 Oxide Transitional Fresh 1,300,000 200,000 11,700,000 13,200,000 3,500,000 600,000 36,300,000 40,400,000 Grade Cu % 0.44 0.45 0.39 0.40 Grade Co ppm 70 60 50 50 Metal t Cu 16,000 3,000 143,000 162,000 Metal t Co 200 40 1,900 2,200 Grade Au g/t 0.12 0.12 0.10 0.10 Grade Ni ppm 350 310 290 290 Metal oz Au 2,000 13,000 115,000 130,000 Metal t Ni 1,200 200 10,500 11,900 Grade Ag g/t 0.70 1.50 1.10 1.00 Grade Zn ppm 160 140 160 160 Metal oz Ag 74,000 31,000 1,259,000 1,364,000 Metal Zn t 600 100 5,800 6,500 NOTES: 1. Differences in sum totals of tonnages and grades may occur due to rounding; 2. Cut-off at 0.25% Cu. 3. Reported grades and tonnages for all metals are estimated top-cut grades and tonnages NOTES: • Differences in sum totals of tonnages and grades may occur due to rounding • Nominal cut-off at 0.3% Cu • Cyprium has an 80% attributable interest in the copper, gold and silver • Gold mineralisation not associated with the copper resource that is 100% attributable to MGV, has not been modelled or reported in the Hollandaire 2012 JORC Mineral Resource estimate Competent Persons Statement HOLLANDAIRE COPPER PROJECT The information in this report that relates to Exploration Targets, Exploration Results and the estimation and reporting of the Hollandaire Mineral Resource Estimate is an accurate representation of the available data and is based on information compiled by external consultants and Mr. Peter van Luyt who is a member of the Australian Institute of Geoscientists (2582). Mr. van Luyt is the Chief Geologist of Cyprium Metals Limited, in which he is also a shareholder. Mr. van Luyt has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (CP). Mr. van Luyt consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 1 Cyprium Metals ASX announcement: 29 September 2020, Hollandaire Copper-gold Mineral Resource Estimate. 2 Cyprium ASX announcement: 16 May 2022 – 28.4% increased Nifty Copper MRE to 940,200t copper metal 3 Metals X ASX announcements: 10 March 2020, Nifty Copper Mine Resource Update and 18 August 2016, Annual Update of Mineral Resources and Ore Reserves 4 Cyprium Metals ASX announcement: 19 July 2022, Nanadie Well Mineral Resource Estimate 19 CYPRIUM | AGM PRESENTATION - BUILDING AN AUSTRALIAN COPPER COMPANY | MAY 2023 Competent Persons Statement NANADIE WELL COPPER GOLD PROJECT The information in this report that relates to Exploration Targets, Exploration Results and the estimation and reporting of the Nanadie Well Mineral Resource Estimate is an accurate representation of the available data and is based on information compiled by external consultants and Mr. Peter van Luyt who is a member of the Australian Institute of Geoscientists (2582). Mr. van Luyt is the Chief Geologist of Cyprium Metals Limited, in which he is also a shareholder. Mr. van Luyt has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (CP). Mr. van Luyt consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Competent Persons Statement MURCHISON COPPER PROJECT The information in this report that relates to Exploration Targets, Exploration Results and the estimation and reporting of the Hollandaire and Nanadie Well Mineral Resource Estimate is an accurate representation of the available data and is based on information compiled by external consultants and Mr. Peter van Luyt who is a member of the Australian Institute of Geoscientists (2582). Mr. van Luyt is the Chief Geologist of Cyprium Metals Limited, in which he is also a shareholder. Mr. van Luyt has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (CP). Mr. van Luyt consents to the inclusion in the report of the matters based on his information in th