Announcement PDF BUILDING A COPPER POWERHOUSE IN WESTERN AUSTRALIA THE RIGHT TEAM. THE RIGHT PLAN. INVESTOR PRESENTATION | FEBRUARY 2025 www.cypriummetals.com www.cypriummetals.com INVESTMENT SUMMARY Brownfield restart of the Nifty Copper Complex in the Paterson Region of Western Australia THE RIGHT TEAM THE RIGHT PLAN THE RIGHT TIME THE RIGHT PLACE • Powerful alliances with Glencore and Macmahon. • Clear, de-risked strategy for restarting the Nifty Copper Mine involving staged development to optimise capital efficiency. • Strong copper demand and constrained global supply creating a favourable pricing environment. • Focused on leveraging spent capex and advanced permitting. • Strategic partnerships in place to support financing and execution. • Strategically positioned in Western Australia’s Paterson Region, a Tier-1 mining jurisdiction known for its rich copper endowment and worldclass deposits. • Supportive shareholders backing a proven management team with a track record of success. • Management are hands-on and significant shareholders, ensuring strong alignment with investor interests. • Cathode Project: Low-capex, fast-track restart generating near-term cash flow. • Concentrate Project: Long-term scalability with a 20-year mine life, ensuring sustained copper production. 2 CYPRIUM | FEBRUARY 2025 INVESTOR PRESENTATION • Established infrastructure and export routes. • Stable regulatory environment, ensuring a secure pathway to production. CYPRIUM METALS CORPORATE SUMMARY1 CYM 12MTH SHARE PRICE CHART Share Price Market Capitalisation A$ 0.022 A$ 45.4m Cash (pro-forma) Debt & Convertible Notes A$ 25.0m A$ 78.6m NIFTY Enterprise Value A$ 99.0m NIFTY COPPER COMPLEX MAROOCHYDORE MAJOR SHAREHOLDERS2 Flatfooted Status Next JORC Resource JORC Reserve Development; PFS complete; Cathode Project construction 1,038,000t 83Mt @ 0.90% Cu for Concentrate Project BFS 91,000t Pacific Road Capital 19.9% 7.1% Paradice Nokomis Capital 7.6% 5.7% CI Global Asset Management 5.4% Copper of 753,000t copper in existing leach pads MAROOCHYDORE Status Deposit Total JORC Resource Higher-grade zone Exploration Large, near-surface sulphide 371Mt @ 0.43% Cu using a ≥0.25% Cu Cutoff for 16Mt @ 0.67% Cu using a ≥0.45% Cu Cutoff for 1,595,000t 712,000t contained Cu contained Cu 1. Trading data at 20 February 2025. Glencore senior secured debt ($44.2m) at 31 December 2024. Convertible Notes ($34.4m) at 30 June 2024. Pro-forma cash balance comprises cash balance at 31 December 2024 ($14.2m), placement tranche 2 receipts ($8.3m), entitlement offer receipts ($1.5m) and further deposit received for sale of surplus generators ($0.96m). Pro-forma cash is before costs incurred since 31 December 2024. 2. Major Shareholders interest calculated using (1) shares held per the most recent substantial holder disclosure available, and (2) total issued ordinary shares at 20 February 2024. Pacific Road Capital is an affiliate of Matt Fifield who is also an insider. 3 CYPRIUM | FEBRUARY 2025 INVESTOR PRESENTATION FAST TRACK TO CASH FLOW: RESTART COPPER CATHODE PRODUCTION NIFTY HEAP LEACH PADS Copper cathode production at Nifty is the first phase of mining operations. A$86m Pre-tax NPV @ 8% 110% Pre-tax IRR LOM Cu cathode production 24kt Annual Cu cathode production 6ktpa PFS assumes conservative recovery rate Low break-even recovery rate at 40% 45% AISC A$/t pay. Cu A$6,800 AISC US$/lb pay. Cu US$2.18 Development capital A$30m Capitalised operating costs A$16m SIMPLE, WELLUNDERSTOOD PROCESSING Reprocessing of existing heap leach pads NO MINING OF OXIDE IN PIT Excluded from PFS Cathode Project economics; recent cathode restarts have encountered grade management issues with oxide and transitional ores NIFTY SX-EW PLANT ADDITIONAL ORE UPSIDE Potential to increase above ground ore reserves with excluded material Low complexity plan designed to maximize speed to market and minimize capital requirements 4 CYPRIUM | FEBRUARY 2025 INVESTOR PRESENTATION LARGE VALUE DRIVER: SULPHIDE OPEN PIT AND CONCENTRATOR RESTART CHALCOPYRITE MINERALISATION NIFTY EXISTING CONCENTRATOR A$1.04B Pre-tax NPV @ 8% Pre-tax IRR 26.3% Project life 20 years 694 kt LOM production Cu Average production Cu 38.7 ktpa AISC A$/t pay. Cu A$8,158 COPPER IN CONCENTRATE PRODUCTION AISC US$/lb pay. Cu US$2.62 kt Development capital A$239m 50 Capitalised operating costs A$173m Concentrate Project Ore Reserves (753Kt contained Cu) 83Mt @ 0.90% Cu for 753 kt 45 46 46 40 PERMITTED SITE Major permits required to commence concentrator restart are largely complete 44 35 33 28 20 22 15 10 5 - 14 12 14 3 - FY48 FY47 FY46 FY45 FY44 FY43 FY42 FY41 FY40 FY39 FY38 FY37 FY36 FY35 FY34 FY33 FY32 FY31 FY30 FY29 FY28 - FY27 CYPRIUM | FEBRUARY 2025 INVESTOR PRESENTATION 44 39 35 Material value lever that delivers >$1B pre-tax NPV (8%) 5 43 41 35 34 30 FY26 FAVOURABLE GEOLOGICAL MODEL Sediment hosted copper deposits cost effective to mine relative to other deposit types. Major copper producers pursuing sediment hosted deposits 41 39 35 25 4.5MTPA REFURBISHED AND EXPANDED CONCENTRATOR Optionality to refurbish existing 3.0Mtpa concentrator for capital light path to production with expansion to 4.5Mtpa post restart 46 NIFTY PFS COMBINED OUTCOME Cathode and concentrate pathways. PROJECT ECONOMICS PRE-TAX PROJECT LEVEL CASH FLOW COMPOSITION Project Economics Units Combined Cathode Project Concentrate Project LOM Production kt Cu 718 24 694 Average Production ktpa Cu 37.3 5.9 38.7 Project Life Years 20.8 4.2 19.8 A$m 800 600 400 Revenue A$m 9,194 324 8,870 EBITDA A$m 4,018 158 3,860 Pre-Tax Free cash flow A$m 3,110 113 2,997 CYPRIUM | FEBRUARY 2025 INVESTOR PRESENTATION FY48 6 FY47 Note: 1. Refer ASX Announcement dated 27 November 2024 for further details. FY46 23.6% FY45 % FY44 Post-Tax IRR FY43 756 FY42 A$m FY41 Post-Tax NPV @ 8% (600) FY40 26.3% FY39 110.1% FY38 28.9% FY37 % FY36 Pre-Tax IRR (400) FY35 1,042 FY34 86 FY33 1,129 FY32 A$m FY31 Pre-Tax NPV @ 8% FY30 (435) FY29 (46) FY28 (431) (200) FY27 A$m - FY26 Max Project Drawdown 200 Gross Revenue Selling Costs Site Based Operating Costs Development Capital Sustaining Capital (incl Rehab) Pre-tax CF (A$m) TEAM & STRATEGIC PARTNERS New management are major shareholders and strategically aligned. EXECUTIVE DIRECTORS & MANAGEMENT MATT FIFIELD Executive Chairman and Managing Director • Managing Director, Pacific Road Capital, leading $1B+ in resource investments with a hands-on, shareholder-aligned approach. • Proven track record with 9 mine restarts and multiple public company turnarounds. • Deep capital markets expertise, involved in $10B+ of capital raising and M&A transactions. • Committed to responsible investing, driving sustainable development and long-term value creation. LOUIS CHAIT COLIN MACKEY MANU TRIVEDI Chief Commercial Officer Chief Operating Officer Interim Chief Financial Officer • Seasoned executive with 25+ years in the global resources industry. • Senior leadership experience at Xstrata, Guildford Coal, and Glencore Copper. • Respected international mining leader with extensive experience at Goldfields, BHP, Thiess, and Rio Tinto. • Former Managing Director of Jadar and European Operations at Rio Tinto, leading major project development and operational improvements. • Chartered Accountant & CPA with 16 years of financial and strategic leadership experience. • Expert in financial strategy, compliance, and business controllership across mining, power, and commodities. • Former Group Financial Controller at Masan Resources, overseeing tungsten mining operations. • Expert in business development and finance, driving strategic growth. • Chartered Accountant, member of Chartered Accountants Australia and New Zealand. • Expert in mine development, operations, and leadership, driving efficiency and growth. • Member of the Institute of Materials, Minerals and Mining and the Australian Institute of Company Directors. • Senior finance leader with experience in mining projects across South Africa and global industries. NON-EXECUTIVE DIRECTORS ROSS BHAPPU SCOTT PERRY GARY COMB Non-Executive Director Non-Executive Director Non-Executive Director • Senior mining investor and strategist with 35 years of industry experience. • Key leader at Resource Capital Funds since 2001, overseeing private equity and strategic advisory. • Veteran mining executive with 25+ years of industry leadership. • Former President & CEO of Centerra Gold, expanding it into a C$3B global enterprise. • Experienced Australian mining engineer with 30+ years in base metal mine development and operations. • Former Chairman of Finders Resources and Managing Director of Jabiru Metals, leading project execution and growth. • Co-led the raising of six private equity funds, totaling ~US$4.5B. • Ph.D. in Mineral Economics and metallurgical engineering, with extensive board experience. 7 • Extensive financial and operational expertise, including CFO roles and leadership at AuRico Gold. • Former Board & Audit Committee Member of the World Gold Council (2015–2021). CYPRIUM | FEBRUARY 2025 INVESTOR PRESENTATION • Former CEO of BGC Contracting Pty Ltd, overseeing large-scale mining services. • Expert in mine commissioning, operations, and corporate leadership in the resources sector. STRATEGIC PARTNERS ACHIEVEMENTS TO DATE & UPCOMING CATALYSTS Building momentum following a transformative 2024. New leadership is rapidly progressing Nifty and has demonstrated ability to execute 2024 ACHIEVEMENTS 2025 OBJECTIVES Transformational Year for Cyprium Building Momentum Delivered robust PFS Onboarding of Macmahon and feedback on PFS Streamlined the balance sheet Cyprium & Macmahon to develop Phase 1 execution plans and update market Executed Glencore Loan Facility, extended convert notes Delivered copper offtakes while retaining ability for 30% JV sell down Enhanced focus of asset portfolio Delivered Maroochydore MRE 8 CYPRIUM | FEBRUARY 2025 INVESTOR PRESENTATION Execute on pathway to cathode project restart Progress BFS for sulphide mine and concentrator restart Progress financing of cathode project and concentrator restart MAROOCHYDORE REDISCOVERED Growing, globally significant copper resource. 370.8Mt @ 0.43% Cu, 227 ppm Co Inferred resources 1.595Mt contained Cu 06.3Mt @ 0.67% Cu, 308 ppm Co Higher-grade zone within inferred resource 84Kt contained Co @ 0.25% Cu cut-off 712Kt contained Cu 33Kt contained Co @ 0.45% Cu cut-off 9 CYPRIUM | FEBRUARY 2025 INVESTOR PRESENTATION Sedimentary copper mineralisation style Demonstrating significant continuity of mineralisation and resource scale, with similar geology to nearby Nifty Copper Complex. Higher-grade domain Will be further studied as satellite feed operation to Cyprium’s nearby Nifty mill and concentrator in the Paterson district. THANK YOU QUESTIONS? Registered Office Level 1, 437 Roberts Road Subiaco WA 6008 Australia Telephone +61 8 6374 1550 www.cypriummetals.com DISCLAIMERS AND FORWARD-LOOKING STATEMENTS IMPORTANT: You must read the following before continuing. This Shareholder Update Presentation (“Presentation”) has been prepared by Cyprium Metals Limited (ABN 48 002 678 640) (“Cyprium” or “Company”) and authorised for release to ASX by the Executive Chair. By reviewing or retaining these materials, or attending or participating in this Presentation, you acknowledge and represent that you hae read, understood and accepted the terms of this “Important Notices and Disclaimer”. This Presentation contains summary information about Cyprium, and its activities current only at the date of this Presentation. This Presentation is for information purposes only. The information in the Presentation is of a general nature only and does not purport to be complete. This Presentation should be read in conjunction with Cyprium’s most recent financial report and other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (“ASX”) which are available at www.asx.com.au and also available on Cyprium’s website at www.cypriummetals.com. Certain information in this Presentation has been sourced from Metals X Limited, the former owner of Paterson and their representatives or associates. While steps have been taken to review that information, no representation or warranty, expressed or implied, is made as to its fairness, correctness, completeness or accuracy. Certain information in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Cyprium nor its representatives have independently verified any such information sourced from third parties or industry or general publications. Not An Offer: This Presentation is for information purposes and is not, and does not purport to be, a prospectus, product disclosure statement or any other offering document under Australian law or the law of any other jurisdiction (and will not be lodged with the Australian Securities and Investments Commission (“ASIC”) or any foreign regulator). The information does not and will not constitute or form part of an offer, invitation, solicitation or recommendation in relation to the subscription, purchase or sale of securities in any jurisdiction and neither this Presentation nor anything in it shall form any part of any contract for the acquisition of Cyprium shares. The distribution of this Presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions. Not Investment Or Financial Product Advice: This Presentation does not constitute financial product, investment, legal, taxation, accounting or other advice and is not intended to be used or relied upon as the basis for making an investment decision. This Presentation is not a recommendation by Cyprium or its advisers to acquire Cyprium shares or New Shares. This Presentation has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction. Cyprium is not licensed to provide financial product advice in respect of Cyprium shares. Effect of Rounding: A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation. Past Performance: Past performance information, including past share price performance of Cyprium and pro forma financial information, given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Cyprium’s (or anyone else’s) views on Cyprium’s future financial performance or condition. Past performance of Cyprium cannot be relied upon as an indicator of (and provides no guidance as to) the future performance of Cyprium. Nothing contained in this Presentation nor any information made available to you is, or shall be relied upon as a promise, representation, warranty or guarantee, whether as to the past, present or future. Forward-looking Statements: This Presentation contains certain “forward-looking statements” and comments about future events, including statements regarding Cyprium’s intent, belief or current expectations with respect to the Company’s business and operations, market conditions, results of operations and financial condition, and risk management practices. The words “likely”, “expect”, “aim”, “should”, “could”, “may”, “anticipate”, “predict”, “believe”, “plan”, “estimate”, “will”, “believe”, “target” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance outlook on, future earnings or financial position or performance are also forward-looking statements and include statements in this Presentation regarding the conduct and the future performance of Cyprium. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumption on which these statements are based. These statements may assume the success of Cyprium’s business strategies. The success of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Recipients of this Presentation are cautioned not to place undue reliance on forward-looking statements, and except as required by law or regulation, none of Cyprium, its representatives or advisers assumes any obligation to update these forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this Presentation. The forward-looking statements are based on information available to Cyprium as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), none of Cyprium, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Cautionary Statements: This document contains information from the Nifty Scoping Study. The Scoping Study was undertaken for the purposes of demonstrating the business case to support the recommencement of surface mining and copper concentrator operations at the Nifty Copper Operation. It is a preliminary technical and economic study of the potential viability of the Nifty Copper Operation. It is based on low-level technical and economic assessments that are not sufficient to support the estimation of ore reserves. A level of accuracy of +/-30% is applicable in accordance with Scoping level accuracy. Further evaluation work and appropriate studies are required before Cyprium will be in a position to estimate any ore reserves or to provide any assurance of an economic development case. The project economics in this Study are derived solely from the mining and processing of Measured and Indicated Mineral Resources. The small amount of Inferred Mineral Resources mined is treated as mineralised waste and does not contribute to the project economics. The Scoping Study is based on the material assumptions as detailed in the ASX announcement dated 23/5/24. References to Mineral Resources: The information in this announcement that relates to Mineral Resources for Nifty was previously reported by the Company in its announcements dated 14 March 2024 and 19 August 2024. The Company confirms that it is not aware of any new information or data that materially affects the information included in those market announcements and, in the case of Mineral Resources, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. 11 CYPRIUM | FEBRUARY 2025 INVESTOR PRESENTATION