Announcement PDF ASX ANNOUNCEMENT 27 November 2024 Nifty PFS Confirms $1,129m Pre-Tax NPV and 797kt Ore Reserve Cyprium Metals Limited (ASX: CYM, OTC: CYPMF) is pleased to present the Prefeasibility Study (“PFS”) for the Nifty Copper Complex. The PFS confirms the economic viability of large-scale production of copper in concentrate (“Concentrate Project”) through the refurbishment and expansion of Nifty’s brownfield concentrator and accompanying new surface mine. The PFS also confirms economics of producing copper cathode by re-treating Nifty’s Heap Leach Pads 1-6 (“Initial Cathode Project”) which is a subset of oxide opportunities. This PFS supports the first Ore Reserve Estimate (“ORE”) to be published on the Concentrate Project and Initial Cathode Project (collectively referred to as the “Projects”). Highlights on a combined basis include: • LOM production of 718kt copper including average annual production of 37.3ktpa over the first ten years • Gross revenues of A$9.2 billion, EBITDA of A$4 billion and pre-tax cash flow of $3.1 billion on C1 costs of US$2.39 / lb at a long-term copper price assumption of A$13,253/ tonne • Brownfield redevelopment costs of $458 million represents 2.3x average EBITDA over first 10 years of concentrate production – Concentrate Project includes capital expenditure of $239 million to refurbish and expand concentrator and upgrade site infrastructure and capitalised operating costs of $189 million – $30 million capital cost for Cathode Project with total project costs of $46 million • $1,129 million pre-tax NPV8 ($756 million after-tax); pre-tax IRR of 28.9% (23.6% after-tax) • All major permits currently in hand, to be updated using PFS information • Concentrate Project Ore Reserves of 83Mt at 0.90% Cu for 753Kt contained Cu • Initial Cathode Project Ore Reserves of 10.6mt at 0.41% Cu for 44Kt contained Cu “The successful completion of this comprehensive PFS marks a pivotal milestone for Cyprium. This is important, foundational work that we will build on” said Executive Chair Matt Fifield. “The PFS highlights the long duration and immense profitability of Nifty’s Concentrate Project. With 797,000 tonnes of copper in total reserve supporting more than $3 billion dollars of pre-tax cash flow, Nifty is a large and important copper source and economic engine for Australia,” said Fifield. “There are few near-term copper development opportunities that present the scale, longevity and positive economics of Nifty’s Concentrate Project, and really none that have the speed and cost advantages of a permitted brownfield site and access to Western Australia’s world-class supply chain,” added Fifield. “The important information in this PFS serves as a strategic foundation for our forward activities as we move towards project execution.” For a copy of this announcement and a short introductory video please visit Cyprium Metals Investor Hub at https://investorhub.cypriummetals.com/link/drLK0e. ABN 48 002 678 640 T +61 8 6374 1550 ASX: CYM Level 1, 437 Roberts Road Subiaco, WA, 6008 www.cypriummetals.com Key PFS Metrics A summary of the key metrics from the Nifty PFS are summarised in Table 2. Table 1 – Key PFS Metrics Combined Concentrate Project Cathode Project 100.4 0.83% 87.7 0.89% 12.7 0.43% Ore (including inferred) Grade (including inferred) % Cu LOM Production Average production, yrs 1-10 ktpa Cu 718 37.3 694 38.7 24 5.9 Project Life Years 20.8 19.8 4.2 LOM Average Copper Price1 A$/ t Cu 13,253 13,252 13,271 Revenue Selling Costs Site Operating Costs EBITDA A$m 9,194 (1,156) (4,020) 4,018 8,870 (1,124) (3,886) 3,860 324 (32) (134) 158 Development Capital Capitalised Opex in Development Sustaining Capital (inc. rehabilitation) Undiscounted Pre-tax Project Level CF A$m A$m (269) (189) (450) 3,110 (239) (173) (450) 2,997 (30) (16) 113 Max Project Drawdown A$m (431) (435) (46) A$/ t Pay. Cu 7,461 2.39 7,485 2.40 6,800 2.18 8,110 2.60 8,158 2.62 6,800 2.18 1,042 26.3% 86 110.1% 10,660 7,748 C1 Cost Mt kt Cu A$m A$m A$m A$m A$m US$/lb AISC A$/ t Pay. Cu US$/lb Pre-tax NPV (8%) Pre-tax IRR A$m % 1,129 28.9% Pre-tax Payback (from first concentrate production) 2 Years 4.75 After-tax NPV (8%) After-tax IRR A$m 756 23.6% Capital Intensity (Dev Capex / Ann Prod)3 Dev Capex / Avg EBITDA4 Max Drawdown / Avg EBITDA 4 A$/t % X X 12,295 2.3x 2.2x Notes: 1. The PFS valuation has been performed assuming a base case copper price of US$9,370/ t and a long-term foreign exchange rate of AUD: USD 0.71. The valuation is most sensitive to movements in copper price and FX, both of which have been tested and presented in the sensitivity analysis section of this report. 2. The payback for the Nifty PFS has been determined with reference to the start of production from the Concentrate Project 3. Capital intensity calculated based on average annual production for years 1-10. 4. Average EBITDA of A$200m per annum is calculated for the Period FY28 – FY37, being the first 10 years of steady state operations. Cyprium Metals (ASX:CYM / OTCQB: CYPMF) Page 2 Table 2 – Ore Reserve Classification for Nifty Projects Reserve Classification Proved Probable Total Concentrate Ore Cu (Mt) (%) 22.7 1.06% 60.6 0.85% 83.3 0.90% Cu (kt) 239 514 753 Cathode Ore Cu (Mt) (%) 10.6 0.41% 10.6 0.41% Cu (kt) 44 44 Total Ore (Mt) 22.7 71.2 93.9 Cu (%) 1.06% 0.78% 0.85% Cu (kt) 239 557 797 Ore Reserve Estimate Notes: Supporting information as prescribed in by the JORC Code is included in Table 1, Section 4 of MEC’s report attached to this ASX announcement, including all material assumptions and modifying factors. The Ore Reserve is based on the current Mineral Resource Estimate (MRE) for the Concentrate Project as announced on 14 March 2024, and the Cathode Project as announced on 19 August 2024. The estimated Ore Reserves have been prepared by a competent person in accordance with JORC Code as detailed in the Competent Persons sign off below. Any conversion of Mineral Resource to Ore Reserve is based on economic recovery of that material as determined by the mining and processing schedules, capital and operating cost projections, macroeconomic assumptions, allowances for ore loss and dilution, and any other modifying factors contained in the attached report entitled “Nifty Copper Complex – Prefeasibility Study” prepared by MEC and disclosed on the date of this release. Please refer to this report for additional information. Subsequent Event: The Final Engineering Date of the PFS was 21 November 2024. On this date, at the Company’s instruction, the basis of design for the PFS was finalised and further modifications to project engineering and design were stopped. Following the Final Engineering Date, the Company announced that it had entered into a transaction to sell power generation units as disclosed in the ASX announcement dated 22 November 2024. This transaction has not been finalised as of the publication date of the PFS. The Company and MEC Mining note that completion of the sale of the TM-2500 power generation units as contemplated in the 22 November announcement would change the basis of design for power generation for the Concentrate Project. This may have potential and/or likely impacts to the PFS that include but are not limited to changes to operating costs, capital costs, and project timing. The impact of any new power generation design would necessarily depend on whether a new selected basis of design would be and the commercial environment at the time of the selection of the new design. Neither MEC Mining nor the Competent Person make no representation as to what the impacts of a prospective change in design basis would have on the financial, operating and temporal results of the PFS based on information as of the Final Engineering Date. The PFS results should be considered with this context in mind. Following completion of the transaction discussed here, the Company may choose to update this PFS around a new basis of design for power supply for the Concentrate Project. The Company does not anticipate material risk from a change in power supply design, noting the robust Western Australian supply chain of service providers who provide traditional and renewable power generation equipment, and also supply power supply as a service. Funding Assumptions: The Company has formed the view that there is a reasonable basis to believe that requisite future funding for the development of the Nifty Copper Complex will be available when required. The grounds on which this reasonable basis is established include (a) positive economic outcomes of the PFS including positive NPV, IRR above typical funding rates, low Capex / stabilized EBITDA and long project life; (b) lower project implementation r isks relative to greenfield projects from significant existing infrastructure, prior history of copper production and advanced permitting, (c) interactions with financing sources and finance advisors prior to the release of the PFS, (d) the significant track record of senior management and the Board of Directors in raising capital and recent experience in raising capital for the Company and (e) the potential for the startup of the Initial Cathode Project on a standalone basis. With regards to funding sources, the Company has conducted extensive non-confidential and confidential market soundings with multiple financing sources ranging from public equity investors, strategic partners, concentrated equity investors to royalty financiers, debt financiers, debt advisors, and government-linked funding sources. While there can be no guarantee that these funding sources will be available at when required, the Company believes that depth of expressed interest from these funding sources form a reasonable basis to believe that the Company will be successful raising capital for the development of the Nifty Copper Complex. The Company notes the senior secured loan facility entered in September 2024 with Glencore reflects both management’s ability to attract capital and the significant funding appetite that exists for the development of the Nifty Copper Complex. from str ategic investors The specific recent history of capital raising by Cyprium Metals demonstrates management capability and interest in the Nifty Copper Complex. The following ASX announcements relate to recent capital raisings: Cyprium Metals (ASX:CYM / OTCQB: CYPMF) Page 3 22/11/2024 – Sale of Surplus Generators 30/09/2024 - Glencore Loan Facility Closed and Offtakes Executed 30/08/2024 - $40M Secured Loan Facility with Glencore 18/09/2023 - $31.6 Equity Raising completed Board and management have significant experience raising capital for and investing in development stage mining companies, as can be seen in their biographies on the Company website. The Nifty Copper Complex as described herein demonstrates that Nifty’s two brownfield processing plants can be developed and operated at the same time. PFS Plan: The Company notes that the base planning for the PFS contemplates the coordinated startup of the Concentrate Project and the Cathode Project. As disclosed below, this results in combined capital expenditures relating to plant, equipment and infrastructure of $269 million, and further funding of capitalized operating costs which are principally capitalized pre-stripping of $189 million. The maximum project drawdown is expected to be $431 million. Based on pre-PFS market soundings, the Company believes that 40% to 60% of the total drawdown can be funded using traditional and government-linked debt financing. The balance of any project funding requirements would be met through a combination of equity, equity-linked, royalty, project equity, pre-payment and/or mezzanine loan facilities. Based on the attractive project metrics, low capital intensity, strong prospective credit metrics emerging from this PFS study as detailed herein and previous market soundings, the Company believes that there is a reasonable prospect of raising capital for the PFS Plan. Cathode Project Only: The Company notes that the startup of the Initial Cathode Project is not dependent on the startup of the Concentrate Project as discussed below. The Company may choose to execute the Initial Cathode Project on a standalone basis, which would require funding of development capital of $30 million and capitalized operating expenses of $16 million as disclosed herein. The likely funding sources for the Cathode Project on a standalone basis are equity, equity-linked facilities, royalty financing, pre-payment and/or loan facilities. The Company believes there is a reasonable prospect of raising sufficient capital to execute the Cathode Project on a standalone basis given the low total capital requirements, low project complexity and high potential returns of the Initial Cathode Project. Cautionary Statement: Despite the Company’s belief in the reasonable prospect of capital availability, it is also possible that funding may not be available when required. If project funding is not available, then the projects contemplated in this PFS would not proceed. Cyprium Metals (ASX:CYM / OTCQB: CYPMF) Page 4 Concentrate and Initial Cathode Project Design Scope The Nifty copper complex hosts two standalone brownfield processing plants and has two distinct sources of ore that can be processed to produce copper products. The PFS has confirmed the viability of concurrently operating the Concentrator Project with the Initial Cathode Project from a physical space planning and site interaction standpoint. A brief description of each project follows. Concentrate Project Scope The Concentrate Project design that supports the declaration of economic reserves is focused on recovering the copper resources as described in the Nifty New Surface Mine Mineral Resource Estimate released in March 2024. Economics for this project have been developed as follows: – Ore suitable for processing through the concentrator is recovered from a new surface mine via truck-shovel method. – Recovered sulphide and transitional ore is processed through the concentrator, as refurbished and expanded to suit new ore feed volumes of 4.5mtpa. Recovered oxide ore is stockpiled on Pad 7 (see below) but not processed. – Concentrate is produced from the concentrator and shipped to market in containers, departing site via road transportation to Port Hedland. – Waste material remains on site and is deposited in the existing tailings facility as expanded, and later in integrated waste landforms. – Site infrastructure is upgraded to handle the expanded workforce and long life of project. Figure 1 – Resource wireframe with shell Figure 2 – Existing Concentrator Initial Cathode Project Scope The Initial Cathode Project design that supports the declaration of economic reserves is focused on recovering the copper resources as described in the Nifty Heap Leach Mineral Resource Estimate released in August 2024. Economics for this project have been developed as follows: Cyprium Metals (ASX:CYM / OTCQB: CYPMF) Page 5 – Existing material stockpiled on Pads 5 & 6 are turned over to create new surface area. These materials are retreated in place with fresh leaching solution. Solution pregnant with copper from the retreatment reports through to existing ILS/PLS collection points. – Pregnant solution is pumped to the SX-EW plant as refurbished, where copper in solution is recovered into marketable cathode product up to rate of ~6ktpa – Cathode copper products are shipped by road to Port Hedland for export to market. – Now-depleted ore is removed from Pads 5 & 6 and disposed of, uncovering additional material below, where the process is repeated. – Existing Pads 1-4 are moved to a new pad, Pad 7, to accommodate the footprint of the new surface mine (see Impact of Timing Assumptions on Project Scopes) and retreated using the same methodology as Pads 5 and 6. – All mineralised waste material as described in the August 2024 Nifty Heap Leach MRE (e.g. material that is thought to contain recoverable copper but for which the Company does not sufficient information to estimate resource to a JORC standard) is treated as waste, incurring cost to handle and move when applicable. Figure 3 – Copper Solution Flowing out of Existing Heap Leach Pads Figure 4 – Solvent Extraction Plant Cyprium Metals (ASX:CYM / OTCQB: CYPMF) Figure 5 – Electrowinning Circuit Page 6 Impact of Timing Assumptions on Project Scopes The two projects of the Nifty Copper Complex are both capable of execution on a standalone basis, however due to physical space constraints the projects interact with each other if they are both in operation at the same time. Figure 6 shows the physical site layout, the expected pit limits of the new surface mine supporting the Concentrate Project, the existing stockpiled material that supports the Initial Cathode Project, and the location of important infrastructure for the Initial Cathode Project, namely the SX-EW processing plant. Figure 6 – Project Interactions In this Prefeasibility Study, the Initial Cathode Project has been scoped to accommodate the simultaneous operation of the Concentrate Project as described below. – Movement of Pads 1-4: Commencement of surface mining leads to near-term interactions between the new surface mine and Pads 1-4. The Concentrate Project is assumed to relocate 3.4 million tonnes of material on Pads 1-4 to new Pad 7 where it is re-treated. – Oxide ore from the new surface mine: Oxide ore from the pit is also moved to new Pad 7 for permanent disposal, incurring costs but no revenue. – Removal of SX-EW Plant: Figure 7 indicates that the continued advancement of the surface mine will eventually require the removal and/or relocation of the SX-EW processing plant. This interaction is not expected to occur until the eighth year of surface mining operations, allowing for full economic recovery of the ore reserve declared in the Initial Cathode Project. A change in mining plan assumptions may change the year of interaction and therefore the likelihood of economic recovery. With regard to oxide ore from the new surface mine which is stockpiled on Pad 7, the Company does not have sufficient information to evaluate the economics of further treatment of this material at a PFS level of certainty and has therefore excluded any operations to recovery copper from the overall Initial Cathode Project design. Cyprium Metals (ASX:CYM / OTCQB: CYPMF) Page 7 Concentrate Project Summary The Concentrate Project is, as previously described, a large truck-shovel operation that targets the approximately 1 million tonnes of copper metal in transitional and sulphide resources as feed for a concentrator. For additional information on the resource base, please refer to the March 2024 Nifty New Surface Mine MRE. Resource Conversion The Production Target for the Concentrate Project are primarily Measured and Indicated resources of 83.3Mt @ 0.90% (97% of total copper processed). Inferred material of 4Mt @ 0.56% Cu that falls within the Ore Reserve Pit is assumed in the Concentrate Project. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources (or Ore Reserves) in relation to that mineralisation. Table 3 summarises the total Production Target for the Concentrate Project by JORC resource classification, and the percentage of the total Nifty new surface mine mineral resource that has been converted into the PFS mine plan. Table 3 - Production Target Resource Basis, Concentrate Project Resource Area Surface Mine Surface Mine Surface Mine Surface Mine Resource Classification Measured Indicated Inferred Total Million Tonnes 22.7 60.6 4.4 87.7 %Cu 1.06% 0.85% 0.56% 0.89% Cont. Cu (kt) 239 514 25 778 % in PFS Economics 31% 66% 3% 100% % of Total MRE 64% 81% 88% 75% Note: Please see modifying factors in the attached modifying factors in attached PFS Report prepared by MEC Mining. Ore Reserve – Concentrate Project The Ore Reserve for the Concentrate Project (refer Table 4) were declared based on a PFS-level mine plan and economics. The plans that support the determination of economic recovery are summarised in the ensuing sections and the accompany technical report prepared by MEC. Table 4 – Ore Reserve Classification for Concentrate Project Reserve Classification Proved Probable Total Concentrate Project Ore Cu (Mt) (%) 22.7 1.06% 60.6 0.85% 83.3 0.90% Cu (kt) 239 514 753 Note: Supporting information as prescribed in by the JORC Code is included in Table 1, Section 4 of MEC’s report attached to this ASX announcement, including all material assumptions and modifying factors. The Ore Reserve is based on the current Mineral Resource Estimate (MRE) for the Concentrate Project as announced on 14 March 2024. The estimated Ore Reserves have been prepared by a competent person in accordance with JORC Code as detailed in the Competent Persons sign off below. Any conversion of Mineral Resource to Ore Reserve is based on economic recovery of that material as determined by the mining and processing schedules, capital and operating cost projections, macroeconomic assumptions, allowances for ore loss and dilution, and any other modifying factors contained in the attached report prepared by MEC and disclosed on the date of this release. Please refer to this report for additional information. Cyprium Metals (ASX:CYM / OTCQB: CYPMF) Page 8 Concentrate Production Profile Figure 7 below shows the anticipated production profile from the Concentrate Project. The Concentrate Project shows a 20-year life, with life of mine production of 694,000 tonnes and an average production of 38,700 tonnes of copper across the first ten years of project life. Table 5 below summarises life of mine physicals for the Concentrate Project. Figure 7 – Copper in Concentrate Production kt 50 45 40 35 30 25 46 46 46 20 35 34 15 39 41 41 39 35 33 28 43 44 44 35 22 10 14 14 12 5 - 3 - - FY48 FY47 FY46 FY45 FY44 FY43 FY42 FY41 FY40 FY39 FY38 FY37 FY36 FY35 FY34 FY33 FY32 FY31 FY30 FY29 FY28 FY27 FY26 Copper in Concentrate Table 5 – Concentrate Project, Physicals Summary Waste Mined Ore Mined Strip Ratio Mt Mt W:O 614.9 87.7 7.0 Design Plant Throughput Average Plant Throughput Mtpa Mtpa 4.5 4.4 Total Concentrator Feed Average Copper Grade Metallurgical Recovery Mt % Cu % 87.7 0.89% 89% LOM Production t Cu mm lbs Cu 694,000 1,529 Avg. Annual Production, Years 1-10 tpa Cu lbs Cu 38,700 85 million Avg. Annual Production, LOM tpa Cu lbs Cu 35,100 77 million Cyprium Metals (ASX:CYM / OTCQB: CYPMF) Page 9 Surface Mine Operating Plan The Concentrate Project establishes a new surface mine to access the sulphide and transitional ore within the pit shell. – Speed to Ore: Per the Company’s current engineering knowledge base suitable to support a PFS, the constraint on achieving regular concentrate production is availability of the concentrator (currently estimated at 17 months) rather than the mine availability. The PFS mining rates were designed to match pre-stripping activity with concentrator availability. – Operating Philosophy: The Concentrate Project assumes contract operations throughout. The economic model includes contractor margin of ~15% on top of all operating costs, and a capital recharge component on all equipment. – Mining Fleet: Primary waste stripping is achieved through use of 600-tonne excavators, and ore mining is executed with 200-tonne excavators. Both waste and ore haulage is designed with 220-tonne trucks, which is incorporated in all ramp and road design widths. – Zone of Influence: There is a “zone of influence” where surface mining activities will directly or indirectly overmine previous underground workings and/or the ground being mined is within a geotechnical domain that is influenced by previous underground workings. Substantial mapping and reconciliation of mine records was completed as a part of the March MRE, Geotechnical drilling, mapping and engineering design specific to these areas was completed as a part of this PFS. The overall mine plan was developed with consideration for the zone of influence. Each phase specifically seeks to balance ore and waste movements from areas within the zone of influence with areas that can be considered undisturbed. Unit operating rates and certain operating costs were also adjusted to account for changed operating protocols within the zone of influence, and these rates and costs were discussed with a contract operator with significant and relevant experience. – Pit Design and Material Movements Figure 8 shows the PFS material movement is front-loaded as the existing shallow pit that previously supported oxide operations is cut back significantly to access the sulphide ores. Figure 11 below shows the planned pit progression, and Figure 12 a typical cross-sectional view of the targeted resources within the pitshell. Cyprium Metals (ASX:CYM / OTCQB: CYPMF) Page 10 Figure 8 – Mine: Total Material Moved kt 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 FY44 FY43 FY42 FY41 FY40 FY39 Ore FY38 FY36 FY37 FY35 FY34 FY33 FY32 FY31 FY30 FY29 FY28 FY27 FY26 Waste Ore Movements Figures 9 and 10 below show the PFS mine plan is designed to deliver 3-6 million tonnes of ore, and higher-grade ore is processed in the period while lower grade ores are stockpiled and blended into ore feed over time. The balance of the low-grade stockpile is processed in the final years of the PFS plan. Table 6 below shows overall plant performance underlying the PFS, with 89% projected recovery. Figure 9 – Mine: Ore Mining Schedule kt % Cu 8,000 1.1% 7,000 1.0% 1.0% 0.9% 0.9% 6,000 0.8% 1.1% 1.2% 1.1% 1.0% 1.0% 0.9% 0.9% 0.8% 0.8% 0.8% 0.8% 0.7% 5,000 0.8% 0.7% 4,000 0.6% 3,000 0.4% 2,000 0.2% 1,000 - 0.0% FY44 FY43 FY42 FY41 FY40 FY39 FY38 FY37 Transitional FY36 FY35 FY34 Cyprium Metals (ASX:CYM / OTCQB: CYPMF) FY33 FY32 FY31 FY30 FY29 FY28 FY27 FY26 Fresh Copper Grade Page 11 Figure 10 – Plant: Ore Feed kt %Cu 5,000 1.40% 4,500 1.1% 1.1% 1.1% 4,000 1.0% 1.0% 0.9% 3,500 0.9% 3,000 1.20% 1.1% 1.1% 1.1% 1.0% 1.0% 1.0% 0.9% 1.00% 0.9% 0.8% 0.80% 0.7% 2,500 0.6% 0.60% 2,000 0.4% 0.4% 0.4% 1,500 0.40% 1,000 500 0.20% 0.0% 0.0% - 0.00% FY48 FY47 FY46 FY45 FY44 FY43 FY42 FY41 FY40 FY39 FY38 FY37 FY36 FY35 FY34 FY33 FY32 FY31 FY30 FY29 FY28 FY27 FY26 Concentrator Feed Tonnes Concentrator Feed Grade Table 6 – Metallurgical Recoveries, Concentrate Material Type Feed (kt) Feed (kt Cu) Grade (%Cu) Recovery (%) Produced (kt Cu) Transitional 894 6 0.64% 76% 4 Fresh 86,800 772 0.89% 89% 689 Total 87,694 778 0.89% 89% 694 Waste Haulage and Location Waste material will be initially used to build up the existing tailings dam to accommodate additional tailings disposal, later to form up integrated waste landforms, and finally building a waste rock storage facility on the south side of the open pit, as the sequence in Figure 13 shows. Figure 14 displays areas currently permitted for clearing of native vegetation. These permitted areas are in addition to mine areas that are already cleared. The permitted areas are suitable to accommodate ~93% of all waste material produced in the PFS mine plan. Permitting The major permits required to commence the Concentrate Project are largely complete. Table 7 shows the status of these. With the Concentrate Project now supported by a PFS, the Company will work to complete all renewals and update existing approvals with current information. Cyprium Metals (ASX:CYM / OTCQB: CYPMF) Page 12 • Figure 11 – PFS Pit Design and Sequencing Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 - Final Figure 12 – Cross sectional view Cyprium Metals (ASX:CYM / OTCQB: CYPMF) Page 13 • Figure 13 – PFS Integrated Waste Landform Design and Sequencing Stage 1 Stage 2 Figure 14 – Native Vegetation Clearing Permit Cyprium Metals (ASX:CYM / OTCQB: CYPMF) Stage 3 Stage 4 Stage 5 - Final Table 7 – Permits Status Required for Operation Permit Regulator Current Status Renewal / Requirements Works Approval DWER Approved Aug-25 Native Veg. Clearing (3) DEMIRS Approved Various Mining Proposal DEMIRS Approved MOP Update Mine Closure Plan DEMIRS Approved Apr-25 Water License DWER Approved Apr-26 Page 14 All-in-Sustaining Costs (AISC) The operating cost structure of the Concentrate Project is summarized below in Table 8. These operating costs were built from first principles at a PFS level of confidence and assume a contractor mining model. Additional information on these costs can be found in the accompanying technical report. A breakdown of all-in-sustaining costs (AISC) for the Concentrate Project is summarised in Table 8. Table 8 – AISC Summary, Concentrate Project A$/ t Pay. Cu A$/ t ore processed US$ /lb. Pay. Cu Copper Price 13,252 101.1 4.25 Mining Cost Processing Cost Site G&A Selling Cost Cash Cost 2,561 3,063 181 1,679 7,485 19.5 23.4 1.4 12.8 57.1 0.82 0.98 0.06 0.54 2.40 Sustaining Capital (including Rehab) All-in-Sustaining Cost 672 8,158 5.1 62.3 0.22 2.62 Note: Selling costs include road transport, ocean freight, insurance, port charges, TCRCs, marketing fees and state government royalites. Sustaining capital allowances have been provided to allow for the ongoing costs of repairing existing process plant, including structural concrete, electrical and platework repairs. Sustaining capital has also been forecast for progressive tailings storage lifts and rehabilitation costs have been included at the end of the life of the Concentrate Project. Additionall