Announcement PDF COMPANY BRIEFING NOOSA CONFERENCE PRESENTATION 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 Board of Directors. 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. 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 announcement dated 14 March 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. 2 ACKNOWLEDGEMENT OF COUNTRY Cyprium recognises and respects the Traditional Custodians of the lands where we conduct our business. We acknowledge the profound spiritual and cultural significance these lands hold for their ancestral owners. We are committed to fostering enduring relationships with indigenous communities, recognizing our shared obligation to protect and cherish the land, waters and heritage for generations to come. 3 FIVE THINGS FOR INVESTORS TO KNOW ABOUT CYPRIUM 1. Situational investment: turnaround in mid-turn 2. Western Australian copper at scale with brownfield advantage 3. Clear, sequenced execution strategy 4. Team that has done this before 5. Great moment to invest for long-term value growth 4 TURNAROUND STORY IN MID-TURN (ASX: CYM) 0.12 4 3 Share Price ($) 0.08 0.06 2 0.04 1 Traded ($ m.) 0.10 Cyprium Metals Ltd Ticker: CYM Market Cap (FD): $104m Ent Value (FD): $113m (b/s as of March 24) – CYM spent half of 2023 on – suspension and near insolvency 0.02 – Rescue financing in 2023 0.00 0 – Management team evolution in 2024 – Near-term debt maturities of $16m and $36m of out-of-the-money convertible notes Dollar Volume 5 Price 1.9 MILLION TONNES OF AUSTRALIAN COPPER RESOURCE Two brownfield processing plants, site infrastructure, permits NIFTY COMPLEX Port Hedland Contained tonnes Cu Open-Pit Resources1 1,038,000 Heap Leach Inventory (Cathode Plant) ~90,000 Port Hedland Maroochydore Resources1 Nandie Well (Murchison) Resources1 Perth Hollandaire (Murchison) Resources1 6 Contained tonnes Cu-eq 537,837 Contained tonnes Cu-eq 226,077 Contained tonnes Cu-eq 61,729 Brownfield Cathode Plant Brownfield Concentrator CLEAR STRATEGY TO PROGRESS ASSETS Cathode in early 2025, Concentrate in 2027 40-50 ktpa brownfield capacity… HIGH Project execution Nifty 1 SX-EW Restart Design / feasibility Project Knowledge Baseline …plus incremental ~50ktpa from owned projects 2 Nifty Large Surface Mine Conceptual plans Maroochydore MEDIUM Murchison Assets Resource delineation Near Nifty Greenfield exploration Paterson Exploration JV LOW NOW 7 1Y 3Y Catalyst required Longer term STEP 1: RESUME CATHODE PRODUCTION Low cost, low complexity path to revenue and operations 6,000 tonne production target, working towards commercial and FID now 8 STEP 2: NEW SURFACE MINE AT NIFTY Working towards 2027 concentrate production 2024 Scoping Study: NPV8 of $880m, 46% IRR 9 TEAM EXPERIENCED IN MINE STARTUPS AND CHANGE MGMT Right team to bring company into operational phase Matt Fifield Colin Mackey Louis Chait Manu Trivedi Milan Jerkovic Executive Chairman COO Chief Commercial Officer CFO Senior Advisor - Eighth mine startup - Turnaround and operational leadership - 18 yrs at Rio Tinto - Marketing, logistics, finance, procurement, operations - Former CFO Glencore Copper - Multiple mine finance and admin roles - Statutory ASX compliance - CFA - Former CEO of Straits Resources, owner and operator of Nifty SXEW - Managing Partner, Pacific Road Capital - Third turnaround - Ninth mine startup - Significant cash investor in CYM 10 WHAT TO EXPECT FOR REST OF 2024 1. More detail on Cathode Restart 2. Cathode Restart funding plan and FID 3. Address near-term maturities 4. Continued progress on Nifty’s New Surface Mine to PFS and beyond 5. Possible: additional news as longer-term development projects advance 11 THANK YOU Contact Us Registered Office & Principal Place of Business Unit 1, 437 Roberts Road Subiaco WA 6008 Australia Telephone +61 8 6374 1550 www.cypriummetals.com IMPORTANT NOTICES Competent Person’s Statement The information in this report that relates to estimation and reporting of Mineral Resource Estimates 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 General Manager – Geology and Exploration for Cyprium Metals Limited, in which he is also a shareholder. Mr. van Luyt has sufficient experience which is relevant to the styles of mineralisation and types 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. Calculation of Copper Equivalent Copper equivalent grades have been calculated using an AUD/USD exchange rate of 0.63 and based on the following assumed metal prices: copper – AUD $15,049.89/t; gold – AUD $3,568.55/oz; silver – AUD $40.38/oz; platinum – AUD $1,467.57/oz; palladium – AUD $1,465/oz; cobalt – AUD $40,361.54/t; nickel – AUD $28,763.51/t; zinc AUD $4,333.77/t. The following formulae have been used to calculate copper equivalent grades, with results rounded to two decimal places: – Nifty – MRE for the open pit and Mineral Inventory for the heap leach quote Cu only. – Maroochydore – Cu-Eq grade (%) = Cu % + (Co % x 2.68) + (Zn % x 0.29). – Hollandaire – Cu-Eq grade (%) = Cu % + (Au g/t x 0.76) + (Ag g/t x 0.01). – Nanadie Well – Cu-Eq grade (%) = Cu % + (Au g/t x 0.76) + (Ag g/t x 0.01) + (Co % x 2.68) + (Ni % x 1.91) + (Zn % x 0.29). Potential metallurgical recoveries can be estimated based on recoveries for similar deposit styles: – Sediment-hosted deposits (Nifty, Maroochydore) – 85% Cu, 50% Co, 50% Zn. – VMS deposits (Hollandaire) – 85% Cu, 70% Au, 50% Ag. – Mafic-associated orthomagmatic sulphide deposits (Nanadie Well) – 90% Cu, 70% Pt, 70% Pd, 60% Au, 55% Ni, 55% Co, 50% Zn. 13 IMPORTANT NOTICES Mineral Resource Estimates on which Cu equivalent calculations are based MAROOCHYDORE MINERAL RESOURCE ESTIMATE 2013 Material type Oxide Sulphide All material Resource Category Indicated Inferred Volume m3 BD Tonnes Cu eq % Cu eq T Cu % Cu T Co ppm Co T Zn ppm Zn T 18,561,818 1,073,636 2.2 2.2 40,836,000 2,362,000 1.03 0.94 420,265 22,146 0.92 0.81 375,691 19,132 388 451 15,844 1,065 174 227 7,105 536 Sub Total 19,635,455 2.2 43,198,000 1.02 442,411 0.91 394,823 391 16,910 177 7,642 Inferred 1,941,071 2.8 5,435,000 1.74 94,775 1.66 90,221 292 1,587 187 1,016 Sub Total 1,941,071 2.8 5,435,000 1.74 94,775 1.66 90,221 292 1,587 187 1,016 TOTAL 21,576,526 2.27 48,633,000 1.10 537,186 1.00 485,044 380 18,497 178 8,658 HOLLANDAIRE MINERAL RESOURCE ESTIMATE 2020 Material type Resource Category Indicated Volume m3 Tonnes Cu eq % Cu eq T Cu % Cu T Au g/t Au Oz Ag g/t Ag Oz 5,297 9,534 1.30 124 1.20 114 0.09 28 4.00 1,226 Transitional Sub Total Indicated Inferred 5,297 94,984 4,266 9,534 274,768 12,081 1.30 2.03 0.42 124 5,567 51 1.20 1.80 0.40 114 4,946 48 0.09 0.24 0.02 28 2,120 8 4.00 5.00 1.00 1,226 44,170 388 Fresh Sub Total Indicated Inferred 99,250 637,906 193,609 286,849 1,894,325 593,172 1.96 2.25 1.94 5,618 42,691 11,497 1.74 1.96 1.57 4,994 37,129 9,313 0.23 0.31 0.41 2,128 18,880 7,819 4.83 6.64 6.46 44,558 404,402 123,198 Sub Total 831,515 2,487,497 2.18 54,188 1.87 46,442 0.33 26,699 6.60 527,600 TOTAL 936,062 2,783,880 2.15 59,931 1.85 51,550 0.32 28,855 6.41 573,385 Oxide All material NANADIE WELL MINERAL RESOURCE ESTIMATE 2021 Resource Category Inferred top cut Total 14 Tonnes Cu eq % Cu eq T Cu % Cu T Au g/t Au Oz Ag g/t Ag kOz Co ppm Co T Ni ppm Ni T Zn ppm Zn T 1,300,000 200,000 Bulk Density 2.8 2.9 3,500,000 600,000 0.63 0.63 21,976 3,803 0.44 0.45 15,400 2,700 0.12 0.12 13,503 2,315 0.70 1.50 79 29 70 60 245 36 350 310 1,225 186 160 140 560 84 Fresh 11,700,000 3.1 36,300,000 0.55 199,376 0.39 141,570 0.10 116,707 1.10 1,284 50 1,815 290 10,527 160 5,808 All material 13,200,000 3.1 40,400,000 0.56 225,587 0.40 161,600 0.10 129,889 1.00 1,299 50 2,020 290 11,716 160 6,464 Material type Volume m3 Oxide Transitional