Cyprium Metals Secures A$15M, Partners with Macmahon to Restart Nifty Copper Mine

Capital Raising Strengthens Balance Sheet

During the March 2025 quarter, Cyprium Metals Ltd (ASX: CYM) successfully completed a two-tranche placement raising A$13.5 million and a pro rata entitlement offer raising an additional A$1.5 million. This capital injection bolsters the company’s financial position as it advances plans to restart production at the Nifty Copper Complex in Western Australia’s Paterson region. The placement included free-attaching options exercisable at A$0.042, providing investors with potential upside participation.

Strategic Alliance with Macmahon to Drive Execution

Cyprium appointed Macmahon Holdings Ltd as its strategic execution partner, formalising a non-binding Heads of Agreement to accelerate redevelopment efforts at Nifty. Macmahon will lead early contractor involvement (ECI) contracts to refine the bankable feasibility study and operational plans, leveraging their extensive mining services expertise. This partnership aims to de-risk the project and expedite the restart of the cathode production, with a view toward a potential life-of-mine alliance contract.

Resource Upgrade at Maroochydore Enhances Growth Prospects

The company released an updated mineral resource estimate for its 100% owned Maroochydore Copper-Cobalt Project, revealing a substantial inferred resource of 371 million tonnes at 0.43% copper and 227 ppm cobalt. Notably, a higher-grade zone within this resource contains 106 million tonnes at 0.67% copper and 308 ppm cobalt. This upgrade underscores Maroochydore’s potential as a satellite feed source to the Nifty mill, supporting medium-term growth ambitions.

Non-Core Asset Divestments Streamline Portfolio

Cyprium completed the divestment of its Meekatharra Project to Solstice Minerals Limited, receiving A$1 million in cash and 3 million Solstice shares, with additional contingent shares linked to future resource announcements. The sale of surplus generators was also extended, with progress payments received and final completion expected in the June quarter. These moves reflect a focus on core assets and capital discipline.

Financial Position and Outlook

At quarter-end, Cyprium held A$17 million in cash, excluding approximately A$7.6 million expected from closing non-core asset sales. Operating expenses remain elevated due to maintaining Nifty as an active mining site, but management is prioritising feasibility study completion and execution planning for the cathode restart. The company is also advancing conceptual studies for a concentrate project at Nifty and exploring Maroochydore’s development potential.

Executive Chair Matt Fifield emphasised the company’s momentum: “Our strategic alliance with Macmahon marks a pivotal step in strengthening Cyprium’s operational capability as we move toward execution at Nifty. We look forward to progressing from studies to execution throughout 2025.”