Can Cyprium Overcome Risks to Deliver on Nifty Copper Production?
Cyprium Metals has secured $80 million in funding and advanced key infrastructure works to restart copper production at its Nifty Copper Complex, targeting first cathode output by mid-2026.
- Phase 1 Cathode Restart approved with production expected mid-2026
- Completed $80 million capital raise and refinanced senior secured loan
- Strong cash position of A$75 million at quarter-end
- Refurbishment of heap leach infrastructure and SXEW plant underway
- Regained control of Paterson Exploration Project, expanding growth potential
Strategic Restart at Nifty Copper Complex
Cyprium Metals Limited (ASX – CYM) has marked a significant milestone in its transition from developer to producer with the approval and advancement of the Phase 1 Cathode Restart at the Nifty Copper Complex in Western Australia. The company anticipates first copper cathode production by mid-2026, following a comprehensive refurbishment of critical heap leach infrastructure and the Solvent Extraction and Electrowinning (SXEW) plant.
This progress is underpinned by a transformational capital raise of A$80 million completed during the December 2025 quarter, which, combined with a refinancing of its senior secured loan facility, has fortified Cyprium’s balance sheet. The company closed the quarter with a robust cash position of A$75 million, positioning it well to fund ongoing project execution and exploration activities.
Operational Advances and Project Execution
During the quarter, Cyprium focused on re-establishing heap leach support infrastructure, including drainage systems and solution ponds, essential for the leaching process. The company also commissioned leaching activities with new acid storage and distribution systems and initiated refurbishment of the SXEW plant through a contract with Macmahon subsidiary DECMIL valued at approximately A$27 million.
These efforts are complemented by enhanced mine safety management systems and the recruitment of key personnel to ensure operational readiness. The Western Australian government’s approval of Cyprium’s Notice to Proceed in November 2025 represents the final regulatory hurdle before restarting cathode operations.
Exploration and Growth Prospects
Beyond the immediate restart, Cyprium is advancing exploration programs at the Nifty Copper Complex and surrounding Paterson region projects. Notably, the company regained full control of the Paterson Exploration Project following the dissolution of its joint venture with IGO, unlocking access to extensive exploration data and potential new copper resources.
Additional exploration initiatives include planned drilling at the Maroochydore Copper-Cobalt Project and the Cue Copper-Gold Project, aiming to build a diversified pipeline of copper assets to support long-term growth.
Corporate and Financial Strength
Cyprium also completed a 1-for-10 share consolidation and appointed two new Non-Executive Directors, Jim Simpson and Amber Banfield, strengthening its governance framework. The refinancing of its senior secured loan facility with Nebari Natural Resources Credit Fund II LP extends debt maturity to December 2029 and provides flexible repayment options.
Cash flow management during the quarter reflected investments in project development and exploration, balanced by strong proceeds from equity issuance and asset sales, including surplus generators. This financial discipline supports Cyprium’s strategy to deliver value through phased project restarts and exploration success.
Bottom Line?
With funding secured and infrastructure upgrades underway, Cyprium is poised to shift from development to production, but execution risks and exploration outcomes will shape its next phase.
Questions in the middle?
- How will operational challenges impact the timing of first cathode production?
- What exploration results might unlock further resource expansions at Paterson?
- How will Cyprium manage capital allocation between restart activities and exploration?
