How Cyprium Metals Plans to Restart Nifty Copper by Mid-2026

Nifty Copper Complex, A Brownfield Opportunity

Cyprium Metals Limited (ASX, CYM) is rapidly progressing the restart of the Nifty Copper Complex, a historically prolific copper producer located in Western Australia's Paterson Province. The asset boasts substantial JORC-compliant reserves, including an 83 million tonne surface-mineable reserve grading 0.9% copper, alongside an above-ground heap leach resource of 12.7 million tonnes at 0.43% copper. With key infrastructure such as a cathode plant and concentrator already in place, Cyprium is leveraging these brownfield advantages to fast-track production.

The company plans a phased approach, beginning with the refurbishment and reprocessing of heap leach pads to generate early cash flow through copper cathode production, anticipated by mid-2026. This initial phase requires a modest capital investment of approximately $40 million and is expected to deliver between $30 million and $50 million in free cash flow annually.

Capital Raising and Financial Position

To support its growth initiatives, Cyprium completed an $80 million capital raise in August 2025 and refinanced its senior debt facility with Nebari Holdings in late 2025. Most recently, the company announced a fully underwritten $41 million capital raising through an institutional placement and a 1-for-58 pro-rata entitlement offer at $0.52 per share, representing discounts to recent trading prices. The proceeds will fund regional exploration, accelerate studies and early works for open pit reactivation, and support general working capital.

Post-raise, Cyprium's pro forma cash balance is approximately $116 million, with an enterprise value near $290 million. The company maintains convertible notes with Metals X Limited valued at $36 million, which could dilute shareholders upon conversion, subject to regulatory approvals.

Operational Readiness and Expansion Plans

Cyprium's management team, including Executive Chairman Matt Fifield and Chief Operating Officer Colin Mackey, brings deep operational knowledge of the Nifty site. The restart team is focused on refurbishing the solvent extraction and electrowinning (SXEW) plant to recommence cathode production. Following the heap leach restart, the company aims to refurbish and expand the concentrator to process up to 4.5 million tonnes per annum, unlocking multi-decade production potential.

Regional growth prospects are significant, with the nearby Maroochydore deposit holding inferred resources of over 370 million tonnes at 0.43% copper and 227 ppm cobalt, and the Rainbow prospect offering high-priority copper targets within 30 kilometres of Nifty. Exploration efforts, supported by partners such as IGO Limited, are underway to delineate satellite feed sources to the Nifty processing facilities.

Risks and Market Context

While the restart plan presents a compelling risk-reward profile amid a historically high copper price environment, Cyprium acknowledges key risks including debt servicing obligations, commodity price volatility, operational challenges, environmental compliance, and regulatory approvals. The company has maintained permits and infrastructure to facilitate a rapid restart but remains subject to the inherent uncertainties of mining operations and exploration.

Cyprium's strategy to unlock value through a staged restart and regional exploration positions it as a notable player in Australia's copper sector, with potential to contribute meaningfully to copper supply amid global demand pressures.