Cyprium Metals Advances Nifty Copper Restart with Production Slated for Q3 2026

Phase 1 Restart Nears Production Milestone

Cyprium Metals (ASX:CYM) is gearing up to resume copper cathode production at its Nifty Copper Complex in Western Australia, with first output expected in the September quarter of 2026. The company reported significant strides in its Phase 1 Copper Cathode Restart project during the March quarter, including completion of key site infrastructure, heap turnover, and halfway progress on refurbishment labour hours at the solvent extraction and electrowinning (SXEW) plant. Critical capital equipment is committed and en route, underpinning an operational ramp-up on schedule.

Operational readiness activities have advanced alongside construction, with operating procedures and training well underway. Cyprium has also refurbished camp facilities to support the workforce during this critical phase. The company’s integrated project delivery team, working with partners Macmahon and DECMIL, has maintained momentum despite emerging global supply chain challenges.

Supply Chain Security Amid Geopolitical Risks

In light of geopolitical tensions affecting global commodity markets, Cyprium has proactively secured essential inputs to safeguard its restart timeline. The company holds up to five months’ supply of sulphuric acid at local terminals, sourced predominantly from Australian and Indo-Pacific suppliers, and diesel inventories sufficient for three months of operations. Natural gas, powering the site’s turbines, remains unaffected by current market disruptions.

This supply chain resilience is critical given the indispensable role of sulphuric acid in leaching copper from oxide ores during heap leach processing. Cyprium’s logistics partners are among Australia’s largest handlers of this hazardous material, ensuring specialised transport and storage capabilities.

Capital Raising Fuels Growth and Exploration

Backing its restart and growth ambitions, Cyprium completed a A$41 million equity capital raising in March 2026, comprising a two-tranche placement and a fully underwritten entitlement offer at A$0.52 per share. This injection bolsters the company’s balance sheet, which stood at A$96.5 million cash at quarter-end, providing a runway of over eight quarters based on current expenditure levels.

The capital raise builds on earlier funding rounds, including a recent A$36M placement completion, positioning Cyprium to accelerate exploration and expand production capacity. The company’s disciplined capital management is evident in its A$9.3 million net cash used in operating activities and A$10.3 million invested in property, plant, and equipment during the quarter.

Exploration Uncovers Multiple High-Priority Targets

Cyprium’s exploration efforts continue to gain traction, with a comprehensive review of over 9,100 drill holes and tens of thousands of soil samples from the Paterson region revealing compelling copper targets. Notably, the Rainbow prospect, located just 30 kilometres from Nifty, exhibits large-scale geochemical anomalies comparable to the flagship project. Diamond drilling at Rainbow has been completed, with assay results anticipated in the June quarter.

Additional targets such as Stirling, NL04b, and MB01, alongside unassayed core samples, promise to expand the resource base. The company is also advancing plans for the Maroochydore Copper-Cobalt deposit and continues to evaluate the Cue Copper-Gold Project. Cyprium’s strategic hire of Richard Holmes as Chief Development Officer underscores its commitment to accelerating exploration and development across its portfolio, complementing recent exploration data review initiatives.

Planning for Expansion Beyond Phase 1

Beyond the immediate restart, Cyprium is advancing its Phase 2 Cathode Production project, targeting increased SXEW plant capacity by refurbishing the older 'A Train' process line. This expansion would leverage additional oxide ore sources, including shallow in-pit material and low-grade stockpiles, potentially requiring construction of a new leach pad.

Simultaneously, the company is refining plans for open-pit concentrate production, focusing on refurbishing the 50,000 tonnes per annum flotation circuit and mill. Efforts include mine planning to mitigate risks from past underground workings and evaluating options to maximise processing capacity, potentially incorporating ore from exploration successes at Rainbow and Maroochydore.

Leadership and Investor Engagement

Cyprium has strengthened its leadership with key appointments, including Justin de Mellion as Nifty Site General Manager and Richard Holmes as Chief Development Officer post-quarter. These hires aim to support operational delivery and exploration growth. The company also hosted institutional investors at the Nifty site in March, showcasing tangible progress on the restart project and reinforcing confidence in its staged development strategy.