Cyprium brings dormant Nifty copper complex to the brink of first cathode
Cyprium Metals says its long-delayed Nifty Copper Complex is entering the final commissioning phase, with first copper cathode production expected in the December quarter of 2026. The restart is backed by A$121 million in equity raisings, a refinanced US$27.3 million loan facility and A$68.5 million in cash at year-end.
- First cathode production expected in the December quarter of 2026
- Production wellfield expanded to 98 wells accessing about 1.7 million tonnes of leachable material
- Phase 1 targets approximately 6,000 tonnes per annum of cathode capacity
- FY2026 net loss narrowed to A$15.6 million from A$26.4 million
- Potential expansion toward approximately 20,000 tonnes per annum remains under evaluation
Nifty restart reaches final commissioning stage
Cyprium Metals Limited (ASX:CYM) is approaching the moment that has eluded Nifty for almost two decades: first copper cathode production. The company’s FY2026 annual report says acid commissioning has begun on the existing heap leach pads, while first cathode production remains expected in the December quarter of 2026.
The milestone is not yet production. Train B of the solvent extraction and electrowinning plant is substantially mechanically complete, with dry commissioning and water testing under way. Wet commissioning, final energisation and operational readiness activities remain before the plant can produce saleable cathode.
Wellfield expansion increases available leach material
A direct injection leaching trial using pit water produced flow rates of approximately 250 cubic metres an hour and copper in solution at grades and volumes the company says are sufficient to support plant commissioning. Cyprium subsequently expanded the production wellfield from 14 to 98 wells, providing immediate access to about 1.7 million tonnes of leachable material.
Acid deliveries restarted in May 2026 after the company completed a new sulphuric acid storage and distribution terminal. Acidified solution is now being introduced to the heaps, building copper-rich inventory in the pregnant and intermediate liquor ponds needed for plant start-up. Phase 1 is aimed at approximately 6,000 tonnes per annum of cathode capacity, although the report separately describes a possible expansion toward approximately 20,000 tonnes per annum as a capacity target rather than a production target.
Funding supports construction but losses continue
Cyprium finished the year with A$68.5 million in cash and short-term deposits, up from A$13.7 million a year earlier, after raising A$80 million in October 2025 and a further A$41 million in March 2026. It also refinanced its US$27.3 million senior secured facility with Nebari, extending maturity to December 2029 and providing a repayment holiday until the end of 2027.
The balance sheet is better funded, but the company is not yet generating operating cash from copper sales. Net cash used in operating activities was A$24.6 million during FY2026, while capital spending on plant and equipment reached A$33.4 million. Cyprium reported a net loss of A$15.6 million, narrower than the A$26.4 million loss recorded in FY2025, and carried A$37.9 million of borrowings alongside A$24.7 million of convertible notes.
Expansion and concentrate plans remain separate options
The restart is being presented as the first stage of a larger Nifty redevelopment rather than the endpoint. Cyprium is assessing whether the refurbished SX-EW infrastructure can support higher cathode output and is also studying a potential return to open-pit mining and concentrate production using the existing 2.8 million tonne per annum mill and flotation circuit.
Elsewhere in the portfolio, the company is reviewing a 370.84 million tonne inferred Maroochydore resource grading 0.43% copper and 0.023% cobalt, while results from drilling at the Rainbow prospect in the Paterson region remain pending. The company also says it has regained full control of the Paterson Exploration Project after the dissolution of its joint venture with IGO, bringing back access to a database built from more than 9,100 drill holes and about 30,000 soil samples.
Commissioning execution becomes the immediate test
For shareholders, the next evidence will be operational rather than geological. Cyprium must complete energisation, demonstrate stable leaching and SX-EW performance, and convert copper-rich solution into cathode on the expected timetable. The report’s forecast is therefore a near-term milestone, not a confirmed production result.
The company’s stated financial runway gives it room to reach that test, but the cost of getting there remains visible in its cash burn, debt obligations and rehabilitation provision of A$36.4 million. Whether Nifty’s first cathode marks the start of self-funded growth will depend on the speed and reliability of the ramp-up once the commissioning work leaves the page and reaches the plant floor.
Bottom Line?
Cyprium has moved Nifty from construction toward commissioning, but the investment case now turns on producing cathode reliably before the funding runway is tested by further delays.
Questions in the middle?
- Will Nifty deliver first cathode production in the December quarter, or will final commissioning extend the timeline?
- How quickly can the Phase 1 operation generate operating cash after production begins?
- Can the proposed cathode expansion and future concentrate restart be funded without another material equity raising?
