Cyprium Metals Limited · ASX:CYM
Cyprium Metals — Investor Presentation (January 2026)
33 slides from Cyprium Metals's investor presentation, Jan 23, 2026
Slide 1: Unlocking Value at Nifty Copper Complex
UNLOCKING VALUE AT NIFTY COPPER COMPLEX NEAR-TERM CATHODE PRODUCER INVESTOR PRESENTATION | JANUARY 2026 www.cypriummetals.com www.cypriummetals.com Not for release to US wire services or distribution in the United States
Slide 2: Disclaimers and Forward-Looking Statements
DISCLAIMERS AND FORWARD-LOOKING STATEMENTS IMPORTANT: You must read the following before continuing. This Investor Presentation (“Presentation”) has been prepared by Cyprium Metals Limited (ABN 48 002 678 640) (“Cyprium” or “Company”) and authorised for release by the Executive Chair of Cyprium. Sum
Slide 3: Acceleration of Nifty Copper Complex Restart
ACCELERATION OF NIFTY COPPER COMPLEX RESTART Executing at speed to capitalize on asymmetric opportunity 1 Nifty, a former prolific producer currently at midlife, is a company-making asset with brownfield advantages of cost, time and scale – Early shutdown of SXEW left an above-ground heap leach JORC
Slide 4: Cyprium Metals Snapshot
CYPRIUM METALS SNAPSHOT (ASX: CYM) Brownfield restart of prolific copper complex in Western Australia CORPORATE SUMMARY1 CYM 12MTH SHARE PRICE CHART Share Price (as at 20 January 2026) A$0.585 Share Price (A$) Volume (M) 0.70 Shares on issue 492m 0.60 Market Capitalisation A$287.9m 0.50 Cash (as at
Slide 5: Asset Base for Australia's Next Great Copper Company
ASSET BASE FOR AUSTRALIA’S NEXT GREAT COPPER COMPANY Western Australia copper assets in the Paterson Province PATERSON NIFTY COPPER COMPLEX MAROOCHYDORE EXPLORATION – Prolific copper producer with 720,000 – Large copper-cobalt resource 80km - ~2,000km2 of exploration tenure tonnes produced from Nift
Slide 6: Nifty Copper Complex: Prolific Producer at Midlife
NIFTY COPPER COMPLEX: PROLIFIC PRODUCER AT MIDLIFE Historic mining pursued shallow oxides and very high-grade underground, leaving substantial reserves for new surface mine 220,000 Tonnes of Cu Cathode Nifty: Sedimentary-hosted Copper Orebody via Heap Leach Surface Oxides (’93-’06) Oxides mined from
Slide 7: What's Left: Asset-Rich Brownfield with Large Reserves
WHAT’S LEFT: ASSET-RICH BROWNFIELD WITH LARGE RESERVES Change in mining method and higher metal prices enable new and extended life 83Mt reserve at 0.9% Cu for 750kt contained copper remains 2 in zone between the oxide open pit and the underground mine, adjacent existing concentrator2 Underground wo
Slide 8: Phase 1: Restart Copper Cathode Production
PHASE 1: RESTART COPPER CATHODE PRODUCTION Copper cathode plant (SXEW): up to 25,000 tonnes of productive capacity PFS Outlined Restoring Plant and re-leaching heaps - Significant prior investment to bring to “ready for restart” enables low cost and rapid refurb - Find/replace electrical, pump, moto
Slide 9: Fast Track to Cash Flow: Restart Copper Cathode Production
FAST TRACK TO CASH FLOW: RESTART COPPER CATHODE PRODUCTION PFS PROJECT METRICS (November 2024) PRODUCTION (KT) & PRE-TAX FCF (A$M) – PFS Case Development capital A$30m Capitalised operating costs A$16m 6.2 5.4 6.0 3.9 2.9 Average production Cu 6ktpa AISC A$/t pay. Cu A$6,800 57 55 47 47 45 39 35 34
Slide 10: Four Key Focus Areas
FOUR KEY FOCUS AREAS Site reactivation and resumption of production breakdown HEAP LEACH HEAP LEACH PLANT OPERATIONAL INFRASTRUCTURE COMMISSIONING REFURBISHEMNT READINESS Drains & Ponds Acid delivery to heap SXEW Readiness General Team and Site Readiness “Send to Market, “Ready to Leach” “Ready to R
Slide 11: Cathode Restart: Progress to Date
CATHODE RESTART: PROGRESS TO DATE Timelapse videos of the heap leach infrastructure and acid storage and distribution system 11 CYPRIUM | INVESTOR PRESENTATION | JANUARY 2026 works are available to view on the Company’s website.
Slide 12: Cathode Restart Team Has Deep Project Knowledge
CATHODE RESTART TEAM HAS DEEP PROJECT KNOWLEDGE Nifty’s Cathode Phase was a key training ground for many of today’s hydrometallurgical experts Role Relevant Experience Owner, Commercials, Site Specific Nifty cathode operations Operating Model, Environmental Master Contract, Site operations from earl
Slide 13: Phase 2: Restart Concentrate Production
PHASE 2: RESTART CONCENTRATE PRODUCTION 2.8-3.0Mtpa conventional mill, has float capacity to produce up to 50,000 tonnes of metal in concentrate from sulphide ores PFS Studied Refurbishment and Expansion - Estimated restart of concentrator at existing capacity $35 million capital, <1 yr - Expansion
Slide 14: Large Value Driver: Extend Open Pit, Restart Concentrator
LARGE VALUE DRIVER: EXTEND OPEN PIT, RESTART CONCENTRATOR PFS PROJECT METRICS COPPER IN CONCENTRATE PRODUCTION Development capital A$239m kt 50 Capitalised operating costs A$173m 45 46 46 46 Construction time ~17-20 months 40 43 44 44 41 41 35 39 39 34 35 35 35 30 33 Average production Cu 39 ktpa 25
Slide 15: Continued Delivery of Focused Plan
CONTINUED DELIVERY OF FOCUSED PLAN Value unlock comes through executing simple plans at pace and with strong partners 2024-2025 ACHIEVEMENTS TO DATE – Refinanced balance sheet – Developed forward plan based on upgrade of all relevant information – 3x MRE, concept study, PFS – Strengthened Board and
Slide 16: Regional Growth Opportunities
REGIONAL GROWTH OPPORTUNITIES 16 CYPRIUM | INVESTOR PRESENTATION | JANUARY 2026
Slide 17: Regional Growth Opportunity: Rainbow
REGIONAL GROWTH OPPORTUNITY: RAINBOW High priority copper targets strategically located within 30km of Nifty RAINBOW PROSPECT ▪ Rainbow discovered in 1980 by WMC during regional lag sampling, which returned a 1.5km x 400m anomaly at >250ppm Cu (within a larger 4km x 400m anomaly at >100ppm Cu) ▪ Par
Slide 18: Regional Growth Opportunity: Rainbow
REGIONAL GROWTH OPPORTUNITY: RAINBOW RAINBOW PROSPECT ▪ Plan view of Rainbow showing the Cu lag anomaly with historic drillhole locations (below) ▪ Cross sections with significant intercepts and Metals X interpretations (adjacent) 18 CYPRIUM | INVESTOR PRESENTATION | JANUARY 2026 Source: See company
Slide 19: Regional Exploration Upside
REGIONAL EXPLORATION UPSIDE Unlocking new copper discoveries in a Tier 1 mineral province BROADER PATERSON TENURE TARGETING Extensive technical database incl. over 900,000 metres of historical drilling ▪ Total ~2,000km² tenure along a 200km regional strike extent located on the western edge of the P
Slide 20: Maroochydore Rediscovered
MAROOCHYDORE REDISCOVERED Globally significant copper resource in Paterson district within haul distance to Nifty 370.8Mt @ 0.43% Cu, 227 ppm Co 106.3Mt @ 0.67% Cu, 308 ppm Co Sedimentary copper Higher-grade domain Inferred resources Higher-grade zone within inferred mineralisation style Will be fur
Slide 21: Equity Raising Details
EQUITY RAISING DETAILS 21 CYPRIUM | INVESTOR PRESENTATION | JANUARY 2026
Slide 22: Capital Raising Overview
CAPITAL RAISING OVERVIEW A$41.0 million institutional placement and entitlement offer fast-tracking growth initiatives including regional exploration ▪ An Institutional Placement to raise approximately A$36 million (before costs) via the issue of approximately 69.2 million new fully paid ordinary sh
Slide 23: Sources and Uses of Funds
SOURCES AND USES OF FUNDS Sources & Uses of funds Uses of funds A$m Exploration at regional prospects including the Paterson Exploration Project, Maroochydore and the Cue Copper-Gold Project 10.0 Acceleration of studies and early works with respect to future production growth initiatives including:
Slide 24: Pro Forma Capital Structure
PRO FORMA CAPITAL STRUCTURE Transformational funding solution to accelerate growth Current Pro-Forma Capital Structure (Pre-Raise) (Post-Raise)6 Shares on issue (CYM:ASX) 492m 571m Share price / Offer price A$0.5851 A$0.520 Market capitalisation A$287.9m A$296.9m Cash A$75.0m2 A$116.0m3 Senior Debt4
Slide 25: Indicative Timetable
INDICATIVE TIMETABLE Summary of key dates Event Indicative Time / Date (2026) Trading Halt Wednesday, 21 January Trading halt lifted, announce Placement and Entitlement Offer Friday, 23 January Settlement of New Shares under Tranche 1 of the Placement Friday, 30 January Allotment and Quotation of Ne
Slide 26: Key Risks
KEY RISKS 26 CYPRIUM | INVESTOR PRESENTATION | JANUARY 2026
Slide 27: Key Risks
KEY RISKS Company specific Risk Category Risk On 14 November 2025, the Company announced it had entered into a binding term sheet with Nebari Natural Resources Credit Fund II LP (“Nebari”) to refinance its existing US$27.3 million senior secured loan facility. On 17 November 2025, the Company announ
Slide 28: Key Risks
KEY RISKS Industry specific Risk Category Risk The operations and proposed activities of the Company are subject to State and Federal laws and regulations concerning the environment. As with most exploration projects and mining operations, the Company’s activities are expected to have an impact on t
Slide 29: Key Risks
KEY RISKS Industry specific Risk Category Risk The operations of the Company may be affected by various factors, including failure to locate or identify mineral deposits, failure to achieve predicted grades in exploration and mining, operational and technical difficulties encountered in mining, insu
Slide 30: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS 30 CYPRIUM | INVESTOR PRESENTATION | JANUARY 2026
Slide 31: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer of New Shares in any jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia except t
Slide 32: International Offer Restrictions
INTERNATIONAL OFFER RESTRICTIONS Hong Kong WARNING: This document has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong
Slide 33: Contact
CONTACT Angus Miles Corporate Development and Investor Relations +61 8 6374 1550 Chris Lim External Media Relations Advisor +61 493 392 001 communications@cypriummetals.com Registered Office Level 1, 437 Roberts Road Subiaco WA 6008 Australia Telephone +61 8 6374 1550 www.cypriummetals.com
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