ASX Investor Copper Day Presentation
1 BUILDING AN AUSTRALIAN COPPER COMPANY November 2021 ASX: CYM ASX Investor Copper Day Important Notices and Disclaimer IMPORTANT : You must read the following before continuing . This investor presentation (“Presentation”) has been prepared by Cyprium Metal s Limited (ABN 48 002 678 640 ) (“Cyprium” or “Company”) . Summary information By reviewing or retaining these materials, or attending or participating in this Presentation, you acknowledge and represent that you have read, understood and accepted the terms of this “Important Notices and Disclaimer” . This Presentation contains summary information about Cyprium, and its activities current only at the date of this Presentation . This Presentation is for information purposes only . The information in the Presentation is of a general nature only and does not purport to be complete . This Presentation should be read in conjunction with Cyprium’s most recent financial report and other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (“ASX”) which are available at www . asx . com . au and also available on Cyprium’s website at www . cypriummetals . com . Certain information in this Presentation has been sourced from Metals X Limited, the former owner of Paterson and their representatives or associates . While steps have been taken to review that information, no representation or warranty, expressed or implied, is made as to its fairness, correctness, completeness or accuracy . Certain information in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications . Neither Cyprium nor its representatives have independently verified any such information sourced from third parties or industry or general publications . Not an offer This Presentation is for information purposes and is not, and does not purport to be, a prospectus, product disclosure statement or any other offering document under Australian law or the law of any other jurisdiction (and will not be lodged with the Australian Securities and Investments Commission (“ASIC”) or any foreign regulator) . The information does not and will not constitute or form part of an offer, invitation, solicitation or recommendation in relation to the subscription, purchase or sale of securities in any jurisdiction and neither this Presentation nor anything in it shall form any part of any contract for the acquisition of Cyprium shares . The distribution of this Presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions . Not investment or financial product advice This Presentation does not constitute financial product, investment, legal, taxation, accounting or other advice and is not intended to be used or relied upon as the basis for making an investment decision . This Presentation is not a recommendation by Cyprium or its advisers to acquire Cyprium shares or New Shares . This Presentation has been prepared without taking into account the objectives, financial situation or needs of individuals . Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction . Cyprium is not licensed to provide financial product advice in respect of Cyprium shares . Effect of rounding A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding . Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation . Past performance Past performance information, including past share price performance of Cyprium and pro forma financial information, given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Cyprium’s (or anyone else’s) views on Cyprium’s future financial performance or condition . Past performance of Cyprium cannot be relied upon as an indicator of (and provides no guidance as to) the future performance of Cyprium . Nothing contained in this Presentation nor any information made available to you is, or shall be relied upon as a promise, representation, warranty or guarantee, whether as to the past, present or future . Future performance This Presentation contains certain “forward - looking statements” and comments about future events, including statements regarding Cyprium’s intent, belief or current expectations with respect to the Company’s business and operations, market conditions, results of operations and financial condition, and risk management practices . The words “likely”, “expect”, “aim”, “should”, “could”, “may”, “anticipate”, “predict”, “believe”, “plan”, “estimate”, “will”, “believe”, “target” and other similar expressions are intended to identify forward - looking statements . Indications of, and guidance outlook on, future earnings or financial position or performance are also forward - looking statements and include statements in this Presentation regarding the conduct and the future performance of Cyprium . Forward - looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance . Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumption on which these statements are based . These statements may assume the success of Cyprium’s business strategies . The success of any of those strategies will be realised in the period for which the forward - looking statement may have been prepared or otherwise . Recipients of this Presentation are cautioned not to place undue reliance on forward - looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the COVID - 19 pandemic, and except as required by law or regulation, none of Cyprium, its representatives or advisers assumes any obligation to update these forward - looking statements . No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this Presentation . The forward - looking statements are based on information available to Cyprium as at the date of this Presentation . Except as required by law or regulation (including the ASX Listing Rules), none of Cyprium, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise . Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward - looking statements . 2 ASX listed, West Australian focused copper developer and explorer Near term copper producer - heap leach operation targeting late 2022 commissioning Portfolio of development opportunities with over +1.2Mt 1 of contained copper in Mineral Resources Material exploration upside with large landholding in the Paterson Province & farm - in with IGO Ltd Highly credentialled Board and Management team focussed on creating shareholder value Multi - asset strategy set to capitalise on global electrification thematic Well funded to execute strategy with A$40M 2 of cash Cyprium Investment Overview 3 Cyprium Metals – Building an Australian Copper Company 1 Cyprium ASX announcement: 17 November 2021 – Updated Nifty Copper Mineral Resource Estimate, 10 February 2021 - Transformational Acquisition of Highly Attractive Copper Portfolio & 29 September 2020 - Hollandaire Copper - Gold Mineral Resources Estimate 2 Cyprium ASX Announcement 29 October 2021 - Quarterly Activities and Cashflow Report Share Price Performance Corporate Overview 4 Focused on building a mid - tier Australian copper mining business • Cyprium Metals (ASX:CYM) is an Australian copper developer and explorer • Owns a portfolio of near - term development projects focussed in Western Australia • Highly credentialed board and management team - Led by experienced mining executives Barry Cahill and Gary Comb • Focussed on the near - term development of Nifty open pit heap leach copper strategy to produce LME grade A copper cathode Capital Structure Securities A$M Ordinary shares 564,819,214 Performance rights 1 57,000,000 Unlisted options (ex $0.3141 cents, expiring 30 March 2022) 20,274,755 Unlisted options (ex $0.30 cents, expiring 11 Dec 2022) 6,000,000 Unlisted options (ex $0.3551 cents, expiring 30 March 2023) 20,274,755 Ordinary shares 564,819,214 Market Capitalisation (A$0.20) A$113.0M Convertible notes issued to Metals X 2,3 A$36.0M Cash (30 September 2021) A$40.0M Enterprise Value A$109.0M Notes 1 Unvested Director and employee performance rights issued at a nil exercise price and subject to performance - based vesting condit ions. 2 Unlisted Convertible Notes at 4% per annum, maturing 30 March 2025. 3 Table excludes the impact of any shares to be issued, subject to the conversion of the Metals X convertible notes. 0 5 10 15 20 25 30 35 40 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Volume (m) Share Price (A$/Share) Volume Share Price Board and Management 5 A strong management team with experience in technically assessing, financing, building and operating successful copper mines Gary Comb Non - Executive Chairman Barry Cahill Executive Director Nicholas Rowley Non - Executive Director Wayne Apted Chief Financial Officer and Company Secretary Peter van Luyt Chief Geologist Mike Efthymiou Chief Metallurgist Terry Burns Project Development Manager Mr Comb is an engineer with over 30 years’ experience in the Australian mining industry, with a strong track record in successfully commissioning and operating base metal mines . He was Chairman of Finders Resources Limited from 2013 until its takeover in 2018 . Mr Comb was previously the Managing Director of Jabiru Metals Limited and the CEO of BGC Contracting Pty Ltd . Mr Cahill is a mining engineer with over 30 years’ experience in exploration, operational mining and management . In particular his experience covers management of project development and construction from exploration drilling through project funding, commissioning and development . He was the Managing Director of Finders Resources Limited from 2013 until its takeover in 2018 . Mr Cahill has previously been executive director of a number of public companies including operations director at Perilya Limited and Managing Director of Australian Mines Limited and Norseman Gold Plc . Mr Rowley is an experienced corporate executive with a strong financial background with over 15 years’ specialising in corporate advisory, M&A transactions and equities markets . He has advised on the equity financings of numerous ASX and TSX listed companies predominantly in the mining and resources sector . Mr Rowley currently serves as an executive at Galaxy Resources Ltd and as a Non - Executive Director of Titan Minerals and Oro X Mining Corp . Mr Apted is a chartered accountant with over 25 years’ experience in the mining industry . He was the Chief Financial Officer of Finders Resources Limited until its takeover in 2018 . Mr Apted has previously worked in senior finance roles for Masan Resources Limited, Glencore plc, Xstrata plc, Normandy Mining Limited and Aurora Gold Limited, both in Australia and global locations . Mr van Luyt is a geologist with 30 years’ experience in mining, development and exploration geology . He commenced his career as a mine geologist working in gold mines . Since 2004 he has been a contract and consultant geologist specialising in the resource development of and exploration for base metals and gold projects in Australia, Papua New Guinea and Canada . Mr van Luyt holds a Bachelor of Science degree with honours from the University of Sydney, a Post - Graduate Certificate in Geostatistics from Edith Cowan University and is a member of the Australian Institute of Geoscientists . Mr Efthymiou is a metallurgical engineer with 50 years’ global experience in providing sophisticated mineral processing and project development services in the mining industry . Since 2000 he has been the Managing Director of a specialist Metallurgical Process and Project Consulting Services Company to develop and implement innovative technologies and process flowsheet solutions . Mr Efthymiou has previously worked in senior roles at world class base metals operations and projects at BHP Group Limited, WMC Resources Ltd MIM Holdings Ltd, Freeport - McMoRan Incorporated and Zambia Consolidated Copper Mines Ltd . Mr Burns is an experienced economic geologist with additional qualifications in mineral economics and mine engineering and > 30 years of post graduate experience . Mr Burns has held senior technical and management roles with several ASX - listed companies in both the precious and base metals industries including WMC Resources, Finders Resources, Mount Isa Mines and Normandy Metals . Additionally, Mr Burns has operated a successful independent consultancy focusing on geometallurgical consulting, technical due diligence, independent technical reporting and feasibility studies . Nifty Copper Mine • Substantial Oxide and Sulphide Mineral Resource of over 732,000 tonnes of copper 1 which remains open • Discovered by WMC in 1981 with open pit and heap leach operation exploiting oxides commencing in 1993 • Since commencement and 30 November 2019, Nifty has produced 714,908 tonnes of copper metal • Extensive onsite infrastructure - 2.8Mtpa copper concentrator (in care and maintenance since November 2019) - 25ktpa SX - EW plant (in care and maintenance since January 2009) - 21MW gas turbine power station - full heavy vehicle workshops and accommodation village - fully sealed all weather airstrip • Technical studies and in - fill drilling of existing mineralised envelope commenced Cyprium is focused on a near - term heap leach production strategy 6 1 Cyprium ASX announcement: 17 November 2021 – Updated Nifty Copper Mineral Resource Estimate Ore Source Cut - Off Measured Indicated Inferred Total %Cu Ore Grade Metal Ore Grade Metal Ore Grade Metal Ore Grade Metal Mt %Cu t Cu Mt %Cu t Cu Mt %Cu t Cu Mt %Cu t Cu Oxide 0.4 1.1 1.2 12,300 0.3 1.1 3,300 0.2 0.9 1,700 1.6 1.1 17,300 Lower Saprolite 0.4 1.3 0.9 12,200 0.4 0.8 3,000 0.2 0.8 1,200 1.8 0.9 16,300 Transition 0.4 0.2 0.7 1,500 0.2 0.7 1,000 0.2 0.7 1,200 0.5 0.7 3,700 Chalcocite 0.4 4.3 1.2 53,800 2.3 1.2 28,400 1.4 1.2 16,100 8.0 1.2 98,300 Total Oxide 0.4 7.0 1.2 79,700 3.1 1.1 35,600 1.9 1.1 20,100 11.9 1.1 135,500 Sulphide 0.75 19.6 1.8 351,200 9.2 1.8 161,900 5.1 1.6 76,900 33.9 1.8 596,700 TOTAL 26.5 1.6 431,000 12.3 1.6 197,500 7.0 1.5 97,100 45.9 1.6 732,200 Nifty | Operational Update • Since completing the acquisition on 30 March 2021, Cyprium has rapidly advanced Nifty towards production • Significant work has been undertaken to proceed towards development and production ? Review, plan and drill gaps in the M ineral Resource – continuing ? Check metallurgical testwork undertaken – commenced continuing with excellent results ? 19,000 m resource gap & inferred infill drilling programmes – commenced ? Survey work for restart government approvals – completed with documentation being compiled for submission ? Engagement with Traditional Owners and Government A uthorities – continuing ? Report for new vs refurbishment SX - EW – complete – new timeline to completion too long (+2 years) ? Refurbishment engineering and design - commenced - critical path on long lead items ? Refurbishment process on SX - EW – commenced – engineering crews on site • Key Focus for the Quarter ? Continue drilling – RC rig on site ? Continue check metallurgy and optimise ? Continue Engineering and Design and SX - EW refurbishment ? Tender and procurement of long lead items ? Complete Restart S tudy and continue Project Finance process ? Continue Government approval process for the Restart ? Continue updating Mineral Resource ? Commence accommodation village refurbishment 7 Site activities at Nifty continue to accelerate towards production Nifty | Site Layout & Active Areas 8 Western Drill Program Tailings Dam Waste Dumps Mine Village Airstrip SXEW Plant Eastern Drill Program Sterilisation for Site Infrastructure Sonic Drilling of Heap Leach Pads Nifty | Resource Expansion Drilling • Resource Expansion Drilling continuing at Nifty - 3,000m program to test for expansion potential on the Eastern end of the mineralisation – Phase 1 completed successfully, Phase 2 planned - 16,000m program to test for expansion potential on the Western end of Nifty open - pit is underway with initial results imminent - Diamond drilling completed for check metallurgy - Mining Optimisation has commenced on 2021 Mineral Resource - Update of the 2021 Mineral Resource during H1 2022 9 Material drilling programs to expand current resources and increase confidence Nifty | Optimising the Metallurgy • Multiple work streams are underway to optimise Nifty Heap Leach Metallurgy - Utilising a significant amount of historical data - Applying modern techniques to a proven process • Bulk samples taken from trenching of heap leach pads – column testwork continuing • Sonic drill rig successfully taken composite samples from heap leach • Diamond drilling completed to take core samples from in - situ Resources for optimisation • Column tests currently underway at ALS laboratory - Indications are very encouraging given the short leach time - Optimisation has already commenced on the parameters using Cyprium’s Intellectual Property - Currently leaching testwork on a 6 metre column - Leaching results to be announced in Q4 2021 10 Optimising a Heap Leach that has historically produced more than 200kt of Copper Nifty | Project Timeline 11 H1 2021 Purchase and Mobilisation • Raise capital and finalise purchase • Site Management control • Site clean up • Environmental studies • Mobilise workforce and equipment H2 2021 Restart Study and Finance • Resource Review and Update • Resource Drilling • Metallurgical check test work • Engineering and Design • Refurbishment Commences • Infrastructure Upgrades Commence • Restart Study • Finance Process • Government Approvals Workshops • Approvals process underway • Long lead items purchased H1 2022 Construction and Optimisation • Resource Update with drill results • Mining and schedules optimised • Metallurgy optimised • Long lead items purchased • Approvals finalised • Construction commences • Earthworks commences • Mining pre - strip commences • Sulphide metallurgy underway H2 2022 Construction and Commissioning • Construction completed • Commissioning commences • Retreatment heap leach stacking • Open pit ore stacking H1 2023 Production of copper plate • Commissioning complete • Production ramp up Murchison Copper Project • Murchison Copper Project is a resource development opportunity • Continued drilling success at Nanadie Well will form part of a Maiden JORC 2012 Mineral Resource Estimate, which will feed into the Murchison Scoping Study • Cue Copper Project located ~20km east of Cue Township - Hollandaire Mineral Resource 2 (JORC 2012) 2.8Mt @ 1.9% Cu • Contained metal of 51.5kt of Cu, 28Koz Au & 0.5Moz Ag - Rapier West, Eelya South Cu - Au mineralised intersections - Mt Eelya Zn - Cu - Ag mineralised intersections - Colonel Cu - Zn - Au - Ag mineralised intersections • Nanadie Well located ~75km east - northeast of Cue Copper Project - Nanadie Well supergene and sulphide deposit 1 - Stark Cu - Ni mineralised intersections - Gloria June Au mineralised intersections - Resource based on broader zones of Cu mineralisation 12 Hollandaire and Nanadie Well are complementary deposits that comprise the Murchison Copper Project 1 Refer to the CYM ASX Announcement dated 14 July 2020 for the Nanadie Well Project Acquisition . The Nanadie Well copper resource was estimated (JORC Code 2004 ) in 2013 by Intermin Resources Limited (now Horizon Minerals Limited) using a 0 . 1 % copper cut - off . The resource was originally reported in an ASX announcement released on the 19 th September 2013 . The ASX has not permitted the Company under the Listing Rules to quote JORC 2004 resource estimates as a result of an acquisition . 2 Information pertaining to the Hollandaire Mineral Resource was taken from an ASX Release by Cyprium Metals on 29 September 2020 . Nanadie Well | A Sleeper • Highlights from the recent drill campaign include ; - 143 . 8 m @ 0 . 7 % Cu from 25 . 0 m in NWD 2004 including : • 2 . 5 m at 2 . 1 % Cu from 77 . 8 m including : • 7 . 9 m @ 2 . 9 % Cu from 82 . 1 m including : - 5 . 9 m @ 3 . 6 % Cu from 82 . 1 m including : • 6 . 0 m @ 2 . 2 % Cu from 92 . 0 m including : - 3 . 2 m @ 3 . 9 % Cu from 94 . 8 m including : • 25 . 0 m @ 0 . 8 % from 139 . 0 m, including : • 3 . 0 m @ 2 . 2 % Cu from 161 . 0 m including : - 45 m @ 0 . 9 % Cu & 0 . 2 g/t Au from 2 . 0 m in NWRC 21018 including : • 11 . 0 m @ 1 . 8 % Cu & 0 . 4 g/t Au from 16 . 0 m including : • 2 . 0 m @ 3 . 5 % Cu & 1 . 0 g/t Au from 16 . 0 m - 44 m @ 0 . 9 % Cu from 4 . 0 m in NWRC 21031 , including : • 2 m @ 8 . 9 % Cu from 9 . 0 m - 40 m @ 0 . 8 % Cu & 0 . 3 g/t Au from 12 . 0 m in NWRC 21006 including : • 9 m @ 1 . 6 % Cu & 0 . 5 g/t Au from 20 . 0 m - 180 m @ 0 . 6 % Cu & 0 . 2 g/t Au from 10 . 0 m in NWD 2003 including : • 1 . 0 m @ 2 . 2 % Cu and 0 . 8 Au g/t from 30 . 0 m • 0 . 7 m @ 3 . 1 % Cu and 0 . 3 Au g/t from 56 . 6 m • 3 . 0 m @ 1 . 7 % Cu and 0 . 7 Au g/t from 87 . 0 m • 5 . 0 m @ 3 . 0 % Cu and 0 . 3 Au g/t from 95 . 0 m • 0 . 7 m at 6 . 6 % Cu and 2 . 8 Au g/t from 109 . 3 m • 0 . 8 m @ 2 . 7 % Cu and 0 . 9 Au g/t from 115 . 2 m • 0 . 7 m @ 2 . 5 % Cu and 0 . 3 Au g/t from 123 . 2 m • 24 . 9 m @ 1 . 4 % Cu and 0 . 3 Au g/t from 150 . 1 m • 4 . 9 m @ 1 . 2 % Cu and 1 . 1 Au g/t from 177 . 2 m 13 Cyprium continues to delineate extensive, shallow and broad copper - gold mineralisation - 232 m @ 0 . 4 % Cu from 109 . 0 m in NWD 2001 including : • 9 m at 0 . 4 % Cu & 392 g/t Ag from 303 . 0 m including : - 2 m @ 0 . 1 % Cu & 1 , 470 g/t Ag from 306 . 0 m including : • 10 m @ 0 . 7 % Cu & 0 . 1 g/t Au from 109 . 0 m including : - 2 m @ 1 . 8 % Cu & 0 . 2 g/t Au from 116 . 0 m • 1 . 2 m @ 3 . 1 % Cu 0 . 2 g/t Au from 131 . 0 m • 4 . 9 m @ 1 . 2 % Cu & 0 . 2 g/t Au from 138 . 0 m including : - 1 . 8 m @ 2 . 9 % Cu & 0 . 4 g/t Au from 138 . 1 m • 0 . 7 m at 4 . 8 % Cu & 0 . 2 g/t Au from 188 . 7 m - NWD 2101 copper mineralisation over 274 m including : • 5 m @ 1 . 9 % Cu and 0 . 5 g/t Au from 75 m incl . 1 m @ 6 . 2 % Cu and 2 . 1 g/t Au from 76 m • 56 m @ 0 . 9 % Cu and 0 . 2 g/t Au from 202 m including : o 2 m @ 3 . 9 % Cu and 0 . 8 g/t Au from 222 m o 2 m @ 3 . 2 % Cu and 0 . 6 g/t Au from 229 m o 2 m at 1 . 4 % Cu and 0 . 2 g/t Au from 250 m o 2 m @ 1 . 3 % Cu and 0 . 2 g/t Au from 254 m - NWD 2002 copper mineralisation over 168 m including : • 29 m @ 0 . 6 % Cu and 0 . 2 g/t Au from 49 m • 10 m @ 1 . 9 % Cu and 0 . 2 g/t Au from 106 m • 25 m @ 0 . 6 % Cu and 0 . 1 g/t Au from 146 m Maroochydore Copper Project • Diamond Drill currently drilling metallurgical holes • Substantial shallow Oxide and Sulphide Mineral Resource of over 480 , 000 tonnes of copper 1 : - O riginally discovered in 1984 - Mineralisation remains open along strike of over 3 km and down - dip - Historical drilling has identified several high - priority targets for follow up - Strong potential to grow the mineral resources • Remained undeveloped due to metallurgical complexities pertaining to certain parts of the orebody including high acid consumption and a portion of the copper being tied up in cupro - goethitic minerals • Maroochydore has similar mineralogy of Nifty as it is hosted in the shales of the Broadhurst Formation • Cyprium to assess new testwork initiatives to explore ore - sorting and alternative leaching technologies - Potential for synergies with the planned Cyprium Nifty Heap Leach strategy • Existing resource also contains material cobalt endowment - 380 ppm average grade for 18 . 5 kt contained cobalt Potential to unlock value from a substantial copper resource Ore Source Indicated Inferred Total Ore Grade Contained Ore Grade Contained Ore Grade Contained (Mt) (% Cu) (t Cu) (Mt) (% Cu) (t Cu) (Mt) (% Cu) (t Cu) Sulphide - - - 5.43 1.66% 90,000 5.43 1.66% 90,000 Oxide 40.80 0.92% 375,000 2.40 0.81% 19,000 43.20 0.91% 394,000 Total 40.80 0.92% 375,000 7.83 1.39% 109,000 48.63 1.00% 486,000 14 1 Cyprium ASX announcement: 10 February 2021 - Transformational Acquisition of Highly Attractive Copper Portfolio Paterson Exploration Project • Exploration season has commenced, IGO Ltd (ASX: IGO) are completing; • Large regional soil sampling program • Air - core drilling of priority targets - Large & highly prospective position in the Paterson Province, adjacent to Nifty processing infrastructure - ~2,800km 2 of mineral licences - Significant recent discoveries - Rio Tinto – Winu - Newcrest Mining / Greatland Gold JV – Havieron - Numerous regional exploration targets within the currently granted exploration tenure • Exploration accelerated with ~2,400km 2 of the tenure subject to farm - out with IGO Limited 1 - IGO farm - out announced June 2020 - IGO can sole fund A$32 million of exploration activities over 6.5 years to earn a 70% interest - Including a minimum expenditure before withdrawal of A$11 million over 3.5 years - Upon earning a 70% interest, the JV will form and IGO will free - carry to the completion of a Pre - feasibility Study on a new mineral discovery Premier exploration destination in Australia - Cyprium leveraged to exploration success via Joint Venture with IGO 15 1 Cyprium ASX announcement: 10 February 2021 - Transformational Acquisition of Highly Attractive Copper Portfolio Mineral Resource Estimate /Competent Persons Statement 16 NOTES: • Differences in sum totals of tonnages and grades may occur due to rounding • Nominal cut - off at 0.3% Cu • Cyprium has an 80% attributable interest in the copper, gold and silver • Gold mineralisation not associated with the copper resource that is 100% attributable to MGV, has not been modelled or report ed in the Hollandaire 2012 JORC Mineral Resource estimate HOLLANDAIRE - 2012 JORC MINERAL RESOURCE ESTIMATE 1 Deposit JORC Category t Grade Copper Grade Gold Grade Silver % Cu tonnes g/t Au ounces g/t Ag ounces Oxide Measured - - - - - - - Indicated 10,000 1.20 100 0.09 - 4.16 1,300 Inferred - - - - - - - Total 10,000 1.20 100 0 .09 - 4.16 1,300 Transitional Measured - - - - - - - Indicated 275,000 1.80 5,000 0.24 2,100 5.06 44700 Inferred 12,000 0.40 - 0.02 - 0.98 400 Total 287,000 1.66 5,000 0.23 2,100 4.89 45,100 Fresh Measured - - - - - - - Indicated 1,894,000 2.00 37,100 0.31 18,900 6.64 404400 Inferred 593,000 1.60 9,300 0.41 7,800 6.46 123,200 Total 2,487,000 1.66 46,400 0.33 26,700 6.60 527,600 TOTAL Measured - - - - - - - Indicated 2,179,000 1.94 42,200 0.30 21,000 6.43 450,400 Inferred 605,000 1.60 9,300 0.40 7,800 6.35 123,600 Total 2,784,000 1.90 51,500 0.32 28,800 6.41 574,000 1 Cyprium Metals ASX announcement: 29 September 2020 , Hollandaire Copper - gold Mineral Resource Estimate. 2 Cyprium ASX announcement: 17 November 2021 – Updated Nifty Copper Mineral Resource Estimate 3 Metals X ASX announcements: 10 March 2020, Nifty Copper Mine Resource Update and 18 August 2016, Annual Update of Mineral Res ou rces and Ore Reserves 1. Mineral Resources are reported inclusive of Mineral Resources modified to produce an Ore Reserve; 2. Tonnes are reported as million tonnes (Mt) and rounded to the nearest 10,000; Cu tonnes are rounded to the nearest 100 tonnes . 3. Rounding may result in some slight apparent discrepancies in totals NIFTY COPPER OPERATION - MINERAL RESOURCE ESTIMATE AT NOVEMBER 2021 2 MAROOCHYDORE - MINERAL RESOURCE ESTIMATE AT 31 MARCH 2016 3 1. Tonnes are reported as million tonnes (Mt) and rounded to nearest 10,000; 2. Cu tonnes are rounded to nearest 1,000 tonnes; Co tonnes are rounded to the nearest 100 tonnes; 3. Cut - off Grade of 0.5% Cu; 4. Cut - off Grade of 1.1% Cu; 5. Rounding may result in some slight apparent discrepancies in totals. Competent Persons Statement MURCHISON COPPER PROJECT The information in this report that relates to Exploration Targets, Exploration Results and the estimation and reporting of the Hollandaire Mineral Resource Estimate is an accurate representation of the available data and is based on information compiled by external consultants and Mr . Peter van Luyt who is a member of the Australian Institute of Geoscientists ( 2582 ) . Mr . van Luyt is the Chief Geologist of Cyprium Metals Limited, in which he is also a shareholder . Mr . van Luyt has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (CP) . Mr . van Luyt consents to the inclusion in the report of the matters based on his information in the form and context in which it appears . NIFTY COPPER OPERATION & MAROOCHYDORE The information in this report that relates to Mineral Resources is based on information compiled by Mr Terry Burns BAppSc (Geology) GDipEd PDGeosci (Mineral Economics) GDipEng (Mining), a Competent Person who is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy . Mr Burns is an independent consultant to Cyprium Metals Limited and is a director of Warbrooke - Burns & Associates Pty Ltd which is the entity providing services to Cyprium Metals Limited . Warbrooke - Burns & Associates Pty Ltd is retained by Cyprium Metals Limited under industry standard commercial consulting rates . Mr Burns has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ . Mr Burns consents to the inclusion in the report of the matters based on his compilation and in the form and context in which it appears . Ore Source Cut - Off Measured Indicated Inferred Total %Cu Ore Grade Metal Ore Grade Metal Ore Grade Metal Ore Grade Metal Mt %Cu t Cu Mt %Cu t Cu Mt %Cu t Cu Mt %Cu t Cu Oxide 0.4 1.1 1.2 12,300 0.3 1.1 3,300 0.2 0.9 1,700 1.6 1.1 17,300 Lower Saprolite 0.4 1.3 0.9 12,200 0.4 0.8 3,000 0.2 0.8 1,200 1.8 0.9 16,300 Transition 0.4 0.2 0.7 1,500 0.2 0.7 1,000 0.2 0.7 1,200 0.5 0.7 3,700 Chalcocite 0.4 4.3 1.2 53,800 2.3 1.2 28,400 1.4 1.2 16,100 8.0 1.2 98,300 Total Oxide 0.4 7.0 1.2 79,700 3.1 1.1 35,600 1.9 1.1 20,100 11.9 1.1 135,500 Sulphide 0.75 19.6 1.8 351,200 9.2 1.8 161,900 5.1 1.6 76,900 33.9 1.8 596,700 TOTAL 26.5 1.6 431,000 12.3 1.6 197,500 7.0 1.5 97,100 45.9 1.6 732,200 Ore Source Indicated Inferred Total Ore Grade Contained Ore Grade Contained Ore Grade Contained (Mt) (% Cu) (t Cu) (Mt) (% Cu) (t Cu) (Mt) (% Cu) (t Cu) Sulphide - - - 5.43 1.66% 90,000 5.43 1.66% 90,000 Oxide 40.80 0.92% 375,000 2.40 0.81% 19,000 43.20 0.91% 394,000 Total 40.80 0.92% 375,000 7.83 1.39% 109,000 48.63 1.00% 486,000 Cyprium Metals Limited 1 / 437 Roberts Road Subiaco WA 6008 T +61 8 6374 1550 E email@example.com
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