Cyprium Metals Limited ('CYM', 'Cyprium' or 'the Company') continues to make solid progress on the development of its Nifty Copper Project. Mineral Resource Estimate - The first mineral resource estimate ('MRE') upgrade has been completed using the latest Nifty West drilling data with positive results. The next MRE update is to include the Nifty East drilling data. Further drilling will be undertaken as the orebody remains open in a number of directions. The MRE upgrade has also delivered opportunities to refine and optimise the Phase 1 Oxide pit design and scheduling. The Life Of Mine planning has commenced and analysis for an expanded pit over the total mineral resource is focussing on the mine life (+20 years) and production profile. Site Clean Up and Inventory - Since taking control of the site in April 2021, CYM has undertaken a significant clean-up of the mine site, including the rectification of a number of outstanding safety and environmental legacy issues. Progress to date has been significant but there is still much to do. There has been significant sorting of equipment, parts, critical spares and supplies, which is ongoing. Required equipment is being recredited to inventory and that which is not required is being collated for sale as surplus. The process has revealed the significant inventory of spares that was included in the Nifty acquisition. Work has been completed on the concrete batching plant so it is ready for operation once construction commences, significantly improving project cost efficiencies during the construction phase. SX-EW Refurbishment - Work has continued on the preparation for refurbishment of the solvent extraction and electrowinning ('SX-EW') plant. This includes clean up around the facility, stripping out tanks, pumps and pipes for assessment and refurbishment, pressure and condition testing of tanks. The refurbishment of the accommodation has continued with one area completed, ready for hand over to use. The refurbishment has consisted of a full strip out and refit to each unit, including wet area upgrade to bring the units up to current expected standards for on-site accommodation. Refurbishment has also included areas in the dry mess and dining area, as well as upgrading of laundry facilities in the refurbished areas. The mobile communications tower has been significantly upgraded to enable 4G services with communications and data capacity across site improved enabling high definition calling and streaming services as well as vastly improved cloud/business capabilities. Site control systems are being commissioned and made operational, including Safety and ERP systems. The Safety systems are being reviewed and updated in line with Nifty's approved Project Management Plan. The ERP establishment has embedded the budget and project cost tracking process. Personnel IT systems are being prepared for the manpower increases, including on-boarding, travel and accommodation. Site training is continuing, including upskilling for new workers as well as gap analysis for the experienced personnel. CYM's first intake of apprentices have also commenced. Works Approval and Licence has been accepted and advertised. The next stage of the process is the requirement for a post construction inspection and authorisation that it has been built as described in the approval documents, complying with the conditions for the approval which will enable the Department of Water and Environmental Regulation ("DWER") to grant the licence. The Native Vegetation clearing Permit has gone through the Request for Further Information ("RFI") process and Cyprium is awaiting feedback on any more requests. Mining Proposal ("MP") and Mine Closure Plan ("MCP") is currently in an RFI process. The Project Management Plan ("PMP") has been approved. The Water Licence has been through an RFI process and Cyprium is awaiting further feedback. Over 200,000 tonnes of copper has been produced as copper metal cathode from the heap leach SX-
EW that is on site at Nifty. The historical testwork has demonstrated that recoveries in the order of +90% are achievable. The heap leach pads as treated had variable results, depending on the methodology used to treatment the material. CYM will make improvements to the process by focussing testwork on the practical parameters of the leach. The first stage was to run 4 columns, including a 6-metre column, on heap leach retreat material to investigate a number of parameters around crush size, copper recovery and agglomeration. Results to date have been very good, with crush size being optimised and recovery of copper being as expected from the historical testwork. The improved agglomeration is proving successful in allowing good solution flows right through the 6-metre column. Final residue analysis is being undertaken so that reporting for this series of tests can be finalised. The second stage has been to run 6 columns of heap leach material from various locations (via trench samples and sonic drill holes) at various cure and leach strengths to reduce reagent consumption, particularly acid consumption. Results to date have been very good and these columns are currently in the final stages of leaching, which will then be subject to residue analysis in the coming weeks and the final reports compiled. The results confirm the reagent consumptions and recoveries that CYM anticipated for the retreat material and hence fresh material from the oxide open pit. Mineralogical reports to date have shown leaching of the full suite of copper minerals from the retreat material, including minerals in the various rock types, and including secondary and primary sulphide minerals such as covellite, digenite, bornite and chalcopyrite. The next stage of testing will be conducted on a suite of core samples taken from the open pit mineral resource. Although it is the same rock types and orebody as mined and treated historically, Cyprium is ensuring that the leach process is tested on individual ore types to determine if there are any further optimisation work that can be done, if the material to be mined is not as uniformly distributed as the retreat material. This stage of testing will also look at the recovery of the thin native copper that has been identified historically in the Nifty orebody and has been seen in the footwall of the mineral resource during diamond drilling. As part of the financing for the Nifty Copper Project restart, Cyprium is in advanced discussions with financing counterparties who are working through their due diligence and financing documentation.