Name of the Project
Nifty copper project.

Location
On the western edge of the Great Sandy Desert, in the north-eastern Pilbara region of Western Australia.

Project Owner/s
Cyprium Metals.

Project Description
A restart study has highlighted a robust initial oxide project with the potential for strong financial returns.

Metallurgical testwork has confirmed recovery of 85% in retreat and 90% in oxide pit material.

The study envisages a robust heap-leach solvent extraction-electrowinning operation in the initial stage of the project.

The restart is focused on the first phase of heap-leach retreat and oxide openpit, and it is envisaged that the life will extend to the sulphide stage of the openpit, with a considerably larger resource available.

The project could produce 25 000 t/y of copper cathode. Oxide cathode production is estimated at 146 100 t of copper metal.

The oxide mine life is estimated at just over six years, from 2023 to 2029, with a sulphide potential of more than 20 years.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a preconstruction after-tax net present value, at a 7% discount rate, of A$277.3-million and an internal rate of return of 37%, with a payback of three years following construction.

Capital Expenditure
A$149.3-million.

Planned Start/End Date
The completion of the capital raising, which is conditional upon the finalisation of the senior debt financing, will enable Cyprium to start construction and the production of copper metal plate on site in the first half of 2024.

Latest Developments
Cyprium Metals has been forced back to the drawing board after failing to secure funding to restart its Nifty copper project.

The company has called off a previously announced share placement to raise A$35-million after its negotiations with international debt capital market investors for a debt funding package of between A$240-million and A$260-million failed to deliver, with terms proposed by funders not being commercially satisfactory for the company.

The company’s share placement plans had been contingent on the debt funding package being available, and as a result, the equity raise could not proceed in its current form.

The company is now evaluating possible alternative funding arrangements to finance the restart project, and has said that concluding the terms of possible alternative funding arrangements would take several weeks to complete.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Cyprium Metals, tel +61 8 6374 1550 or email info@cypriummetals.com.