Nifty Copper Project Update

Cyprium Metals Limited (“CYM”, “Cyprium” or “theCompany”) is pleased to announce progress at its Nifty Copper Project. Since taking control of the site on the 30^th March 2021, the Company has made significant progress towards establishing itself as an Australian copper producer.

HIGHLIGHTS

• First Government Approval document lodged
• SX/EW and related infrastructure refurbishment has commenced
• Drilling continues to provide ore intercepts to expand the resource
• Design optimization and scheduling continues to proceed
• Metallurgical column test work continues to optimise processing parameters
• Senior management appointments made

Managing Director Barry Cahill commented:

“The Cyprium team continues to kick goals on its way to producing copper metal plate at Nifty. Drilling success continues, design process is proceeding, and we have commenced refurbishment of the project. Despite our best efforts and the exceptional progress that we have made in 8 months, there are pressures being felt throughout the mining industry. These additional pressures are primarily due to labour shortages, increasing costs, COVID related impacts and long timelines that have impacted on our original projections.

Thesesamefactorsarealsoimpactingonprocessingtimesforregulatoryapprovals.Consequently, wehavebeenforcedtorescheduleourforecastprojecttimelines,withthecommencementofnew construction activities now expected in September 2022, following regulatory approvals. Copper metal production at Nifty will now commence by the second half of 2023. As usual for our team, we will aim to commence copper production at the earliestopportunity.”

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