Cyprium Metals Advances Phase 1 Restart of Nifty Copper Complex, Aiming for September 2026 Cathode Production

Phase 1 Cathode Restart Nears Practical Completion

During the June 2026 quarter, Cyprium Metals achieved significant milestones on the Phase 1 Copper Cathode Restart. Work packages are concluding as the operational focus shifts from construction and refurbishment to practical completion, commissioning, and operational readiness. The company approaches a critical inflection point transitioning from intensive installation to delivering the solvent extraction electrowinning (SXEW) plant and initiating production.

Cyprium remains on schedule to commence copper cathode production in the September quarter 2026, marking a key milestone in restarting operations at the Nifty Copper Complex, which has been under care and maintenance since 2009. Operational readiness efforts during the quarter included developing operating systems, upgrading training programs, enhancing warehouse stock management, and implementing enterprise resource planning protocols. Laboratory fitouts and procurement of safety and hazmat equipment for emergency response were also completed to support production.

Acid Terminal Commissioned and Sulphuric Acid Supply Restored

A major achievement in the June quarter was commissioning a new acid storage and distribution terminal at Nifty. Following regulatory approval, sulphuric acid deliveries resumed in late May 2026, the first since 2009, ending a 17-year hiatus. This milestone is vital for the Phase 1 Cathode Restart and validates Cyprium's infrastructure redevelopment strategy.

While sulphuric acid prices remain elevated in key seaborne markets as of June 2026, suppliers confirm that physical availability poses no material risk to Cyprium's current business plan or growth ambitions. The company continues to monitor the market closely, underscoring the importance of secure feedstock supply to operational plans.

Heap Leach Infrastructure and Direct Injection Leaching Trial Progress

Cyprium advanced heap leach pad infrastructure during the June quarter, including heap turnover and dripper line installation. Testing and pressurisation of solution systems progressed alongside a direct injection leaching trial designed to increase leach material volume via vertical injection wells. Initial results are promising, with water flushing conducted as part of testing.

Leach solution recovery and handling circuits are moving toward commissioning with significant progress on solution pipe reinstatement, pump installation, cable trays, and control circuits. Stormwater discharge system adequacy has been confirmed, meeting environmental management requirements for heap leach operations. These foundational infrastructure developments support transitioning to operational heap leaching, supplying copper-rich solution to the SXEW plant.

SXEW Plant Refurbishment and Electrowinning Installation Advances

Substantial refurbishment of Train B at the SXEW plant occurred in the June quarter, including near-completion of concrete repairs and acid-proof coatings, and pipework reinstatement. New pumps and motors were installed, and electrowinning cell insets were delivered with installation underway. The electrowinning busbar upgrade and reinstallation were completed, and rectiformer and transformer deliveries occurred with pad installation in progress.

The overhead crane at the SXEW facility was commissioned, and the stripping machine underwent cleaning, inspection, and component replacement. Anodes were delivered, and all major outstanding capital items were either delivered or dispatched by quarter-end. Electrical and instrumentation works advanced with extensive cable removal, installation, testing, and termination across motor control centers and field areas, indicating the SXEW plant refurbishment is in advanced stages.

Extensive Copper Mineralisation Found in Nifty Waste Dump

Drilling at the Nifty waste dump revealed significant copper mineralisation supporting near-term growth plans. Notable intersections include: 9m at 1.00% copper from surface with 4m at 1.83% from 2m depth (hole 26NFLG050); 7m at 1.11% copper from surface including 3m at 1.55% from 2m (hole 26NFLG060); 9m at 0.80% copper from surface including 2m at 1.56% from 5m (hole 26NFLG021); 7m at 0.90% copper from surface including 3m at 1.50% from 1m (hole 26NFLG026); and 8m at 0.86% copper from surface including 5m at 1.16% from surface (hole 26NFLG055).

These results support technical work for a new open-pit mine targeting oxide mineral recovery for cathode production and accessing underlying sulphide reserves. While the total inferred or indicated resource was not disclosed, this mineralisation could extend Nifty's productive life beyond Phase 1 and is central to Cyprium's medium-term growth strategy. Further updates are expected in the September quarter 2026.

Strategic Executive Appointments Enhance Production and Growth Capabilities

During the June quarter, Cyprium appointed Richard Holmes as Chief Development Officer and Christofer Catania as Chief Technology Officer to bolster production and growth execution. These hires coincide with the company's approach to cathode production commencement and advancement of open-pit mine technical work. No detailed biographies were disclosed.

The Chief Technology Officer role focuses on advancing operational processes and technical development, while the Chief Development Officer supports near- and medium-term project progression, including the open-pit oxide recovery mine. These appointments signal Cyprium's transition from project delivery to production and growth phases.

Robust Cash Position Supports Multiple Workstreams

Cyprium held A$68.5 million in cash at 30 June 2026, sufficient to fund key workstreams for the Phase 1 Cathode Restart and growth initiatives. This financial strength underpins heap leach commissioning, plant completion, and first copper cathode production targeted for the September quarter 2026. It also supports ongoing technical and commercial efforts to refine growth plans, including SXEW capacity expansion and the open-pit oxide recovery project.

Capital procurement is largely complete, with all major items delivered or en route, indicating major expenditures for Phase 1 are committed. Future cash use will likely focus on commissioning, operational startup, and working capital. Detailed cash flow forecasts and timelines for cash flow neutrality were not provided, but production commencement in September suggests near-term revenue generation is anticipated.

Growth Plan Development and Upcoming September Quarter Updates

Technical and commercial work to advance growth plans beyond Phase 1 progressed materially during the June quarter. Cyprium is developing capital and operating cost estimates for extending SXEW plant refurbishment to Train A and constructing additional infrastructure. Further growth updates are expected in the September quarter 2026.

The company's dual strategy of executing Phase 1 while advancing growth initiatives reflects confidence in the restart and plans to expand Nifty's production capacity. The waste dump mineralisation and open-pit oxide mine are key to extending production beyond Phase 1. Senior technical and development appointments support this phased growth approach. Specific cost estimates remain undisclosed pending September quarter disclosures.

Operational and Environmental Readiness Progresses Alongside Infrastructure

Along with construction, Cyprium has advanced operational and environmental readiness to support production transition. Operating systems and processes for heap leach and SXEW commissioning are developed. Training, warehouse management, and enterprise resource planning systems have been upgraded to support production logistics and administration. Laboratory fitouts for quality control and process monitoring are complete.

Safety and environmental preparedness are embedded in the commissioning plan, with acquisition of safety and hazmat equipment for emergency response. Regulatory approval was obtained for acid handling areas, confirming environmental and safety compliance for the new acid terminal. These readiness activities ensure commissioning timelines are not delayed by operational or environmental deficiencies, facilitating a smooth transition to stable production.