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2026-11-06
◂ Monitor CYM ASX

Cyprium Metals Limited

Construction · Copper · Australia Rating locked: sign in to view v8 · cym-20261009t150554-first-fill
Last 2026-11-06
A$0.285
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$164.8M
EV
A$172M
Cash
A$68.5M
Debt
A$75.7M
7 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

4 assets

Core asset

Nifty Copper Complex

Australia

Construction100% ownedCopper

Phase 1 heap acid commissioning has commenced; SX is substantially mechanically complete. First cathode is now targeted in Q4 2026 after energisation and wet commissioning.

Developer · Construction
Study
PFS
Post-tax NPV (study prices, attributable)
A$756.0md
NPV restated at our deck (attributable)
Locked
IRR
23.6%s
Initial capex (100%)
A$458.0ms
Capital intensity
A$13,268/(t/yr)d
LoM AISC
A$8,110/ts
Mine life
20.8 yrss

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$756M8% discount
IRR23.6%Published return
Initial capexA$458MPublished capital estimate
Operating cost2.39USD/lb payable copper C1

Combined after-tax PFS NPV8; A$458 million brownfield redevelopment cost includes A$269 million development capital and A$189 million capitalised development operating costs.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, Indicated and Inferred125M tonnes0.83% CuCopper2024-03-14
Mineral ResourceIndicated and Inferred12.7M tonnes0.426% CuCopper2024-08-19
Ore ReserveProved and Probable93.9M tonnes0.85% CuCopper2024-11-21
Tenements1
nifty-tenureGranted— None · No expiry supplied
Milestones2
  1. First copper cathode during Q4 2026 wet commissioning

    Pending · High materiality

  2. Updated open-pit resources, reserves and staged strategy

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Nifty operational approvals and State Agreement notice to proceedWestern AustraliaGranted—Yes
Economic studies2
StudyStageStatusDateSummary
Nifty Surface Mine Scoping StudyScoping StudySuperseded2024-05-23Superseded by the November 2024 PFS.
Nifty Copper Complex Pre-feasibility StudyPFSCurrent2024-11-27Combined cathode and concentrate PFS with a 20.8-year project life and 797 kt copper reserve.

Material

Maroochydore Copper-Cobalt Project

Australia

Resource Stage100% ownedCopperCobalt

Large inferred copper-cobalt resource about 85 km from Nifty under evaluation as possible satellite feed; no decision-useful current economic study is disclosed.

Resource / scoping · Resource stage
Contained metal (attributable)
1.6m td
Resource grade
0.43% Cu
% Measured + Indicated
0%d
Resource tonnes
371.00 Mt
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Site imagery

Sentinel-2 · 10 m
Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceInferred370.8M tonnes0.43% Cu and 227 ppm CoCopper · Cobalt2025-02-05
Tenements1
maroochydore-tenureGranted— None · No expiry supplied
Milestones1
  1. Evaluate satellite-feed development concept

    Pending · Medium materiality

Other

Paterson Exploration Project

Australia

Discovery Drill Stage100% ownedCopperGoldSilver

Regional Paterson tenement package returned to direct Cyprium control after IGO's exploration period; multiple targets are being reviewed and drill tested.

Exploration · Discovery drill stage
Ownership
100%
Commodity
Cur
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
1,169 md
Exploration spend (12M)
—
Tenements1
paterson-tenureGranted— None · No expiry supplied
Milestones1
  1. Advance priority regional exploration targets

    Pending · Medium materiality

Other

Cue Copper-Gold Project

Australia

Resource Stage80% ownedCopperGoldSilver

Cyprium retains an 80% joint-venture interest in copper, gold and silver mineralisation and is reviewing longer-term options; no current economic study supports a standalone value.

Resource / scoping · Resource stage
Contained metal (attributable)
41.2k td
Resource grade
—
% Measured + Indicated
—
Resource tonnes
—
Our value per attrib. contained unit
Locked
Mining method
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceReported resource, category breakdown not carried forward in reviewed current package— None51,500 tonnes contained copper reported in 2023Copper2023-06-30
Tenements1
cue-tenureGranted— None · No expiry supplied
Milestones1
  1. Complete longer-term strategic review

    Pending · Low materiality

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Nifty Phase 1 heap leach and SX-EW cathode restart · Processing plant / refinery · Commissioning
Product and spec
Copper cathode (SX-EW, refurbished B Train)
Nameplate capacity
6.0k t/yrg
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
A$5,000/(t/yr)d
Feed source
Captive: re-treatment of Nifty heap leach pads 1-6
Offtake contracted
100%
Solstice Minerals Limited listed shares · Equity investment · Held
Investee
Solstice Minerals Limited
Holding
—
Shares held
3.00m
Market value
—
% of holder's market cap
—
Cost basis
—