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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
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1M
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YTD
—
1Y
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$68.5M2025-09-30: 24,456,000 A$2025-12-31: 75,014,000 A$2026-03-31: 96,481,000 A$2026-06-30: 68,532,000 A$ Finite
Debt A$75.7M Net cash A$-7.2M
Basic shares 578.1M 2026-09-24
Runway 9.6 quarters Appendix 5B item 8.7 uses A$68.532 million available funding and A$7.130 million of relevant quarterly outgoings.

Liquidity

Financial position

Cash of A$68.532 million covers the funded Phase 1 workstream and 9.6 reported quarters at the latest relevant outflow rate, but total debt includes A$39.743 million senior debt plus A$36.0 million convertible-note face value.

Capital structure

Ownership and dilution

Ordinary shares
578.1M
Fully diluted
636.2M

The 24 September Appendix 3H confirms 578,079,732 ordinary shares and 30,402,041 remaining performance rights after 2,774,001 rights ceased. Adding 26,491,025 options and 1,202,268 purchased rights gives 636,175,066 share equivalents. Four convertible notes remain separate because a current post-consolidation share entitlement and conversion election are unresolved; the valuation carries their face value as debt instead.

Security classes5
ClassTypeQuantityStrikeExpiry
ASX quoted ordinary fully paid sharesOrdinary Share578.1M——
Unquoted performance rightsPerformance Right30.4M——
Unquoted options expiring 31 December 2027Option26.5MA$0.422027-12-31
Unquoted purchased rightsPerformance Right1.2M——
Four unquoted convertible notes with A$36 million aggregate face valueConvertible4—2028-03-31

KPI history

Operating metrics · Company

Quarter-end corporate cash and cash equivalents shown
027,014,68054,029,36081,044,040108,058,720September 2025: 24,456,000 AUDSeptember 2025December 2025: 75,014,000 AUDDecember 2025March 2026: 96,481,000 AUDMarch 2026June 2026: 68,532,000 AUDJune 2026
MetricUnitTrendSeptember 2025December 2025March 2026June 2026
Quarter-end corporate cash and cash equivalentsAUDSeptember 2025: 24,456,000 AUDDecember 2025: 75,014,000 AUDMarch 2026: 96,481,000 AUDJune 2026: 68,532,000 AUD24,456,00075,014,00096,481,00068,532,000
Quarterly net cash from operating activitiesAUDSeptember 2025: -7,692,000 AUDDecember 2025: -2,836,000 AUDMarch 2026: -9,159,000 AUDJune 2026: -5,029,000 AUD(7,692,000)(2,836,000)(9,159,000)(5,029,000)
Quarterly net cash from investing activitiesAUDSeptember 2025: 2,727,000 AUDDecember 2025: -3,548,000 AUDMarch 2026: -10,435,000 AUDJune 2026: -22,715,000 AUD2,727,000(3,548,000)(10,435,000)(22,715,000)
Operating metric source table12
MetricProjectPeriodPeriod typeValueStatus
Quarter-end corporate cash and cash equivalentsCompanySeptember 2025 quarterPoint In Time24,456,000 AUDReported
Quarterly net cash from operating activitiesCompanySeptember 2025 quarterQuarter-7,692,000 AUDReported
Quarterly net cash from investing activitiesCompanySeptember 2025 quarterQuarter2,727,000 AUDReported
Quarter-end corporate cash and cash equivalentsCompanyDecember 2025 quarterPoint In Time75,014,000 AUDReported
Quarterly net cash from operating activitiesCompanyDecember 2025 quarterQuarter-2,836,000 AUDReported
Quarterly net cash from investing activitiesCompanyDecember 2025 quarterQuarter-3,548,000 AUDReported
Quarter-end corporate cash and cash equivalentsCompanyMarch 2026 quarterPoint In Time96,481,000 AUDReported
Quarterly net cash from operating activitiesCompanyMarch 2026 quarterQuarter-9,159,000 AUDReported
Quarterly net cash from investing activitiesCompanyMarch 2026 quarterQuarter-10,435,000 AUDReported
Quarter-end corporate cash and cash equivalentsCompanyJune 2026 quarterPoint In Time68,532,000 AUDReported
Quarterly net cash from operating activitiesCompanyJune 2026 quarterQuarter-5,029,000 AUDReported
Quarterly net cash from investing activitiesCompanyJune 2026 quarterQuarter-22,715,000 AUDReported
Company guidance3
MetricProjectPeriodLowHighStatus
Phase 1 Cathode Productive Capacity TargetniftyFollowing Phase 1 commissioning6,0006,000 tonnes copper cathode per annumCurrent
First Copper CathodeniftySeptember quarter 2026—— milestoneSuperseded
First Copper CathodeniftyFourth quarter 2026—— milestoneCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-03-23Ann. 2026-01-23RaisingA$41M——Completed—
2025-12-31Ann. 2026-01-16DebtA$39.7M——Completed—
2025-10-17Ann. 2025-08-28RaisingA$80M2.9B—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-27

Audited annual report, later quarterlies and original Glencore execution terms reconciled. Commercial price formulae and final Macmahon operating-contract economics are not public. PFS and Ecora 2026 half-year disclosure establish state and deferred third-party royalty burdens.

Ten-year market-based offtake over Nifty cathode, with conditional carve-out; no fixed discount disclosed.

Offtake · Active
Counterparties
Glencore International AG
Applies to
Nifty Copper Complex · Copper
Economic direction
Mixed
Period
From 2024-09-30; no end date stated
Key terms
Term: 10 years
Available Nifty cathode committed: 100 percent subject to carve-out
Carve-out: 30 percent maximum, Glencore approval required
Price: market-based
How it affects our valuation

No valuation treatment is available for this arrangement.

Ten-year market-based offtake over Nifty concentrate, with conditional carve-out; no fixed discount disclosed.

Offtake · Active
Counterparties
Glencore International AG
Applies to
Nifty Copper Complex · Copper
Economic direction
Mixed
Period
From 2024-09-30; no end date stated
Key terms
Term: 10 years
Available Nifty concentrate committed: 100 percent subject to carve-out
Carve-out: 30 percent maximum, Glencore approval required
Price: market-based
How it affects our valuation

No valuation treatment is available for this arrangement.

Macmahon is the site and execution partner; do not assume an executed life-of-mine operating contract.

Strategic Partnership · Active
Counterparties
Macmahon Holdings Ltd
Applies to
Nifty Copper Complex · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
Role: Nifty site management, execution and technical planning
Life-of-mine operations contract: under negotiation / undisclosed
How it affects our valuation

No valuation treatment is available for this arrangement.

DECMIL SXEW refurbishment contract; estimated A$27m included within Phase 1 implementation exposure.

Other · Active
Counterparties
DECMIL
Applies to
Nifty Copper Complex · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Estimated refurbishment contract: 27,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Cyprium retains an 80% interest in Cue copper-gold-silver rights; partner economics beyond ownership are undisclosed.

Joint Venture · Active
Counterparties
Undisclosed joint-venture partner
Applies to
Cue Copper-Gold Project · Copper · Gold · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
Cyprium current interest: 80 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

State agreement royalties on Nifty concentrate and cathode sales are included in the PFS economic cash flows.

Royalty · Active
Counterparties
Western Australian Government
Applies to
Nifty Copper Complex · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Concentrate royalty: 5 percent of gross copper revenue
Cathode royalty: 2.5 percent of gross copper revenue
How it affects our valuation

No valuation treatment is available for this arrangement.

Ecora holds a 1.5% realised-value royalty that becomes payable after Nifty reaches cumulative historical and future copper production of 800kt; the PFS already models the threshold royalty.

Royalty · Active
Counterparties
Ecora Royalties PLC
Applies to
Nifty Copper Complex · Copper
Economic direction
Burden
Period
Dates not stated
Key terms
Realised-value royalty: 1.5 percent
Cumulative copper trigger: 800,000 tonnes copper
First payment expectation: at least five years after restart
How it affects our valuation

No valuation treatment is available for this arrangement.