Cyprium launches ~$80m equity raise to fast-track Nifty restart and early cathode cashflow

Konrad Forrest
Cyprium

28 August 2025 | Subiaco, WA – Cyprium Metals (ASX:CYM) has unveiled plans to raise approximately A$80 million (A$74m placement plus a fully underwritten A$6m entitlement offer at A$0.028/share) to accelerate the restart of the Nifty Copper Complex in WA’s Paterson Province and unlock a long-life open pit sulphide operation alongside near-term cathode production from existing leach pads.

Why it matters

  • Brownfields advantage: Nifty is a former prolific producer with two processing plants on site (SX-EW cathode and 3.0Mtpa concentrator) that require refurbishment rather than greenfield build-out.
  • Early cashflow route: Cyprium plans to reprocess the above-ground heap leach pads for early cathode production while advancing the concentrator restart and a new surface mine.
  • Scale in reserve and resource: Surface-mineable Reserve 83Mt @ 0.90% Cu (753kt Cu); heap leach pads contain ~91kt Cu; broader Nifty open-pit resource totals ~1.04Mt contained Cu.
  • Regional upside: Nearby Maroochydore hosts 370.8Mt @ 0.43% Cu (1.595Mt Cu) with a 106.3Mt @ 0.67% Cu higher-grade domain—potential satellite feed to Nifty’s concentrator.
  • Economics: The November 2024 PFS outlined a ~A$1.1bn pre-tax NPV (US$4.25/lb Cu, 0.71 FX).

Use of funds and work program
Proceeds will support cathode refurbishment/finance and sanction, concentrator BFS and mine development, plus permitting and key partnerships. Cyprium’s 2024–2026 workstream shows cathode feasibility, financing and contracts advancing now, followed by cathode refurbishment/restart in 2026, alongside concentrator BFS and mine build activities.

Capital and ownership snapshot
As at 25 August 2025: Market cap A$61.9m, cash A$16.2m, senior debt A$42.3m (maturity Sep-2028) and A$36.0m convertible notes (redemption Mar-2028). Top holders include Flat Footed (19.9%) and Paradice (8.0%).