Cyprium Metals Ltd (ASX: CYM, OTC: CYPMF) has raised A$1,527,713.84 (before costs) following the completion of its pro rata non-renounceable entitlement offer, which closed on 3 February 2025.
Eligible shareholders subscribed for a total of 54,561,162 new shares at an issue price of A$0.028 per share, representing a take-up of 51%. As part of the offer, shareholders had the opportunity to apply for additional new shares through a top-up facility, which attracted valid applications for 24,739,619 shares. These applications are included in the total number of new shares issued.
The new shares and accompanying options will be issued today.
A big week for Cyprium
As well as raising $1.5 million, Cyprium cemented its strategic alliance with leading global mining services provider Macmahon Holdings Ltd by executing an Early Contractor Involvement (ECI) contract.
The ECI contract initiates a scope of work to progress Cyprium Metals' pre-feasibility study (PFS) towards a bankable feasibility study (BFS) for the planned restart of production at the Nifty Copper Complex in Western Australia’s Paterson region.
Under the agreement, Macmahon will take the lead role during an exclusive period, during which both parties will work collaboratively to advance feasibility studies and establish an alliance-style life-of-mine contract.
The company also remodelled the mineral resource estimate for its Maroochydore Copper-Cobalt Project in Western Australia, incorporating nearly 20,000 metres of historical drill core data. The updated estimate outlines a resource of approximately 1.6 million tonnes of contained copper and 84,000 tonnes of cobalt.
Within the inferred resource, a higher-grade component of 106 million tonnes at 0.67% copper—compared to the broader estimate of 0.43% copper—contains 712,000 tonnes of copper and 33,000 tonnes of cobalt, based on a 0.45% cut-off grade rather than 0.25%.
In addition, Cyprium has signed a binding sale and purchase agreement with Solstice Minerals Ltd for the Meekatharra Project, divesting the non-core asset in exchange for A$1 million in cash and up to six million shares, subject to conditions.
Cyprium Metals executive chair Matt Fifield recently caught up with Proactive’s Tylah Tully to discuss the company’s latest developments.
