Cyprium Metals Ltd, a copper developer focused on recommencing production at the Nifty Copper Complex in the Paterson region of Western Australia, has advised that the proposed divestment of its Cue Project to Q Resources Pty Ltd, as announced on March 21 2025, has been cancelled by mutual agreement.
"As announced on April 23 2025, the company has regained 100% control of the Paterson Exploration Project. This necessitates a further review of strategy with respect to non-core greenfield exploration assets. Whilst this strategy review is ongoing, the Company has decided to retain the Cue Project and cancel the proposed transaction with Q Resources.
"In the near term, our exploration team is working to absorb the geologic information from IGO and prioritise exploration that will be a part of our future growth story. Once that review is completed, the company expects to revisit all strategic options for non-core ground, including tenements that sit within the Paterson Exploration Project and the Cue Project portfolios.
Our primary focus remains restart of production at the Nifty Copper Complex. We look forward to updating shareholders on our progress in the near term.”
Cyprium Metals secures full ownership of Paterson Exploration Project following IGO withdrawal
The Cue news comes just days after Cyprium has assumed 100% ownership of the Paterson Exploration Project in Western Australia, following joint venture partner IGO Limited’s decision to withdraw from the agreement, effective 30 April 2025.
The Paterson Exploration Project comprises 34 tenements spanning approximately 1,938 square kilometres in the Paterson Province, a region recognised for hosting globally significant copper and gold deposits such as Nifty, Maroochydore, Telfer and Winu. The package includes six mining leases, 17 exploration licences and 11 prospecting licences.
Since the joint venture commenced in 2020, IGO has invested about A$24 million into exploration activities across the project area. This investment has delivered more than 36,000 metres of drilling across 256 aircore holes, 23 diamond drillholes and two reverse circulation drillholes, in addition to extensive geophysical and geochemical surveys.
Key prospects identified during IGO’s tenure include the Rainbow, NB02 and NB08 targets located 30 kilometres northwest of the Nifty Copper Complex, the Maroochydore-style MB01 prospect, and NL05, a geophysical anomaly bearing similarities to Rio Tinto’s Winu discovery.