Cyprium Metals Ltd progressed towards the restart of its Nifty Copper Complex during the March 2025 quarter, while formalising a strategic alliance with Macmahon Holdings Ltd to execute the next phase of development.
The company also advanced work on its broader Paterson Province portfolio, including a significant mineral resource estimate (MRE) upgrade at Maroochydore, and generated additional capital through non-core asset divestments. Cash at the end of the quarter stood at A$17 million, with further proceeds expected from asset sales.
Chair Matt Fifield highlighted the ramp-up of restart planning with Macmahon and the expanded Maroochydore resource as key steps in Cyprium’s strategy to become a major Australian copper producer.
“We continue to rapidly advance our strategic goal of bringing the Nifty Copper Complex back into production. The March quarter marked completion of tasks initiated in 2024, most importantly the closing of equity fundraising required to strengthen our balance sheet and put Cyprium in the right spot for a productive 2025.
“One key highlight in the quarter was to formally begin work with Macmahon, our chosen partner in mine operations, on bringing pre-feasibility work completed in 2024 into an executable plan in 2025. Together we are rapidly finalising execution plans for the Cathode restart. We are also iterating the project concept outlined in the PFS last year around the Concentrate Plan to determine the best tradeoffs and statup sequencing that we would then progress into feasibility stage.
“A second highlight was the release of an upgraded resources statement at Maroochydore, which demonstrates the potential scale of the deposit with approximately 1.6 million tonnes of contained copper in inferred resource. We expect that this will become a significant part of our go-forward strategy as we build Australia’s next great copper company.”
Capital raised through placement and entitlement offer
During the quarter, Cyprium completed Tranche 2 of a two-tranche placement, raising A$13.5 million via the issue of 483.2 million fully paid shares at A$0.028 per share. Subscribers also received one free-attaching unlisted option for every two shares, exercisable at A$0.042 by 31 December 2027.
Shareholder approval was obtained for the issue of Tranche 2 securities, including 297.5 million shares and 168.7 million options. In addition, Cyprium closed a non-renounceable entitlement offer raising A$1.53 million. The offer achieved a 51% take-up rate, with additional interest through a top-up facility bringing total valid applications to 54.6 million shares.
Strategic alliance with Macmahon to drive Nifty execution
A major milestone for the quarter was the signing of a Heads of Agreement with Macmahon, which includes an Early Contractor Involvement (ECI) contract to help deliver a bankable feasibility study for Nifty’s redevelopment. The agreement builds on Cyprium’s 2024 pre-feasibility study.
Macmahon is to lead feasibility scoping, refurbishment programs, and early revenue planning, leveraging the Nifty site’s brownfield status and extensive historical data. The partnership also contemplates a potential life-of-mine operational contract. Fifield said the alliance brings “real-world experience” and “clear path to delivery”.
Maroochydore MRE significantly upgraded
Cyprium announced a major upgrade to its mineral resource estimate at the Maroochydore Copper-Cobalt Project, located 81 kilometres from Nifty. The revised inferred resource stands at 371 million tonnes at 0.43% copper and 227 parts per million cobalt, equating to 1.6 million tonnes of contained copper and 84,000 tonnes of cobalt at a 0.25% copper cut-off.
A higher-grade domain was also reported: 106.3 million tonnes at 0.67% copper and 308 ppm cobalt, containing 712,000 tonnes of copper. Maroochydore is now recognised as a large, near-surface sulphide deposit with development potential as a satellite source to Nifty.
Asset sales and divestments generate additional capital
The sale of surplus TM-2500 generators progressed, with the buyer UPS&E increasing its non-refundable deposit to US$1.2 million (A$1.92 million). The total sale price remains at US$6.05 million, with completion expected in the June quarter.
The company also finalised the divestment of the Meekatharra Project to Solstice Minerals Ltd for A$1 million cash, 3 million Solstice shares, and a further 3 million shares contingent on future resource delineation. These transactions are part of Cyprium’s ongoing strategy to monetise non-core assets.
Operating costs reflect active mining site maintenance
Cyprium maintained Nifty as an active mining site under its regulatory approvals, resulting in higher operational costs than a typical care and maintenance setup. Personnel costs were A$1.6 million, while corporate and administrative expenses totalled A$2.9 million. Capital investment during the quarter included A$2 million in property and equipment and A$800,000 in exploration.
Financial position and funding outlook
At March 31 2025, Cyprium held A$17 million in cash, supported by recent equity raisings and asset sale deposits. The company also retains access to a US$27.3 million loan facility from Glencore Australia Holdings Pty Ltd. Estimated cash availability covers approximately two quarters of operations.
Executive payments for the period amounted to A$125,000, and financing cash flows reflected the placement proceeds, with no new borrowings drawn during the quarter.
Outlook: Restart plans and feasibility studies underway
Looking ahead, Cyprium will prioritise finalising the feasibility and execution plan for the Nifty Cathode project and continue collaborating with Macmahon on the Concentrate Project. Feasibility-level scoping and permitting updates are underway, alongside conceptual studies at Maroochydore and the streamlining of residual non-core assets.
The company has reaffirmed its intent to leverage the existing infrastructure and advanced status of Nifty to position itself as a significant mid-tier copper producer in Australia.