Cyprium Metals : Further Significant Copper Intersections from Nifty West Dri

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27 January 2022

ASX ANNOUNCEMENT

Further Significant Copper Intersections from Nifty West Drilling

HIGHLIGHTS

• Assay results have been received from a further 28 RC holes drilled at Nifty West, targeting lightly tested areas of copper mineralisation below the former Nifty open pit.
• Confirms continuation of significant copper mineralisation in the keel zone to the west at 80- 100m thick, enhancing a potential large-scale open pit development.
• Significant results include:

Hole 21NRWP018 - 86m @0.57% Cu downhole zone of copper mineralisation including:

1. 8m at 0.49% Cu from 170m including:
2. • 1m at 1.09% Cu from 176m, and

1. 9m at 0.81% Cu from 181m including:
2. • 2m at 1.23% Cu from 182m & 2m at 1.05% Cu from 187m, and

1. 18m at 0.96% Cu from 196m including:
2. • 1m at 2.03% Cu from 197m & 3m at 1.85% Cu from 202m & 1m at 1.36% Cu from 207m & 2m at 1.29% Cu from 209m, and

1. 10m at 0.76% Cu from 215m including:
2. • 1m at 1.00% Cu from 217m & 1m at 1.41% Cu from 223m, and

1. 3m at 1.09% Cu from 226m including:
2. • 1m at 1.62% Cu from 226m, and

1. 12m at 0.52% Cu from 244m including:
2. • 1m at 2.21% Cu from 245m

Hole 21NRWP020 - 97m @0.47% Cu downhole zone of copper mineralisation including:

1. 7m at 0.58% Cu from 153m including:
2. • 1m at 1.02% Cu from 156m, and

1. 5m at 0.60% Cu from 169m including:
2. • 1m at 1.12% Cu from 170m, and

1. 6m at 0.91% Cu from 179m including:
2. • 3m at 1.30% Cu from 180m, and

1. 5m at 0.54% Cu from 187m including:
2. • 1m at 1.02% Cu from 190m, and

1. 15m at 0.70% Cu from 201m including:
2. • 2m at 1.49% Cu from 207m & 1m at 1.19% Cu from 215m, and

1. 4m at 0.75% Cu from 222m including:
2. • 1m at 1.78% Cu from 223m, and

1. 7m at 1.90% Cu from 235m including:
2. • 3m at 4.09% Cu from 236m

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Hole 21NRWP021 - 94m @0.58% Cu downhole zone of copper mineralisation including:

1. 7m at 0.65% Cu from 180m including:
2. • 1m at 1.98% Cu from 185m, and

1. 18m at 0.98% Cu from 194m including:
2. • 1m at 1.62% Cu from 195m & 4m at 1.23% Cu from 199m & 2m at 2.52% Cu from 207m, and

1. 9m at 1.07% Cu from 213m including:
2. • 4m at 1.68% Cu from 215m, and

1. 2m at 1.12% Cu from 224m including, and

1. 5m at 1.69% Cu from 228m including:
2. • 3m at 2.64% Cu from 228m

Hole 21NRWP042 - 100m @0.41% downhole zone of copper mineralisation including:

1. 14m at 1.13% Cu from 224m including:
2. • 5m at 2.22% Cu from 228m, and

1. 9m at 0.57% Cu from 246m including:
2. • 1m at 1.57% Cu from 251m, and

1. 10m at 0.69% Cu from 268m including:
2. • 1m at 1.48% Cu from 270m & 2m at 1.41% Cu from 272m, and

1. 4m at 1.32% Cu from 286m

Hole 21NRWP043 - 87m @0.47% Cu downhole zone of copper mineralisation including:

1. 63m at 1.10% Cu from 201m including:
2. • 4m at 1.85% Cu from 207m & 3m at 1.54% Cu from 215m & 2m at 1.76% Cu from 223m & 3m at 1.44% Cu from 226m & 8m at 2.02% Cu from 233m & 6m at 1.68% Cu from 256m, and

1. 11m at 0.77% Cu from 269m including:
2. • 1m at 1.10% Cu from 272m & 1m at 1.49% Cu from 274m

Hole 21NRWP044 - 115m @0.51% Cu downhole zone of copper mineralisation including:

1. 5m at 0.53% Cu from 188m, and

1. 9m at 0.83% Cu from 196m including:
2. • 3m at 1.64% Cu from 201m, and

1. 9m at 1.56% Cu from 208m including:
2. • 3m at 2.25% Cu from 208m, and

1. 17m at 1.22% Cu from 225m including:
2. • 5m at 2.80% Cu from 233m, and

1. 4m at 0.85% Cu from 244m including:
2. • 2m at 1.35% Cu from 245m, and

• 1. 4m at 0.75% Cu from 260m including:
  2. • 1m at 1.34% Cu from 260m & 1m at 1.17% Cu from 262m
• Assay results pending from a further 25 RC holes completed at Nifty West.

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Managing Director Barry Cahill commented:

"We have been very pleased with the drilling results received to date. These assay results continue to confirm the presence of a substantial zone of copper mineralisation which is up-plunge of the former underground mine. We continue to be excited about the receipt of the results of balance of the outstanding assays. It is not often that you have the privilege of getting these widths of mineralisation beneath an existing shallow open pit. The assays will be included in an updated mineral resource estimate that we look forward to releasing during the first half of this year."

Cyprium Metals Limited (ASX: CYM) ("Cyprium" or the "Company") is pleased to announce further assay results from 28 RC holes (for 7,504m) of the Nifty West drilling program. The drilling programme targeted a lightly drilled area, up-plunge of the former underground mine in the keel area of the Nifty Syncline, below the western end of the Nifty open pit (refer to Figure 1).

Nifty West drill program

Figure 1 / Nifty Copper Project showing location of Nifty West drill program (local grid)

Hole locations from the current program are shown in Figure 2 with the significant intersections summarised in Table 2.

Discussion of results

Further wide intervals of low to medium-grade copper mineralisation were encountered on four section lines (101,560E - Figure 3, 101,600E- Figure 4, 101,640E- Figure 5 and 101,680E- Figure 6) to the immediate east of lines 101,480E and 101,520E, where significant intersection were reported from the first batch of assay results announced on 2 November 20211. The latest intersections provide further confirmation of the presence of significant copper mineralisation associated with the lightly tested Nifty Syncline keel zone up- plunge of the former underground mine.

1 Refer to Cyprium's ASX announcement dated 2 November 2021 "Significant Copper Intersections from Nifty West Drilling"

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Figure 2 / Nifty West drill hole collar locations (local grid)

(Note: historic drill holes are within the existing Mineral Resource area and are displayed for information purposes only)

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Figure 3 / Nifty West drill hole section 101560E

(Note: underground holes were drilled sub-parallel to the mineralisation and are displayed for information purposes only)

Figure 4 / Nifty West drill hole section 101,600E

(Note: underground holes were drilled sub-parallel to the mineralisation and are displayed for information purposes only)

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