Cyprium Metals Limited provided an operational update on the Nifty Copper Project. The Company continues to make significant progress on its strategy of developing an open pit heap leach, Solvent Extraction and Electrowinning operation to produce LME grade A copper cathode metal plate on-site. Resource Definition Drilling: A reverse circulation ("RC") drill rig was mobilized to site immediately upon CYM taking control of the site. The drill rig has been focused on completing several time critical activities to enable the project to move forward to construction and production. The initial estimated RC resource drilling programme has been increased to approximately 19,000 metres and a second drill rig has been mobilized, which is due to arrive on site in the coming weeks, to complete the drilling in a timely manner. Cyprium maintains its view that more mineral resources exist higher up in the mineralized envelope of the orebody and, subject to the result of the initial programmes, further drilling would be required to quantify increase to the existing Nifty resource. South-East Limb Drilling: An RC drilling programme of over 3,000 metres has been completed on the South-East limb. Drilling was undertaken to increase density of existing drilling and test the potential for transitional and supergene ore extensions from the south-east corner of the Nifty open pit. The previously identified oxide and transitional mineralization is being drilled to an appropriate density to add to the base load in-situ resource for Cyprium's heap leach restart strategy. Sample preparation is complete and are currently on the way to the laboratory for analysis. Western Limb Drilling: A 16,000 metre RC drilling campaign has commenced to test the potential up-plunge extensions of the oxide and transitional mineralization's at the western extremity of the Nifty open pit. Historically, mineralization in this region has been of lower confidence, being in the inferred resource category, due to the sparse drilling density. Sterilization Drilling: Sterilization drilling was undertaken on the western end of the current heap leach pad which potentially lay over a portion of the southern limb of the Nifty mineralization. This drilling has now been completed with all holes intersecting the footwall sequences of the Nifty rock formations, which effectively sterilises the area. This is positive for the project as it allows the more detailed planning and investigation to be commenced on the location designated for the required infrastructure. Metallurgical Testwork: Heap Leach Pad Drilling: A sonic drill rig was mobilised to site to obtain specialized core samples for metallurgical testwork. The rig has been very effective in producing complete core samples from the existing heap leach pads, which are being despatched to the laboratory for testing. A diamond rig has been contracted and is mobilizing to on site during July 2021. This rig will obtain diamond core samples of in-situ mineralization around the open pit for column leach tests on the copper mineralization. Whilst over 200,000 tonnes of copper metal plate has been produced at Nifty historically and the metallurgy is well understood, it has been over a decade since new methods have been tested, particularly the unique methodology utilised by Cyprium on its Hollandaire resource. Once the diamond rig has completed the program at Nifty, it will complete some preliminary geotechnical drilling before mobilising to the Maroochydore Copper Project to drill core samples for similar metallurgical testwork. Bulk Samples: Samples taken from the trenching of the heap leach pads have been prepared and are currently in the laboratory, undergoing column testwork leaching analysis. The initial testwork reflects the expected leach conditions and is in line with Cyprium's internal expectations for the heap leach re-treat studies. The preliminary leaching results have been excellent in the short period to date. The column will continue to leach and once the final results are compiled into a presentable form, they will be released to market. The initial stages of this testwork are confirming both the improved leaching rates that Cyprium's proprietary methods can produce, and the parameters used in the proof-of-concept studies. Site Surveys and Studies: SX-EW Studies & Geotechnical: The studies into the SX-EW plant continue with early indications that a new plant will add significant value to the project through improved efficiencies at lower operating costs, although at a moderately higher capital cost then refurbishing the existing plant. This work is ongoing, particularly regarding the determination of the full cost to the battery limits and to the timing of commissioning of either facility. Reporting and costing of various components for inclusion in the Feasibility Study to finance the construction phase are continuing. Since the Heap Leach and SX-EW operations ceased, there has been material improvements in technology and process methods and Cyprium believe these will further enhance the project's value. Geotechnical work and surveys on the planned locations is ongoing, including drilling activities to ensure these studies are completed on schedule. A geotechnical test pit has commenced. Site Infrastructure: Communications upgrades are underway for both mobile and satellite services. The camp refurbishment programme has been approved and a dedicated team will manage this project. Discussions are ongoing for contractor tender, selection and mobilisation. The camp upgrade will involve a mix of new and refurbished rooms with some of the older areas of the accommodation being scrapped due to the age and deteriorated condition. Site surveys and baseline studies: As previously reported, initial flora and fauna surveys (part of the approval and permitting process) have been conducted and the second phase of surveys has commenced. All surveys are expected to be completed and finalised in accordance with the project timeline. Water management planning is continuing and the reporting is expected on time, including the initial considerations of water extraction from the underground voids below the open pit.