Cyprium Metals Limited announced the Company's updated MRE for the Nifty copper deposit following completion of the successful Nifty west pit drilling program in 2021. Cyprium's previously disclosed MRE for Nifty was the maiden Nifty MRE under Cyprium's ownership. The current Nifty MRE of 95.1Mt at 1.0% copper for a total contained copper inventory of 940,200t is the result of the completion of the successful Nifty west pit drilling program and Nifty Copper Project Restart Study.

The Nifty west drilling program consisted of 71 RC holes for a total of 18,867 metres. The Nifty Copper Project Restart Study is focussed on the development of the first phase of the project that involves a return to heap leaching and solvent extraction electrowinning (SX-EW) to produce copper metal cathode on site. The significant inventory and increase of heap leachable oxide mineralisation confirmed by this MRE (16.1Mt at 0.9% copper for approximately 144,300t of contained copper metal) presents additional upside opportunity on project economics.

The drilling programmes completed at Nifty West and East were designed primarily to confirm the mineralisation and to improve the confidence, hence classification of inferred resource, plus possible extension of mineralisation. Geology and Geological Interpretation: The Nifty sediment-hosted copper deposit is hosted within the Neoproterozoic sub-greenschist facies of the Paterson Orogen, some 330 km southeast of Port Hedland, 200km east-southeast of Marble Bar and 65km west of Telfer in Western Australia. The northwest trending Paterson Orogen is greater than 1,000km long by 150km to 200km wide and fringes the north-eastern margin of the Archean to Paleoproterozoic Pilbara Craton, and merges with the Musgrave Orogen to the southeast.

The Paterson Orogen is composed of two main elements, the Paleo-to early Mesoproterozoic metamorphosed igneous and sedimentary rocks of the Rudall Complex, and the unconformably overlying (approximately 9 to 13km thick) 850 to 824Ma Yeneena Supergroup of the >24,000km2 Neoproterozoic Yeneena Basin. The Nifty deposit had a pre-mining global resource of approximately 100Mt at 1.7% Cu (0.5% Cu cut-off). Copper occurred/s as both supergene oxide, sulphide and transition mineralisation to a depth of approximately 300m and as stratabound hypogene sulphides hosted by carbonaceous and dolomitic shales principally within the Nifty carbonate member, to a depth of approximately 600m.

The Nifty copper deposit is a structurally and lithologically controlled stratabound body within the Nifty Syncline, which strikes approximately southeast-northwest and plunges at about 6-12 degrees to the southeast. The massive, disseminated and vein-style copper mineralisation occurs as a structurally controlled, chalcopyrite-quartz-dolomite replacement of carbonaceous and dolomitic shale within the folded sequence. The copper sulphide mineralisation is largely confined to the keel of the syncline and the northern limb.

Drilling Techniques: The Nifty deposit has been drilled and sampled using several techniques but only the diamond and reverse circulation drilling results were used for mineral estimation purposes. Holes have been drilled both from surface and from underground and on variable spacings along and across the strike of the deposit. Approximately 303,000m have been drilled within the immediate vicinity of the deposit and in general, the orientation of the drilling was appropriate to the strike and dip of the mineralisation.

Sampling and Sub-Sampling Techniques: All core for analysis was half-cored using a mechanical saw and RC chip samples were collected via a cyclone which was cleaned with air blasts between samples. Field sub-sampling for chip samples and the cutting of core samples was according to industry standard practice as also were the procedures adopted in the on and off-site laboratories.