Cyprium Metals : Maroochydore Cu Co Project Initial RC Drilling Results

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14 February 2022

ASX ANNOUNCEMENT

Maroochydore Copper - Cobalt Project Initial RC Drilling Results

HIGHLIGHTS

• Drilling further extends massive Maroochydore copper - cobalt resource potential
• Near-surfaceoxide copper/cobalt mineralisation extended to 3000m long, up to 500m wide and up to 100m thick
• Sulphide copper - cobalt mineralisation 2,500m long (still open), up to 500m wide and up to 50m deep (still open)

Significant results include:

• 11m @ 2.27% Cu & 429 ppm Cofrom 65m in 21MDRC015, including: o 8m @ 2.95% Cu Ag & 555 ppm Cofrom 65m, and;
• 20m @ 0.72% Cu & 38 ppm Co from 78m, including:

• 1. 5m @ 1.99% Cu & 30 ppm Cofrom 82m
• 20m @ 0.86% Cu & 609 ppm Co from 41m in 21MDRC016, including:
• 1. 9m @ 1.25% Cu & 775 ppm Cofrom 44m
• 5m @ 1.68% Cu & 678 ppm Cofrom 34m in 21MDRC017
• 17m @ 0.84% Cu & 462 ppm Co from 56m in 21MDRC011, including:
• 1. 11m @ 1.13% Cu & 570 ppm Cofrom 58m
• 13m @ 0.85% Cu & 429 ppm Co from 50m in 21MDRC012, including:
• 1. 9m @ 1.10 % Cu & 303 ppm Cofrom 51m
• 41m @ 0.45% Cu & 263 ppm Co from 79m in 21MDRC018, including:
• 1. 9m @ 0.95% Cu & 284 ppm Co from 108m
• 23m @ 0.58% Cu & 261 ppm Co from 25m in 21MDWB02, including:
• 1. 14m @ 0.81% Cu & 366 ppm Co from 34m

Managing Director Barry Cahill commented:

"When I was at Maroochydore last year, I was absolutely blown away by the physical footprint of this shallow copper cobalt deposit, which is more than 3 kilometres in length and still open.

Maroochydore is a very exciting project and we are pleased to announce the results of our first round of RC drilling. These results reinforce the quality of this large copper-cobalt deposit. In addition, this drilling has increased the oxide-supergene resource potential further to the east.

The presence of fresh sulphide mineralisation at the base of hole 21MDRC018 is highly encouraging and demonstrates potential to expand the sulphide resource further along strike.

We look forward to the next round of assay results, targeting areas northwest along strike."

ABN 48	002 678 640	1/437 Roberts Road
T +61	8 6374 1550	Subiaco, WA, 6008
	ASX: CYM	www.cypriummetals.com

For personal use only

Cyprium Metals Limited ("CYM", "Cyprium" or "the Company") is pleased to report the results of the first round of assays that have been received from the 2021 Reverse Circulation ("RC") drilling campaign at the Maroochydore Copper - Cobalt Project (refer to Figure 1).

The 50 RC drillhole programme included 46 resource definition and extension holes (5,990m) and 4 water bores (228m) for a total of 6,218 metres as detailed in Figure 2, Images 1 to 8 and Table 1. To date, the results from 19 holes have been received by the Company as detailed in Appendix 1. These RC drill holes targeted oxide, supergene and transitional mineralisation at the project with several holes extending into fresh basement rock. Sulphide mineralisation was intersected from 108m down hole in 21MDRC018 (refer to Image 7).

The oxide mineralisation currently extends over a strike length of 3,000m, has a width of up to 500m and thicknesses up to 100m, as modelled in the existing JORC 2012 mineral resource estimate. The resource shapes are outlined in figure 1 and sections 1 & 2.

Once all the RC assay results are received, they will be included in a revised mineral resource estimate of the Maroochydore copper - cobalt deposit. Hole collar and Survey details are summarised in Table 1. All significant interval assays are summarised in Appendix 1.

Figure 1 / Maroochydore Copper - Cobalt Project location plan1

1 Subject to clawback rights of up to 50% to buy back into a proposed mine development of the project

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Image 1 / RC drill rig at the Maroochydore project, October 2021

Image 2 / RC drill chips: 21MDRC011, 56-73m

(17m @ 0.84% Cu & 462ppm Co, chalcocite & covellite mineralisation)

Image 3 / RC drill chips: 21MDRC012, 50-63m

(13m @ 0.85% Cu & 429ppm Co, cuprite, chalcocite & covellite mineralisation)

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Image 4 / RC drill chips: 21MDRC015 65-76m

(11m @ 2.27% Cu & 429ppm Co & 78-98m 20m @ 1.99% Cu & 30ppm Co, chalcocite & covellite mineralisation)

Image 5 / RC drill chips: 21MDRC016 41-61m

(20m @ 0.86% Cu & 609ppm Co malachite, cuprite & chalcocite mineralisation)

Image 6 / RC drill chips: 21MDRC017 34-39m

(5m @ 1.68% Cu & 678ppm Co cuprite mineralisation)

Image 7 / RC drill chips: 21MDRC018 108-117m

(9m @ 0.95% Cu & 284ppm Co. pyrite & chalcopyrite mineralisation)

Image 8 / RC drill chips: 21MDWB02 34-48m

(14m @ 0.81% Cu & 366ppm Co. malachite & cuprite mineralisation)

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Figure 2 / Maroochydore Copper - Cobalt Project RC drillhole collar location plan

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