Cyprium Metals : Noosa Mining Presentation

BUILDING AN AUSTRALIAN COPPER COMPANY

onlyuseNoosa Mining Presentation

ersonalJuly 2022

ASX: CYM

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Important Notices and Disclaimer

IMPORTANT: You must read the following before continuing.

This investor presentation ("Presentation") has been prepared by Cyprium Metal s Limited (ABN 48 002 678 640) ("Cyprium" or "Company").

Summary information

onlyf Cyprium shares. The distribution of this Presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions.

By reviewing or retaining these materials, or attending or participating in this Presentation, you acknowledge and represent that you have read, understood and accepted the terms of this "Important Notices and Disclaimer". This Presentation contains summary information about Cyprium, and its activities current only at the date of this Presentation. This Presentation is for information purposes only. The information in the Presentation is of a general nature only and does not purport to be complete. This Presentation should be read in conjunction with Cyprium's most recent financial report and other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange ("ASX") which are available at www.asx.com.auand also available on Cyprium's website at www.cypriummetals.com. Certain information in this Presentation has been sourced from Metals X Limited, the former owner of Paterson and their representatives or associates. While steps have been taken to review that information, no representation or warranty, expressed or implied, is made as to its fairness, correctness, completeness or accuracy. Certain information in this Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Cyprium nor its representatives have independently verified any such information sourced from third parties or industry or general publications.

Not an offer

This Presentation is for information purposes and is not, and does not purport to be, a prospectus, product disclosure statement or any other offering document under Australian law or the law of any other jurisdiction (and will not be lodged with the Australian Securities and Investments Commission ("ASIC") or any foreign regulator). The information does not and will not constitute or form part of an offer, invitation, solicitation or recommendation in relation to the subscription, purchase or sale of securities in any jurisdiction and neither this Presentation nor anything in it shall form any part of any contract for the acquisition

N t investment or financial product advice

This Presentation does not constitute financial product, investment, legal, taxation, accounting or other advice and is not intended to be used or relied upon as the basis for making an investment decision. This Presentation is not a recommendation by Cyprium or its advisers to acquire Cyprium shares or New Shares. This Presentation has been prepared without taking into account the objectives, financial situation or needs of individuals.

Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction. Cyprium is not licensed to provide financial product advice in respect of Cyprium shares.

Eff ct of rounding

A number of figures, amounts, percentages, estimates, calculations of value and fractions in this Presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this Presentation.

Pa t performance

Pa t performance information, including past share price performance of Cyprium and pro forma financial information, given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Cyprium's (or anyone else's) views on Cyprium's future financial performance or condition. Past performance of Cyprium cannot be relied upon as an indicator of (and provides no guidance as to) the future performance of Cyprium. Nothing contained in this Presentation nor any information made available to you is, or shall be relied upon as a promise, representation, warranty

or g	arantee, whether as to the past, present or future.
F t	re performance
useThis Presentation contains certain "forward-looking statements" and comments about future events, including statements regarding Cyprium's intent, belief or current expectations with respect to the Company's business and operations, market conditions, results of operations and financial condition, and risk
management practices. The words "likely", "expect", "aim", "should", "could", "may", "anticipate", "predict", "believe", "plan", "estimate", "will", "believe", "target" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance outlook on, future earnings or financial
position or performance are also forward-looking statements and include statements in this Presentation regarding the conduct and the future performance of Cyprium.
ersonal
Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumption on which

these statements are based. These statements may assume the success of Cyprium's business strategies. The success of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Recipients of this Presentation are cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by the COVID-19 pandemic, and except as required by law or regulation, none of Cyprium, its representatives or advisers assumes any obligation to upd te these forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this Presentation. The forward-looking statements are b sed on information available to Cyprium as at the date of this Presentation. Except as required by law or regulation (including the ASX Listing Rules), none of Cyprium, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements.

Restart Study

The Restart Study as referred to in this ASX announcement is intended to be used for the process of financing the construction of the Nifty Copper Project by outlining the technical, commercial and profit potential aspects of the Project. The technical and economic study has a number of sections of study that have accuracy ranges from ± 5% to ± 20% depending on the materiality of the section. The overall accuracy of the Study is judged to be in the order of ± 10% which would enable the estimate of ore reserves. Notwithstanding that the information contained in this release is accurate in presenting the investment case determined from the Study it remains a summary and it is not possible to release to the market all the background data and studies undertaken to compile it. Further there is information omitted from this summary (and from the background data) that directly relates to Cyprium's intellectual property in the project.

The pr ject NPV and favourable economic outcome considers and includes re-treatment of and copper production from the historical heap leach material, however the 2012 JORC Code is unable to be applied to accommodate the existing historical heap leach material in terms of Mineral Resource classification. The t nnes and grade of the material is based on historical production reconciliation as a heap leach quantity ought to be, that is a stockpile of material less the physical metal extracted thereof.

The open pit ore mined has been calculated and considered as applicable to be quoted as an open pit reserve including only measured and indicated resources used in the determination of the quantity and grade but under JORC 2012 are unable to quote as such as the economics are linked to the treatment of heap leach material which is outside a JORC classification as described in the point above.

The directors of the Company consider this to be a fair and balanced summary of the study undertaken. However, given the uncertainties involved in any study of this type, and the assumptions made, investors should not make any investment decisions based solely on the results of the Restart Study and/or the summary contained herein.

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Cyprium Investment Overview

Cyprium Metals - Building an Australian Copper Company

only		ASX listed, West Australian focused copper developer and explorer
									Restart Study for Nifty Copper Project - heap leach operation targeting H1 2023 commissioning
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	Portfolio of development opportunities with over +1.6Mt1 of contained copper in Mineral Resources
									Material exploration upside with large landholding in the Paterson Province & farm-in with IGO Ltd
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	Highly credentialled Board and Management team focussed on creating shareholder value
									Multi-asset strategy set to capitalise on global electrification thematic
									A$50M Secured Offtake Prepayment Facility for Nifty Copper Project with Glencore International AG
									Recently completed $16M placement and undertaking $10M entitlement issue2

1 Cyprium ASX announcement: 16 May 2022 - 28.4% increased Nifty Copper MRE to 940,200t copper metal, 10 February 2021 - Transformational Acquisition of Highly Attractive Copper Portfolio, 29 September 2020- Hollandaire Copper-Gold Mineral Resources Estimate & 19 July 2022 - Nanadie Well Mineral Resource Estimate

2 Refer ASX announcement 30 June 2022

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Corporate Overview

Focused on building a mid-tier Australian copper mining business

• Cyprium Metals (ASX:CYM) is an Australian copper developer and explorer

• Owns a portfolio of near-term development projects located in Western Australia

• Focussed on the near-term development of Nifty open pit heap leach copper

	strategy to produce LME grade A copper cathode on site
		Share Price Performance (as of 12/07/2022)
only• Highly credentialed board and management team
use	− Led by experienced mining executives Barry Cahill and Gary Comb
Capital Structure (post Placement, excluding Entitlement Offer)
		Securities	A$M
Ordinary shares	703,949,649
ersonal		57,000,000
Performance rights 1
Unlisted options (ex $0.30 cents, expiring 11 Dec 2022)	6,000,000
U listed options (ex $0.3551 cents, expiring 30 March 2023)	20,274,755
Ordinary shares	703,949,649
Market Capitalisation (A$0.115) 2		A$81.0M
Not s			4

1 Unvested Director and employee performance rights issued at a nil exercise price and subject to performance-based vesting conditions.

2 Placement and Entitlements Issue Share Price

Nifty Copper Project Restart Study Summary

Restart Study - 25,000 tpa copper cathode operation including heap leach retreat and oxide open pit

All amounts in AUD unless otherwise stated

only
•	146,100 tonnes copper plate produced during Phase 1 oxide pit 6.3 year life
• Free cashflow of $544M
• C1 Costs at USD1.91/lb, C3 at USD2.82/lb
• Revenue at USD9,000 and $0.75 FX(AUD:USD)
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•	Pre production capital $149M and max cash drawdown of $193M
• NPV (7%) $277M with an IRR of 37% with 3.0 years payback
• Phase 1 oxide pit only consumes ~10% of the Mineral Resource Estimate1
• Total mined and stacked2,3 - 25.9Mt @ 0.65% copper
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•	Copper Recovery for Heap Leach Retreat at 85% and for Oxide Ore at 90%
1 Cyprium ASX announcement: 17 November 2021 - Updated Nifty Copper Mineral Resource Estimate	5
2		Mined and stacked includes Heap Leach material of 17.1Mt @ 0.5% copper and Open Pit Oxide M&I Resource of 8.8Mt @ 0.9% copper

3 The project NPV and favourable economic outcome considers and includes re-treatment of and copper production from the historical heap leach material, however the 2012 JORC Code is unable to be applied to accommodate the existing historical heap leach material in terms of Mineral Resource classification. The tonnes and grade of the material is based on historical production reconciliation as a heap leach quantity ought to be, that is a stockpile of material less the physical metal extracted thereof.