Cyprium Metals : Significant Copper Intersections from Nanadie Well Drilling

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ASX ANNOUNCEMENT 22 November 2021

Significant Copper Intersections from Nanadie Well Drilling

HIGHLIGHTS

• Assays received from final two diamond drill holes at Nanadie Well
• Extensive copper-gold sulphide mineralisation intersected below the previously outlined shallow copper-gold oxide mineralisation. Significant results include:

Hole NWD2002 - copper mineralisation extends over 168m downhole, including:

• 29m @ 0.6% Cu and 0.2 g/t Au from 49m including: o 1m @ 1.1% Cu and 0.2 g/t Au from 50m
  o 2m @ 1.0% Cu and 0.2 g/t Au from 64m o 2m @ 1.7% Cu and 0.2 g/t Au from 72m
• 10m @ 1.9% Cu and 0.2 g/t Au from 106m including: o 2m @ 6.2% Cuand 0.5 g/t Au from 107m
  o 1m @ 1.2% Cu and 0.2 g/t Au from 113m
• 25m @ 0.6% Cu and 0.1 g/t Au from 146m including: o 1m @ 1.2% Cu and 0.2 g/t Au from 154m
  o 1m @ 1.1% Cu and 0.1 g/t Au from 160m
• 12m @ 0.6% Cu and 0.2 g/t Au from 187m including: o 1m @ 1.9% Cu and 0.4 g/t Au from 197m

Hole NWD2101 - copper mineralisation extends over 274m downhole, including:

• 5m @ 0.7% Cu and 0.1 g/t Au from 45m including: o 2m @ 1.5% Cu and 0.2 g/t Au from 46m
• 5m @ 1.9% Cu and 0.5 g/t Au from 75m including: o 1m @ 6.2% Cuand 2.1 g/t Au from 76m
• 4m @ 0.9% Cu and 0.2 g/t Au from 83m including: o 1m @ 1.5% Cu and 0.3 g/t Au from 85m
• 2m @ 1.0% Cu and 0.2 g/t Au from 91m
• 35m @ 0.5% Cu and 0.1 g/t Au from 108m including: o 2m @ 1.8% Cu and 0.4 g/t Au from 108m
• 40m @ 0.4% Cu and 0.1 g/t Au from 157m
• 56m @ 0.9% Cu and 0.2 g/t Au from 202m including: o 2m @ 3.9% Cuand 0.8 g/t Au from 222m
  o 2m @ 3.2% Cuand 0.6 g/t Au from 229m o 2m at 1.4% Cu and 0.2 g/t Au from 250m o 2m @ 1.3% Cu and 0.2 g/t Au from 254m

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T +61	8 6374 1550	Subiaco, WA, 6008
	ASX: CYM	www.cypriummetals.com

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• 11m @ 0.9% Cu and 0.2 g/t Au from 262m including: o 3m @ 2.1% Cuand 0.6 g/t Au from 262m
• 14m @ 0.7% Cu and 0.2 g/t Au from 290m including: o 1m @ 2.2% Cuand 1.1 g/t Au from 292m
  o 1m @ 1.5% Cu and 0.6 g/t Au from 295m

Managing Director Barry Cahill commented:

"This is another set of fantastic drill results from this extensive copper deposit emerging at Nanadie Well, which remains open in multiple directions.

We will soon be commencing a mineral resource estimate in advance of metallurgical studies to optimise the extraction of copper and gold from a potential heap leach operation. In the meantime, work is progressing to refine our understanding the geological controls of the primary copper mineralisation, which assists in the planning of the next phase of drilling.

In addition, a preliminary evaluation of the multi-element geochemical data is showing an encouraging association between copper, nickel and palladium."

Cyprium Metals Limited ("CYM", "Cyprium" or "the Company") is pleased to report final diamond drillhole results from the Phase 1 diamond drilling programme completed at Nanadie Well earlier this year (refer to Figure 2).

The Company's 5-hole (1,328m) diamond drilling programme was designed to test for sulphide mineralisation below a depth of 50m associated with a layered mafic intrusive unit outlined in the previous reverse circulation (RC) drilling programmes1.

Extensive zones of copper sulphide mineralisation were intersected in all holes from the diamond drilling programme to a drill hole depth of 312m (refer to Figure 1). The oxide and sulphide mineralisation currently extends over a strike length of 750m and remains open along strike to the north and south and across strike to the west.

The results from the all the drilling completed to date at Nanadie Well will be used in the preparation of a Mineral Resource estimate for inclusion in the Murchison Copper-Gold Project scoping study.

Detailed evaluation of the drill core and multi-element data is ongoing to better understand the geological controls to the primary copper mineralisation. Encouragingly, elevated nickel and palladium values were found associated with several of the significant copper intervals.

Significant assay results from holes NWD2002 and NWD2101 are summarised in Tables 2 to 5 and presented on Figure 1. Representative photos of the copper sulphide mineralisation in the drill core from both holes are shown in Images 1 to 7.

1 Refer to Cyprium's ASX announcements "Shallow Copper and Gold in First Holes of Nanadie Well RC Drilling" dated 18 March 2021, "Continued Success from Nanadie Well RC Drilling" dated 26 March 2021, "Extensive Shallow Copper-Gold Drilling Results at Nanadie Well" dated 21 April 2021 and "Final Gold Results from Recent Nanadie Well RC Drilling Campaign" dated 25 May 2021

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Figure 1 / Nanadie Well Phase 1 drill hole collar locations and diamond drill hole intercept highlights2

2 Refer to Cyprium's ASX announcements "Nanadie Well 144m Sulphide Ore Grade Copper Intercept from 25m" dated 31 May 2021, "Nanadie Well 232m Sulphide Ore Grade Copper Intercept from 109m" dated 24 June 2021 and "Nanadie Well 180m Sulphide Ore Grade Copper Intercept from 10m" dated 4 August 2021 for further details on the first three diamond holes

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Image 1 | NWD2002: 64m to 66m; 2.0m @ 1.0% Cu, 0.2 g/t Au and 2.0 g/t Ag

Image 2 | NWD2002: 107m to 109m; 2m @ 6.2% Cu, 0.5 g/t Au and 14.0 g/t Ag

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Image 3 | NWD2101: 46m to 48m; 2m @ 1.5% Cu, 0.2 g/t Au and 5.8 g/t Ag

Image 4 | NWD2101: 108m to 110m; 2m @ 1.8% Cu, 0.4 g/t Au and 3.6 g/t Ag

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