Mineral Reserves and Resources

Nifty Mineral Resource Estimate at 17 November 2021

Ore Source Cut-
Off
Measured Indicated Inferred Total
%Cu Ore
Mt
Grade
%Cu
Metal
t Cu
Ore
Mt
Grade
%Cu
Metal
t Cu
Ore
Mt
Grade
%Cu
Metal
t Cu
Ore
Mt
Grade
%Cu
Metal
t Cu
Oxide 0.4 1.1 1.2 12,300 0.3 1.1 3,300 0.2 0.9 1,700 1.6 1.1 17,300
Lower
Saprolite
0.4 1.3 0.9 12,200 0.4 0.8 3,000 0.2 0.8 1,200 1.8 0.9 16,300
Transition 0.4 0.2 0.7 1,500 0.2 0.7 1,000 0.2 0.7 1,200 0.5 0.7 3,700
Chalcocite 0.4 4.3 1.2 53,800 2.3 1.2 28,400 1.4 1.2 16,100 8 1.2 98,300
Total Oxide 0.4 7 1.2 79,700 3.1 1.1 35,600 1.9 1.1 20,100 11.9 1.1 135,500
Sulphide 0.75 19.6 1.8 351,200 9.2 1.8 161,900 5.1 1.6 76,900 33.9 1.8 596,700
TOTAL 26.5 1.6 431,000 12.3 1.6 197,500 7.0 1.5 97,100 45.9 1.6 732,200
  1. Ore tonnes are reported as million tonnes (Mt) and rounded to the nearest 10,000; Cu tonnes are rounded to the nearest 100 tonnes; rounding may result in some slight apparent discrepancies in totals

Competent Person Statement

The information in this report that relates to the estimation and reporting of the Nifty Mineral Resource estimate dated 16 November 2021 is an accurate representation of the recent work completed by CSA Global Pty Ltd that has been reviewed and compiled by Mr. Terry Burns who is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy (107527). Mr. Burns is currently the Study Manager for the Nifty Restart on behalf of Cyprium Metals Limited, in which he is also a shareholder. Mr. Burns has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (CP). Ms Felicity Hughes has compiled the work for CSA Global and is an Associate of CSA Global Pty Ltd and a Member of the Australasian Institute of Mining and Metallurgy (106498). Ms. Hughes has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she is undertaking to qualify as a Competent Person (CP). Ms. Hughes and Mr. Burns both consent to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Maroochydore Mineral Resource Estamate at 31 March 2016

Deposit

Mineral Resource
Category

Mt1

Grade
% Cu

Copper
tonnes1

Grade
ppm Co

Cobalt
tonnes1

Oxide2

Measured

-

-

-

-

-

Indicated

40.80

0.92

375,000

388

15,800

Inferred

2.40

0.81

19,000

451

1,100

Total

43.20

0.91

394,000

391

16,900

Sulphde3

Measured

-

-

-

-

-

Indicated

-

-

-

-

-

Inferred

5.43

1.66

90,000

292

1,600

Total

5.43

1.66

90,000

292

1,600

TOTAL4

Measured

-

-

-

-

-

Indicated

40.80

0.92

375,000

388

15,800

Inferred

7.83

1.40

110,000

341

2,700

Total

48.63

1.00

486,000

380

18,550

  1. Ore tonnes are reported as million tonnes (Mt) and rounded to nearest 10,000; Cu tonnes are rounded to nearest 1,000 tonnes; Co tonnes are rounded to the nearest 100 tonnes
  2. Cut-off Grade of 0.5% Cu
  3. Cut-off Grade of 1.1% Cu
  4. Rounding may result in some slight apparent discrepancies in totals

Competent Person Statement

The information in this report that relates to Mineral Resources is based on information compiled by Mr Terry Burns BAppSc (Geology) GDipEd PDGeosci (Mineral Economics) GDipEng (Mining), a Competent Person who is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy. Mr Burns is an independent consultant to Cyprium Metals Limited and is a director of Warbrooke-Burns & Associates Pty Ltd which is the entity providing services to Cyprium Metals Limited. Warbrooke-Burns & Associates Pty Ltd is retained by Cyprium Metals Limited under industry standard commercial consulting rates. Mr Burns has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Burns consents to the inclusion in the report of the matters based on his compilation and in the form and context in which it appears.

Hollandaire Mineral Resource Estimate as at 29 September 2020

Resource Category Material type Volume Tonnes Cu % Cu Tonnes Au g/t Au Ounces Ag g/t Ag Ounces
Indicated Oxide 5,000 10,000 1.20 100 0.09 0 4.16 1,300
Transitional 95,000 275,000 1.80 5,000 0.24 2,100 5.06 44,700
Fresh 638,000 1,894,000 2.00 37,100 0.31 18,900 6.64 404,400
Sub Total 738,000 2,179,000 2.00 42,200 0.30 21,000 6.43 450,400
Inferred Transitional 4,000 12,000 0.40 0 0.02 0 0.98 400
Fresh 194,000 593,000 1.60 9,300 0.41 7,800 6.46 123,200
Sub Total 198,000 605,000 1.60 9,300 0.40 7,800 6.35 123,600
TOTAL 936,000 2,784,000 1.90 51,500 0.32 28,800 6.41 574,000
  1. Ore tonnes are reported as million tonnes (Mt) and rounded to nearest 10,000; Cu tonnes are rounded to nearest 1,00 tonnes; Au ounces are rounded to the nearest 100 ounces; Ag ounces are rounded to the nearest 100 ounces
  2. Nominal cut-off at 0.3% Cu
  3. Resource is reported on a 100% basis; Cyprium has an 80% attributable interest in Hollandaire
  4. Gold mineralisation not associated with the copper resource that is 100% attributable to MGV, has not been modelled or reported in the Hollandaire 2012 JORC Mineral Resource estimate

The Nanadie Well Copper Gold project has a 2004 JORC compliant Mineral Resource. Refer to 14th July 2020 ASX Announcement – Nanadie Well Copper Project Acquisition

Competent Person Statement

The information in this report that relates to Exploration Targets, Exploration Results and the estimation and reporting of the Hollandaire Mineral Resource Estimate is an accurate representation of the available data and is based on information compiled by external consultants and Mr. Peter van Luyt who is a member of the Australian Institute of Geoscientists (2582). Mr. van Luyt is the Chief Geologist of Cyprium Metals Limited, in which he is also a shareholder. Mr. van Luyt has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (CP). Mr. van Luyt consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.