Nifty Copper Mine

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Location

The Nifty Copper Mine is located on the western edge of the Great Sandy Desert in the north-eastern Pilbara region of Western Australia, approximately 350 km southeast of Port Hedland.

History

Nifty was initially discovered by WMC in 1981 and commenced operation in 1993 as an open pit oxide copper mine with processing via heap leaching and solvent extraction-electrowinning (“SX/EW”) recovery to produce copper cathodes. From 2006, it transitioned to an underground sulphide mine with processing via standard flotation to produce a copper concentrate at rates of over 50,000 tonnes of contained copper per year. Between commencement of the oxide operation and 26 November 2019, when the mine was placed onto care and maintenance (“C&M”), Nifty has produced more than 700,000 tonnes of copper metal.
Cyprium acquired 100% of the Nifty Copper Mine in March 2021, as part of a larger transaction with Metals X (CYM ASX Announcement – Transformational Acquisition of Highly Attractive Copper Portfolio, 10 February 2021).

Status

Cyprium is currently completing studies with an aim of establishing a long-term producing copper mine. Cyprium intends to re-start operations utilising a heap leach SX-EW to retreat the current heap leach pads, open pit oxide and transitional material. Concurrently, comprehensive metallurgical test work is expected to determine the optimal pathway to unlock value from the open pit sulphide material.

Infrastructure

The Nifty Copper Mine has substantial existing infrastructure, including:

  • 2.8 Mtpa sulphide concentrator (in care and maintenance since November 2019)
  • 25ktpa copper cathode heap leach SX/EW facility (in care and maintenance since January 2009)
  • 21 MW gas turbine power station
  • Full heavy vehicle workshops and accommodation village
  • Fully sealed all-weather airstrip

Location of Nifty Copper Mine

JORC Resources

TABLE 1: 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

The Nifty Mineral Resource Estimate was released in an ASX announcement dated 17th November 2021.

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.