Samso News: Cyprium Metals Limited — A$41m Equity Raising Advances Nifty Restart and Regional Copper Growth - Tracking the Transition to Near-Term Copper Production.
- Noel Ong
- 2 days ago
- 6 min read
Announcement
Capital Raise Presentation - 23 Jan 2026 (view the announcement)
A$41M Capital Raise via Placement & Entitlement Offer - 23 Jan 2026 (view the announcement)
The Cyprium Metals copper story is not foreign to Samso. We invested in this story prior to management changes, and this was a big loss in the portfolio when the decision was taken to make an exit. The fascination of the project has never gone away, and we have been following this story frequently, and this update regarding the 41M capital raise makes me think that this story may be starting to have some legs again.
Cyprium Metals – Restarting Nifty Copper Project While Funding the Next Phase of Growth (Western Australia)
Cyprium Metals Limited (ASX: CYM) has announced a A$41 million equity capital raising to accelerate regional exploration and production growth initiatives across its Paterson and Murchison copper portfolio. The funding supports the phased restart of the Nifty Copper Complex in Western Australia (Figure 1), where first cathode production is targeted for mid-2026, while also advancing studies for future expansion and satellite feed opportunities.
Figure 1: Nifty Copper Complex in Western Australia (source: CYM)
Highlights – Funding the Nifty Restart and Expanding the Copper Pipeline
• A$41 million equity raising completed through a A$36 million institutional placement and a A$5 million fully underwritten entitlement offer, priced at A$0.52 per share.
• Strong investor support from existing and new institutions, including cornerstone participation from Flat Footed and Tribeca, with Board participation subject to shareholder approval.
• Use of proceeds focused on growth and execution (Figure 2), including regional exploration at the Paterson Exploration Project, Maroochydore, and Cue Copper-Gold Project, alongside studies and early works for future production growth at Nifty.
Figure 2: Regional Asset Map showing Nifty, Maroochydore, and Paterson Exploration (source: CYM)
• Phase 1 restart of copper cathode production remains on track, with first cathode anticipated in mid-2026 from the refurbished SX-EW heap leach operations at Nifty (Fi3).
Figure 3: Nifty SX-EW Plant and Heap Leach Infrastructure (source: CYM)
• Capital structure strengthened post-raising, with pro-forma cash of approximately A$116 million and net cash of A$39.3 million, supporting continued project delivery and optionality.
Leadership Commentary
Executive Chairman Matt Fifield commented:
“As we progress towards first cathode production at Nifty, Cyprium is increasing its focus on growing our business rapidly. This equity capital raising allows us to accelerate workstreams progressing the next phase of the Nifty Copper Complex which involves expansion of SXEW capacity, designing and building a surface mine to access the shallow open-pit oxide ores and the sulphide ores beneath it. We are also developing resources outside of the Nifty Copper Complex that could quickly come into a production plan. In particular, we have recently re-acquired control of the exploration grounds adjacent to Nifty that host multiple advanced targets on significant legacy exploration data. We expect to leverage this data and create meaningful developments for Cyprium as we continue to build Australia’s next great copper company. “Cyprium thanks the continued support of its valued shareholders and is pleased to welcome a number of new Australian and international investors. We are also pleased to be able to offer eligible shareholders the opportunity to participate in the capital raising via the entitlement offer.”
Near-term Milestones to Watch
• Completion of the placement and entitlement offer according to the announced timetable
• Continued refurbishment and commissioning activities for the Nifty SX-EW plant
• First copper cathode production targeted for mid-2026
• Advancement of regional exploration programs at Paterson, Maroochydore, and Cue
Samso Concluding Comments
This update adds to the establishment of Cyprium’s position as a company moving from planning into delivery. The equity raising is one of many that will come to focus on advancing production in a staged and controlled manner. AUD $41M is probably not enough to finalise a realistic operation as the Nifty project has and is still a money pit. What Nifty has now is the rising copper price and that is what will help raising money in the future.
From the markets outlook, there is no doubt that Nifty continues to stand out as the central asset, supported by existing infrastructure, approvals, and a long operating history. The restart strategy is based on using established facilities rather than building new ones, which will help manage capital intensity and development risk.
The allocation of funds toward regional exploration highlights the importance of maintaining future optionality. Projects such as Maroochydore and the Paterson Exploration Project sit within trucking distance of Nifty and align with a hub-and-spoke development model. These assets may provide additional feed options if technical and economic thresholds are met.
From an investor's perspective, the balance sheet outcome following the raising is an important signal. The increased cash position supports ongoing work while reducing short-term funding pressure. Samso will continue to track delivery milestones, with progress toward first cathode production remaining the key indicator as Cyprium advances toward becoming a copper producer.
Market Implication - The Investor Lens
CyM is now an AUD $280M market cap story, and at the time when I was invested in the company, the market cap was around the AUD $70M level. It is very interesting to see that we are practically at the same stage of the project development, but the value of the company has gone up 4 times. That is a 300% growth in value, but the project is still at the same stage or below.
Figure 4: CYM share price chart as of 23rd January 2026. (source: CommSec)
My entry into CYM was prior to its downward path into administration and the copper price (Figure 5) was around the USD $3/Ib and started to head to USD $5/Ib before declining to a low of approximately USD $3.10/IB. The copper price is currently at USD $5.87/Ib and the general forecast is that it will head higher. My personal view is that commodities will head north in 2026.
Figure 5: Copper price chart as of 23rd January 2026. (source: KITCO)
CYM is an interesting proposition, but if the valuation is reflecting the current copper price and the project has not sealed its technical process, then there may be more tears to come. I will qualify my comment that I have not done the research on its process, but this has been the issue with the Nifty project, so there is nothing new to this line of thinking.
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