# CYM: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145881 Publisher: asx Original announcement: 2026-09-29T23:05:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T00:26:40.072Z Atlas analysis updated: 2026-09-30T00:26:40.072Z - Company: Cyprium Metals Limited - Ticker: CYM - Exchange: ASX - Region: Western Australia - Primary commodity: Copper - Secondary commodities: Cobalt - Document categories: Resource update, Capital raise, Production, Metallurgy - Extracted: 2026-09-30 00:26:40 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Cyprium Metals Limited's 2026 Annual Report showcases substantial progress in restarting the Nifty Copper Complex, with first copper cathode production targeted for Q4 CY2026. Key milestones include successful acid commissioning of heap leach pads and significant refurbishment of the SXEW plant. The company bolstered its financial position through two equity raises totaling A$121 million and a US$27.3 million loan refinancing. Updated JORC-compliant Mineral Resources and Ore Reserves for Nifty, Nifty Heap Leach, and Maroochydore confirm significant copper and cobalt resources, supporting future production expansion and exploration initiatives. Reasoning: The annual report details significant progress in restarting the Nifty Copper Complex, including a clear timeline for first production, successful capital raises, and updated resource estimates. While the Maroochydore resource is inferred, the overall operational and financial advancements are highly positive for the company. - Positive factor: First copper cathode production expected in Q4 CY2026, marking a significant operational milestone. - Positive factor: Successful completion of two equity raises and refinancing of a senior secured loan facility strengthened the balance sheet. - Positive factor: Updated JORC-compliant Mineral Resources and Ore Reserves confirm substantial copper and cobalt endowments. - Positive factor: Acid commissioning of heap leach pads and SXEW plant refurbishment are progressing well. - Negative factor: Maroochydore resource is entirely in the Inferred category, indicating lower geological confidence. Facts used in scoring: 12 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resources and Ore Reserves estimates are explicitly stated to be prepared and reported in accordance with the JORC Code. Evidence · text > Cyprium’s Mineral Resources and Ore Reserves estimates have been prepared and are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(2012 Edition\) \(the ‘JORC Code’\). **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr Dean O’Keefe and Mr Christofer Catania are named as Competent Persons and consent to the inclusion of their information. Evidence · text > Mr O’Keefe consents to the inclusion of the information regarding these Mineral Resources estimates in this report in the form and context in which it appears. Mr Catania consents to the inclusion of the information regarding these Ore Reserves estimates in this report in the form and context in which it appears. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Maroochydore Copper and Cobalt resources are entirely classified as Inferred, indicating lower geological confidence. Evidence · text > MAROOCHYDORE Inferred 370.84 Mt @ 0.43% Cu, 0.023% Co for 1,595kt of copper and 84kt of cobalt **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The Nifty \(Concentrate Project\) includes a Proved Reserve of 22.7 Mt at 1.06% Cu. Evidence · table > 1.06 Context: 22.7 **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The Nifty \(Concentrate Project\) and Nifty Heap Leach \(Cathode Project\) include Probable Reserves. Evidence · table > 0.85 Context: 60.6 **Production Start** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: First copper cathode production is on track for Q4 CY2026, marking the start of production. Evidence · text > first copper cathode production on track for Q4 CY2026 **Capital Raise** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company completed two significant equity raising initiatives in October 2025 and March 2026. Evidence · text > strengthened our balance sheet through the successful completion of two equity raisings in October 2025 and January 2026 **Refinancing** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company refinanced its senior secured loan facility with Nebari in November 2025. Evidence · text > refinancing of our senior secured loan facility with Nebari in November 2025 **Commissioning Underway** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The company commenced acid commissioning on the existing heaps and completed a successful direct injection leaching trial. Evidence · text > commencing acid commissioning of the existing heaps, marking the first application of acid solution to these pads since operations ceased in 2009. **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap leach"\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 12. Some facts used in scoring do not have a stored record. ## Resource Estimates (11) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86#fact-resource-facts-0) Nifty Copper Complex · copper #### Identity - Project: Nifty Copper Complex - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: CYM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:fe6971b1c49d69fa445b #### Resource Data - Category: measured - Tonnes: 38060000 - Grade: 0.98 - Grade Unit: % - Contained Metal: 374080 - Contained Unit: t #### Prior Estimate - Resource Date: 2024-03-14 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Nifty Measured resource provides a high-confidence base for future mining operations with a solid copper grade. - Positive factor: High confidence Measured category resource. - Positive factor: Good grade for a copper resource. Evidence · table > 0.98 Context: 38.06 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.5 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86#fact-resource-facts-1) Nifty Copper Complex · copper #### Identity - Project: Nifty Copper Complex - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: CYM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:172ca3d0d258087e0980 #### Resource Data - Category: indicated - Tonnes: 80920000 - Grade: 0.79 - Grade Unit: % - Contained Metal: 635765 - Contained Unit: t #### Prior Estimate - Resource Date: 2024-03-14 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Nifty Indicated resource adds significant tonnage with good confidence, supporting the project's long-term potential. - Positive factor: Substantial Indicated category resource, providing good geological confidence. - Positive factor: Solid copper grade. Evidence · table > 0.79 Context: 80.92 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.5 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86#fact-resource-facts-2) Nifty Copper Complex · copper #### Identity - Project: Nifty Copper Complex - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: CYM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:8a78c1673f43eecf1abf #### Resource Data - Category: inferred - Tonnes: 6050000 - Grade: 0.47 - Grade Unit: % - Contained Metal: 28381 - Contained Unit: t #### Prior Estimate - Resource Date: 2024-03-14 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Nifty Inferred resource contributes to the total resource but requires further drilling to upgrade confidence. - Positive factor: Adds to the overall resource base. - Negative factor: Lower confidence Inferred category. Evidence · table > 0.47 Context: 6.05 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.5 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86#fact-resource-facts-3) Nifty Copper Complex · copper #### Identity - Project: Nifty Copper Complex - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: CYM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:9c7f0206accff5ce9f19 #### Resource Data - Category: indicated - Tonnes: 10640000 - Grade: 0.41 - Grade Unit: % - Contained Metal: 43580 - Contained Unit: t #### Prior Estimate - Resource Date: 2024-08-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Nifty Heap Leach Indicated resource provides a reliable source of material for the restart of cathode production. - Positive factor: Indicated resource for heap leach material, supporting near-term production plans. - Positive factor: Good grade for heap leach operations. Evidence · table > 0.41 Context: 10.64 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86#fact-resource-facts-4) Nifty Copper Complex · copper #### Identity - Project: Nifty Copper Complex - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: CYM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:ba6851ab53444feba4a8 #### Resource Data - Category: inferred - Tonnes: 2040000 - Grade: 0.51 - Grade Unit: % - Contained Metal: 10470 - Contained Unit: t #### Prior Estimate - Resource Date: 2024-08-19 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Nifty Heap Leach Inferred resource provides additional potential material but requires further work to increase confidence. - Positive factor: Adds to the heap leach resource base. - Negative factor: Lower confidence Inferred category. Evidence · table > 0.51 Context: 2.04 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 2.1 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86#fact-resource-facts-5) Maroochydore Copper Project · copper #### Identity - Project: Maroochydore Copper Project - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: CYM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:ad20764be9187284bcec #### Resource Data - Category: inferred - Tonnes: 370840000 - Grade: 0.43 - Grade Unit: % - Contained Metal: 1595000 - Contained Unit: t #### Prior Estimate - Resource Date: 2025-02-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Maroochydore copper resource is substantial in size but its entirely Inferred classification means it requires significant further work to establish confidence for economic studies. - Positive factor: Very large tonnage for copper. - Positive factor: Significant contained copper metal. - Negative factor: Entire resource is in the Inferred category, indicating low confidence. Evidence · table > 0.43 Context: 370.84 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86#fact-resource-facts-6) Maroochydore Copper Project · cobalt #### Identity - Project: Maroochydore Copper Project - Commodity: cobalt - Region: australia\_wa - Reported Region: Western Australia - Ticker: CYM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Dean O’Keefe - Resource group id: resource:ad20764be9187284bcec #### Resource Data - Category: inferred - Tonnes: 370840000 - Grade: 227 - Grade Unit: ppm - Contained Metal: 84000 - Contained Unit: t #### Prior Estimate - Resource Date: 2025-02-05 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Maroochydore cobalt resource adds significant byproduct potential but is limited by its Inferred classification. - Positive factor: Significant contained cobalt metal as a byproduct. - Positive factor: Large tonnage. - Negative factor: Entire resource is in the Inferred category, indicating low confidence. Evidence · table > 227 Context: 370.84 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86#fact-resource-facts-7) Nifty Copper Complex · copper #### Identity - Project: Nifty Copper Complex - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: CYM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christofer Catania - Resource group id: resource:7313a3361e42be1c5247 #### Resource Data - Category: proven - Tonnes: 22700000 - Grade: 1.06 - Grade Unit: % - Contained Metal: 239000 - Contained Unit: t #### Prior Estimate - Resource Date: 2024-11-27 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Nifty Proven Reserve provides a high-confidence, economically viable portion of the resource, crucial for project development. - Positive factor: Highest confidence Proven Reserve category. - Positive factor: Strong copper grade for an open pit operation. - Positive factor: Forms a solid base for mine planning and economic studies. Evidence · table > 1.06 Context: 22.7 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86#fact-resource-facts-8) Nifty Copper Complex · copper #### Identity - Project: Nifty Copper Complex - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: CYM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christofer Catania - Resource group id: resource:5ddbe39412521262bffd #### Resource Data - Category: probable - Tonnes: 60600000 - Grade: 0.85 - Grade Unit: % - Contained Metal: 514000 - Contained Unit: t #### Prior Estimate - Resource Date: 2024-11-27 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Nifty Probable Reserve significantly adds to the economically extractable portion of the resource, supporting long-term mine plans. - Positive factor: Substantial Probable Reserve, indicating economic viability. - Positive factor: Good copper grade for an open pit operation. Evidence · table > 0.85 Context: 60.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86#fact-resource-facts-9) Nifty Copper Complex · copper #### Identity - Project: Nifty Copper Complex - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: CYM #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Christofer Catania - Resource group id: resource:8d61ac23b631f20421d2 #### Resource Data - Category: probable - Tonnes: 10600000 - Grade: 0.41 - Grade Unit: % - Contained Metal: 44000 - Contained Unit: t #### Prior Estimate - Resource Date: 2024-11-27 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Nifty Heap Leach Probable Reserve provides a confirmed, economically extractable source for the cathode project. - Positive factor: Probable Reserve for heap leach material, directly supporting cathode production. - Positive factor: Economically viable grade for heap leach. Evidence · table > 0.41 Context: 10.6 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86#fact-resource-facts-10) #### Identity - Ticker: CYM #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The refinancing provides financial stability and flexibility, supporting the Nifty restart project. - Positive factor: Refinancing extends loan maturity and provides enhanced flexibility. - Positive factor: Secured funding for project development. Evidence · text > refinancing its existing US$27.3 million senior secured loan facility with Nebari in November 2025. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (1) ### acid commissioning [Link to this fact](https://atlas-staging.minestarters.com/news/cym-annual-report-to-shareholders--d13c787c-2003-491a-b19d-d518e2fcba86#fact-metallurgical-facts-11) Nifty Copper Complex · copper #### Identity - Project: Nifty Copper Complex - Commodity: copper - Region: australia\_wa - Reported Region: Western Australia - Ticker: CYM #### Test Work - Program Status: commissioning - Test Type: acid commissioning - Processing Route: heap leach, SXEW #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The commencement of acid commissioning and successful leaching trials demonstrate the technical readiness for the Nifty Copper Complex restart. - Positive factor: Successful acid commissioning is a critical step towards production. - Positive factor: Direct injection leaching trial confirmed commercial flow rates and copper in solution. Evidence · text > commencing acid commissioning of the existing heaps #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.