Key Highlights

  • The share purchase plan targets about A$5 million from eligible existing shareholders.
  • The staged funding plan totals up to A$83 million to restart and expand the Nifty Copper Complex.
  • Indicative use of funds, excluding the SPP, totals about A$77.8 million.
  • The company is targeting more than 20,000 tonnes of copper a year from an expanded SX-EW plant.

Cyprium Metals (ASX:CYM) opened a share purchase plan at 9.00am AEDT on 11 November 2026, seeking to raise about A$5 million from eligible existing shareholders. The company has retained discretion to accept oversubscriptions or to scale back applications. The offer is the latest step in a staged funding strategy of up to A$83 million aimed at restarting and expanding copper production at the Nifty Copper Complex in Western Australia's Paterson region.

Share purchase plans give retail holders a chance to buy new shares, usually on similar terms to an institutional placement, without brokerage. Terms such as the issue price and closing date are set out in the offer booklet, which eligible shareholders should consult directly.

Placement Tranche completed last week

The SPP follows the A$20.7 million Placement announced earlier. On 5 November, Cyprium said it had completed the first tranche, issuing 61,349,876 new shares at A$0.33 each. A second tranche of 1,424,243 shares to directors remains subject to Shareholder approval at a meeting expected in December 2026. Together, the two tranches make up the A$20.7 million placement.

Alongside the equity, Cyprium has proposed a US$40 million extension of its senior secured Debt Facility with Nebari. That would be split into a US$25 million tranche for design, long-lead items, early works and feasibility, and a US$15 million tranche for executing the SX-EW expansion. The second tranche is subject to Due Diligence and a final Investment decision.

Where the money is meant to go

According to the company, the indicative use of funds, excluding the SPP, totals about A$77.8 million. Roughly A$41 million is earmarked for the SX-EW expansion and early works, A$14 million for site infrastructure, A$12 million for a definitive feasibility study and A$10.8 million for working capital. The funding is also intended to cover resource drilling and further technical studies.

Cyprium is targeting expansion of its solvent extraction and electrowinning plant to more than 20,000 tonnes of copper a year. SX-EW is a hydrometallurgical route that produces copper cathode directly on site from leach solutions, avoiding the need to sell concentrate to a smelter. The company's strategy also includes reprocessing existing heap leach material, which it sees as a route to early copper output and Cash Flow ahead of a larger open-pit operation.

Conditions and risks

Several pieces of the package remain incomplete. The director placement needs shareholder approval, the SPP amount depends on take-up, and the Nebari extension is described as proposed, with its larger execution tranche conditional on due diligence and a final investment decision. Until those elements are settled, the full A$83 million should be viewed as a target rather than secured funding.

The capacity target of more than 20,000 tonnes a year is an objective, not achieved production, and the open-pit development is still subject to a definitive feasibility study.

Next milestones

In the near term, shareholders can expect the SPP outcome, the December meeting to approve the director shares and progress on documentation for the Nebari facility extension. Beyond that, the company's plan points to delivery of the open-pit definitive feasibility study, design and early works on the SX-EW expansion and a final investment decision that would unlock the remaining debt tranche.