Copper developer Cyprium Metals Ltd. has raised AU$41 million as it advances the phased restart of its Nifty copper complex in Western Australia.
The company issued approximately 69.2 million new shares for 52 cents per share to raise AU$36 million. Cyprium also raised an additional AU$5 million through an entitlement offer at the same price.
Cyprium will spend AU$15 million from the capital raising funds to accelerate studies and early works with respect to future production growth initiatives.
This includes the reactivation of the Nifty open pit, future expansion of heap leach and SXEW capacity to process oxide material, concentrator refurbishment studies, and other supporting technical and capital workstreams.
The proceeds from the capital raising will also allow Cyprium to accelerate exploration at regional prospects, including the Paterson exploration project, Maroochydore and the Cue copper-gold project.
Cyprium Chairman Matt Fifield said: “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 shallow open-pit oxide ores and 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.”
