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Street Talk

Small cap explorer Cyprium closes in on Metals X’s copper

Sarah Thompson, Anthony Macdonald and Tim Boyd

Feb 4, 2021 – 7.06pm

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ASX-listed mineral explorer Cyprium Metals is in the hunt to acquire tin producer Metals X’s three Western Australian copper assets.

Cyprium Metals has Metals X’s copper assets in its sites.  Louise Kennerley
Street Talk understands the $24 million small-cap outfit has drafted in Canaccord Genuity and Euroz Hartleys to help stitch together a deal in which it would raise $80 million in fresh equity to buy the trio of assets.
The ambitious plan would involve Cyprium paying $60 million for Paterson Copper, the holding company for the three assets.
They include the Nifty Copper Mine, the Maroochydore Copper Project and the Paterson Exploration Project, all in Western Australia.
Metals X announced it had hired Canaccord Genuity and (a pre-merger) Hartleys for a strategic review of its three copper assets in January last year, and had previously placed the Nifty Copper Mine on care and maintenance in November 2019.
It Cyprium pulls off its plan, it would become a mid-tier copper miner overnight, and would immediately set about trying to get Nifty back up and running.
The $60 million deal would be split between a $24 million cash component, and a $36 million convertible note.