Cyprium is one of Matt’s largest shareholdings. He is aligned...

Cyprium is one of Matt’s largest shareholdings. He is aligned with SHs. Interest in CYM is growing. Trading liquidity up. 90-day ADTV up from $41K to $184K (4-times).

“Investigation into quick wins on asset sales doesn’t appear to be accretive - work continues”. TM-2500 sales - couple of customers showed interest, but didn’t eventuate into sales. Also - working on other assets in their portfolio.

Enough money to complete planning. Aware of balance sheet pressure and looking forward to addressing that.

FID looks to be end of July at this point.

Reserve statement, PFS - around mid-year.

Focus on SX restart plan.

Residual copper - 91kt contained metal.

Turn the heaps over to generate more copper from the heaps.

Why? Maximise benefit of sunk capital with the least complexity and lowest capital intensity. To establish production and go from there.

Capital needed ST? Cathode in 2025. Concentrate in 2027.

Expectations - concept study release expected in this quarter - PFS in the following quarter.

Q&A:

1. Past failures. Why is this time different? Previous plan created a whole series of things that needed to work first & capex was too high, financiers didn’t like it. Didn’t take enough advantage of the sunk capital advantages and better capital intensity.

2. Strategy re: securing financing? First level - we have debt. And it is coming due. Facility at the end of year and also MLX notes next year. Extend or repay. Second - fund internally our plans. One of the challenges created by the past - surprise capital raises and failures - cost of capital as a company is high (depressed valuation). Can we explore non-dilutive financing? Punch through our work and work those channels. Conscious that time is of the essence.

3. Any interest/transactions on the projects that you are considering? Enquiries from a number of parties wanting to take assets off their hands or deals. Time and attention not focussed too heavily on spinning out the assets. Revisit in 4th Q or 1st Q 2025.

4. Broader market? Copper price is volatile. Up and down. We need to build a resilient project. In project development sense, we have 20+ years of production - we will go through multiple cycles. Do it properly rather than rush to exploit a hot market. Brownfield assets with permits - these advantages drive conversations. We need to focus on execution, though.