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Cyprium Metals Ltd (ASX:CYM) Completion of Paterson Copper Portfolio Acquisition
Cyprium Metals Limited (ASX:CYM) is pleased to announce that each of the conditions precedent to completion of the Company's acquisition from Metals X Limited of the Paterson Copper Portfolio have been satisfied, and that completion has therefore occurred ("Completion"), effective 30 March 2021 ("Completion Date").


o Cyprium is pleased to announce completion of the acquisition of Metals X's portfolio of Western Australian Copper Assets comprising:

- Nifty Copper Mine (currently in care and maintenance);

- Maroochydore Copper Project; and

- Paterson Exploration Project (which includes a farm-in agreement with IGO Limited).

o Metals X has received A$60 million worth of consideration, comprising:

- Cash payment of A$24 million;

- 4 Convertible Notes for an aggregate value of A$36 million; and

- 40.6 million options issued free attaching to the convertible notes, comprising:

o 20.3 million options exercisable at A$0.3141 per option before 30 March 2022;

o 20.3 million options exercisable at A$0.3551 per option before 30 March 2023.

Executive Director Barry Cahill commented:

"We look forward to leveraging our many years of combined team experience, to position Cyprium to establish itself as a significant Australian mid-tier copper producer. We have a clear strategy to execute our simplified development plan initially at Nifty, which consists of an open pit mining operation, feeding a heap leach and SX-EW process plant."

Consideration Paid

Cyprium confirms that at Completion, Metals X received: - a cash payment of A$24 million (inclusive of the A$1 million deposit previously paid); - four (4) convertible notes with a value of A$9 million each, for an aggregate value of A$36 million ("Convertible Notes"); plus - 40.6m options, issued free attaching to the Convertible Notes (Completion Options).

To view the terms, please visit:

Cyprium Metals Ltd
T: +61 8 6169 3050

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