Cyprium Extends US$27.3M Loan Maturity to 2029 with Flexible Paydown Terms
Cyprium Metals has refinanced its US$27.3 million senior secured loan with Nebari, extending maturity to 2029 and enabling flexible debt management as it advances the Nifty Copper Complex restart.
- US$27.3 million senior secured loan refinanced with Nebari
- Loan maturity extended to December 2029
- Flexible paydown and redraw options until December 2027
- Refinancing replaces previous Glencore facility
- Preliminary talks for additional funding to expand open pit mining
Strategic Refinancing to Support Growth
Cyprium Metals Limited (ASX – CYM), the Australian copper developer focused on the Nifty Copper Complex in Western Australia, has successfully refinanced its senior secured loan facility. The US$27.3 million loan, previously held with Glencore Australia Holdings, is now with Nebari Natural Resources Credit Fund II LP, a specialist mining lender familiar with Cyprium’s operations. This refinancing extends the loan maturity by one year to December 2029, providing the company with enhanced financial flexibility during a critical phase of project development.
Flexibility to Manage Debt and Liquidity
The new facility allows Cyprium to part-pay down the outstanding principal and redraw funds up to the full facility amount until December 2027. This feature is particularly valuable as the company navigates the construction and phased restart of cathode production at Nifty. Interest payments are structured quarterly, with a repayment holiday until the end of 2027, after which amortisation will commence in quarterly instalments. The loan is secured by first fixed and floating charges over all assets, reflecting Nebari’s confidence in Cyprium’s asset base and growth prospects.
Supporting the Nifty Copper Complex Restart
Cyprium’s Executive Chairman, Matt Fifield, highlighted the importance of the refinancing in balancing liquidity retention with debt management. The Nifty Copper Complex, a significant copper brownfield asset in the Paterson region, is undergoing a phased restart aimed at ramping up cathode production. Nebari’s founders expressed enthusiasm about working with Cyprium to accelerate bringing this asset back online, underscoring the strategic alignment between lender and borrower.
Looking Ahead – Expansion and Additional Funding
Beyond the refinancing, Cyprium and Nebari have entered preliminary, non-binding discussions regarding accelerated funding to support the next development phase, expanding production through open pit mining. This expansion is expected to increase both cathode and concentrate output, potentially enhancing the company’s production profile and cash flow generation. While details remain to be finalised, these talks signal Nebari’s willingness to deepen its partnership with Cyprium as the project advances.
Positioning for a Copper Market Upswing
With copper demand poised to benefit from global decarbonisation trends, Cyprium’s refinancing and planned expansion position the company to capitalise on market opportunities. The extended loan maturity and flexible terms provide a financial runway to progress construction and scale operations without immediate pressure on cash flow. Investors will be watching closely as Cyprium moves from development into production, with the Nebari facility playing a pivotal role in this transition.
Bottom Line?
Cyprium’s refinancing with Nebari sets the stage for a measured yet ambitious restart of Nifty, with liquidity and growth options firmly in hand.
Questions in the middle?
- What are the definitive terms and timing for the proposed accelerated funding for open pit expansion?
- How will the phased restart impact Cyprium’s production volumes and cash flow in the near term?
- What contingencies are in place if market conditions or project timelines shift during the repayment holiday?
