Cyprium Metals' (ASX:CYM) update shows continued progress toward first copper production at the Nifty Copper Complex in Western Australia, with first cathode production targeted for the fourth quarter, Euroz Hartleys said in a Monday note.

While this is slightly behind the company's previous third-quarter target, the market is not expected to fully react to the delay given the firm's strong progress.

With a timely restart, the firm is positioned to benefit from the current strong copper price environment.

Looking ahead, production growth could be driven through higher solution flow rates, the incorporation of previously classified open-pit oxide waste material into the mine plan, or a combination of both initiatives. The firm could see a future expansion of production beyond the current around 6,000 tonnes per annum target toward around 20,000 tonnes per annum over time.

The investment firm maintains its speculative buy recommendation and AU$0.70 per share price target on Cyprium Metals.