Chibougamau Copper-Gold Project, Canada Cygnus intends to advance resource evaluation and technical studies following successful A$25m placement Strong demand from major shareholders saw raising priced at a discount to close of 6%; Three rigs now drilling the Golden Eye gold-copper discovery and
Cygnus Metals Limited
Level 2, 8 Richardson Street, West Perth WA 6005
T: +61 8 6118 1627 E: [email protected] W: www.cygnusmetals.com
ASX: CY5 | TSXV: CYG
OTCQB: CYGGF
March 12, 2026 – Toronto, Canada
March 13, 2026 – Perth, Western Australia
Chibougamau Copper-Gold Project, Canada
Cygnus intends to advance
resource evaluation and technical
studies following successful A$25m
placement
Strong demand from major shareholders saw raising priced at a discount to
close of 6%; Three rigs now drilling the Golden Eye gold-copper discovery and
major new targets to be tested in the coming quarter
Highlights
• Cygnus has received firm commitments total ling A$25 million via a share Placement to
institutional and sophisticated investors
• The Placement was priced at A $0.16 per share, representing a 5.9% discount to the last sale
price of A$0.17 per share; this reflects the strong demand from existing shareholders
• Strategic investor Ocean Partners , the Company’s second -largest shareholder prior to this
raising, strongly supported the Placement due to its fundamental belief in the value of the
Chibougamau Copper-Gold Project and its insights into the global copper supply markets
• Funds from the Placement will be used for Resource growth, Resource conversion, exploration
of multiple prospects including Joe Mann and Gwill im, ongoing permitting work, study
completion, some early works at the milling infrastructure and working capital
• Pro-forma cash at bank and liquid assets will be approximately A$35 million (prior to costs of
the Placement)
• Canaccord Genuity and Euroz Hartleys acted as Joint Lead Managers to the Placement.
Cygnus Executive Chairman David Southam said : “We delivered on our strategy at
Chibougamau in our first year of ownership with more resources, including more indicated
resources, and a new resource at the Golden Eye discovery.
“This new round of funding is designed to grow our resources further, upgrade more
resources into high confidence categories and aggressively drill some recently identified high
grade gold-copper targets.
“With three rigs now operating and production studies progressing, we have several avenues
for driving rapid shareholder value”.
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Cygnus Metals Limited 2
ASX Code: CY5
Cygnus Metals Limited (ASX:CY5; TSXV:CYG; OTCQB:CYGGF ) is pleased to advise that it has received
commitments from institutional and sophisticated investors to raise A$25 million (before costs) through the
issue of approximately 156.3 million fully paid ordinary shares in the Company (“Shares”) at an issue price of
A$0.16 per Share (“Placement”). Pro-forma cash at bank and liquid assets post the raising are expected to
be approximately A$35 million (before Placement costs and based on current cash on hand and liquid
investments).
Use of funds
Proceeds of the Placement are planned to be used at the Chibougamau Copper-Gold Project to cover resource
growth, resource conversion, exploration of multiple prospects (including Joe Mann and Gwill im), ongoing
permitting work, minor early capital works and completion of an updated economic study following the
preliminary economic assessment (“PEA”) previously completed by Doré Copper Mining Corp. in 2022. Other
uses include general working capital and costs associated with the Placement.
Note: Cygnus cautions that the PEA is a preliminary technical, conceptual and economic study undertaken by
Doré of the initial evaluation and potential development of the Chibougamau Project. It is at scoping study level
only, which is based on a lower level of technical assessment that is not sufficient to support the estimation of
Ore Reserves and is inherently uncertain. The production targets and forecast financial information disclosed
in the PEA are underpinned by Measured Mineral Resources (approximately 1.17%), Indicated Mineral
Resources (approximately 32.10%) and Inferred Mineral Resources (approximately 66.73%). However,
Cygnus is not able to disclose the outcomes of the PEA as the significant proportion of Inferred Resources
included in the Life of Mine means that pursuant to ASX and ASIC guidance there is not considered to be
sufficiently reasonable grounds for the production targets and forecast financial information disclosed in the
PEA. Accordingly, Cygnus is not disclosing the production targets and forecast financial information reported
in the PEA and cautions investors against making investment decisions based on such targets and forecasts.
Placement
Cygnus will undertake the Placement in a single tranche of 156,250,000 Shares which will be conducted using
the Company’s existing capacity under ASX Listing Rules 7.1 ( 49,813,666 Shares) and 7.1A ( 106,436,334
Shares) to raise a total of A$25 million (before costs), with settlement expected to occur on Thursday, 19 March
2026. Joint Lead Managers’ fees equate to 5% of the Placement proceeds (less Chairman's list).
The issue price represents a discount of 5.9% to the last closing price of A$0.17 on Tuesday, 10 March 2026
and a 15.2% discount to the 15-day VWAP of A$0.189.
Indicative Timetable*
Event Date
Trading Halt lifted Friday, 13 March 2026
Settlement of Shares Thursday, 19 March 2026
Issue and application for quotation of Shares Friday, 20 March 2026
* The above timetable is indicative only and remains subject to change at Cygnus’ discretion, subject to compliance with
the Corporations Act, the ASX Listing Rules and other applicable laws. Cygnus reserves the right to change the timetable,
subject to regulatory requirements.
This announcement has been authorised for release by the Board of Directors of Cygnus.
David Southam
Executive Chair
T: +61 8 6118 1627
Media:
Paul Armstrong
Read Corporate
T: +61 8 9388 1474
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Cygnus Metals Limited 3
ASX Code: CY5
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration
and development company with projects in Quebec, Canada and Western Australia. The Company is
dedicated to advancing its Chibougamau Copper -Gold Projec t in Quebec with an aggressive exploration
program to drive resource growth and develop a hub- and-spoke operation model with its centralised
processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the
world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus
team has a proven track record of turning exploration success into production enterprises and creating
shareholder value.