Chibougamau Copper-Gold Project, Canada More strong drilling results outside current resource point to further growth Results include Cygnus’ first hole at Cedar Bay which returned a wide interval of 10.6m at 4.1g/t AuEq, including high-grade gold up to 29.1g/t AuEq
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
29 October 2025 – Toronto, Canada
30 October 2025 – Perth, Western Australia
Chibougamau Copper-Gold Project, Canada
More strong drilling results outside
current resource point to further growth
Results include Cygnus’ first hole at Cedar Bay which returned a wide interval of 10.6m at
4.1g/t AuEq, including high-grade gold up to 29.1g/t AuEq
HIGHLIGHTS:
• First hole at the Cedar Bay prospect within the Chibougamau Project returns up to 29.1g/t AuEq
over 0.4m within a wide interval of:
o 10.6m at 4.1g/t AuEq (3.6g/t Au, 0.3% Cu & 2.8g/t Ag) (CDR-25-11W1)
▪ Including 2.9m @ 6.7g/t AuEq (6.2g/t Au, 0.3% Cu & 6.3g/t Ag)
• This intersection is 200m outside the recently released Mineral Resource, which is based on drilling
before Cygnus took ownership of the Chibougamau Project
• Cedar Bay has a high-grade gold-dominant Resource containing 67koz at 8.1g/t AuEq (M&I) and
205koz at 7.8g/t AuEq (Inferred) with significant potential for growth
• At the Corner Bay deposit, the flagship asset of the Chibougamau Project, results have also been
received outside the recent Resource, including:
o 3.1m @ 4.9% CuEq (4.5% Cu, 0.3g/t Au & 21.7g/t Ag) (CB-25-137)
• The Corner Bay Resource contains 137kt CuEq metal at 2.8% CuEq ( Indicated) and 159 kt CuEq
metal at 3% CuEq (Inferred)
• Cygnus continues to identify targets through the ongoing review of historical data and drill logs
using Cygnus’ innovative custom-built AI solution
• Cygnus recently demonstrated significant growth at the Chibougamau Project by increasing the
global Resource by 29%. The current Mineral Resource Estimate totals 6.4Mt at 3.0% CuEq for
193kt CuEq (M&I) and 8.5Mt at 3.5% CuEq for 295kt CuEq (Inferred)
• Work is ongoi ng to incorporate the current resource into an updated economic study which will
also reflect current metal prices
• Chibougamau is a premier near -term development copper -gold opportunity with established
infrastructure including a 900 ktpa processing facility, sealed highway, airport, regional rail
infrastructure, and 25 kV hydro power to the processing site.
Cygnus Executive Chairman David Southam said: “The Chibougamau Project is now clearly on
a fast -growth trajectory, h aving recently increased our global resource by 29% and now
generating wide, high-grade intersections outside the resource boundary.
“The growth outlook is highlighted by the results from Cedar Bay, which is a historic high-grade,
gold-rich mine which remains totally open down plunge. To hit grades of up to 29 .1g/t AuEq
with a wide +40 gram metre intersection is exciting by anyone’s standard, especially in this gold
market, and points to more growth at Chibougamau.
“We are keeping the drill rigs turning as we continue to drive resource growth and push
Chibougamau towards development”.
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Cygnus Metals Limited 2
Cygnus Metals Limited (ASX: CY5; TSXV: CYG ; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased
to announce strong intersections outside the current Resource boundary at its Chibougamau Copper-Gold
Project in Quebec.
The results highlight the potential for further resource growth and include Cygnus’ first drill hole at Cedar Bay
as well as additional drill holes at Corner Bay . Cedar Bay is the current focus of exploration with two rigs
targeting growth opportunities surrounding the current resource , which remains open in all directions. The
Cedar Bay mine closed in 1990 and was historically one of the highest-grade deposits in the camp, producing
400koz Au and 61kt Cu at an average grade of 5.2g/t AuEq.1
The current Cedar Bay Mineral Resource is gold-dominant and contains 67koz at 8.1g/t AuEq (Indicated) and
205koz at 7.8g/t AuEq (Inferred). Drill intersections already included within the Mineral Resource highlight the
significant grade and potential at Cedar Bay. These include:2
o 15.5m @ 11.0g/t AuEq (8.6g/t Au, 1.7% Cu & 12.3g/t Ag) (CB-27-6A)
o 4.3m @ 19.7g/t AuEq (16.3g/t Au, 2.4% Cu & 13.3g/t Ag) (CB-27-3)
o 4.1m @ 13.9g/t AuEq (12.2g/t Au, 1.2% Cu & 10.0g/t Ag) (CDR-18-02W2)
o 3.7m @ 20.2g/t AuEq (14.0g/t Au, 4.4% Cu & 21.6g/t Ag) (CB-27-9)
Current drilling is targeting the down plunge continuity of the his toric mine which remains open at depth. The
first result from this exploration program has intersected a wide gold-rich zone of mineralisation:
o 10.6m @ 4.1g/t AuEq (3.6g/t Au, 0.3% Cu & 2.8g/t Ag) (CDR-25-11W1)
▪ Including 2.9m @ 6.7g/t AuEq (6.2g/t Au, 0.3% Cu & 6.3g/t Ag)
This result includes high grade gold up to 29.1g/t AuEq over 0.4m and extends the current interpreted
mineralisation by 200m . Results are pending for two additional drill holes while the Company continues to
target the plunge continuity of the Cedar Bay mineralisation with two drill rigs.
In addition, further results have been received from drilling at Corner Bay, which are also outside the recently
released Mineral Resource, including:
o 3.1m @ 4.9% CuEq (4.5% Cu, 0.3g/t Au & 21.7g/t Ag) (CB-25-137)
This result again highlights the potential to grow resources around Corner Bay , which is the flagship deposit
within the Chibougamau Project, with a copper dominant resource containing 137kt CuEq metal @ 2.8%
CuEq (Indicated) and 159kt CuEq metal @ 3.0% CuEq (Inferred). Drilling will recommence at Corner Bay
once drilling at Cedar Bay concludes and once access improves with the onset of the Quebec winter.
Cygnus is continuing its exploration strategy focussed on resource growth and resource conversion, to drive
the Project forward towards development and deliver maximum returns to shareholders. In the background,
the team continues to process historic data and generate additional drill targets surrounding the known high-
grade copper-gold mineralisation. This is a low-risk approach which is playing a significant role in unlocking
this historic district.
The Chibougamau area has well-established infrastructure giving the Project a significant head start as a
copper-gold development opportunity . This infrastructure includes a 900,000tpa processing facility, local
mining town, sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site.
Significantly, the Chibougamau processing facility is the only base metal processing facility within a 250km
radius which includes a number of other advanced copper and gold projects.
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Cygnus Metals Limited 3
Figure 1: Cedar Bay with high grade intersections2 included within the current Mineral Resource plus recent
result of 10.6m @ 4.1g/t AuEq (CDR-25-11W1).
This announcement has been authorised for release by the Board of Directors of Cygnus.
David Southam Ernest Mast Media:
Executive Chair President & Managing Director Paul Armstrong
T: +61 8 6118 1627 T: +1 647 921 0501 Read Corporate
E: [email protected] E: [email protected] T: +61 8 9388 1474
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Cygnus Metals Limited 4
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.
Forward Looking Statements
This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves;
planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate
objectives. Such fo rward looking statements/projections are estimates for discussion purposes only and should not be
relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other
factors, many of which are beyond Cygn us’ control. Cygnus makes no representations and provides no warranties
concerning the accuracy of the projections and disclaims any obligation to update or revise any forward -looking
statements/projections based on new information, future events or otherw ise except to the extent required by applicable
laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors,
officers, agents, employees or advisors give any representation or warranty, expr ess or implied, as to the fairness,
accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly,
to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advis ers, nor any other
person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, i n
respect of the accuracy or completeness of the information or for any of the opinions contained in this releas e or for any
errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.
End Notes
1. Historic production statistics for the Chibougamau area are recorded in Leclerc. F, Harris. L. B, Bedard. J. H, Van
Breeman. O and Goulet. N. 2012, Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-
Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada. Society of Economic
Geologists, Inc. Economic Geology, v. 107, pp. 963–989.
2. Refer to Cygnus’ ASX announcement titled “Standout historical drill data highlights project potential” dated 25 March
2025.
Qualified Persons and Compliance Statements
The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the
Quebec Exploration Manager of Cygnus, a “qualified person” as defined in National Instrument 43 -101 – Standards of
Disclosure for Mineral Projects. The Exploration Results disclosed in this announcement are also based on and fairly
represent information and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options in Cygnus. Mr
Beaupre is a member of the Ordre des ingenieurs du Quebec (P. Eng.), a Registered Overseas Professional Organisation
as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type
of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined
in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.
Mr Beaupre consents to the inclusion in this release of the matters based o n the information in the form and context in
which they appear.
The information in this release that relates to the Mineral Resource Estimate for the Chibougamau Project reported in
accordance with the JORC Code 2012 and NI 43-101 was released by Cygnus in an announcement titled ‘Major Resource
Update’ released to the ASX on 17 September 2025. Details of the Mineral Resource Estimate are included in Appendix B.
The information in this announcement that relates to previously reported Exploration Results at the Company’s projects
has been previously released by Cygnus in ASX Announcements as noted in the text and End Notes.
Individual grades for the metals included in the metal equivalents calculations for the Mineral Resource Estimate, as well
as the price assumptions, metallurgical recoveries and metal equivalent calculations themselves, are in Appendix B of this
release. Individual grades for the metals included in the metal equivalents calculation for the exploration results are in the
original market announcements.
Metal equivalents for the exploration results in this release have been calculated at a copper price of US$9,370/t, gold
price of US$2,400/oz and silver price of US$30/oz , with copper equivalents calculated based on the formula CuEq(%) =
Cu(%) + (Au(g/t) x 0.73681)+(Ag(g/t) x 0.00921) and gold equivalents are calculated based on the formula AuEq(g/t) =
Au(g/t) + (Cu(%) x 1.35719) + (Ag(g/t) x 0.0125).
Metallurgical recovery factors have been applied to the copper equivalents calculations for the exploration results, with
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Cygnus Metals Limited 5
copper metallurgical recovery assumed at 95% and gold metallurgical recovery assumed at 85% based upon historical
production at the Chibougamau Processing Facility, and the metallurgical results contained in Cygnus’ announcement
dated 28 January 2025. It i s the Company’s view that all elements in the copper and gold equivalent calculations have a
reasonable potential to be recovered and sold.
Cygnus is not aware of any new information or data that materially affects the information in these announcements, and in
the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the
estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms
that the form and context in which the Competent Persons’ findings are presented have not been materially modified from
the original market announcements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Cygnus Metals Limited 6
APPENDIX A – Significant Intersections from Exploration Drilling
Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the
appropriate reporting precision. At Cedar Bay significant intersections reported above 2g/t AuEq over widths
of greater than 3m. True width estimated to be 90 % of downhole thickness. At Corner Bay significant
intersections reported above 2% CuEq over widths of greater than 1.5m. True width estimated to be 90% of
downhole thickness.
Hole ID X Y Z Azi Dip Depth
(m)
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Cu
(%)
Ag
(g/t)
AuEq
(g/t)
CuEq
(%)
CDR-25-11W1 549084 5526803 380 63 -48 1203 1017.9 1028.4 10.6 3.6 0.3 2.8 4.1 3.0
Inc 1017.9 1018.3 0.4 25.3 2.7 9.0 29.1 21.5
& Inc 1025.5 1028.4 2.9 6.2 0.3 6.3 6.7 5.0
CB-25-136 554920 5509857 400 90 -54 429 416.6 418.7 2.0 0.3 2.1 6.8 3.1 2.3
CB-25-137 555071 5509889 403 83 -52 255 233.9 237.0 3.1 0.3 4.5 21.7 6.7 4.9
CB-25-139 555109 5509933 400 102 -45 210 188.6 190.5 1.8 0.2 1.9 8.8 2.9 2.1
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Cygnus Metals Limited 7
APPENDIX B – Mineral Resource Estimate for the Chibougamau Project as at 16 September 2025
Cu
Project Classification
COG
CuEq Tonnage Average Grade Contained Metal
Cu Au Ag CuEq AuEq Cu Au Ag CuEq AuEq
% Mt % g/t g/t % g/t kt koz koz kt koz
Corner
Bay
Indicated 1.2 4.9 2.5 0.3 8.4 2.8 4.1 124 43 1,316 137 638
Inferred 5.4 2.7 0.2 8.9 3.0 4.3 146 41 1,543 159 744
Devlin
Measured
1.5
0.1 2.7 0.3 0.5 2.9 4.7 4 1 2 4 19
Indicated 0.6 2.0 0.2 0.2 2.1 3.4 13 4 5 13 69
M&I 0.8 2.1 0.2 0.3 2.3 3.6 16 5 7 17 88
Inferred 0.3 2.0 0.2 0.3 2.1 3.4 7 2 3 7 36
Joe
Mann Inferred 2.0 0.7 0.2 6.0 - 4.6 6.3 2 143 - 34 151
Cedar
Bay
Indicated
1.8
0.3 1.6 6.0 9.9 6.4 8.1 4 50 82 16 67
Inferred 0.8 2.0 5.1 11.8 6.1 7.8 17 134 309 50 205
Golden
Eye
Indicated 0.5 1.0 4.3 9.9 4.4 5.6 5 69 161 22 91
Inferred 1.2 0.9 3.4 7.9 3.6 4.6 11 134 313 45 182
Project Classification Tonnage Average Grade Contained Metal
Cu Au Ag CuEq AuEq Cu Au Ag CuEq AuEq
Mt % g/t g/t % g/t kt koz koz kt koz
Hub
and
Spoke
Measured 0.1 2.7 0.3 0.5 2.9 4.7 4 1 2 4 19
Indicated 6.3 2.3 0.8 7.8 3.0 4.3 146 166 1,563 189 865
M&I 6.4 2.3 0.8 7.6 3.0 4.3 149 167 1,565 193 884
Inferred 8.5 2.1 1.7 7.9 3.5 4.8 182 454 2,168 295 1,318
Notes:
1. Cygnus’ Mineral Resource Estimate for the Chibougamau Copper -Gold project, incorporating the Corner Bay, Devlin, Joe Mann,
Cedar Bay, and Golden Eye deposits, is reported in accordance with the JORC Code and the Canadian Institute of Mining,
Metallurgy and Petroleum (“CIM”) (2014) definitions in NI 43-101.
2. Mineral Resources are estimated using a long -term copper price of US$9,370/t, gold price of US$2,400/oz, a nd silver price of
US$30/oz, and a US$/C$ exchange rate of 1:1.35.
3. Mineral Resources are estimated at a CuEq cut-off grade of 1.2% for Corner Bay and 1.5% CuEq for Devlin. A cut-off grade of 1.8
g/t AuEq was used for Cedar Bay and Golden Eye; and 2.0 g/t AuEq for Joe Mann.
4. Corner Bay bulk density varies from 2.85 tonnes per cubic metre (t/m 3) to 3.02t/m3 for the estimation domains and 2.0 t/m 3 for the
overburden. At Devlin, bulk density varies from 2.85 t/m3 to 2.90 t/m3. Cedar Bay, Golden Eye, and Joe Mann use a bulk density of
2.90 t/m³ for the estimation domains.
5. Assumed metallurgical recoveries are as follows: Corner Bay copper is 93%, gold is 78%, and silver is 80%; Devlin copper is 96%,
gold is 73%, and silver is 80%; Joe Mann copper is 95%, gold is 84%, and silver is 80%; and Cedar Bay and Golden Eye copper is
91%, gold is 87%, and silver is 80%.
6. Assumptions for CuEq and AuEq calculations (set out below) are as follows: Individual metal grades are set out in the table.
Commodity prices used: copper price of US$9,370/t, gold price of US$2,400/oz and silver price of US$30/oz. Assumed metallurgical
recovery factors: set out above. It is the Company’s view that all elements in the metal equivalent calculations have a reasona ble
potential to be recovered and sold.
7. CuEq Calculations are as follows: (A) Corner Bay = grade Cu (%) + 0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t) ; (B) Devlin
= grade Cu (%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t); (C) Joe Mann = grade Cu (%) + 0.72774* grade Au (g/t); and
(D) Golden Eye and Cedar Bay = grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t).
8. AuEq Calculations are as follows: (A) Corner Bay = grade Au (g/t) + 1.45097* grade Cu(%)+0.01282* grade Ag (g/t); (B) Devlin =
grade Au (g/t) + 1.59957* grade Cu(%)+0.01379* grade Ag (g/t); (C) Joe Mann = grade Au (g/t) + 1.37411* grade Cu (%); and (D)
Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
9. Wireframes were built using an approximate minimum thickness of 2 m at Corner Bay, 1.8 m at Devlin, 1.2 m at Joe Mann, and 1.5
m at Cedar Bay and Golden Eye.
10. Mineral Resources are constrained by underground reporting shapes.
11. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
12. Totals may vary due to rounding.
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Cygnus Metals Limited 8
APPENDIX C – 2012 JORC Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling
techniques
Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
• All drilling conducted by Cygnus Metals at the Chibougamau Project was completed under
the supervision of a registered professional geologist as a Qualified Person (QP) who is
responsible and accountable for the planning, execution, and supervision of all exploration
activity as well as the implementation of quality assurance programs and reporting.
• All Cygnus drilling reported is NQ size (47.8 mm diameter).
Include reference to measures taken to ensure sample
representativity and the appropriate calibration of any
measurement tools or systems used.
• All sample collection, core logging, and specific gravity determinations were completed by
Cygnus Metals under the supervision of a professionally qualified registered geologist.
• NQ core was marked for splitting during logging and is sawn using a diamond core saw
with a mounted jig to assure the core is cut lengthwise into equal halves.
• Half of the cut core is placed in clean individual plastic bags with the appropriate sample
tag.
• QA/QC is done in-house by Cygnus Metals geologists with oversight from the Senior
Geologist. The check samples (blanks and standards – 4% of total samples with another
2% of core duplicates taken on half split core) that were inserted into the sample batches
are verified against their certified values and are deemed a pass if they are within 3
standard deviations of the certified value. The duplicates are evaluated against each other
to determine mineralization distribution (nugget). If there are large discrepancies in the
check samples, then the entire batch is requested to be re-assayed. The samples are then
placed in bags for shipment to the offsite laboratory’s facility.
• The remaining half of the core is retained and incorporated into Cygnus’s secure, core
library located on the property.
Aspects of the determination of mineralisation that are
Material to the Public Report.
In cases where ‘industry standard’ work has been done
this would be relatively simple (eg ‘reverse circulation
drilling was used to obtain 1 m samples from which 3 kg
was pulverised to produce a 30 g charge for fire assay’).
In other cases more explanation may be required, such
as where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types
(eg submarine nodules) may warrant disclosure of
detailed information.
• Industry standard sampling practices were used with sample lengths ranging from 0.3 m to
1.0 m and respected geological contacts. Sample tags were placed at the beginning of
each sample interval and the tag numbers were recorded in a centralised database.
• Sampling practice is considered to be appropriate to the geology and style of
mineralisation.