Chibougamau Copper-Gold Project, Canada More strong drilling results to feed into coming resource update Results such as 4.4% CuEq over 9.1m at the Project’s flagship Corner Bay deposit; These follow the recent high-grade results at the nearby Golden Eye prospect
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
June 16, 2025 – Toronto, Canada
June 17, 2025 – Perth, Western Australia
Chibougamau Copper-Gold Project, Canada
More strong drilling results to feed
into coming resource update
Results such as 4.4% CuEq over 9.1m at the Project’s flagship Corner Bay deposit; These
follow the recent high-grade results at the nearby Golden Eye prospect
HIGHLIGHTS:
• Latest infill results from Corner Bay demonstrate continuous high-grade mineralisation:
o 9.1m @ 4.4% CuEq (4.1% Cu, 0.3g/t Au & 14.4g/t Ag) (CB-25-118)
▪ Including 3.4m @ 7.6% CuEq (7.0% Cu, 0.4g/t Au & 24.9g/t Ag)
o 5.8m @ 5.3% CuEq (4.4% Cu, 0.8g/t Au & 28.1g/t Ag) (CB-25-122)
o 2.8m @ 5.0% CuEq (4.6% Cu, 0.4g/t Au & 14.6g/t Ag) (CB-25-119)
o 2.8m @ 4.1% CuEq (3.8% Cu, 0.2g/t Au & 16.3g/t Ag) (CB-25-120)
• These results highlight the strong potential to grow the Indicated Resource as part of the upcoming
Mineral Resource update on the Chibougamau Project (the “Project”) , which is scheduled for
completion in the September quarter
• The current Corner Bay Indicated Resource is 2.7Mt at 2.9% CuEq and the Inferred Resource is
5.9Mt at 3.6% CuEq1
• Infill drilling is almost complete on the shallowest parts of the Corner Bay deposit; this area is
expected to help underpin the early part of any production schedule at the Project
• The Corner Bay results follow the recently announced high -grade assays from the Golden Eye
prospect (see ASX release dated 10 June 2025) , where Cygnus expects to complete an initial
resource to be included in the overall Project Mineral Resource update
• The current total Mineral Resource for the Project is comprised of Measured and Indicated
Resources of 3.6Mt at 3% CuEq and Inferred Resources of 7.2Mt at 3.8% CuEq1
• Early engineering studies and permitting are underway
• The Project has a significant head start as a copper -gold development opportunity with well-
established infrastructure including a 900,000tpa processing facility
1 The estimate of mineralisation at the Chibougamau Project is a foreign estimate prepared in accordance with
CIM Standards and is not reported in accordance with the JORC Code. A competent person has not done
sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code, and it
is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be
reported as a mineral resource or ore reserve in accordance with the JORC Code.
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Cygnus Metals Limited
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Cygnus Metals Limited (ASX: CY5; TSXV: CYG ; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased
to announce infill results from Corner Bay as the Company continues to execute its resource growth and
conversion strategy at the Chibougamau Copper-Gold Project in Quebec.
The recent results are from infill drilling on the upper main vein, which will likely be scheduled into the early
part of the potential production profile of the Project. Recent results include significant intersections of:
o 9.1m @ 4.4% CuEq (4.1% Cu, 0.3g/t Au & 14.4g/t Ag) (CB-25-118);
▪ Including 3.4m @ 7.6% CuEq (7.0% Cu, 0.4g/t Au & 24.9g/t Ag);
o 5.8m @ 5.3% CuEq (4.4% Cu, 0.8g/t Au & 28.1g/t Ag) (CB-25-122);
o 2.8m @ 5.0% CuEq (4.6% Cu, 0.4g/t Au & 14.6g/t Ag) (CB-25-119); and
o 2.8m @ 4.1% CuEq (3.8% Cu, 0.2g/t Au & 16.3g/t Ag) (CB-25-120).
These results will be incorporated in the upcoming Mineral Resource up date as Cygnus seeks to convert
Inferred Resources to Indicated Resources, with recent results reconciling well against the current block model.
The Mineral Resource upgrade at Corner Bay is being completed in conjunction with new resource growth
prospects such as Golden Eye . These are aimed at growing the current global resource, which stands at a
Measured and Indicated Resource of 3.6Mt at 3% CuEq and Inferred Resources of 7.2Mt at 3.8% CuEq.1 The
global Mineral Resource update for the Project is expected in Q3 202 5, targeting both resource growth and
conversion.
With work on the resource well advanced , Cygnus is also progressing the Project along the pathway to
development, in line with its value creation strategy. This work includes early geotechnical studies across
potential development sites as well as advancing long-lead permitting items. This work aims to streamline and
accelerate future study work.
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.
Figure 1: Drill core from CB-25-118 with 4.4% CuEq over 9.1m from 545m, including a high grade interval of 7.6% CuEq
over 3.4m. Showing style and high-grade tenor of mineralisation at Corner Bay.
Cygnus Executive Chairman David Southam said : “These latest results reinforce Cygnus’
understanding of the high-grade and continuous nature of the mineralisation at Corner Bay, and
support our goal of upgrading more tonnes into the Indicated category.
“This will enable us to assess the production potential and economic outlook for the Project
with increased certainty. Given the resource growth potential with the high-grade drill results to
date, the record gold prices and strong copper fundamentals, we are extremely keen to conduct
updated studies. And the outlook is even better when you remember that this is a pure copper-
gold story with potential silver credits and an existing processing plant in a tier-one location”.
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Cygnus Metals Limited
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Ongoing Drilling
Cygnus is continuing its dual track strategy of resource growth and conversion. Work is in progress to generate
additional drill targets surrounding the current high-grade copper-gold resource which can be targeted through
low-risk brownfield exploration. Such work includes ongoing data compilation which is playing a significant role
in unlocking this historic district.
Figure 2: Location of Corner Bay recent infill drill results. Corner Bay is the primary resource at the Chibougamau Project
with an Indicated Mineral Resource of 2.7Mt at 2.9% CuEq and Inferred Mineral Resource of 5.9Mt at 3.6% CuEq.1
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Cygnus Metals Limited
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This announcement has been authorised for release by the Board of Directors of Cygnus.
David Southam
Executive Chair
T: +61 8 6118 1627
Ernest Mast
President & Managing Director
T: +1 647 921 0501
Media:
Paul Armstrong
Read Corporate
T: +61 8 9388 1474
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 Project 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 qu ality 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 enterpr ises 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 forward 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 Cygnus’ 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 otherwise 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, express or implied, as to the fairness,
accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly,
to the maximum exte nt permitted by law, none of Cygnus, its directors, employees or agents, advisers, 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 compl eteness of the information or for any of the opinions contained in this release or for any
errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.
End Notes
1. The estimate of mineralisation at the Chibougamau Project is a foreign estimate prepared in accordance with CIM
Standards. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in
accordance with the JORC Code, and it is uncertain whether further evaluation and exploration will result in an
estimate reportable under the JORC Code. Refer to Appendix C for a breakdown of the Foreign Mineral Resource
Estimate.
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 Company first announced the foreign estimate of mineralisation for the Chibougamau Project on 15 October 2024.
The Company confirms that the supporting information included in the original announcement continues to apply and has
not materially changed, notwithstanding the clarification announcement released by Cygnus on 28 January 2025
(“Clarification”). Cygnus confirms that (notwithstanding the Clarification) it is not aware of any new information or data that
materially affects the information include d in the original announcement and that all material assumptions and technical
parameters underpinning the estimates in the original announcement continue to apply and have not materially changed.
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Cygnus Metals Limited
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Cygnus confirms that it is not in possession of any new information or data that materially impacts on the reliability of the
estimates or Cygnus’ ability to verify the foreign estimates as mineral resources in accordance with the JORC Code. 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 announcement.
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. Cygnus is not aware
of any new information or data that materially affects the information in these announcements. The Company confirms that
the form and context in which the Competent Persons’ findings are presented have not been materially modified fro m the
original market announcements.
Individual grades for the metals included in the metal equivalents calculation for the foreign estimate are in Appendix C of
this release. Metal equivalents for the foreign estimate of mineralisation have been calculated at a copper price of
US$8,750/t, gold price of US$2,350/oz, with copper equivalents calculated based on the formula CuEq (%) = Cu(%) + (Au
(g/t) x 0.77258). Individual grades for the metals included in the metal equivalents calculation for the exploration results
are in Appendices A and B of this release. Metal equivalents for exploration results have been calculated at a copper price
of US$8,750/t, gold price of US$2,350/oz and silver price of US$25/oz . Copper equivalents are calculated based on the
formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Gold equivalents are calculated based on the formula
AuEq(g/t) = Au(g/t) +(Cu(%) x 1.29436)+(Ag(g/t) x 0.01064). Metallurgical recovery factors have been applied to the metal
equivalents calculations, with copper metallurgical re covery assumed at 95% and precious metal (gold and silver)
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 is the Company’s view that all
elements in the metal equivalents calculations in respect of the foreign estimate and exploration results have a reasonable
potential to be recovered and sold.
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
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APPENDIX A – Significant Intersections from Infill Drilling
Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting preci sion. Significant
intersections reported above 1% CuEq over widths of greater than 1m. True width estimated to be 80% of downhole thickness.
Hole ID X Y Z Azi Dip Depth From (m) To (m) Interval (m) Cu (%) Au (g/t) Ag (g/t) CuEq (%)
CB-25-108 554726 5509910 398 90 -47 660 337.3 339.7 2.4 2.9 0.3 10.3 3.2
& 395.6 396.5 0.8 5.1 0.3 18.4 5.5
& 472.9 475.3 2.4 2.3 0.2 7.7 2.5
CB-25-109 554876 5509948 400 77 -54 525 184.7 186.8 2.1 3.1 0.2 13.0 3.3
CB-25-117 554721 5509892 401 108 -63 558 457.5 460.0 2.5 4.0 0.1 11.7 4.1
CB-25-118 554721 5509892 401 112 -71 648 545.0 554.1 9.1 4.1 0.3 14.4 4.4
Including 549.6 553.1 3.4 7.0 0.4 24.9 7.6
CB-25-119 554618 5510020 394 119 -57 661 573.3 576.1 2.8 4.6 0.4 14.6 5.0
CB-25-120 554618 5510020 394 108 -66 657 626.0 628.8 2.8 3.8 0.2 16.3 4.1
CB-25-121 554618 5510020 394 117 -63 659 618.2 620.3 2.0 1.9 0.3 8.8 2.2
CB-25-122 554618 5510020 394 105 -62 633 583.8 589.5 5.8 4.4 0.8 28.1 5.3
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Cygnus Metals Limited
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APPENDIX B – Other Intersections from Exploration Drilling around Corner Bay
Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting preci sion. Significant
intersections reported above 1% CuEq over widths of greater than 1m. True width estimated to be 80% of downhole thickness. Drill holes were a mix of
infill and step outs. All infill holes hit mineralization.
Hole ID X Y Z Azi Dip Depth From (m) To (m) Interval (m) Cu (%) Au (g/t) Ag (g/t) CuEq (%)
CB-24-101 554757 5511009 389 80 -50 525 No Significant Intercept
CB-24-102 554653 5510648 381 90 -67 954 No Significant Intercept
CB-24-107 554726 5509910 400 91 -57 480 458.6 460.0 1.4 2.1 0.2 6.6 2.3
CB-25-110 554876 5509948 400 97 -48 474 264.8 267.0 2.2 1.8 0.1 5.2 1.9
CB-25-111 554920 5509857 400 103 -58 504 441.8 444.2 2.4 4.0 0.3 12.2 4.3
CB-25-112 555049 5509802 400 90 -45 303 244.7 247.4 2.7 1.1 0.0 4.3 1.1
CB-25-113 554905 5509725 400 96 -52 471 No Significant Intercept
CB-25-114 554905 5509725 400 96 -63 564 No Significant Intercept
CB-25-115 554876 5509948 400 120 -61 621 313.0 314.8 1.9 1.6 0.1 6.1 1.7
333.2 335.0 1.8 4.5 0.1 16.3 4.7
583.0 586.5 3.5 0.9 0.1 2.2 1.0
CB-25-116 554826 5509709 397 90 -64 645 535.0 537.9 2.9 0.8 0.1 2.4 0.9
606.3 607.5 1.2 1.3 0.1 3.9 1.5
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Cygnus Metals Limited
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APPENDIX C – Chibougamau Copper-Gold Project – Foreign Mineral Resource Estimate Disclosures as at 30 March 2022
Deposit Category Tonnes (k) Cu Grade (%) Au Grade (g/t) Cu Metal (kt) Au Metal (koz) CuEq Grade (%)
Corner Bay (2022)
Indicated 2,700 2.7 0.3 71 22 2.9
Inferred 5,900 3.4 0.3 201 51 3.6
Devlin (2022)
Measured 120 2.7 0.3 3 1 2.9
Indicated 660 2.1 0.2 14 4 2.3
Measured & Indicated 780 2.2 0.2 17 5 2.4
Inferred 480 1.8 0.2 9 3 2.0
Joe Mann (2022) Inferred 610 0.2 6.8 1 133 5.5
Cedar Bay (2018)
Indicated 130 1.6 9.4 2 39 8.9
Inferred 230 2.1 8.3 5 61 8.5
Total
Measured & Indicated 3,600 2.5 0.6 90 66 3.0
Inferred 7,200 3.0 1.1 216 248 3.8