Chibougamau Copper-Gold Project, Canada Strong drilling targets identified next to high-grade gold-copper mine Additional drill rig to be mobilised next week to test these prospective targets; Comprehensive Chibougamau resource update set for next month
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
August 11, 2025 – Toronto, Canada
August 12, 2025 – Perth, Western Australia
Chibougamau Copper-Gold Project, Canada
Strong drilling targets identified next
to high-grade gold-copper mine
Additional drill rig to be mobilised next week to test these prospective targets;
Comprehensive Chibougamau resource update set for next month
HIGHLIGHTS:
• Cygnus has identified numerous drilling targets near the historic high-grade Cedar Bay mine, which
produced 400Koz Au and 61Kt Cu at an average of 4% CuEq, 2 within the Chibougamau Project
• Targets identified through ongoing review of historical data and drill logs using Cygnus’ innovative
custom-built AI solution
• This highly successful approach has already delivered significant gold and copper results at
Golden Eye, which will be included in the imminent resource update
• Cedar Bay closed in 1990 when the price of copper was just US$1,150/t (US$0.52/lb) and gold was
US$380/oz, and is located less than 3km from Cygnus’ central processing plant
• Cygnus aims to significantly increase the remaining unmined high -grade resource at Cedar Bay ,
which currently stands at 130kt at 8.9% CuEq Indicated and 230kt at 8.5% CuEq Inferred1
• Mineralisation is open in numerous directions, with high-grade intersections outside of the current
resource, including:3
o 3.4m @ 16.8% CuEq (4.8% Cu, 15.2g/t Au & 23.3g/t Ag) (CB-27-9)
o 2.9m @ 9.6% CuEq (8.4% Cu, 1.0g/t Au & 43.0g/t Ag) (CB-27-6)
• At Corner Bay, final infill results have been received and will feed into next month’s resource
update; These include:
o 3.5m @ 4.9% CuEq (4.2% Cu, 0.5g/t Au & 27.3g/t Ag) (CB-25-123)
o 1.8m @ 7.7% CuEq (6.3% Cu, 0.9g/t Au & 45.9g/t Ag) (CB-25-125)
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.
Cygnus Executive Chairman David Southam said: “These latest targets, supported by historical
drilling data, are located right next to a high-grade mine, making them compelling.
“Given their potential to help drive resource growth, we are mobilising another rig with the aim
of drilling the targets ASAP.
“In the meantime, we are feeding the final results from Corner Bay into our updated resource
model, which is set to be released next month. The resource update, combined with a pipeline
of targets and multiple rigs turning, ensures we are maximising our ability to create significant
shareholder value.
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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 new promising targets next to an historic high -grade mine within its Chibougamau Copper-Gold
Project in Quebec.
Cedar Bay sits within the Company’s northern Chibougamau copper-gold Camp, which boasts the vast
majority of the historic production in the region , with a number of historic mines and a production record of
nearly 1Mt of copper and 3.5Moz of gold.2
The Cedar Bay mine, which closed in 1990 , was historically one of the highest grade deposits in the camp
producing 400Koz Au and 61Kt Cu at an average grade of 4.0% CuEq .2 Various factors contributed to its
premature closure, including low metal prices and a shift in focus of the operating company at the time.
Importantly, a high-grade unmined resource remains at Cedar Bay comprised of 130kt at 8.9% CuEq Indicated
and 230kt at 8.5% CuEq Inferred Resources.1 This resource is open in numerous directions, providing Cygnus
with potential to significantly grow the resource through systematic exploration drilling. Drill intersections
outside of the current resource include:3
o 3.4m @ 16.8% CuEq (4.8% Cu, 15.2g/t Au & 23.3g/t Ag) (CB-27-9)
o 2.9m @ 9.6% CuEq (8.4% Cu, 1.0g/t Au & 43.0g/t Ag) (CB-27-6)
Cygnus is seeing tangible success through its historic data compilation strategy. This low -cost approach
involves processing over 100,000 scanned documents, including drill logs, some of which have not been
looked at in over 35 years and never before in modern 3D software. Success has already been demonstrated
in recent drilling at Golden Eye, which is due to be included in the September quarter resource update, and is
highlighting significant potential to expand the current resources at Cedar Bay.
Given the potential of the new targets, an additional drill rig will target both mineralisation along strike and
down dip of the known lodes, utilising the recently compiled data and improved geological understanding of
the deposit. This will be the first time this data has been compiled and utilised in targeting in over 35 years.
In addition, final results have been received from infill drilling at Corner Bay in time for the resource update
due next month. Results include significant intersections of:
o 3.5m @ 4.9% CuEq (4.2% Cu, 0.5g/t Au & 27.3g/t Ag) (CB-25-123)
o 1.8m @ 7.7% CuEq (6.3% Cu, 0.9g/t Au & 45.9g/t Ag) (CB-25-125)
Cygnus is continuing its dual track strategy of resource growth and conversion with continued exploration
drilling and an imminent resource update due later this quarter . 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.
“Uncovering these new growth targets through our compilation strategy adds further weight to
the work we are doing in the background which has already delivered success at Golden Eye in
a mere six months of taking ownership. The Chibougamau camp has successfully produced a
significant amount of high-grade gold and copper over a long history with multi ple mines that
have not been geologically or economically examined in over 35 years”.
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Cygnus Metals Limited
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Figure 1: Location of Cedar Bay within the Chibougamau North Camp which boasts a historic production record of nearly
1Mt of copper and 3.5Moz of gold.2
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Cygnus Metals Limited 4
Figure 2: Composite Long Section through the Chibougamau North Camp illustrating Cedar Bay with intersections of 3.4m @ 16.8% CuEq outside of current resources.
Refer to ASX releases dated 15 October 2024, 25 March 2025 and 8 May 2025 for previously announced drilling results.
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Cygnus Metals Limited 5
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
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 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, 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. 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 B for a breakdown of the Foreign Mineral Resource
Estimate.
2. 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.
3. Refer to Cygnus’ ASX announcement “Copper Merger and Equity Raise” dated 15 October 2024.
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.
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Cygnus Metals Limited
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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.
Cygnus confirms that it is not in possession of any new inf ormation 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 Per sons’ 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 B 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 Appendi x A 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 recovery 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.
HOLEID X Y Z Azi Dip Depth From (m) To (m) Interval (m) Cu (%) Au (g/t) Ag (g/t) CuEq (%)
CB-25-123 554619 5510023 394.0 96.5 -60 574.0 559.0 560.8 1.8 6.3 0.9 45.9 7.4
CB-25-124 554619 5510023 394.0 92.0 -66 679.0 667.1 669.8 2.6 1.5 0.1 6.8 1.6
CB-25-125 554619 5510023 394.0 84.0 -64 643.5 594.0 598.5 4.5 3.4 0.4 22.1 3.9
CB-25-127 555071 5509889 402.8 90.0 -60 300.0 267.1 269.4 2.3 2.7 0.5 10.4 3.2
APPENDIX B – 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
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Cygnus Metals Limited
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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.