Cygnus promotes highly experienced engineer to lead economic studies Nick Kwong moves from COO to CEO/President; Updated economic studies and resource growth at centre of strategy to drive value creation
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
October 27, 2025 – Perth, Western Australia
October 26, 2025 – Toronto, Canada
Cygnus promotes highly experienced
engineer to lead economic studies
Nick Kwong moves from COO to CEO/President; Updated economic studies and
resource growth at centre of strategy to drive value creation
Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased
to announce that Chief Operating Officer (‘COO”) Nick Kwong will be promoted to President/Chief Executive
Officer (“CEO”) of the Company following the transition of Ern est Mast from Managing Director to Non -
Executive Director on 12 December 2025.
Mr Kwong is a globally experienced Mining Engineer who has led operations, feasibility studies and mine
building activities over the past 20 years. He has been COO of the Chibougamau Project since 2022 and has
worked extensively with Mr Mast over this time. His previous positions include General Manager of two gold
mines at Maaden in Saudi Arabia and multiple senior roles within New Gold Inc. for 14 years, with his final role
being Director of Technical Services.
Cygnus now has a dual strateg y centred on exploration/resource growth, which is led by VP Exploration &
Corporate Development Duncan Grieve, and updating the 2022 Preliminary Economic Assessment (“PEA”).*
Mr Kwong is leading the PEA update in conjunction with independent consultants Ausenco. The updated study
will take into account the growth and upgrade in mineral resources, including the addition of the high-grade
Golden Eye deposit, and improved commodity price environment (copper, gold and silver) . Following the
completion of the PEA update, which considers the refurbishment of the existing 900ktpa processing plant, the
Company’s focus will shift to completing a feasibility study and finalising the environmental approvals, which
match Mr Kwong’s skillset.
Mr Mast has been integral to the success of the Chibougamau Project and has developed strong local ties
with the local community, First Nations and government authorities. Importantly for Cygnus, the relationships
and project knowledge will endure with his appointment as a Non-Executive Director. The terms and conditions
of Mr Kwong’s new contract are outlined in Appendix A.
This announcement has been authorised for release by the Board of Directors of Cygnus.
David Southam
Executive Chairman
T: +61 8 6118 1627
Media:
Paul Armstrong
Read Corporate
+61 8 9388 1474
* The outcomes of the PEA were first announced by Doré Copper Mining Corp. (“Doré”) on 10 May 2022 and the
comprehensive technical report underpinning the PEA was announced by Doré in accordance with the requirements of NI
43-101 on 15 June 2022. The Technical Report was prepared by BBA Inc. with several consulting firms contributing to
sections of the study, including SLR, SRK Consulting (Canada) Inc. and WSP Inc , and is available on SEDAR+ . 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 estimat ion 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.
–
Cygnus Metals Limited 2
APPENDIX A – Terms and Conditions of CEO/President Contract
Commencement Date 12 December 2025
Term No fixed term
Consultancy fee C$300,000 per annum
Long term incentive The Company has agreed to issue to Mr Kwong (or his nominees) a total of
3,000,000 additional performance rights which expire on 31 May 2030
(Performance Rights).
The Performance Rights are to be issued under the Company’s Omnibus Equity
Incentive Plan on the same terms as existing performance rights (refer to the
Company’s notice of annual general meeting released to ASX on 14 April 2025),
with a summary of the vesting conditions below:
• 1,500,000 Class B Performance Rights, 50-100% of which will vest pro rata
upon the Company announcing that between 50% and 60% of the
Chibougamau Inferred Mineral Resource Estimate (“MRE”) has been
converted to an MRE with an Indicated (or higher) classification; and
• 1,500,000 Class C Performance Rights will vest upon the 20-Day volume
weighted average market price of the Company’s Shares traded on the ASX
being A$0.1815 or more per Share.
Termination Company or Executive initiated termination by notice: 6 months’ notice in
writing if within 12 months of appointment as CEO, otherwise 3 months' notice in
writing. A payment in lieu of notice may be made at the Company's discretion.
Summary termination: Immediate termination upon the provision of notice in
writing. No entitlement to a notice period or termination payment (except for any
entitlements accrued as at the termination date).
Change of control If Mr Kwong’s services are no longer required within 6 months of a “change of
control”, he shall receive a payment equal to 6 months of service.