Cygnus reports a 78% increase in M&I resource at its Chibougamau Copper-Gold Project Mineral Resource update shows significant growth with initial resource from Golden Eye; Increase in M&I provides foundation for advancing economic studies;
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
September 16, 2025 – Toronto, Canada
September 17, 2025 – Perth, Western Australia
Cygnus reports a 78% increase in
M&I resource at its Chibougamau
Copper-Gold Project
Mineral Resource update shows significant growth with initial resource from Golden Eye;
Increase in M&I provides foundation for advancing economic studies;
Plus substantial scope for further resource growth with ongoing drilling
HIGHLIGHTS:
• Global Measured & Indicated Mineral Resource (“M&I”) estimate of 6.4 Mt at 3.0% CuEq for 193kt
CuEq and Inferred Mineral Resource of 8.5 Mt at 3.5% CuEq for 295 kt CuEqin accordance with
JORC 2012 and CIM Definition Standards (CIM, 2014)
• Total contained metal is exclusively Copper, Gold and Silver:
o M&I: 149kt Cu, 167 koz Au & 1.6 Moz Ag (for 193 kt CuEq or 884 koz AuEq)
o Inferred: 182 kt Cu, 454 koz Au & 2.2 Moz Ag (for 295 kt CuEq or 1.3 Moz AuEq)
• This update includes an initial Mineral Resource Estimate (“MRE”) for the new Golden Eye deposit
and the other existing hub-and-spoke deposits of Corner Bay, Cedar Bay, Devlin, and Joe Mann
• The initial high-grade Golden Eye resource contains:
o Indicated: 91 koz @ 5.6 g/t AuEq
o Inferred: 182 koz @ 4.6 g/t AuEq
• The 78% tonnage increase in M&I Resources will underpin an updated Scoping Study / Preliminary
Economic Assessment (“PEA”), which will also reflect the significant increase in commodity prices
on the economics of the Project since the 2022 PEA completed by Doré Copper1
• Today’s announcement demonstrates proven upside at the Chibougamau Project with two diamond
drill rigs still turning and additional potential to add to the resource base
• Chibougamau Project 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
• The Project has excellent metallurgy with test work recoveries of up to 98.2% producing a high -
quality clean copper concentrate of up to 29.6%2
• Cygnus is continuing to generate an exciting pipeline of exploration targets using its in -house AI-
driven solution for the compilation of historic drill logs and maps ; This work has proven highly
successful and has helped deliver the initial Golden Eye MRE
• The Company remains fully funded to drive further growth and the ongoing study work with A$23M
cash at 30 June 2025.
• A new fly through video and r esource presentation will be available in the coming week, given the
finalisation of the MRE as announced today
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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 a MRE update for the Chibougamau Copper-Gold Project in Quebec (Table 1).
This updated MRE is comprised of:
• 6.4 Mt at 3.0% CuEq (2.3% Cu, 0.8 g/t Au, 7.6 g/t Ag) for 193 kt CuEq (149 kt Cu, 167 koz Au, and 1.6
Moz Ag) or 4.3 g/t AuEq for 884 koz AuEq in the Measured and Indicated categories; and
• 8.5 Mt at 3.5% CuEq (2.1% Cu, 1.7 g/t Au, 7.9 g/t Ag) for 295 kt CuEq (182 kt Cu, 454 koz Au, 2.2 Moz
Ag) or 4.8 g/t AuEq for 1.3 Moz AuEq in the Inferred category.
Overall, this results in a significant increase in the total resource base for the Chibougamau Hub and Spoke
Project.
The MRE update for the Chibougamau Project includes the Corner Bay, Cedar Bay , Joe Mann, and Devlin
deposits and the new Golden Eye deposit, all located within a 60 km radius from Cygnus’ 100%-owned existing
processing facility. The increase in the MRE is the result of drilling programs completed by Dor é Copper in
2022 & 2024 at Corner Bay and Cygnus in 2025 at Corner Bay and Golden Eye. In the nine months since
Cygnus acquired Doré Copper on 1 January 2025, Cygnus has completed 17,183 m of drilling.
A major part of the increased MRE is due to a successful exploration drilling campaign at Golden Eye which
was a focus of early target generation and exploration work by the Cygnus exploration team . The initial
resource at Golden Eye includes Indicated Mineral Resources of 91 koz at 5.6 g/t AuEq and Inferred Mineral
Resources of 182 koz at 4.6 g/t AuEq. The Company sees further opportunity to grow this resource, which
remains open at depth below 400 m and in multiple directions.
The increase in the global MRE (see Figure 1) in a short timeframe proves that significant growth opportunities
exist at the Chibougamau Project. Diamond drill rigs are continuing to turn while the Company continues to
execute its in-house AI driven solution for the compilation of historic drill logs and maps , some of which have
never been viewed in modern 3D software. This background work has successfully assisted Cygnus in
targeting Golden Eye and resulted in the delivery of an initial MRE, as well as identifying new drill targets at
Cedar Bay (currently being drilled) , and will be fundamental to generating additional drill targets within the
camp.
Significant exploration potential is centred around the high-grade Chibougamau mineral system, which has a
production history of 945,000 t of copper and 3.5 Moz of gold.3 This endowment, combined with a fractured
ownership history and premature mine closure, provides Cygnus with the first opportunity to conduct modern
systematic exploration in over 20 years.
The MRE update provides the foundation for advancing the economic studies of the Chibougamau Project .
Well established infrastructure provides the project a significant head start along the pathway to production
with a 900,000 tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure ,
Cygnus Executive Chairman David Southam said : “Within just nine months of acquiring the
Chibougamau Project, we have been able to deliver a significant resource upgrade with
substantial scope for further growth.
“Importantly, it comes at a time of rising demand for copper projects in attractive jurisdictions
with real scale and a clear pathway to production and cashflow. With this increased resource
base, and the ongoing growth outlook, Cygnus is now clearly in that league.
“Being able to deliver a brand-new resource at Golden Eye in such a short space of time
speaks volumes . It should not be lost that our total gold resources have increased
substantially in a gold price environment in excess of US$3,500/oz.
“Given the potentially significant benefits of the increased resource on a production profile
and the sharp rises in all our commodity prices since the previous studies done three years
ago, the attractions of the Chibougamau Project are now very clear to us”.
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Cygnus Metals Limited 3
and 25 kV hydro power to the processing site. Significantly, the Chibougamau processing facility is the only
base metal processing facility within a 250 km radius. There are a number of other advanced copper and gold
projects within this reach.
The MRE was prepared by SLR Consulting (Cana da) Ltd. (“SLR”), in accordance with Canadian Institute of
Mining Metallurgy and Petroleum Definition Standards (“CIM 2014”) as incorporated in National Instrument 43-
101 Standard of Disclosures for Mineral Projects ("NI 43-101") and the Joint Ore Reserves Committee’s 2012
edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
(“JORC Code”). A Technical Report, documenting the Chibougamau Project Mineral Resource Estimate, will
be filed on SEDAR+ (www.sedarplus.ca) within 45 days of this news release and will also be available on the
Company's website (www.cygnusmetals.com).
Table 1: Mineral Resource Estimate (“MRE”) for the Chibougamau Copper-Gold 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
Total
Measured
1.2-
1.5
0.1 2.7 0.3 0.5 2.9 4.7 4 1 2 4 19
Indicated 5.5 2.5 0.3 7.5 2.7 4.0 137 47 1,321 150 707
M&I 5.6 2.5 0.3 7.3 2.7 4.0 140 48 1,323 154 726
Inferred 5.7 2.7 0.2 8.4 2.9 4.2 153 43 1,546 166 780
Au
Project Classification
COG
AuEq Tonnage Average Grade Contained Metal
Cu Au Ag CuEq AuEq Cu Au Ag CuEq AuEq
g/t Mt % g/t g/t % g/t kt koz koz kt koz
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
Total Indicated 1.8-
2.0
0.8 1.2 4.9 9.9 5.1 6.5 9 119 243 39 158
Inferred 2.8 1.0 4.6 6.9 4.6 6.0 29 411 622 129 538
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 M ining,
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, and silver price of
US$30/oz, and a US$/C$ exchange rate of 1:1.35.
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Cygnus Metals Limited 4
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/m3 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 follow s: 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 reasonable
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).
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 (%).
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.
Figure 1: Comparison of current MRE (Sep 2025) with previous MRE (Mar 2022) for the Chibougamau Copper-Gold
Project. Note: The previous MRE is considered a foreign estimate and was not prepared in accordance with the JORC
Code. Refer to CY5’s ASX release dated 15 October 2024 for further details of the Foreign Estimate.
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Cygnus Metals Limited 5
Figure 2: The Chibougamau Project located in Central Quebec on major road, rail and hydropower infrastructure.
Figure 3: Location of high-grade Corner Bay, Devlin, Cedar Bay, Joe Mann and Golden Eye deposits in hub and spoke
model.
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Cygnus Metals Limited 6
Future Drilling
With this significant milestone now achieved, in line with the Company’s value creation strategy , the focus
moves to the next 12 months (refer Figure 4) . The MRE increase in contained metal clear ly highlights the
opportunity for continued growth and this remains one of the core drivers for value creation. Cygnus will
continue exploration drilling across the camp utilising its in-house AI-driven solution for historic data to deliver
priority drill targets . This approach will focus on known deposits and extensions to known mineralisation,
continuing to unlock this historic district through low-risk brownfield exploration. In conjunction with exploration,
the Company will also continue infill drilling to de-risk the Project and further provide confidence in the mineral
resources to conduct more detailed study work.
Scoping Study/ Preliminary Economic Assessment
With the MRE update resulting in a 78% increase i n the Measured and Indicated Mineral R esources, the
Company also sees significant value in continuing to advance the Project with an updated Scoping Study /
PEA (Doré Copper had previously completed a PEA in 2022)1 as there is significant opportunity to enhance
the economics of the Project by using an updated MRE with updated costs (particularly treatment and refining
charges), the inclusion of silver, exchange rat es and metal prices to reflect the current commodity price
environment. This updated study has commenced and is currently scheduled for completion in Q1 CY2026
(refer Figure 4).
Figure 4: Indicative timetable of Cygnus’ strategy and news flow. The above timetable is indicative only and subject to
change.
ABOUT THE MINERAL RESOURCE ESTIMATE
The Chibougamau Project Mineral Resource update consists of existing deposits Corner Bay, Cedar Bay, Joe
Mann and Devlin and an initial MRE for the Golden Eye deposit (Table 1 on page 3 sets out the Mineral
Resource Estimate for the Chibougamau Project).
The MRE has been prepared in accordance with the JORC Code and the 2014 CIM Definition Standards and
were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s ("CIM") 2019
Best Practices Guidelines, as required by NI 43-101. Mineral Resources that are not Mineral Reserves do not
have demonstrated economic viability.
Key additional work that has resulted in the MRE increase includes, but is not limited to:
• Additional 17,183 m of drilling by Cygnus at Corner Bay and Golden Eye since the acquisition of the Project
on 1 January 2025;
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Cygnus Metals Limited 7
• Discovery of a new mineralised zone to the east of Corner Bay resulting in new Inferred Mineral Resources;
• An increase in the Indicated Mineral Resources at Corner Bay due to infill drilling on the upper Main Vein,
which successfully upgraded Inferred to Indicated Resources (recent drilling by Cygnus and 2022 & 2024
drilling by Doré Copper);
• Compilation and validation of 21,371 m of historical drilling at Golden Eye;
• Revised geological interpretation at Cedar Bay based upon additional drilling and compilation of historic
data; and
• Revised cut-off values to reflect current long-term consensus commodity prices.
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Cygnus Metals Limited 8
SUMMARY OF THE RESOURCE PARAMETERS
In accordance with ASX Listing Rule 5.8.1, a fair and balanced representation of the information contained in
JORC Table 1 (refer Appendix B ), including a summary of all information material to understanding the
reported MRE is provided below.
Project Geology and Geological Interpretation
Regional and Local Geology
The Project is located at the northeastern extremity of the Abitibi Sub province in the Superior province of the
Canadian Shield. The Abitibi Sub- province is considered to be one of the largest and best -preserved
greenstone belts in the world and hosts numerous gold and base metal deposits.
The Chibougamau region is located in the northeastern part of the A bitibi Greenstone Belt of the Superior
Province. The Archean rocks of the Chibougamau region were deformed and metamorphosed from
greenschist to amphibolite facies during the Kenoran orogeny.
The Chapais-Chibougamau area recorded major intrusive activities of various nature, genetically linked to the
volcanism and tectonism periods of the geological history of the region. The three important intrusive bodies
of the region are: 1) the Doré Lake Complex (“DLC”); 2) the Chibougamau Pluton; and 3) the differentiated
mafic to ultramafic sills of the Cumming Complex that formed in the second volcanic cycle.
The DLC hosts the Corner Bay, Cedar Bay and Golden Eye deposits as well as several other regional copper-
gold deposits. It dates to 2,728.3 ± 1.2 Ma (Mortensen, 1993) and is a synvolcanic layered intrusion emplaced
during the first volcanic cycle in the region between the Obatogamau and Waconichi Formations. D LC is an
anorthositic complex with mafic to ultramafic intrusions with a tholeiitic to calc-alkaline magmatic affinity (Allard,
1976; Daigneault and al., 1990; Ahmadou and al., 2019).
The Chibougamau Pluton hosts the Devlin deposit. The pluton was emplaced in the DLC and part of the
Waconichi Formation; however, it is coeval with the second volcanic cycle of the Roy Group. The
Chibougamau Pluton is composed of an abundance of tonalite and diorite dikes, pegmatites, feldspar -phyric
units, as well as hydrothermal and magmatic breccia; all of which point to a shallow emplacement depth
(Mathieu and Racicot, 2019). The pluton occupies the core of the Chibougamau anticline, which is part of th e
major folding structures of the region.
The Joe Mann deposit is a structurally controlled deposit hosted by the Opawica- Guercheville deformation
zone. This major east -west trending deformation corridor is approximately 2km wide and extends for over
200km (Tait, 1992a; Pilote 1998; Leclerc et al. 2012). The structure cuts the mafic volcanic rocks of the
Obatogamau Formation in the north part of the Caopatina Segment.
Mineralization
The Corner Bay, Cedar Bay and Golden Eye deposits are located on the flanks of the DLC. These deposits
are typical shear hosted copper-gold veins situated within the host anorthosite which is sheared and sericitized
over widths of 2 m to 25 m. The mineralization is characterized by veins and/or lenses of massive to semi -
massive sulphides associated with a brecciated to locally massive quartz -calcite material. The sulphides
assemblage is composed of chalcopyrite, pyrite, and pyrrhotite, with less er amounts of molybdenite and
sphalerite. Late remobilized quartz -chalcopyrite-pyrite veins occur in a common wide halo around the main
mineralization zones.
The Devlin deposit is hosted in the Chibougamau Pluton and is characterized by flat-lying undulating magmatic
massive sulphide veins occurring at a depth of less than 100 m from surface. The deposit is hosted by a
hydrothermal breccia, consisting of massive chalcopyrite-pyrite-quartz +/- carbonate vein, which pinches and
swells. Minor hematite and magnetite are present locally; both being erratically distributed.
The gold mineralization at the Joe Mann mine is hosted by decimetre scale quartz-carbonate veins. The veins
are mineralized with pyrite, pyrrhotite, and chalcopyrite disposed in lens and veinlets parallel to schistosity,
and occasionally visible gold. The veins are dominated by vitreous white quartz with minor plagioclase and
iron carbonate. They are intensely brecciated and often boudinaged and folded. Furthermore, these veins are
characterized by their laminated or banded structure, consisting of alternat ing ribbons of quartz and