More strong drilling results to feed into coming resource update

Chibougamau Copper-Gold Project, Canada

/EIN News/ -- 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:
  • 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)
  • 5.8m @ 5.3% CuEq (4.4% Cu, 0.8g/t Au & 28.1g/t Ag) (CB-25-122)
  • 2.8m @ 5.0% CuEq (4.6% Cu, 0.4g/t Au & 14.6g/t Ag) (CB-25-119)
  • 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

TORONTO and PERTH, Australia, June 16, 2025 (GLOBE NEWSWIRE) -- 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:

• 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);
• 5.8m @ 5.3% CuEq (4.4% Cu, 0.8g/t Au & 28.1g/t Ag) (CB-25-122);
• 2.8m @ 5.0% CuEq (4.6% Cu, 0.4g/t Au & 14.6g/t Ag) (CB-25-119); and
• 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 update 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 2025, 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.

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

This announcement has been authorised for release by the Board of Directors of Cygnus.

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 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 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 extent 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, in respect of the accuracy or completeness 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 on 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 included 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 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 from 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 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.

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 precision. Significant intersections reported above 1% CuEq over widths of greater than 1m. True width estimated to be 80% of downhole thickness.

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 precision. 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.

APPENDIX C – Chibougamau Copper-Gold Project – Foreign Mineral Resource Estimate Disclosures as at 30 March 2022

APPENDIX D – 2012 JORC Table 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Figure 3: Plan view of recent infill drilling at Corner Bay

Figures accompanying this announcement are available at: 
https://www.globenewswire.com/NewsRoom/AttachmentNg/4a1656b2-21ec-41fc-824f-44a6c13a0dcd
https://www.globenewswire.com/NewsRoom/AttachmentNg/3bc5086b-2cca-47b4-a3fa-4c5c98a5e927
https://www.globenewswire.com/NewsRoom/AttachmentNg/f6a8bfc7-c71e-4da3-97a8-1ddec57cb306

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_{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.}

Plan view of recent infill drilling at Corner Bay

Figure 3. Plan view of recent infill drilling at Corner Bay

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.

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.

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  

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