More strong drilling results to feed into coming resource update

2025-06-16

TSXV - TSX Venture Exchange · Copper · Gold · Silver · Lithium · Tantalum · Cesium · Tin · Rare Earth Elements · Nickel · Platinum · Canada

Chibougamau Copper-Gold Project, Canada

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% CuEq 1 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% CuEq 1 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

| _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”. __y with potential silver credits and an existing processing plant in a tier-one location”. _ |

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.

| 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 |

APPENDIX B – Other Intersections from Exploration Drilling around Corner Bay

| 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 |

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 | |

APPENDIX D – 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 an MS Excel database. Sampling practice is considered to be appropriate to the geology and style of mineralisation. | | | Drilling techniques | Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | - Diamond core was drilled using surface diamond rigs with industry recognised contractors Miikan Drilling. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory. Drilling was conducted using NQ core size. Directional surveys have been taken at 50m intervals. | | Drill sample recovery | Method of recording and assessing core and chip sample recoveries and results assessed.