Strong drilling targets identified next to high-grade gold-copper mine

2025-08-11

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

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 Inferred 1 Mineralisation is open in numerous directions, with high-grade intersections outside of the current resource, including: 3 3.4m @ 16.8% CuEq (4.8% Cu, 15.2g/t Au & 23.3g/t Ag) (CB-27-9) 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: 3.5m @ 4.9% CuEq (4.2% Cu, 0.5g/t Au & 27.3g/t Ag) (CB-25-123) 1.8m @ 7.7% CuEq (6.3% Cu, 0.9g/t Au & 45.9g/t Ag) (CB-25-125)

| _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.

_“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 multiple mines that have not been geologically or economically examined in over 35 years”.

_ |

TORONTO and PERTH, Australia, Aug. 11, 2025 (GLOBE NEWSWIRE) -- 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

3.4m @ 16.8% CuEq (4.8% Cu, 15.2g/t Au & 23.3g/t Ag) (CB-27-9) 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:

3.5m @ 4.9% CuEq (4.2% Cu, 0.5g/t Au & 27.3g/t Ag) (CB-25-123) 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.

_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 _

_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. _

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 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 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 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 Appendix 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.

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.

| 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 | |

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. | | | _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.

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