Cygnus Metals Limited: Strong drilling results point to growth and upgrades in copper-gold resource

March 18, 2025

Infill results of up to 5.6% CuEq highlight potential to increase indicated resource while exploration drilling at a new target delivers results such as 8.6m at 2.3% CuEq within 100m of surface, demonstrating scope for resource growth

HIGHLIGHTS:

⦁ Cygnus’ strategy to create shareholder value by growing the overall Chibougamau Resources and upgrading more tonnes to Indicated category is delivering strong results

⦁ Recent infill drilling results at the Corner Bay deposit have reconciled positively with the model. Significant intersections include:

⦁ 7.3m @ 3.1% CuEq from 492.2m (2.7% Cu, 0.5g/t Au & 9.7g/t Ag) (CB-24-104)
⦁ Including 3.3m @ 5.6% CuEq

⦁ Corner Bay, which is the primary deposit at Chibougamau, has Indicated Mineral Resources of 2.7Mt at 2.9% CuEq and Inferred Mineral Resources of 5.9Mt at 3.6% CuEq1

⦁ Corner Bay has also demonstrated resource growth potential with up to 9.7% CuEq intersected in Cygnus’ first drill hole of 7.3m @ 4.6% CuEq; This hole was outside the Corner Bay resource (see ASX release 23/01/25)

⦁ At the new Colline target, recent exploration drilling intersected shallow mineralisation; First results include:

⦁ 8.6m @ 2.3% CuEq from 95m (1.9% Cu, 0.3g/t Au & 19.0g/t Ag) (S3-25-002)
⦁ Including 2.6m @ 4.4% CuEq and 2.2m @ 3.7% CuEq

⦁ Colline was identified as a priority target through Cygnus’ ongoing review of historic drill logs with last drilling occurring in 1987; Significant historic drill intersections from Colline, dating back as far as the 1950s, include:

⦁ 14.9m @ 2.9% CuEq from 157.3m (DQ-35);
o 9.1m @ 3.5% CuEq from 56.4m (S-19);

⦁ 11.1m @ 4.4% CuEq from 109.0m (S-13); and o 6.1m @ 3.2% CuEq from 95.4m (S3-84-2).

⦁ Colline is completely outside existing mineral resources, sits less than 4km from the Chibougamau Processing Facility and highlights the potential to grow the high-grade Chibougamau Resource, comprised of Measured and Indicated Mineral Resources of 3.6Mt at 3.0% CuEq and Inferred Mineral Resources of 7.2Mt at 3.8% CuEq1

1 The Mineral Resource estimate 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.

Cygnus Metals Limited

Level 2, 8 Richardson Street, West Perth WA 6005

T: +61 8 6118 1627 E: info@cygnusmetals.com W: www.cygnusmetals.com

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