Cygnus Metals – Significant intercepts of gold and copper show Golden Eye emerging as a highly promising new resource prospect

Highest grade result to date of 60.8g/t AuEq over 0.4m (51.3g/t Au, 7.2%Cu & 18.0g/t Ag) with mineralisation open; Plus, assays pending from additional holes

HIGHLIGHTS:

⦁ Gold intersected in two zones within one hole; results include:

o 7.4m @ 5.7g/t AuEq (4.6g/t Au, 0.9% Cu & 5.6g/t Ag) from 405.6m, including 3.1m @ 9.6g/t AuEq (7.4 g/t Au, 1.6% Cu & 10.0g/t Ag) (LDR-25-08)

⦁ 2.9m @ 10.2g/t AuEq (8.3g/t Au, 1.4% Cu and 3.3g/t Ag) from 463.8m, including 0.4m @ 60.8g/t AuEq (51.3g/t Au, 7.2%Cu & 18.0g/t Ag) (visible gold) (LDR-25-08)

⦁ First results of the drill program returned 3.3m @ 6.6g/t Au, including 2.3m @ 9.1 g/t Au (LDR-25-05)
(see TSXV/ASX announcement dated 16/17 April 2025)

⦁ Golden Eye has never been mined and was last drilled in the early 1990s when gold was less than US$350/oz. The entire drilling target sits outside the current Mineral Resource1

⦁ Additional assay results from a number of drill holes at Golden Eye are expected later this month with visible gold observed in LDR-25-09* (see photo below)

⦁ Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The Company expects to receive the laboratory analytical results of the recent core sample (including LDR-25-09) in the current quarter.

⦁ Significant intersections from historic drilling2 include:

⦁ 5.9m @ 34.1g/t AuEq (32.2g/t Au, 1.2% Cu & 27.3g/t Ag) (RD-11) o 4.5m @ 21.6g/t AuEq (14.9g/t Au, 4.7% Cu & 54g/t Ag) (RD-28) o 8.4m @ 12.7g/t AuEq (11.0g/t Au, 1.3% Cu & 15.8g/t Ag) (RD-20) o 7.5m @ 22.1g/t AuEq (16.0g/t Au & 4.7% Cu) (S1-87-1)

⦁ 10.4m @ 12.2 g/t AuEq (7.3g/t Au, 3.5% Cu & 31.8g/t Ag) (S3-86-4)

⦁ Cygnus intends to use the new results and the compiled historic drill data, totalling 77 holes for 21,371m, to complete an initial Mineral Resource for Golden Eye

⦁ The Golden Eye prospect sits 3km from Cygnus’ central processing plant and has existing dual ramp access within 150m of the mineralisation

⦁ Gold was a significant part of the historic production within the Chibougamau District, with over 3.5Moz of gold produced alongside 945,000t of copper.3

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