Cygnus Metals Limited (ASX: CY5) (TSX-V: CYG) (OTCQB: CYGGF) is pleased to announce high-grade results from drilling at the Golden Eye deposit within its Chibougamau Copper-Gold Project in Quebec.

HIGHLIGHTS:

• Infill drilling at Golden Eye has returned high-grade gold intervals of up to 105.5g/t AuEq over 1.0m, alongside copper grades of up to 11.9% Cu over 0.8m
• Results reported today reconcile well against the block model and confirm continuity of gold mineralisation; These include:
  • 5.9m at 28.8g/t AuEq (24.8g/t Au, 2.7% Cu & 31.5g/t Ag) (LDR-26-12A)
    • Including 1.0m at 105.5g/t AuEq (102.9g/t Au, 1.4% Cu & 53.0g/t Ag)
  • 7.7m at 4.0g/t AuEq (2.7g/t Au, 0.8% Cu & 8.2g/t Ag) (LDR-26-12A)
  • 11.5m at 4.3g/t AuEq (2.5g/t Au, 1.1% Cu & 26.1g/t Ag) (LDR-26-13)
    • Including 0.8m at 31.2g/t AuEq (13.3g/t Au, 11.9% Cu & 141.8g/t Ag)
  • 6.7m at 5.9g/t AuEq (4.4g/t Au, 1.0% Cu & 9g/t Ag) (LDR-26-14)
    • Including 2.0m at 13.8g/t AuEq (10.3g/t Au, 2.4% Cu & 21.0g/t Ag)
• These results highlight the strong potential to grow the Indicated Resource as well as the scope for further extensions
• Golden Eye Mineral Resource stands at 0.5Mt at 5.6g/t AuEq for 91koz AuEq (Indicated) and 1.2Mt at 4.6g/t AuEq for 182koz AuEq (Inferred)¹
• There remains a number of assay results pending following finalisation of exploration activity at Golden Eye on 8 April 2026, with around 5,632m of drilling completed from the engineered ice pad
• Exploration continues across multiple targets with a detailed Induced Polarisation survey at the Joe Mann property almost finished. This program aims to help generate walk up drill targets in a highly sought-after gold district.

Recent drilling has been targeting both resource conversion and extension, looking to expand the current Mineral Resource.

The latest results from infill drilling include significant high-grade intersections of up to 105.5g/t AuEq over 1.0m. These high-grade gold intercepts are complemented by impressive copper grades of up to 11.9% over 0.8m, plus silver grades of up to 142g/t over 0.8m. Significant results include:

• 5.9m at 28.8g/t AuEq (24.8g/t Au, 2.7% Cu & 31.5g/t Ag) (LDR-26-12A);
  • Including 1.0m at 105.5g/t AuEq (102.9g/t Au, 1.4% Cu & 53.0g/t Ag)
• 7.7m at 4.0g/t AuEq (2.7g/t Au, 0.8% Cu & 8.2g/t Ag) (LDR-26-12A);
• 11.5m at 4.3g/t AuEq (2.5g/t Au, 1.1% Cu & 26.1g/t Ag) (LDR-26-13); and
  • Including 0.8m at 31.2g/t AuEq (13.3g/t Au, 11.9% Cu & 141.8g/t Ag)
• 6.7m at 5.9g/t AuEq (4.4g/t Au, 1.0% Cu & 9g/t Ag) (LDR-26-14)
  • Including 2.0m at 13.8g/t AuEq (10.3g/t Au, 2.4% Cu & 21.0g/t Ag)

The infill drilling reconciles well against the block model and further confirms the strong continuity of the mineralisation to a 50m spacing. Results from the recent drilling will be used to update the Mineral Resource and convert more resources to the Indicated category. The Golden Eye Mineral Resource currently contains 0.5Mt at 5.6g/t AuEqfor 91koz AuEq (Indicated) and 1.2Mt at 4.6g/t AuEq for 182koz AuEq (Inferred).¹

The drill program at Golden Eye has now concluded, although two rigs are expected to continue drilling over the next quarter at other targets in the project portfolio. The strategy remains focussed on resource growth and resource conversion to drive the Chibougamau Project forward towards development and deliver maximum returns to shareholders.

Golden Eye is an excellent example of the value generated through ongoing compilation work which is helping to unlock this historic district, enabling the Company to continue to build upon the existing high-grade copper-gold resources with low-risk brownfield exploration. The team is continuing to unlock the region with more targets to be tested from the compilation pipeline including the Joe Mann, Copper Rand and Gwillim areas.

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: Golden Eye resource with recent infill results of up to 5.9m @ 28.8g/t AuEq.

Figure 2: Three drill rigs completing the Golden Eye resource conversion program on the engineered ice pad (March 2026).

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.