Outstanding results from new and historic drilling at the ‘Golden Eye’ target provide further evidence of the scope to grow the project’s gold and copper resource

Chibougamau Copper-Gold Project, Canada

HIGHLIGHTS:

• Drilling at ‘Golden Eye’ has returned shallow high-grade gold up to 9.1g/t Au in first assays with an intersection of:
  • 3.3m @ 6.6g/t Au from just 131.7m including 2.3m @ 9.1g/t Au (LDR-25-05)
• Golden Eye was last drilled in the early 1990s when gold was less than US$350/oz. The entire drilling target sits outside the current resource
• Significant intersections from historic drilling¹ include:
  • 5.9m @ 34.1g/t AuEq (32.2g/t Au, 1.2% Cu & 27.3g/t Ag) (RD-11)
  • 4.5m @ 21.6g/t AuEq (14.9g/t Au, 4.7% Cu & 54g/t Ag) (RD-28)
  • 8.4m @ 12.7g/t AuEq (11.0g/t Au, 1.3% Cu & 15.8g/t Ag) (RD-20)
  • 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)
• Subsequent holes drilled by Cygnus extended the known mineralisation down dip, where it remains open, with coarse visible gold* intersected in LDR-25-08 (awaiting assays – 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-25-08) between late April and early May.

• Gold was a significant part of the historic production within the Chibougamau District, with over 3.5Moz of gold produced alongside 945,000t of copper³
• The recent drilling campaign at Golden Eye of six holes for 1,954m aimed to confirm historic drilling results and extend mineralisation at depth. Assay are pending for the remaining five holes
• The Company intends to utilise the recently compiled historic drill data totalling 77 holes for 21,371m to complete an initial Mineral Resource for Golden Eye
• Cygnus is continuing the process of digitising >100,000 documents including drill logs, some of which have not been looked at in over 30 years and never before in modern 3D software
• This highly cost-effective approach is assisting the team to conduct the first consolidated view of the geology and generate new drill targets as Cygnus looks to create shareholder value through resource growth, resource conversion and discovery with two rigs on site

Cygnus Metals Limited (ASX: CY5) (TSX-V: CYG) (OTCQB: CYGGF) is pleased to announce high-grade gold assays and visible gold from its first drilling at the new target Golden Eye within the Chibougamau Copper-Gold Project in Quebec.

Assays of up to 9.1g/t Au alongside visible gold intersected down dip in recent drilling highlight the potential for additional resources and scope for further growth. Golden Eye was identified as a priority high-grade gold target which has not been drilled since the early 1990s when gold was less than US$350/oz. The entire target area sits outside of current resources with significant historic intersections of up to 5.9m @ 34.1g/t AuEq.¹

The identification of the Golden Eye target is a result of the ongoing compilation work which is helping to unlock this historic district as the Company continues to build upon the existing high-grade copper-gold resources with low-risk brownfield exploration. The Company currently has two rigs on site focussing on both resource growth and resource conversion drilling.

About Recent Drilling at Golden Eye

Golden Eye was identified as a priority drilling target at the Chibougamau Project with shallow high-grade gold mineralisation highlighted during the ongoing review of historic hardcopy drill logs, with the most recent drilling conducted in the early 1990s when gold price was less than US$350/oz. Historic drilling in the area returned some outstanding gold and copper grades¹ of:

• 5.9m @ 34.1g/t AuEq (32.2g/t Au, 1.2% Cu & 27.3g/t Ag) (RD-11);
• 4.5m @ 21.6g/t AuEq (14.9g/t Au, 4.7% Cu & 54g/t Ag) (RD-28);
• 8.4m @ 12.7g/t AuEq (11.0g/t Au, 1.3% Cu & 15.8g/t Ag) (RD-20);
• 7.5m @ 22.1g/t AuEq (16.0g/t Au & 4.7% Cu) (S1-87-1); and
• 10.4m @ 12.2 g/t AuEq (7.3g/t Au, 3.5% Cu & 31.8g/t Ag) (S3-86-4).

In 1992, a double access ramp was developed to access the mineralisation and to provide a better platform for drilling; however, low metal prices and a change of ownership shifted the focus to already established operating mines within the camp.

Cygnus recently completed a targeted 6-hole program for 1,954m, which aimed to confirm historic drilling results and extend mineralisation at depth. First assays from this drilling have confirmed the high-grade tenor of the shallow mineralisation with an intersection of:

• 3.3m @ 6.6g/t Au from 131.7m including 2.3m @ 9.1g/t Au (LDR-25-05)

Recent drilling has also extended mineralisation down dip to a depth of 400m below the surface, which remains open. Visual mineralisation intersected in drill hole LDR-25-08 highlighted coarse visible gold associated with chalcopyrite mineralisation over 0.9m from 463.8m downhole (refer Appendix B). Assays are pending for the five remaining holes of the program and are expected to be received in the current quarter. Once received, these results are expected to be incorporated into an updated geological model along with drilling completed by Doré Copper Mining Corp. in 2022/2023 which tested the conceptual structural model of the wider area.

The Chibougamau district has a strong history of gold production as well as copper, having produced 3.5Moz Au at an average grade of 2.1g/t Au.³ Gold grades vary between different deposits although Golden Eye and Cedar Bay are the two areas with a significantly higher gold grade than other deposits within the camp.

Cygnus intends to utilise the recently completed drilling data (once all received) alongside the newly compiled historic drill data totalling 77 holes for 21,371m (both surface and underground drilling) to complete an initial Mineral Resource Estimate for the Golden Eye target. Golden Eye is an excellent example of the value generated through ongoing compilation work which is helping to unlock this historic district while the Company continues to build upon the existing high-grade copper-gold resources with low-risk brownfield exploration.

Ongoing Work

Cygnus is continuing to compile the data across the camp and deliver additional drill targets as the Company looks to execute its strategy of value creation through resource growth and conversion drilling. This low-cost, low-risk approach includes both surface and downhole electromagnetics to generate brownfield targets around known high quality mineralisation.

Figure 1: Long Section of Golden Eye over 600m of strike with significant high grade gold up to 34.1gt AuEq over 5.9m. Mineralisation is still open at depth, with visible gold intersected in LDR-25-08. Refer to Appendix A of this release for newly released drill intercept and ASX releases dated 15 October 2024 and 25 March 2025 for previously announced drilling results.

 Figure 2: Long Section through the Chibougamau North Camp illustrating Golden Eye with standout intersections of up to 5.9m @ 34.1g/t AuEq. Refer to ASX releases dated 15 October 2024 and 25 March 2025 for previously announced drilling results.

About Cygnus Metals

Cygnus Metals Limited 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.