Intersection of 28.9m at 2.5g/t AuEq just 200m from surface offers potential for additional resource growth; Follow-up drilling to start next week

Chibougamau Copper-Gold Project, Canada

HIGHLIGHTS:

• Ongoing resource growth drilling at Cedar Bay has intersected a wide zone of mineralisation in what appears to be a new parallel zone:
  • 28.9m at 2.5g/t AuEq (1.0g/t Au, 1.0% Cu & 12.0g/t Ag) (CDR-25-16)
• The result highlights the strong potential to keep growing the resource base within the well-endowed Chibougamau District, which has produced 945,000t of copper and 3.5Moz of gold¹
• Follow-up drilling is set to start next week to test the extent of this new mineralised zone
• Cygnus’ drilling is currently targeting the down plunge continuation of the high-grade gold-dominant mineral resource at Cedar Bay, which stands at 0.3Mt at 8.1g/t AuEq for 67koz AuEq (Indicated) and 0.8Mt at 7.8g/t AuEq for 205koz AuEq (Inferred)²
• First result from new drilling campaign at Cedar Bay was 10.6m at 4.1g/t AuEq (3.6g/t Au, 0.3% Cu & 2.8g/t Ag) in CDR-25-11W1³ with recent follow-up drill results of:
  • 2.7m at 5.7g/t AuEq (3.2g/t Au, 1.8% Cu & 10.6g/t Ag) (CDR-25-12W2)
  • 1.3m at 9.3g/t AuEq (2.6g/t Au, 4.8% Cu & 13.9g/t Ag) (CDR-25-15)
• Cygnus recently demonstrated significant growth at the Chibougamau Project by increasing the global resource by 29%. The current Mineral Resource Estimate (‘MRE’) totals 6.4Mt at 3.0% CuEq for 193kt CuEq (M&I) and 8.5Mt at 3.5% CuEq for 295kt CuEq (Inferred)²
• Cygnus continues to identify drill targets through the ongoing review of historical data and drill logs using Cygnus’ innovative custom-built AI solution
• Work is ongoing to incorporate the current MRE into an updated economic study which will also reflect higher metal prices
• Chibougamau is a premier near-term development copper-gold opportunity with established infrastructure including a 900ktpa processing facility, sealed highway, airport, regional rail infrastructure, and 25 kV hydro power to the processing site.

Cygnus Metals Limited (ASX: CY5) (TSX-V: CYG) (OTCQB: CYGGF) is pleased to announce a potential new mineralised zone intersected outside of the MRE at its Chibougamau Copper-Gold Project in Quebec.

Ongoing drilling targeting the down dip extension of the Cedar Bay deposit has intersected a wide zone of strong mineralisation just 200m from surface, which returned:

• 28.9m @ 2.5g/t AuEq (1.0g/t Au, 1.0% Cu & 12.0g/t Ag) (CDR-25-16)

This new mineralised zone sits between the Cedar Bay and Copper Cliff historic mines in an area which has seen little exploration and may represent an underexplored parallel lode. This encouraging result highlights the strong discovery potential of the well-endowed Chibougamau District that has a standout production record of 945,000t of copper and 3.5Moz of gold.¹ Follow up drilling is expected to commence in the coming weeks to test the extent of the mineralisation.

Recent drilling has been targeting the down plunge continuation of the Cedar Bay deposit, aiming to grow the MRE and make Cedar Bay a key pillar in the potential development of the Chibougamau Project. The current Cedar Bay Mineral Resource is gold-dominant and contains 67koz at 8.1g/t AuEq (Indicated) and 205koz at 7.8g/t AuEq (Inferred).² Drill intersections already included within the Cedar Bay Mineral Resource highlight the significant grade and potential at Cedar Bay. These include:⁴

• 15.5m @ 11.0g/t AuEq (8.6g/t Au, 1.7% Cu & 12.3g/t Ag) (CB-27-6A)
• 4.3m @ 19.7g/t AuEq (16.3g/t Au, 2.4% Cu & 13.3g/t Ag) (CB-27-3)
• 4.1m @ 13.9g/t AuEq (12.2g/t Au, 1.2% Cu & 10.0g/t Ag) (CDR-18-02W2)
• 3.7m @ 20.2g/t AuEq (14.0g/t Au, 4.4% Cu & 21.6g/t Ag) (CB-27-9)

Cygnus’s first drill hole targeting extensions to this Mineral Resource intersected a wide gold-rich zone of mineralisation grading:³

• 10.6m @ 4.1g/t AuEq (3.6g/t Au, 0.3% Cu & 2.8g/t Ag) (CDR-25-11W1)
  • Including 2.9m @ 6.7g/t AuEq (6.2g/t Au, 0.3% Cu & 6.3g/t Ag)

Subsequent follow-up drilling continues to delineate gold and copper rich mineralisation with recent results of:

• 2.7m @ 5.7g/t AuEq (3.2g/t Au, 1.8% Cu & 10.6g/t Ag) (CDR-25-12W2)
• 1.3m @ 9.3g/t AuEq (2.6g/t Au, 4.8% Cu & 13.9g/t Ag) (CDR-25-15)

These results, with the addition of a potential new mineralised zone, highlight the potential for continued resource growth across Cedar Bay. Drilling is ongoing at Cedar Bay and will continue until the end of the year.

Cygnus is continuing its exploration strategy, focussed on resource growth and resource conversion, to drive the Chibougamau Project forward towards development and deliver maximum returns to shareholders. 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 prolific 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: Potential new zone of mineralisation, returning 28.9m @ 2.5g/t AuEq between Cedar Bay⁴ and Copper Cliff.
All lodes remain open.

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.

APPENDIX A – Significant Intersections from Exploration Drilling

Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting precision. At Cedar Bay significant intersections reported above 2g/t AuEq over widths of greater than 1m. True width estimated to be between 50-90% of downhole thickness.

APPENDIX B – Mineral Resource Estimate for the Chibougamau Project as at 17 September 2025

Notes:

1. Cygnus’ Mineral Resource Estimate for the Chibougamau Copper-Gold project, incorporating the Corner Bay, Devlin, Joe Mann, Cedar Bay, and Golden Eye deposits, is reported in accordance with the JORC Code and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) (2014) definitions in NI 43-101.
2. Mineral Resources are estimated using a long-term copper price of US$9,370/t, gold price of US$2,400/oz, and silver price of US$30/oz, and a US$/C$ exchange rate of 1:1.35.
3. Mineral Resources are estimated at a CuEq cut-off grade of 1.2% for Corner Bay and 1.5% CuEq for Devlin. A cut-off grade of 1.8 g/t AuEq was used for Cedar Bay and Golden Eye; and 2.0 g/t AuEq for Joe Mann.
4. Corner Bay bulk density varies from 2.85 tonnes per cubic metre (t/m³) to 3.02t/m³ for the estimation domains and 2.0 t/m³ for the overburden. At Devlin, bulk density varies from 2.85 t/m³ to 2.90 t/m³. Cedar Bay, Golden Eye, and Joe Mann use a bulk density of 2.90 t/m³ for the estimation domains. 
5. Assumed metallurgical recoveries are as follows: Corner Bay copper is 93%, gold is 78%, and silver is 80%; Devlin copper is 96%, gold is 73%, and silver is 80%; Joe Mann copper is 95%, gold is 84%, and silver is 80%; and Cedar Bay and Golden Eye copper is 91%, gold is 87%, and silver is 80%. 
6. Assumptions for CuEq and AuEq calculations (set out below) are as follows: Individual metal grades are set out in the table. Commodity prices used: copper price of US$9,370/t, gold price of US$2,400/oz and silver price of US$30/oz. Assumed metallurgical recovery factors: set out above. It is the Company’s view that all elements in the metal equivalent calculations have a reasonable potential to be recovered and sold.
7. CuEq Calculations are as follows: (A) Corner Bay = grade Cu (%) + 0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t) ; (B) Devlin = grade Cu (%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t); (C) Joe Mann = grade Cu (%) + 0.72774* grade Au (g/t); and (D) Golden Eye and Cedar Bay = grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t).
8. AuEq Calculations are as follows: (A) Corner Bay = grade Au (g/t) + 1.45097* grade Cu(%)+0.01282* grade Ag (g/t); (B) Devlin = grade Au (g/t) + 1.59957* grade Cu(%)+0.01379* grade Ag (g/t); (C) Joe Mann = grade Au (g/t) + 1.37411* grade Cu (%); and (D) Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
9. Wireframes were built using an approximate minimum thickness of 2 m at Corner Bay, 1.8 m at Devlin, 1.2 m at Joe Mann, and 1.5 m at Cedar Bay and Golden Eye.
10. Mineral Resources are constrained by underground reporting shapes.
11. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
12. Totals may vary due to rounding.