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Ongoing historical data review uncovers results including 47.4m at 7.2% CuEq from previously producing Copper Rand mine, part of Cygnus’ 100%-owned 282sqkm landholding in the Chibougamau District

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Chibougamau Copper-Gold Project, Canada

HIGHLIGHTS:

• Cygnus is continuing to review drill data from the past-producing Chibougamau Copper-Gold Project as part of its strategy to unlock this historic mining district
• This ongoing review highlights the true potential of the district with standout mined intersections from the past-producing Copper Rand Mine including:
  • 47.4m @ 7.2% CuEq from 0.0m (1.9% Cu, 6.7g/t Au) (27R104)
  • 34.1m @ 9.1% CuEq from 0.0m (2.1% Cu, 9.0g/t Au) (25R41)
  • 51.7m @ 5.5% CuEq from 89.3m (3.0% Cu, 3.2g/t Au) (25R56)
  • 18.3m @ 12.2% CuEq from 57.0m (5.1% Cu, 9.0g/t Au, 25.1g/t Ag) (22R447)
• The Chibougamau district is a world-class mineral terrane with strong potential for additional discoveries, having produced over 945,000t of copper and 3.5Moz of gold²
• Cygnus is in 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 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
• The Project already has a high-grade Mineral Resource, comprised of Measured and Indicated Resources of 3.6Mt at 3% CuEq and Inferred Resources of 7.2Mt at 3.8% CuEq¹
• The Project has excellent infrastructure with a 900,000tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site

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_{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.}

TORONTO and PERTH, Western Australia, March 24, 2025 (GLOBE NEWSWIRE) — Cygnus Metals Limited (ASX: CY5; TSXV: CYG, OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased to announce exceptional historical copper-gold intersections from the ongoing review of historical data at the Chibougamau Copper-Gold Project, Quebec.

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Significant mined intersections from the past-producing Copper Rand Mine highlight the quality of the ore bodies and true potential of the district with intersections including 47.4m @ 7.2% CuEq from 0.0m (1.9% Cu & 6.7g/t Au) and 34.1m @ 9.1% CuEq from 0.0m (2.1% Cu & 9.0g/t Au).

The ongoing compilation work 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 Historical Drill Results

A large part of the opportunity within the Chibougamau camp lies in the historical data. The Company is in the process of compiling and digitising +100,000 scanned hard copy documents (including drill logs), some of which have not been looked at in over 30 years and never before in a modern 3D software. This data sits within a district with a massive production history having produced over 945,000t of copper and 3.5Moz of gold² but has had a history of fractured ownership and a lack of consolidation.

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Now that the majority of the camp has been consolidated under Cygnus, there is a significant opportunity to explore on a district-scale pulling all the historic and fractured drill data into one database. The results of this ongoing review and consolidation have highlighted the exceptional quality of some of the past producing assets within the district and true potential for exploration.

Copper Rand was one of the most prolific mines in the district having produced 14.9Mt @ 3.9% CuEq for 268kt Cu and 1.3Moz Au. This mine, which sits within Cygnus’ 100% owned 282kmsq tenure, demonstrated thick high-grade copper gold intersections including:

• 47.4m @ 7.2% CuEq from 0.0m (1.9% Cu, 6.7g/t Au) (27R104)
• 34.1m @ 9.1% CuEq from 0.0m (2.1% Cu, 9.0g/t Au) (25R41)
• 51.7m @ 5.5% CuEq from 89.3m (3.0% Cu, 3.2g/t Au) (25R56)
• 18.3m @ 12.2% CuEq from 57.0m (5.1% Cu, 9.0g/t Au, 25.1g/t Ag) (22R447)
• 29.1m @ 6.1% CuEq from 6.6m (2.1% Cu, 5.2g/t Au) (27R30)                        
• 20.4m @ 8.6% CuEq from 0.0m (1.7% Cu, 8.9g/t Au) (36R51)
• 15.9m @ 9.6% CuEq from 0.9m (2.6% Cu, 9.0 g/t Au) (21R134)
• 15.5m @ 9.2% CuEq from 69.2m (3.0% Cu, 7.9 g/t Au,16.9g/t Ag) (22R450)
• 13.3m @ 10.6% CuEq from 123.3m (1.6% Cu, 11.6g/t Au, 6.9g/t Ag)        (36R284)
• 13.7m @ 10.0% CuEq from 112.5m (1.4% Cu,11.0g/t Au,7.7g/t Ag) (36R251)
• 19.9m @ 6.5% CuEq from 50.3m (4.6% Cu, 2.4g/t Au) (473R20)
• 19.8m @ 6.3% CuEq from 165.9m (2.8% Cu, 4.6g/t Au) (36R14)
• 13.4m @ 9.2% CuEq from 252.1m (3.3% Cu, 7.4g/t Au, 20.3g/t Ag) (27R429)
• 21.8m @ 5.6% CuEq from 40.2m (1.6% Cu, 5.2g/t Au, 0.1g/t Ag) (38R6)
• 18.9m @ 6.4% CuEq from 389.0m (3.5% Cu, 3.6g/t Au, 9.2g/t Ag) (36R284)
• 8.5m @ 13.7% CuEq from 241.8m (4.3% Cu, 12.1g/t Au, 8.9g/t Ag) (36R294)
• 18.2m @ 6.4% CuEq from 44.5m (3.8% Cu, 3.4g/t Au) (473R8)
• 15.2m @ 7.6% CuEq from 65.5m (1.3% Cu, 8.1g/t Au) (13R509)
• 13.2m @ 8.4% CuEq from 20.0m (7.2% Cu, 1.5g/t Au) (469R6)        
• 26.5m @ 4.1% CuEq from 79.9m (1.1% Cu, 3.9g/t Au) (25R20)
• 20.3m @ 5.3% CuEq from 23.9m (1.5% Cu, 5.0g/t Au) (21R181)
• 22.4m @ 4.7% CuEq from 14.2m (1.6% Cu, 3.9g/t Au) (24R143)
• 8.5m @ 11.9% CuEq from 49.5m (7.1% Cu, 6.2g/t Au) (473R28)
• 23.2m @ 4.2% CuEq from 0.0m (2.3% Cu, 2.3g/t Au, 12.6g/t Ag) (34R74)

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While the above intersections are from mined portions of the deposit, it highlights the quality of the ore bodies within the Chibougamau district which has significant brownfield exploration upside with mines which are still open (Figure 2).

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 (EM) to generate brownfield targets around known high quality ore bodies.

Figure 1: 18km of prospective strike in the Chibougamau North Camp with quailty ore bodies such as Copper Rand with standout mined intersections of 47.4m @ 7.2% CuEq – Demonstrating true potential of the district. Refer to Appendix A for newly released historic drill intercepts.

Figure 2: Long Section through the Chibougamau North Camp illustrating Copper Rand with standout mined intersections of 47.4m @ 7.2% CuEq Refer to Appendix A for newly released historic drill intercepts (including those highlighted in dark green box) and ASX release dated 15 October 2024 for previously announced drilling results (in white boxes).

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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.

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond Cygnus’ control. Cygnus makes no representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly, to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in this release or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.

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End Notes

1. The Mineral Resource estimate at the Chibougamau Project is a foreign estimate prepared in accordance with CIM Standards. 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 whether further evaluation and exploration will result in an estimate reportable under the JORC Code. Refer to Appendix D for a breakdown of the Mineral Resource Estimate.
2. Historic production statistics for the Chibougamau area are recorded in Leclerc. F, Harris. L. B, Bedard. J. H, Van Breeman. O and Goulet. N. 2012, Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada. Society of Economic Geologists, Inc. Economic Geology, v. 107, pp. 963–989.

Qualified Persons and Compliance Statements

The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Exploration Results disclosed in this announcement are also based on and fairly represent information and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options in Cygnus. Mr Beaupre is a member of the Ordre des ingenieurs du Quebec (P. Eng.), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Beaupre consents to the inclusion in this release of the matters based on the information in the form and context in which they appear.

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The Company first announced the foreign estimate of mineralisation for the Chibougamau Project on 15 October 2024. The Company confirms that the supporting information included in the original announcement continues to apply and has not materially changed, notwithstanding the clarification announcement released by Cygnus on 28 January 2025 (“Clarification”). Cygnus confirms that (notwithstanding the Clarification) it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. Cygnus confirms that it is not in possession of any new information or data that materially impacts on the reliability of the estimates or Cygnus’ ability to verify the foreign estimates as mineral resources in accordance with the JORC Code. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement.

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The information in this announcement that relates to previously reported Exploration Results at the Company’s projects has been previously released by Cygnus in ASX Announcements as noted in the text. Cygnus is not aware of any new information or data that materially affects the information in these announcements. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

Individual grades for the metals included in the metal equivalents calculation for the foreign estimate are in Appendix B of this release. Metal equivalents for the foreign estimate of mineralisation have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz, with copper equivalents calculated based on the formula CuEq (%) = Cu(%) + (Au (g/t) x 0.77258). Individual grades for the metals included in the metal equivalents calculation for the exploration results are in Appendix A of this release. Metal equivalents for exploration results have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz and silver price of US$25/oz, with copper equivalents calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Metallurgical recovery factors have been applied to the copper equivalents calculations, with copper metallurgical recovery assumed at 95% and precious metal (gold and silver) metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility, and the metallurgical results contained in Cygnus’ announcement dated 28 January 2025. It is the Company’s view that all elements in the copper equivalent calculations in respect of the foreign estimate and exploration results have a reasonable potential to be recovered and sold.

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APPENDIX A – Significant Intersections from Historic Drilling in the Chibougamau North Camp

Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting precision. Significant intersections reported above 5% CuEq per metre (i.e 2.5% CuEq * 2m = 5% CuEq%/m).