Cygnus promotes extremely skilled engineer to steer financial research

Cygnus Metals Restricted (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Firm”) is happy to announce that Chief Working Officer “COO”) Nick Kwong can be promoted to PresidentChief Govt Officer (“CEO”) of the Firm following the transition of Ernest Mast from Managing Director to Non-Govt Director on 12 December 2025.

Mr Kwong is a globally skilled Mining Engineer who has led operations, feasibility research and mine constructing actions over the previous 20 years. He has been COO of the Chibougamau Challenge since 2022 and has labored extensively with Mr Mast over this time. His earlier positions embody Normal Supervisor of two gold mines at Maaden in Saudi Arabia and a number of senior roles inside New Gold Inc. for 14 years, together with his closing position being Director of Technical Providers.

Cygnus now has a twin technique centred on exploration/useful resource development, which is led by VP Exploration & Company Growth Duncan Grieve, and updating the 2022 Preliminary Financial Evaluation (“PEA”).* Mr Kwong is main the PEA replace at the side of unbiased consultants Ausenco. The up to date examine will bear in mind the expansion and improve in mineral sources, together with the addition of the high-grade Golden Eye deposit, and improved commodity worth atmosphere (copper, gold and silver). Following the completion of the PEA replace, which considers the refurbishment of the prevailing 900ktpa processing plant, the Firm’s focus will shift to finishing a feasibility examine and finalising the environmental approvals, which match Mr Kwong’s skillset.

Mr Mast has been integral to the success of the Chibougamau Challenge and has developed sturdy native ties with the local people, First Nations and authorities authorities. Importantly for Cygnus, the relationships and challenge data will endure together with his appointment as a Non-Govt Director. The phrases and situations of Mr Kwong’s new contract are outlined in Appendix A.

This announcement has been authorised for launch by the Board of Administrators of Cygnus.

* The outcomes of the PEA had been first introduced by Doré Copper Mining Corp. (“Doré”) on 10 Might 2022 and the excellent technical report underpinning the PEA was introduced by Doré in accordance with the necessities of NI 43-101 on 15 June 2022. The Technical Report was ready by BBA Inc. with a number of consulting companies contributing to sections of the examine, together with SLR, SRK Consulting (Canada) Inc. and WSP Inc, and is obtainable on SEDAR+. Cygnus cautions that the PEA is a preliminary technical, conceptual and financial examine undertaken by Doré of the preliminary analysis and potential improvement of the Chibougamau Challenge. It’s at scoping examine stage solely, which relies on a decrease stage of technical evaluation that isn’t enough to help the estimation of Ore Reserves and is inherently unsure. The manufacturing targets and forecast monetary info disclosed within the PEA are underpinned by Measured Mineral Assets (roughly 1.17%), Indicated Mineral Assets (roughly 32.10%) and Inferred Mineral Assets (roughly 66.73%). Nonetheless, Cygnus is just not in a position to disclose the outcomes of the PEA as the numerous proportion of Inferred Assets included within the Lifetime of Mine implies that pursuant to ASX and ASIC steering there may be not thought of to be sufficiently cheap grounds for the manufacturing targets and forecast monetary info disclosed within the PEA. Accordingly, Cygnus is just not disclosing the manufacturing targets and forecast monetary info reported within the PEA and cautions buyers in opposition to making funding selections primarily based on such targets and forecasts.

APPENDIX A – Phrases and Circumstances of CEO/President Contract