Copper Fox Identifies New Porphyry Copper Goal at Mineral Mountain

“Importantly, it comes at a time of rising demand for copper initiatives in engaging jurisdictions with actual scale and a transparent pathway to manufacturing and cashflow. With this elevated useful resource base, and the continued development outlook, Cygnus is now clearly in that league.

“Having the ability to ship a brand-new useful resource at Golden Eye in such a brief area of time speaks volumes. It shouldn’t be misplaced that our complete gold sources have elevated considerably in a gold value surroundings in extra of US$3,500/oz.

“Given the possibly important advantages of the elevated useful resource on a manufacturing profile and the sharp rises in our commodity costs for the reason that earlier research performed three years in the past, the sights of the Chibougamau Undertaking at the moment are very clear to us.”

TORONTO and PERTH, Australia, Sept. 16, 2025 (GLOBE NEWSWIRE) — Cygnus Metals Restricted (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Firm”) is happy to announce a MRE replace for the Chibougamau Copper-Gold Undertaking in Quebec (Desk 1).

This up to date MRE is comprised of:

• 6.4 Mt at 3.0% CuEq (2.3% Cu, 0.8 g/t Au, 7.6 g/t Ag) for 193 kt CuEq (149 kt Cu, 167 koz Au, and 1.6 Moz Ag) or 4.3 g/t AuEq for 884 koz AuEq within the Measured and Indicated classes; and
• 8.5 Mt at 3.5% CuEq (2.1% Cu, 1.7 g/t Au, 7.9 g/t Ag) for 295 kt CuEq (182 kt Cu, 454 koz Au, 2.2 Moz Ag) or 4.8 g/t AuEq for 1.3 Moz AuEq within the Inferred class.

Total, this ends in a major improve within the complete useful resource base for the Chibougamau Hub and Spoke Undertaking.

The MRE replace for the Chibougamau Undertaking contains the Nook Bay, Cedar Bay, Joe Mann, and Devlin deposits and the brand new Golden Eye deposit, all positioned inside a 60 km radius from Cygnus’ 100%-owned current processing facility. The rise within the MRE is the results of drilling applications accomplished by Doré Copper in 2022 & 2024 at Nook Bay and Cygnus in 2025 at Nook Bay and Golden Eye. Within the 9 months since Cygnus acquired Doré Copper on 1 January 2025, Cygnus has accomplished 17,183 m of drilling.

A significant a part of the elevated MRE is because of a profitable exploration drilling marketing campaign at Golden Eye which was a spotlight of early goal technology and exploration work by the Cygnus exploration crew. The preliminary useful resource at Golden Eye contains Indicated Mineral Sources of 91 koz at 5.6 g/t AuEq and Inferred Mineral Sources of 182 koz at 4.6 g/t AuEq. The Firm sees additional alternative to develop this useful resource, which stays open at depth beneath 400 m and in a number of instructions.

The rise within the world MRE (see Determine 1) in a brief timeframe proves that important development alternatives exist on the Chibougamau Undertaking. Diamond drill rigs are persevering with to show whereas the Firm continues to execute its in-house AI pushed resolution for the compilation of historic drill logs and maps, a few of which have by no means been seen in fashionable 3D software program. This background work has efficiently assisted Cygnus in focusing on Golden Eye and resulted within the supply of an preliminary MRE, in addition to figuring out new drill targets at Cedar Bay (presently being drilled), and shall be basic to producing extra drill targets throughout the camp.

Important exploration potential is centred across the high-grade Chibougamau mineral system, which has a manufacturing historical past of 945,000 t of copper and three.5 Moz of gold. ³ This endowment, mixed with a fractured possession historical past and untimely mine closure, supplies Cygnus with the primary alternative to conduct fashionable systematic exploration in over 20 years.

The MRE replace supplies the inspiration for advancing the financial research of the Chibougamau Undertaking. Properly established infrastructure supplies the undertaking a major head begin alongside the pathway to manufacturing with a 900,000 tpa processing facility, native mining city, sealed freeway, airport, regional rail infrastructure, and 25 kV hydro energy to the processing web site. Considerably, the Chibougamau processing facility is the one base metallic processing facility inside a 250 km radius. There are a variety of different superior copper and gold initiatives inside this attain.

The MRE was ready by SLR Consulting (Canada) Ltd. (“SLR”), in accordance with Canadian Institute of Mining Metallurgy and Petroleum Definition Requirements (“CIM 2014”) as included in Nationwide Instrument 43-101 Customary of Disclosures for Mineral Tasks (“NI 43-101”) and the Joint Ore Reserves Committee’s 2012 version of the Australasian Code for Reporting of Exploration Outcomes, Mineral Sources and Ore Reserves (“JORC Code”). A Technical Report, documenting the Chibougamau Undertaking Mineral Useful resource Estimate, shall be filed on SEDAR+ ( www.sedarplus.ca ) inside 45 days of this information launch and also will be accessible on the Firm’s web site ( www.cygnusmetals.com ).

Desk 1: Mineral Useful resource Estimate (“MRE”) for the Chibougamau Copper-Gold Undertaking as at 16 September 2025.

Notes:

1. Cygnus’ Mineral Useful resource Estimate for the Chibougamau Copper-Gold undertaking, incorporating the Nook 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 Sources are estimated utilizing a long-term copper value of US$9,370/t, gold value of US$2,400/oz, and silver value of US$30/oz, and a US$/C$ trade charge of 1:1.35.
3. Mineral Sources are estimated at a CuEq cut-off grade of 1.2% for Nook 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 a pair of.0 g/t AuEq for Joe Mann.
4. Nook Bay bulk density varies from 2.85 tonnes per cubic metre (t/m ³ ) to three.02t/m ³ for the estimation domains and a pair of.0 t/m ³ for the overburden. At Devlin, bulk density varies from 2.85 t/m ³ to 2.90 t/m ³ . Cedar Bay, Golden Eye, and Joe Mann use a bulk density of two.90 t/m³ for the estimation domains.
5. Assumed metallurgical recoveries are as follows: Nook 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 beneath) are as follows: Particular person metallic grades are set out within the desk. Commodity costs used: copper value of US$9,370/t, gold value of US$2,400/ozand silver value of US$30/oz. Assumed metallurgical restoration elements: set out above. It’s the Firm’s view that every one components within the metallic equal calculations have an affordable potential to be recovered and bought.
7. CuEq Calculations are as follows:
   1. Nook Bay = grade Cu (%) + 0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t).
   2. Devlin = grade Cu (%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t).
   3. Joe Mann = grade Cu (%) + 0.72774* grade Au (g/t).
   4. 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:
   1. Nook Bay = grade Au (g/t) + 1.45097* grade Cu(%)+0.01282* grade Ag (g/t).
   2. Devlin = grade Au (g/t) + 1.59957* grade Cu(%)+0.01379* grade Ag (g/t).
   3. Joe Mann = grade Au (g/t) + 1.37411* grade Cu (%).
   4. Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
9. Wireframes had been constructed utilizing an approximate minimal thickness of two m at Nook Bay, 1.8 m at Devlin, 1.2 m at Joe Mann, and 1.5 m at Cedar Bay and Golden Eye.
10. Mineral Sources are constrained by underground reporting shapes.
11. Mineral Sources that aren’t Mineral Reserves should not have demonstrated financial viability.
12. Totals could fluctuate as a consequence of rounding.

Determine 1: Comparability of present MRE (Sep 2025) with earlier MRE (Mar 2022) for the Chibougamau Copper-Gold Undertaking. Word: The earlier MRE is taken into account a overseas estimate and was not ready in accordance with the JORC Code. Discuss with CY5’s ASX launch dated 15 October 2024 for additional particulars of the International Estimate.

Determine 2: The Chibougamau Undertaking positioned in Central Quebec on main street, rail and hydropower infrastructure.

Determine 3: Location of high-grade Nook Bay, Devlin, Cedar Bay, Joe Mann and Golden Eye deposits in hub and spoke mannequin.

Future Drilling

With this important milestone now achieved, consistent with the Firm’s worth creation technique, the main focus strikes to the subsequent 12 months (refer Determine 4). The MRE improve in contained metallic clearly highlights the chance for continued development and this stays one of many core drivers for worth creation. Cygnus will proceed exploration drilling throughout the camp utilising its in-house AI-driven resolution for historic information to ship precedence drill targets. This strategy will give attention to recognized deposits and extensions to recognized mineralisation, persevering with to unlock this historic district via low-risk brownfield exploration. Together with exploration, the Firm may also proceed infill drilling to de-risk the Undertaking and additional present confidence within the mineral sources to conduct extra detailed research work.

Scoping Examine/ Preliminary Financial Evaluation

With the MRE replace leading to a 78% improve within the Measured and Indicated Mineral Sources, the Firm additionally sees important worth in persevering with to advance the Undertaking with an up to date Scoping Examine / PEA (Doré Copper had beforehand accomplished a PEA in 2022) ¹ as there may be important alternative to reinforce the economics of the Undertaking through the use of an up to date MRE with up to date prices (notably remedy and refining expenses), the inclusion of silver, trade charges and metallic costs to replicate the present commodity value surroundings. This up to date research has commenced and is presently scheduled for completion in Q1 CY2026 (refer Determine 4).

Determine 4: Indicative timetable of Cygnus’ technique and information circulation. The above timetable is indicative solely and topic to vary.

ABOUT THE MINERAL RESOURCE ESTIMATE

The Chibougamau Undertaking Mineral Useful resource replace consists of current deposits Nook Bay, Cedar Bay, Joe Mann and Devlin and an preliminary MRE for the Golden Eye deposit (Desk 1 on web page 3 units out the Mineral Useful resource Estimate for the Chibougamau Undertaking).

The MRE has been ready in accordance with the JORC Code and the 2014 CIM Definition Requirements and had been estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s (“CIM”) 2019 Finest Practices Tips, as required by NI 43-101 . Mineral Sources that aren’t Mineral Reserves should not have demonstrated financial viability.

Key extra work that has resulted within the MRE improve contains, however shouldn’t be restricted to:

• Extra 17,183 m of drilling by Cygnus at Nook Bay and Golden Eye for the reason that acquisition of the Undertaking on 1 January 2025;
• Discovery of a brand new mineralised zone to the east of Nook Bay leading to new Inferred Mineral Sources;
• A rise within the Indicated Mineral Sources at Nook Bay as a consequence of infill drilling on the higher Predominant Vein, which efficiently upgraded Inferred to Indicated Sources (latest drilling by Cygnus and 2022 & 2024 drilling by Doré Copper);
• Compilation and validation of 21,371 m of historic drilling at Golden Eye;
• Revised geological interpretation at Cedar Bay primarily based upon extra drilling and compilation of historic information; and
• Revised cut-off values to replicate present long-term consensus commodity costs.

SUMMARY OF THE RESOURCE PARAMETERS

In accordance with ASX Itemizing Rule 5.8.1, a good and balanced illustration of the data contained in JORC Desk 1 (refer Appendix B), together with a abstract of all data materials to understanding the reported MRE is offered beneath.

Undertaking Geology and Geological Interpretation

Regional and Native Geology

The Undertaking is positioned on the northeastern extremity of the Abitibi Sub province within the Superior province of the Canadian Protect. The Abitibi Sub-province is taken into account to be one of many largest and best-preserved greenstone belts on the earth and hosts quite a few gold and base metallic deposits.

The Chibougamau area is positioned within the northeastern a part of the Abitibi Greenstone Belt of the Superior Province. The Archean rocks of the Chibougamau area had been deformed and metamorphosed from greenschist to amphibolite facies through the Kenoran orogeny.

The Chapais-Chibougamau space recorded main intrusive actions of varied nature, genetically linked to the volcanism and tectonism durations of the geological historical past of the area. The three necessary intrusive our bodies of the area are: 1) the Doré Lake Advanced (“DLC”); 2) the Chibougamau Pluton; and three) the differentiated mafic to ultramafic sills of the Cumming Advanced that shaped within the second volcanic cycle.

The DLC hosts the Nook Bay, Cedar Bay and Golden Eye deposits in addition to a number of different regional copper-gold deposits. It dates to 2,728.3 ± 1.2 Ma (Mortensen, 1993) and is a synvolcanic layered intrusion emplaced through the first volcanic cycle within the area between the Obatogamau and Waconichi Formations. DLC is an anorthositic complicated with mafic to ultramafic intrusions with a tholeiitic to calc-alkaline magmatic affinity (Allard, 1976; Daigneault and al., 1990; Ahmadou and al., 2019).

The Chibougamau Pluton hosts the Devlin deposit. The pluton was emplaced within the DLC and a part of the Waconichi Formation; nonetheless, it’s coeval with the second volcanic cycle of the Roy Group. The Chibougamau Pluton consists of an abundance of tonalite and diorite dikes, pegmatites, feldspar-phyric models, in addition to hydrothermal and magmatic breccia; all of which level to a shallow emplacement depth (Mathieu and Racicot, 2019). The pluton occupies the core of the Chibougamau anticline, which is a part of the foremost folding buildings of the area.

The Joe Mann deposit is a structurally managed deposit hosted by the Opawica-Guercheville deformation zone. This main east-west trending deformation hall is roughly 2km large and extends for over 200km (Tait, 1992a; Pilote 1998; Leclerc et al. 2012). The construction cuts the mafic volcanic rocks of the Obatogamau Formation within the north a part of the Caopatina Phase.

Mineralization

The Nook Bay, Cedar Bay and Golden Eye deposits are positioned on the flanks of the DLC. These deposits are typical shear hosted copper-gold veins located throughout the host anorthosite which is sheared and sericitized over widths of two m to 25 m. The mineralization is characterised by veins and/or lenses of large to semi-massive sulphides related to a brecciated to regionally large quartz-calcite materials. The sulphides assemblage consists of chalcopyrite, pyrite, and pyrrhotite, with lesser quantities of molybdenite and sphalerite. Late remobilized quartz-chalcopyrite-pyrite veins happen in a standard large halo round the principle mineralization zones.

The Devlin deposit is hosted within the Chibougamau Pluton and is characterised by flat-lying undulating magmatic large sulphide veins occurring at a depth of lower than 100 m from floor. The deposit is hosted by a hydrothermal breccia, consisting of large chalcopyrite-pyrite-quartz +/- carbonate vein, which pinches and swells. Minor hematite and magnetite are current regionally; each being erratically distributed.

The gold mineralization on the Joe Mann mine is hosted by decimetre scale quartz-carbonate veins. The veins are mineralized with pyrite, pyrrhotite, and chalcopyrite disposed in lens and veinlets parallel to schistosity, and sometimes seen gold. The veins are dominated by vitreous white quartz with minor plagioclase and iron carbonate. They’re intensely brecciated and sometimes boudinaged and folded. Moreover, these veins are characterised by their laminated or banded construction, consisting of alternating ribbons of quartz and mineralized wall rock. The vast majority of the vein sulphide mineralization is contained in these wall-rock fragments.

Drilling and Sampling Strategies

Drilling on the Chibougamau Undertaking has been carried out solely by diamond drilling. A complete of 768 drill holes for a complete of 308,314 m have been included for the needs of the MRE. The distribution of drilling by deposit is summarised beneath.

All 35 holes for 17,183 m of diamond drilling accomplished by Cygnus had been NQ2 (50.6 mm diameter) and surveyed utilizing DeviGyro OX NQsupplied by IMDEX out of Val-d’Or, Québec.

Cygnus established a sampling protocol whereby core is often sampled to a most size of 1 metre and a minimal of 0.3 m to accommodate geological boundaries or modifications in mineralization. Whereas this protocol was adopted for present drilling, some historic drill holes embrace intervals shorter than 0.3 m or longer than 1 m.. All Cygnus core was lower in half, with the non-assayed portion saved for future reference if required.

For additional element relating to drilling and sampling, please check with Appendix B (Desk 1 – Part 1).

Pattern Evaluation Technique

All assays accomplished by Cygnus had been carried out by Bureau Veritas Commodities Canada Ltd (“BV”). Pattern preparation and hearth assay evaluation had been performed at BV in Timmins, Ontario, and ICP-ES multi-elements evaluation was performed at BV in Vancouver, B.C.

Samples had been weighed, dried, crushed to 70% passing 2 mm, break up to 250 g, and pulverized to 85% passing 75 µm. Samples are hearth assayed for gold (Au) (50 g and 30 g) and multi-acid digestion ICP-ES end, for 23 components (together with key components Ag, Cu, Mo). Samples with seen gold or more likely to have gold grains are analysed with metallic display hearth assay. Samples assaying >10.0 g/t Au are re-analysed with a gravimetric end utilizing a 50 g and 30 g cost. Samples assaying >10% Cu are re-analysed with a sodium peroxide fusion with ICP-ES evaluation utilizing a 0.25 g cost.

QA/QC is completed in-house by Cygnus’ geologists with oversight from the Senior Geologist. The examine samples (blanks and requirements – 4% of complete samples with one other 2% of core duplicates taken on half break up core) that had been inserted into the pattern batches are verified in opposition to their licensed values and are deemed a move if they’re inside 3 normal deviations of the licensed worth. The duplicates are evaluated in opposition to one another to find out mineralization distribution (nugget). If there are massive discrepancies within the examine samples, then your complete batch is requested to be re-assayed.

For additional particulars relating to drilling and sampling, please check with Appendix B (Desk 1 – Part 1).

Estimation Methodology

Geological and mineralisation constraints had been generated in Leapfrog by Cygnus employees, reviewed by the Competent Individual, and utilized to geostatistics, variography, block modelling, and grade interpolation. Tasks usually are not operational, and outcomes haven’t been validated in opposition to reconciliation information. Submit-mineralisation dykes and overburden had been assigned zero grade. Guardian block sizes had been sub-celled and, the place acceptable, rotated. Block mannequin validation used normal business strategies, together with visible inspection, statistical comparability (ID, NN, OK), swath plots, and wireframe-to-block quantity checks. No assumptions had been made about correlations between variables.

Grade interpolation adopted inverse distance strategies (ID² or ID³) with progressively bigger search passes. Search ellipses had been anisotropic or isotropic relying on the deposit, oriented utilizing dynamic anisotropy or the default coordinate system. Assay capping was utilized utilizing primary statistics, histograms, log likelihood plots, and decile evaluation, with composites typically shaped at both 2 m or full-width intercepts.

Nook Bay contains 9 domains (CBAD1 to CBAD4, CBAD3a, CBUD, WV, WV2, WV3) constructed utilizing a 1% CuEq cut-off and a 2 m minimal thickness. Guardian blocks are 5×5×5 m, sub-celled to 1.25×0.625×1.25 m, and rotated 5°. Capping ranges are 16% for Cu, 5 g/t for Au, and 80 g/t for Ag. The composites are 2 m lengths, besides full width for CBUD.

Cedar Bay has 4 domains primarily based on a 1% CuEq cut-off and roughly a 1.5 m minimal thickness. Guardian blocks are 5×5×5m, sub-celled to 1.25 m. Capping ranges are 40 g/t for Au, 12% for Cu, and 60 g/t for Ag. Composites are full width.

Joe Mann has three domains with a 2 g/t Au cut-off and 1.2 m minimal thickness. Capping ranges are 45 g/t for Au, and a pair of.5% for Cu, with high-grade restrictions of 20 g/t Au over 18.75 m within the x-axis and 75 m within the y-axis of the second interpolation move. Guardian blocks are 5×1×5 m, sub-celled to 1.25×0.25×1.25 m in two block fashions with completely different rotations. Composites are full width.

Devlin has 4 domains (three higher, one decrease) primarily based on a 1% Cu cut-off and a 1.8 m minimal thickness. Capping ranges are 2.5 g/t for Au and 15% for Cu within the Decrease Zone and 1.5 g/t for Au and 10% for Cu within the Higher Zone. Guardian blocks are 10×10×2.5 m, sub-celled to five×5×1.25 m. Composites are full width.

Golden Eye has ten domains primarily based on a 1% CuEq cut-off and a 1.5 m minimal thickness. Guardian blocks are 5×5×5 m, sub-celled to 1.25 m. Capping ranges are 40 g/t for Au, 12% for Cu, and 60 g/t for Ag. Composites are full width.

Bulk Density

At Nook Bay, 1,667 water immersion density measurements had been collected. Mineralisation domains ranged from 2.85 g/cm³ to three.02 g/cm³, whereas overburden was assigned 2.0 g/cm³.

At Cedar Bay, 23 density measurements from two drill holes gave a mean of two.90 g/cm³, utilized to all mineralised blocks.

At Joe Mann, 603 density measurements (2020–2021) ranged from 2.78 g/cm³ to three.07 g/cm³ in mineralization and 1.28 g/cm³ to three.24 g/cm³ in adjoining materials; 2.90 g/cm³ was assigned to mineralization.

At Devlin, 52 samples (2013–2014) averaged 2.87 g/cm³; densities had been set at 2.90 g/cm³ (Decrease Zone), 2.85 g/cm³ (Higher Zone), and a pair of.77 g/cm³ (background).

At Golden Eye, just like Cedar Bay, 2.90 t/m³ was assigned to mineralised blocks, in line with host rock and restricted density information.

It’s the Competent Individual’s opinion that except a small variety of outliers, these are affordable densities for these kind of mineralization and host rocks.

Classification

At Nook Bay, Indicated Mineral Sources are outlined by areas with no less than three drill holes spaced as much as roughly 60 m (100% variogram vary), and Inferred Mineral Sources by drill holes spaced from roughly 60 m to 120 m. Class boundaries had been regionally adjusted the place the drill spacing standards weren’t met to contemplate geological understanding, grade continuity, zone thickness, and the creation of cohesive class boundaries.

At Cedar Bay, Indicated Mineral Sources are outlined by drill holes spaced at as much as roughly 60 m aside and Inferred Mineral Sources by drill holes spaced at roughly 60 m to 120 m aside, with modifications for geological understanding, grade continuity, and cohesive boundaries. Some lower-grade materials was included to protect continuity.

At Golden Eye, Indicated Mineral Sources are outlined by drill holes spaced at as much as roughly 50 m aside and Inferred Mineral Sources by drill holes spaced at roughly 50 m to 100 m aside, with changes for geological understanding, grade continuity, and cohesive boundaries. Some lower-grade materials was included to protect continuity.

At Devlin, Measured Mineral Sources are outlined inside 15 m of underground openings, Indicated Mineral Sources by drill holes spaced at as much as roughly 60 m aside, and Inferred Mineral Sources by drill holes spaced at roughly 60 m to 100 m aside. Boundaries had been adjusted for geological understanding, copper grade continuity, and cohesion, with some lower-grade materials included.

At Joe Mann, solely Inferred Mineral Sources are outlined as a consequence of wider drill spacing (20 m to 100 m) and in consideration of noticed grade continuity and variability primarily based on historic mining. Decrease-grade materials was included within the Main01 wireframe design to protect continuity.

Mining Components

The anticipated mining methodology for sub-vertical dipping deposits: Nook Bay, Cedar Bay, Golden Eye and Joe Man is longitudinal lengthy gap with pillar (“LHP”). This mining methodology has been used to establish smart SMU models when figuring out block sizes within the mannequin.

The anticipated mining methodology for Devlin is both 1) drift and fill with slash; and a pair of) room and pillar with partial pillar restoration.

SLR ready underground reporting shapes from indicator shells constructed on the respective deposit breakeven cut-off grade for Mineral Useful resource reporting. Some incremental materials throughout the shapes was included to protect continuity. Minimal thickness was thought-about and utilized on the wireframing stage.

Sources are calculated as in-situ sources. Conservative elements used to calculate the underground reporting cut-off are primarily based on earlier working price foundation for the mill, recoveries and common and administration (G&A) prices and metallic costs beneath:

• Alternate Price US$1.00 = C$1.35
• Metallic Value Copper: US$9,370/t
• Metallic Value Gold: US$2,400/oz

• Metallic Value Silver: US$30/oz

Word: G&A at Devlin was transferred to Nook Bay.

Metallurgical Assumptions

Metallurgical assumptions fluctuate by deposit and ingredient; assumed metallurgical recoveries by deposit and ingredient are summarised within the desk beneath.

Metallurgical restoration elements have been utilized primarily based upon historic manufacturing on the Chibougamau Processing Facility and up to date metallurgical testing outcomes (check with announcement dated 28 January 2025).

Different modifying elements thought-about to this point

Different modifying elements equivalent to allowing, environmental issues, and social/neighborhood impacts are nonetheless being thought-about. The Competent Individual considers the modifying elements to be sufficiently understood to help the classification of Mineral Sources.

Metallic Equivalents

Metallic equivalents for the MRE have been calculated primarily based on the next assumptions:

• Particular person metallic grades: Discuss with Appendix A.
• Commodity costs: Copper value of US$9,370/t, gold value of US$2,400/ozand silver value of US$30/oz.
• Metallurgical restoration elements: See above. These are particular to the completely different deposits and have been individually utilized to the metallic equivalents calculations by deposit.

The next copper and gold equivalents formulation have been used:

• Nook Bay
  • CuEq(%) = Cu(%) + (Au(g/t) x 0.68919) + (Ag(g/t) x 0.00884)
  • AuEq (g/t) = Au(g/t) + (Cu(%) x 1.45097) + (Ag(g/t) x 0.01282)
• Cedar Bay
  • CuEq(%) = Cu(%) + (Au(g/t) x 0.78730) + (Ag(g/t) x 0.00905)
  • AuEq (g/t) = Au(g/t) + (Cu(%) x 1.27016) + (Ag(g/t) x 0.01149)
• Devlin
  • CuEq(%) = Cu(%) + (Au(g/t) x 0.62517) + (Ag(g/t) x 0.00862)
  • AuEq (g/t) = Au(g/t) + (Cu(%) x 1.59957) + (Ag(g/t) x 0.01379)
• Golden Eye
  • CuEq(%) = Cu(%) + (Au(g/t) x 0.78730) + (Ag(g/t) x 0.00905)
  • AuEq (g/t) = Au(g/t) + (Cu(%) x 1.27016) + (Ag(g/t) x 0.01149)
• Joe Mann
  • CuEq(%) = Cu(%) + (Au(g/t) x 0.72774)
  • AuEq (g/t) = Au(g/t) + (Cu(%) x 1.37411)

It’s the Firm’s view that every one components within the metallic equal calculations have an affordable potential to be recovered and bought.

Reporting Reduce-Off Values

The next copper equal (CuEq) and gold equal (AuEq) cut-off values have been utilized for reporting:

• 1.2% CuEq for Nook Bay
• 1.5% CuEq for Devlin
• 1.8 g/t AuEq for Cedar Bay and Golden Eye
• 2.0 g/t Au Eq for Joe Mann

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

About Cygnus Metals

Cygnus Metals Restricted (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified essential minerals exploration and improvement firm with initiatives in Quebec, Canada and Western Australia. The Firm is devoted to advancing its Chibougamau Copper-Gold Undertaking in Quebec with an aggressive exploration program to drive useful resource development and develop a hub-and-spoke operation mannequin with its centralised processing facility. As well as, Cygnus has high quality lithium belongings with important exploration upside within the world-class James Bay district in Quebec, and REE and base metallic initiatives in Western Australia. The Cygnus crew has a confirmed monitor file of turning exploration success into manufacturing enterprises and creating shareholder worth.

Ahead Wanting Statements

This launch could include sure forward-looking statements and projections relating to estimates, sources and reserves; deliberate manufacturing and working prices profiles; deliberate capital necessities; and deliberate methods and company targets. Such ahead wanting statements/projections are estimates for dialogue functions solely and shouldn’t be relied upon. They aren’t ensures of future efficiency and contain recognized and unknown dangers, uncertainties and different elements, a lot of that are past Cygnus’ management. Cygnus makes no representations and supplies no warranties regarding the accuracy of the projections and disclaims any obligation to replace or revise any forward-looking statements/projections primarily based on new data, future occasions or in any other case besides to the extent required by relevant legal guidelines. Whereas the data contained on this launch has been ready in good religion, neither Cygnus or any of its administrators, officers, brokers, staff or advisors give any illustration or guarantee, specific or implied, as to the equity, accuracy, completeness or correctness of the data, opinions and conclusions contained on this launch. Accordingly, to the utmost extent permitted by regulation, none of Cygnus, its administrators, staff or brokers, advisers, nor every other individual accepts any legal responsibility whether or not direct or oblique, specific or restricted, contractual, tortuous, statutory or in any other case, in respect of the accuracy or completeness of the data or for any of the opinions contained on this launch or for any errors, omissions or misstatements or for any loss, howsoever arising, from the usage of this launch.

Finish Notes

1. The outcomes of the PEA had been first introduced by Doré Copper Mining Corp. 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 corporations contributing to sections of the research, together with SLR, SRK Consulting (Canada) Inc. and WSP Inc. The Technical Report and the announcement can be found on Doré’s web site (www.dorecopper.com/en/buyers/newsreleases) and SEDAR. Cygnus cautions that the PEA is a preliminary technical, conceptual and financial research undertaken by Doré of the preliminary analysis and potential improvement of the Chibougamau Undertaking. It’s at scoping research 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 data disclosed within the PEA are underpinned by Measured Mineral Sources (roughly 1.17%), Indicated Mineral Sources (roughly 32.10%) and Inferred Mineral Sources (roughly 66.73%). Nevertheless, Cygnus shouldn’t be capable of disclose the outcomes of the PEA as the numerous proportion of Inferred Sources included within the Lifetime of Mine implies that pursuant to ASX and ASIC steering there may be not thought-about to be sufficiently affordable grounds for the manufacturing targets and forecast monetary data disclosed within the PEA. Accordingly, Cygnus shouldn’t be disclosing the manufacturing targets and forecast monetary data reported within the PEA and cautions buyers in opposition to making funding selections primarily based on such targets and forecasts.
2. Discuss with Cygnus’ TSXV/ASX announcement dated 28 January 2025.
3. Historic manufacturing statistics for the Chibougamau space 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 within the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada. Society of Financial Geologists, Inc. Financial Geology, v. 107, pp. 963–989.
4. Discuss with Cygnus’ ASX announcement “Copper Merger and Fairness Elevate” dated 15 October 2024.

Competent Individuals and Compliance Statements

The unbiased Competent Individual for the 2025 MRE is Ms Marie-Christine Gosselin, P.Geo., of SLR Consulting (Canada) Ltd. The data on this announcement that pertains to the 2025 MRE relies on data compiled by Ms Marie-Christine Gosselin, a member of the Ordre des Géologues du Québec (P.Geo.), a Registered Abroad Skilled Organisation as outlined within the ASX Itemizing Guidelines. Ms Gosselin is employed by SLR Consulting (Canada) Ltd. and is Unbiased of Cygnus. Ms Gosselin has enough expertise which is related to the model of mineralization and kind of deposit into account and to the exercise which has been undertaken to qualify as a Competent Individual as outlined within the 2012 Version of the “Australasian Code for Reporting of Exploration Outcomes, Mineral Sources and Ore Reserves”,. and as a Certified Individual as outlined within the CIM Tips and NI43-101. References to Competent Individual on this doc check with Ms. Gosselin’s position because the QP for Canadian associated disclosure and as Competent Individual for Australian associated disclosure. Ms Gosselin has accepted the scientific and technical content material on this announcement.

The scientific and technical data on this announcement that pertains to Exploration Outcomes relies on data compiled by Louis Beaupré, a Competent One who is a member of the Ordre des Ingénieurs du Québec (P.Eng.), a Registered Abroad Skilled Organisation as outlined within the ASX Itemizing Guidelines. Mr Beaupré is employed by the Firm as its Quebec Exploration Supervisor and holds choices in Cygnus. Mr Beaupré has enough expertise which is related to the model of mineralization and kind of deposit into account and to the exercise which has been undertaken to qualify as a Competent Individual as outlined within the 2012 Version of the “Australasian Code for Reporting of Exploration Outcomes, Mineral Sources and Ore Reserves”. Mr Beaupre consents to the inclusion on this launch of the issues primarily based on the data within the type and context by which they seem.

The data on this announcement that pertains to beforehand reported Exploration Outcomes on the Firm’s initiatives has been beforehand launched by Cygnus in ASX Bulletins as famous within the textual content and Finish Notes. Cygnus shouldn’t be conscious of any new data or information that materially impacts the data in these bulletins. The Firm confirms that the shape and context by which the Competent Individuals’ findings are offered haven’t been materially modified from the unique market bulletins.

Inferred Mineral Sources are sources that haven’t been outlined in enough element to be characterised as Measured or Indicated Mineral Sources. Mineral Sources haven’t had financial issues utilized to them and are due to this fact not characterised as Mineral Reserves.

Historic Information: The MRE for Golden Eye contains a good portion of historic drill gap data that has been reviewed by SLR’s CP -SLR’s evaluation of the historic information and data moderately substantiate the validity of the data offered within the MRE; nonetheless, SLR can’t straight confirm the accuracy of the historic information, together with (however not restricted to) the procedures used for pattern assortment and evaluation. Subsequently, any conclusions or interpretations borne from use of this information needs to be thought-about too speculative to recommend that extra exploration will end in mineral useful resource delineation. SLR encourages readers to train acceptable warning when evaluating these information and/or outcomes.

Neither TSX Enterprise Alternate nor its Regulation Providers Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this launch.

Figures accompanying this announcement can be found at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/188c74ad-2e84-44c1-a03d-7b698220d34d

https://www.globenewswire.com/NewsRoom/AttachmentNg/d85697f2-77f2-45da-840e-cbd244645631

https://www.globenewswire.com/NewsRoom/AttachmentNg/40f4be28-107e-4487-9f8b-6ff9f6456148

https://www.globenewswire.com/NewsRoom/AttachmentNg/cbd817c8-2244-4bc6-89a5-e750d3388e05

PDFs accompanying this announcement can be found at:

http://ml.globenewswire.com/Useful resource/Obtain/3d2facc7-1fcb-49d5-82f5-c05b5998a6e8

http://ml.globenewswire.com/Useful resource/Obtain/aae349ec-0243-4cc1-8c00-d5268339c521