More high-grade assays pave way for resource at Golden Eye

About this update from Cygnus Metals Limited

Chibougamau Copper-Gold Project, Canada Results such as 12.7g/t AuEq over 3.3m confirm multiple parallel zones and show Golden Eye is emerging as a significant new plank of the production hub strategy HIGHLIGHTS: TORONTO and PERTH, Australia, June 09, 2025 (GLOBE NEWSWIRE) -- Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased to announce further high-grade assays from the Golden Eye prospect within the Chibougamau Copper-Gold Project in Quebec. Recent results from two diamond holes have revealed the presence of multiple parallel mineralised zones with gold-copper-silver mineralisation. The results from the latest assays include: These results are in addition to previously released results 2,3 from Golden Eye: With the drilling at Golden Eye completed and the majority of assays returned (assays are pending for one hole), the focus has shifted towards establishing an initial resource for Golden Eye. This will include the six holes for 1,954m completed this year as well as the compiled historic data which includes 77 holes for 21,371m. Significant historic drill intercepts 2 dating back to the 1990s returned: Defining a new resource at Golden Eye, with its existing double ramp access as well as being located within 3km of the 100%-owned 900,000tpa central processing facility, is a significant head start down the development pathway of the project. With this infrastructure already in place alongside the near surface high-grade mineralisation with significant gold as well as copper and silver, there is significant scope to enhance future mining studies. Importantly, Golden Eye remains open at depth and has only been drilled to 400m below surface with deepest drilling from the current campaign returning 2.9m @ 10.2g/t AuEq from 463.8m in LDR-25-08. Exploration drilling is being planned at depth to extend mineralisation and further enhance the pending resource. Cygnus will continue to focus on resource growth and build upon the current high-grade copper-gold resources through low-risk brownfield exploration across the camp. This work includes ongoing compilation of historic data, with Golden Eye an excellent example of the value generated through this work which is helping to unlock this historic district. Figure 1: Composite Long Section of Golden Eye over 600m of strike with significant gold grade of up to 34.1g/t AuEq over 5.9m. Mineralisation is still open at depth with 2.9m @ 10.2g/t AuEq intersected in LDR-25-08. Refer to Appendix A of this release for newly released drill intercepts and TSXV/ASX releases dated 15 October 2024, 24/25 March 2025 and 7/8 May 2025 for previously announced drilling results. Figure 2: Composite Long Section through the Chibougamau North Camp illustrating Golden Eye with intersections of up to 5.9m @ 34.1g/t AuEq. Refer to TSXV/ASX releases dated 15 October 2024, 24/25 March 2025 and 7/8 May 2025 for previously announced drilling results. 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 mineralisation. 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. 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/projections 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. End Notes 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. 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. 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 and End Notes. 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. Copper equivalents are calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Gold equivalents are calculated based on the formula AuEq(g/t) = Au(g/t) +(Cu(%) x 1.29436)+(Ag(g/t) x 0.01064). Metallurgical recovery factors have been applied to the metal 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 metal equivalents calculations in respect of the foreign estimate and exploration results have a reasonable potential to be recovered and sold. 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. APPENDIX A – Significant Intersections from Recent Drilling at Golden Eye 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 2g/t AuEq over widths of greater than 1m. True width estimated to be 80% of downhole thickness. APPENDIX B – Chibougamau Copper-Gold Project – Foreign Mineral Resource Estimate Disclosures as at 30 March 2022 APPENDIX C – 2012 JORC Table 1 Section 1 Sampling Techniques and Data Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Figure 3: Plan view of recent drilling relative to historic drilling and the 1992 ramp access Figures accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cd59b054-e8c6-4201-aa17-afd4f8489ad2 https://www.globenewswire.com/NewsRoom/AttachmentNg/66412094-2734-477e-8be2-240107062815 https://www.globenewswire.com/NewsRoom/AttachmentNg/a1aa507a-fb79-4e07-9df4-e02ebb375150

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