Strong drilling targets identified next to high-grade gold-copper mine

About this update from Cygnus Metals Limited

Additional drill rig to be mobilised next week to test these prospective targets; Comprehensive Chibougamau resource update set for next month HIGHLIGHTS: TORONTO and PERTH, Australia, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased to announce new promising targets next to an historic high-grade mine within its Chibougamau Copper-Gold Project in Quebec. Cedar Bay sits within the Company’s northern Chibougamau copper-gold Camp, which boasts the vast majority of the historic production in the region, with a number of historic mines and a production record of nearly 1Mt of copper and 3.5Moz of gold. 2 The Cedar Bay mine, which closed in 1990, was historically one of the highest grade deposits in the camp producing 400Koz Au and 61Kt Cu at an average grade of 4.0% CuEq. 2 Various factors contributed to its premature closure, including low metal prices and a shift in focus of the operating company at the time. Importantly, a high-grade unmined resource remains at Cedar Bay comprised of 130kt at 8.9% CuEq Indicated and 230kt at 8.5% CuEq Inferred Resources. 1 This resource is open in numerous directions, providing Cygnus with potential to significantly grow the resource through systematic exploration drilling. Drill intersections outside of the current resource include: 3 Cygnus is seeing tangible success through its historic data compilation strategy. This low-cost approach involves processing over 100,000 scanned documents, including drill logs, some of which have not been looked at in over 35 years and never before in modern 3D software. Success has already been demonstrated in recent drilling at Golden Eye, which is due to be included in the September quarter resource update, and is highlighting significant potential to expand the current resources at Cedar Bay. Given the potential of the new targets, an additional drill rig will target both mineralisation along strike and down dip of the known lodes, utilising the recently compiled data and improved geological understanding of the deposit. This will be the first time this data has been compiled and utilised in targeting in over 35 years. In addition, final results have been received from infill drilling at Corner Bay in time for the resource update due next month. Results include significant intersections of: Cygnus is continuing its dual track strategy of resource growth and conversion with continued exploration drilling and an imminent resource update due later this quarter. 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 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: Location of Cedar Bay within the Chibougamau North Camp which boasts a historic production record of nearly 1Mt of copper and 3.5Moz of gold. 2 Figure 2: Composite Long Section through the Chibougamau North Camp illustrating Cedar Bay with intersections of 3.4m @ 16.8% CuEq outside of current resources. Refer to ASX releases dated 15 October 2024, 25 March 2025 and 8 May 2025 for previously announced drilling results. 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 Infill Drilling 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 1% CuEq 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. Location of recent drilling at Corner Bay 1 The estimate of mineralisation 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. Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fd3c6b3c-224d-4396-96cb-d237e38f0458 https://www.globenewswire.com/NewsRoom/AttachmentNg/98e31a33-d5d1-4b68-b615-7c645848b997 https://www.globenewswire.com/NewsRoom/AttachmentNg/30a17106-ee20-4c4a-a5d8-c1eb291e8dea

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