AngloGold Ashanti Agrees to Acquire Augusta Gold to Further Consolidate Nevada District

AngloGold Ashanti plc (" AngloGold Ashanti ") and certain of its affiliates have entered into a definitive agreement (the " Merger Agreement ") with Augusta Gold Corp. (" Augusta Gold ") to acquire all issued and outstanding shares of common stock of Augusta Gold (the " Transaction ") at a price of C$1.70 per share of common stock (the " Price ") in cash.

The Price implies a fully-diluted equity value for Augusta Gold of approximately C$152 million (approximately US$111 million). The Price represents a premium of approximately 28% to the closing price of Augusta Gold's common stock on the Toronto Stock Exchange (" TSX ") on 15 July 2025, the day prior to the announcement of the Transaction and 37% to the volume-weighted average share price over the 20 days prior to announcement of the Transaction. Additionally, in connection with the Transaction, AngloGold Ashanti will provide funds for the repayment of certain stockholder loans (which amounted to approximately US$32.6 million at 31 March 2025).

The Transaction allows AngloGold Ashanti to further consolidate its footprint in the Beatty District by acquiring Reward, a permitted, feasibility stage project, the Bullfrog deposit, and all tenements surrounding each of these properties. The acquired properties are adjacent to AngloGold Ashanti's claims in the Beatty District and will provide additional Mineral Resources to AngloGold Ashanti's inventory.

� This acquisition reinforces the value we see in one of North America's most prolific gold districts, " said AngloGold Ashanti CEO Alberto Calderon. " We believe that securing these properties will not only solidify our leading position in the most important new gold district in the U.S., but will also improve our ability to develop the region under an integrated plan with more flexibility, greater access, better infrastructure sharing, and cohesive engagement with all stakeholders ".

The Transaction

The Transaction is expected to close in the fourth quarter of 2025, subject to the satisfaction of customary closing conditions, including the approval of the holders of a majority of outstanding shares of Augusta Gold common stock, as well as the approval by a majority of the votes cast by holders of outstanding shares of Augusta Gold common stock excluding certain related parties, at a stockholder meeting expected to be held in the fourth quarter of 2025. Pursuant to the Transaction, Augusta Gold will become an indirect wholly-owned subsidiary of AngloGold Ashanti and Augusta Gold's shares of common stock will no longer be listed on any public stock exchange or traded on any over-the-counter market.

The board of directors of Augusta Gold (the " Augusta Gold Board ") unanimously approved, and recommended that Augusta Gold's stockholders approve and adopt, the Merger Agreement and the Transaction. Prior to the Augusta Gold Board approval, the audit committee of the Augusta Gold Board reviewed, and recommended that the Augusta Gold Board approve, the Merger Agreement and the Transaction. All directors and certain executive officers of Augusta Gold, as well as Augusta Investments Inc., holding shares of Augusta Gold common stock representing in the aggregate approximately 31.5% of Augusta Gold's issued and outstanding shares of common stock, have entered into voting support agreements with AngloGold Ashanti, pursuant to which they have agreed, among other things, to vote their shares of Augusta Gold common stock in favour of adopting the Merger Agreement and the Transaction.

About AngloGold Ashanti

AngloGold Ashanti, with its head office in Denver, Colorado, is an independent, global gold mining company with a diverse, high-quality portfolio of operations, projects and exploration activities across ten countries on four continents.

Advisers and Counsel

AngloGold Ashanti has engaged RBC Capital Markets as its financial adviser, Womble Bond Dickinson (US) LLP and Cravath, Swaine & Moore LLP as its U.S. legal counsel and Stikeman Elliott LLP as its Canadian legal counsel in connection with the Transaction.

Additional information and where to find it

This communication may be deemed to be solicitation material in respect of the proposed acquisition of Augusta Gold by AngloGold Ashanti. In connection with the proposed transaction, Augusta Gold intends to file relevant materials with the U.S. Securities and Exchange Commission (the " SEC "), including Augusta Gold's proxy statement in preliminary and definitive form. INVESTORS AND STOCKHOLDERS OF AUGUSTA GOLD ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING AUGUSTA GOLD'S PROXY STATEMENT (WHEN THEY ARE AVAILABLE), BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and stockholders of Augusta Gold are or will be able to obtain these documents (when they are available) free of charge from the SEC's website at www.sec.gov , or free of charge from Augusta Gold under the "Investors" section of Augusta Gold's website at www.augustagold.com/investors .

Participants in the solicitation

AngloGold Ashanti and Augusta Gold and certain of their respective directors and executive officers, under SEC rules, may be deemed to be "participants" in the solicitation of proxies from securityholders of Augusta Gold in connection with the proposed transaction. Information about AngloGold Ashanti's directors and executive officers is available in AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024, which was filed with the SEC on 15 April 2025 (the " AGA 2024 Form 20-F "). Information about Augusta Gold's directors and executive officers is available in Augusta Gold's annual report on Form 10-K for the financial year ended 31 December 2024, which was filed with the SEC on 18 March 2025 (the " Augusta Gold 2024 Form 10-K "). To the extent holdings of Augusta Gold's securities by their respective directors or executive officers have changed since the amounts set forth in the Augusta Gold 2024 Form 10-K, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC, including the Form 4 filed by Augusta Investments Inc. and Richard Warke on 13 March 2025. Additional information concerning the interests of Augusta Gold's participants in the solicitation, which may, in some cases, be different than those of Augusta Gold's stockholders generally, will be set forth in Augusta Gold's proxy statement relating to the proposed transaction when it becomes available.

Forward-looking statements

Certain statements contained in this communication, other than statements of historical fact, including, without limitation, those concerning the satisfaction (or waiver) of closing conditions to the consummation of the proposed transaction, potential delays in consummating the proposed transaction, the ability of AngloGold Ashanti to timely and successfully achieve the anticipated benefits of the proposed transaction, the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, the impact of the proposed transaction on AngloGold Ashanti's existing business, costs related to the proposed transaction, the outcome of any legal proceedings that may be instituted against AngloGold Ashanti, Augusta Gold or any of their respective directors or officers related to the Merger Agreement or the proposed transaction, the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti's liquidity and capital resources and capital expenditures, the consequences of the COVID-19 pandemic and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti's financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as "believe", "expect", "aim", "anticipate", "intend", "foresee", "forecast", "predict", "project", "estimate", "likely", "may", "might", "could", "should", "would", "seek", "plan", "scheduled", "possible", "continue", "potential", "outlook", "target" or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in AngloGold Ashanti's internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to the AGA 2024 Form 20-F. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti's future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250716265939/en/

Media
Andrea Maxey
+61 08 9425 4603 / +61 400 072 199
amaxey@aga.gold

General inquiries
media@anglogoldashanti.com

I nvestors
Yatish Chowthee
+27 11 637 6273 / +27 78 364 2080
yrchowthee@aga.gold

Andrea Maxey
+61 08 9425 4603 / +61 400 072 199
amaxey@aga.gold

Website: www.anglogoldashanti.com

News Provided by Business Wire via QuoteMedia

AngloGold Ashanti AU NYSE:AU JSE:ANG Gold Investing

AU

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

HIGHLIGHTS:

Cygnus has identified numerous drilling targets near the historic high-grade Cedar Bay mine, which produced 400Koz Au and 61Kt Cu at an average of 4% CuEq, ² within the Chibougamau Project
Targets identified through ongoing review of historical data and drill logs using Cygnus' innovative custom-built AI solution
This highly successful approach has already delivered significant gold and copper results at Golden Eye, which will be included in the imminent resource update
Cedar Bay closed in 1990 when the price of copper was just US$1,150/t (US$0.52/lb) and gold was US$380/oz, and is located less than 3km from Cygnus' central processing plant
Cygnus aims to significantly increase the remaining unmined high-grade resource at Cedar Bay, which currently stands at 130kt at 8.9% CuEq Indicated and 230kt at 8.5% CuEq Inferred ¹
Mineralisation is open in numerous directions, with high-grade intersections outside of the current resource, including: ³
- 3.4m @ 16.8% CuEq (4.8% Cu, 15.2g/t Au & 23.3g/t Ag) (CB-27-9)
- 2.9m @ 9.6% CuEq (8.4% Cu, 1.0g/t Au & 43.0g/t Ag) (CB-27-6)
At Corner Bay, final infill results have been received and will feed into next month's resource update; These include:
- 3.5m @ 4.9% CuEq (4.2% Cu, 0.5g/t Au & 27.3g/t Ag) (CB-25-123)
- 1.8m @ 7.7% CuEq (6.3% Cu, 0.9g/t Au & 45.9g/t Ag) (CB-25-125)

Cygnus Executive Chairman David Southam said : "These latest targets, supported by historical drilling data, are located right next to a high-grade mine, making them compelling.

"Given their potential to help drive resource growth, we are mobilising another rig with the aim of drilling the targets ASAP.

"In the meantime, we are feeding the final results from Corner Bay into our updated resource model, which is set to be released next month. The resource update, combined with a pipeline of targets and multiple rigs turning, ensures we are maximising our ability to create significant shareholder value.

"Uncovering these new growth targets through our compilation strategy adds further weight to the work we are doing in the background which has already delivered success at Golden Eye in a mere six months of taking ownership. The Chibougamau camp has successfully produced a significant amount of high-grade gold and copper over a long history with multiple mines that have not been geologically or economically examined in over 35 years".

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.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Orange pushpin on a map marking Indonesia.

China-Linked Gold Syndicates Driving Toxic Mining Boom in Indonesia: Report

Remote hillsides in Indonesia are being stripped bare and villages are grappling with poisoned soil, all due to a growing illicit gold trade that investigators say is being driven in large part by Chinese syndicates.

A Washington Post exposé based on satellite imagery, trade data, public records and interviews across three continents, found that these operations, which are being bankrolled by private Chinese investors, are far beyond the reach of local authorities, often running without interference from local police.

In Indonesia’s Lantung region, gold trader Heru Hairuddin expressed concern, telling the news outlet, “We don’t know where they take it. We only know it doesn’t stay here.”

Keep reading...Show less

Element79 Gold CEO and Director James C. Tworek.

Element79 Gold CEO Highlights Strategic Pivot Toward Nevada Projects

Element79 Gold (CSE:ELEM,OTCQB:ELMGF,FWB:7YS) is providing more details on recent developments at its Lucero project in Peru, after the company invoked the force majeure clause under its agreement with Condor Resources (TSXV:CN).

“When you're working outside of … a de-risked jurisdiction like North America, you can run into these delays. And while we have been working diligently with the community for over two and a half years since acquiring this project at Lucero, there's ebbs and flows, both on a federal level as well as at local level, inside the community,” said James C. Tworek, the company’s CEO and director.

Invoking the force majeure clause allowed Element79 to pause payment obligations with regards to the Lucero project for a maximum of two years.

Keep reading...Show less

Two people in suits shaking hands in a warmly lit setting.

Alkane Completes Merger with Mandalay Resources, Begins Trading on TSX

Alkane Resources (ASX:ALK,TSX:ALK) said on August 5 that it has closed its merger with gold- and antimony-focused Mandalay Resources. The all-share transaction was valued at AU$559.1 million.

First announced in April, the deal creates a combined company that is projected to produce about 160,000 gold equivalent ounces in the 2025 fiscal year, with the potential to rise to 180,000 ounces the following year.

Alkane has acquired all of Mandalay's issued and outstanding common shares, with former Mandalay shareholders and existing Alkane shareholders respectively owning approximately 55 percent and 45 percent of the new entity.

Keep reading...Show less

This announcement has been authorised for release by the Board of Directors of Cygnus.

David Southam	Ernest Mast	Media:
Executive Chair	President & Managing Director	Paul Armstrong
T: +61 8 6118 1627	T: +1 647 921 0501	Read Corporate
E: info@cygnusmetals.com	E: info@cygnusmetals.com	T: +61 8 9388 1474

HOLEID	X	Y	Z	Azi	Dip	Depth	From (m)	To (m)	Interval (m)	Cu (%)	Au (g/t)	Ag (g/t)	CuEq (%)
CB-25-123	554619	5510023	394.0	96.5	-60	574.0	559.0	560.8	1.8	6.3	0.9	45.9	7.4
CB-25-124	554619	5510023	394.0	92.0	-66	679.0	667.1	669.8	2.6	1.5	0.1	6.8	1.6
CB-25-125	554619	5510023	394.0	84.0	-64	643.5	594.0	598.5	4.5	3.4	0.4	22.1	3.9
CB-25-127	555071	5509889	402.8	90.0	-60	300.0	267.1	269.4	2.3	2.7	0.5	10.4	3.2

Deposit	Category	Tonnes (k)	Cu Grade (%)	Au Grade (g/t)	Cu Metal (kt)	Au Metal (koz)	CuEq Grade (%)
Corner Bay (2022)	Indicated	2,700	2.7	0.3	71	22	2.9
Corner Bay (2022)	Inferred	5,900	3.4	0.3	201	51	3.6
Devlin (2022)	Measured	120	2.7	0.3	3	1	2.9
	Indicated	660	2.1	0.2	14	4	2.3
	Measured & Indicated	780	2.2	0.2	17	5	2.4
	Inferred	480	1.8	0.2	9	3	2.0
Joe Mann (2022)	Inferred	610	0.2	6.8	1	133	5.5
Cedar Bay (2018)	Indicated	130	1.6	9.4	2	39	8.9
Cedar Bay (2018)	Inferred	230	2.1	8.3	5	61	8.5
Total	Measured & Indicated	3,600	2.5	0.6	90	66	3.0
Total	Inferred	7,200	3.0	1.1	216	248	3.8

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	All drilling conducted by Cygnus Metals at the Chibougamau Project was completed under the supervision of a registered professional geologist as a Qualified Person (QP) who is responsible and accountable for the planning, execution, and supervision of all exploration activity as well as the implementation of quality assurance programs and reporting. All Cygnus drilling reported is NQ size (47.8 mm diameter).
	Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used.	All sample collection, core logging, and specific gravity determinations were completed by Cygnus Metals under the supervision of a professionally qualified registered geologist. NQ core was marked for splitting during logging and is sawn using a diamond core saw with a mounted jig to assure the core is cut lengthwise into equal halves. Half of the cut core is placed in clean individual plastic bags with the appropriate sample tag. QA/QC is done in-house by Cygnus Metals geologists with oversight from the Senior Geologist. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates taken on half split core) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed. The samples are then placed in bags for shipment to the offsite laboratory's facility. The remaining half of the core is retained and incorporated into Cygnus's secure, core library located on the property.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard' work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Industry standard sampling practices were used with sample lengths ranging from 0.3 m to 1.0 m and respected geological contacts. Sample tags were placed at the beginning of each sample interval and the tag numbers were recorded in a centralised database. Sampling practice is considered to be appropriate to the geology and style of mineralisation.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	Diamond core was drilled using surface diamond rigs with industry recognised contractors Miikan Drilling. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory. Drilling was conducted using NQ core size. Directional surveys have been taken at 50m intervals.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Diamond core recovery was measured for each run and calculated as a percentage of the drilled interval. Overall, the core recoveries are excellent in the Chibougamau area. As a result, no bias exists.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All core was geologically and geotechnically logged. Lithology, veining, alteration and mineralisation are recorded in multiple tables of the drillhole database.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Geological logging of core is qualitative and descriptive in nature.
	The total length and percentage of the relevant intersections logged.	100% of the core has been logged.
Sub- sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	The NQ diameter the core was sawn in half following a sample cutting line determined by geologists during logging and submitted for analysis on nominal 1m intervals or defined by geological boundaries determined by the logging geologist. Each core sample is assigned a tag with a unique identifying number. Sample lengths are typically one metre but can be depending on zone mineralogy and boundaries. This sampling technique is industry standard and deemed appropriate. Sample sizes are considered appropriate to grain size of the materials being sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Sample (NQ size half core) preparation and fire assay analysis were done at Bureau Veritas Commodities Canada Ltd ("BV") in Timmins, Ontario, and ICP-ES multi-elements analysis was done at BV in Vancouver, B.C. Samples were weighed, dried, crushed to 70% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 µm. Samples are fire assayed for gold (Au) (50 g) and multi-acid digestion ICP-ES finish, for 23 elements (including key elements Ag, Cu, Mo). Samples with visible gold or likely to have gold grains are analysed with metallic screen fire assay. Samples assaying >10.0 g/t Au are re-analysed with a gravimetric finish using a 50 g charge. Samples assaying >10% Cu are re-analysed with a sodium peroxide fusion with ICP-ES analysis using a 0.25 g charge.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	None used.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	At Bureau Veritas, laboratory QC procedures involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Verification of sampling was made by Cygnus Metals and other professional consultant geologists.
	The use of twinned holes.	No hole is twinned.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All logging data was completed, core marked up, logging and sampling data was entered directly into the database. The logged data is stored on the site server directly.
	Discuss any adjustment to assay data.	There was no adjustment to the assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	The location of the drill holes and the aiming points for the orientation of the drill holes were indicated on the ground using identified stakes. The stakes marking the location of the drillholes were set up and located with a Garmin GPS model "GPSmap 62s" (4m accuracy). Surveys are collected using a Reflex EZ-Shot® single-shot electronic instrument with readings collected at intervals of approximately every 30 m downhole plus a reading at the bottom of the hole.
	Specification of the grid system used.	The grid system used is UTM NAD83 (Zone 18).
	Quality and adequacy of topographic control.	A Digital Terrane Model (DTM) has been used to accurately plot the vertical position of the holes, which is considered to provide an adequate level of topographic control.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	The drill spacing for recent drilling is considered appropriate for this type of exploration.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	No resource estimation is made.
	Whether sample compositing has been applied.	No sample compositing has been applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Recent drilling is orientated approximately at right angles to the currently interpreted strike of the known interpreted mineralisation.
Orientation of data in relation to geological structure	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No bias is considered to have been introduced by the existing sampling orientation.
Sample security	The measures taken to ensure sample security.	Core was placed in wooden core boxes close to the drill rig by the drilling contractor. The core was collected daily by the drilling contractor and delivered to the secure core logging facility. Access to the core logging facility is limited to Cygnus employees or designates.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits or reviews of sampling techniques or data have been undertaken, therefore information on audits or reviews is not yet available.

Criteria	JORC Code Explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The data reported within this announcement is from the Chibougamau Project. The Chibougamau project consists of 3 properties which include: Copper Rand, 14,383 ha (15 mining concession and 311 exploration claims). Includes Cedar Bay, Golden Eye and Colline. Corner Bay – Devlin (1 mining license, 134 exploration claims owned 100% by CBAY and 17 claims owned 56.4% by CBAY/43.6% Pan American Silver) Joe Mann (2 mining concessions, 82 claims owned 100% by CBAY, and 68 claims and 1 mining concession owned 65% by CBAY/35% by SOQUEM) CBAY Minerals Inc. ("CBAY"), a wholly owned subsidiary of Cygnus, is the owner of all claims and leases, except where otherwise noted above. The properties collectively making up the Project are in good standing based on the Ministry of Energy and Natural Resources (Ministère de l'Énergie et des Ressources Naturelles) GESTIM claim management system of the Government of Québec.
Mineral tenement and land tenure status	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	All tenure is in good standing.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	The Chibougamau Copper and Gold project comprising Corner Bay, Devlin, Cedar Bay and Joe Mann has seen an extensive exploration history dating back to the early 1900s. The Preliminary Economic Assessment (as referred to in the Company's announcement of 15 October 2024) provides a detailed history of the exploration activities undertaken by previous explorers. Corner Bay was first identified as a prospect in 1956 1956 – 1972 eight drilling programs totalling 1,463 m and various geophysical and electromagnetic (EM) surveys 1973 – 1981 Riocanex and Flanagan McAdam: ground geophysical surveys and 43 diamond drill holes 1982 – 1984 Riocanex and Corner Bay Exploration: 38 drill holes and metallurgical test work 1988 – 1991 Corner Bay Exploration: diamond drilling, geophysical surveys and geological characterisation with initial MRE 1992 – 1994 SOQUEM optioned and acquired a 30% interest, and completed diamond drilling 1994 Explorations Cache Inc and Resources MSV Inc: diamond drilling 2004 – 2006 GéoNova and MSV: 98 diamond drill holes and first Technical Report on the Corner Bay project reporting a MRE 2007 – 2009 Campbell: diamond drilling and bulk sample 2012 - 2019 CBAY / AmAuCu: diamond drilling and MRE Devlin identified in 1972 by airborne survey flown by the MERN 1979 – 1981 diamond drilling, geophysical surveys 1981 development commenced Joe Mann identified in 1950 with the commencement of mining activities occurring in 1956 The Joe Mann mine operated underground during three different periods from 1956 to 2007 In July 2012, Resources Jessie acquired the Joe Mann mine property, but conducted only surface exploration work Cedar Bay was discovered prior to 1927 by Chibougamau McKenzie Mines Ltd From initial discovery to 2013 various surface and underground drilling campaigns and geophysical surveys undertaken by various companies Colline was first discovered with mapping and sampling and then drilled in the 1950s with follow up drilling in 1955. In the 1950s a shaft was sunk but the deposit was never mined The deposit was later tested with three drill holes and six regional drill holes throughout two drilling campaigns in 1984 and 1986/87 Exploration at Colline has been halted historically with the discovery of and focus on other deposits in the region Golden Eye (previously known as Dore Ramp) was drilled in a few different phases from 1984 to 1992. A total of 47 drill holes from surface are reported during that period A double ramp of approximately 1 kilometre was excavated in 1991-92 to a vertical depth of 160 meters Underground drilling campaign of 46 holes totalling 10,200 meters tested the deposit mainly to a depth of 240 meters (only five holes tested the deposit between 300 and 600 meters)
Geology	Deposit type, geological setting and style of mineralisation.	Corner Bay and Devlin are located at the northeastern extremity of the Abitibi subprovince in the Superior province of the Canadian Shield and are examples of Chibougamau-type copper-gold deposits. The Abitibi subprovince is considered as one of the largest and best-preserved greenstone belts in the world and hosts numerous gold and base metal deposits. The Corner Bay deposit is located on the southern flank of the Doré Lake Complex (DLC). It is hosted by a N 15° trending shear zone more or less continuous with a strong 75° to 85° dip towards the west. The host anorthosite rock is sheared and sericitized over widths of 2 m to 25 m. The deposit is cut by a diabase dyke and is limited to the north by a fault structure and to the south by the LaChib deformation zone. The Corner Bay deposit consists of three main mineralized lodes (subparallel Main Lode 1 and Main Lode 2 above the dyke, and Main Lode below the dyke that make up the bulk of the deposit. The Corner Bay deposit has been traced over a strike length to over 1,100 m to a depth of 1,350 m and remains open at depth. The mineralization is characterized by veins and/or lenses of massive to semi-massive sulphides associated with a brecciated to locally massive quartz-calcite material. The sulphide assemblage is composed of chalcopyrite, pyrite, and pyrrhotite with lesser amounts of molybdenite and sphalerite. Late remobilized quartz-chalcopyrite-pyrite veins occur in a wide halo around the main mineralization zones. Devlin is a flat-lying, copper-rich lodes-hosted deposit in a polygenic igneous breccia that is less than 100 m from the surface. The tabular bodies have been modelled as four nearly horizontal lodes: a more continuous lower zone and three smaller lodes comprising the upper zone. Mineralization is reflected as a fracture zone often composed of two or more sulphide-quartz lodes and stringers. Thickness of the mineralized zones range from 0.5 m to 4.4 m. It has been diluted during modelling to reflect a minimum mining height of 1.8 m. The Joe Mann deposit is characterized by east-west striking shear hosted lodes that extend beyond 1,000 m vertically with mineralization identified over a 3 km strike length. These shear zones form part of the Opawica-Guercheville deformation zone, a major deformation corridor cutting the mafic volcanic rocks of the Obatogamau Formation in the north part of the Caopatina Segment. The gabbro sill hosts the Main Zone and the West Zone at the mine, while the South Zone is found in the rhyolite. These three subvertical E-W (N275°/85°) ductile-brittle shear zones are sub-parallel to stratigraphy and to one another, with up to 140 m to 170 m of separation between them. These shear zones are hosted within a stratigraphic package composed of iron-magnesium (Fe-Mg) carbonate and sericite altered gabbro sills, sheared basalts, and intermediate to felsic tuffs intruded by various felsic intrusions. The Joe Mann gold mineralization is hosted by decimetre scale quartz-carbonate lodes (Dion and Guha 1988). The lodes are mineralized with pyrite, pyrrhotite, and chalcopyrite disposed in lens and lodelets parallel to schistosity, and occasionally visible gold. There are some other minor, mineralized structures, e.g., North and South-South Zones, with limited vertical and horizontal extensions. The Cedar Bay deposit is hosted by a sheared and altered gabbroic-anorthosite of the DLC. The meta-anorthosites are typically comprised of 70% to 90% plagioclase, which has been heavily altered to epidote and albite. The Cedar Bay deposit generally has a northwest strike and dips steeply to the northeast. The gold-copper sulphide veins average approximately 1.5 m in width and are tens to hundreds of metres in strike length. The individual mineralization lenses have approximately 3:1 down dip to along strike anisotropies. The veins are comprised of pyrite and chalcopyrite with some gold and minor sphalerite. The main alteration minerals are chlorite, quartz, and carbonates. Locally, pyrrhotite dominates the vein mineral assemblage. Pyrrhotite has a very heterogeneous distribution within the mineralization.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	All requisite drill hole information is tabulated elsewhere in this release. Refer Appendix A of the body text.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	For recent results, drill hole intersections are reported above a lower cut-off grade of 1% CuEq over greater than 1m width.
	Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	A maximum of 1m internal waste was allowed.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	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 equivalent calculations have a reasonable potential to be recovered and sold.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known').	All intersections reported in the body of this release are down hole. For recent drill holes, holes are drilled as close to orthogonal to the plane of the mineralized lodes as possible. True width is estimated to be about 80% of the downhole drill intersection.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include,but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Refer Figure 3 Location of recent drilling at Corner Bay:
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Reported results from infill drilling at Corner Bay includes 4 holes for 2,196.5m. All results greater than 1% CuEq over greater than 1m width reported.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	There is no other substantive exploration data.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	The Company plans to conduct drill testing of additional mineralisation as well as step out drilling of existing lodes. More information is presented in the body of this report. Diagrams in the main body of this release show areas of possible resource extension on existing lodes. The Company continues to identify and assess multiple other target areas within the property boundary for additional resources.

AngloGold Ashanti Agrees to Acquire Augusta Gold to Further Consolidate Nevada District

A growing criminal nexus

A global pattern and calls for coordinated action

Investor Insight

Overview

Company Highlights

Key Projects

Mirage Project

PLEX Project

Anatacau

Greenland

Nuuk Expansion

Disko Bay

Uummannaq

Management Team

Robert Wares - Executive Chairman

Killian Charles - President and CEO

Anthony Glavac - CFO

Simon Hébert - Vice-president, Development

François Goulet - Exploration Manager, Quebec

Charles Kodors - Exploration Manager, Atlantic Canada

Shayaan Belluzzo – Corporate Secretary

Latest News

Latest Press Releases

Related News

TOP STOCKS