Aston Bay Receives C$1.38 Million Initial Royalty Payment for the Storm Copper Project, Canada

First payment received from a total C$3.46 million allocated to Aston Bay with no use of proceeds restriction

Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) ("Aston Bay" or the "Company") is pleased to announce that it has received the initial US$1 million (C$1.38 million1) in funding as part of an agreement with the Company's joint venture partner American West Metals Limited ("American West") and TMRF Canada Inc., a subsidiary of Taurus Mining Royalty Fund L.P. ("Taurus"), whereby Taurus will provide funding of up to US$12.5 million (C$17.3 million[1]) under a royalty package for the Storm Copper Project

Aston Bay and American West have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, with Aston Bay maintaining a free carried interest until a decision to mine upon completion of a bankable feasibility study. Aston Bay will be allocated 20% of the funding from the royalty package (C$3.46 million[1]) with no use of proceeds restriction.

Highlights

The first payment of US$5m (C$6.9m¹) under the royalty package has been advanced to American West and Aston Bay
Further payments to the royalty package are:
- US$3.5m (C$4.9m¹) upon delivery of a Prefeasibility Study( PFS) for Storm and submission of permitting documents for development at Storm
- US$4m (C$5.5m¹) upon announcement of an increase in the JORC-compliant resource for Storm to at least 400,000 tonnes of contained copper at a resource grade of at least 1.00% Cu
Funding under the royalty package will be allocated to American West and Aston Bay in accordance with their respective interests under the unincorporated joint venture for Storm, being 80% for American West and 20% for Aston Bay
There is no use of funds restriction for Aston Bay, providing a non-dilutive source of funds to advance the Company's other projects and contribute to Aston Bay's robust balance sheet
The funding has enabled an expansion of the exploration and development activities conducted by American West at Storm, including:
- Expansion of the 2024 drill program, which will underpin a maiden resource currently being constructed to Canadian Institute of Mining standards, as well as a significant anticipated upgrade to the American West's JORC-compliant estimate
- An investment in the 2025 field activities with bulk supplies being delivered to site by ship charter - saving approximately C$4 million on the potential logistics costs for the 2025 program
- Completion of environmental, mining and development studies - including detailed testwork that supports the potential for a direct shipping operation - which will support the delivery of a PFS anticipated in early 2025

[1] Based on USD:CAD exchange rate of 1:1.3838.

Thomas Ullrich, Chief Executive Officer of Aston Bay,commented:

"We are very pleased with the efforts of our partner American West and with this investment in Storm by Taurus. The recognition of the value of the Storm Project by such a well-respected international mining royalty company is a strong endorsement of the potential of the Project.

"The royalty financing provides significant funding and is structured to promote the rapid advancement of the Storm Copper Project. American West continues to actively advance the Project, with goals set to achieve the remaining two milestones in the royalty funding agreement within the next six to twelve months.

"This could bring an additional C$2 million to Aston Bay for a potential total of C$3.46 million non-dilutive funds to advance our other critical minerals and gold exploration projects."

For further details on the royalty package under the Taurus arrangement, see Aston Bay's June 24, 2024 news release.

About Aston Bay Holdings

Aston Bay is a publicly traded mineral exploration company exploring high-grade critical and precious metal deposits in Nunavut, Canada and Virginia, USA.

The Company is currently exploring the Storm Copper Property and Cu-Ag-Zn-Co Epworth Property in Nunavut. The Company is also in advanced stages of negotiation on other lands with high-grade critical and precious metals potential in North America.

The Company and its joint venture partners, American West Metals Limited and its wholly-owned subsidiary, Tornado Metals Ltd. (collectively, "American West"), have formed a 20/80 unincorporated joint venture in respect of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has made a decision to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%.

About American West Metals Limited

AMERICAN WEST METALS LIMITED (ASX:AW1) is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. The company's strategy is focused on developing mines that have a low-footprint and support the global energy transformation. AW1's portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to AW1's approach is a commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where its projects are located.

Led by a highly experienced leadership team, AW1's strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.

For further information on American West, visit: www.americanwestmetals.com.

FORWARD-LOOKING STATEMENTS

Statements made in this news release, including those regarding entering into the joint venture and each party's interest in the Project pursuant to the agreement in respect of the joint venture, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.

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 news release.

For more information contact:

Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516

Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337

SOURCE: Aston Bay Holdings Ltd.

View the original press release on accesswire.com

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BAY:CC

Aston Bay Holdings

Aston Bay Holdings Ltd is an exploration-stage company. It is engaged in the exploration and development of gold and base metal deposits in Virginia, USA and Nunavut, Canada. Its projects are Buckingham Gold property, Virginia Gold Belt, Polymetallic Base, and Precious metals, Storm Copper Project, and Seal Zinc deposit.

Aston Bay Holdings Ltd is an exploration-stage company. It is engaged in the exploration and development of gold and base metal deposits in Virginia, USA and Nunavut, Canada.

Lumina Gold Announces Acquisition by CMOC for C$581 Million

Lumina Gold Corp. (TSXV: LUM) (OTCQB: LMGDF) (the "Company" or "Lumina") and CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited (collectively "CMOC"), both of which are arm's length to the Company, are pleased to announce that they have entered into an arrangement agreement (the "Arrangement Agreement"), pursuant to which CMOC will acquire all of the issued and outstanding common shares of Lumina (the "Lumina Shares"), in exchange for C$1.27 per Lumina Share (the "Consideration") in an all-cash transaction by way of a plan of arrangement (the "Transaction"). The Consideration represents total equity value of approximately C$581 million on a fully diluted basis.

News Provided by Canada Newswire via QuoteMedia

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Trion Communications GmbH will support Forte in enhancing visibility among investors in Germany, Austria, and Switzerland. Their role includes distributing company news, translating shareholder communications, coordinating editorial placements in German financial publications, and fielding investor inquiries via multiple channels.

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Hole ID	Prospect	Easting	Northing	RL	Depth (m)	Azi	Inclination
SR24-001	Expl.	465403	8174839	308	251.5	180	-75
SR24-005	Graben	464200	8173324	259	251.5	180	-75
SR24-028	Expl.	465867	8174040	281	140.2	180	-65
SR24-029	Expl.	465900	8174500	294	251.4	180	-65
SR24-046	Thunder W	464686	8172873	253	199.6	0.3	-60
SR24-048	Thunder W	464803	8172870	252	199.6	0.1	-60.1
SR24-050	Chinook W	465862	8172885	245	150.9	359.6	-60.3
SR24-056	Corona E	466834	8172386	244	150.9	0.2	-60.1
SR24-058	Corona E	467248	8172395	245	167.6	180	-60.4
SR24-060	Corona E	466996	8172490	251	141.7	200.49	-60.3
SR24-064	Cirrus E	462948	8173743	223	150.9	210.41	-60.2
SR24-066	Cirrus E	462861	8173793	218	150.9	210	-60.2
SR24-094	Chinook W	465884	8172982	250	199.6	215.64	-60.2
SR24-096	Chinook W	465828	8172789	242	129.5	180.05	-60
SR24-104	Expl.	463100	8173180	213	274.3	360	-85
SR24-108	Squall	464828	8172642	245	182.9	180	-60
SR24-110	Expl.	464924	8171800	184	182.9	206	-80
SR24-135	Squall	464779	8172593	240	230.1	180	-75
SR24-136	Expl.	462798	8174973	277	199.6	180	-70

Hole ID	From (m)	To (m)	Width	Cu %	Zn %	Ag g/t
SR24-001	NSI
SR24-005	NSI
SR24-028	NSI
SR24-029	NSI
SR24-046	0.00	1.52	1.52	0.36	-	1
	9.14	12.19	3.05	0.49	-	1.5
SR24-048	NSI
SR24-050	106.68	108.2	1.52	0.46	-	1
SR24-056	NSI
SR24-058	NSI
SR24-060	13.72	15.24	1.52	0.3	-	1
SR24-064	NSI
SR24-066	NSI
SR24-094	NSI
SR24-096	NSI
SR24-104	NSI
SR24-108	181.36	182.88	1.52	2.4	-	5
SR24-110	NSI
SR24-135	163.07	164.59	1.52	0.5	-	3
SR24-136	38.10	39.62	1.52	0.4	-	2

Hole ID	Prospect	Easting	Northing	RL (m)	Depth (m)	Azimuth	Inclination
SR24-098	Tempest	464948	8174283	302.8	149.4	179.71	-70.5
SR24-100	Tempest	473230	8137717	299.7	199.64	285	-50
SR24-102	Tempest	473634	8133161	296.6	199.6	109.19	-45.05
SR24-129	Tornado	471008	8170156	295.0	199.64	180	-60
SR24-130	Tornado	471012	8170973	277.9	199.64	200.27	-52.1
SR24-131	Tornado	470928	8169888	289.0	199.64	200.17	-60.26
SR24-132	Tornado	470866	8169491	291.4	199.64	200.25	-55.08
SR24-133	Tornado	470244	8171463	255.7	199.64	199.97	-59.97
SR24-134	Tornado	470273	8169986	268.0	199.64	199.97	-60.14

Hole ID	From (m)	To (m)	Width	Cu ppm	Zn ppm	Ag g/t
SR24-098	0	118.87	118.87	6.5	137.3	1.2
	128.02	143.26	15.24	5.5	64	0.6
	146.3	150.88	4.58	5	36.7	0.8
	188.98	190.5	1.52	5	30	0.5
SR24-100	1.52	56.39	54.87	5.1	64.4	1.0
	57.91	65.53	7.62	5	50	0.6
	67.06	68.58	1.52	5	30	0.5
	70.1	71.63	1.53	5	40	1.0
	73.15	76.2	3.05	5	40	0.8
	88.39	103.63	15.24	6.5	103.9	1.5
	105.16	108.2	3.04	5	110	1.5
	109.73	112.78	3.05	7.5	30	1.0
	118.87	120.4	1.53	5	30	2.0
	121.92	126.49	4.57	5	30	1.0
	137.16	140.21	3.05	5	30	1.5
	143.26	156.97	13.71	7.2	57.8	1.4
	182.88	188.98	6.1	6.2	42.5	1.5
SR24-102	28.96	35.05	6.09	6.2	52.5	0.9
	45.72	47.24	1.52	5	40	1.0
	48.77	54.86	6.09	5	35	1.0
	65.53	67.06	1.53	5	60	2.0
	70.1	76.2	6.1	5	30	1.1
	108.2	111.25	3.05	5	35	1.0
	115.82	117.35	1.53	5	30	1.0
	152.4	153.92	1.52	5	50	1.0
SR24-129	0.00	3.05	3.05	125.1	35.0	2.0
Incl.	1.52	3.05	1.53	170.0	40.0	2.0
	18.29	19.81	1.52	100.0	10.0	1.0
	53.34	59.44	6.10	177.2	17.5	1.2
Incl.	54.86	57.91	3.05	289.5	15.0	1.5
	176.78	178.31	1.53	50.0	10.0	0.5
	181.36	185.93	4.57	50.0	10.0	1.0
SR24-130	0.00	1.52	1.52	50.0	30.0	1.0
	53.34	54.86	1.52	60.0	30.0	1.0
	59.44	60.96	1.52	50.0	30.0	1.0
	64.01	65.53	1.52	50.0	60.0	1.0
	68.58	73.15	4.57	76.6	10.0	1.0
Incl.	68.58	70.10	1.52	130.0	10.0	1.0
	79.25	80.77	1.52	100.0	40.0	2.0
	88.39	89.92	1.53	50.0	50.0	1.0
SR24-131	0.00	1.52	1.52	60.0	30.0	0.5
	4.57	6.10	1.53	60.0	40.0	0.5
	7.62	9.14	1.52	50.0	50.0	0.5
SR24-132	6.10	7.62	1.52	230.0	10.0	0.5
	38.10	39.62	1.52	50.0	10.0	0.5
	56.39	64.01	7.62	66.0	12.0	0.8
Incl.	60.96	62.48	1.52	100.0	10.0	0.5
	73.15	74.68	1.53	100.0	100.0	1.0
	77.72	79.25	1.53	70.0	240.0	1.0
	166.12	169.16	3.04	95.0	85.0	1.5
Incl.	166.12	167.64	1.52	140.0	160.0	2.0
	178.31	181.36	3.05	85.1	30.0	0.8
Incl.	179.83	181.36	1.53	120.0	40.0	1.0
	6.10	7.62	1.52	230.0	10.0	0.5
SR24-133	0.00	3.05	3.05	120.2	686.2	0.7
Incl.	1.52	3.05	1.53	170.0	1040.0	0.5
	7.62	9.14	1.52	90.0	480.0	0.5
	24.38	25.91	1.53	50.0	270.0	0.5
	38.10	44.20	6.10	70.0	259.9	0.5
SR24-134	32.00	33.53	1.53	90.0	110.0	1.0
	36.58	39.62	3.04	50.0	65.0	1.0
	74.68	76.20	1.52	80.0	90.0	1.0

Hole ID	Prospect	Easting	Northing	RL (m)	Depth (m)	Azimuth	Inclination
ST24-01	Graben	464728	8173893	289.4	385	0.3	-80.1
ST24-02	Expl.	465600	8172675	246.2	455	160	-75
ST24-03	Expl.	462772	8173627	213.7	414.11*	35	-70

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Aston Bay Receives C$1.38 Million Initial Royalty Payment for the Storm Copper Project, Canada

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Hole ID	X	Y	Z	Azi	Dip	Depth (m)	From (m)	To (m)	Interval (m)	Au (g/t)	Cu (%)	AuEq (g/t)
LDR-25-05	549448	5525296	375	227	-45	214.2	131.7	135.0	3.3	6.6	0.0	6.6
						Including	131.7	134	2.3	9.1	0.0	9.1
LDR-25-06	549560	5525483	375	215	-51	474.0	Pending Assays
LDR-25-07	549453	5525313	375	215	-55	261.0
LDR-25-08	549524	5525441	375	246	-57	516.0
LDR-25-09	549445	5525319	375	238	-54	252.0
LDR-25-10	549489	5525229	375	220	-60	237.0

Hole ID	From	To	Interval	Mineral 1	%	Mineral 2	%	Mineral 3	%	Visible Gold		Total Sulphide (%)
LDR-25-08	89.0	90.0	1.0	Pyrite	2.0					-		2.0
LDR-25-08	166.4	211.1	44.7	Pyrite	0.5					-		0.5
LDR-25-08	211.1	216.0	4.9	Pyrite	0.1					-		0.1
LDR-25-08	216.0	216.6	0.6	Pyrite	1.0					-		1.0
LDR-25-08	216.6	354.8	138.2	Pyrite	0.1					-		0.1
LDR-25-08	360.4	361.3	0.9	Chalcopyrite	0.5	Pyrite	1.0			-		1.5
LDR-25-08	363.9	392.1	28.2	Chalcopyrite	0.3	Pyrite	0.5			-		0.8
LDR-25-08	392.1	397.3	5.3	Pyrite	0.3					-		0.3
LDR-25-08	397.3	405.6	8.3	Chalcopyrite	0.1					-		0.1
LDR-25-08	405.6	406.1	0.5	Chalcopyrite	0.3	Pyrite	30.0			-		30.3
LDR-25-08	406.1	407.9	1.8	Chalcopyrite	0.5	Pyrite	1.5			-		2.0
LDR-25-08	407.9	408.3	0.4	Pyrite	7.0	Chalcopyrite	0.1			-		7.1
LDR-25-08	408.3	409.0	0.7	Pyrite	0.1					-		0.1
LDR-25-08	409.0	409.4	0.4	Pyrite	25.0	Chalcopyrite	25.0			-		50.0
LDR-25-08	409.4	411.7	2.3	Chalcopyrite	3.0	Pyrite	7.0			-		10.0
LDR-25-08	411.7	411.9	0.2	Sphalerite	2.0	Chalcopyrite	0.5	Pyrite	15.0	-		17.5
LDR-25-08	411.9	415.1	3.2	Chalcopyrite	1.0	Pyrite	3.0			-		4.0
LDR-25-08	415.1	420.8	5.8	Chalcopyrite	0.3	Pyrite	1.0			-		1.3
LDR-25-08	420.8	423.3	2.4	Chalcopyrite	1.5	Pyrite	2.5			-		4.0
LDR-25-08	423.3	428.3	5.1	Chalcopyrite	0.1	Pyrite	0.1			-		0.2
LDR-25-08	428.3	455.0	26.7	Pyrite	0.5					-		0.5
LDR-25-08	457.6	458.1	0.4	Sphalerite	0.1	Chalcopyrite	1.0	Pyrite	0.5	-		1.6
LDR-25-08	461.2	461.8	0.6	Chalcopyrite	2.0					-		2.0
LDR-25-08	463.8	464.6	0.9	Chalcopyrite	5.0	Pyrite	2.0			0.1	%	7.1
LDR-25-08	464.6	478.6	14.0	Chalcopyrite	1.0	Pyrite	0.5			-		1.5
LDR-25-08	478.6	479.7	1.1	Chalcopyrite	3.0	Pyrite	8.0			-		11.0
LDR-25-08	480.6	516.0	35.4	Chalcopyrite	0.2	Pyrite	0.1			-		0.3

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 representivity 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 an MS Excel 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. Samples 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) (30 g) and multi-acid digestion ICP-ES finish, for 23 elements (including key elements Ag, Cu, Mo). Samples assaying >10.0 g/t Au are re-analysed with a gravimetric finish using a 30 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 drillholes and the aiming points for the orientation of the drillholes 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. Due to the historic nature and mix of underground and surface drilling the drill hole spacing for historic drill results is highly variable.
	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. Due to the historic nature of the drilling the drill hole orientation for historic drill results is highly variable.
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.

Hole ID	From (m)	To (m)	Width	Cu ppm	Zn ppm	Ag g/t
ST24-02	52.00	55.00	3.00	1402	10	2.0
Including	53.00	53.60	0.60	6100	10	2.0
	58.00	59.60	1.60	110	10	2.0
	72.50	76.50	4.00	203	10	1.1
	77.00	79.00	2.00	953	10	1.8
Including	78.00	78.50	0.50	3050	10	2.0
	81.00	84.00	3.00	140	10	1.3
	85.00	86.50	1.50	253	10	1.0
	104.00	106.00	2.00	420	10	1.5
	107.00	112.10	5.10	176	10	0.9
	114.50	115.00	0.50	640	10	2.0
	130.30	131.00	0.70	230	10	1.0
	132.50	133.10	0.60	270	10	2.0
	170.00	172.00	2.00	195	10	1.5
	193.00	194.50	1.50	240	10	2.0
	195.50	196.50	1.00	2290	40	1.5
Including	195.50	196.00	0.50	4330	60	2.0
	201.00	202.00	1.00	220	30	1.0
	203.50	205.00	1.50	207	10	1.3
	224.00	226.00	2.00	150	10	1.0
	250.00	251.00	1.00	140	10	1.0
	286.00	287.50	1.50	317	17	1.3
	289.50	290.50	1.00	620	10	1.3
	292.00	300.00	8.00	256	10	0.8
	300.50	301.50	1.00	200	10	1.0
	302.00	304.00	2.00	900	15	2.0
Including	303.00	303.50	0.50	2560	10	2.0
	305.00	308.00	3.00	745	10	1.3
Including	306.50	307.00	0.50	1170	10	0.5
	310.00	316.00	6.00	935	10	1.0
Including	311.00	311.50	0.50	1140	10	2.0
And	313.50	314.50	1.00	3270	10	0.8
	317.00	324.00	7.00	1628	11	0.9
Including	322.50	323.50	1.00	5295	15	0.8
	327.50	328.00	0.50	210	10	1.0
	330.00	333.00	3.00	110	10	1.3
	348.00	349.00	1.00	120	10	2.0
	352.00	353.00	1.00	110	10	1.0
	366.00	367.00	1.00	110	10	3.0

Hole ID	From (m)	To (m)	Width	Cu %	Zn %	Ag g/t
SM24-01	0	8	8	4.84	0.1	13.1
Including	3	5.38	2.38	13.41	0.4	22.8
	38	43	5	0.50	0.0	1.7
	44	59	15	2.78	0.0	9.0
Including	46.5	55	8.5	4.54	0.0	13.8
	60	64.5	4.5	1.34	0.0	2.1
Including	62	63.8	1.8	2.45	0.0	3.2
	74.24	75.05	0.81	0.36	0.0	1.0
	77.5	79	1.5	0.59	0.0	1.0
SM24-02	6	10	4	0.61	0.0	3.8
	11.9	26	14.1	4.90	0.0	7.0
Including	18.4	26	7.6	8.15	0.0	5.9
	27	29	2	1.08	0.0	1.0
	30.35	32.5	2.15	1.18	0.0	1.8
	33	35	2	3.88	0.0	4.0
Including	33	34	1	6.86	0.0	6.0
	37	40	3	8.81	0.0	12.2
Including	37	38	1	24.40	0.0	32.0
	41.5	44	2.5	3.12	0.0	4.0
Including	41.5	42.5	1	6.30	0.0	7.0
	51	55	4	3.24	0.0	3.7
Including	51.85	54	2.15	5.64	0.0	5.8
	56	65	9	3.76	0.0	3.1
Including	58	59.9	1.9	10.54	0.0	6.9
and	63	64	1	2.06	0.0	2.0
	66	69	3	0.30	0.0	1.0
	71	73	2	0.43	0.0	1.0
	74	76	2	0.49	0.0	1.0
	80	81.5	1.5	1.12	0.0	0.8
	85.3	86	0.7	2.35	0.0	1.0
	92.5	93	0.5	1.75	0.0	1.0
SR24-068	0	42.67	42.67	3.10	0.0	4.0
Including	25.91	27.43	1.52	7.14	0.0	6.0
SR24-080	0	1.52	1.52	0.21	0.0	1.0
	4.57	7.62	3.05	0.41	0.0	0.5
	9.14	21.34	12.2	0.93	0.0	1.6
Including	10.67	13.72	3.05	1.76	0.0	1.5
and	15.24	18.29	3.05	1.12	0.0	2.0
	22.86	57.91	35.05	2.72	0.1	5.8

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) Corner Bay – Devlin (1 mining license, 141 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 totaling 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.
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 drillhole information is tabulated elsewhere in this release. Refer Appendices A and B 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 2g/t AuEq over widths of greater than 1m.
	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 Appendices A, B and C 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 1 (Long Section of Golden Eye) and 2 (Long Section through the Chibougamau North Camp illustrating Golden Eye) in the body of the announcement. Plan view of recent drilling relative to historic drilling and the 1992 ramp access (see Figure 3 below).
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.	Recent infill drilling at Golden Eye totals 6 holes for 1,954m, with assay results for 1 drill hole received to date. All results greater than 2g/t AuEq over greater than 1m width have been 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 to further enhance the resources quoted in this release. 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.