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    Cygnus Metals and Doré Copper Complete Merger, Plan 2025 Drill Program at Chibougamau

    Gabrielle De La Cruz
    Jan. 03, 2025 08:20AM PST

    The new copper- and lithium-focused company will be listed on the ASX and TSXV, and has applied to list on the OTCQB.

    Business handshake.
    Jacob Wackerhausen / iStock

    Cygnus Metals and Doré Copper Mining said on Wednesday (January 1) that they have completed their merger.

    The combined entity will be a critical minerals explorer and developer with two core assets in Québec, Canada.

    Cygnus acquired all of the issued and outstanding common shares of Doré on Tuesday (December 31) through a Canadian statutory plan of arrangement, finalizing the deal. Cygnus shares are listed on the ASX under the symbol CY5, and are expected to start trading on the TSXV under the symbol CYG on or about Friday (January 3).


    The company has also applied to list on the OTCQB under the ticker symbol CYGGF.

    The merger of equals between Cygnus and Doré was announced this past October, with the companies emphasizing at the time that the deal would create value for shareholders on both sides. Under the agreement, each former Doré shareholder will receive 1.8297 Cygnus shares for each share they held before the transaction was finalised.

    "By combining the proven exploration and management skills of the Cygnus team with the high-grade resource and immense upside at the Chibougamau Copper-Gold Project, we have the potential to unlock substantial value," Cygnus Executive Chair David Southam said at the time, adding that plans for "aggressive exploration" were in the works.

    The new company's two main assets are the Chibougamau copper-gold project and the James Bay lithium project.

    Chibougamau currently has a measured and indicated resource of 3.6 million metric tons at 3 percent copper equivalent, and an inferred resource of 7.2 million metric tons at 3.8 percent copper equivalent.

    James Bay's Pontax project holds a resource of 10.1 million metric tons at 1.04 percent lithium oxide.

    Doré brought the Chibougamau asset to the table, and in Wednesday's release former President and CEO Ernest Mast said the Cygnus team has the ability to maximize the value of the project.

    “This merger will provide the funding, additional expertise and the strategy aimed at generating superior shareholder returns with an exciting exploration program at Chibougamau,” he noted.

    Southam will now act as executive chair of the new company, while Mast will hold the position of president and managing director in Canada. The board will also have two non-executive directors from each of the merged companies.

    Cygnus said that results from a pre-Christmas drill program at Chibougamau are expected to be released early this quarter. Following on from that, the company will begin a drilling and geophysics program at the site.

    Don’t forget to follow us @INN_Resource for real-time news updates!

    Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

    From Your Site Articles
    • 3 Best-performing ASX Lithium Stocks of 2024 ›
    • Top 5 ASX Copper Stocks of 2024 ›
    • Cygnus Metals, Doré Copper to Merge, Bringing Together Québec Assets ›
    TSXV:DCMC
    https://x.com/biewritesnews
    https://www.linkedin.com/in/gabrielle-de-la-cruz-8582ba1bb/
    gdelacruz@investingnews.com
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    Gabrielle De La Cruz

    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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    Gabrielle De La Cruz
    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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