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Cygnus Metals Limited (ASX:CY5) is pleased to announce highly promising results from a desktop study on its Auclair project in Canada’s lithium-rich James Bay region.
Highlights
- Initial desktop studies have already identified 67 pegmatites which have never been sampled for lithium and a further 14 pegmatite intervals across five historic drill holes which have never been assayed
- Identified pegmatites measure up to 1.6km in strike and 60m in width (Figure 1)
- Partial assays* received from sampling of historic drill hole AC-2010-004 returned:
- 9.8m @ 0.8% Li2O from 212.8m, including 5.1m @ 1.0% Li2O and 1m @ 1.2% Li2O
(*Assays are partial as the full pegmatite interval could not be recovered due to winter conditions)
- 9.8m @ 0.8% Li2O from 212.8m, including 5.1m @ 1.0% Li2O and 1m @ 1.2% Li2O
- Cygnus has an exceptional first mover opportunity to conduct the first ever lithium exploration at Auclair, with mineralisation in drill hole AC-2010-004 completely open and never followed up
- Exploration is about to commence with geophysics (including LiDAR), mapping and rock chip sampling in June. Diamond drilling is scheduled to commence in July to follow up the spodumene-bearing pegmatites in hole AC-2010-004
- Through strategic acquisition, Cygnus has already increased its ground position at Auclair to a belt scale 337km2
- The project boasts excellent infrastructure with year-round road access and high-voltage transmission lines running through the project as well as being located within 80km of the Nemiscau AirportThe project is located in the same greenstone belt and just 60km due east of Critical Elements Resource Corp’s Rose Deposit (34.2Mt @ 0.9% Li2O), and just 50km northeast of Whabouchi (55.7Mt @ 1.4% Li2O), which is owned and operated by Nemaska Lithium1
Cygnus Managing Director David Southam said: “These results highlight Auclair's immense potential. To have so many pegmatites and known spodumene in an area never explored for lithium is a remarkable start and puts Cygnus in a prime position to make a discovery in the region. Given what we already know about Auclair, we are wasting no time ramping up exploration, with drilling scheduled to start in July.”
The study identified 67 pegmatites which require immediate follow-up. Cygnus has also received assays which confirm previously reported visuals of spodumene mineralisation from sampling of historic gold exploration core at Auclair (refer ASX release dated 28 February 2023).
Figure 1: Unsampled pegmatites across the Auclair Project both in drilling and outcrop. – Background regional geology interpretation from SIGEOM.
Auclair is a recent addition to the Cygnus lithium project portfolio in James Bay and was acquired due to its immense potential to host significant spodumene-bearing lithium pegmatites. The Company has since grown the project to 337km2 through two separate acquisitions and now has a dominant land position across the highly prospective Eastmain greenstone belt (EGB).
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Cygnus Metals
Investor Insight
Cygnus Metals is advancing high-grade copper-gold and lithium projects in Quebec, Canada. Through asset consolidation and substantial exploration funding, the company is primed for scalable growth in a premier mining jurisdiction.
Overview
Cygnus Metals (TSXV:CYG) is a copper-gold and lithium exploration and development company focused on becoming a near-term producer in the highly prospective Chibougamau region of Québec, Canada. Leveraging a strategic portfolio of high-grade, brownfield copper and gold assets, the company is rapidly advancing toward production by capitalizing on existing infrastructure, including the centrally located Copper Rand mill. Operating in a mining-friendly jurisdiction, Cygnus Metals is executing a hub-and-spoke development model, intending to become Québec’s next significant copper producer.
Following its strategic merger with Dore Copper, Cygnus Metals has consolidated a significant 282 sq km land package in prolific mining regions in Quebec - Chibougamau (copper-gold) and James Bay (lithium) - boasting a high-grade copper and gold resource of 10.8 million tons (Mt) @ 3.5 percent copper equivalent, and existing infrastructure that includes a 900 ktpa processing facility. Doré Copper completed a preliminary economic assessment on a hub and spoke operation in June 2022.
Cygnus Metals is currently advancing its flagship Chibougamau Project, located in a region with a rich history of copper and gold production within the world-renowned Abitibi Greenstone Belt of Québec.
The Copper Rand mill is the only processing facility in the area designed for a capacity of 1,350 tonnes per day. This infrastructure is expected to significantly reduce upfront capital costs and may offer future revenue-generating opportunities through toll milling arrangements with third-party operators.
Cygnus Metals is led by a seasoned management team with a proven track record in the mining sector. President and managing director Ernest Mast brings over 30 years of experience, including senior leadership roles at Primero Mining and Minera Panama (Inmet Mining). His background in guiding junior and mid-tier mining companies through key growth stages aligns well with Cygnus Metals’ development strategy. The broader team includes experienced professionals with deep expertise in exploration, project development, and mining operations, both in Canada and internationally.
Company Highlights
- Cygnus Metals has consolidated a significant land package within the prolific mining regions of Quebec, Canada: Chibougamau and James Bay.
- The company’s focus are the copper gold projects in the Chibougamau mining camp.
- The principal deposit is the Corner Bay deposit is known for high copper grades and strong exploration potential, with the latest resource estimate of 2.7 million tonnes of indicated resources at 2.9 percent CuEq, 5.9 million tonnes of inferred resources at 3.6 percent CuEq. In addition to Corner Bay there are numerous past-producing mines that could fit into a hub and spoke operating plan.
- The 100 percent owned Copper Rand mill will be refurbished for future production and will be the only operating mill in the Chibougamau region. The mill will have extra capacity and provide the ability to process its own ore while potentially offering toll milling services to other nearby mining projects.
- Cygnus Metals is led by an experienced and highly skilled management team.
Key Project
Location of the Chibougamau Project relative to other major deposits and processing facilities
Cygnus Metals' assets are located within two well-known mining regions in Quebec, with a long history of production. The company’s current strategy revolves around a hub-and-spoke model, with the Copper Rand mill serving as the processing hub, fed by multiple satellite deposits.
Chibougamau Copper Gold Project
Located within a historic, high-grade mining camp, the Chibougamau copper gold project spans 187 sq km and includes a 900 ktpa processing plant and existing major infrastructure. The project consists of seven exploration targets, three of which have an existing mineral resource 10.8 million tons @ 3.5 percent copper equivalent.
The Chibougamau region has a rich mining history dating back to the early 1900s. With 16 historic mines, the district has produced some 53.5 Mt @ 3.4 percent copper equivalent (1.8 percent copper and 2.1 grams per ton gold) for 945,000 of copper and 3.5 Moz of gold.
Metallurgical testing at Corner Bay has yielded positive results, with copper recoveries ranging from 96.8 percent to 98.2 percent, and the concentrate is of high commercial quality, making it highly attractive to smelters.
Cygnus is focused on growing the mineral resources base at the Chibougamau project and concurrently work on aspects of the project supporting a move towards a feasibility study. The resource base, which currently stands at 3.6 Mt of measured and indicated mineral resources at 3 percent copper equivalent and 7.2 Mt of inferred mineral resources at 3.8 percent copper equivalent, for a total of 10.8 Mt at 3.5 percent copper equivalent for 306 kt copper and 314 koz gold. Recent exploration results focused on the Golden Eye deposit located only 3 km from the mill with an intercept of 7.4 meters of 4.7 g/t gold, 0.9 percent copper and 5.6 g/t silver demonstrating the deposit being open down dip. Currently Golden Eye does not have a 43-101 Mineral Resource and represents a tremendous growth opportunity.
The Corner Bay deposit is the cornerstone of Cygnus Metals’ development strategy, recognized for its exceptional copper grades and significant exploration upside. The most recent resource estimate outlines 2.7 million tonnes of Indicated resources grading 2.9 percent CuEq, 5.9 million tonnes of Inferred resources at 3.6 percent CuEq. Continued drilling success is expanding mineralized zones, supporting future resource growth and extended mine life.
Devlin hosts 660,000 tonnes of indicated resources at 2.3 percent CuEq and 480,000 tonnes of inferred resources at 2 percent CuEq. While smaller in scale, Devlin offers strategic flexibility and early production potential. Ore will be transported to Corner Bay for pre-concentration, then hauled to the Copper Rand mill for final processing. Mining is expected to use room-and-pillar and drift-and-fill methods, with operations commencing shortly after Corner Bay comes online.
Cedar Bay, a past-producing mine near the Copper Rand mill, historically produced 3.9 million tonnes at an average grade of 1.63 percent copper and 3.21 g/t gold. Updated resources now include 130,000 tonnes of Indicated material grading 8.9 percent CuEq and 230,000 tonnes of inferred material at 8.5 percent CuEq. These standout grades underscore Cedar Bay’s potential as a valuable high-grade feed source and a near-term contributor to the production pipeline.
The Joe Mann deposit, located 60 kilometers south of the Copper Rand mill, adds further scale and upside. Over its mine life, Joe Mann produced 1.2 million ounces of gold and 28 million pounds of copper, with average grades of 8.26 g/t gold and 0.25 percent copper. The current resource includes 610,000 tonnes of inferred resources at 5.5 percent CuEq.
Across its portfolio, Cygnus Metals has outlined 3.6 million tonnes of measured and indicated resources at 3.0 percent CuEq and 7.2 million tonnes of inferred resources at 3.8 percent CuEq. Together, these deposits provide the foundation for a scalable, high-grade copper-gold operation centered on the refurbished Copper Rand mill, with a phased, multi-source production strategy unlocking long-term value in Québec’s historic Chibougamau mining district.
Board and Management
David Southam - Executive Chairman
David Southam is highly experienced in operations, project development and capital markets across the resources and industrial sectors. He was previously the managing director of Mincor Resources. Southam is non-executive director of Ramelius Resources and a non-executive chair of Andean Silver Limited.
Ernest Mast – President and Managing Director
Ernest Mast is a mining executive with over 30 years of global experience across operations, development, and corporate leadership. He has held senior roles at Primero Mining, New Gold, Copper Mountain, and Inmet Mining, where he led development of the $6B Cobre Panama project. Mast began his career at Noranda and serves on the board of Scottie Resources and other firms. He holds engineering degrees from McGill University and business credentials from Henley College and Universidad Catolica.
Mario Stifano – Non-executive Director
Mario Stifano is a mining executive and CPA with over 16 years of experience across exploration, development, and production. Currently CEO of Galantas Gold, he has held senior roles at Cordoba Minerals, Mega Precious Metals, Lake Shore Gold, and Ivernia. Stifano has raised over $700 million for mining projects, including $500 million to develop three gold mines now producing 180,000 oz annually as part of Pan American Silver.
Kevin Tomlinson - Non-executive Director
Kevin Tomlinson is a structural geologist and investment banker. He is the non-executive chair of Bellevue Gold and of FireFly Metals. Tomlinson has a successful track record in base and precious metals project development.
Raymond Shorrocks – Non-executive Director
Raymond Shorrocks brings a wealth of experience in corporate finance, stockbroking and financial services in Ontario. He was the previous non-executive chair of FireFly Metals and Bellevue Gold. He is the executive chair of Alicanto Minerals.
Brent Omland – Non-executive Director
Brent Omland is the co-CEO of Ocean Partners providing a range of trading services for miners, smelters and refiners globally. He is a chartered accountant and has held CFO roles for publicly listed companies in the resources industry.
Copper-gold exploration and development in the Chibougamau area of Québec, Canada
Green Technology Metals: Delivering the Next Lithium Hub in North America
Green Technology Metals (ASX:GT1) is progressing Ontario’s first integrated lithium business, anchored by its Seymour, Root, and Junior projects, with plans to supply a proposed lithium hydroxide facility in Thunder Bay.
GT1 is leveraging Canadian policy support for critical minerals, with Ontario’s Building More Mines Act and federal programs. The company has secured conditional approval for C$5.5M from the Critical Minerals Innovation Fund (CMIF) for Seymour infrastructure, a C$100M financing LOI from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including C$5M tied to Root. These mechanisms help de-risk financing and advance development.
GT1’s three-phase strategy starts with Seymour production using a DMS concentrator, followed by construction of the Thunder Bay lithium hydroxide facility with EcoPro Innovation, and finally, development of Root as a larger, long-life mining hub feeding Thunder Bay.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
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Green Technology Metals
Investor Insight
Green Technology Metals aims to build Ontario’s first integrated lithium business, developing two mining hubs and a downstream conversion facility to supply North America’s fast-growing EV and battery industry. The company’s approach is straightforward: bring Seymour into production, secure the downstream footprint at Thunder Bay with EcoPro, and then layer in Root as a long-life second feed. The plan is underpinned by offtake agreements, government funding and a management team with direct experience building lithium mines.
Overview
Green Technology Metals (ASX:GT1) is building Ontario, Canada’s first integrated lithium business, anchored by three upstream assets and a planned downstream conversion facility. The portfolio consists of the flagship Seymour project, the large-scale Root lithium project, and the Junior exploration project, which together provide a clear pipeline of feed into a proposed lithium hydroxide facility in Thunder Bay, Ontario.
The company is actively leveraging Canadian policy support for critical minerals development and supporting a growing number of EV and battery manufacturers in Ontario. The province’s Building More Mines Act, alongside several federal programs, is creating a supportive funding environment for new projects. GT1 has already received conditional approval for C$5.5 million from the Critical Minerals Innovation Fund (CMIF) to support road and infrastructure upgrades at Seymour. In addition, the company has received a letter of intent for a C$100-million project financing support from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including a C$5-million submission tied to the Root project. These mechanisms substantially de-risk the financing path and provide tangible momentum toward development.
The strategy is being executed in three phases. First, Seymour will be brought into production with a concentrator based on a dense media separation flowsheet, taking advantage of coarse spodumene mineralogy and proven metallurgical performance. Second, GT1 will construct the Thunder Bay lithium conversion facility in partnership with EcoPro Innovation, replicating proven hydrometallurgical technology to produce battery-grade lithium hydroxide. Finally, Root will be developed as the company’s second, larger mining hub, designed to provide long-life scale and additional feed into the Thunder Bay facility.
Pilot processing of 600 kg of Seymour concentrate produced exceptional overall recoveries averaging >94 percent.
Strategic partnerships reinforce this integrated model. LG Energy Solution has secured a binding offtake for a portion of Seymour’s concentrate production and has invested directly into GT1, providing early validation of the project’s place in the EV supply chain. EcoPro Innovation, as the company’s technical partner on the Thunder Bay facility, has already piloted Seymour concentrate into high-purity lithium hydroxide.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
Key Projects
Seymour Lithium Project
The Seymour lithium project, near Armstrong, Ontario, contains a total resource of 10.3 million tonnes (Mt) @ 1.03 percent lithium oxide, including 6.1 Mt indicated @ 1.25 percent lithium oxide. Mineralization is hosted in the North and South Aubry pegmatites, which remain open along strike and at depth. An optimized preliminary economic assessment (PEA) demonstrated strong project economics based on a DMS-only concentrator producing 130 ktpa. Key numbers include a C1 cash cost of US$680/t, an after-tax NPV of US$251 million, an IRR of 33 percent, and a three-and-a-half-year payback.
The project benefits from existing road and rail access, low strip ratios, and simple metallurgy with coarse spodumene that responds well to dense medium separation (DMS). Mining leases were granted in August 2025, the environmental assessment submission has been lodged, and the closure plan is nearing completion.
An offtake agreement with LG Energy Solution secures sales for 25 percent of initial concentrate production. Seymour also includes a maiden rubidium resource (8.3 Mt @ 0.27 percent rubidium oxide, with a 3.4 Mt high-grade core at 0.40 percent), which can be recovered from mica streams already separated in the flow sheet, creating potential for a by-product circuit.
Thunder Bay Lithium Conversion Facility
GT1 and EcoPro Innovation are developing a lithium hydroxide monohydrate facility in Thunder Bay. The selected site is fully serviced with rail access, 44 kV power, municipal water and gas, and port facilities. The plant will replicate EcoPro’s operating hydromet trains, with two parallel ~13 ktpa back-end lines designed to scale with Seymour and Root concentrate supply.
Pilot-scale processing of 600 kg of Seymour concentrate at EcoPro’s Pohang facility achieved battery-grade lithium hydroxide, meeting downstream specifications with >94 percent overall recovery. This demonstration significantly de-risks the conversion step and supports ongoing financing discussions with Invest Ontario, SIF and EDC. The project is being advanced through PFS-level engineering, with permitting and JV structuring underway.
Root Lithium Project
Located in Northwestern Ontario, Root is GT1’s scale project, hosting 14.6 Mt @ 1.21 percent lithium oxide (10.0 Mt Indicated @ 1.32 percent). The April 2025 optimized PEA outlined a combined open-pit and underground mining scenario producing ~213 ktpa. The project carries a C1 cost of ~US$677/t, an after-tax NPV of US$668 million, an IRR of 53.5 percent, and a three-year payback.
Root enjoys outstanding infrastructure advantages: road and rail access, proximity to port, and most critically, grid hydro power delivered by the Watay transmission line, reducing both operating costs and upfront capex for power infrastructure. Drilling has confirmed stacked pegmatite bodies that remain open along strike and down dip, leaving scope for significant resource expansion. A bulk sample has been completed, with further testwork and pilot runs at EcoPro planned. Permitting is in its early stages, with a PFS targeted for 2026 and potential construction by late 2027.
Junior Lithium Project
The Junior project is located near Seymour and contains three drill-ready targets. Its proximity to the planned Seymour concentrator makes it a strategic satellite project, with the potential to extend Seymour’s mine life and provide incremental feed. Drilling is expected to test these targets in upcoming campaigns, potentially increasing the overall feed available for the Seymour hub.
Management Team
John Young – Non-executive Chairman
John Young co-founded Pilbara Minerals and played a key role in transforming it into a multi-billion-dollar lithium producer. His background as a geologist spans more than three decades, with significant contributions across discovery, development and financing of lithium and gold projects. At GT1, Young provides strategic oversight and proven operational expertise to scale a lithium developer into a fully integrated producer.
Cameron Henry – Managing Director
Cameron Henry was appointed managing director in June 2024, stepping up from his earlier role as executive director. A founder and substantial shareholder of GT1, Henry has over 20 years’ experience in minerals processing and project delivery. Prior to GT1, he built Primero Group into a respected global leader in lithium infrastructure EPC, successfully executing major projects in Australia and globally. His role is to drive Seymour into production and to lead the execution of the Thunder Bay downstream strategy.
Patrick Murphy – Non-executive Director
Patrick Murphy brings nearly two decades of experience in resource sector investment and deal-making. He has held senior positions at Macquarie and AMCI Group, with expertise in capital deployment, project financing and strategic partnerships. His presence on GT1’s board ensures strong connectivity to the financial community and a disciplined approach to structuring project funding.
Robin Longley – Non-executive Director
With more than 30 years of experience in exploration and project evaluation, Robin Longley is a seasoned geologist who has led successful exploration and development programs across lithium, gold and other critical minerals in Australia, Canada and Africa. His practical technical knowledge and management experience strengthen GT1’s ability to evaluate and expand its Ontario portfolio.
Han Seung Cho – Non-executive Director
Representing EcoPro Innovation, Han Seung Cho serves as a direct link between GT1 and its strategic partner on the Thunder Bay conversion facility. As general manager of EcoPro’s strategic business team, he brings decades of experience in lithium procurement, downstream offtake structuring, and project development for LHM plants. His position ensures that GT1’s downstream ambitions remain closely aligned with end-user requirements in the battery sector.
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