Cygnus Metals Limited: Drilling Results Update

Chibougamau Copper-Gold Project, Canada

HIGHLIGHTS:

• Results from Copper Rand come from step out drilling surrounding the historic mine which produced 14.9Mt at 3.9% CuEq for 268kt Cu and 1.3Moz Au¹
• Copper Rand sits within the Chibougamau North Camp which also hosts the Cedar Bay and Golden Eye deposits. All three deposits are within 3km and surround the 900ktpa Central Processing Facility
• Drilling intersected mineralisation 200m along strike from the historic mine, with results of:
  • 20.3m at 4.2g/t AuEq from 399.1m (0.6g/t Au, 2.5% Cu & 14.2g/t Ag) (CR-26-01W1)
    • Including 3.4m at 14.2g/t AuEq (2.0g/t Au, 8.5% Cu & 47.1g/t Ag)
  • 5.1m at 5.3g/t AuEq from 328.7m (3.6g/t Au, 1.2% Cu & 8.6g/t Ag) (CR-26-04)
• Cedar Bay and Golden Eye deposits already host a combined resource of 158koz at 6.7g/t AuEq (Indicated) and 387koz at 6.3g/t AuEq (Inferred)² and there is significant potential for Copper Rand to add to the resources
• At Gwillim, all nine holes drilled hit gold mineralisation, returning highlight intersections of:
  • 13.5m at 8.0g/t Au from 19.5m (GWL-26-05)
  • 3.1m at 20.8g/t Au from 212.7m (GWL-26-01)
    • Including 0.4m at 108.0g/t Au
  • 9.4m @ 4.5g/t Au from 154.6m (GWL-26-03)
  • 8.6m @ 3.5g/t Au from 301.0m (GWL-26-02)
• In light of these results, Cygnus has moved the drill rig from Corner Bay back to Gwillim for a short program before moving to Copper Rand
• Gwillim is a 50:50 joint venture with Alamos Gold, which is co-funding the maiden drill program.
  
  

Cygnus Metals Limited (ASX: CY5; TSXV: CYG,OTC:CYGGF; OTCQB: CYGGF) ("Cygnus" or the "Company") is pleased to announce exploration results from new resource prospects at Copper Rand and Gwillim within its Chibougamau Copper-Gold Project in Quebec.

A recent drilling program of five holes totalling 3,830m at Copper Rand has been targeting shallow, along-strike extensions to the historic mine and stepping out 200m along the prospective structure, which remains open. Significant results from the first exploration holes included (Figure 1):

• 20.3m at 4.2g/t AuEq from 399.1m (0.6g/t Au, 2.5% Cu & 14.2g/t Ag) (CR-26-01W1);
  • Including 3.4m at 14.2g/t AuEq (2.0g/t Au, 8.5% Cu & 47.1g/t Ag); and
• 5.1m at 5.3g/t AuEq from 328.7m (3.6g/t Au, 1.2% Cu & 8.6g/t Ag) (CR-26-04).
  
  

These results highlight the potential surrounding the historic mine, which was one of the largest mines of Chibougamau, producing a standalone 14.9Mt @ 3.9% CuEq for 268kt Cu and 1.3Moz Au.¹ The mine closed in 2008 during the global financial crisis when gold and copper prices were significantly lower than the current environment. Recent exploration drilling is the culmination of compilation work to bring fractured historic drill data and underground development up to modern standards and allow effective exploration targeting.

There is no current Mineral Resource for this deposit, which remains open in a number of directions with unmined intersections. Recent drilling has focussed on near-surface strike extensions, which remain open down plunge. There is also potential at depth below the mined areas for down plunge extensions as seen with these historic unmined intersections³ (Figure 2):

• 13.7m at 13.0g/t AuEq (11.0g/t Au, 1.4% Cu & 7.7g/t Ag) (36R251)
• 13.3m at 13.9g/t AuEq (11.6g/t Au, 1.6% Cu & 6.9g/t Ag) (36R284)
• 15.5m at 7.3g/t AuEq (0.8g/t Au, 4.7% Cu & 10.8g/t Ag) (36R234)
• 8.5m at 18.0g/t AuEq (12.1g/t Au, 4.3% Cu & 8.9g/t Ag) (36R294)
  
  

Copper Rand sits within the North Camp, which also hosts the Cedar Bay and Golden Eye deposits, for a combined resource of 158koz at 6.7g/t AuEq (Indicated) and 387koz at 6.3g/t AuEq (Inferred).² All three deposits are located within 3km and surround the central Chibougamau Processing Facility with optionality for shared infrastructure and co-development of these deposits.

Figure 1: Copper Rand, Cedar Bay and Golden Eye all located within 3km of the Proccessing Facilty.^1,2

Figure 2: Copper Rand is open at depth and along strike with significant intersections outside of mined areas.^1,3

Gwillim Exploration

Gwillim is located 14km from the central Chibougamau Processing Facility and was identified as a gold prospect earlier in the year due to historic high-grade shallow intersections.

Recent drilling has aimed to confirm these historic intersections and expand the mineralised footprint by drilling down plunge towards the east. During the program, nine holes were drilled for 2,708m. Results have been received for all holes, all successfully intersecting shallow gold mineralisation. Highlights include (Figure 3):

• 13.5m at 8.0g/t Au from 19.5m (GWL-26-05);
• 3.1m at 20.8g/t Au from 212.7m (GWL-26-01);
  • Including 0.4m at 108.0g/t Au;
• 9.4m @ 4.5g/t Au from 154.6m (GWL-26-03); and
• 8.6m @ 3.5g/t Au from 301.0m (GWL-26-02).
  
  

This drilling has helped delineate and expand the mineralisation whilst providing a deeper understanding of the geology in the area. Results to date have highlighted a correlation between the high-grade mineralisation and pyrrhotite rich structures with the potential to utilise DHEM as a vector during follow up drilling.

The recent drilling results will be used in conjunction with the historic drilling data to potentially form the basis of an initial Inferred Mineral Resource as well as to vector follow up exploration. Some significant historic results⁴ include:

• 7.6m at 38.1g/t Au from 314.9m (87-KOD-18);
• 15.2m at 9.4g/t Au from 155.1m (87-KOD-1); and
• 16.4m at 8.3g/t Au from 168.3m (87-KOD-10).
  
  

Figure 3: Gwillim composite long section with results from historic and recent drilling, including 2.2m @ 28.8g/t Au.² Mineralisation remains open down dip.

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

About Cygnus Metals

Cygnus Metals Limited (ASX: CY5, TSXV: CYG,OTC:CYGGF, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.

Forward Looking Statements

This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond Cygnus' control. Cygnus makes no representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly, to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in this release or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.

End Notes

1. Historic production statistics for the Chibougamau area are recorded in Leclerc. F, Harris. L. B, Bedard. J. H, Van Breeman. O and Goulet. N. 2012, Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear ZoneHosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada. Society of Economic Geologists, Inc. Economic Geology, v. 107, pp. 963–989.
2. Refer to Cygnus' ASX announcement dated 17 September 2025 and subsequent technical report dated 31 October 2025 titled "NI 43-101 Technical Report Chibougamau Hub and Spoke Complex, Québec, Canada" prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Joint Ore Reserves Committee (JORC) Code (2012 Edition).
3. Refer to Cygnus' ASX announcement titled "Standout historical drill data highlights project potential" dated 25 March 2025.
4. Refer to Cygnus' ASX announcement titled "Two new mineralised gold prospects for resource growth" dated 20 January 2026.
   
   

Qualified Persons and Compliance Statements

The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a "qualified person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Exploration Results disclosed in this announcement are also based on and fairly represent information and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options and performance rights in Cygnus. Mr Beaupre is a member of the Ordre des ingenieurs du Quebec (P. Eng.), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Beaupre consents to the inclusion in this release of the matters based on the information in the form and context in which they appear.

The information in this release that relates to the Mineral Resource Estimate for the Chibougamau Project reported in accordance with the JORC Code 2012 and NI 43-101 was released by Cygnus in an announcement titled ‘Major Resource Update' released to the ASX on 17 September 2025. Details of the Mineral Resource Estimate are included in Appendix C.

Individual grades for the metals included in the metal equivalents calculations for the Mineral Resource Estimate, as well as the price assumptions, metallurgical recoveries and metal equivalent calculations themselves, are in Appendix C of this release. Individual grades for the metals included in the metal equivalents calculation for the exploration results are in Appendix A and B of this release. Metal equivalents for the exploration results in this announcement have been calculated at a copper price of US$9,370/tonne, gold price of US$2,400/oz and silver price of US$30/oz, with copper equivalents calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.73681)+(Ag(g/t) x 0.00921) and gold equivalents are calculated based on the formula AuEq(g/t) = Au(g/t) + (Cu(%) x 1.35719) + (Ag(g/t) x 0.0125). Metallurgical recovery factors have been applied to the copper equivalents calculations for the exploration results, with copper metallurgical recovery assumed at 95% and gold 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 copper and gold equivalent calculations have a reasonable potential to be recovered and sold.

Cygnus is not aware of any new information or data that materially affects the information in these announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

APPENDIX A – Significant Intersections from Exploration Drilling at Copper Rand

Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting precision. At Copper Rand significant intersections reported above 1g/t AuEq over widths of greater than 3m. True width estimated to be between 70-90% of downhole thickness.

APPENDIX B – Significant Intersections from Exploration Drilling at Gwillim

Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting precision. At Gwillim, significant intersections reported above 1g/t Au over widths of greater than 2m. True width estimated to be between 70-90% of downhole thickness.

APPENDIX C – Mineral Resource Estimate for the Chibougamau Project as at 17 September 2025

Notes:

1. Cygnus' Mineral Resource Estimate for the Chibougamau Copper-Gold project, incorporating the Corner Bay, Devlin, Joe Mann, Cedar Bay, and Golden Eye deposits, is reported in accordance with the JORC Code and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") (2014) definitions in NI 43-101.  
2. Mineral Resources are estimated using a long-term copper price of US$9,370/t, gold price of US$2,400/oz, and silver price of US$30/oz, and a US$/C$ exchange rate of 1:1.35.
3. Mineral Resources are estimated at a CuEq cut-off grade of 1.2% for Corner Bay and 1.5% CuEq for Devlin. A cut-off grade of 1.8 g/t AuEq was used for Cedar Bay and Golden Eye; and 2.0 g/t AuEq for Joe Mann.
4. Corner Bay bulk density varies from 2.85 tonnes per cubic metre (t/m³) to 3.02t/m³ for the estimation domains and 2.0 t/m³ for the overburden. At Devlin, bulk density varies from 2.85 t/m³ to 2.90 t/m³. Cedar Bay, Golden Eye, and Joe Mann use a bulk density of 2.90 t/m³ for the estimation domains. 
5. Assumed metallurgical recoveries are as follows: Corner Bay copper is 93%, gold is 78%, and silver is 80%; Devlin copper is 96%, gold is 73%, and silver is 80%; Joe Mann copper is 95%, gold is 84%, and silver is 80%; and Cedar Bay and Golden Eye copper is 91%, gold is 87%, and silver is 80%.
6. Assumptions for CuEq and AuEq calculations (set out below) are as follows: Individual metal grades are set out in the table. Commodity prices used: copper price of US$9,370/t, gold price of US$2,400/oz and silver price of US$30/oz. Assumed metallurgical recovery factors: set out above. It is the Company's view that all elements in the metal equivalent calculations have a reasonable potential to be recovered and sold.
7. CuEq Calculations are as follows: (A) Corner Bay = grade Cu (%) + 0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t) ; (B) Devlin = grade Cu (%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t); (C) Joe Mann = grade Cu (%) + 0.72774* grade Au (g/t); and (D) Golden Eye and Cedar Bay = grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t).
8. AuEq Calculations are as follows: (A) Corner Bay = grade Au (g/t) + 1.45097* grade Cu(%)+0.01282* grade Ag (g/t); (B) Devlin = grade Au (g/t) + 1.59957* grade Cu(%)+0.01379* grade Ag (g/t); (C) Joe Mann = grade Au (g/t) + 1.37411* grade Cu (%); and (D) Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
9. Wireframes were built using an approximate minimum thickness of 2 m at Corner Bay, 1.8 m at Devlin, 1.2 m at Joe Mann, and 1.5 m at Cedar Bay and Golden Eye.
10. Mineral Resources are constrained by underground reporting shapes.
11. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
12. Totals may vary due to rounding.
    
    

APPENDIX D is available at the following link:
http://ml.globenewswire.com/Resource/Download/59cc0099-04ca-41b6-8613-45c64ed23ff6

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6aae0472-c16d-4edf-9508-ac8e33162c6d
https://www.globenewswire.com/NewsRoom/AttachmentNg/c1eb29fa-6d48-46d0-8321-26298e3c5edf
https://www.globenewswire.com/NewsRoom/AttachmentNg/568ad1af-6310-4a21-9023-84b089bf21ce