Cygnus promotes COO Kwong to president, CEO roles

Mr. David Southam reports CYGNUS PROMOTES HIGHLY EXPERIENCED ENGINEER TO LEAD ECONOMIC STUDIES Cygnus Metals Ltd.'s chief operating officer Nick Kwong will be promoted to president/chief executive officer of the company following the transition of Ernest Mast from managing director to non-executive director on Dec. 12, 2025. Mr. Kwong is a globally experienced mining engineer who has led operations, feasibility studies and mine building activities over the past 20 years. He has been COO of the Chibougamau project since 2022 and has worked extensively with Mr. Mast over this time. His previous positions include general manager of two gold mines at Maaden in Saudi Arabia and multiple senior roles within New Gold Inc. for 14 years, with his final role being director of technical services. Cygnus now has a dual strategy centred on exploration/resource growth, which is led by vice-president, exploration and corporate development, Duncan Grieve, and updating the 2022 preliminary economic assessment*. Mr. Kwong is leading the PEA update in conjunction with independent consultant Ausenco. The updated study will take into account the growth and upgrade in mineral resources, including the addition of the high-grade Golden Eye deposit, and the improved commodity price environment (copper, gold and silver). Following the completion of the PEA update, which considers the refurbishment of the existing 900,000-tonne-per-year processing plant, the company's focus will shift to completing a feasibility study and finalizing the environmental approvals, which match Mr. Kwong's skill set. Mr. Mast has been integral to the success of the Chibougamau project, and has developed strong local ties with the local community, first nations and government authorities. Importantly, for Cygnus, the relationships and project knowledge will endure with his appointment as a non-executive director. * The outcomes of the PEA were first announced by Dore Copper Mining Corp. on May 10, 2022, and the comprehensive technical report underpinning the PEA was announced by Dore in accordance with the requirements of National Instrument 43-101 on June 15, 2022. The technical report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR, SRK Consulting (Canada) Inc. and WSP Inc., and is available on SEDAR+. Cygnus cautions that the PEA is a preliminary technical, conceptual and economic study undertaken by Dore of the initial evaluation and potential development of the Chibougamau project. It is at scoping study level only, which is based on a lower level of technical assessment that is not sufficient to support the estimation of ore reserves and is inherently uncertain. The production targets and forecast financial information disclosed in the PEA are underpinned by measured mineral resources (approximately 1.17 per cent), indicated mineral resources (approximately 32.10 per cent) and inferred mineral resources (approximately 66.73 per cent). However, Cygnus is not able to disclose the outcomes of the PEA as the significant proportion of inferred resources included in the life of mine means that, pursuant to Australian Securities Exchange and Australian Securities and Investments Commission guidance, there is not considered to be sufficiently reasonable grounds for the production targets and forecast financial information disclosed in the PEA. Accordingly, Cygnus is not disclosing the production targets and forecast financial information reported in the PEA, and cautions investors against making investment decisions based on such targets and forecasts.