Drilling hits wide zone of mineralisation in new area well outside resource

Executive Summary

• Cygnus Metals announced a wide, near‑surface mineralised zone at Cedar Bay (28.9 m @ 2.5 g/t AuEq) that lies outside the current Mineral Resource Estimate (MRE), suggesting a new parallel lode.
• Recent drilling also returned several high‑grade intercepts within and adjacent to the existing Cedar Bay resource, reinforcing strong growth potential for the Chibougamau Copper‑Gold Project.
• Follow‑up drilling is scheduled to test the extent of the new zone and continue resource expansion throughout 2025.

Key Details

• New Zone Intercept: 28.9 m @ 2.5 g/t AuEq (1.0 g/t Au, 1.0 % Cu, 12.0 g/t Ag) – hole CDR‑25‑16, located ~200 m from surface between Cedar Bay and Copper Cliff historic mines.
• Recent High‑Grade Intercepts (Cedar Bay):
• 15.5 m @ 11.0 g/t AuEq (8.6 g/t Au, 1.7 % Cu, 12.3 g/t Ag) – CB‑27‑6A
• 4.3 m @ 19.7 g/t AuEq (16.3 g/t Au, 2.4 % Cu, 13.3 g/t Ag) – CB‑27‑3
• 4.1 m @ 13.9 g/t AuEq (12.2 g/t Au, 1.2 % Cu, 10.0 g/t Ag) – CDR‑18‑02W2
• 3.7 m @ 20.2 g/t AuEq (14.0 g/t Au, 4.4 % Cu, 21.6 g/t Ag) – CB‑27‑9
• First New Campaign Intercept: 10.6 m @ 4.1 g/t AuEq (3.6 g/t Au, 0.3 % Cu, 2.8 g/t Ag) – CDR‑25‑11W1; includes a sub‑intercept of 2.9 m @ 6.7 g/t AuEq.
• Additional Recent Intercepts:
• 2.7 m @ 5.7 g/t AuEq (3.2 g/t Au, 1.8 % Cu, 10.6 g/t Ag) – CDR‑25‑12W2
• 1.3 m @ 9.3 g/t AuEq (2.6 g/t Au, 4.8 % Cu, 13.9 g/t Ag) – CDR‑25‑15
• Current Cedar Bay Resource:
• Indicated: 0.3 Mt @ 8.1 g/t AuEq (67 koz AuEq)
• Inferred: 0.8 Mt @ 7.8 g/t AuEq (205 koz AuEq)
• Overall Project Resource (as of 17 Sep 2025): 6.4 Mt @ 3.0 % CuEq (193 kt CuEq, M&I) and 8.5 Mt @ 3.5 % CuEq (295 kt CuEq, Inferred).
• Infrastructure Highlights: 900 ktpa processing plant, sealed highway, airport, regional rail, 25 kV hydro power – the only base‑metal facility within a 250 km radius.
• Next Steps: Follow‑up drilling to commence in the coming weeks to delineate the new zone; continued drilling at Cedar Bay through year‑end.

Notable Quotes

“To hit 28.9 m at 2.5 g/t AuEq just 200 m from surface is a great outcome… This intersection is well outside the resource and highlights the potential for a new parallel zone of mineralisation.” – David Southam, Executive Chairman

Materiality Assessment: Material – Positive (the discovery of a sizable near‑surface mineralised zone and multiple high‑grade intercepts materially enhance the growth outlook for the Chibougamau Copper‑Gold Project.)