Strong drilling targets identified next to high-grade gold-copper mine

Executive Summary

• Cygnus Metals identified several high‑grade drilling targets adjacent to the historic Cedar Bay mine, including intercepts of up to 3.4 m @ 16.8% CuEq.
• Infill drilling at Corner Bay returned significant intersections (e.g., 3.5 m @ 4.9% CuEq and 1.8 m @ 7.7% CuEq), which will be incorporated into a resource update slated for next month.
• The company is mobilising an additional drill rig to test the new targets, aiming to expand the unmined high‑grade Cedar Bay resource (130 kt @ 8.9% CuEq Indicated; 230 kt @ 8.5% CuEq Inferred).

Key Details

• New Target Intercepts – Cedar Bay:
• CB‑27‑9: 3.4 m @ 16.8% CuEq (4.8% Cu, 15.2 g/t Au, 23.3 g/t Ag)

• CB‑27‑6: 2.9 m @ 9.6% CuEq (8.4% Cu, 1.0 g/t Au, 43.0 g/t Ag)

• Corner Bay Infill Results:

• CB‑25‑123: 3.5 m @ 4.9% CuEq (4.2% Cu, 0.5 g/t Au, 27.3 g/t Ag)

• CB‑25‑125: 1.8 m @ 7.7% CuEq (6.3% Cu, 0.9 g/t Au, 45.9 g/t Ag)

• Resource Context:

• Existing unmined Cedar Bay resource: 130 kt @ 8.9% CuEq Indicated; 230 kt @ 8.5% CuEq Inferred.

• Historic production at Cedar Bay: 400 koz Au and 61 kt Cu (average 4.0% CuEq).

• Planned Actions:

• Additional drill rig to be mobilised immediately to test the newly identified targets.

• Results from Corner Bay will feed into a resource update expected next month (Q3 2025).

• Strategic Rationale (CEO Quote): “These latest targets… are located right next to a high‑grade mine, making them compelling… The resource update, combined with a pipeline of targets and multiple rigs turning, ensures we are maximising our ability to create significant shareholder value.”

Notable Quotes

• David Southam, Executive Chairman:
• Emphasised the “compelling” nature of the new targets adjacent to Cedar Bay.
• Highlighted the rapid mobilisation of drilling assets and the upcoming resource update as key drivers of shareholder value.