Cygnus intersects new high-grade gold, plus visible gold* identified in subsequent holes

17 April, 2025

HIGHLIGHTS:

⦁ Drilling at ‘Golden Eye’ has returned shallow high-grade gold up to 9.1g/t Au in first assays with an intersection of:

⦁ 3.3m @ 6.6g/t Au from just 131.7m including 2.3m @ 9.1g/t Au (LDR-25-05)

⦁ Golden Eye was last drilled in the early 1990s when gold was less than US$350/oz. The entire drilling target sits outside the current resource

⦁ Significant intersections from historic drilling1 include:

⦁ 5.9m @ 34.1g/t AuEq (32.2g/t Au, 1.2% Cu & 27.3g/t Ag) (RD-11)

⦁ 4.5m @ 21.6g/t AuEq (14.9g/t Au, 4.7% Cu & 54g/t Ag) (RD-28) o 8.4m @ 12.7g/t AuEq (11.0g/t Au, 1.3% Cu & 15.8g/t Ag) (RD-20) o 7.5m @ 22.1g/t AuEq (16.0g/t Au & 4.7% Cu) (S1-87-1)

o 10.4m @ 12.2 g/t AuEq (7.3g/t Au, 3.5% Cu & 31.8g/t Ag) (S3-86-4)

⦁ Subsequent holes drilled by Cygnus extended the known mineralisation down dip, where it remains open, with coarse visible gold* intersected in LDR-25-08

⦁ Gold was a significant part of the historic production within the Chibougamau District, with over 3.5Moz of gold produced alongside 945,000t of copper3

⦁ The recent drilling campaign at Golden Eye of six holes for 1,954m aimed to confirm historic drilling results and extend mineralisation at depth. Assay are pending for the remaining five holes

⦁ The Company intends to utilise the recently compiled historic drill data totalling 77 holes for 21,371m to complete an initial Mineral Resource for Golden Eye

⦁ Cygnus is continuing the process of digitising >100,000 documents including drill logs, some of which have not been looked at in over 30 years and never before in modern 3D software

⦁ This highly cost-effective approach is assisting the team to conduct the first consolidated view of the geology and generate new drill targets as Cygnus looks to create shareholder value through resource growth, resource conversion and discovery with two rigs on site

Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased to announce high-grade gold assays and visible gold from its first drilling at the new target Golden Eye within the Chibougamau Copper-Gold Project in Quebec.

Assays of up to 9.1g/t Au alongside visible gold intersected down dip in recent drilling highlight the potential for additional resources and scope for further growth. Golden Eye was identified as a priority high-grade gold target which has not been drilled since the early 1990s when gold was less than US$350/oz. The entire target area sits outside of current resources with significant historic intersections of up to 5.9m @ 34.1g/t AuEq.1

The identification of the Golden Eye target is a result of the ongoing compilation work which is helping to unlock this historic district as the Company continues to build upon the existing high-grade copper-gold resources with low-risk brownfield exploration. The Company currently has two rigs on site focussing on both resource growth and resource conversion drilling.

About Recent Drilling at Golden Eye

Golden Eye was identified as a priority drilling target at the Chibougamau Project with shallow high-grade gold mineralisation highlighted during the ongoing review of historic hardcopy drill logs, with the most recent drilling conducted in the early 1990s when gold price was less than US$350/oz. Historic drilling in the area returned some outstanding gold and copper grades1 of:

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