Cygnus Metals’ Resource Update Looms Amid Exploration and Permitting Challenges

Exploration Breakthroughs at Chibougamau

Cygnus Metals Limited has delivered a highly successful quarter at its flagship Chibougamau Copper-Gold Project in Quebec, Canada. The company reported impressive drilling results from two key areas – the newly identified Golden Eye prospect and the established Corner Bay deposit. These results include exceptionally high-grade gold and copper intersections, such as a remarkable 60.8 grams per tonne gold equivalent over 0.4 metres at Golden Eye, underscoring the prospect’s emerging status as a significant discovery.

Golden Eye’s shallow mineralisation, located just 3 kilometres from Cygnus’ 900,000 tonnes per annum processing facility, offers a strategic advantage for future development. The company is preparing an initial mineral resource estimate for Golden Eye, expected in the September quarter of 2025, which could add substantial value to the project’s overall resource base.

Corner Bay Resource Growth and Conversion

At Corner Bay, Cygnus has focused on infill drilling to upgrade inferred resources to indicated status and expand the resource base. The recent drilling campaign yielded continuous high-grade copper-gold intersections, including 9.1 metres at 4.4% copper equivalent, with sections grading as high as 7.6%. These results will feed into an updated mineral resource estimate, also slated for release alongside Golden Eye’s resource update.

The combined resource growth and conversion efforts at these two prospects are central to Cygnus’ strategy to build a robust production profile leveraging the existing processing infrastructure and local mining-friendly environment.

Innovative Data Integration and AI-Driven Exploration

Cygnus has taken a forward-thinking approach by employing a geologist dedicated to compiling and interpreting extensive historical drilling data. This effort is supported by an internally developed artificial intelligence model that converts over 200,000 scanned images into a 3D geological model. This innovative use of AI is proving instrumental in identifying new targets within the historically rich Chibougamau mining camp, exemplified by the discovery and rapid advancement of Golden Eye.

Strong Financial Position to Accelerate Growth

Financially, Cygnus is well positioned to advance its exploration and development plans, having completed a strongly supported capital raising of A$18.3 million at 8.6 cents per share. The placement attracted robust demand, particularly from North American investors, reflecting confidence in the company’s growth prospects. At quarter-end, Cygnus held A$23.1 million in cash, providing a solid runway for ongoing drilling, resource updates, and early-stage development activities including geotechnical studies and permitting.

Community and Environmental Commitments

Alongside its technical and financial progress, Cygnus continues to engage proactively with First Nations and local communities, participating in permitting consultations and supporting community initiatives. Environmental baseline studies have been completed at key project areas to support the Quebec government’s Environmental Social Impact Assessment, reflecting the company’s commitment to responsible development.