• Global Measured & Indicated Mineral Resource of 6.4 Mt at 3.0% CuEq for 193kt CuEq
• Initial resource from new Golden Eye deposit with Indicated: 91 koz @ 5.6 g/t AuEq and Inferred: 182 koz @ 4.6 g/t AuEq
• 78% increase in M&I resources will underpin updated Scoping Study/PEA

Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) is pleased to announce a Mineral Resource Estimate (MRE) update for the Chibougamau Copper-Gold Project in Quebec. The updated MRE includes 6.4 Mt at 3.0% CuEq (2.3% Cu, 0.8 g/t Au, 7.6 g/t Ag) for 193 kt CuEq in the Measured and Indicated categories, and 8.5 Mt at 3.5% CuEq (2.1% Cu, 1.7 g/t Au, 7.9 g/t Ag) for 295 kt CuEq in the Inferred category. This represents a significant 78% increase in the total Measured and Indicated resource base. The MRE update includes the Corner Bay, Cedar Bay, Joe Mann, and Devlin deposits, as well as the new Golden Eye deposit. The initial resource at Golden Eye includes Indicated Mineral Resources of 91 koz at 5.6 g/t AuEq and Inferred Mineral Resources of 182 koz at 4.6 g/t AuEq. The increase in the global MRE is the result of drilling programs completed by Doré Copper in 2022 & 2024 at Corner Bay and Cygnus in 2025 at Corner Bay and Golden Eye. The MRE update provides the foundation for advancing the economic studies of the Chibougamau Project, which benefits from established infrastructure including a 900,000 tpa processing facility, sealed highway, airport, regional rail, and 25 kV hydro power.

The Company sees significant opportunity to enhance the economics of the Project by using the updated MRE with updated costs, the inclusion of silver, exchange rates and metal prices to reflect the current commodity price environment. An updated Scoping Study/PEA is currently scheduled for completion in Q1 CY2026.

Cygnus will continue exploration drilling across the camp utilizing its in-house AI-driven solution for historic data to deliver priority drill targets, focusing on known deposits and extensions to known mineralization. In conjunction with exploration, the Company will also continue infill drilling to de-risk the Project and further provide confidence in the mineral resources to conduct more detailed study work.