• Nick Kwong promoted from COO to CEO/President
• Updated economic studies and resource growth at centre of strategy
• Outgoing MD Ernest Mast to remain as Non-Executive Director

Cygnus Metals Limited has announced that Chief Operating Officer (COO) Nick Kwong will be promoted to President/Chief Executive Officer (CEO) of the Company following the transition of Ernest Mast from Managing Director to Non-Executive Director on 12 December 2025. Mr Kwong is a globally experienced Mining Engineer who has led operations, feasibility studies and mine building activities over the past 20 years. He has been COO of the Chibougamau Project since 2022 and has worked extensively with Mr Mast over this time. Cygnus now has a dual strategy centred on exploration/resource growth, which is led by VP Exploration & Corporate Development Duncan Grieve, and updating the 2022 Preliminary Economic Assessment (PEA). Mr Kwong is leading the PEA update in conjunction with independent consultants Ausenco. The updated study will take into account the growth and upgrade in mineral resources, including the addition of the high-grade Golden Eye deposit, and improved commodity price environment (copper, gold and silver). Following the completion of the PEA update, which considers the refurbishment of the existing 900ktpa processing plant, the Company's focus will shift to completing a feasibility study and finalising the environmental approvals, which match Mr Kwong's skillset. Mr Mast has been integral to the success of the Chibougamau Project and has developed strong local ties with the local community, First Nations and government authorities. Importantly for Cygnus, the relationships and project knowledge will endure with his appointment as a Non-Executive Director.

Cygnus Metals' focus will shift to completing a feasibility study and finalising the environmental approvals for the Chibougamau Project following the completion of the updated Preliminary Economic Assessment.