Quarterly Activities/Appendix 5B Cash Flow Report

• Global Measured & Indicated Mineral Resources of 6.4 Mt at 3.0% CuEq
• Initial high-grade resource at Golden Eye of 91 koz @ 5.6 g/t AuEq (Indicated) and 182 koz @ 4.6 g/t AuEq (Inferred)
• Significant exploration potential around high-grade Chibougamau mineral system

Cygnus Metals Limited announced a Mineral Resource Estimate ('MRE') update for its Chibougamau Copper-Gold Project in Quebec, Canada. 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 Measured and Indicated Resources. 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 is 91 koz at 5.6 g/t AuEq (Indicated) and 182 koz at 4.6 g/t AuEq (Inferred). Cygnus sees further opportunity to grow this resource, which remains open at depth and in multiple directions. The company believes significant exploration potential exists around the high-grade Chibougamau mineral system, which has a production history of 945,000 t of copper and 3.5 Moz of gold. Cygnus will update the project's Preliminary Economic Assessment to reflect the increased resources, higher commodity prices, and other improvements, with completion expected in Q1 2026.

Cygnus sees further opportunity to grow the Golden Eye resource, which remains open at depth and in multiple directions. The company will continue to advance the Chibougamau Copper-Gold Project with an updated Scoping Study/Preliminary Economic Assessment, expected to be completed in Q1 2026.