New drilling and geophysics programs commenced

• Downhole Electromagnetics at Cedar Bay to identify follow-up targets
• Drilling underway at Golden Eye to test extensions below current resource
• Detailed IP survey at Joe Mann to identify new drill targets

Cygnus Metals Limited is pleased to announce the start of extensive exploration programs aimed at growing the resources at its Chibougamau Copper-Gold Project in Quebec. Resource growth and discovery remain a key pillar of Cygnus' growth strategy as the Company continues to unlock the Chibougamau district. A key focus is brownfields exploration, including extensions to deposits such as Cedar Bay and Golden Eye. At Cedar Bay, Downhole Electromagnetics ('DHEM') is in progress to define follow up drill targets from recent exploration drilling. At Golden Eye, drilling has commenced with three rigs to grow the Indicated Resource and extend the resource below the currently defined depth. The Company also has a strong focus on defining new resources and making discoveries. At Joe Mann, the Company has commenced a detailed Induced Polarisation ('IP') survey along major structures to identify walk-up drill targets. Cygnus is targeting analogous mineralisation to IAMGOLD's Nelligan Complex, which is located just 10km west of the project. At Gwillim, permits are underway for drilling to commence in the coming quarter, co-funded by 50% JV partner Alamos Gold.

Cygnus believes there is significant potential to continue growing the Chibougamau resource, which stands at 6.4Mt at 3% CuEq for 193kt CuEq (M&I) and 8.5Mt at 3.5% CuEq for 295kt CuEq (Inferred). The Company is confident that its exploration strategy will deliver more strong results and create more value for shareholders.