Successful A$25m Placement

• Firm commitments for A$25m placement from institutional and sophisticated investors
• Placement priced at A$0.16 per share, 5.9% discount to last close
• Funds to be used for resource growth, exploration, permitting and studies at Chibougamau Copper-Gold Project

Cygnus Metals Limited has received firm commitments totalling A$25 million via a share placement to institutional and sophisticated investors. The placement was priced at A$0.16 per share, representing a 5.9% discount to the last sale price of A$0.17 per share. This reflects the strong demand from existing shareholders, including strategic investor Ocean Partners, the company's second-largest shareholder prior to this raising. Funds from the placement will be used for resource growth, resource conversion, exploration of multiple prospects including Joe Mann and Gwillim, ongoing permitting work, study completion, some early works at the milling infrastructure and working capital. Pro-forma cash at bank and liquid assets will be approximately A$35 million (prior to costs of the placement). Cygnus Executive Chairman David Southam said the new round of funding is designed to grow the company's resources further, upgrade more resources into high confidence categories and aggressively drill some recently identified high-grade gold-copper targets. With three rigs now operating and production studies progressing, Cygnus has several avenues for driving rapid shareholder value.

Cygnus intends to advance resource evaluation and technical studies at its Chibougamau Copper-Gold Project following the successful A$25 million placement. The company plans to use the funds to grow its resources, upgrade resources into higher confidence categories, and aggressively drill recently identified high-grade gold-copper targets.