• Successful A$25m capital raise completed
• Drilling at Golden Eye returns high-grade gold, copper and silver intervals
• Exploration planned at Gwillim and Joe Mann gold prospects

Cygnus Metals Limited (ASX: CY5, TSXV: CYG) reported on its activities during the March 2026 quarter. The main exploration focus was on the Golden Eye deposit, where drilling returned significant high-grade intersections of up to 105.5g/t AuEq over 1.0m. These results reconcile well against the block model and will be used to update the Mineral Resource and convert more resources to the Indicated category. The company also has a strong focus on defining new resources, with two key gold targets identified - Joe Mann and Gwillim. At Joe Mann, Cygnus has commenced an Induced Polarization survey to identify drill targets, while at Gwillim, permits are underway for drilling to commence in the current quarter. The company also completed a A$25 million capital raising, which was strongly endorsed by its cornerstone shareholder, Ocean Partners. The funds will be used for resource growth, resource conversion, exploration, permitting work, study completion, and working capital. Cygnus continues to advance the Chibougamau Copper-Gold Project, with an updated Scoping Study/PEA in progress.

No high-importance, price-sensitive forward-looking financial metrics provided.

Cygnus plans to continue its exploration program, including drilling at the Gwillim and Joe Mann gold prospects, as part of its strategy to grow and upgrade the resource and drive the Chibougamau Project towards development.