• Proposed acquisition by Central Asia Metals (CAML) to acquire Cygnus
• Completion of Golden Eye infill drilling with encouraging results
• Initiation of exploration drilling at Gwillim prospect
• Formalization of acquisition of Sakami Project and Beryl Lake property
• Company ended Q2 with A$25.5m in cash and A$1.3m in liquid investments

CYGNUS Metals Limited has reported its activities for the quarter ended 30 June 2026, detailing the proposed acquisition by Central Asia Metals (CAML) which, if approved, would see Cygnus shareholders owning 30% of the combined group. The acquisition would add the Chibougamau Copper-Gold Project to CAML's portfolio. The quarter also saw the completion of the Golden Eye infill drilling program, which aimed to increase the Indicated category resources. High-grade intervals were returned, including 8.4m at 16.3g/t AuEq. Exploration drilling also commenced at the Gwillim prospect. Additionally, Cygnus completed a geophysics program at the Sakami Project, enabling the formalization of its acquisition of 100% of the project, and additional ground surrounding the Auclair Project known as the Beryl Lake property. The company ended the quarter with A$25.5 million in cash and A$1.3 million in liquid investments.