Cygnus Metals

Chibougamau Copper-Gold Project

Devlin

Cygnus’ Devlin project is located approximately 10km by road west of the Company’s Corner Bay project.

Devlin was mainly explored in the mid-1970s to early 1980s and a ramp has already been established that accesses the deposit to a depth of approximately 80 metres. No past production is reported although an underground bulk sample of approximately 2,700 tons was mined and processed ,returning copper recoveries of 96.9%.

The Devlin deposit is located in the Chibougamau Pluton in the middle of the Chibougamau anticline. The deposit is hosted by tonalite (“granodiorite”), diorite, and an extensive zone of chloritic-epidotic breccia. The Devlin deposit is a flat-lying (horizontal) magmatic massive sulphide deposit which is less than 100 meters from surface. The deposit is mainly hosted by a hydrothermal breccia and consists of a massive chalcopyrite-pyrite-quartz +/- carbonate vein..

Devlin has Measured and Indicated Mineral Resources of 0.77 Mt @ 2.17% Cu and 0.20g/t Au and Inferred Mineral Resources of 0.48 Mt @ 1.79% Cu and 0.17g/t Au.¹

Cedar Bay

Cedar Bay is also an intrusive related ‘Chibougamau style’ vein hosted copper-gold deposit located within 5km of the central processing facility. Cedar Bay is a historical mine that produced 3.9Mt at 4.1% CuEq (1.6% Cu and 3.2g/t Au) for 61kt Cu and 402koz Au² and remains open at depth with intersections (sitting outside of current resources) including:

3.4m at 16.8% CuEq; and
3.4m at 9.6% CuEq.

Cedar Bay has Indicated Mineral Resources of 0.13 Mt @ 1.6% Cu and 9.4g/t Au and Inferred Mineral Resources of 0.23 Mt @ 2.1% Cu and 8.3g/t Au.¹

The Cedar Bay property, along with new drilling targets at nearby Colline and Golden Eye, is a priority follow up target for exploration and resource growth.

Joe Mann

Cygnus’ Joe Mann property is located 50km to the south of the main Chibougamau project and is an orogenic, high-grade gold system that historically produced 1.3Moz at 8.3g/t.² The Joe Mann mine closed in 2007, with Doré acquiring 100% of the property in 2023. Doré completed drilling at depth in 2020, proving depth extensions remain open.

Joe Mann has Inferred Mineral Resources of 0.61 Mt @ 0.2% Cu and 6.8g/t Au.¹

Notes:

The Mineral Resource estimate at Devlin is a foreign estimate prepared in accordance with CIM Standards and is not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code, and it is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code. Refer to the Mineral Resources page of the website and CY5’s ASX announcement dated 15 October 2024.
Sources for historic production figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp).
Refer to CY5’s TSXV/ASX announcements dated 15 October 2024, 24/25 March 2025, 7/8 May 2025, 9/10 June 2025 for previously announced drilling results.

Chibougamau Copper-Gold Project

Devlin

Cedar Bay

Joe Mann

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