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Current Mineral Resource Estimates

Chibougamau Copper-Gold Project – Mineral Resource Estimates
Mineral Resources prepared in accordance with CIM Standards (NI 43-101) as at 16 September 2025

Notes:​​

  1. Cygnus’ Mineral Resource Estimate for the Chibougamau Copper-Gold project, incorporating the Corner Bay, Devlin, Joe Mann, Cedar Bay, and Golden Eye deposits, is reported in accordance with the JORC Code and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) (2014) definitions in NI 43-101. ​​
  2. Mineral Resources are estimated using a long-term copper price of US$9,370/t, gold price of US$2,400/oz, and silver price of US$30/oz, and a US$/C$ exchange rate of 1:1.35.​​
  3. Mineral Resources are estimated at a CuEq cut-off grade of 1.2% for Corner Bay and 1.5% CuEq for Devlin. A cut-off grade of 1.8 g/t AuEq was used for Cedar Bay and Golden Eye; and 2.0 g/t AuEq for Joe Mann.​​
  4. Corner Bay bulk density varies from 2.85 tonnes per cubic metre (t/m3) to 3.02t/m3 for the estimation domains and 2.0 t/m3 for the overburden. At Devlin, bulk density varies from 2.85 t/m3 to 2.90 t/m3. Cedar Bay, Golden Eye, and Joe Mann use a bulk density of 2.90 t/m³ for the estimation domains. ​​
  5. Assumed metallurgical recoveries are as follows: Corner Bay copper is 93%, gold is 78%, and silver is 80%; Devlin copper is 96%, gold is 73%, and silver is 80%; Joe Mann copper is 95%, gold is 84%, and silver is 80%; and Cedar Bay and Golden Eye copper is 91%, gold is 87%, and silver is 80%. ​​
  6. Assumptions for CuEq and AuEq calculations (set out below) are as follows: Individual metal grades are set out in the table. Commodity prices used: copper price of US$9,370/t, gold price of US$2,400/oz and silver price of US$30/oz. Assumed metallurgical recovery factors: set out above. It is the Company’s view that all elements in the metal equivalent calculations have a reasonable potential to be recovered and sold.​​
  7. CuEq Calculations are as follows: ​​
    1. Corner Bay = grade Cu (%) + 0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t).​​
    2. Devlin = grade Cu (%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t). ​​
    3. Joe Mann = grade Cu (%) + 0.72774* grade Au (g/t).​​
    4. Golden Eye and Cedar Bay = grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t).​
  8. AuEq Calculations are as follows: 
    1. Corner Bay = grade Au (g/t) + 1.45097* grade Cu(%)+0.01282* grade Ag (g/t).
    2. Devlin = grade Au (g/t) + 1.59957* grade Cu(%)+0.01379* grade Ag (g/t).
    3. Joe Mann = grade Au (g/t) + 1.37411* grade Cu (%).
    4. Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
  9. Wireframes were built using an approximate minimum thickness of 2 m at Corner Bay, 1.8 m at Devlin, 1.2 m at Joe Mann, and 1.5 m at Cedar Bay and Golden Eye.
  10. Mineral Resources are constrained by underground reporting shapes.
  11. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Mineral Resources are resources that have not been defined in sufficient detail to be characterized as Measured or Indicated Mineral Resources. Mineral Resources have not had economic considerations applied to them and are therefore not characterized as Mineral Reserves. 
  12. Totals may vary due to rounding.
  1.  

Pontax Lithium Project - Mineral Resource Estimates
Mineral Resource prepared in accordance with JORC Code (2012 Edition) as at 14 August 2023

Mineral Resource prepared in accordance with CIM Standards (NI 43-101) as at 16 October 2024

Compliance Statements

The information on this website that relates to the foreign estimate of mineralisation for the Chibougamau Project was first released by Cygnus Metals Ltd (“Cygnus” or the “Company”) in an ASX announcement dated 15 October 2024 and titled “Cygnus agrees to merge with Doré Copper Mining Corp., combining a high-grade copper-gold project with proven exploration expertise”. The Company confirms that the supporting information included in the announcement of 15 October 2024 continues to apply and has not materially changed, notwithstanding the clarification announcement released by Cygnus on 28 January 2025 (“Clarification”). Cygnus confirms that (notwithstanding the Clarification) it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. Cygnus confirms that it is not in possession of any new information or data relating to the foreign estimate that materially impacts on the reliability of the estimates or Cygnus’ ability to verify the foreign estimates as mineral resources in accordance with the JORC Code. The Company confirms that the supporting information provided in the original market announcement continues to apply and has not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement.

Metal equivalents for the foreign estimate and exploration results on this website have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz, copper equivalents calculated based on the formula CuEq (%) = Cu(%) + (Au (g/t) x 0.77258). Metallurgical recovery factors have been applied to the copper equivalents calculations, with copper metallurgical recovery assumed at 95% and gold metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility, and the metallurgical results contained in Cygnus’ announcement dated 28 January 2025. It is the Company’s view that all elements in the copper equivalent calculations have a reasonable potential to be recovered and sold.

The information on this website that relates to the JORC Mineral Resource Estimate at the Pontax Project has been previously released by Cygnus in an ASX announcement dated 14 August 2023 and titled “Maiden Resource of 10.1Mt at 1.04% Li2O with mineralisation open in all directions”. The Mineral Resource Estimate for the Pontax Project reported in accordance with the CIM Standards (2019) was prepared by QP Todd McCracken, P.Geo., of BBA Inc and was previously released by Cygnus in an ASX announcement dated 22 November 2024.

The information in this presentation that relates to previously reported Exploration Results at the Company’s projects have been previously released by Cygnus Metals in ASX announcements as noted elsewhere on this website.

Cygnus is not aware of any new information or data that materially affects the information in the said announcements, and in the case of estimates of Mineral Resources at the Pontax Project, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.

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