Clarification Announcement

Release Highlights:

• Cygnus Metals Ltd. (ASX: CY5; TSXV: CYG) has announced clarification statements following its press release on January 9th, 2025, to address queries from the Australian Securities Exchange (ASX) regarding copper equivalent (CuEq) calculations for the Chibougamau Copper-Gold Project. Cygnus specifies that these calculations are now based on updated pricing assumptions of USD 8,750 per ton for copper and USD 2,350 per ounce for gold, with metallurgical recovery rates of 95% for copper and 85% for gold. These figures are supported by the recent historical production data and test work.
• New locked-cycle metallurgical test results from the Corner Bay deposit have demonstrated exceptional copper recoveries of up to 98.2% and concentrate grades as high as 29.6%, underscoring the project’s ability to produce a high-grade, low-impurity copper concentrate. The copper deposits of the Chibougamau Copper-Gold Project in Corney Bay in particular are commercially attractive and in-demand for electrification across a growing number of global industries, further solidifying drilling efforts for years to come.
• The company further clarified the references to exploration data in its previous release, providing detailed information on historical geophysical surveys, including on its 2007 Fixed Loop Electromagnetic (FLEM) survey and on its 2021 Downhole Electromagnetic (DHEM) survey. These surveys identified untested conductors south of the Corner Bay deposit, which are now prioritized as key mining targets with strong potential, aligning with Cygnus’ strategy on brownfield exploration and mineral resource growth in the region.