Intercepts extracted and reviewed by Strikepoint from the issuer’s filings. True widths may differ from downhole widths; see the full release for drill orientation.
Final assays for Golden Eye ahead of Resource Update
Recent results, including 39.5g/t AuEq over 3m, are consistent with Cygnus’ strategy to upgrade Inferred Resources to Indicated; Drilling now underway at the highly promising Gwillim gold target as part of resource growth strategy
Chibougamau Copper-Gold Project, Canada
HIGHLIGHTS:
Strong drilling results from the Golden Eye deposit at Chibougamau, including high-grade intervals of up to 39.5g/t AuEq (35.0g/t Au, 3.1% Cu & 30.6g/t Ag) over 3m
Results are in line with Cygnus’ strategy to convert Inferred Resources into the higher confidence Indicated category. Results include:
8.4m at 16.3g/t AuEq (14.4g/t Au, 1.3% Cu & 12.5g/t Ag) (LDR-26-18);
Including 3m at 39.5g/t AuEq (35.0g/t Au, 3.1% Cu & 30.6g/t Ag);
3.6m at 15.7g/t AuEq (12.4g/t Au, 2.2% Cu & 22.3g/t Ag) (LDR-26-17);
Including 2.5m at 22.3g/t AuEq (17.8g/t Au, 3.0% Cu & 31.1g/t Ag);
3.5m at 6.8g/t AuEq (4.9g/t Au, 1.3% Cu & 11.3g/t Ag) (LDR-26-17);
6.6m at 6.5g/t AuEq (5.4g/t Au, 0.7% Cu & 5.1g/t Ag) (LDR-26-25);
4.7m at 3.6g/t AuEq (2.7g/t Au, 0.6% Cu & 6.3g/t Ag) (LDR-26-20); and
1.9m at 10.9g/t AuEq (8.2g/t Au, 1.8% Cu & 17.3g/t Ag) (LDR-26-23)
Golden Eye Mineral Resource stands at 0.5Mt at 5.6g/t AuEq for 91koz AuEq Indicated and 1.2Mt at 4.6g/t AuEq for 182koz AuEq Inferred1
At Gwillim, drilling has commenced targeting high-grade historic intersections with the aim of establishing an initial resource. Historic intersections2 include:
7.6m at 38.1g/t Au from 314.9m (87-KOD-18);
15.2m at 9.4g/t Au from 155.1m (87-KOD-1); and
16.4m at 8.3g/t Au from 168.3m (87-KOD-10)
Gwillim assays are expected towards the end of the quarter, with this program being co-funded by JV partner Alamos Gold, which has a market capitalisation of ~C$23B.
pzo
News by QuoteMedia - http://www.quotemedia.com
Copyright (c) 2026 QuoteMedia, Inc.
Cygnus Executive Chairman David Southam said
: “These results are consistent with our strategy to upgrade more of the inferred resource to the more valuable Indicated category.
“We have also started our first program with joint venture partner Alamos Gold at the highly promising Gwillim gold prospect and look forward to providing updates towards the end of this quarter”.
TORONTO and PERTH, Western Australia, May 24, 2026 (GLOBE NEWSWIRE) -- Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased to announce final infill drilling results from the Golden Eye deposit and the start of exploration drilling at the Gwillim gold prospect, both within its Chibougamau Copper-Gold Project in Quebec.
The Golden Eye results and the Gwillim drilling program are part of Cygnus’ dual track strategy to upgrade inferred resources and drive overall resource growth at Chibougamau.
Recent drill results from Golden Eye are from the winter drill program with three rigs operating on the ice to convert Inferred resources into the higher confidence Indicated category. In total, 15 holes were drilled for 5,632 metres, with all results now received. The most recent results include:
8.4m at 16.3g/t AuEq (14.4g/t Au, 1.3% Cu & 12.5g/t Ag) (LDR-26-18);
Including 3m at 39.5g/t AuEq (35.0g/t Au, 3.1% Cu & 30.6g/t Ag);
3.6m at 15.7g/t AuEq (12.4g/t Au, 2.2% Cu & 22.3g/t Ag) (LDR-26-17);
Including 2.5m at 22.3g/t AuEq (17.8g/t Au, 3.0% Cu & 31.1g/t Ag);
3.5m at 6.8g/t AuEq (4.9g/t Au, 1.3% Cu & 11.3g/t Ag) (LDR-26-17);
6.6m at 6.5g/t AuEq (5.4g/t Au, 0.7% Cu & 5.1g/t Ag) (LDR-26-25);
4.7m at 3.6g/t AuEq (2.7g/t Au, 0.6% Cu & 6.3g/t Ag) (LDR-26-20); and
1.9m at 10.9g/t AuEq (8.2g/t Au, 1.8% Cu & 17.3g/t Ag) (LDR-26-23).
These results are in addition to previously released results3 of:
5.9m at 28.8g/t AuEq (24.8g/t Au, 2.7% Cu & 31.5g/t Ag) (LDR-26-12A);
Including 1.0m at 105.5g/t AuEq (102.9g/t Au, 1.4% Cu & 53.0g/t Ag);
7.7m at 4.0g/t AuEq (2.7g/t Au, 0.8% Cu & 8.2g/t Ag) (LDR-26-12A);
11.5m at 4.3g/t AuEq (2.5g/t Au, 1.1% Cu & 26.1g/t Ag) (LDR-26-13);
Including 0.8m at 31.2g/t AuEq (13.3g/t Au, 11.9% Cu & 141.8g/t Ag); and
6.7m at 5.9g/t AuEq (4.4g/t Au, 1.0% Cu & 9g/t Ag) (LDR-26-14);
Including 2.0m at 13.8g/t AuEq (10.3g/t Au, 2.4% Cu & 21.0g/t Ag).
The results continue to demonstrate the continuity and grade of mineralisation at Golden Eye, which is characterised by gold-rich mineralisation and associated copper and silver. All results will now be incorporated into an updated resource, which currently contains 0.5Mt at 5.6g/t AuEq for 91koz AuEq Indicated and 1.2Mt at 4.6g/t AuEq for 182koz AuEq Inferred.1
Golden Eye was a new resource defined by Cygnus in 2025. The deposit is shallow, located within 100m of surface and has existing infrastructure in place with double ramp access to within 140m of the deposit. Being located within 3km of the process plant makes Golden Eye an exciting near term development opportunity for future study work.
In line with the Company’s strategy of resource growth, exploration is being conducted in conjunction with resource conversion drilling. The Company currently has two rigs operating with one rig targeting gold mineralisation at Gwillim, aiming to establish a new resource utilising historic high-grade intersections. These intersections2 include:
7.6m at 38.1g/t Au from 314.9m (87-KOD-18);
15.2m at 9.4g/t Au from 155.1m (87-KOD-1); and
16.4m at 8.3g/t Au from 168.3m (87-KOD-10).
Drilling results are expected towards the end of the quarter, with this program being co-funded by JV partner Alamos Gold.
Looking ahead to the next quarter, the team continues to work on unlocking the potential of the district with near-term drill targets at Copper Rand and Joe Mann.
The Chibougamau area has well-established infrastructure giving the Project a significant head start as a copper-gold development opportunity. This infrastructure includes a 900,000tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site. Significantly, the Chibougamau processing facility is the only base metal processing facility within a 250km radius which includes a number of other advanced copper and gold projects.
Figure 1: Golden Eye resource with results from infill campaign, incl 5.9m at 28.8g/t AuEq and 8.4m at 16.3g/t AuEq.
Figure 2: Three drill rigs completing Golden Eye resource conversion program on the engineered ice pad (March 2026).
This announcement also includes the full set of historic drill intersections (refer Appendix C) from the Corner Bay Mineral Resource Estimate reported by the Company on 17 September 2025. All material results to the Mineral Resource Estimate were previously reported under the JORC Code 2012 and the additional intervals are included only for ongoing contextual references.
This announcement has been authorised for release by the Board of Directors of Cygnus.
Media: Paul Armstrong Read Corporate T: +61 8 9388 1474
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.
ForwardLooking Statements
This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond Cygnus’ control. Cygnus makes no representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly, to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in this release or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.
End Notes
Refer to Cygnus’ ASX announcement dated 17 September 2025 and subsequent technical report dated 31 October 2025 titled "NI 43-101 Technical Report Chibougamau Hub and Spoke Complex, Québec, Canada" prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Joint Ore Reserves Committee (JORC) Code (2012 Edition).
Refer to Cygnus’ ASX announcement titled “Two new mineralised gold prospects for resource growth” dated 20 January 2026.
Refer to Cygnus’ ASX announcement titled “High-grade assays results from Golden Eye deposit” dated 16 April 2026.
Qualified Persons and Compliance Statements
The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Exploration Results disclosed in this announcement are also based on and fairly represent information and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options and performance rights in Cygnus. Mr Beaupre is a member of the Ordre des ingenieurs du Quebec (P. Eng.), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Beaupre consents to the inclusion in this release of the matters based on the information in the form and context in which they appear.
The information in this release that relates to the Mineral Resource Estimate for the Chibougamau Project reported in accordance with the JORC Code 2012 and NI 43-101 was released by Cygnus in an announcement titled ‘Major Resource Update’ released to the ASX on 17 September 2025. Details of the Mineral Resource Estimate are included in Appendix B.
Individual grades for the metals included in the metal equivalents calculations for the Mineral Resource Estimate, as well as the price assumptions, metallurgical recoveries and metal equivalent calculations themselves, are in Appendix B of this release. Individual grades for the metals included in the metal equivalents calculation for the exploration results are in Appendix A and C of this release.
Metal equivalents for the exploration results in this announcement have been calculated at a copper price of US$9,370/tonne, gold price of US$2,400/oz and silver price of US$30/oz, with copper equivalents calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.73681)+(Ag(g/t) x 0.00921) and gold equivalents are calculated based on the formula AuEq(g/t) = Au(g/t) + (Cu(%) x 1.35719) + (Ag(g/t) x 0.0125). Metallurgical recovery factors have been applied to the copper equivalents calculations for the exploration results, 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 and gold equivalent calculations have a reasonable potential to be recovered and sold.
Cygnus is not aware of any new information or data that materially affects the information in these announcements, and in the case of estimates of Mineral Resources, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
APPENDIX A – Significant Intersections from Exploration Drilling at Golden Eye
Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting precision. At Golden Eye, significant intersections reported above 1g/t AuEq over widths of greater than 1m. True width estimated to be between 70-90% of downhole thickness.
Hole ID
X
Y
Z
Depth (m)
Azi
Dip
From (m)
To (m)
Interval (m)
Ag (g/t)
Au (g/t)
Cu (%)
AuEq (g/t)
LDR-26-15
549489
5525283
376
288
237
-66
225.9
229.0
3.1
3.7
0.7
0.3
1.2
LDR-26-16
549560
5525346
376
400
216
-60
246.5
247.6
1.1
6.0
3.8
0.8
4.9
&
295.5
298.1
2.6
1.0
2.3
0.1
2.4
&
314.5
321.0
6.6
5.2
2.1
0.3
2.6
inc
314.5
316.3
1.9
9.4
6.4
0.5
7.1
LDR-26-17
549386
5525394
376
300
217
-63
164.7
166.1
1.4
3.0
0.1
0.9
1.3
&
191.6
193.0
1.4
3.7
0.8
0.9
2.0
&
210.1
212.3
2.3
1.4
1.5
0.3
1.9
&
218.0
221.6
3.6
22.3
12.4
2.2
15.7
inc
218.6
221.1
2.5
31.1
17.8
3.0
22.3
&
284.0
287.5
3.5
11.3
4.9
1.3
6.8
inc
286.0
287.5
1.5
19.7
9.6
2.3
13.0
LDR-26-18
549576
5525247
376
340
230
-60
135.4
143.8
8.4
12.5
14.4
1.3
16.3
inc
136.4
139.3
3.0
30.6
35.0
3.1
39.5
&
245.4
248.3
3.0
4.6
0.9
0.4
1.5
LDR-26-19
549477
5525382
376
354
215
-55
261.0
263.7
2.7
6.5
3.2
0.6
4.2
&
287.7
292.9
5.3
2.1
1.2
0.2
1.5
&
304.5
306.0
1.6
1.0
2.6
0.0
2.7
LDR-26-20
549389
5525497
376
381
221
-57
329.6
334.2
4.7
6.3
2.7
0.6
3.6
inc
329.6
330.7
1.2
8.9
7.6
0.8
8.8
LDR-26-21
549430
5525418
376
357
225
-58
256.0
257.1
1.1
1.0
1.5
0.2
1.8
&
262.3
264.7
2.4
3.7
2.0
0.4
2.7
&
322.3
324.8
2.6
6.1
3.8
0.6
4.7
LDR-26-22
549521
5525533
376
597
231
-59
456.0
462.0
6.0
1.5
1.2
0.4
1.7
inc
460.0
462.0
2.0
2.5
2.4
0.6
3.3
&
503.0
505.5
2.5
3.0
0.7
0.5
1.5
LDR-26-23
549389
5525497
376
411
225
-60
300.0
302.0
2.0
3.4
0.3
1.1
1.9
&
312.3
315.0
2.7
8.5
1.1
1.4
3.1
&
362.5
364.4
1.9
17.3
8.2
1.8
10.9
LDR-26-24
549477
5525382
376
390
243
-60
253.0
254.5
1.5
1.0
2.2
0.0
2.3
&
292.1
294.0
1.9
1.8
1.2
0.3
1.6
&
298.5
306.7
8.2
1.6
0.8
0.2
1.2
&
327.2
329.2
2.0
1.0
1.2
0.2
1.5
&
333.8
337.7
3.9
4.0
2.6
0.5
3.3
LDR-26-25
549426
5525531
376
432
216
-55
346.0
349.5
3.5
4.3
0.5
1.0
2.0
&
352.5
355.0
2.5
2.2
1.3
0.5
2.0
&
409.3
415.9
6.6
5.1
5.4
0.7
6.5
APPENDIX B – Mineral Resource Estimate for the Chibougamau Project as at 17 September 2025
Cu Project
Classification
COG CuEq
Tonnage
Average Grade
Contained Metal
Cu
Au
Ag
CuEq
AuEq
Cu
Au
Ag
CuEq
AuEq
%
Mt
%
g/t
g/t
%
g/t
kt
koz
koz
kt
koz
Corner Bay
Indicated
1.2
4.9
2.5
0.3
8.4
2.8
4.1
124
43
1,316
137
638
Inferred
5.4
2.7
0.2
8.9
3.0
4.3
146
41
1,543
159
744
Devlin
Measured
1.5
0.1
2.7
0.3
0.5
2.9
4.7
4
1
2
4
19
Indicated
0.6
2.0
0.2
0.2
2.1
3.4
13
4
5
13
69
M&I
0.8
2.1
0.2
0.3
2.3
3.6
16
5
7
17
88
Inferred
0.3
2.0
0.2
0.3
2.1
3.4
7
2
3
7
36
Joe Mann
Inferred
2.0
0.7
0.2
6.0
-
4.6
6.3
2
143
-
34
151
Cedar Bay
Indicated
1.8
0.3
1.6
6.0
9.9
6.4
8.1
4
50
82
16
67
Inferred
0.8
2.0
5.1
11.8
6.1
7.8
17
134
309
50
205
Golden Eye
Indicated
0.5
1.0
4.3
9.9
4.4
5.6
5
69
161
22
91
Inferred
1.2
0.9
3.4
7.9
3.6
4.6
11
134
313
45
182
Project
Classification
Tonnage
Average Grade
Contained Metal
Cu
Au
Ag
CuEq
AuEq
Cu
Au
Ag
CuEq
AuEq
Mt
%
g/t
g/t
%
g/t
kt
koz
koz
kt
koz
Hub and Spoke
Measured
0.1
2.7
0.3
0.5
2.9
4.7
4
1
2
4
19
Indicated
6.3
2.3
0.8
7.8
3.0
4.3
146
166
1,563
189
865
M&I
6.4
2.3
0.8
7.6
3.0
4.3
149
167
1,565
193
884
Inferred
8.5
2.1
1.7
7.9
3.5
4.8
182
454
2,168
295
1,318
Notes:
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.
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.
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.
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.
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%.
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.
CuEq Calculations are as follows: (A) Corner Bay = grade Cu (%) + 0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t) ; (B) Devlin = grade Cu (%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t); (C) Joe Mann = grade Cu (%) + 0.72774* grade Au (g/t); and (D) Golden Eye and Cedar Bay = grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t).
AuEq Calculations are as follows: (A) Corner Bay = grade Au (g/t) + 1.45097* grade Cu(%)+0.01282* grade Ag (g/t); (B) Devlin = grade Au (g/t) + 1.59957* grade Cu(%)+0.01379* grade Ag (g/t); (C) Joe Mann = grade Au (g/t) + 1.37411* grade Cu (%); and (D) Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
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.
Mineral Resources are constrained by underground reporting shapes.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Totals may vary due to rounding.
APPENDIX C – Intersections from Corner Bay prior to Cygnus’ Acquisition of the Project
GlobeNewswirevia QuoteMedia
