Golden Eye Final Assays 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 Inferred 1 At Gwillim, drilling has commenced targeting high-grade historic intersections with the aim of establishing an initial resource. Historic intersections 2 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.

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