Strong drilling results point to growth and upgrades in copper-gold resource

The main Corner Bay deposit is demonstrating excellent continuity and grade as well as exploration upside, as shown by our earlier drilling results of up to 9.7% CuEq outside the resource.

Exploration has also delivered a new target with excellent results that are near-surface and within 4km of the 100 per cent-owned central processing facility.

The latest exploration results stem from the ongoing review of historic data, including drill logs that have not been looked at in over 30 years and never before in modern 3D software.

This makes it a highly efficient and effective way to establish new areas of mineralisation in this substantial mining camp. We look forward to uncovering more areas like Colline as part of our strategy to grow our high-grade copper-gold portfolio’.

• All Cygnus drilling reported is NQ size (47.8 mm diameter).
• All historical drilling conducted at Chibougamau Project (as is standard practice in Quebec) was completed under the supervision of a registered professional geologist as a Qualified Person (QP) who is responsible and accountable for the planning, execution, and supervision of all exploration activity as well as the implementation of quality assurance programs and reporting.
• Historic drilling at the Chibougamau Project is historical in nature dating back to the 1950s. All drilling was conducted using diamond drill rig with both BQ and NQ sized core.

• NQ core was marked for splitting during logging and is sawn using a diamond core saw with a mounted jig to assure the core is cut lengthwise into equal halves.
• Half of the cut core is placed in clean individual plastic bags with the appropriate sample tag.
• The remaining half of the core is retained and incorporated into Cygnus’s secure, core library located on the property.
• Due to the historic nature of the above reported historic results, detailed information about sample representivity is not available, therefore the data can be unreliable.

In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

• Industry standard sampling practices were used with sample lengths ranging from 0.3 m to 1.0 m and respected geological contacts. Sample tags were placed at the beginning of each sample interval and the tag numbers were recorded in an MS Excel database.
• Sampling practice is considered to be appropriate to the geology and style of mineralisation.
• Historic sampling was often conducted on smaller interval down to 0.1m, paper logs exist recording all requisite information. The sampling practice is considered to be appropriate to the geology and style of mineralisation.

• Diamond core was drilled using surface diamond rigs with industry recognised contractors Miikan Drilling. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory.
• Drilling was conducted using NQ core size.
• Directional surveys have been taken at 50m intervals.
• All historic drilling conducted at the Chibougamau Project was conducted using diamond drill rig with both BQ and NQ sized core.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

• Diamond core recovery was measured for each run and calculated as a percentage of the drilled interval.
• Overall, the core recoveries are excellent in the Chibougamau area. As a result, no bias exists.

• All core was geologically and geotechnically logged. Lithology, veining, alteration and mineralisation are recorded in multiple tables of the drillhole database.
• Historic drilling has been recorded on paper logs which have been scanned and digitised into MS Excel by Cygnus and other professional geologists.

• Geological logging of core is qualitative and descriptive in nature.

• 100% of the core has been logged.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

• The NQ diameter the core was sawn in half following a sample cutting line determined by geologists during logging and submitted for analysis on nominal 1m intervals or defined by geological boundaries determined by the logging geologist.
• Each core sample is assigned a tag with a unique identifying number. Sample lengths are typically one metre but can be depending on zone mineralogy and boundaries.
• This sampling technique is industry standard and deemed appropriate.
• For historic drilling: the marked drill hole core sections were split using a hydraulic core splitter. Half core was put in plastic bags numbered on the outside with a pen marker. A sample tag was placed inside the bags and the bags were folded and stapled. The sample bags were then sent to the Copper Rand mine laboratory for analysis. The remaining core was retained for reference.
• Samples sizes are considered appropriate to grain size of the materials being sampled.

• Sample (NQ size half core) preparation and fire assay analysis were done at Bureau Veritas Commodities Canada Ltd (‘BV’) in Timmins, Ontario, and ICP-ES multi-elements analysis was done at BV in Vancouver, B.C.
• Samples were weighed, dried, crushed to 70% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 µm.
• Samples are fire assayed for gold (Au) (30 g) and multi-acid digestion ICP-ES finish, for 23 elements (including key elements Ag, Cu, Mo).
• Samples assaying >10.0 g/t Au are re-analysed with a gravimetric finish using a 30 g charge. Samples assaying >10% Cu are re-analysed with a sodium peroxide fusion with ICP-ES analysis using a 0.25 g charge.
• Historically, samples were delivered to the in-house laboratory at Copper Rand. Control samples were sent to an external laboratory.

• None used.

• At Bureau Veritas, laboratory QC procedures involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates.
• For historic assays completed at the on-site laboratory, samples were transferred into metal pans. Paper bags were prepared, and the sample numbers were recorded on them. The samples were crushed to -0.25 in (-6.35 mm) and split to keep 100 to 200g. Rejects were put back into the plastic bags and stored.
• The split was pulverized with a disk pulverizer and the pulp was stored in the paper bag. A 5 g sample was weighed and put in a beaker. Trays of 35 beakers were used. The samples were dissolved using a mixture of 20 mL of hydrochloric acid (HCl) and 10 mL of nitric acid. The trays were then heated for five minutes and left to sit and cool for 45 minutes.
• The solution was vacuum filtered into Erlenmeyer flasks and levelled to 100 ml. The Erlenmeyer flasks were mixed for one minute. The solution was then placed into test tubes, 35 test tubes per tray, and diluted with water at a ratio of 1:15.
• The test tubes were subjected to analysis by atomic absorption for copper, gold, and silver. Results were displayed on the screen of the atomic absorption analyzer. There was no electronic storage of results. Assay results were manually transcribed onto assay sheets by the operator. They were later entered into computer spreadsheets for further processing by the geology department. The handwritten assay sheets were archived in files at the laboratory.

• Verification of historic original drillhole logs and assay data was made by Cygnus and other professional geologists.

• No hole is twinned.

• All logging data was completed, core marked up, logging and sampling data was entered directly into the database.
• The logged data is stored on the site server directly.
• For historic log, all data is recorded on pdf reports much of which are filed with the Quebec government – Ministry of Natural Resources and Forests.

• There was no adjustment to the assay data.

• The location of the drillholes and the aiming points for the orientation of the drillholes were indicated on the ground using identified stakes. The stakes marking the location of the drillholes were set up and located with a Garmin GPS model ‘GPSmap 62s’ (4m accuracy).
• Surveys are collected using a Reflex EZ-Shot® single-shot electronic instrument with readings collected at intervals of approximately every 30 m downhole plus a reading at the bottom of the hole.
• The location of the drillholes and the aiming points for the orientation of the drillholes are recorded on the historic drill logs and associated maps.

• The grid system used is UTM NAD83 (Zone 18).
• Historically, the grid system used was the Copper Rand mine grid which has been converted to UTM NAD83 (Zone 18).

• A Digital Terrane Model (DTM) has been used to accurately plot the vertical position of the holes, which is considered to provide an adequate level of topographic control.

• The drill spacing for recent drilling is considered appropriate for this type of exploration.
• Due to the historic nature and mix of underground and surface drilling the drill hole spacing for historic drill results is highly variable.

• No resource estimation is made.

• No sample compositing has been applied.

• Recent drilling is orientated approximately at right angles to the currently interpreted strike of the known interpreted mineralisation.
• Due to the historic nature and mix of underground and surface drilling the drill hole orientation for historic drill results is highly variable.

• No bias is considered to have been introduced by the existing sampling orientation.

• Core was placed in wooden core boxes close to the drill rig by the drilling contractor. The core was collected daily by the drilling contractor and delivered to the secure core logging facility. Access to the core logging facility is limited to Cygnus employees or designates.
• Due to the historic nature of the above reported historic results detailed information about sample security is not available, therefore the data can be unreliable.

• No audits or reviews of sampling techniques or data have been undertaken, therefore information on audits or reviews is not yet available.

• The data reported within this announcement is from the Chibougamau Project. The Chibougamau project consists of 3 properties which include:
  • Copper Rand (1 mining license, 19 mining concession and 147 exploration claims)
  • Corner Bay – Devlin (1 mining license, 111 exploration claims)
  • Joe Mann (2 mining concessions, 74 exploration claims)
• Copper Rand and Corner Bay – Devlin are held 100% by CBAY Minerals Inc (‘CBAY’), a wholly owned subsidiary of Cygnus.
• 2732ha of the Joe Mann property is held by CBAY and 3,029.6ha held under a 65%/35% JV agreement with SOQUEM (35%).
• The properties collectively making up the Project are in good standing based on the Ministry of Energy and Natural Resources (Ministère de l’Énergie et des Ressources Naturelles) GESTIM claim management system of the Government of Québec.

• All tenure is in good standing.

• Corner Bay was first identified as a prospect in 1956
  • 1956 – 1972 eight drilling programs totalling 1,463 m and various geophysical and electromagnetic (EM) surveys
  • 1973 – 1981 Riocanex and Flanagan McAdam: ground geophysical surveys and 43 diamond drill holes
  • 1982 – 1984 Riocanex and Corner Bay Exploration: 38 drill holes and metallurgical test work
  • 1988 – 1991 Corner Bay Exploration: diamond drilling, geophysical surveys and geological characterisation with initial MRE
  • 1992 – 1994 SOQUEM optioned and acquired a 30% interest, and completed diamond drilling
  • 1994 Explorations Cache Inc and Resources MSV Inc: diamond drilling
  • 2004 – 2006 GéoNova and MSV: 98 diamond drill holes and first Technical Report on the Corner Bay project reporting a MRE
  • 2007 – 2009 Campbell: diamond drilling and bulk sample
  • 2012 – 2019 CBAY / AmAuCu: diamond drilling and MRE
• Devlin identified in 1972 by airborne survey flown by the MERN
  • 1979 – 1981 diamond drilling, geophysical surveys
  • 1981 development commenced
• Joe Mann identified in 1950 with the commencement of mining activities occurring in 1956
  • The Joe Mann mine operated underground during three different periods from 1956 to 2007
  • In July 2012, Resources Jessie acquired the Joe Mann mine property, but conducted only surface exploration work
• Cedar Bay was discovered prior to 1927 by Chibougamau McKenzie Mines Ltd
  • From initial discovery to 2013 various surface and underground drilling campaigns and geophysical surveys undertaken by various companies
• Colline was first discovered with mapping and sampling and then drilled in the 1950s with follow up drilling in 1955.
  • In the1950s a shaft was sunk but the deposit was never mined.
  • The deposit was later tested with three drillholes and six regional drillholes throughout two drilling campaigns in 1984 and 1986/87.
  • Exploration at Colline has been halted historically with the discovery of and focus on other deposits in the region.

• Corner Bay and Devlin are located at the northeastern extremity of the Abitibi subprovince in the Superior province of the Canadian Shield and are examples of Chibougamau-type copper-gold deposits. The Abitibi subprovince is considered as one of the largest and best-preserved greenstone belts in the world and hosts numerous gold and base metal deposits.
• The Corner Bay deposit is located on the southern flank of the Doré Lake Complex (DLC). It is hosted by a N 15° trending shear zone more or less continuous with a strong 75° to 85° dip towards the west. The host anorthosite rock is sheared and sericitized over widths of 2 m to 25 m. The deposit is cut by a diabase dyke and is limited to the north by a fault structure and to the south by the LaChib deformation zone.
• The Corner Bay deposit consists of three main mineralized lodes (subparallel Main Lode 1 and Main Lode 2 above the dyke, and Main Lode below the dyke that make up the bulk of the deposit. The Corner Bay deposit has been traced over a strike length to over 1,100 m to a depth of 1,350 m and remains open at depth.
• The mineralization is characterized by veins and/or lenses of massive to semi-massive sulphides associated with a brecciated to locally massive quartz-calcite material. The sulphide assemblage is composed of chalcopyrite, pyrite, and pyrrhotite with lesser amounts of molybdenite and sphalerite. Late remobilized quartz-chalcopyrite-pyrite veins occur in a wide halo around the main mineralization zones.
• Devlin is a flat-lying, copper-rich lodes-hosted deposit in a polygenic igneous breccia that is less than 100 m from the surface. The tabular bodies have been modelled as four nearly horizontal lodes: a more continuous lower zone and three smaller lodes comprising the upper zone. Mineralization is reflected as a fracture zone often composed of two or more sulphide-quartz lodes and stringers. Thickness of the mineralized zones range from 0.5 m to 4.4 m. It has been diluted during modelling to reflect a minimum mining height of 1.8 m.
• The Joe Mann deposit is characterized by east-west striking shear hosted lodes that extend beyond 1,000 m vertically with mineralization identified over a 3 km strike length. These shear zones form part of the Opawica-Guercheville deformation zone, a major deformation corridor cutting the mafic volcanic rocks of the Obatogamau Formation in the north part of the Caopatina Segment. The gabbro sill hosts the Main Zone and the West Zone at the mine, while the South Zone is found in the rhyolite. These three subvertical E-W (N275°/85°) ductile-brittle shear zones are sub-parallel to stratigraphy and to one another, with up to 140 m to 170 m of separation between them. These shear zones are hosted within a stratigraphic package composed of iron-magnesium (Fe-Mg) carbonate and sericite altered gabbro sills, sheared basalts, and intermediate to felsic tuffs intruded by various felsic intrusions. The Joe Mann gold mineralization is hosted by decimetre scale quartz-carbonate lodes (Dion and Guha 1988). The lodes are mineralized with pyrite, pyrrhotite, and chalcopyrite disposed in lens and lodelets parallel to schistosity, and occasionally visible gold. There are some other minor, mineralized structures, e.g., North and South-South Zones, with limited vertical and horizontal extensions.

• easting and northing of the drill hole collar
• elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
• dip and azimuth of the hole
• down hole length and interception depth
• hole length.

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• All requisite drillhole information is tabulated elsewhere in this release. Refer Appendices A, B and C of the body text.

• For recent results and historic drilling at Corner Bay and Colline, drill hole intersections are reported above a lower cut-off grade of 1% copper or 0.5g/t gold over widths of greater than 1m.

• A maximum of 3m internal waste was allowed.

• Individual grades for the metals included in the metal equivalents calculation for the exploration results are in Appendices A, B and C of this release. Metal equivalents have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz and silver price of US$25/oz. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822) . Metallurgical recovery factors have been applied to the copper equivalents calculation, with copper metallurgical recovery assumed at 95% and precious metal (gold and silver) 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.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

• All intersections reported in the body of this release are down hole.
• For recent drill holes, holes are drilled as close to orthogonal to the plane of the mineralized lodes as possible.
• For Corner Bay – true width is between 60-75% of the downhole intersection depending on the dip angle.
• For Colline – true width is estimated to be 80% of the downhole intersection.
• Due to the historic nature of drilling at Colline and variability of drilling orientation only. downhole length is reported and true width is not known.

• Refer Figure 1 and 2 in the body of the announcement.
• Additional long section of Colline showing location of recent results and select historical drilling in Figure 3 below.
• Plan map of infill drilling at Corner Bay in Figure 4 below.

• Recent infill drilling at Corner Bay totals 4 holes for 2,232m. All results greater than 1% Cu or 0.5g/t Au have been reported at greater than 1m width.
• Recent drilling at Colline totals 9 holes for 2,896m. All results greater than 1% Cu or 0.5g/t Au have been reported at greater than 1m width.
• Historic drilling at Colline totals 46 holes for 8,508m. All results greater than 1% Cu or 0.5g/t Au have been reported at greater than 1m width.

• There is no other substantive exploration data.

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

• The Company plans to conduct drill testing of additional mineralisation as well as step out drilling of existing lodes to further enhance the resources quoted in this release. More information is presented in the body of this report.
• Diagrams in the main body of this release show areas of possible resource extension on existing lodes. The company continues to identify and assess multiple other target areas within the property boundary for additional resources.