Cygnus Metals Limited: Drilling Results Update

First drilling at Copper Rand has returned intersections including 20.3m at 4.2g/t AuEq; In addition, the maiden drill program at Gwillim has intersected gold mineralisation in all holes

TORONTO and PERTH, Western Australia, Aug. 27, 2026 (GLOBE NEWSWIRE) — Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased to announce exploration results from new resource prospects at Copper Rand and Gwillim within its Chibougamau Copper-Gold Project in Quebec.

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A recent drilling program of five holes totalling 3,830m at Copper Rand has been targeting shallow, along-strike extensions to the historic mine and stepping out 200m along the prospective structure, which remains open. Significant results from the first exploration holes included (Figure 1):

These results highlight the potential surrounding the historic mine, which was one of the largest mines of Chibougamau, producing a standalone 14.9Mt @ 3.9% CuEq for 268kt Cu and 1.3Moz Au. 1 The mine closed in 2008 during the global financial crisis when gold and copper prices were significantly lower than the current environment. Recent exploration drilling is the culmination of compilation work to bring fractured historic drill data and underground development up to modern standards and allow effective exploration targeting.

There is no current Mineral Resource for this deposit, which remains open in a number of directions with unmined intersections. Recent drilling has focussed on near-surface strike extensions, which remain open down plunge. There is also potential at depth below the mined areas for down plunge extensions as seen with these historic unmined intersections 3 (Figure 2):

Copper Rand sits within the North Camp, which also hosts the Cedar Bay and Golden Eye deposits, for a combined resource of 158koz at 6.7g/t AuEq (Indicated) and 387koz at 6.3g/t AuEq (Inferred). 2 All three deposits are located within 3km and surround the central Chibougamau Processing Facility with optionality for shared infrastructure and co-development of these deposits.

Figure 1: Copper Rand, Cedar Bay and Golden Eye all located within 3km of the Proccessing Facilty. 1,2