Earnings release
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Cygnus Metals Limited Level 2, 8 Richardson Street, West Perth WA 6005 T: +61 8 6118 1627 E: info@cygnusmetals.com W: www.cygnusmetals.com QUARTERLY ACTIVITIES REPORT For the period ended 30 September 2025 ASX: CY5 | TSXV: CYG OTCQB: CYGGF October 26, 2025– Toronto, Canada October 27, 2025– Perth, Western Australia Major Resource Increase Provides Platform for Updated Economic Studies Expanded portfolio includes initial resource at Golden Eye; Updated PEA/Scoping Study expected in Q1 CY2026; Two drill rigs working on new targets September 2025 Quarter Highlights Chibougamau Copper Gold Project • Global Measured & Indicated Mineral Resources (“M&I”) of 6.4 Mt at 3.0% CuEq for 193 kt CuEq and Inferred Mineral Resources of 8.5 Mt at 3.5% CuEq for 295 kt CuEq reported in accordance with JORC 2012 and CIM Definition Standards (CIM, 2014) • Total contained metal is exclusively Copper, Gold and Silver: o M&I: 149 kt Cu, 167 koz Au & 1.6 Moz Ag (for 193 kt CuEq or 884 koz AuEq) o Inferred: 182 kt Cu, 454 koz Au & 2.2 Moz Ag (for 295 kt CuEq or 1.3 Moz AuEq) • This update includes an initial Mineral Resource Estimate (“MRE”) for the new Golden Eye deposit and updated MREs for the existing hub-and-spoke deposits of Corner Bay, Cedar Bay, Devlin and Joe Mann • Initial high-grade Golden Eye MRE of: o Indicated: 91 koz @ 5.6 g/t AuEq o Inferred: 182 koz @ 4.6 g/t AuEq • The 78% tonnage increase in M&I Resources will underpin an updated Scoping Study / Preliminary Economic Assessment (“PEA”), which will also reflect the significant increase in commodity prices on the Project economics since the 2022 PEA completed by Doré Copper1 • Cygnus is continuing to generate an exciting pipeline of drilling targets using its in -house AI-driven solution for the compilation of historic drill logs and maps ; This work has proven highly successful and has helped deliver the initial Golden Eye MRE • Cygnus has identified numerous drilling targets near the historic high-grade Cedar Bay mine, which produced 400 koz Au and 61 kt Cu at an average of 4% CuEq,2 within the Chibougamau Project • Cedar Bay closed in 1990 when the price of copper was just US$1,150/t (US$0.52/lb) and gold was US$380/oz, and is located less than 3km from Cygnus’ central processing plant • Cedar Bay mineralisation is open in numerous directions, with high-grade intersections outside of the current resource, including: 3 o 3.4m @ 16.8% CuEq (4.8% Cu, 15.2g/t Au & 23.3g/t Ag) (CB-27-9) o 2.9m @ 9.6% CuEq (8.4% Cu, 1.0g/t Au & 43.0g/t Ag) (CB-27-6) • A new fly-through video and resource presentation of the Project is now available on the Company’s website Corporate • The Company ended the quarter well-funded with A$18.7m in cash and liquid investments.
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– Cygnus Metals Limited 2 CHIBOUGAMAU COPPER-GOLD PROJECT Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) announced a MRE update for the Chibougamau Copper-Gold Project (the “Project”) in Quebec on 17 September 2025 (Table 1). This updated MRE is comprised of: • 6.4 Mt at 3.0% CuEq (2.3% Cu, 0.8 g/t Au, 7.6 g/t Ag) for 193 kt CuEq (149 kt Cu, 167 koz Au, and 1.6 Moz Ag) or 4.3 g/t AuEq for 884 koz AuEq in the Measured and Indicated categories; and • 8.5 Mt at 3.5% CuEq (2.1% Cu, 1.7 g/t Au, 7.9 g/t Ag) for 295 kt CuEq (182 kt Cu, 454 koz Au, 2.2 Moz Ag) or 4.8 g/t AuEq for 1.3 Moz AuEq in the Inferred category. Overall, this resulted in a significant increase in the total resource base for the hub and spoke project. The MRE update for the Project included the Corner Bay, Cedar Bay, Joe Mann, and Devlin deposits and the new Golden Eye deposit, all located within a 60 km radius from Cygnus’ 100%-owned existing processing facility. The increase in the MRE was the result of drilling programs completed by Doré Copper in 2022 & 2024 at Corner Bay and Cygnus in 2025 at Corner Bay and Golden Eye. In the nine months since Cygnus acquired Doré Copper on 1 January 2025 to the announcement of the updated MRE, Cygnus had completed 17,183 m of drilling. A major part of the increased MRE was due to a successful exploration drilling campaign at Golden Eye which was a focus of early target generation and exploration work by the Cygnus exploration team. The initial resource at Golden Eye included Indicated Mineral Resources of 91 koz at 5.6 g/t AuEq and Inferred Mineral Resources of 182 koz at 4.6 g/t AuEq. The Company sees further opportunity to grow this resource, which remains open at depth below 400 m and in multiple directions. The increase in the global MRE in a short timeframe proves that significant growth opportunities exist at the Project. Diamond drill rigs are continuing to turn while the Company continues to execute its in-house AI driven solution for the compilation of historic drill logs and maps, some of which have never been viewed in modern 3D software. This background work has successfully assisted Cygnus in targeting Golden Eye and resulted in the delivery of an initial MRE, as well as identifying new drill targets at Cedar Bay (currently being drilled; see below), and will be fundamental to generating additional drill targets within the camp. Significant exploration potential is centred around the high- grade Chibougamau mineral system, which has a production history of 945,000 t of copper and 3.5 Moz of gold. 2 This endowment, combined with a fractured ownership history and premature mine closure, provides Cygnus with the first opportunity to conduct modern systematic exploration in over 20 years. The MRE update provides the foundation for advancing the economic studies of the Project. Well -established Cygnus Executive Chair, David Southam, said: “We achieved our goal of delivering a material upgrade in resources, including an initial resource for Golden Eye. “With a 78% increase in Measured and Indicated Resources, Cygnus will update the May 2022 PEA to today’s standards with completion expected in the March 2026 quarter . This means that the assumptions for an updated PEA are expected to materially move in our favour with gold price more than double, silver to be included, and copper prices and outlook markedly improved. “The upgraded resource delivers in total 488kt of CuEq tonnes, or in gold terms 2.2Moz A uEq at 4.5g/t AuEq. The scale and high grade of our project have now been revealed. “We are seeing increased corporate activity in the junior to mid -cap junior copper market and in our Chibougamau area generally, with IAMGold announcing two acquisitions on 20 October 2025. I believe we are ideally positioned with a high-grade project having a potential low-level of capital intensity and installed infrastructure all in a friendly mining district”.
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– Cygnus Metals Limited 3 infrastructure provides the P roject a significant head start along the pathway to production with a 900,000 tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure, and 25 kV hydro power to the processing site. Significantly, the Chibougamau processing facility is the only base metal processing facility within a 250 km radius. There are a number of other advanced copper and gold projects within this reach. The MRE was prepared by SLR Consulting (Canada) Ltd. (“SLR”), in accordance with Canadian Institute of Mining Metallurgy and Petroleum Definition Standards (“CIM 2014”) as incorporated in National Instrument 43- 101 Standard of Disclosures for Mineral Projects ("NI 43-101") and the Joint Ore Reserves Committee’s 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“ JORC Code”). A Technical Report, documenting the Chibougamau Project Mineral Resource Estimate, will be filed on SEDAR+ ( www.sedarplus.ca) within 45 days of the original news release and will also be available on the Company's website (www.cygnusmetals.com). Table 1: Mineral Resource Estimate (“MRE”) for the Chibougamau Copper-Gold Project as at 16 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 Total Measured 1.2- 1.5 0.1 2.7 0.3 0.5 2.9 4.7 4 1 2 4 19 Indicated 5.5 2.5 0.3 7.5 2.7 4.0 137 47 1,321 150 707 M&I 5.6 2.5 0.3 7.3 2.7 4.0 140 48 1,323 154 726 Inferred 5.7 2.7 0.2 8.4 2.9 4.2 153 43 1,546 166 780 Au Project Classification COG AuEq Tonnage Average Grade Contained Metal Cu Au Ag CuEq AuEq Cu Au Ag CuEq AuEq g/t Mt % g/t g/t % g/t kt koz koz kt koz 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 Total Indicated 1.8- 2.0 0.8 1.2 4.9 9.9 5.1 6.5 9 119 243 39 158 Inferred 2.8 1.0 4.6 6.9 4.6 6.0 29 411 622 129 538 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: 1. 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 M ining, Metallurgy and Petroleum (“CIM”) (2014) definitions in NI 43-101. 2. 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$30/oz,
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– Cygnus Metals Limited 4 and a US$/C$ exchange rate of 1:1.35. 3. 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. 4. Corner Bay bulk density varies from 2.85 tonnes per cubic metre (t/m 3) to 3.02t/m 3 for the estimation domains and 2.0 t/m 3 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. 5. 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%. 6. 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 m etallurgical 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. 7. 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). d. Golden Eye and Cedar Bay = grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t). 8. 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 (%). d. Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t). 9. 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. 10. Mineral Resources are constrained by underground reporting shapes. 11. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 12. Totals may vary due to rounding. Corner Bay Infill Drilling The final results from the infill drilling program at Corner Bay were announced on 12 August, 2025 and were included in the MRE update (refer to above section). The results included significant intersections of: o 3.5m @ 4.9% CuEq (4.2% Cu, 0.5g/t Au & 27.3g/t Ag) (CB-25-123) o 1.8m @ 7.7% CuEq (6.3% Cu, 0.9g/t Au & 45.9g/t Ag) (CB-25-125) Cedar Bay Drilling The Cedar Bay mine, which closed in 1990, was historically one of the highest grade deposits in the camp producing 400 koz Au and 61 kt Cu at an average grade of 5.3g/t AuEq.2 Various factors contributed to its premature closure, including low metal prices and a shift in focus of the operating company at the time. The recently updated MRE for Cedar Bay highlights a significant resource remains beneath historic workings with Indicated Resources of 67 koz at 8.1 g/t AuEq and Inferred Resources of 205 koz at 7.8 g/t AuEq. This MRE is open in numerous directions, providing Cygnus with potential to significantly grow the resource through systematic exploration drilling. Cygnus commenced a drilling program in the September 2025 quarter targeting both mineralisation along strike and down dip of the known lodes, utilising the recently compiled data and improved geological understanding of the deposit. Assays from this drilling program are pending. Scoping Study/ Preliminary Economic Assessment With the MRE update resulting in a 78% increase in the Measured and Indicated Mineral Resources, the Company also sees significant value in continuing to advance the Project with an updated Scoping Study / PEA (Doré Copper had previously completed a PEA in 2022) 1 as there is significant opportunity to enhance the economics
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– Cygnus Metals Limited 5 of the Project by using an updated MRE with updated costs (particularly treatment and refining charges), the inclusion of silver, and exchange rates and metal prices to reflect the current commodity price environment. This updated study has commenced and is currently scheduled for completion in Q1 CY2026. Community Cygnus has continued to actively support First Nations and community activities. This included participation in various positive meetings with First Nations and community representatives as part of the drilling and environmental permitting process and regarding the Company’s plans over the rest of the year. Figures 1 and 2: Ouje Bougoumau Golf day (top) and Ouje Bougougamau Fishing Derby (Bottom).
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– Cygnus Metals Limited 6 Environment Social Impact Assessment Studies and field works at the Corner Bay and Devlin area s were completed to provide further baseline characterisation of hydrology, hydrogeology and soil conditions. The first phase of the flora and fauna base line study was also completed at Copper Rand. These are required to understand the baseline conditions and are a requirement of the Quebec government Environmental Social Impact Assessment (“ESIA”). Figures 3 and 4: Corner Bay area sampling well installed (left) and fauna sampling locations (right) for ESIA baseline studies. JAMES BAY PROJECTS There were no substantive exploration activities undertaken on the Company’s Auclair, Pontax and Sakami Lithium Projects during the quarter. AUSTRALIAN PROJECTS There were no substantive exploration activities undertaken on the Company’s tenements in Western Australia during the quarter. CORPORATE Cash Position and Movements As of 30 September 2025, Cygnus held A$18.3 million in cash and cash equivalents ( 30 June 2025: A$23.1 million). Refer to Appendix B of this release for the financial analysis of selected items within the Appendix 5B. Capital Raising On 20 June 2025, Cygnus announced a placement to institutional and sophisticated investors to raise a total of A$18.3 million (before costs) through the issue of 212,790,697 fully paid ordinary shares at A $0.086 each (“Placement”). The Company issued 211,627,907 shares under the first tranche of the Placement on 2 7 June 2025. The Company issued the second tranche of 1,162,790 shares to Non- Executive Director Raymond Shorrocks (or his nominees) on 27 August 2025 following receipt of shareholder approval at a general meeting held on 20 August 2025.
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– Cygnus Metals Limited 7 Site Management The Company has two sites with permanent personnel that comply with Canadian and Quebec government safety and environmental regulations. Listed Investments The Company has 1,650,000 TSXV listed shares in joint venture partner Stria Lithium Inc ( “Stria”) which represents approximately 4% of the total issued capital in Stria. As at 30 September 2025, the value of the investment (based on a closing price of C$0.245 per Stria share) was approximately A$438k. This announcement has been authorised for release by the Board of Directors of Cygnus. David Southam Managing Director T: +61 8 6118 1627 E: info@cygnusmetals.com Ernest Mast President & Managing Director T: +1 647 921 0501 E: info@cygnusmetals.com Media: Paul Armstrong Read Corporate +61 8 9388 1474 ABOUT CYGNUS METALS Cygnus Metals Limited (ASX: CY5, TSXV: CYG) 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. FORWARD LOOKING STATEMENTS This release may contain certain forward- looking statements and projections regarding estimated, 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, advis ers, 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 releas e or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release. COMPETENT PERSON AND COMPLIANCE STATEMENTS The scientific and technical information in this news release 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 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 Minera Resource Estimate are included in Table 1.
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– Cygnus Metals Limited 8 The information in this announcement that relates to previously reported Exploration Results at the Company’s projects have been previously released by Cygnus Metals in ASX Announcements as noted in the text and End Notes. 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 Table 1 of this release. Individual grades for the metals included in the metal equivalents calculation for the exploration results are in the original market announcements. Metal equivalents for exploration results 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, with copper equivalents 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 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 Metals is not aware of any new information or data that materially affects the information in the said 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. END NOTES 1. The outcomes of the PEA were first announced by Doré Copper Mining Corp. on 10 May 2022 and the comprehensive technical report underpinning the PEA was announced by Doré in accordance with the requirements of NI 43-101 on 15 June 2022. The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR, SRK Consulting (Canada) Inc. and WSP Inc. The Technical Report and the announcement are available on Doré's website (www.dorecopper.com/en/investors/newsreleases) and SEDAR. Cygnus cautions that the PEA is a preliminary technical, conceptual and economic study undertaken by Doré of the initial evaluation and potential development of the Chibougamau Project. It is at scoping study level only, which i s based on a lower level of technical assessment that is not sufficient to support the estimation of Ore Reserves and is inherently uncertain. The production targets and forecast financial information disclosed in the PEA are underpinned by Measured Mineral Resources (approximately 1.17%), Indicated Mineral Resources (approximately 32.10%) and Inferred Mineral Resources (approximately 66.73%). However, Cygnus is not able to disclose the outcomes of the PEA as the significant proportion of Inferred Resources included in the Life of Mine means that pursuant to ASX and ASIC guidance there is not considered to be sufficiently reasonable grounds for the production targets and forecast financial information disclosed in the PEA. Accordingly, Cygnus is not disclosi ng the production targets and forecast financial information reported in the PEA and cautions investors against making investment decisions based on such targets and forecasts. 2. Historic production statistics for the Chibougamau area are recorded in Leclerc. F, Harris. L. B, Bedard. J. H, Van Breeman. O and Goulet. N. 2012, Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone- Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada. Society of Economic Geologists, Inc. Economic Geology, v. 107, pp. 963–989. 3. Refer to Cygnus’ ASX announcement “Copper Merger and Equity Raise” dated 15 October 2024. Refer to CY5’s ASX announcement “New Growth Target at Cedar Bay” dated 12 August 2025.
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– Cygnus Metals Limited 9 APPENDIX A - Financial Analysis of selected items within the Appendix 5B App 5B reference ASX description reference Summary 1.2(a) Payments for exploration & evaluation (if expensed) This represents: i. exploration and other non-corporate expenditure incurred on pending or prospective tenements and project areas; or ii. shared expenditure not readily attributable to a specific tenement or project area. 1.2(d) Staff costs Relates to Perth and Canadian office staff and director costs. 1.2(e) Administration and corporate costs This item relates to costs for and associated with operating the Company’s Perth office and includes listing and compliance costs (ASIC, ASX and share registry), audit fees, insurance, office occupancy and business development costs. 1.2(f) Care and maintenance and associated site administration and staff costs These are costs associated with operating the Canadian subsidiaries' site office and care and maintenance costs incurred at the Copper Rand processing facility and maintenance at other site locations. 1.8 Other (refundable tax payments) This represents the net (payment)/refund of Australian and Canadian GST and other state and provincial sales taxes during the period. 2.1(a) Payments to acquire entities These are legal and other transaction related costs associated with the acquisition of Doré Copper Mining Corp. which completed on 31 December 2024. 2.1(d) Payments for exploration and evaluation (capitalised) Payments during the quarter related to drilling and related costs incurred at granted exploration tenure at the Chibougamau Project in James Bay, Canada. 2.5 Government grants and tax incentives Receipt of Canadian Government grant proceeds in relation to the Critical Minerals Infrastructure Fund during the period. 3.1 Proceeds from issues of shares The Company completed a share placement to institutional and sophisticated investors during the previous period, of which $0.1m (before costs) was received during the current quarter following receipt of shareholder approval on 20 August 2025. 3.4 Transaction costs related to the issue of shares Share issue costs incurred during the period in relation to the share placement reported at 3.1 above. 6.1 Aggregate amount of payments to related parties and their associates Payments (A$310,491) relate to fees, salary and superannuation paid to executive and non-executive directors.
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– Cygnus Metals Limited 10 APPENDIX B - Cygnus Metals Limited’s Tenements (as at 30 September 2025) Notes: CM = Mining Concession; BM = Mining Lease; CDC = Exploration Claim. Chibougamau Project - Quebec, Canada Copper Rand Property - 100% owned by CBay Minerals Inc. (99058) Property Description Mining Title Title type Property Description Mining Title Title type Property Description Mining Title Title type Cedar Bay 2099682 CDC Copper Rand 2436116 CDC Portage 2436155 CDC Cedar Bay 2436154 CDC Copper Rand 2436118 CDC Portage 2436158 CDC Cedar Bay 440 CM Copper Rand 2436121 CDC Portage 2436161 CDC Cedar Bay 461 CM Copper Rand 2436129 CDC Portage 2436162 CDC Copper Cliff 2436098 CDC Copper Rand 2436132 CDC Portage 2436167 CDC Copper Cliff 2436099 CDC Copper Rand 2436141 CDC Portage 2436168 CDC Copper Cliff 2436100 CDC Copper Rand 2436147 CDC Portage 2436169 CDC Copper Cliff 2436101 CDC Copper Rand 2436160 CDC Portage 2436173 CDC Copper Cliff 2436108 CDC Copper Rand 2436163 CDC Portage 2436176 CDC Copper Cliff 2436110 CDC Copper Rand 2436165 CDC Portage 2436177 CDC Copper Cliff 2436119 CDC Copper Rand 2436182 CDC Portage 2436179 CDC Copper Cliff 2436123 CDC Copper Rand 66PTA CM Portage 2436180 CDC Copper Cliff 2436124 CDC Copper Rand 66PTB CM Portage 2436181 CDC Copper Cliff 2436126 CDC Copper Rand 430 CM Portage 2436184 CDC Copper Cliff 2436127 CDC Copper Rand 439 CM Portage 2696599 CDC Copper Cliff 2436130 CDC Copper Rand 491PTA CM Portage 2696600 CDC Copper Cliff 2436131 CDC Copper Rand 491PTB CM Portage 2696601 CDC Copper Cliff 2436134 CDC Copper Rand 497 CM Portage 2696602 CDC Copper Cliff 2436136 CDC Jaculet 2436102 CDC Portage 2696603 CDC Copper Cliff 2436137 CDC Jaculet 2436103 CDC Portage 2696604 CDC Copper Cliff 2436138 CDC Jaculet 2436105 CDC Portage 2696605 CDC Copper Cliff 2436139 CDC Jaculet 2436109 CDC Portage 2696606 CDC Copper Cliff 2436140 CDC Jaculet 2436111 CDC Portage 2696607 CDC Copper Cliff 2436142 CDC Jaculet 2436112 CDC Portage 2696608 CDC Copper Cliff 2436145 CDC Jaculet 2436117 CDC Portage 2696609 CDC Copper Cliff 2436150 CDC Jaculet 2436144 CDC Portage 2696610 CDC Copper Cliff 2436151 CDC Jaculet 2436149 CDC Portage 2696611 CDC Copper Cliff 2436153 CDC Jaculet 2436183 CDC Portage 2696612 CDC Copper Cliff 2436156 CDC Jaculet 435 CM Portage 2696613 CDC Copper Cliff 2436157 CDC Portage 2436066 CDC Portage 2696614 CDC Copper Cliff 2436159 CDC Portage 2436067 CDC Portage 2696615 CDC Copper Cliff 2436164 CDC Portage 2436070 CDC Portage 2818686 CDC Copper Cliff 2436166 CDC Portage 2436071 CDC Portage 2818687 CDC Copper Cliff 2436170 CDC Portage 2436104 CDC Portage 2818688 CDC Copper Cliff 2436171 CDC Portage 2436120 CDC Portage 2818689 CDC Copper Cliff 2436172 CDC Portage 2436122 CDC Portage 27 CM Copper Cliff 2436174 CDC Portage 2436125 CDC Portage 28 CM Copper Cliff 2436175 CDC Portage 2436128 CDC Portage 29 CM Copper Cliff 2436178 CDC Portage 2436133 CDC Portage 30 CM Copper Rand 2436106 CDC Portage 2436135 CDC Portage 31 CM Copper Rand 2436107 CDC Portage 2436143 CDC Rampe Doré 2436185 CDC Copper Rand 2436113 CDC Portage 2436146 CDC Rampe Doré 2436186 CDC Copper Rand 2436114 CDC Portage 2436148 CDC Rampe Doré 2436187 CDC Copper Rand 2436115 CDC Portage 2436152 CDC Rampe Doré 2436188 CDC
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– Cygnus Metals Limited 11 Property Description Mining Title Title type Property Description Mining Title Title type Property Description Mining Title Title type Rampe Doré 2436189 CDC Lac Chibougamau 2837804 CDC Bord du Lac 2837931 CDC Rampe Doré 2436190 CDC Lac Chibougamau 2837805 CDC Bord du Lac 2837932 CDC Rampe Doré 2436191 CDC Lac Chibougamau 2837806 CDC Bord du Lac 2837933 CDC Rampe Doré 2436192 CDC Lac Chibougamau 2837807 CDC Bord du Lac 2837934 CDC Rampe Doré 2436193 CDC Lac Chibougamau 2837808 CDC Bord du Lac 2837935 CDC Rampe Doré 2436194 CDC Lac Chibougamau 2837809 CDC Bord du Lac 2837936 CDC Rampe Doré 2436195 CDC Lac Chibougamau 2837814 CDC Bord du Lac 2837937 CDC Rampe Doré 2436196 CDC Lac Chibougamau 2837815 CDC Bord du Lac 2837938 CDC Rampe Doré 2436197 CDC Lac Chibougamau 2837816 CDC Bord du Lac 2837939 CDC Rampe Doré 2436198 CDC Lac Chibougamau 2837817 CDC Bord du Lac 2837940 CDC Rampe Doré 2436199 CDC Lac Chibougamau 2837818 CDC Bord du Lac 2837941 CDC Rampe Doré 2436200 CDC Lac Chibougamau 2837822 CDC Bord du Lac 2837942 CDC Rampe Doré 2436201 CDC Lac Chibougamau 2837823 CDC Bord du Lac 2837943 CDC Rampe Doré 2436202 CDC Lac Chibougamau 2837824 CDC Bord du Lac 2837944 CDC Rampe Doré 2436203 CDC Lac Chibougamau 2837825 CDC Bord du Lac 2837945 CDC Rampe Doré 2436204 CDC Lac Chibougamau 2837826 CDC Bord du Lac 2837946 CDC Rampe Doré 2436205 CDC Lac Chibougamau 2837827 CDC Bord du Lac 2837947 CDC Rampe Doré 2436206 CDC Lac Chibougamau 2837832 CDC Bord du Lac 2837948 CDC Rampe Doré 2436207 CDC Lac Chibougamau 2837833 CDC Bord du Lac 2837949 CDC Rampe Doré 2436208 CDC Lac Chibougamau 2837834 CDC Bord du Lac 2837950 CDC Rampe Doré 2436209 CDC Lac Chibougamau 2837835 CDC Bord du Lac 2837951 CDC Rampe Doré 2436210 CDC Bord du Lac 2837810 CDC Bord du Lac 2837952 CDC Rampe Doré 2436211 CDC Bord du Lac 2837811 CDC Bord du Lac 2837953 CDC Rampe Doré 2436212 CDC Bord du Lac 2837812 CDC Bord du Lac 2838001 CDC Rampe Doré 2436213 CDC Bord du Lac 2837813 CDC Bord du Lac 2838002 CDC Lac Chibougamau 2594023 CDC Bord du Lac 2837819 CDC Bord du Lac 2838003 CDC Lac Chibougamau 2594024 CDC Bord du Lac 2837820 CDC Bord du Lac 2838004 CDC Lac Chibougamau 2594025 CDC Bord du Lac 2837821 CDC Bord du Lac 2838005 CDC Lac Chibougamau 2594026 CDC Bord du Lac 2837828 CDC Bord du Lac 2838006 CDC Lac Chibougamau 2594027 CDC Bord du Lac 2837829 CDC Bord du Lac 2838007 CDC Lac Chibougamau 2594028 CDC Bord du Lac 2837830 CDC Bord du Lac 2838008 CDC Lac Chibougamau 2594029 CDC Bord du Lac 2837831 CDC Bord du Lac 2838009 CDC Lac Chibougamau 2594030 CDC Bord du Lac 2837836 CDC Bord du Lac 2838010 CDC Lac Chibougamau 2594031 CDC Bord du Lac 2837837 CDC Bord du Lac 2838011 CDC Lac Chibougamau 2594032 CDC Bord du Lac 2837914 CDC Bord du Lac 2838012 CDC Lac Chibougamau 2594033 CDC Bord du Lac 2837915 CDC Bord du Lac 2838013 CDC Lac Chibougamau 2594034 CDC Bord du Lac 2837916 CDC Bord du Lac 2838014 CDC Lac Chibougamau 2594035 CDC Bord du Lac 2837917 CDC Bord du Lac 2838015 CDC Lac Chibougamau 2594036 CDC Bord du Lac 2837918 CDC Bord du Lac 2838016 CDC Lac Chibougamau 2594037 CDC Bord du Lac 2837919 CDC Bord du Lac 2838017 CDC Lac Chibougamau 2594038 CDC Bord du Lac 2837920 CDC Bord du Lac 2838018 CDC Lac Chibougamau 2594039 CDC Bord du Lac 2837921 CDC Bord du Lac 2838019 CDC Lac Chibougamau 2594040 CDC Bord du Lac 2837922 CDC Bord du Lac 2838020 CDC Lac Chibougamau 2594041 CDC Bord du Lac 2837923 CDC Bord du Lac 2838021 CDC Lac Chibougamau 2594042 CDC Bord du Lac 2837924 CDC Bord du Lac 2838022 CDC Lac Chibougamau 2837798 CDC Bord du Lac 2837925 CDC Bord du Lac 2838023 CDC Lac Chibougamau 2837799 CDC Bord du Lac 2837926 CDC Bord du Lac 2838024 CDC Lac Chibougamau 2837800 CDC Bord du Lac 2837927 CDC Bord du Lac 2838025 CDC Lac Chibougamau 2837801 CDC Bord du Lac 2837928 CDC Bord du Lac 2838026 CDC Lac Chibougamau 2837802 CDC Bord du Lac 2837929 CDC Bord du Lac 2838027 CDC Lac Chibougamau 2837803 CDC Bord du Lac 2837930 CDC Bord du Lac 2838028 CDC
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– Cygnus Metals Limited 12 Property Description Mining Title Title type Property Description Mining Title Title type Property Description Mining Title Title type Bord du Lac 2838029 CDC Bord du Lac 2838041 CDC Bord du Lac 2839997 CDC Bord du Lac 2838030 CDC Bord du Lac 2838042 CDC Bord du Lac 2839998 CDC Bord du Lac 2838031 CDC Bord du Lac 2838043 CDC Bord du Lac 2839999 CDC Bord du Lac 2838032 CDC Bord du Lac 2838044 CDC Bord du Lac 2840000 CDC Bord du Lac 2838033 CDC Bord du Lac 2838045 CDC Bord du Lac 2840001 CDC Bord du Lac 2838034 CDC Bord du Lac 2838046 CDC Bord du Lac 2840002 CDC Bord du Lac 2838035 CDC Bord du Lac 2838047 CDC Bord du Lac 2840003 CDC Bord du Lac 2838036 CDC Bord du Lac 2838048 CDC Bord du Lac 2840004 CDC Bord du Lac 2838037 CDC Bord du Lac 2838049 CDC Bord du Lac 2840005 CDC Bord du Lac 2838038 CDC Bord du Lac 2838050 CDC Bord du Lac 2840006 CDC Bord du Lac 2838039 CDC Bord du Lac 2838051 CDC Bord du Lac 2838040 CDC Bord du Lac 2838052 CDC Corner Bay-Devlin Property - 100% owned by CBay Minerals Inc. (99058) Property Description Mining Title Title type Property Description Mining Title Title type Property Description Mining Title Title type Baie Line 2494615 CDC Corner Back 2428254 CDC Corner Back 2428282 CDC Baie Line 2494616 CDC Corner Back 2428255 CDC Corner Back 2428283 CDC Baie Line 2494621 CDC Corner Back 2428256 CDC Corner Back 2428284 CDC Baie Line 2494622 CDC Corner Back 2428257 CDC Corner Back 2428285 CDC Baie Line 2494623 CDC Corner Back 2428258 CDC Corner Back 2428286 CDC Baie Line 2494624 CDC Corner Back 2428259 CDC Corner Back 2428287 CDC Corner Bay 2428202 CDC Corner Back 2428260 CDC Devlin Ext. 2541350 CDC Corner Bay 2428203 CDC Corner Back 2428261 CDC Devlin Ext. 2541351 CDC Corner Bay 2428204 CDC Corner Back 2428262 CDC Devlin Ext. 2541352 CDC Corner Bay 2428205 CDC Corner Back 2428263 CDC Devlin Ext. 2541353 CDC Corner Bay 2428206 CDC Corner Back 2428264 CDC Devlin Ext. 2541354 CDC Corner Bay 2428207 CDC Corner Back 2428265 CDC Devlin Ext. 2541355 CDC Corner Bay 2428208 CDC Corner Back 2428266 CDC Devlin Ext. 2541356 CDC Corner Bay 878 BM Corner Back 2428267 CDC Devlin Ext. 2541357 CDC Corner Back 2428240 CDC Corner Back 2428268 CDC Devlin Ext. 2541358 CDC Corner Back 2428241 CDC Corner Back 2428269 CDC Devlin Ext. 2541359 CDC Corner Back 2428242 CDC Corner Back 2428270 CDC Devlin Ext. 2541360 CDC Corner Back 2428243 CDC Corner Back 2428271 CDC Devlin Ext. 2541361 CDC Corner Back 2428244 CDC Corner Back 2428272 CDC Devlin Ext. 2541362 CDC Corner Back 2428245 CDC Corner Back 2428273 CDC Devlin Ext. 2541363 CDC Corner Back 2428246 CDC Corner Back 2428274 CDC Devlin Ext. 2541364 CDC Corner Back 2428247 CDC Corner Back 2428275 CDC Devlin Ext. 2541365 CDC Corner Back 2428248 CDC Corner Back 2428276 CDC Devlin Ext. 2541366 CDC Corner Back 2428249 CDC Corner Back 2428277 CDC Devlin Ext. 2541367 CDC Corner Back 2428250 CDC Corner Back 2428278 CDC Devlin Ext. 2541368 CDC Corner Back 2428251 CDC Corner Back 2428279 CDC Devlin Ext. 2541369 CDC Corner Back 2428252 CDC Corner Back 2428280 CDC Devlin Ext. 2541370 CDC Corner Back 2428253 CDC Corner Back 2428281 CDC Devlin Ext. 2541371 CDC Devlin Ext. 2541372 CDC Devlin Ext. 2541392 CDC Bord du Lac Est 2839979 CDC Devlin Ext. 2541373 CDC Devlin Ext. 2541393 CDC Bord du Lac Est 2839980 CDC Devlin Ext. 2541374 CDC Devlin 2427785 CDC Bord du Lac Est 2839981 CDC Devlin Ext. 2541375 CDC Devlin 2427786 CDC Bord du Lac Est 2839982 CDC Devlin Ext. 2541376 CDC Devlin 2427787 CDC Bord du Lac Est 2839983 CDC Devlin Ext. 2541377 CDC Devlin 2427788 CDC Bord du Lac Est 2839984 CDC Devlin Ext. 2541378 CDC Devlin 2433731 CDC Bord du Lac Est 2839985 CDC
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– Cygnus Metals Limited 13 Property Description Mining Title Title type Property Description Mining Title Title type Property Description Mining Title Title type Devlin Ext. 2541379 CDC Devlin 2433732 CDC Bord du Lac Est 2839986 CDC Devlin Ext. 2541380 CDC Bord du Lac Est 2839967 CDC Bord du Lac Est 2839987 CDC Devlin Ext. 2541381 CDC Bord du Lac Est 2839968 CDC Bord du Lac Est 2839988 CDC Devlin Ext. 2541382 CDC Bord du Lac Est 2839969 CDC Bord du Lac Est 2839989 CDC Devlin Ext. 2541383 CDC Bord du Lac Est 2839970 CDC Bord du Lac Est 2839990 CDC Devlin Ext. 2541384 CDC Bord du Lac Est 2839971 CDC Bord du Lac Est 2839991 CDC Devlin Ext. 2541385 CDC Bord du Lac Est 2839972 CDC Bord du Lac Est 2839992 CDC Devlin Ext. 2541386 CDC Bord du Lac Est 2839973 CDC Bord du Lac Est 2839993 CDC Devlin Ext. 2541387 CDC Bord du Lac Est 2839974 CDC Bord du Lac Est 2839994 CDC Devlin Ext. 2541388 CDC Bord du Lac Est 2839975 CDC Bord du Lac Est 2839995 CDC Devlin Ext. 2541389 CDC Bord du Lac Est 2839976 CDC Bord du Lac Est 2839996 CDC Devlin Ext. 2541390 CDC Bord du Lac Est 2839977 CDC Devlin Ext. 2541391 CDC Bord du Lac Est 2839978 CDC Corner Bay-Devlin (Copper) Property - 56.41% interest held by CBay Minerals Inc. (99058) (responsible) and 43.59 % by Pan American Silver Corp. Property Description Mining Title Title type Property Description Mining Title Title type Property Description Mining Title Title type Copper 2428166 CDC Copper 2428172 CDC Copper 2428178 CDC Copper 2428167 CDC Copper 2428173 CDC Copper 2428179 CDC Copper 2428168 CDC Copper 2428174 CDC Copper 2428180 CDC Copper 2428169 CDC Copper 2428175 CDC Copper 2428181 CDC Copper 2428170 CDC Copper 2428176 CDC Copper 2428182 CDC Copper 2428171 CDC Copper 2428177 CDC Gwillim Property - 100% owned by CBay Minerals Inc. (99058) Mining Title Title type Mining Title Title type Mining Title Title type 2435912 CDC 2435914 CDC 2435916 CDC 2435913 CDC 2435915 CDC 2435917 CDC Gwillim Property - 50% held by CBay Minerals Inc. (99058) (responsible) and 50% by Alamos Gold Inc. Mining Title Title type Mining Title Title type Mining Title Title type 2437034 CDC 2437040 CDC 2437046 CDC 2437035 CDC 2437041 CDC 2437047 CDC 2437036 CDC 2437042 CDC 2437048 CDC 2437037 CDC 2437043 CDC 2437049 CDC 2437038 CDC 2437044 CDC 2437039 CDC 2437045 CDC Joe Mann Property - 100% owned by CBay Minerals Inc. (99058) Mining Title Title type Mining Title Title type Mining Title Title type Mining Title Title type 2361693 CDC 2374328 CDC 2377630 CDC 2485645 CDC 2361694 CDC 2374329 CDC 2377631 CDC 2485646 CDC 2361695 CDC 2374330 CDC 2377632 CDC 2485647 CDC 2361696 CDC 2374331 CDC 2377633 CDC 2485648 CDC 2361697 CDC 2374332 CDC 2377634 CDC 2485649 CDC 2361698 CDC 2377614 CDC 2377635 CDC 2485652 CDC 2362090 CDC 2377615 CDC 2377636 CDC 2485653 CDC 2362091 CDC 2377616 CDC 2377637 CDC 2485654 CDC
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– Cygnus Metals Limited 14 Mining Title Title type Mining Title Title type Mining Title Title type Mining Title Title type 2362092 CDC 2377617 CDC 2377638 CDC 2485655 CDC 2362093 CDC 2377618 CDC 2377639 CDC 2485656 CDC 2374316 CDC 2377619 CDC 2377640 CDC 2485657 CDC 2374317 CDC 2377620 CDC 2377641 CDC 2539689 CDC 2374318 CDC 2377621 CDC 2377642 CDC 2539690 CDC 2374319 CDC 2377622 CDC 2377643 CDC 2539691 CDC 2374321 CDC 2377623 CDC 2377644 CDC 2539692 CDC 2374322 CDC 2377624 CDC 2377645 CDC 2539693 CDC 2374323 CDC 2377625 CDC 2377646 CDC 2539694 CDC 2374324 CDC 2377626 CDC 2377647 CDC 2539695 CDC 2374325 CDC 2377627 CDC 2377648 CDC 2539696 CDC 2374326 CDC 2377628 CDC 2377649 CDC 420 CM 2374327 CDC 2377629 CDC 2485644 CDC 425 CM Joe Mann Property - 65% held by CBay Minerals Inc. (99058) (responsible) and 35% by SOQUEM inc. (2427) Mining Title Title type Mining Title Title type Mining Title Title type Mining Title Title type 2143040 CDC 2363955 CDC 2363973 CDC 2363991 CDC 2363935 CDC 2363956 CDC 2363974 CDC 2363992 CDC 2363936 CDC 2363957 CDC 2363975 CDC 2363993 CDC 2363937 CDC 2363958 CDC 2363976 CDC 2363994 CDC 2363938 CDC 2363959 CDC 2363977 CDC 2363995 CDC 2363942 CDC 2363960 CDC 2363978 CDC 2363996 CDC 2363943 CDC 2363961 CDC 2363979 CDC 2363997 CDC 2363944 CDC 2363962 CDC 2363980 CDC 2363998 CDC 2363945 CDC 2363963 CDC 2363981 CDC 2363999 CDC 2363946 CDC 2363964 CDC 2363982 CDC 2364000 CDC 2363947 CDC 2363965 CDC 2363983 CDC 2364001 CDC 2363948 CDC 2363966 CDC 2363984 CDC 2364002 CDC 2363949 CDC 2363967 CDC 2363985 CDC 2364003 CDC 2363950 CDC 2363968 CDC 2363986 CDC 2364004 CDC 2363951 CDC 2363969 CDC 2363987 CDC 444 CM 2363952 CDC 2363970 CDC 2363988 CDC 2363953 CDC 2363971 CDC 2363989 CDC 2363954 CDC 2363972 CDC 2363990 CDC Tortigny Est Property - 50% held by CBay Minerals Inc. (99058) (responsible) and 50% by SOQUEM inc. (2427) Mining Title Title type Mining Title Title type Mining Title Title type 2330549 CDC 2330550 CDC 2330551 CDC Auclair Project - Quebec, Canada (100% owned by Avenir Metals (Canada) Limited (103257)) 1129237 1129250 1129260 1129270 1129288 2560526 2564312 1129238 1129251 1129261 1129279 1129289 2560527 2564313 1129239 1129252 1129262 1129280 1129290 2560528 2564314 1129243 1129253 1129263 1129281 1129291 2560529 2564315 1129244 1129254 1129264 1129282 1129292 2560530 2564316 1129245 1129255 1129265 1129283 1129304 2560531 2564317 1129246 1129256 1129266 1129284 1129305 2560532 2564318 1129247 1129257 1129267 1129285 1129306 2560533 2564319 1129248 1129258 1129268 1129286 2560524 2560534 2564320 1129249 1129259 1129269 1129287 2560525 2560535 2564321
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– Cygnus Metals Limited 15 Australian Projects (100% owned) Property Description Tenement Location Registered Owner Ownership Snake Rock E70/4911 Western Australia Cygnus Gold (Projects) Pty Ltd 100% Bencubbin E70/4988 Western Australia Deneb Resources Pty Ltd 100% Bencubbin South E70/5168 Western Australia Deneb Resources Pty Ltd 100% Bencubbin North E70/5169 Western Australia Deneb Resources Pty Ltd 100% Bonnie Rock E70/5196 Western Australia Deneb Resources Pty Ltd 100% Mackie E70/5397 Western Australia Deneb Resources Pty Ltd 100% Welbungin E70/5617 Western Australia Deneb Resources Pty Ltd 100% Mining Tenements disposed: Australian Projects: E29/1075, E70/4990 Auclair Project - Quebec, Canada 2771077 2771097 2771117 2771137 2771157 2771176 2773273 2771078 2771098 2771118 2771138 2771158 2771177 2773274 2771080 2771099 2771119 2771139 2771159 2773255 2773275 2771081 2771100 2771120 2771140 2771160 2773257 2773276 2771082 2771101 2771121 2771141 2771161 2773258 2773277 2771083 2771102 2771122 2771142 2771162 2773259 2773278 2771084 2771103 2771123 2771143 2771163 2773260 2773279 2771085 2771105 2771124 2771144 2771164 2773261 2773280 2771086 2771106 2771125 2771145 2771165 2773262 2771079 2771087 2771107 2771126 2771146 2771166 2773263 2771104 2771088 2771108 2771127 2771147 2771167 2773264 2771129 2771089 2771109 2771128 2771148 2771168 2773265 2771154 2771090 2771110 2771130 2771149 2771169 2773266 2773256 2771091 2771111 2771131 2771150 2771170 2773267 2771092 2771112 2771132 2771151 2771171 2773268 2771093 2771113 2771133 2771152 2771172 2773269 2771094 2771114 2771134 2771153 2771173 2773270 2771095 2771115 2771135 2771155 2771174 2773271 2771096 2771116 2771136 2771156 2771175 2773272 Mining Tenements acquired: Nil Beneficial percentage interests held in farm in or farm-out agreements: Farm Out Tenement Location Registered Owner Structure and Ownership E70/4787 Western Australia Cygnus Gold (Projects) Pty Ltd 20% (diluting to 10%) E70/5131 Western Australia Cygnus Gold (Projects) Pty Ltd 20% (diluting to 10%) E70/6058 Western Australia Cygnus Gold (Projects) Pty Ltd 20% (diluting to 10%) Farm In Pontax Lithium Project - Quebec, Canada (51% interest held by Cygnus’ wholly-owned subsidiary Avenir Metals (Canada) Limited (103257), earning up to 70%, with remaining 49% interest held by Stria Lithium Inc. (96388)) CDC 2002627 CDC 2002641 CDC 2002659 CDC 80469 CDC 85804 CDC 2002628 CDC 2002642 CDC 2002664 CDC 80483 CDC 85805 CDC 2002629 CDC 2002643 CDC 2197182 CDC 84701 CDC 85806 CDC 2002630 CDC 2002646 CDC 2197183 CDC 84702 CDC 85807 CDC 2002631 CDC 2002647 CDC 2197184 CDC 84703 CDC 85808
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– Cygnus Metals Limited 16 CDC 2002632 CDC 2002648 CDC 2197185 CDC 84704 CDC 85809 CDC 2002633 CDC 2002649 CDC 2197186 CDC 84705 CDC 85810 CDC 2002634 CDC 2002650 CDC 2197187 CDC 84710 CDC 85811 CDC 2002635 CDC 2002651 CDC 2197188 CDC 84711 CDC 85812 CDC 2002636 CDC 2002652 CDC 2197190 CDC 84717 CDC 86421 CDC 2002637 CDC 2002655 CDC 2197191 CDC 84718 CDC 89173 CDC 2002638 CDC 2002656 CDC 80466 CDC 84719 CDC 89174 CDC 2002639 CDC 2002657 CDC 80467 CDC 85802 CDC 2002640 CDC 2002658 CDC 80468 CDC 85803 Pontax Extension Property - Quebec, Canada (Earning up to 100%. Currently held 100% by 9219-8845 Québec inc. (Canadian Mining House)) 2616420 2616444 2616468 2615721 2615627 2615651 2615675 2616421 2616445 2615893 2615722 2615628 2615652 2615676 2616422 2616446 2615699 2615723 2615629 2615653 2615677 2616423 2616447 2615700 2615724 2615630 2615654 2615678 2616424 2616448 2615701 2615725 2615631 2615655 2615679 2616425 2616449 2615702 2615726 2615632 2615656 2615680 2616426 2616450 2615703 2615727 2615633 2615657 2615681 2616427 2616451 2615704 2615728 2615634 2615658 2615682 2616428 2616452 2615705 2615611 2615635 2615659 2615683 2616429 2616453 2615706 2615612 2615636 2615660 2615684 2616430 2616454 2615707 2615613 2615637 2615661 2615685 2616431 2616455 2615708 2615614 2615638 2615662 2615686 2616432 2616456 2615709 2615615 2615639 2615663 2615687 2616433 2616457 2615710 2615616 2615640 2615664 2615688 2616434 2616458 2615711 2615617 2615641 2615665 2615689 2616435 2616459 2615712 2615618 2615642 2615666 2615746 2616436 2616460 2615713 2615619 2615643 2615667 2615747 2616437 2616461 2615714 2615620 2615644 2615668 2615748 2616438 2616462 2615715 2615621 2615645 2615669 2615751 2616439 2616463 2615716 2615622 2615646 2615670 2615752 2616440 2616464 2615717 2615623 2615647 2615671 2615753 2616441 2616465 2615718 2615624 2615648 2615672 2615754 2616442 2616466 2615719 2615625 2615649 2615673 2616443 2616467 2615720 2615626 2615650 2615674 Auclair Project (Beryl Lake Property) - Quebec, Canada (Earning up to 100%) Currently held 100% by 9219-8845 Québec inc. (Canadian Mining House) (85234): 2563578 2651055 2651064 2651073 2689274 2689283 2556232 2563579 2651056 2651065 2687865 2689275 2689284 2556233 2563580 2651057 2651066 2687866 2689276 2689285 2556234 2563581 2651058 2651067 2687867 2689277 2556226 2556235 2563582 2651059 2651068 2687868 2689278 2556227 2556236 2651051 2651060 2651069 2689270 2689279 2556228 2556237 2651052 2651061 2651070 2689271 2689280 2556229 2556238 2651053 2651062 2651071 2689272 2689281 2556230 2651054 2651063 2651072 2689273 2689282 2556231 Currently held 100% by Anna Rosa Giglio (96501): 2651346 2687792 2687816 2687832 2687848 2687864 2689204 2651347 2687793 2687817 2687833 2687849 2689189 2689205 2651348 2687794 2687818 2687834 2687850 2689190 2689206 2651349 2687795 2687819 2687835 2687851 2689191 2689207 2652176 2687796 2687820 2687836 2687852 2689192 2689208 2652177 2687797 2687821 2687837 2687853 2689193 2689209 2652178 2687798 2687822 2687838 2687854 2689194 2689210 2652179 2687807 2687823 2687839 2687855 2689195 2689211
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– Cygnus Metals Limited 17 2652180 2687808 2687824 2687840 2687856 2689196 2689212 2652181 2687809 2687825 2687841 2687857 2689197 2689213 2687786 2687810 2687826 2687842 2687858 2689198 2689214 2687787 2687811 2687827 2687843 2687859 2689199 2689215 2687788 2687812 2687828 2687844 2687860 2689200 2693591 2687789 2687813 2687829 2687845 2687861 2689201 2687790 2687814 2687830 2687846 2687862 2689202 2687791 2687815 2687831 2687847 2687863 2689203 Sakami Property - Quebec, Canada (Earning up to 100%) Currently held 100% by 9219-8845 Québec inc. (Canadian Mining House) (85234): 2563097 2563242 2564266 2717593 2717603 2717613 2717623 2563098 2563243 2565670 2717594 2717604 2717614 2717624 2563099 2564258 2565671 2717595 2717605 2717615 2717625 2563100 2564259 2565672 2717596 2717606 2717616 2717626 2563236 2564260 2565673 2717597 2717607 2717617 2717627 2563237 2564261 2565674 2717598 2717608 2717618 2717628 2563238 2564262 2571971 2717599 2717609 2717619 2717629 2563239 2564263 2571972 2717600 2717610 2717620 2563240 2564264 2571973 2717601 2717611 2717621 2563241 2564265 2629676 2717602 2717612 2717622 Currently held 100% by Anna Rosa Giglio (96501): 2629677 2642191 2642215 2663158 2663182 2663206 2663230 2629678 2642192 2642216 2663159 2663183 2663207 2663231 2630117 2642193 2662756 2663160 2663184 2663208 2663232 2641977 2642194 2662757 2663161 2663185 2663209 2663233 2641978 2642195 2662758 2663162 2663186 2663210 2663234 2641979 2642196 2662759 2663163 2663187 2663211 2663235 2641980 2642197 2662760 2663164 2663188 2663212 2663236 2641981 2642198 2662761 2663165 2663189 2663213 2663237 2641982 2642199 2662762 2663166 2663190 2663214 2663238 2641983 2642200 2662763 2663167 2663191 2663215 2663239 2641984 2642201 2662764 2663168 2663192 2663216 2663240 2641985 2642202 2662765 2663169 2663193 2663217 2663241 2641986 2642203 2662766 2663170 2663194 2663218 2663242 2641987 2642204 2662767 2663171 2663195 2663219 2663243 2641988 2642205 2662768 2663172 2663196 2663220 2663244 2642182 2642206 2662769 2663173 2663197 2663221 2663245 2642183 2642207 2662770 2663174 2663198 2663222 2663246 2642184 2642208 2662771 2663175 2663199 2663223 2663247 2642185 2642209 2662772 2663176 2663200 2663224 2663248 2642186 2642210 2662773 2663177 2663201 2663225 2663249 2642187 2642211 2662774 2663178 2663202 2663226 2642188 2642212 2663155 2663179 2663203 2663227 2642189 2642213 2663156 2663180 2663204 2663228 2642190 2642214 2663157 2663181 2663205 2663229 Beneficial percentage interests in farm-in or farm-out agreements acquired: E70/6058 (20%) Beneficial percentage interests in farm-in or farm-out agreements disposed: Australian Projects: E70/4787 (29%) and E70/5131 (29%) Auclair Project (Beryl Lake Property) - Quebec, Canada 2631893 2634333 2634647 2644729 2687803 2689288 2693576 2631894 2634334 2634648 2644730 2687804 2689289 2693577 2631895 2634335 2635050 2644731 2687805 2689290 2693578
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– Cygnus Metals Limited 18 2631896 2634336 2635051 2644732 2687806 2689291 2693579 2631897 2634337 2635052 2644733 2687869 2689292 2693580 2631898 2634338 2635053 2644734 2689216 2689293 2693581 2631899 2634339 2635054 2644735 2689217 2689360 2693582 2631900 2634340 2635055 2644736 2689218 2689361 2693583 2631901 2634341 2635056 2644737 2689219 2689362 2693584 2631902 2634342 2635057 2644738 2689220 2689363 2693585 2631903 2634343 2635058 2644739 2689221 2689364 2693586 2631904 2634344 2635059 2644740 2689222 2689551 2693587 2631905 2634345 2635060 2644741 2689223 2689552 2693588 2631906 2634346 2635061 2644742 2689224 2689553 2693589 2631907 2634347 2635062 2644743 2689225 2689554 2693590 2631908 2634348 2635063 2644744 2689226 2689555 2693592 2631909 2634349 2635064 2644745 2689227 2689556 2693593 2631910 2634350 2635065 2644746 2689228 2689557 2693594 2631911 2634351 2635066 2644747 2689229 2689558 2693595 2632764 2634352 2635067 2645212 2689230 2689559 2693596 2632765 2634353 2635068 2645213 2689231 2689560 2694507 2632766 2634354 2635069 2645214 2689232 2689561 2694508 2632767 2634355 2635070 2645215 2689233 2689562 2698350 2632768 2634356 2635071 2649192 2689234 2689563 2712913 2632769 2634357 2641989 2651042 2689235 2693539 2712914 2633497 2634358 2641990 2651043 2689236 2693540 2712915 2633498 2634359 2641991 2651044 2689237 2693541 2712916 2633499 2634360 2641993 2651045 2689238 2693542 2712917 2633500 2634361 2641994 2651046 2689239 2693543 2712918 2633501 2634362 2641995 2651047 2689240 2693544 2712919 2633502 2634363 2641996 2651048 2689241 2693545 2712920 2633700 2634364 2641997 2651049 2689242 2693546 2712921 2634305 2634365 2641998 2651050 2689243 2693547 2712922 2634306 2634366 2641999 2651074 2689244 2693548 2712923 2634307 2634367 2642000 2651075 2689245 2693549 2712924 2634308 2634368 2642001 2651076 2689246 2693551 2712925 2634309 2634369 2642002 2651077 2689247 2693552 2712926 2634310 2634370 2642003 2651078 2689248 2693553 2712927 2634311 2634371 2642004 2651342 2689249 2693554 2712928 2634312 2634372 2642005 2651343 2689250 2693555 2712929 2634313 2634373 2642006 2651344 2689252 2693556 2712930 2634314 2634374 2642007 2651345 2689253 2693557 2712931 2634315 2634375 2642008 2651599 2689254 2693558 2712932 2634316 2634376 2642009 2651600 2689255 2693559 2712933 2634317 2634377 2642010 2651601 2689256 2693560 2712934 2634318 2634378 2642011 2651602 2689257 2693561 2712935 2634319 2634379 2642012 2651603 2689258 2693562 2712936 2634320 2634380 2642013 2651604 2689259 2693563 2712937 2634321 2634381 2642014 2651605 2689260 2693564 2712938 2634322 2634382 2642015 2651606 2689261 2693565 2712939 2634323 2634637 2642016 2651607 2689262 2693566 2712940 2634324 2634638 2644720 2651608 2689263 2693567 2712941 2634325 2634639 2644721 2651609 2689264 2693568 2712942 2634326 2634640 2644722 2651610 2689265 2693569 2712943 2634327 2634641 2644723 2651611 2689266 2693570 2714584 2634328 2634642 2644724 2651612 2689267 2693571 2714585 2634329 2634643 2644725 2687799 2689268 2693572 2714586 2634330 2634644 2644726 2687800 2689269 2693573 2714587 2634331 2634645 2644727 2687801 2689286 2693574 2714588 2634332 2634646 2644728 2687802 2689287 2693575
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Rule 5.5 ASX Listing Rules Appendix 5B (01/12/19) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Cygnus Metals Limited ABN Quarter ended (“current quarter”) 80 609 094 653 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (29) (140) (a) exploration & evaluation (if expensed) (b) development - - (c) production - - (d) staff costs (286) (1,265) (e) administration and corporate costs (f) care and maintenance and associated site administration and staff costs (649) (343) (1,915) (995) 1.3 Dividends received (see note 3) - - 1.4 Interest received 159 327 1.5 Interest and other costs of finance paid (7) (23) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Net sales tax refunds/(payments) 512 220 1.9 Net cash from / (used in) operating activities (643) (3,791) 2. Cash flows from investing activities (97) (898) 2.1 Payments to acquire: (a) entities (b) tenements - (167) (c) property, plant and equipment (8) (24) (d) exploration & evaluation (if capitalised) (4,137) (9,793) (e) investments - - (f) other non-current assets - -
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (01/12/19) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (9 months) $A’000 2.2 Proceeds from the disposal of: (a) entities - - (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Government grants and tax incentives 43 885 2.6 Net cash from / (used in) investing activities (4,199) (9,997) 3. Cash flows from financing activities 100 18,300 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (126) (1,111) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (Provide details if material) - - 3.10 Net cash from / (used in) financing activities (26) 17,189 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 23,080 14,870 4.2 Net cash from / (used in) operating activities (item 1.9 above) (643) (3,791) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (4,199) (9,997) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (26) 17,189 4.5 Effect of movement in exchange rates on cash held 61 2 4.6 Cash and cash equivalents at end of period1 18,273 18,273
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (01/12/19) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 18,273 23,080 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 18,273 23,080 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 310 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. N/A
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (01/12/19) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (Item 1.9) (643) 8.2 Capitalised exploration & evaluation (Item 2.1(d)) (4,137) 8.3 Total relevant outgoings (Item 8.1 + Item 8.2) (4,780) 8.4 Cash and cash equivalents at quarter end (Item 4.6) 18,273 8.5 Unused finance facilities available at quarter end (Item 7.5) - 8.6 Total available funding (Item 8.4 + Item 8.5) 18,273 8.7 Estimated quarters of funding available (Item 8.6 divided by Item 8.3) 3.82 8.8 If Item 8.7 is less than 2 quarters, please provide answers to the following questions: 1. Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 2. Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 3. Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 27 October 2025 The Board of Directors Authorised by: ................................................................................... (Name of body or officer authorising release – see note 4)
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (01/12/19) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report . 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.