Cygnus intends to advance resource evaluation and technical studies following successful A$25m placement

Core Viewpoint - Cygnus Metals Limited has successfully raised A$25 million through a share placement to fund resource growth and exploration at the Chibougamau Copper-Gold Project, reflecting strong demand from major shareholders [5][8]. Funding Details - The placement involved issuing approximately 156.3 million shares at A$0.16 per share, representing a 5.9% discount to the last closing price of A$0.17 [5][11]. - Post-raising, the company expects to have approximately A$35 million in cash and liquid assets [5][8]. Use of Funds - Proceeds from the placement will be allocated to resource growth, resource conversion, exploration of multiple prospects (including Joe Mann and Gwillim), ongoing permitting work, early capital works, and completion of an updated economic study following the preliminary economic assessment conducted in 2022 [6][8]. Project Development - Cygnus is currently operating three drilling rigs at the Golden Eye gold-copper discovery and plans to test major new targets in the upcoming quarter [1][4]. - The company aims to upgrade resources into higher confidence categories and aggressively drill high-grade targets [3][4]. Strategic Support - Strategic investor Ocean Partners, the second-largest shareholder, has shown strong support for the placement, indicating confidence in the Chibougamau Copper-Gold Project's value and insights into global copper supply markets [8]. Timeline - The indicative timetable for the placement includes lifting the trading halt on March 13, 2026, settlement of shares on March 19, 2026, and issuance and application for quotation of shares on March 20, 2026 [12]. Company Overview - Cygnus Metals Limited is a diversified critical minerals exploration and development company focused on advancing its Chibougamau Copper-Gold Project in Quebec, alongside lithium and REE projects in Western Australia [15].