New Risk • Apr 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$140.4m (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$4.7m net loss in 2 years). Market cap is less than US$100m (AU$140.4m market cap, or US$99.9m). Announcement • Apr 17
Cygnus Metals Limited Reports Positive Assay Results at Golden Eye Deposit Cygnus Metals Limited announced high-grade results from drilling at the Golden Eye deposit within its Chibougamau Copper-Gold Project in Quebec. Infill drilling at Golden Eye has returned high-grade gold intervals of up to 105.5g/t AuEq over 1.0m, alongside copper grades of up to 11.9% Cu over 0.8m. Results reported reconcile well against the block model and confirm continuity of gold mineralisation; these include: 5.9m at 28.8g/t AuEq (24.8g/t Au, 2.7% Cu & 31.5g/t Ag) (LDR-26-12A), including 1.0m at 105.5g/t AuEq (102.9g/t Au, 1.4% Cu & 53.0g/t Ag); 7.7m at 4.0g/t AuEq (2.7g/t Au, 0.8% Cu & 8.2g/t Ag) (LDR-26-12A); 11.5m at 4.3g/t AuEq (2.5g/t Au, 1.1% Cu & 26.1g/t Ag) (LDR-26-13), including 0.8m at 31.2g/t AuEq (13.3g/t Au, 11.9% Cu & 141.8g/t Ag); 6.7m at 5.9g/t AuEq (4.4g/t Au, 1.0% Cu & 9g/t Ag) (LDR-26-14), including 2.0m at 13.8g/t AuEq (10.3g/t Au, 2.4% Cu & 21.0g/t Ag). These results highlight the strong potential to grow the Indicated Resource as well as the scope for further extensions. 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). There remains a number of assay results pending following finalisation of exploration activity at Golden Eye on 8 April 2026, with around 5,632m of drilling completed from the engineered ice pad. Exploration continues across multiple targets with a detailed Induced Polarisation (‘IP’) survey at the Joe Mann property almost finished. This program aims to help generate walk up drill targets in a highly sought-after gold district. Recent drilling has been targeting both resource conversion and extension, looking to expand the current Mineral Resource. The latest results from infill drilling include significant high-grade intersections of up to 105.5g/t AuEq over 1.0m. These high-grade gold intercepts are complemented by impressive copper grades of up to 11.9% over 0.8m, plus silver grades of up to 142g/t over 0.8m. Significant results include: 5.9m at 28.8g/t AuEq (24.8g/t Au, 2.7% Cu & 31.5g/t Ag) (LDR-26-12A), including 1.0m at 105.5g/t AuEq (102.9g/t Au, 1.4% Cu & 53.0g/t Ag); 7.7m at 4.0g/t AuEq (2.7g/t Au, 0.8% Cu & 8.2g/t Ag) (LDR-26-12A); 11.5m at 4.3g/t AuEq (2.5g/t Au, 1.1% Cu & 26.1g/t Ag) (LDR-26-13), including 0.8m at 31.2g/t AuEq (13.3g/t Au, 11.9% Cu & 141.8g/t Ag); 6.7m at 5.9g/t AuEq (4.4g/t Au, 1.0% Cu & 9g/t Ag) (LDR-26-14), including 2.0m at 13.8g/t AuEq (10.3g/t Au, 2.4% Cu & 21.0g/t Ag). The infill drilling reconciles well against the block model and further confirms the strong continuity of the mineralisation to a 50m spacing. Results from the recent drilling will be used to update the Mineral Resource and convert more resources to the Indicated category. The Golden Eye Mineral Resource currently contains 0.5Mt at 5.6g/t AuEq for 91koz AuEq (Indicated) and 1.2Mt at 4.6g/t AuEq for 182koz AuEq (Inferred). The drill program at Golden Eye has now concluded, although two rigs are expected to continue drilling over the next quarter at other targets in the project portfolio. The strategy remains focussed on resource growth and resource conversion to drive the Chibougamau Project forward towards development and deliver maximum returns to shareholders. Golden Eye is an excellent example of the value generated through ongoing compilation work which is helping to unlock this historic district, enabling the Company to continue to build upon the existing high-grade copper-gold resources with low-risk brownfield exploration. The team is continuing to unlock the region with more targets to be tested from the compilation pipeline including the Joe Mann, Copper Rand and Gwillim areas. The Chibougamau area has well-established infrastructure giving the Project a significant head start as a copper-gold development opportunity. This infrastructure includes a 900,000tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site. Significantly, the Chibougamau processing facility is the only base metal processing facility within a 250km radius which includes a number of other advanced copper and gold projects. Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting precision. At Golden Eye significant intersections reported above 2g/t AuEq over widths of greater than 1m. True width estimated to be between 70-90% of downhole thickness. New Risk • Mar 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (AU$4.8m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). 
