Mr. David Southam reports

ISSUE AND FORFEITURE OF PERFORMANCE RIGHTS

Cygnus Metals Ltd. has advised that following management changes announced on Oct. 26, 2025, it has today issued an aggregate of three million additional performance rights to president/chief executive officer, Nicholas Kwong, under the company's omnibus equity incentive plan. The company also advises that, effective today, following Ernest Mast's transition from managing director to non-executive director on Dec. 12, 2025, and as part of that transition will forfeit an aggregate of six million performance rights issued under the plan.

Shareholders approved the plan and the issue of performance rights to directors at the company's annual general meeting held on May 14, 2025. The performance rights to Mr. Kwong were issued on the same terms and conditions as the director performance rights, as set out in the notice of annual general meeting released to Australian Securities Exchange on April 14, 2025.

The performance rights vest on the successful completion of specific key performance objectives on or before July 11, 2028. Each vested performance right is exercisable to one fully paid ordinary share in the capital of the company (net of applicable withholdings) and will expire on May 31, 2030, unless exercised on or before this date.

The objective of Cygnus's plan is to promote the long-term success of the company and the creation of shareholder value by aligning the interests of eligible persons under the plan with the interests of the company.

About Cygnus Metals Ltd.

Cygnus Metals 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 centralized processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE (rare-earth elements) and base metal projects in Western Australia. The Cygnus team has a proven record of turning exploration success into production enterprises and creating shareholder value.