Mr. David Southam reports

COMPLETION OF OPTION AGREEMENTS AND CLEANSING NOTICE

Cygnus Metals Ltd. has issued three million fully paid ordinary shares on conversion of an equivalent number of vested performance rights and a total of 1.05 million fully paid ordinary shares to the vendors under the respective option agreements for the Sakami project and Beryl Lake property (which forms part of the Auclair project), following shareholder approvals received at the annual general meeting on May 1, 2026.

As announced on March 28, 2023, Cygnus entered into option agreements for the acquisition of the Sakami project and additional ground surrounding the Auclair lithium project known as the Beryl Lake property, both in James Bay, Quebec. Cygnus advises that, with the issue of the final 1.05 million shares and following satisfaction of the exploration expenditure commitments, it has now completed the exercise of the options for each of the properties and acquired an undivided 100-per-cent right, title and interest in the properties.

Cygnus issued the 4.05 million shares without disclosure under Section 708A(5) of the Corporations Act 2001 (Cth). With reference to those shares issued, in accordance with Section 708A(6) of the act, the company gives notice under Paragraph 708A(5)(e) that:

1. The company issued the shares without disclosure under Part 6D.2 of the act;
2. As at the date of this notice:
   1. The company has complied with the provisions of Chapter 2M of the act as they apply to the company;
   2. The company has complied with sections 674 and 674A of the act;
   3. Other than as set out below, there is no excluded information within the meaning of sections 708A(7) and 708A(8) of the act that is required to be disclosed under Section 708A(6)(e) of the act.

As previously announced, the company has continuing exploration and drill programs at its Chibougamau copper-gold project in Quebec and is awaiting assay results from its current drill program (which remains continuing). The company will announce its assay results when it is in a position to complete the collation and interpretation of all data and in accordance with its continuous disclosure obligations, the JORC Code and the Australian Securities Exchange listing rules.

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 element) 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.