Mr. David Southam of Cygnus reports

CYGNUS SECURES ANOTHER TWO YEARS TO INCREASE ITS STAKE IN PONTAX

Cygnus Metals Ltd. has negotiated a two-year extension to its two-stage earn-in with Stria Lithium Inc. for the Pontax lithium project in James Bay, Quebec.

In July, 2023, Cygnus announced that it had earned 51 per cent of Pontax under the first stage of the earn-in by spending $4-million on the project and issuing 9,129,825 fully paid ordinary shares in Cygnus to Stria.

As a demonstration of the co-operation between Stria and Cygnus, the parties have agreed that Cygnus has an additional 24 months to satisfy the second stage of the earn-in and earn an additional 19-per-cent interest in Pontax, bringing its total interest to 70 per cent.

The extension means that Cygnus has until October, 2027, to expend an additional $2-million on exploration at the project and make a cash payment to Stria of $3-million, enhancing the likelihood of successful exploration outcomes at Pontax.

As consideration for the extension and subject to TSX-V approval, Cygnus will shortly issue 300,000 shares to Stria utilizing the company's available listing Rule 7.1 capacity at a deemed price of 10.5 Australian cents per share (based on the ASX closing price on April 1, 2025). These shares will be subject to voluntary escrow for a period of 12 months from issue.

About Cygnus Metals Ltd.

Cygnus is a diversified critical mineral 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 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.