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Strong demand from major shareholders saw raising priced at a discount to close of 6%; Three rigs now drilling the Golden Eye gold-copper discovery and major new targets to be tested in the coming quarter
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Chibougamau Copper-Gold Project, Canada
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Highlights
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- Cygnus has received firm commitments totalling A$25 million via a share Placement to institutional and sophisticated investors
- The Placement was priced at A$0.16 per share, representing a 5.9% discount to the last sale price of A$0.17 per share; this reflects the strong demand from existing shareholders
- Strategic investor Ocean Partners, the Company’s second-largest shareholder prior to this raising, strongly supported the Placement due to its fundamental belief in the value of the Chibougamau Copper-Gold Project and its insights into the global copper supply markets
- Funds from the Placement will be used for Resource growth, Resource conversion, exploration of multiple prospects including Joe Mann and Gwillim, ongoing permitting work, study completion, some early works at the milling infrastructure and working capital
- Pro-forma cash at bank and liquid assets will be approximately A$35 million (prior to costs of the Placement)
- Canaccord Genuity and Euroz Hartleys acted as Joint Lead Managers to the Placement.
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“This new round of funding is designed to grow our resources further, upgrade more resources into high confidence categories and aggressively drill some recently identified high grade gold-copper targets.
“With three rigs now operating and production studies progressing, we have several avenues for driving rapid shareholder value”.
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TORONTO and PERTH, Western Australia, March 12, 2026 (GLOBE NEWSWIRE) — Cygnus Metals Limited (ASX:CY5; TSXV:CYG; OTCQB:CYGGF) is pleased to advise that it has received commitments from institutional and sophisticated investors to raise A$25 million (before costs) through the issue of approximately 156.3 million fully paid ordinary shares in the Company (“Shares”) at an issue price of A$0.16 per Share (“Placement”). Pro-forma cash at bank and liquid assets post the raising are expected to be approximately A$35 million (before Placement costs and based on current cash on hand and liquid investments).
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Use of funds
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Proceeds of the Placement are planned to be used at the Chibougamau Copper-Gold Project to cover resource growth, resource conversion, exploration of multiple prospects (including Joe Mann and Gwillim), ongoing permitting work, minor early capital works and completion of an updated economic study following the preliminary economic assessment (“PEA”) previously completed by Doré Copper Mining Corp. in 2022. Other uses include general working capital and costs associated with the Placement.
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Note: Cygnus cautions that the PEA is a preliminary technical, conceptual and economic study undertaken by Doré of the initial evaluation and potential development of the Chibougamau Project. It is at scoping study level only, which is based on a lower level of technical assessment that is not sufficient to support the estimation of Ore Reserves and is inherently uncertain. The production targets and forecast financial information disclosed in the PEA are underpinned by Measured Mineral Resources (approximately 1.17%), Indicated Mineral Resources (approximately 32.10%) and Inferred Mineral Resources (approximately 66.73%). However, Cygnus is not able to disclose the outcomes of the PEA as the significant proportion of Inferred Resources included in the Life of Mine means that pursuant to ASX and ASIC guidance there is not considered to be sufficiently reasonable grounds for the production targets and forecast financial information disclosed in the PEA. Accordingly, Cygnus is not disclosing the production targets and forecast financial information reported in the PEA and cautions investors against making investment decisions based on such targets and forecasts.
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