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The raising follows outstanding drilling results at the flagship Corner Bay deposit and Golden Eye prospect, which both offer substantial upside
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TORONTO and PERTH, Australia, June 19, 2025 (GLOBE NEWSWIRE) —
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Highlights
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- Cygnus has received firm commitments totalling A$18.3m via a share placement to institutional and sophisticated investors
- The Placement was priced at A$0.086 per share, being an 8.5% discount to the last sale price of A$0.094
- The Placement was extremely well-supported with strong demand from existing and new investors, particularly North American investors, resulting in applications being scaled back
- The Placement will be split into two tranches:
- Tranche 1 – unconditional tranche to raise approximately A$18.2m; and
- Tranche 2 – A$0.1m tranche to a director, subject to shareholder approval
- Following a highly successful drilling campaign at the flagship Corner Bay deposit and the identification of high-grade gold/copper at the new Golden Eye prospect, the Company is planning a Resource update next quarter
- Funds from the Placement will be used for Resource growth, Resource conversion, exploration of multiple prospects, permitting and advancing studies
- Canaccord Genuity and Euroz Hartleys acted as Joint Lead Managers to the Placement.
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| Cygnus Managing Director David Southam said: “We have been generating outstanding results at Chibougamau and the proceeds of this raising will enable us to unlock the value much faster. “There is clearly immense scope to grow and upgrade the project’s resource on the back of Corner Bay and Golden Eye. Given this potential, we want to move as quickly as possible on the exploration front and advance our study work at the same time. “This comes against a backdrop of increased M&A activity in the copper space which demonstrates that finding high-grade copper/gold projects with infrastructure in mining friendly jurisdictions are rare – we just happen to have one of the best”. | ||
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Cygnus Metals Limited (ASX:CY5) is pleased to advise that it has received commitments from institutional and sophisticated investors to raise A$18.3 million (before costs) through the issue of 212,790,697 fully paid ordinary shares in the Company (“Shares”) at an issue price of A$0.086 per Share (“Placement”). Pro-forma cash at bank at 30 June 2025 is forecast to be approximately A$23.7m (before Placement costs).
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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 exploration, resource growth, resource conversion, permitting and advancing studies from 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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