Mr. David Southam reports

ISSUE OF SHARES AND CLEANSING NOTICE

Cygnus Metals Ltd. has issued a total of 9,603,413 fully paid shares upon exercise of:

• 12,296 unlisted options exercisable at 5.74 cents each on or before Sept. 26, 2029;
• 9,333,333 vested performance rights issued under the company's omnibus equity incentive plan;
• 257,784 vested share rights issued under the company's previous employee securities incentive plan.

Cygnus issued the 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 shares were issued without disclosure to investors 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. There is no excluded information within the meaning of sections 708A(7) or 708A(8) of the act, which 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 ASX (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.