TORONTO and PERTH, Australia, Oct. 26, 2025 (GLOBE NEWSWIRE) — Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) has announced the appointment of Nick Kwong as President and Chief Executive Officer, effective December 12, 2025. This leadership transition follows Ernest Mast’s shift from Managing Director to a Non-Executive Director role, allowing him to maintain strategic involvement while Kwong assumes executive leadership.
Kwong brings over two decades of international experience in mining engineering, having overseen operations, feasibility assessments, and mine development across multiple continents. Since 2022, he has served as Chief Operating Officer for the Chibougamau Project, working closely with Mast. Prior to that, he held senior positions at New Gold Inc. for 14 years, culminating in the role of Director of Technical Services, and served as General Manager for two gold mines operated by Maaden in Saudi Arabia.
Under the new structure, Cygnus is advancing a dual-track strategy: resource expansion led by VP Exploration & Corporate Development Duncan Grieve, and an update to the 2022 Preliminary Economic Assessment (PEA). Kwong is spearheading the PEA revision in collaboration with independent engineering firm Ausenco. The updated analysis will reflect expanded mineral resources, including the high-grade Golden Eye deposit, and incorporate current market prices for copper, gold, and silver. The study also evaluates the potential reactivation of a 900,000 tonnes-per-annum processing facility.
Once the PEA update is finalized, the company plans to proceed with a full feasibility study and secure necessary environmental permits—areas aligned with Kwong’s technical expertise. The original PEA was completed by Doré Copper Mining Corp. and filed in compliance with NI 43-101 standards on June 15, 2022. It was supported by BBA Inc., with contributions from SLR, SRK Consulting (Canada) Inc., and WSP Inc. However, Cygnus emphasizes that the PEA remains a preliminary assessment and includes a significant portion of Inferred Mineral Resources (approximately 66.73%), which limits its reliability for financial forecasting under ASX and ASIC guidelines. As such, the company is not disclosing production targets or financial projections from the original study and advises investors to exercise caution.
Kwong’s contract includes an annual consultancy fee of C$300,000 and a long-term incentive package comprising 3,000,000 performance-based rights expiring May 31, 2030. These are divided into two tranches: 1.5 million Class B rights tied to upgrading 50% to 60% of the Chibougamau Inferred Mineral Resource to Indicated or higher status, and 1.5 million Class C rights vesting if the 20-day volume-weighted average share price on the ASX reaches A$0.1815 or more. The agreement allows for termination with six months’ notice within the first year, reducing to three months thereafter, with provisions for change-of-control severance.
The Board of Directors has authorized this announcement.
David Southam
Executive Chairman
T: +61 8 6118 1627
E: info@cygnusmetals.com
Media Contact:
Paul Armstrong
Read Corporate
+61 8 9388 1474
— news from GlobeNewswire
— News Original —
Cygnus promotes highly experienced engineer to lead economic studies
TORONTO and PERTH, Australia, Oct. 26, 2025 (GLOBE NEWSWIRE) — Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) “Cygnus” or the “Company”) is pleased to announce that Chief Operating Officer “COO”) Nick Kwong will be promoted to President/Chief Executive Officer (“CEO”) of the Company following the transition of Ernest Mast from Managing Director to Non-Executive Director on 12 December 2025. n nMr Kwong is a globally experienced Mining Engineer who has led operations, feasibility studies and mine building activities over the past 20 years. He has been COO of the Chibougamau Project since 2022 and has worked extensively with Mr Mast over this time. His previous positions include General Manager of two gold mines at Maaden in Saudi Arabia and multiple senior roles within New Gold Inc. for 14 years, with his final role being Director of Technical Services. n nCygnus now has a dual strategy centred on exploration/resource growth, which is led by VP Exploration & Corporate Development Duncan Grieve, and updating the 2022 Preliminary Economic Assessment (“PEA”).* Mr Kwong is leading the PEA update in conjunction with independent consultants Ausenco. The updated study will take into account the growth and upgrade in mineral resources, including the addition of the high-grade Golden Eye deposit, and improved commodity price environment (copper, gold and silver). Following the completion of the PEA update, which considers the refurbishment of the existing 900ktpa processing plant, the Company’s focus will shift to completing a feasibility study and finalising the environmental approvals, which match Mr Kwong’s skillset. n nMr Mast has been integral to the success of the Chibougamau Project and has developed strong local ties with the local community, First Nations and government authorities. Importantly for Cygnus, the relationships and project knowledge will endure with his appointment as a Non-Executive Director. The terms and conditions of Mr Kwong’s new contract are outlined in Appendix A. n nThis announcement has been authorised for release by the Board of Directors of Cygnus. n nDavid Southam n nExecutive Chairman n nT: +61 8 6118 1627 n nE:info@cygnusmetals.comMedia: n nPaul Armstrong n nRead Corporate n n+61 8 9388 1474 n n* The outcomes of the PEA were first announced by Doré Copper Mining Corp. (“Doré”) on 10 May 2022 and the comprehensive technical report underpinning the PEA was announced by Doré in accordance with the requirements of NI 43-101 on 15 June 2022. The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR, SRK Consulting (Canada) Inc. and WSP Inc, and is available on SEDAR+. 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. n nAPPENDIX A – Terms and Conditions of CEO/President Contract n nCommencement Date12 December 2025TermNo fixed termConsultancy feeC$300,000 per annumLong term incentiveThe Company has agreed to issue to Mr Kwong (or his nominees) a total of 3,000,000 additional performance rights which expire on 31 May 2030 (Performance Rights). n nThe Performance Rights are to be issued under the Company’s Omnibus Equity Incentive Plan on the same terms as existing performance rights (refer to the Company’s notice of annual general meeting released to ASX on 14 April 2025), with a summary of the vesting conditions below: n n1,500,000 Class B Performance Rights, 50-100% of which will vest pro rata upon the Company announcing that between 50% and 60% of the Chibougamau Inferred Mineral Resource Estimate (“MRE”) has been converted to an MRE with an Indicated (or higher) classification; and n n1,500,000 Class C Performance Rights will vest upon the 20-Day volume weighted average market price of the Company’s Shares traded on the ASX being A$0.1815 or more per Share. n nTerminationCompany or Executive initiated termination by notice: 6 months’ notice in writing if within 12 months of appointment as CEO, otherwise 3 months’ notice in writing. A payment in lieu of notice may be made at the Company’s discretion. n nSummary termination: Immediate termination upon the provision of notice in writing. No entitlement to a notice period or termination payment (except for any entitlements accrued as at the termination date).Change of controlIf Mr Kwong’s services are no longer required within 6 months of a “change of control”, he shall receive a payment equal to 6 months of service.