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 appointed President/Chief Executive Officer (“CEO”) of a company upon transfer to another position. Ernesta Mast from Managing Director to Non-Executive Director from 12 December 2025
Mr. Kwong is a mining engineer with global experience who has led operations, feasibility studies and construction activities over the past 20 years. He has been the executive director of the Shibugamo project since 2022 and has actively collaborated with Mr. Mast during this time. His previous positions include General Manager of two Ma'aden gold mines in Saudi Arabia, as well as several management positions at New Gold Inc. for 14 years, most recently serving as Director of Maintenance.
Cygnus now has a dual strategy focused on exploration/resource growth, led by Vice President of Exploration and Corporate Development Duncan Grieve, and a 2022 Preliminary Economic Assessment (“PEA”) update.* Mr. Kwong is leading the PEA update in conjunction with independent consultants Ausenco. The updated study will take into account growth and improvements in mineral resource reserves, including the addition of the high-grade GoldenEye deposit, as well as improvements in commodity prices (copper, gold and silver). Following the completion of the PEA update, which looks at upgrading the existing 900ktpa processing plant, the company's focus will shift to completing the feasibility study and completing environmental clearances that suit Mr Kwong's skill set.
Mr. Mast was instrumental in the success of the Shibougamo project and developed strong relationships with the local community, indigenous peoples and government agencies. Importantly for Cygnus, the relationships and knowledge of the projects will continue beyond his appointment as a non-executive director. The terms of Mr. Kwong's new contract are set out in Appendix A.
This announcement has been authorized for publication by the Cygnus Board of Directors.
| David Southam Executive Chairman T: +61 8 6118 1627 E:[email protected] |
Media: Paul Armstrong Read Corporate +61 8 9388 1474 |
* The PEA results were first announced by Doré Copper Mining Corp. (“Dore”) on 10 May 2022, and the detailed technical report underlying the PEA was announced to Dore in accordance with the requirements of NI 43-101 on 15 June 2022. The technical report was prepared by BBA Inc. with the participation of several consulting firms that contributed to sections of the study, including SLR, SRK Consulting (Canada) Inc. and WSP. Inc and is available on SEDAR+. Swan cautions that the PEA represents a preliminary technical, conceptual and economic study conducted by Doré for the initial assessment and potential development of the Chibougamo project. This is only at the level of a preliminary study, which is based on a lower level of technical assessment, which is insufficient to estimate ore reserves and which is inherently uncertain. The production targets and forecast financial information disclosed in the PEA are supported by Measured Mineral Resources (approximately 1.17%), Indicated Mineral Resources (approximately 32.10%) and Inferred Mineral Resources (approximately 66.73%). However, Cygnus is unable to disclose the results of the PEA because the significant portion of the inferred resource included in the life of mine means that it is not considered to be a reasonable basis for the mining objectives and projected financial information disclosed in the PEA under ASX and ASIC guidance. Accordingly, Cygnus does not disclose the production targets and forecast financial information presented in the PEA and cautions investors not to make investment decisions based on such targets and forecasts.
APPENDIX A – Terms of the CEO/President Contract
| start date | December 12, 2025 |
| Term | No fixed deadline |
| Cost of consultation | $300,000 per year |
| Long-term incentive | The Company has agreed to grant Mr. Kwong (or his nominees) a total of 3,000,000 additional performance rights expiring on May 31, 2030 (Performance Rights).
The performance rights are to be issued pursuant to the Company's Omnibus Equity Incentive Plan on the same terms as the existing performance rights (see the Company's notice of annual general meeting issued by the ASX on 14 April 2025), with vesting conditions summarized below:
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| Termination | The company or manager initiated the termination by notice: 6 months written notice if within 12 months of appointment as CEO, otherwise 3 months written notice. Payment in lieu of notice may be made at the Company's discretion.
Brief termination: Immediate termination upon written notice. No right to notice period or termination payment (except for any rights accrued on the date of termination). |
| Change of control | If Mr. Kwong's services are no longer required within 6 months of the “change of control”, he shall receive payment equal to 6 months of service. |
