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 PresidentChief Executive Officer (“CEO”) of the Company following the transition of Ernest Mast from Managing Director to Non-Executive Director on December 12, 2025.
Mr. Kwong is a globally experienced mining engineer who has led operations, feasibility studies and mining operations for the past twenty years. He has been COO of the Chibougamau Project since 2022 and has worked intensively with Mr Mast during that time. His previous positions include General Manager of two gold mines at Maaden in Saudi Arabia and multiple senior positions within New Gold Inc. for 14 years, most recently Director of Technical Services.
Cygnus now has a dual strategy focused on resource exploration/growth, led by VP Exploration & Corporate Development Duncan Grieve, and updating the 2022 Preliminary Economic Assessment (“PEA”).* Mr Kwong is leading the PEA update in collaboration with independent consultants Ausenco. The updated study will take into account the growth and upgrading of mineral resources, including the addition of the high-grade Golden Eye deposit, and an improved commodity price environment (copper, gold and silver). Following the completion of the PEA update, which takes into account the renovation of the existing 900ktpa processing plant, the company’s focus will shift to completing a feasibility study and finalizing environmental approvals, which align with Mr Kwong’s skillset.
Mr 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 agencies. Importantly for Cygnus, relationships and project knowledge will continue with his appointment as non-executive director. The terms of Mr. Kwong’s new contract are detailed in Appendix A.
This announcement has been approved for publication by the Cygnus Board of Directors.
| David Zuidam Executive Chairman T: +61 8 6118 1627 E: info@cygnusmetals.com | Media: Paul Armstrong Read Business +61 8 9388 1474 |
* The results of the PEA were first announced by Doré Copper Mining Corp. (“Doré”) on May 10, 2022 and the comprehensive technical report supporting the PEA was announced by Doré on June 15, 2022 in accordance with the requirements of NI 43-101. The technical report was prepared by BBA Inc., with several consulting firms contributing to parts of the study, including SLR, SRK Consulting (Canada) Inc. and WSP. Inc, and is available on SEDAR+. Cygnus warns that the PEA is a preliminary technical, conceptual and economic study, carried out by Doré, of the initial evaluation and potential development of the Chibougamau project. This is only an exploratory level of study, which is based on a lower level of technical assessment, which is not sufficient to support the estimate of ore reserves and is inherently uncertain. The production targets and projected 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 publicly disclose the outcomes of the PEA as the significant portion of inferred resources included in the Life of Mine means that there are not considered sufficient reasonable grounds under ASX and ASIC guidelines for the production targets and expected financial information disclosed in the PEA. Accordingly, Cygnus does not disclose the production targets and financial forecasts reported in the PEA and Cygnus cautions investors against making investment decisions based on such targets and forecasts.
APPENDIX A – Terms and Conditions of CEO/President Contract
| Effective date | December 12, 2025 |
| Term | No fixed term |
| Consultancy costs | $300,000 per year |
| Long-term incentive | The Company has agreed to issue to Mr. Kwong (or his nominees) an aggregate of 3,000,000 additional performance rights expiring on May 31, 2030 ( Performance rights ). The Performance Rights are to be issued under 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 released to ASX on April 14, 2025), with a summary of the vesting conditions below:
|
| Termination | The company or manager has initiated the termination by giving notice : Written notice period of 6 months if within 12 months of appointment as CEO, otherwise written notice period of 3 months. A payment in lieu of notice may be made at the Company’s discretion. Termination summary : Immediate termination upon written notice. No right to notice or termination compensation (with the exception of any accrued rights on the termination date). |
| Change of control | If Mr. Kwong’s services are no longer required within six months of a “change of control”, he will receive a payment equal to six months of service. |
#Cygnus #promotes #highly #experienced #engineer #lead #economic #studies