Cygnus Metals Ltd — Capital/Financing Update 2021

Nov 16, 2021

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ISSUE OF SHARES AND APPENDIX 2A

ASX ANNOUNCEMENT: 17 November 2021

Further to the ASX announcement on 8 November 2021, Cygnus Gold Limited ( “Cygnus Gold” or the “Company” ) has issued 7,987,863 fully paid ordinary shares at an offer price of $0.115 per share ( Tranche 1 ). Tranche 1 of the Placement was undertaken pursuant to ASX Listing Rule 7.1A.

ASX: CY5

CORPORATE DIRECTORY

Executive Chairman Raymond Shorrocks

Non-Executive Directors

Michael Bohm Simon Jackson Shaun Hardcastle

Joint Company Secretaries Michael Naylor Susan Field

Tranche 2 of the Placement (comprising 1,577,354 shares) is subject to shareholder approval and the general meeting is expected to be held around 23 December 2021.

In addition, the Company has issued 5,000,000 unquoted options with an exercise price of $0.16 expiring three years from the date of issue (Placement Options).

With reference to the shares issued under Tranche 1, in accordance with section 708A(6) of the Corporations Act 2001 (Cth) ( Corporations 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 Corporations Act;

2. As at the date of this notice:

   • a) The Company has complied with the provisions of Chapter 2M of the Corporations Act as it applies to the Company;

   • b) The Company has complied with section 674 of the Corporations Act; and

   • c) There is no excluded information within the meaning of sections 708A(7) and 708A(8) of the Corporations Act which is required to be disclosed under section 708A(6)(e) of the Corporations Act.

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An Appendix 2A for the shares issued under Tranche 1 follows this announcement.

Cygnus Gold Limited

– Ground Floor 24 Outram Street West Perth WA 6005.

By authority of the board of directors.

For further information please visit www.cygnusgold.com or contact:

Michael Naylor - Company Secretary

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• T: +61 8 6118 1627 E: info@cygnusgold.com W: www.cygnusgold.com

Sue Field – Joint Company Secretary

• T: +61 8 6118 1627

• E: info@cygnusgold.com

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Cygnus Gold Limited

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About Cygnus Gold

Cygnus is currently targeting the discovery of high-grade gold, nickel, and base metals deposits within the Southwest Terrane, in the Wheatbelt region of Western Australia. The Southwest Terrane is a package of high metamorphic grade rocks forming part of the well mineralised Yilgarn Craton.

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Cygnus Gold Limited

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