Cygnus Metals Ltd — Director's Dealing 2025

Dec 18, 2025

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	Cygnus Metals Limited
ABN	80 609 094 653

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

director for the purposes of section	205G of the Corporations Act.
Name of Director	Ernest Mast
Date of last notice	11 July 2025

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest(including registered holder)Note: Provide details of the circumstancesgiving rise to the relevant interest.	-
Date of change	15 December 2025
No. of securities held beforechange	6,394,464 fully paid ordinary shares576,355 unlisted options (Ex C$0.6012, Expiry 22/04/2026)457,425 unlisted options (Ex C$0.3225, Expiry 12/05/2027)914,850 unlisted options (Ex C$0.2241, Expiry 19/08/2027)457,425 unlisted options (Ex C$0.1093, Expiry 12/05/2028)2,515,837 unlisted options (Ex C$0.0547, Expiry 19/04/2029)4,000,000 Class AA performance rights (Expiry 31/05/2030)4,000,000 Class AB performance rights (Expiry 31/05/2030)4,000,000 Class AC performance rights (Expiry 31/05/2030)
Class	(a) Class AB performance rights (Expiry 31/05/2030)(b) Class AC performance rights (Expiry 31/05/2030)
Number acquired	-
Number disposed	(a) 3,000,000(b) 3,000,000

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration	Nil cash consideration – voluntarily forfeited
Note: If consideration is non-cash, provide
details and estimated valuation
No. of securities held after	6,394,464 fully paid ordinary shares
change	576,355 unlisted options (Ex C$0.6012, Expiry 22/04/2026)
	457,425 unlisted options (Ex C$0.3225, Expiry 12/05/2027)
	914,850 unlisted options (Ex C$0.2241, Expiry 19/08/2027)
	457,425 unlisted options (Ex C$0.1093, Expiry 12/05/2028)
	2,515,837 unlisted options (Ex C$0.0547, Expiry 19/04/2029)
	4,000,000 Class AA performance rights (Expiry 31/05/2030)
	1,000,000 Class AB performance rights (Expiry 31/05/2030)
	1,000,000 Class AC performance rights (Expiry 31/05/2030)
Nature of change	Performance rights forfeited by mutual agreement following
Example: on-market trade, off-market trade,exercise of options, issue of securities under	change of role from Managing Director to Non-Executive
dividend reinvestment plan, participation in	Director
buy-back

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest
Name of registered holder
(if issued securities)
**Date of change **
No. and class of securities to which interest related prior to change
Note:Details are onlyrequiredfora contract in relation to which theinterest has changed
Interest acquired
Interest disposed
Value/Consideration
Note:Ifconsideration isnon-cash, provide details and anestimated valuation
**Interest after change **

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailed above traded	N/A
during a+closed period where prior written clearance was required?
If so, was prior written clearance provided to allow the trade to proceed
during this period?
If prior written clearance was provided, on what date was this
provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011