The first tranche is expected to settle on 26 June 2025 and does not require shareholder approval.
The share placement will occur in two tranches. The first, raising A$18.2 million through 211.6 million shares, is set to settle on June 26, 2025, and does not require shareholder approval. The second tranche, pending shareholder approval, aims to raise A$100,000 by issuing 1.16 million shares to non-executive director Raymond Shorrocks or his nominees. Post-placement, the company’s pro-forma cash balance is projected at approximately A$23.7 million before costs, as of June 30, 2025.
Recent drilling at the Chibougamau project’s Corner Bay deposit and the discovery of high-grade gold and copper at the Golden Eye prospect have paved the way for a resource update in the coming quarter. Cygnus Metals’ managing director, David Southam, stated: “We have been generating outstanding results at Chibougamau and the proceeds of this raising will enable us to unlock the value much faster.”
Southam further noted: “There is clearly immense scope to grow and upgrade the project’s resource on the back of Corner Bay and Golden Eye. Given this potential, we want to move as quickly as possible on the exploration front and advance our study work at the same time.”
The funding comes amid increased merger and acquisition activity in the copper sector, highlighting the value of high-grade copper-gold projects in mining-friendly regions like Quebec. In January 2025, Cygnus Metals merged with Doré Copper Mining, forming a dual-listed critical minerals company with key assets, including the Chibougamau copper-gold project and Cygnus’ James Bay lithium projects in Quebec.
This financial boost positions Cygnus Metals to accelerate exploration and development at Chibougamau, enhancing its role in the critical minerals sector and supporting sustainable resource growth in Canada.
