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2026-11-06
◂ Monitor CY5 ASX

Cygnus Metals Limited

Scoping Study Developer · Copper · Gold · Canada · Australia Rating locked: sign in to view v6.2
Last 2026-10-29
A$0.16
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$203.5M
EV
A$176.7M
Cash
A$25.5M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$25.5M Finite
Debt A$0 Net cash A$25.5M
Basic shares 1.3B 2026-09-21
Runway 4.02 quarters Issuer Appendix 5B calculation using A$25.521 million cash and A$6.342 million of relevant quarterly outgoings.

Liquidity

Financial position

June 30 reviewed cash of A$25.521m, no drawn borrowing in the Appendix 5B and 4.02 quarters of issuer-calculated runway; future development capital is unquantified and the proposed CAML scheme remains conditional.

Inventory composition1

No saleable mineral inventory identified; the listed Stria stake was carried at A$1.309m on 30 June 2026.

1.65 million listed Stria Lithium shares
A$1.3M carrying · 1,650,000 Stria shares

Capital structure

Ownership and dilution

Ordinary shares
1.3B
Fully diluted
1.3B

July 20 ordinary balance 1,227,592,052 plus September issues of 9,603,413, 10,333,333, 24,144,665 and 188,623 gives 1,271,862,086. Remaining 10,831,821 options and 37,052,501 performance rights yield 1,319,746,408 fully diluted equivalents. September 15 gross rights exceeded shares issued by 79,958 because of net settlement; no unissued rights were counted twice.

Security classes8
ClassTypeQuantityStrikeExpiry
Option expiring 26-Sep-2026, exercise CAD 0.0574Option34.3KA$0.0572026-09-26
Option expiring 12-May-2027, exercise CAD 0.3225Option1MA$0.3222027-05-12
Option expiring 13-Jun-2027, exercise CAD 0.3006Option109.8KA$0.3012027-06-13
Option expiring 12-May-2028, exercise CAD 0.1093Option1.2MA$0.1092028-05-12
Option expiring 19-Apr-2029, exercise CAD 0.0547Option6.5MA$0.0552029-04-19
Option expiring 16-Sep-2029, exercise CAD 0.0574Option103KA$0.0572029-09-16
Option expiring 19-Aug-2027, exercise CAD 0.2241Option1.8MA$0.2242027-08-19
Performance rightsPerformance Right37.1MA$0—

KPI history

Operating metrics

Source values by period
Operating metric source table3
MetricProjectPeriodPeriod typeValueStatus
OtherCompanyquarter ended 30 June 2026Quarter6,342,000 AUDReported
OtherCompanysix months ended 30 June 2026Half Year-4,652,294 AUD loss after taxReported
RevenueCompanysix months ended 30 June 2026Half Year0 AUD external customer salesReported
Company guidance2
MetricProjectPeriodLowHighStatus
Updated Scoping Study / Pea Completionchibougamauafter the September 2026 scheme meeting—— date not providedWithdrawn
Golden Eye Updated Mineral Resourcechibougamauby end of 2026—— resource updateCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-15RaisingFully Paid Ordinary SharesA$194.2K1MA$0.185CompletedFinal non-cash consideration for the Sakami and Beryl acquisitions after shareholder approval.Max 1M · Period 2026-06-15 to 2026-06-15 · Holder approval required
2026-03-20Ann. 2026-03-11RaisingFully Paid Ordinary SharesA$25M156.2MA$0.16CompletedA$25 million placement completed through issue of 156.25 million ordinary shares at A$0.16.Max 156.2M · Period 2026-03-11 to 2026-03-20

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-09-26

Annual-report note 18 and later quarterly/transaction filings; no commodity or FX hedges were disclosed.

Cygnus receives 51% of Pontax currently; moving to 70% requires remaining spend and payment, so the additional interest is conditional.

Earn In · Active
Counterparties
Stria Lithium Inc.
Applies to
Pontax Lithium Project · Lithium
Economic direction
Mixed
Period
2025-04-02 to 2027-10-31
Key terms
current interest: 51 %
additional interest conditional: 19 %
remaining exploration spend: 2,000,000 CAD
cash payment to Stria: 3,000,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

Separate Pontax Extension claims are subject to a remaining spend condition; the tenure ledger describes the relevant vendor-held portion as earning up to 100%.

Earn In · Active
Counterparties
Canadian Mining House
Applies to
Pontax Lithium Project · Lithium
Economic direction
Mixed
Period
Through 2026-11-18; start date not stated
Key terms
remaining exploration spend: 750,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

Gwillim joint venture land is held 50:50, and Alamos co-funds the initial drilling programme.

Joint Venture · Active
Counterparties
Alamos Gold
Applies to
Gwillim Gold Joint Venture · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Cygnus interest: 50 %
Alamos interest: 50 %
initial drilling co-funding: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

A WA farm-out register reports Cygnus holding 20%, diluting to 10%, on E70/4787, E70/5131 and E70/6058; economic terms and partner are not disclosed in selected filings.

Farm Out · Active
Counterparties
Counterparty not named in quarterly tenement table
Applies to
Bencubbin Project
Economic direction
Mixed
Period
Dates not stated
Key terms
retained interest: 20 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional all-scrip acquisition of every CY5 ordinary share; consideration floats with CAML price and GBP/AUD, with Kazakhstan clearance and court approval outstanding.

Other · Conditional
Counterparties
Central Asia Metals PLC
Applies to
Company-wide
Economic direction
Benefit
Period
From 2026-06-02; no end date stated
Key terms
exchange ratio: 0.06 CAML shares per CY5 share
Cygnus shares acquired: 100 %
revised implementation date: 2026-10-27 date
How it affects our valuation

No valuation treatment is available for this arrangement.