Cygnus Metals (CY5) Acquisition presentation summary

Strategic rationale and merger overview

• Merger of equals between two companies to create a Quebec-focused critical minerals company with a high-grade copper-gold project and lithium assets.

• All-scrip transaction with Cygnus shareholders owning ~55% and Doré shareholders ~45% of the merged group.

• Board to include equal representation from both companies, with experienced leadership in mining development and capital markets.

• Merger aims to leverage infrastructure, modern exploration, and regional consolidation opportunities.

• Supported by founders of Andean Silver and FireFly Metals, with strong capital backing.

Asset portfolio and resource highlights

• Chibougamau Copper-Gold Project: 10.8Mt @ 3.5% CuEq, one of the highest-grade resources on the ASX.

• James Bay Lithium Projects: JORC inferred resource of 10.1Mt @ 1.04% Li₂O at Pontax, with additional spodumene discoveries.

• Chibougamau district has produced 945kt Cu and 3.5Moz Au historically across 16 mines.

• Existing 900ktpa processing facility, only mill within 250km, with significant infrastructure including hydro power, roads, and rail.

• Opportunity for resource growth due to underexplored areas and lack of modern geophysics.

Growth strategy and exploration upside

• Multi-pronged growth pathway includes resource and extension drilling, brownfield exploration, and project acquisition.

• All current resources and historic mines remain open at depth and along strike, with significant high-grade intersections outside current resources.

• Modern exploration techniques and data compilation to unlock further value.

• Consolidation opportunity in a district with fragmented ownership and multiple nearby projects.

• Focus on leveraging existing infrastructure for fast-tracked development and regional ore processing.