Cygnus Metals (CY5) Q2 2024 TU earnings summary

Executive summary

• Preparatory work advanced exploration targets at Auclair, with drilling to follow up on thick spodumene mineralisation (43.7m @ 1.15% Li₂O).

• Capital raising of A$3 million completed post-quarter, supporting exploration and new project assessments in battery metals.

• Focus remains on lithium projects in Quebec and base/REE metals in Western Australia.

Financial highlights

• Cash and cash equivalents at 30 June 2024 were A$3.1 million, down from A$6.0 million at 31 March 2024.

• Net cash used in operating activities for the quarter was A$468k; investing activities used A$2.7 million, mainly for exploration.

• Pro-forma cash post-placement totals A$6.0 million.

• Payments to related parties during the quarter totaled A$252k.

Outlook and guidance

• Drilling at Auclair to commence in July, targeting extensions at Pegasus and first drilling at Lyra.

• Australian summer drilling planned at Snake Rock Cu-Au project, supported by EIS funding.

• Further work at Bencubbin REE project to be aligned with national research initiatives.