Cygnus Metals (CY5) Q3 2024 TU earnings summary

Executive summary

• Announced a merger with Doré Copper Mining, creating a Canadian-focused critical minerals company with core copper and lithium assets in Quebec.

• Completed due diligence and site visits at the Chibougamau Copper-Gold Project, confirming high-grade resources and infrastructure.

• Raised A$11 million through a two-tranche placement to institutional and sophisticated investors.

• Advanced lithium exploration at Auclair and Sakami projects, with drilling and fieldwork completed and assays pending.

Financial highlights

• Cash and cash equivalents at 30 September 2024 were $3.5 million, up from $3.1 million at 30 June 2024.

• Net cash used in operating activities for the quarter was $(1.06) million.

• Net cash used in investing activities was $(1.35) million, mainly for exploration and evaluation.

• Net cash from financing activities was $2.84 million, reflecting proceeds from equity placements.

• Estimated quarters of funding available: 1.47, with additional A$11 million raised post-quarter.

Outlook and guidance

• Aggressive exploration planned at Chibougamau to drive resource growth using modern geophysics and systematic drilling.

• Focus on expanding lithium resources at Auclair and Sakami, with assay results expected next quarter.

• Confident in ability to continue operations and meet objectives, supported by recent capital raising.