Latest news with #CygnusMetals
Yahoo
2 days ago
- Business
- Yahoo
Issue of Shares and Cleansing Notice
Settlement of Tranche 1 of the Placement for A$18.2m TORONTO and PERTH, Australia, June 26, 2025 (GLOBE NEWSWIRE) -- Further to the ASX announcement on 20 June 2025, Cygnus Metals Limited ('Cygnus' or the 'Company') advises that it has issued a total of 211,627,907 fully paid ordinary shares ('Shares') at A$0.086 each under Tranche 1 of the Placement, raising a total of A$18,200,000 (before costs). The Shares were issued under the Company's existing capacity under ASX Listing Rules 7.1 (126,702,591) and 7.1A (84,925,316). A further 1,162,790 Shares are intended to be issued under Tranche 2 of the Placement to Non-Executive Director Raymond Shorrocks, or his nominees, subject to receipt of shareholder approval at a general meeting to be held in August 2025. In addition, the Company has issued a total of 306,129 Shares to employees on conversion of 350,000 vested Performance Rights issued under the Company's previous Employee Securities Incentive Plan. Cygnus issued the Shares without disclosure under section 708A(5) of the Corporations Act 2001 (Cth) ('Act'). With reference to those Shares issued, in accordance with section 708A(6) of the Act, the Company gives notice under paragraph 708A(5)(e) that: 1. the Company issued the Shares without disclosure under Part 6D.2 of the Act; and 2. as at the date of this notice: a) the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company; b) the Company has complied with sections 674 and 674A of the Act; and c) other than as set out below, there is no excluded information within the meaning of sections 708A(7) and 708A(8) of the Act which is required to be disclosed under section 708A(6)(e) of the Act. As previously announced, the Company has ongoing exploration and drill programs at its Chibougamau Copper-Gold Project in Quebec and is awaiting assay results from its current drill program (which remains ongoing). The Company will announce its assay results when it is in a position to complete the collation and interpretation of all data and in accordance with its continuous disclosure obligations, the JORC Code and the ASX Listing Rules. This announcement has been authorised for release by the Board of Directors of Cygnus. David SouthamExecutive ChairT: +61 8 6118 1627E: info@ Ernest MastPresident & Managing DirectorT: +1 647 921 0501E: info@ Media:Paul Armstrong Read Corporate+61 8 9388 1474 About Cygnus Metals Cygnus Metals Limited (ASX: CY5, TSXV: CYG) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.
Yahoo
20-06-2025
- Business
- Yahoo
Cygnus Metals to raise $11.8m for Canadian copper-gold project
Cygnus Metals, a diversified critical minerals development company, has secured commitments to raise A$18.3m ($11.8m) through a share placement. The funds will be used to develop the Chibougamau copper-gold project in Canada. It will support exploration, resource growth and studies to advance the project's development. The funds will also provide general working capital and cover costs associated with the placement. The placement will proceed in two tranches, with the first tranche of 211.6 million shares raising A$18.2m and the second tranche, subject to shareholder approval, potentially adding A$100,000 through the issuance of 1.16 million shares to non-executive director Raymond Shorrocks or his nominees. The first tranche is expected to settle on 26 June 2025 and does not require shareholder approval. Cygnus Metals' recent drilling success at the Corner Bay deposit and the discovery of high-grade gold and copper at the new Golden Eye prospect within the Chibougamau copper-gold project in Quebec have set the stage for a resource update in the next quarter. Cygnus managing director David Southam said: 'We have been generating outstanding results at Chibougamau and the proceeds of this raising will enable us to unlock the value much faster." The company's pro-forma cash balance is forecasted to be approximately A$23.7m before placement costs, as of 30 June 2025. Southam added: '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. 'This comes against a backdrop of increased M&A [mergers and acquisitions] activity in the copper space, which demonstrates that finding high-grade copper/gold projects with infrastructure in mining friendly jurisdictions are rare – we just happen to have one of the best.' In January, Cygnus Metals and Doré Copper Mining completed their merger, creating a dual-listed critical minerals company with two core assets – Doré's Chibougamau copper-gold project and Cygnus' James Bay lithium projects in Quebec. "Cygnus Metals to raise $11.8m for Canadian copper-gold project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Market Online
20-06-2025
- Business
- The Market Online
Cygnus raises $16.2M to accelerate resource growth and mining studies
Cygnus Metals (TSXV:CYG) received firm commitments from institutional and sophisticated investors to raise approximately C$16.2 million (before costs) through a two-tranche share placement Proceeds from the financing will be directed toward exploration and resource growth at the Chibougamau Copper-Gold Project The company is planning a resource update next quarter Cygnus Metals stock (TSXV:CYG) last traded at $0.08 Cygnus Metals (TSXV:CYG) has received firm commitments from institutional and sophisticated investors to raise approximately C$16.2 million (before costs) through a two-tranche share placement. The capital raise will support the company's continued exploration and development activities at its flagship Chibougamau Copper-Gold Project in Québec, Canada. The placement will involve the issue of 212,790,697 fully paid ordinary shares at an issue price of $0.086 per share, representing an 8.5 per cent discount to the last closing price of $0.094 on 17 June 2025. Following the placement, Cygnus forecasts a pro-forma cash balance of approximately C$21.0 million as of 30 June 2025 (before placement costs), significantly strengthening its financial position. Proceeds from the financing will be directed toward: Exploration and resource growth at the Chibougamau Copper-Gold Project Resource conversion and permitting activities Advancing technical studies based on the 2022 Preliminary Economic Assessment (PEA) completed by Doré Copper Mining Corp. General working capital and placement-related costs The placement will be conducted in two tranches: Tranche 1 : Comprising 211,627,907 shares to raise approximately C$16.1 million under the company's existing placement capacity under to ASX listing rules. Settlement is expected on 26 June 2025. : Comprising 211,627,907 shares to raise approximately C$16.1 million under the company's existing placement capacity under to ASX listing rules. Settlement is expected on 26 June 2025. Tranche 2: Comprising 1,162,790 shares to raise up to C$88,810.00, to be issued to Non-Executive Director Raymond Shorrocks or his nominees. This tranche is subject to shareholder approval at a General Meeting anticipated in August 2025. 'We have been generating outstanding results at Chibougamau and the proceeds of this raising will enable us to unlock the value much faster,' Cygnus Managing Director David Southam said in a news release. '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. This comes against a backdrop of increased M&A activity in the copper space which demonstrates that finding high-grade copper/gold projects with infrastructure in mining friendly jurisdictions are rare – we just happen to have one of the best.' Following a successful drilling campaign at the flagship Corner Bay deposit and the identification of high-grade gold/copper at the new Golden Eye prospect, the company is planning a resource update next quarter. Cygnus Metals Ltd. is a critical minerals exploration and development company with projects in Québec, Canada and Western Australia. Cygnus Metals stock (TSXV:CYG) last traded at $0.08. Join the discussion: Find out what everybody's saying about this stock on Cygnus Metals' Bullboard, and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Hamilton Spectator
01-06-2025
- Business
- Hamilton Spectator
Digging for Opportunity – Crees take greater role in mining industry
With Eeyou Istchee recognized as a top-tier global mining destination, Cree leaders are now more visible at influential industry events. A pragmatic approach to government-industry collaboration has enabled extensive Cree participation in the region's exploration and extraction projects. At the Resourcing Tomorrow conference in London last December, former Grand Chief Mandy Gull-Masty emphasized that as sustainability is central to project development, collaboration must focus on mitigating long-lasting impacts while promoting development opportunities and knowledge sharing with community members. 'Engaging early with the Indigenous community allows for the protection of your investment,' Gull-Masty asserted. 'It removes barriers to communication and surprises in the project management chain. Social acceptability begins with the point of contact.' Most companies operating in Eeyou Istchee today appear to have learned that lesson, partnering with communities to overcome resistance and engage local workforces. Ahead of a copper-gold exploration drilling campaign near Chibougamau this year, Cygnus Metals sponsored events and identified community priorities in Ouje-Bougoumou. 'Working with the community for a project that benefits them as well is important,' said Nick Kwong, the company's chief operating officer. 'It's producing well-paying, long-term jobs, building that training so the next generations can be part of the workforce. What's really nice in Ouje, there's a new training centre that was just built last year.' At the CIM Connect conference in Montreal May 4-7, Kwong worked with Jarris Gull, director of mining services at Waswanipi's Asinii Consulting. Waswanipi Development Corporation president Marcel Happyjack delivered a presentation about a transmission line the community built to connect the Windfall mine to the Hydro-Québec grid. Working relationships with mining companies have changed immensely since the Cree Mineral Exploration Board (CMEB) was created out of the Paix des Braves agreement in 2002. Its efforts at bridging companies with communities were acknowledged with a sustainable development award at the Quebec Mineral Exploration Association's gala in November. 'I've made conferences and presentations in Alberta, BC, Australia about how the Crees are doing,' said Youcef Larbi, CMEB chief geologist and director general. 'The Crees are doing very well because they thought about good strategy from the beginning, benefiting from this development that's going to happen anyways.' Noting violent confrontations worldwide between mining companies and Indigenous communities, Larbi suggested that Billy Diamond wisely negotiated a compromise with developers in the 1970s while the more resistant neighbouring Algonquins have remained relatively impoverished. With about 630 active projects in Eeyou Istchee, CMEB's mandate is to highlight the region's mineral potential while guiding exploration companies in respecting the people, culture and land. While mining claims are filed across nearly the whole territory, there are currently only about 30 significant projects. 'There are a thousand projects before you get one off the ground,' Larbi explained. 'We have seven Cree exploration companies and 30 Cree prospectors on the land, all of them independent. The Australians can't be here, so they deal with our companies.' After new provincial regulations introduced last year, exploration companies must apply for authorization to carry out work like excavation or rock stripping that impacts the land. The CMEB communicates extensively with the Cree Trappers' Association about activities on the land while promoting the hiring of Crees to increase social acceptability. Although gold was CMEB's initial focus, lithium is increasingly important and, despite Stornoway's bankruptcy, a huge diamond deposit remains. Altogether, Larbi estimated that less than 200 Crees work directly in mining, which he suggested wasn't necessarily bad because 'mines are not a way of life' and rarely active more than 15 years. He believes their geology program at Centre d'études collégiales à Chibougamau in partnership with Apatisiiwin Skills Development (ASD) offers more empowering career opportunities. Although the challenging program's success rate is less than half, graduates are in high demand. ASD provides training funds and salary subsidies to promote Cree employment in the industry, working with companies to support Cree capacity building and developing courses to meet specific needs through the Cree School Board. At the Éléonore goldmine on Wemindji territory, the Opinagow Collaboration Agreement signed in 2011 states a goal of employing as many Crees as possible. Although Newmont sold the mine to Dhilmar in November, regular on-site training programs should continue. At the end of 2024, 53 of its 807 employees were Cree. 'They're predominantly heavy equipment operators,' said ASD program manager Stephane Petawabano. 'Unfortunately, the current workforce isn't too happy regarding their promotional opportunities. They see their peers climb the ladder faster, which is concerning.' With Cree turnover at the mine three times higher than average, a recent employee retention report revealed allegations of stereotypical attitudes and favouritism affecting promotions. The report addressed cultural communication differences and the challenges of being far from family. 'Some guys don't like working with women,' said Mary-Jane Rabbitskin. 'Some guys talked in French on the radio [thinking she couldn't understand] and I responded back. That's when they got quiet. I think for some Crees they put down their confidence – they can't get me.' Rabbitskin was one of only four Crees selected from 200 applicants for Éléonore's semi-annual training program. She thinks the other woman in her cohort quit after some explosives blasting underground were too close for comfort. With experience driving 12-wheelers in Chisasibi, Rabbitskin enjoyed driving all types of trucks in the mine. 'I got to drive 45-ton and 60-ton trucks underground,' Rabbitskin said. 'At first it was scary because it was so dark – it was really deep. But I was confident and good at it and I'm going back again.' She'll initially be working above-ground with Tawich Construction when returning to the site next month. Saying that there's demand for drivers at the Galaxy lithium mine near Km381 of the Billy Diamond Highway, Rabbitskin appealed for more women to join the profession. 'In Chisasibi, people are so proud to see a woman be a truck driver and I'd like to see that in the mining industry,' said Rabbitskin. 'I've always been all alone. I see little girls wanting me to use the biggest horn and I get so proud. A woman told me her girl saw me and wants to be a truck driver too.' Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
