Cygnus Metals (ASX:CY5) is raising $25 million through a share placement to advance resource evaluation and technical studies at the Chibougamau Copper-Gold Project in Québec, Canada.
The company will issue 156.3 million shares at $0.16 each, representing a 5.9% discount to the last sale price and a 15.2% discount to the 15-day volume weighted average price.
Canaccord Genuity and Euroz Hartleys are acting as the joint lead managers for this placement, which is expected to be settled on 19 March 2026.
Cygnus’ second largest shareholder prior to the placement, Ocean Partners, has elected to support the capital raise, which the company says is due to its “fundamental belief in the value of the Chibougamau Copper-Gold Project and its insights into the global copper supply markets”.
Funds will be used for resource growth, resource conversion, exploration across numerous prospects including Joe Mann and Gwillim, ongoing permitting work, study completion, and early works at the milling infrastructure.
Executive Chairman David Southam says Cygnus has delivered on its first year of strategy at the Chibougamau since taking ownership with increased resources and a new resource at Golden Eye.
“The new round of funding is designed to grow our resources further, upgrade more resources into high confidence, and aggressively drill some recently identified high-grade gold-copper targets,” Southam says.
“With three rigs now operating and production studies progressing, we have several avenues for driving rapid shareholder value.”
Cygnus Metals is a diversified explorer focused on developing critical minerals projects in Québec and Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Cygnus Metals
