ASX: CY5 · Five-year financial review

Cygnus Metals Limited (ASX: CY5) - Five-Year Financial Review FY2021-FY2025

A five-year review of the Australian-dollar consolidated statements and selected project disclosures. Each column uses that year's issued annual report; FY2024 cash-flow presentation differs from its later comparative, and the FY2024 Doré acquisition changes the group boundary.

Financial years ended 31 December 2021, 2022, 2023, 2024 and 2025 (each 12 months). · Editorial review: 2026-09-24 · MII Research

Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.

FY2025 statutory loss

A$7.54m

Loss after tax, year ended 31 December 2025.

FY2025 cash

A$13.35m

Cash and cash equivalents at 31 December 2025.

FY2025 exploration assets

A$73.83m

Capitalised exploration and evaluation at 31 December 2025.

FY2025 shares

1.064bn

Ordinary shares on issue at 31 December 2025.

Five years in context

Cygnus began this span as Cygnus Gold Limited, a Western Australian gold and base-metals explorer. It moved into Canadian lithium projects during 2022–2023, changed its name in February 2023, and completed the Doré Copper merger on 31 December 2024, adding the Chibougamau copper-gold project. These portfolio changes explain why project carrying values and operating costs need context before year-on-year comparison.

The company remained an exploration and development issuer over the five years. Its statements show other income and finance income, recurring statutory losses, capitalised exploration spending, and equity funding; they do not show a producing mine revenue series. The 2024 Doré transaction introduced a large noncash asset and equity step-up alongside cash acquired on completion.

Events behind the numbers

FY2021

WA exploration and equity funding

At 31 December 2021 Cygnus Gold held Western Australian exploration tenure; a November placement and subsequent January 2022 issue supported the funding position.

FY2022

Canadian lithium entry

The company entered the Pontax lithium earn-in in July 2022 and began a maiden drill program in November; the Canadian exploration segment and flow-through funding were added during the year.

FY2023

Name and project expansion

Cygnus Gold changed its name to Cygnus Metals on 8 February 2023. Canadian lithium exploration and acquisition activity expanded, while the statutory loss included a large share-based-payment charge.

FY2024

Doré merger at year end

The Doré Copper merger completed on 31 December 2024; the asset note records Chibougamau acquisition additions, including a noncash component, and the cash-flow statement separately records cash acquired.

FY2025

Chibougamau exploration focus

The FY2025 report describes drilling at Chibougamau while capitalised Canadian exploration spending continued; cash financing came from a placement, and the loss included care-and-maintenance and site-administration costs.

FINANCIAL REVIEW / 01

Earnings and statutory result

Cygnus reported losses throughout the period. The FY2023 loss is materially affected by share-based payments; FY2025 expense lines also show the expanded Chibougamau footprint. Other income is kept separate from sales revenue.

Statutory loss after tax

AUD

Loss after income tax (attributable to equity holders)

Each bar uses the statutory result in the table; negative values represent losses.

AI-generated presentation · values from Statutory income statement and loss per share; no missing values plotted as zero.

Statutory income statement and loss per share

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Other income	24,883	685,203	2,875,304	2,536,814	592,401
Finance income	5,428	5,123	118,519	227,905	449,874
Results from operating activities	-2,086,609	-2,325,578	-11,600,282	-2,651,588	-7,988,756
Loss before income tax	-2,081,181	-2,320,455	-11,481,763	-2,423,683	-7,538,882
Income tax expense	0 (nil)	-440,773	-2,018,533	-1,348,886	0 (nil)
Loss after income tax (attributable to equity holders)	-2,081,181	-2,761,228	-13,500,296	-3,772,569	-7,538,882
Basic and diluted loss per sharecents/share	-1.91	-0.45	-5.84	-1.08	-0.79

AUD amounts are reported by the annual report for each year; EPS is cents per share. Other income is not mining sales revenue.

The 2024 income statement is retained on its original presentation basis. The 2025 comparative combines 2024 payroll tax with employee benefits, so the two presentations should not be mixed line by line.

Basis and presentation notes (2)

Income tax expense / FY2021 — 0 (nil): A dash appears for this line in the source table.
Income tax expense / FY2025 — 0 (nil): The selected table displays a dash for this line.

Source: Cygnus annual reports and selected same-issuer financial-statement tables; source registry below.

Selected operating expense drivers

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Share-based payments	-558,343	-394,157	-10,185,535	-2,016,732	-2,496,733
Exploration and evaluation written off	-4,281	-23,038	-634,937	-630,056	-267,603
Exploration expenditure impaired	-313,881	-841	N/P	N/P	N/P
Exploration and evaluation costs expensed	-63,865	-59,167	-62,041	-351,536	-34,077
Employee benefits including separately reported payroll tax (FY2023–FY2025 presentation)	Not comparable	Not comparable	-1,628,154	-828,655	-1,236,862
Employee benefits expense	-338,647	-641,093	-1,208,644	-723,490	-1,236,862
Consultants and contractors	-452,800	-491,519	-486,979	-480,916	-1,397,673
Corporate costs	-135,733	-443,820	-561,864	-369,154	-972,286
Payroll tax expense	N/P	N/P	-419,510	-105,165	Included in combined line
Care and maintenance expense	N/P	N/P	N/P	N/P	-338,888
Site administration expense	N/P	N/P	N/P	N/P	-903,496
Foreign exchange (loss)/gain	N/P	-306,397	-242,633	49,303	-7,629
Total expenses (subtotal)	-2,111,492	-3,010,781	-14,475,586	-5,188,402	-8,581,157

All reported expenses retain their negative sign. FY2021 share-based payment line is the statement's KMP line; the directors' narrative reports a different total, so the two are not treated as identical.

FY2022 exploration impairment of AUD 841 and written-off amount of AUD 23,038 are separate source rows. From FY2023 onward the statement uses a written-off line.

FY2024 payroll tax is separate in that year's statement; the FY2025 comparative folds the amount into employee benefits. FY2024 consultants and corporate amounts use clean FY2025 comparative records because the original FY2024 extracted row merged both amounts; both values agree with the original row. N/P means not separately presented, not zero.

The combined employee/payroll row adds separate FY2023–FY2024 expenses and uses the FY2025 employee-benefits line directly. The FY2024 calculated A$828,655 agrees with the FY2025 recast FY2024 comparator (R003564). FY2021–FY2022 cannot be reconstructed on that split basis; the original component rows remain visible.

Basis and presentation notes (17)

Exploration expenditure impaired / FY2023 — N/P: The FY2023 statement presents exploration expenditure written off, not a separate impairment line.
Exploration expenditure impaired / FY2024 — N/P: The FY2024 statement presents exploration expenditure written off, not a separate impairment line.
Exploration expenditure impaired / FY2025 — N/P: The FY2025 statement presents exploration expenditure written off, not a separate impairment line.
Employee benefits including separately reported payroll tax (FY2023–FY2025 presentation) / FY2021 — Not comparable: Payroll tax is not separately quantified in this year's selected expense statement; no combined-basis amount is constructed.
Employee benefits including separately reported payroll tax (FY2023–FY2025 presentation) / FY2022 — Not comparable: Payroll tax is not separately quantified in this year's selected expense statement; no combined-basis amount is constructed.
Payroll tax expense / FY2021 — N/P: Not resolved from supplied extraction.
Payroll tax expense / FY2022 — N/P: Payroll tax was not a separately presented FY2022 expense line; the FY2023 comparative shows a dash.
Payroll tax expense / FY2025 — Included in combined line: The FY2025 statement presents employee benefits without a separate payroll-tax line; its FY2024 recast employee-benefits comparator of A$828,655 equals the original FY2024 employee benefits A$723,490 plus payroll tax A$105,165. No FY2025 payroll-tax subamount is separated.
Care and maintenance expense / FY2021 — N/P: Not resolved from supplied extraction.
Care and maintenance expense / FY2022 — N/P: Not resolved from supplied extraction.
Care and maintenance expense / FY2023 — N/P: Not resolved from supplied extraction.
Care and maintenance expense / FY2024 — N/P: Not resolved from supplied extraction.
Site administration expense / FY2021 — N/P: Not resolved from supplied extraction.
Site administration expense / FY2022 — N/P: Not resolved from supplied extraction.
Site administration expense / FY2023 — N/P: Not resolved from supplied extraction.
Site administration expense / FY2024 — N/P: Not resolved from supplied extraction.
Foreign exchange (loss)/gain / FY2021 — N/P: Not separately disclosed in FY2021.

Source: Cygnus annual reports and selected same-issuer financial-statement tables; source registry below.

Other comprehensive income and total comprehensive loss

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
OCI – Foreign currency translation differences	N/P	N/P	-113,473	130,301	-411,718
OCI – Changes in fair value of financial assets	N/P	-56,934	-196,198	-123,183	688,539
Total comprehensive loss (attributable to equity holders)	-2,081,181	-2,818,162	-13,809,967	-3,765,451	-7,262,061

Foreign currency translation and fair-value movements are outside statutory profit or loss. N/P represents no separately presented line in the selected annual statement.

Basis and presentation notes (3)

OCI – Foreign currency translation differences / FY2021 — N/P: The FY2021 statement reports other comprehensive loss as nil without a separate translation line.
OCI – Foreign currency translation differences / FY2022 — N/P: The FY2022 statement has no separate translation line; the FY2023 comparative shows a dash.
OCI – Changes in fair value of financial assets / FY2021 — N/P: The FY2021 statement reports other comprehensive loss as nil without a separate fair-value line.

Source: Cygnus annual reports and selected same-issuer financial-statement tables; source registry below.

FINANCIAL REVIEW / 02

Assets, liabilities and liquidity

Capitalised exploration assets became the largest balance-sheet asset as Canadian projects and the Doré transaction entered the group. Cash and liabilities are shown alongside them so that the asset growth is not mistaken for operating cash generation.

Cash and capitalised exploration assets

AUD

Cash and cash equivalentsExploration and evaluation

AUD year-end balances from the assets table; the Doré acquisition is a boundary change in FY2024.

AI-generated presentation · values from Assets at 31 December; no missing values plotted as zero.

Assets at 31 December

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and cash equivalents	2,811,336	13,530,678	9,316,782	14,869,835	13,351,264
Trade and other receivables	75,094	1,779,273	1,507,476	1,255,260	1,591,172
Total current assets	2,886,430	15,309,951	10,824,258	16,125,095	14,942,436
Exploration and evaluation	453,546	5,538,857	23,926,379	61,309,265	73,828,269
Property, plant and equipment	44,886	154,967	132,847	1,362,577	1,265,258
Right of use assets	114,527	0 (nil)	N/P	N/P	N/P
Investments	N/P	397,895	201,698	78,515	767,054
Total non-current assets	612,959	6,091,719	24,260,924	62,750,357	75,860,581
Total assets	3,499,389	21,401,670	35,085,182	78,875,452	90,803,017

AUD balance-sheet amounts are year-end stocks. FY2025 calls the receivables line 'Other receivables'; earlier statements use 'Trade and other receivables'.

Right-of-use assets are separately presented in FY2021; later statements do not show that separate line.

Basis and presentation notes (5)

Right of use assets / FY2022 — 0 (nil): A dash appears for this line in the source table.
Right of use assets / FY2023 — N/P: No separate right-of-use asset line appears in this year's statement.
Right of use assets / FY2024 — N/P: No separate right-of-use asset line appears in this year's statement.
Right of use assets / FY2025 — N/P: No separate right-of-use asset line appears in this year's statement.
Investments / FY2021 — N/P: No separate investment asset line appears in the FY2021 balance sheet; the FY2022 comparative renders a dash.

Source: Cygnus annual reports and selected same-issuer financial-statement tables; source registry below.

Liabilities and equity at 31 December

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Trade and other payables	266,256	3,530,497	5,528,242	3,458,792	2,696,913
Provisions (current)	6,284	27,959	120,238	141,111	261,996
Lease liabilities (current)	25,908	0 (nil)	N/P	N/P	N/P
Total current liabilities	298,448	3,558,456	5,648,480	3,599,903	2,958,909
Lease liabilities (non-current)	90,855	0 (nil)	N/P	N/P	N/P
Deferred tax liabilities	N/P	440,773	2,459,306	3,808,192	3,808,192
Total non-current liabilities	90,855	440,773	2,459,306	3,808,192	3,808,192
Total liabilities	389,303	3,999,229	8,107,786	7,408,095	6,767,101
Share capital / contributed equity	10,149,146	25,260,644	47,607,870	92,739,029	110,301,681
Reserves	5,109,203	7,051,288	7,779,313	10,435,742	12,980,531
Accumulated losses	-12,148,263	-14,909,491	-28,409,787	-31,707,414	-39,246,296
Total equity / net assets	3,110,086	17,402,441	26,977,396	71,467,357	84,035,916

AUD year-end balances. N/P means the line is not separately presented; a source dash is shown as Nil. Deferred tax liability is a balance-sheet stock, distinct from annual tax expense.

Basis and presentation notes (9)

Lease liabilities (current) / FY2022 — 0 (nil): A dash appears for this line in the source table.
Lease liabilities (current) / FY2023 — N/P: No separate lease-liability line appears in this year's balance sheet.
Lease liabilities (current) / FY2024 — N/P: No separate lease-liability line appears in this year's balance sheet.
Lease liabilities (current) / FY2025 — N/P: No separate lease-liability line appears in this year's balance sheet.
Lease liabilities (non-current) / FY2022 — 0 (nil): A dash appears for this line in the source table.
Lease liabilities (non-current) / FY2023 — N/P: No separate lease-liability line appears in this year's balance sheet.
Lease liabilities (non-current) / FY2024 — N/P: No separate lease-liability line appears in this year's balance sheet.
Lease liabilities (non-current) / FY2025 — N/P: No separate lease-liability line appears in this year's balance sheet.
Deferred tax liabilities / FY2021 — N/P: No deferred-tax-liability line appears in the FY2021 balance sheet.

Source: Cygnus annual reports and selected same-issuer financial-statement tables; source registry below.

FINANCIAL REVIEW / 03

Cash flows and funding

Investing outflows principally reflect capitalised exploration and project payments; financing inflows are mainly equity cash proceeds. The later FY2024 comparative has an interest-row/category-subtotal inconsistency, so the issued FY2024 basis is retained and disclosed below.

Operating, investing and financing cash flow

AUD

Net cash used in operating activitiesNet cash used in investing activitiesNet cash provided by financing activities

FY2024 uses its original internally reconciling report basis; the later comparative has an AUD 40,384 interest-row inconsistency.

AI-generated presentation · values from Cash-flow statement: activities and cash bridge; no missing values plotted as zero.

Cash-flow statement: activities and cash bridge

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Net cash used in operating activities	-885,015	-2,108,273	-3,554,201	-1,923,096	-5,680,745
Net cash used in investing activities	-692,761	-5,066,996	-13,004,601	-5,874,660	-13,010,891
Net cash provided by financing activities	1,003,178	18,200,871	12,504,080	13,322,224	17,188,788
Net change in cash and cash equivalents	-574,598	11,025,602	-4,054,722	5,524,468	-1,502,848
Effect of movement in exchange rates on cash held	0 (nil)	-306,260	-159,174	28,585	-15,723
Cash and cash equivalents, beginning of period	3,385,934	2,811,336	13,530,678	9,316,782	14,869,835
Cash and cash equivalents, end of year	2,811,336	13,530,678	9,316,782	14,869,835	13,351,264

AUD cash flows for each year from that year's issued statement. The FY2025 comparative displays FY2024 interest paid of AUD 40,384 in investing rather than operating activity, but does not revise its investing subtotal; its category bridge differs by AUD 40,384. This table retains the internally reconciling FY2024 issued statement (operating cash used AUD 1,923,096).

Cash flow is distinct from the capitalised exploration asset balance. Negative amounts are outflows.

Basis and presentation notes (1)

Effect of movement in exchange rates on cash held / FY2021 — 0 (nil): The selected table displays a dash for this line.

Source: Cygnus annual reports and selected same-issuer financial-statement tables; source registry below.

Operating cash flow components

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Payments to suppliers and employees	-842,715	-2,124,114	-3,188,633	-1,867,205	-5,613,092
Payments for exploration expenditure	-63,865	-49,844	-63,155	-327,583	-533,107
Interest received	5,365	5,276	57,094	169,700	449,874
Interest paid across operating and investing classifications	-3,546	-4,510	0 (nil)	-40,384	-22,783
Interest paid within operating cash flow	-3,546	-4,510	0 (nil)	-40,384	Investing classification
Other income received	19,746	64,919	33,000	0 (nil)	N/P
Net refundable sales-tax cash flow	N/P	N/P	-392,507	142,376	15,580

FY2024 interest paid is in operating activities in the FY2024 report; the FY2025 comparative displays it in investing but leaves the investing subtotal unchanged. The interest-paid row is not used as a trend series.

The sales-tax line's issuer label says 'payments made', although FY2024 and FY2025 cells are positive as printed; signs are retained.

The cross-classification interest-paid row follows each issued statement: operating in FY2021–FY2024 (FY2023 explicitly nil) and investing in FY2025. The original classification rows remain visible; the FY2025 comparative reclassification of FY2024 is not used to alter the original FY2024 subtotal.

Basis and presentation notes (7)

Interest paid across operating and investing classifications / FY2023 — 0 (nil): Operating classification in the issued statement.
Interest paid within operating cash flow / FY2023 — 0 (nil): The selected table displays a dash for this line.
Interest paid within operating cash flow / FY2025 — Investing classification: FY2025 reports A$22,783 interest paid in investing activities; no FY2025 operating interest-paid line is shown. The cross-classification total row retains that cash outflow.
Other income received / FY2024 — 0 (nil): The selected table displays a dash for this line.
Other income received / FY2025 — N/P: This line was not separately presented in that year's cash-flow statement.
Net refundable sales-tax cash flow / FY2021 — N/P: This line was not separately presented in that year's cash-flow statement.
Net refundable sales-tax cash flow / FY2022 — N/P: This line was not separately presented in that year's cash-flow statement.

Source: Selected issuer cash-flow statements, exact rows and periods in evidence register.

Investing cash flow components

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Mining tenement and project acquisition payments	-4,032	-1,315,210	-1,848,054	-272,629	-167,000
Payments for capitalised acquisition costs	N/P	N/P	N/P	N/P	-898,265
Payments for capitalised exploration expenditure	-672,896	-3,292,312	-10,998,818	-8,097,891	-12,812,424
Property, plant and equipment purchases	-15,833	-22,704	-28,779	-7,662	-24,409
Purchase of listed investments	0 (nil)	-454,830	0 (nil)	N/P	N/P
Security deposits established	N/P	N/P	-128,950	0 (nil)	-54,135
Government incentives received	N/P	N/P	N/P	46,216	967,625
Cash received on Doré acquisition completion	Not applicable	Not applicable	Not applicable	2,457,306	Not applicable
Receipts from sale of mining tenements	0 (nil)	18,060	0 (nil)	N/P	N/P
Proceeds from sale of property, plant and equipment	N/P	N/P	N/P	N/P	500
Interest paid within investing cash flow	Operating classification	Operating classification	Operating classification	Operating classification	-22,783

2024 figures retain the FY2024 statement basis. The FY2025 comparative places AUD 40,384 of interest paid under investing but leaves its investing subtotal unchanged, a source-table inconsistency.

The FY2024 Doré cash acquired is a monetary investing inflow; the shares issued to Doré holders are a separate noncash equity transaction.

N/P means no separate source line for that year, not zero.

FY2021–FY2024 interest payments are located in the issued operating-cash rows, including FY2023's explicit nil; FY2025 reports interest paid in investing. The new cross-classification row supplies the comparable cash-paid series.

The Doré acquired-cash inflow is a one-time FY2024 completion item, not a five-year recurring flow; other years are marked Not applicable based on the 31 December 2024 completion date (R002370).

Basis and presentation notes (30)

Payments for capitalised acquisition costs / FY2021 — N/P: This line was not separately presented in that year's cash-flow statement.
Payments for capitalised acquisition costs / FY2022 — N/P: This line was not separately presented in that year's cash-flow statement.
Payments for capitalised acquisition costs / FY2023 — N/P: This line was not separately presented in that year's cash-flow statement.
Payments for capitalised acquisition costs / FY2024 — N/P: This line was not separately presented in that year's cash-flow statement.
Purchase of listed investments / FY2021 — 0 (nil): The selected table displays a dash for this line.
Purchase of listed investments / FY2023 — 0 (nil): The selected table displays a dash for this line.
Purchase of listed investments / FY2024 — N/P: This line was not separately presented in that year's cash-flow statement.
Purchase of listed investments / FY2025 — N/P: This line was not separately presented in that year's cash-flow statement.
Security deposits established / FY2021 — N/P: This line was not separately presented in that year's cash-flow statement.
Security deposits established / FY2022 — N/P: This line was not separately presented in that year's cash-flow statement.
Security deposits established / FY2024 — 0 (nil): The selected table displays a dash for this line.
Government incentives received / FY2021 — N/P: This line was not separately presented in that year's cash-flow statement.
Government incentives received / FY2022 — N/P: This line was not separately presented in that year's cash-flow statement.
Government incentives received / FY2023 — N/P: This line was not separately presented in that year's cash-flow statement.
Cash received on Doré acquisition completion / FY2021 — Not applicable: The Doré acquisition completed on 31 December 2024, in FY2024 (R002370), and its A$2,457,306 acquired-cash inflow is recorded once in FY2024. FY2021 predates completion.
Cash received on Doré acquisition completion / FY2022 — Not applicable: The Doré acquisition completed on 31 December 2024, in FY2024 (R002370), and its A$2,457,306 acquired-cash inflow is recorded once in FY2024. FY2022 predates completion.
Cash received on Doré acquisition completion / FY2023 — Not applicable: The Doré acquisition completed on 31 December 2024, in FY2024 (R002370), and its A$2,457,306 acquired-cash inflow is recorded once in FY2024. FY2023 predates completion.
Cash received on Doré acquisition completion / FY2025 — Not applicable: The Doré acquisition completed on 31 December 2024, in FY2024 (R002370), and its A$2,457,306 acquired-cash inflow is recorded once in FY2024. FY2025 is after completion; the one-time completion cash is not a recurring cash-flow line.
Receipts from sale of mining tenements / FY2021 — 0 (nil): The selected table displays a dash for this line.
Receipts from sale of mining tenements / FY2023 — 0 (nil): The selected table displays a dash for this line.
Receipts from sale of mining tenements / FY2024 — N/P: This line was not separately presented in that year's cash-flow statement.
Receipts from sale of mining tenements / FY2025 — N/P: This line was not separately presented in that year's cash-flow statement.
Proceeds from sale of property, plant and equipment / FY2021 — N/P: This line was not separately presented in that year's cash-flow statement.
Proceeds from sale of property, plant and equipment / FY2022 — N/P: This line was not separately presented in that year's cash-flow statement.
Proceeds from sale of property, plant and equipment / FY2023 — N/P: This line was not separately presented in that year's cash-flow statement.
Proceeds from sale of property, plant and equipment / FY2024 — N/P: This line was not separately presented in that year's cash-flow statement.
Interest paid within investing cash flow / FY2021 — Operating classification: The issued FY2021 statement presents interest paid in operating activities (DB-01a066f2-4c26-72e5-be2a-b8ca1caae365-007-c4-FY2021), not in a separate investing row; FY2023's matching operating line is explicitly nil. FY2024's later recast comparative does not replace the original statement basis.
Interest paid within investing cash flow / FY2022 — Operating classification: The issued FY2022 statement presents interest paid in operating activities (DB-01a066f2-4c26-72e5-be2a-b8ca1caae365-007-c3-FY2022), not in a separate investing row; FY2023's matching operating line is explicitly nil. FY2024's later recast comparative does not replace the original statement basis.
Interest paid within investing cash flow / FY2023 — Operating classification: The issued FY2023 statement presents interest paid in operating activities (DB-01a066ef-59d3-7974-91cb-030fbd4f420c-007-c3-FY2023), not in a separate investing row; FY2023's matching operating line is explicitly nil. FY2024's later recast comparative does not replace the original statement basis.
Interest paid within investing cash flow / FY2024 — Operating classification: The issued FY2024 statement presents interest paid in operating activities (DB-01a066f3-002c-7cf4-be27-38cb18e2fe67-007-c3-FY2024), not in a separate investing row; FY2023's matching operating line is explicitly nil. FY2024's later recast comparative does not replace the original statement basis.

Source: Selected issuer cash-flow statements, exact rows and periods in evidence register.

Financing cash flow components

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Cash proceeds from shares issued	918,604	18,991,203	11,022,700	13,996,000	18,300,000
Cash proceeds from exercise of options	N/P	N/P	2,192,000	0 (nil)	N/P
Cash received in advance of shares issued	105,000	0 (nil)	N/P	N/P	N/P
Cash share issue costs	-4,977	-761,830	-710,620	-673,776	-1,111,212
Principal payments for leases	-15,449	-28,502	0 (nil)	N/P	N/P

Amounts are cash-flow statement items. Share-capital movements and noncash acquisition consideration are shown separately.

Basis and presentation notes (11)

Cash proceeds from exercise of options / FY2021 — N/P: This line was not separately presented in that year's cash-flow statement.
Cash proceeds from exercise of options / FY2022 — N/P: This line was not separately presented in that year's cash-flow statement.
Cash proceeds from exercise of options / FY2024 — 0 (nil): The selected table displays a dash for this line.
Cash proceeds from exercise of options / FY2025 — N/P: This line was not separately presented in that year's cash-flow statement.
Cash received in advance of shares issued / FY2022 — 0 (nil): The selected table displays a dash for this line.
Cash received in advance of shares issued / FY2023 — N/P: This line was not separately presented in that year's cash-flow statement.
Cash received in advance of shares issued / FY2024 — N/P: This line was not separately presented in that year's cash-flow statement.
Cash received in advance of shares issued / FY2025 — N/P: This line was not separately presented in that year's cash-flow statement.
Principal payments for leases / FY2023 — 0 (nil): The selected table displays a dash for this line.
Principal payments for leases / FY2024 — N/P: This line was not separately presented in that year's cash-flow statement.
Principal payments for leases / FY2025 — N/P: This line was not separately presented in that year's cash-flow statement.

Source: Selected issuer cash-flow statements, exact rows and periods in evidence register.

FINANCIAL REVIEW / 04

Share capital and shareholder returns

Funding relied on share issuance, including noncash shares associated with the Doré merger. The selected annual financial statements do not present a dividend or buyback cash-flow line; the financing statement shows placements and issue costs instead.

Shares on issue and contributed equity at 31 December

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Shares on issueshares	116,407,961	183,874,212	291,559,139	848,319,650	1,064,424,968
Contributed equity closing balance	10,149,146	25,260,644	47,607,870	92,739,029	110,301,681

Share counts are fully paid ordinary shares on issue at each year end; AUD contributed equity includes share issue costs and noncash share issues. FY2021 excludes 913,044 shares to be issued after year end; the AUD 105,000 remains in other contributed equity. FY2025 values are recovered from Note 7 of that year's annual report.

Source: Cygnus annual reports and selected same-issuer financial-statement tables; source registry below.

Equity components at 31 December

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Share Capital	10,044,146	25,260,644	47,607,870	92,739,029	110,301,681
Other Contributed Equity	105,000	0 (nil)	0 (nil)	N/P	N/P
Share-based Payment Reserve	5,109,203	7,108,222	8,145,918	10,795,229	13,063,198
Asset Revaluation / Investment Revaluation Reserve	N/P	-56,934	-253,132	-376,315	312,224
Foreign Currency Translation Reserve	N/P	N/P	-113,473	16,828	-394,890
Accumulated Losses	-12,148,263	-14,909,491	-28,409,787	-31,707,414	-39,246,296
Total Equity	3,110,086	17,402,441	26,977,396	71,467,357	84,035,916

AUD closing balances from statements of changes in equity. FY2021 share capital excludes AUD 105,000 of other contributed equity; their sum matches the balance-sheet contributed equity.

The FY2025 balance is supplemented from the FY2025 statement of changes in equity. N/P means the component is not separately presented.

Basis and presentation notes (7)

Other Contributed Equity / FY2022 — 0 (nil): A dash appears for this line in the source table.
Other Contributed Equity / FY2023 — 0 (nil): A dash appears for this line in the source table.
Other Contributed Equity / FY2024 — N/P: Not resolved from supplied extraction (presumed nil after FY2022 reclassification).
Other Contributed Equity / FY2025 — N/P: Not resolved from supplied extraction
Asset Revaluation / Investment Revaluation Reserve / FY2021 — N/P: Not separately presented in supplied FY2021 rows (presumed nil).
Foreign Currency Translation Reserve / FY2021 — N/P: Not separately presented in supplied FY2021 rows (presumed nil).
Foreign Currency Translation Reserve / FY2022 — N/P: Not separately presented in FY2022 closing balance row supplied (presumed nil).

Source: Cygnus annual reports and selected same-issuer financial-statement tables; source registry below.

FINANCIAL REVIEW / 05

Exploration assets and resource disclosures

Project carrying amounts are accounting balances. The resource tables are separate technical disclosures from the FY2025 annual report and do not imply mine production or a financial valuation.

Capitalised project-area carrying values

AUD

Pontax lithium project area (FY2024: Pontax only; FY2025: Pontax Central + Extension aggregated)Chibougamau copper-gold project area

FY2023–FY2025 disclosed carrying values only; missing earlier project allocations are not plotted as zero.

AI-generated presentation · values from Capitalised exploration assets by project area; no missing values plotted as zero.

Capitalised exploration and evaluation asset movement

AUD

Metric	FY2021	FY2022	FY2023	FY2024	FY2025
Opening balance	0 (nil)	453,546	5,538,857	23,926,379	61,309,265
Expenditure incurred – Australian tenements	771,708	1,119,654	1,319,326	495,731	638,123
Expenditure incurred – Canadian tenements	N/P	2,135,709	11,207,656	6,039,180	12,922,235
Acquisition costs – Canadian tenements	N/P	1,853,827	6,495,477	Project detail basis	Project detail basis
Exploration expenditure impaired	-313,881	-841	N/P	N/P	N/P
Exploration expenditure written off	-4,281	-23,038	-634,937	-630,056	-267,603
Project acquisition costs capitalised (base line)	N/P	N/P	N/P	198,574	156,819
Project acquisition costs capitalised (noncash)	N/P	N/P	N/P	238,464	156,820
Chibougamau project acquisition (base line)	Not applicable	Not applicable	Not applicable	109,325	0 (nil)
Chibougamau project acquisition (noncash)	Not applicable	Not applicable	Not applicable	31,000,202	0 (nil)
Government grant refunds (asset reduction)	N/P	N/P	N/P	-68,534	-1,087,391
Closing balance	453,546	5,538,857	23,926,379	61,309,265	73,828,269

AUD asset movements, not investing cash-flow payments. The FY2024–FY2025 acquisition entries separate the reported base line from amounts explicitly marked noncash; the base line is not assumed to be fully paid in cash.

FY2021 and FY2022 impairment/write-off categories are distinct. FY2023 onward only the reported written-off line is used; N/P does not imply nil.

FY2022 Canadian expenditure and acquisition totals use the FY2023 note's comparative aggregates because the FY2022 note splits them by project. FY2024 and FY2025 opening and closing balances come from the FY2025 note's current/comparative columns. The FY2025 movement components total AUD 1 less than its reported closing balance; no balancing item is inferred.

The named Chibougamau acquisition entries are not applicable before the 31 December 2024 Doré completion (R002307). FY2024–FY2025 project acquisition entries use a more detailed base/noncash presentation than the earlier Canadian-tenement acquisition line; no unsupported backcast or sum is made.

Basis and presentation notes (25)

Opening balance / FY2021 — 0 (nil): Nil opening per Note 17.
Expenditure incurred – Canadian tenements / FY2021 — N/P: No Canadian activity in FY2021.
Acquisition costs – Canadian tenements / FY2021 — N/P: No Canadian activity.
Acquisition costs – Canadian tenements / FY2024 — Project detail basis: FY2024 E&E movement uses separately reported project acquisition base and noncash/Chibougamau lines; the earlier Canadian-tenement acquisition category is not restated as a comparable scalar. Those detail rows remain visible.
Acquisition costs – Canadian tenements / FY2025 — Project detail basis: FY2025 E&E movement uses separately reported project acquisition base and noncash/Chibougamau lines; the earlier Canadian-tenement acquisition category is not restated as a comparable scalar. Those detail rows remain visible.
Exploration expenditure impaired / FY2023 — N/P: No separate impairment movement line in this note; write-offs are shown separately.
Exploration expenditure impaired / FY2024 — N/P: No separate impairment movement line in this note; write-offs are shown separately.
Exploration expenditure impaired / FY2025 — N/P: No separate impairment movement line in this note; write-offs are shown separately.
Project acquisition costs capitalised (base line) / FY2021 — N/P: Not separately presented under this base/noncash split in the selected annual note.
Project acquisition costs capitalised (base line) / FY2022 — N/P: Not separately presented under this base/noncash split in the selected annual note.
Project acquisition costs capitalised (base line) / FY2023 — N/P: Not separately presented under this base/noncash split in the selected annual note.
Project acquisition costs capitalised (noncash) / FY2021 — N/P: Not separately presented under this base/noncash split in the selected annual note.
Project acquisition costs capitalised (noncash) / FY2022 — N/P: Not separately presented under this base/noncash split in the selected annual note.
Project acquisition costs capitalised (noncash) / FY2023 — N/P: Not separately presented under this base/noncash split in the selected annual note.
Chibougamau project acquisition (base line) / FY2021 — Not applicable: The Chibougamau project entered the group through the Doré merger completed 31 December 2024 (R002307); its named acquisition line is not applicable in FY2021.
Chibougamau project acquisition (base line) / FY2022 — Not applicable: The Chibougamau project entered the group through the Doré merger completed 31 December 2024 (R002307); its named acquisition line is not applicable in FY2022.
Chibougamau project acquisition (base line) / FY2023 — Not applicable: The Chibougamau project entered the group through the Doré merger completed 31 December 2024 (R002307); its named acquisition line is not applicable in FY2023.
Chibougamau project acquisition (base line) / FY2025 — 0 (nil): The selected table displays a dash for this line.
Chibougamau project acquisition (noncash) / FY2021 — Not applicable: The Chibougamau project entered the group through the Doré merger completed 31 December 2024 (R002307); its named acquisition line is not applicable in FY2021.
Chibougamau project acquisition (noncash) / FY2022 — Not applicable: The Chibougamau project entered the group through the Doré merger completed 31 December 2024 (R002307); its named acquisition line is not applicable in FY2022.
Chibougamau project acquisition (noncash) / FY2023 — Not applicable: The Chibougamau project entered the group through the Doré merger completed 31 December 2024 (R002307); its named acquisition line is not applicable in FY2023.
Chibougamau project acquisition (noncash) / FY2025 — 0 (nil): The selected table displays a dash for this line.
Government grant refunds (asset reduction) / FY2021 — N/P: No separately presented government-grant-refund movement in selected note.
Government grant refunds (asset reduction) / FY2022 — N/P: No separately presented government-grant-refund movement in selected note.
Government grant refunds (asset reduction) / FY2023 — N/P: No separately presented government-grant-refund movement in selected note.

Source: Cygnus annual reports and selected same-issuer financial-statement tables; source registry below.

Capitalised exploration assets by project area

AUD

Metric	FY2023	FY2024	FY2025
Australian gold and rare earth project areas	2,872,205	2,675,470	2,962,614
Pontax lithium project area (FY2024: Pontax only; FY2025: Pontax Central + Extension aggregated)	12,741,138	13,612,228	13,664,930
Sirios lithium project area	1,900,352	2,054,437	2,028,551
Auclair (and Beryl Lake) lithium project area	4,783,408	9,361,574	9,600,729
Sakami lithium project area	920,412	1,750,073	1,862,980
Noranda lithium project area	708,864	745,955	727,449
Chibougamau copper-gold project area	0 (nil)	31,109,528	43,740,109
Mining tax credits (reduction)	N/P	0 (nil)	-759,093
Total E&E composition	23,926,379	61,309,265	73,828,269

AUD year-end carrying amounts, not resource valuations or cash spend. Detailed project-area allocation is available for FY2023–FY2025; the FY2024–FY2025 figures use the FY2025 note's project schedule.

The FY2025 mining-tax credit reduces the asset total; the FY2024 selected comparative presents a dash. FY2023 Chibougamau amount is source-supported nil, before the acquisition.

Basis and presentation notes (3)

Chibougamau copper-gold project area / FY2023 — 0 (nil): The FY2024 project-area schedule renders its FY2023 comparative as a dash before the Doré acquisition.
Mining tax credits (reduction) / FY2023 — N/P: Nil in FY2024 schedule.
Mining tax credits (reduction) / FY2024 — 0 (nil): The selected table displays a dash for this line.

Source: Cygnus annual reports and selected same-issuer financial-statement tables; source registry below.

September 2025 updated Chibougamau mineral resource

Project total; units in column headings

Metric	Tonnes (Mt)	CuEq grade (%)	Contained CuEq (kt)
Measured & IndicatedMixed units	6.4	3	193
InferredMixed units	8.5	3.5	295

The FY2025 annual report describes a September 2025 updated project-level MRE. Its older deposit schedule has a different estimate basis; those deposit subtotals are not combined with this update.

CuEq is copper-equivalent grade/contained metal, not contained copper. Mineral resources are estimates, not production or period-end financial assets.

Source: FY2025 Cygnus annual report, updated Chibougamau MRE statement in the frozen annual record.

Pontax Inferred resource in FY2025 report

Units in column headings

Metric	Tonnes (Mt)	Li₂O grade (%)	Contained Li₂O (t)	Ta₂O₅ grade (ppm)
Inferred (0.5% Li₂O cut-off)Mixed units	10.1	1.04	105,280	74.79

This is the project-level 10.1 Mt Inferred estimate disclosed in the FY2025 annual report, first announced in 2023. It is not a production measure or proof that the resource changed during FY2025.

The annual reports also describe an NI 43-101 estimate using different open-pit and underground cut-offs; it is not merged with the 0.5% Li₂O estimate shown here.

Source: FY2025 Cygnus annual report, Pontax Project resource table.

Reading the figures

N/P means a line was not separately presented in the selected annual statement; Nil is a source-supported dash. Neither is treated as zero. Gap marks an unresolved extraction or interpretation issue.
The report combines each year's current-year annual statement rather than silently replacing it with later comparatives. FY2024 cash flow uses the internally reconciling FY2024 statement; its FY2025 comparative has an AUD 40,384 interest-row/category-subtotal inconsistency.
Project resources are disclosed snapshots, not annual production, audited asset value or a trend in reserve quantity. The resource tables use the FY2025 annual report dated 30 March 2026.

Annual-report source registry

Cygnus Gold Limited annual report 2021Year ended 2021-12-31; report document date 2022-03-31.
Cygnus Metals Limited annual report 2022Year ended 2022-12-31; report document date 2023-03-31.
Cygnus Metals Limited annual report 2023Year ended 2023-12-31; report document date 2024-03-28.
Cygnus Metals Limited annual report 2024Year ended 2024-12-31; report document date 2025-03-31.
Cygnus Metals Limited annual report 2025Year ended 2025-12-31; report document date 2026-03-30.

Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.

Sources, copyright and independence

The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.

Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.

AI-led method

This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.

Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.

Information notice

This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.

It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.

Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.

Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.