September 30, 2025

Cygnus Metals’ Substantial Resource Upgrade — with David Southam (ASX: CY5)

18 minutes

This week on The Hole Truth, David Southam, Executive Chairman of Cygnus Metals (ASX:CY5), joins us to unpack a 78% increase in measured & indicated resources at the company’s Chibougamau Copper–Gold Project in Québec, Canada. With a new total of 2.2 million ounces gold-equivalent at 4.5 g/t, more than 3Moz of silver and nearly $20M in cash, Cygnus believes the market hasn’t yet caught up to the scale and quality of what they’ve built.

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Company Website: https://www.cygnusmetals.com

Key insights from the episode:

From “sausage” to “sizzle”:How Cygnus deliberately focused on delivering a big, high-grade copper-gold resource before turning to promotion — and why now is the time to tell the story globally.

Major resource growth:The updated estimate delivers 2Moz gold-equivalent at 4.5 g/t, plus silver upside and infrastructure advantages in a proven Québec mining district.

Market disconnect & valuation gap:Despite the scale, Cygnus sits at a ~$100M market cap (with $20M cash)— well below analyst price targets, including Canaccord’s 30c call vs. an ~11c share price.

Upcoming catalysts:Active drilling at Cedar Bay, a new economic study using current gold (US$3,700/oz), copper (US$4.50/lb) and silver prices, and potential M&A interest across the Chibougamau district.

Smart development metrics:Low capital intensity compared to peers, strong institutional support, and a clean copper concentrate with no deleterious elements — all factors that improve project appeal.

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