Cygnus Gold Limited announced outstanding visual results from its first drill holes at the Pontax Lithium Project in the James Bay region of Quebec, Canada. The drilling has intersected multiple spodumene-bearing pegmatites in all three holes at Pontax Central with significant intersections of up to 37.2m. This drilling doubles the known mineralisation to a vertical depth of 230m with mineralisation remaining completely open at depth and along strike.

The main body of the mineralisation has been confirmed over a 75m-wide zone with multiple stacked spodumene-bearing pegmatite dykes. The third drill hole has intersected a new 13.3m spodumene-bearing pegmatite at bottom of hole on a new mineralised trend, demonstrating the system is continuous and completely open in all directions. Spodumene has been observed throughout the recent holes and is the only lithium mineral observed within the dykes, with up to 40% spodumene in places.

These are the first holes in a 10,000m drill program which is now the deepest drilling on the project to date, with mineralisation open in all directions. The ongoing program will continue to focus on both resource definition and systematic step out drilling over the next six months. Samples are being sent to SGS Lakefield, with results expected First Quarter 2023.

The Pontax Lithium Project has the potential to create significant value for shareholders because high-grade lithium spodumene-bearing pegmatites have already been identified through drilling and there is considerable scope to rapidly define a hard rock lithium resource located in a Tier 1 jurisdiction. Details of Recent Drilling The maiden 10,000m diamond drill programme at the Pontax Lithium Project is currently in progress with the first three holes now completed. This drill programme has been designed to systematically step out from known mineralisation at Pontax Central; an extensive spodumene-bearing pegmatite swarm which outcrops over 620m of strike.

The pegmatites at Pontax Central have previously been drill tested to a vertical depth of 115m with 25 historical diamond holes for 3,286m.1 All historic holes intersected spodumene-bearing lithium- caesium-tantalum (LCT) pegmatites with mineralisation remaining open in all directions. Significant historical intersections1 include: · 9.0m @ 1.7% Li2O from 46.9m · 15.6m @ 1.6% Li2O from 83.9m · 8m @ 2.6% Li2O from 19.4m · 13.0m @ 1.4% Li2O from 36m Three diamond holes (975-22-026, 975-22-027 and 975-22-028) have recently been completed at Pontax Central for a total of 903m. Holes 975-22-026 and 975-22-027 are drilled on the same section, with 977-22- 028 located a further 100m to the north-east.

Recent drillholes have stepped out 50m to 100m below existing mineralisation confirming significant spodumene-bearing pegmatites are continuous down dip from existing drilling, with mineralisation remaining totally open beyond 230m vertical depth (current depth of drilling). Significant spodumene-bearing pegmatite intersections from the current drilling5 include: · 3.6m from 49.5m downhole (Spodumene observed) - includes minor internal waste. 3.4m from 107m downhole (Spodumene observed).

4.2m from 124.4m downhole (Spodumene observed) - includes minor internal waste. 6.4m from 142m downhole (Spodumene observed) - includes minor internal waste. 3.2m from 167.3m downhole (Spodumene observed) - includes minor internal waste.

37.2m from 219.2m downhole (Spodumene observed) - includes minor internal waste. 5.7m from 194.3m downhole (Spodumene observed) - includes minor internal waste. 13.3m from 300.2m downhole (Spodumene observed) - includes minor internal waste.

The recent drilling has confirmed a main pegmatite-bearing zone over 75m wide with multiple stacked spodumene-bearing pegmatite dykes, these include significant mineralised intersections of up to 37.2m (including some internal waste). The dykes are vertically and laterally continuous and open in all directions. In addition, hole 975-22-028 has intersected a new 13.3m spodumene-bearing pegmatite at depth to the north of the main trend.

This new zone significantly expands the footprint of the mineralisation at Pontax with potential for multiple pegmatite swarms, underlining the huge exploration upside potential of the project. Spodumene has been observed throughout the recent holes and is the only lithium mineral observed within the dykes, with up to 40% spodumene in places. The spodumene forms aggregated crystal masses with individual crystals up to 40cm in lengths, characterised by a cream to light green colour.

In light of these recent results, the 10,000m drill programme at Pontax is being accelerated, with two rigs confirmed for January, while the Company looks to source a third. With multiple rigs, Cygnus can rapidly evaluate the resource potential of Pontax whilst also stepping out regionally to make the next discovery. This two-pronged exploration approach aims to systematically and rapidly increase shareholder value by in ground investment through the drill bit.