07:51 AM EDT, 04/02/2025 (MT Newswires) -- Cygnus Metals ( CYGGF ) overnight Tuesday said it negotiated a two-year extension to its two-stage earn-in with Stria Lithium for the Pontax Lithium Project in James Bay, Quebec.

Stria and Cygnus have now agreed that Cygnus has an additional 24 months to satisfy the second stage of the earn-in and earn 19% of Pontax, bringing its total stake to 70%. Cygnus has until October 2027 to spend an additional $2 million on exploration at the project and make a cash payment to Stria of $3 million.

Cygnus will soon issue 300,000 shares to Stria subject to certain conditions. These shares will be subject to voluntary escrow for12 months.