08:00 AM EDT, 03/13/2026 (MT Newswires) -- Cygnus Metals ( CYGGF ) said Friday that it has received commitments from investors to raise A$25 million through the issue of 156.3 million shares at A$0.16 apiece in a placement.

Pro-forma cash at bank and liquid assets post the raising are expected to be A$35 million.

Proceeds will be used to develop the Chibougamau project in Quebec, including completing an updated economic study following a 2022 preliminary economic assessment previously completed by Dore Copper Mining, the company said.

"This new round of funding is designed to grow our resources further, upgrade more resources into high confidence categories and aggressively drill some recently identified high grade gold-copper targets," said executive chair David Southam.

"With three rigs now operating and production studies progressing, we have several avenues for driving rapid shareholder value," he added.