Crazy Flux
  • Business
  • World
  • Stocks
  • Investing
  • Business
  • World
  • Stocks
  • Investing

Crazy Flux

Investing

Cygnus secures another two years to increase its stake in Pontax

by admin April 2, 2025
April 2, 2025
Cygnus secures another two years to increase its stake in Pontax

Pontax Lithium Project, James Bay, Canada

Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is pleased to announce that it has negotiated a two-year extension to its two-stage earn-in with Stria Lithium Inc (‘Stria’) for the Pontax Lithium Project in James Bay, Quebec (‘Pontax’).

In July 2023, Cygnus announced that it had earned 51 per cent of Pontax under the first stage of the earn-in by spending C$4 million on the project and issuing 9,129,825 fully paid ordinary shares in Cygnus (‘Shares’) to Stria.

As a demonstration of the co-operation between Stria and Cygnus, the parties have now agreed that Cygnus has an additional 24 months to satisfy the second stage of the earn-in and earn an additional 19% interest in Pontax, bringing its total interest to 70%.

The extension means that Cygnus has until October 2027 to expend an additional C$2 million on exploration at the project and make a cash payment to Stria of C$3 million, enhancing the likelihood of successful exploration outcomes at Pontax.

As consideration for the extension and subject to TSXV approval, Cygnus will shortly issue 300,000 Shares to Stria utilising the Company’s available Listing Rule 7.1 capacity at a deemed price of A$0.105 per Share (based on the ASX closing price on 1 April 2025). These Shares will be subject to voluntary escrow for a period of 12 months from issue.

This announcement has been authorised for release by the Board of Directors of Cygnus.

David Southam
Executive Chairman
T: +61 8 6118 1627
E: info@cygnusmetals.com

About Cygnus Metals

Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

News Provided by GlobeNewswire via QuoteMedia

This post appeared first on investingnews.com

previous post
Basin Expands Geikie Athabasca Uranium Project
next post
Skyharbour Partner Company Terra Clean Energy Completes Winter Drill Program with Encouraging Results and Prepares a Significant Summer Drill Program at the South Falcon East Uranium Project

Related Posts

Top 7 Global Lithium Stocks in 2025

April 4, 2025

Editor’s Picks: Gold Price Passes US$2,950, Trump Promises...

February 23, 2025

SAGA Metals Announces Non-Brokered Private Placement and Provides...

May 3, 2025

Fury Gold Mines Advances Québec Precious Metals Acquisition

March 28, 2025

Updated Maroochydore Copper-Cobalt Resource Demonstrates Large Copper Sulphide...

February 5, 2025

Zijin to Take on Precious Metals Streaming as...

May 28, 2025

Offer Booklet – Non-Renounceable Entitlement Offer

June 6, 2025

Lahontan Announces Upsize to Private Placement of Units

April 23, 2025

Appeals Court Grants Trump Temporary Reprieve on Tariffs,...

May 31, 2025

NASA Astronauts Return to Earth on SpaceX Capsule...

March 21, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Japan’s annual births fall to record low as population emergency deepens

      June 6, 2025
    • What we know about the countries on Trump’s travel ban list, and how many people will be impacted

      June 6, 2025
    • Israel strikes southern suburb in Beirut

      June 6, 2025
    • What is D-Day? How the Normandy landings led to Germany’s defeat in World War II

      June 6, 2025
    • Russia launches aerial assault on Kyiv days after Ukraine’s audacious drone attack on bomber fleet

      June 6, 2025
    • North Korea refloats destroyer that capsized during launch, surprising naval analysts

      June 6, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: crazyflux.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 crazyflux.com | All Rights Reserved