Cygnus Gold Limited
Annual Report 2023

Plain-text annual report

Option 1 1 Annual Report |CORPORATE DIRECTORY PRINCIPAL PLACE OF BUSINESS & REGISTERED OFFICE Level 2, 8 Richardson Street, West Perth, WA 6005 STOCK EXCHANGE LISTING Primary listing: Australian Securities Exchange ASX Code: CY5 CONTACT INFORMATION Phone: +61 8 6118 1627 Email: info@cygnusmetals.com Website: www.cygnusmetals.com AUSTRALIAN BUSINESS NUMBER 80 609 094 653 DIRECTORS Mr Kevin Tomlinson Non-Executive Chairman Mr David Southam Managing Director Mr Michael Naylor Non-Executive Director Mr Michael Bohm Non-Executive Director SHARE REGISTER Computershare Investor Services Pty Ltd Level 17, 221 St Georges Tce, Perth WA 6000 Phone: : +61 8 9323 2000 +61 3 9415 4000 (Outside Australia) +61 3 9473 2500 Fax: BANKERS National Australia Bank 100 St Georges Tce, Perth WA 6000 SOLICITORS Hamilton Locke Central Park, Level 48 Mr Raymond Shorrocks Non-Executive Director 152-158 St Georges Tce, Perth WA 6000 JOINT COMPANY SECRETARIES Ms Maddison Cramer Mr Carl Travaglini AUDITORS Ernst & Young 11 Mounts Bay Road, Perth WA 6000 2 Annual Report |CONTENTS Corporate Directory Chairman & Managing Director’s Message Investment Highlights Operations Review Directors’ Report Annual Mineral Resource Statement Auditor’s Independence Declaration Consolidated Statement of Profit and Loss and Other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Directors’ Declaration Independent Auditor’s Report ASX Additional Shareholder Information Schedule of Tenements 3 2 4 6 9 37 59 60 62 63 64 65 66 94 95 100 103 Annual Report |CHAIRMAN & MANAGING DIRECTOR’S MESSAGE Dear Fellow Shareholder, We are pleased to present the 2023 Annual Report for Cygnus Metals Limited (ASX: CY5), our first since becoming Cygnus’ Chairman and Managing Director in April 2023 and February 2023 respectively. We take this opportunity to reflect on a year that saw our Company continue to uncover the potential of its expansive portfolio of lithium exploration projects in Canada, as well as making a new clay-hosted rare earths discovery at our Bencubbin Project in Western Australia. Pegasus consists of two parallel outcrops measuring 75m and 65m long respectively and up to 50m wide. We have commenced drilling this discovery, encouraged by earlier sampling which returned results up to 6.6% Li2O. Pegasus is a priority target, and we want to test its strike and depth extent, aiming to expand the footprint of mineralisation at surface. Post financial year we announced thick visual intercepts of spodumene and are awaiting assays. The lithium sector has been subject to tougher market conditions over recent months compared to the highs seen in 2022 but there is no doubt of lithium’s importance to the global energy transition. While there is currently oversupply in the market, we expect this to even out over the next few years, which should tie in well with the development timeline expected for our projects. inaugural We made rapid and exciting progress on our projects in Quebec’s James Bay region – one of the world’s most promising lithium districts – during the year. This included inferred Mineral Resource delivering an Estimate (MRE) of 10 million tonnes at 1.04% Li2O at our Pontax project, defined in just 12 months from acquisition, at an exceptionally low discovery cost of A$0.55 per tonne of Resource. Mineralisation remains open in all directions at Pontax, and spodumene mineralisation was confirmed up to 9km from the Pontax Central resource, which demonstrates just how much exploration upside we have at Pontax. We achieved a breakthrough in initial activities at our new Auclair project, with the discovery of three significant spodumene-bearing pegmatite outcrops – Pegasus, Lyra and Auriga. We’ve defined the Auriga outcrop over a strike length of 1.9km, with multiple parallel pegmatites intersected, providing us with an exciting target to follow up in the months to come. Exploration at our Sakami project was somewhat constrained in the second half of 2023 with wildfires followed by early snowfall in the area, however we completed some sampling which will help us shape exploration plans in 2024. High-grade clay-hosted rare earth element (REE) mineralisation at our Bencubbin project has continued to grow, now extending over 22km in length and nearly 3km wide. We have received results up to 7,243 parts per million (ppm) total rare earth oxides (TREO) from drilling, confirming both the high-grade nature and substantial size of this deposit, which appears to be close to surface. We have commenced initial metallurgical test work with ANSTO, the Australian Nuclear Science and Technology Organisation, in the first testing program of its kind undertaken in this mostly unexplored region of Western Australia. We are well funded to continue our exploration programs in Canada and Australia through 2024, finishing 2023 with a cash balance of $9.3 million. We thank our Shareholders who have continued to share in our journey through the year, and particularly those who supported our capital raising activities, including C$7.0m raised via Canadian flow-through share provisions and a A$3.0m Share Placement. With this strong financial position, we will be able to build on our success in 2023, With outstanding opportunities to deliver value for our Shareholders 4 Annual Report |throughout the year ahead. We thank our Board and management team for their efforts and unwavering commitment over the past 12 months, as we have continued to explore and mature our exciting project portfolio. Our team has considerable experience in resource discovery and project delivery, and we are confident we can achieve our goals in 2024 as our projects continue to take shape. We look forward to your continued interest and support through the year to come as Cygnus continues its strong news flow and delivery of exploration milestones. Kevin Tomlinson Non-Executive Chairman Cygnus Metals Limited David Southam Managing Director Cygnus Metals Limited | 5 5 Annual Report |INVESTMENT HIGHLIGHTS MAIDEN RESOURCE Maiden Inferred Resource1 of 10.1Mt @ 1.04% Li2O achieved at Pontax in just over a year since acquisition of the project Establishing Cygnus in James Bay GROWTH OF LEADERSHIP TEAM Growth of in-country leadership team with the addition of: Non-Executive Chairman - Kevin Tomlinson and Country Manager - Laurence Huss PROJECT ACQUISITION Three major projects in James Bay with acquisition of Auclair and Sakami for a total ground position of ~823km2 INVESTMENT IN DRILL BIT Over 18,000m drilled at Pontax and Auclair in the last 12 months and over 500 prospecting samples collected Establishes Cygnus as one of the largest ASX- listed explorers in Quebec Ongoing commitment to in-ground expenditure MULTIPLE DISCOVERIES Spodumene-bearing pegmatites discovered at Pontax and Auclair with three discoveries made at Auclair in the last field season One of the most active ASX listed explorers in James Bay Plus, clay REE discovery in Western Australia Annual Report | 6 6 Annual Report | OPERATIONS REVIEW 7 Annual Report |8 Annual Report |EXPLORATION - CANADA Cygnus Metals Limited is exploring for lithium in the world-class James Bay lithium region of Quebec. The Company has secured an extensive package of prospective greenstone belts covering 823km2, making it one of the largest landholders in the region. Cygnus is focused on generating shareholder value by exploring the: • Pontax Lithium Project (maiden resource published in August 2023) • Auclair Lithium Project (significant new lithium discoveries from surface mapping) • Sakami Project (an early-stage lithium exploration project in the La Grande greenstone belt which also hosts the substantial Corvette Deposit) Figure 1: Location of the Pontax, Auclair and Sakami Lithium Projects in relation to other significant lithium deposits in the James Bay Area and major access routes through the region.2 9 Annual Report |PONTAX LITHIUM PROJECT (51% CY5, EARNING UP TO 70%) In July 2022, Cygnus announced it had entered into a binding agreement to acquire up to 70 percent of the Pontax Lithium Project (“Pontax”) in Quebec, Canada. Pontax is located in the prolific Superior Province of Quebec, within the James Bay region. Despite being one of the most endowed lithium terranes in the world, minimal modern lithium exploration has been conducted there over the past 20 years. Advanced significant lithium projects of northern Quebec2 include: • Abitibi Lithium Hub (119.1Mt @ 1.1% Li2O) operated by Sayona Mining Limited/ Piedmont Lithium Inc • James Bay (110.2Mt @ 1.3% Li2O) operated by Arcadium Lithium Plc • Corvette (109.2Mt @ 1.42% Li2O) operated by Patriot Battery Metals Inc • Whabouchi (55.7Mt @ 1.4% Li2O) operated by Nemaska Lithium Inc • Rose (34.2Mt @ 0.9% Li2O) operated by Critical Elements Lithium Corp • Moblan (70.9Mt @ 1.2% Li2O) operated by Sayona Mining/SOQUEM Inc In July 2023, Cygnus announced that it had earned 51% of Pontax by spending C$4 million on exploration at the project in accordance with the first milestone under the earn-in agreement with Stria Lithium Inc. Cygnus can earn up to 70% of Pontax. In August 2023, Cygnus published an inferred maiden Resource for Pontax of 10.1Mt at 1.04% Li2O (refer ASX release dated 14 August 2023), making it just the fourth ASX-listed company in Quebec with a lithium resource after Arcadium (ASX:LTM), Sayona (ASX:SYA) and Patriot Battery Metals (ASX:PMT). This was the culmination of 11,328m of drilling over 5 months with the resource released only 12 months following the Company’s acquisition of the project. Significant intersections from this drilling campaign include; • 23.4m @ 1.4% Li2O from 367.8m including 11.8m @ 1.9% Li2O and 2.9m @ 2.3% Li2O • 16.5m @ 1.1% Li2O from 239.8m (including an interval of 6.0m @ 1.8% Li2O) and 4.3m @ 1.8% Li2O from 227.6m • 13.3m @ 1.3% Li2O from 300.2m (including an interval of 3.7m @ 2.1% Li2O) and 5.7m @ 1.4% Li2O from 194.3m • 11.1m @ 1.2% Li2O from 146.3m (including 2.5m @ 2.6% Li2O), 3.6m @ 1.4% Li2O from 65.6m & 6.3m @ 1.0% Li2O from 94.9m PONTAX BACKGROUND Geology and Mineralisation Pontax is located in the Archean Superior Province of the Canadian Shield proximal to the Causabiscau shear zone that separates the La Grande and Nemiscau Subprovinces. The Causabiscau shear zone is a major NE-SW deep-seated regional structure that is 50 to 200m wide and over 160km long. Pontax sits within a supracrustal sequence made up of mafic volcanics and metagreywackes known as the Chambois Greenstone Belt located on the northern edge of the La Grande Subprovince. This belt wraps around the southern margin of the largely felsic intrusive block of the Nemiscau Subprovince to link up with the Lower and Middle Eastmain Greenstone Belt. The central Nemiscau Subprovince felsic block includes multiple granitoids (including the Kapiwak Pluton) considered to be a post tectonic intrusion, likely younger than 2.697 Ga. The Kapiwak pluton is interpreted to be the major source of lithium-bearing fluids in the region. The Chambois Greenstone Belt trends north-east and has been metamorphosed to upper greenschist to amphibolite facies. The Central Pontax Pegmatite Swarm is hosted in multiple parallel dykes which individually are up to 15m thick. The pegmatites of the Central Pontax Swarm are LCT type pegmatites with high amounts of the lithium bearing mineral spodumene, which in places can reach up to 40% of the rock mass.3 The spodumene forms aggregate crystal masses with individual crystals up to 40cm in length, characterised by a light green colour. Spodumene is the only known lithium bearing mineral hosted in the pegmatites at Central Pontax. 10 Annual Report |Location and Infrastructure Pontax is well situated in the emerging James Bay territory in northern Quebec, which is the focus of significant investment from the Quebec government under Quebec’s “Plan Nord” economic development strategy that offers significant tax incentives for mining companies to invest in and explore the province’s vast northern mineral wealth. Pontax is situated just 4km off the James Bay Road (State Route 109) which connects Matagami, 350km to the south, to the village of Radisson, 240km to the north. Matagami has both an airport and major railway which connects directly to major infrastructure throughout North America. Major development projects surround Pontax including James Bay, Rose and Whabouchi which only enhances the viability of commercial production from the area with continued investment from major lithium companies. In addition, Quebec is strategically well-positioned regarding the critical transitioning energy and e-mobility markets in Europe and the United States and boasts excellent infrastructure, including low cost and low carbon electricity through Hydro-Quebec. Metallurgy Two series of preliminary metallurgical test work, aimed at demonstrating the amenability of the Pontax pegmatites to standard beneficiation techniques, were carried out in 2015/2016 at SGS laboratories in Lakefield, Ontario.3 Samples for variability and bulk testing were largely obtained from channel sampling of near surface and outcrop pegmatites from within the identified spodumene bearing zones. The first test series utilised the recognised heavy liquid separation (“HLS”) technique to test the response to a more economic gravity process flowsheet. These tests indicated 6% Li2O concentrates, at a mass yield of 10%, could be produced after crushing to either 9.5mm or 6.3mm. Mineralogical examination of the ore by x-ray diffraction (XRD) confirmed the main lithium bearing mineral was spodumene, while physical testing confirmed the mineralisation was of medium hardness and it was further demonstrated that overall lithium recovery may be increased by flotation of the fine material. In the second test series, a bulk sample of 14 tonnes with a head grade of 1.48% Li2O, was processed through a pilot scale dense medium separation plant (DMS) and flotation facilities and not only confirmed the findings of the first test series but indicated an improved performance of 84% overall lithium recovery into 6% Li2O concentrates. The program also included a sighter test on the amenability of the spodumene concentrates to downstream production of lithium carbonate or hydroxide with almost 100% conversion of the spodumene to the acid soluble version being achieved under standard conditions of heating to 1050°C for 30 minutes. The results reported from these tests and the manner in which they were performed have provided Cygnus with insight into suitability of the Pontax pegmatites to economic recovery. 11 Annual Report |COMPLETION OF PONTAX MAIDEN RESOURCE DRILLING Exploration has progressed rapidly since acquisition in July 2022 with completed geophysics, LiDAR, high resolution orthophotography and mapping culminating in the completion of an 11,328m drill program. In April 2023, Cygnus completed its maiden drill program at Pontax with 38 holes drilled for 11,328m. The program was completed using up to three diamond rigs with access through a 37km ice road from the highway to the main Pontax Central drill site. The program was designed to systematically step out from known mineralisation at Pontax Central, an extensive spodumene-bearing pegmatite swarm which outcrops over 700m of strike. Holes were drilled on 100m spaced sections stepping out 50m to 100m below existing mineralisation. The drilling confirmed Pontax Central to be a significant stacked spodumene-bearing pegmatite system which is continuous and open from surface down to 300m vertical depth. The pegmatites remain open along strike, extending over 700m before being concealed beneath shallow cover. Drilling results also confirmed that mineralisation at Pontax Central is hosted in a sub-vertical, spodumene-bearing pegmatite swarm with multiple pegmatite dykes over a zone up to 75m wide. Individual pegmatite dykes returned up to 23.4m intersections, with multiple pegmatites intercepted in each drillhole. In drillhole 975-22-027, multiple intersections returned a cumulative thickness of 36.3m of spodumene-bearing pegmatite.3 Assay results3 include: • 23.4m @ 1.4% Li2O from 367.8m including 11.8m @ 1.9% Li2O and 2.9m @ 2.3% Li2O (DDH975-23-040); • 16.5m @ 1.1% Li2O from 239.8m (including an interval of 6.0m @ 1.8% Li2O) and 4.3m @ 1.8% Li2O from 227.6m (DDH975-22-027); • 13.3m @ 1.3% Li2O from 300.2m (including an interval of 3.7m @ 2.1% Li2O) and 5.7m @ 1.4% Li2O from 194.3m (DDH975-22-028); • 11.1m @ 1.2% Li2O from 146.3m (including 2.5m @ 2.6% Li2O), 3.6m @ 1.4% Li2O from 65.6m & 6.3m @ 1.0% Li2O from 94.9m (DDH975-22-029); • 5.5m @ 1.4% Li2O from 178.7m & 5.9m @ 1.0% Li2O from 262.0m (DDH975-22-032); and • 3.3m @ 2.8% Li2O from 107m (including 1.0m @ 5.0% Li2O) & 4.2m @ 0.9% Li2O from 124.4m (DDH975-22- 026). Results include high grade intervals of up to 5.0% Li2O from individual samples. These high-grade results are associated with densely concentrated centimetric spodumene mineralisation rather than large individual crystals, resulting in a representative and even grade distribution. These results are supported by significant historical intersections3 which include: • 9.0m @ 1.7% Li2O from 46.9m • 15.6m @ 1.6% Li2O from 83.9m; • 8.0m @ 2.6% Li2O from 19.4m; and • 13.0m @ 1.4% Li2O from 36.0m The assays demonstrate the continuity from surface of mineralisation through multiple stacked pegmatites to 300m in vertical depth (previously 230m). 12 Annual Report |13 Annual Report |Figure 2: Cross section though Pontax Central looking towards the NE, showing both shallow historic drillholes and the recent deeper drillholes completed by Cygnus.3 Observed geology illustrating multiple spodumene-bearing pegmatites focused over a 75m wide zone. The deepest drilling on the project to date steps out over 100m from existing drilling with mineralisation remaining open in all directions. MAIDEN RESOURCE In August of 2023, Cygnus published an inferred maiden Resource for Pontax of 10.1Mt at 1.04% Li2O (refer ASX release dated 14 August 2023). This was based only on the central area of the known mineralisation. The mineralisation is open in all directions and spodumene has been confirmed up to 9km from the Pontax Central resource, highlighting the huge upside potential at Pontax. Table 1: Maiden Mineral Resource Estimate for Pontax Central. Resource Category Cut-off Grade (Li2O) Tonnes (Mt) Grade (Li2O) Contained Li2O (Tonnes) Grade (Ta2O5 ppm) Inferred 0.5% 10.1 1.04% 105,280 74.79 Table 2: Pontax Resource grade and tonnage reporting above a range of cut-off grades. Cut-off Grade (Li2O) 0.5% 0.7% 1.0% Tonnes (Mt) 10.1 9.3 5.2 Grade (Li2O) 1.04% 1.07% 1.23% 14 Grade (Ta2O5 ppm) 74.79 74.46 75.15 Annual Report | The Resource was defined in just 12 months from project acquisition at an exceptionally low discovery cost of A55c per tonne of Resource and with only 11,328m of drilling. It also made Cygnus just the fourth ASX-listed company in Quebec with a lithium resource after Arcadium (ASX:LTM), Sayona (ASX:SYA) and Patriot Battery Metals (ASX:PMT). The MRE is defined over 1.2km of strike, demonstrating significant growth through recent exploration from a previously defined strike length of 700m. Mineralisation remains open in all directions with significant upside for immediate resource growth through step out drilling. On a regional scale, there is huge exploration upside with recent re- sampling of historic drill core on recently acquired ground, confirming spodumene mineralisation up to 9km from the Pontax Central Resource. Limited historic drilling has been completed along this trend to date, much of which is under shallow cover. Immediate Resource Growth Potential The Pontax Central Resource remains open in all directions and the immediate focus of the Company is to expand the current known mineralisation through step out drilling along strike. Recent exploration has enabled the team to successfully define the continuation of mineralisation beneath shallow cover, extending the Pontax Central pegmatite swarm to 1.2km of strike, 50% of which does not outcrop at surface. Figure 3: Mineralisation at Pontax Central is completely OPEN with limited drilling along a highly prospective trend.3 Spodumene mineralisation now confirmed over 9km. Photograph from hole PX-07-008. 15 Annual Report | Regional Upside Pontax continues to demonstrate significant upside potential on a regional scale with highly fractionated LCT pegmatites confirmed over 25km and spodumene mineralisation confirmed over 9km of the belt. The recent acquisition of highly prospective ground to the northeast of Pontax Central increased the Pontax Project to 182km2 and provides 20km of continuous strike length of the Chambois greenstone belt. Recent relogging of available historic drill core on the recently acquired ground confirmed spodumene mineralisation to be present in LCT pegmatites returning up to 0.6% Li2O and 308ppm Ta2O5 (refer to ASX release dated 14 August 2023). This confirms the significant scale of the LCT pegmatite system at Pontax with spodumene mineralisation now confirmed up to 9km from the mineralisation at Pontax Central. Importantly, minimal exploration has been completed along this trend with only 5 drillholes and drill gaps of up to 6km. During the winter campaign, five diamond drill holes were completed to the north-east of Pontax Central, stepping out up to 1.6km from the MRE in an area with no outcrop. This was blind drilling based on conceptual targets using the high-resolution magnetics to target the same prospective trend that hosts the mineralisation at Pontax Central. This drilling successfully intersected multiple highly fractionated LCT pegmatites, up to 11.1m wide with high grade tantalum mineralisation. This includes an interval of 11.1m @ 92.2ppm Ta2O5 including 1m @ 243ppm Ta2O5 (refer to ASX release dated 14 August 2023). Tantalum mineralisation alongside low K:Rb ratios indicate highly fractionated pegmatites and a favourable environment for lithium mineralisation. With the lack of exploration along this trend and evidence of a large unexplored LCT pegmatite system, there is immense potential for further discovery through focussed exploration. Figure 4: The 182km2 Pontax Project with significant scale for further discovery.4 In the same geological setting as Arcadium’s James Bay Project (110.2Mt @ 1.3% Li2O),2 close to the major sealed road and hydro Quebec powerlines. Photograph from hole PX-07-008. 16 Annual Report |Project Development Strategy To align with strong global interest in James Bay lithium, the Company initiated its development strategy at Pontax, reflecting its high level of confidence in the project. This work commenced with both environmental baseline assessments and geochemical studies through highly-regarded engineering consultants BBA Inc. BBA Inc. was engaged to prepare an Environmental and Social Scoping Report (“ESSR”), which is the initial step towards completing environmental baseline studies on the path to a Preliminary Economic Assessment (“PEA”). An initial geochemical assessment of the ore and waste rock will also be completed. This is a key requirement for mine permitting and plays an integral role in supporting mine planning and development at the PEA level. These early-stage studies will be part funded by an approved grant of up to C$275,000 from Quebec’s Ministry of Energy and Natural Resources (“MERN”). The grant was awarded as part of the Government of Quebec’s program to support mineral exploration for minerals needed for green and renewable energy technologies as outlined in its 2020- 25 Plan for the Development of Critical and Strategic Minerals. The location of Pontax provides a distinct advantage and significantly increases the development prospects. Not only is the project located just 4km from a main highway with Hydro-Quebec power infrastructure running through the project, but it also sits in central James Bay just 30km from Arcadium’s James Bay deposit. James Bay is currently in development stage with federal ESIA approval, ongoing engineering works and completion of Hydro-Quebec powerlines installed to site. 17 Annual Report |18 Annual Report |ONGOING EXPLORATION Further exploration campaigns are planned at Pontax, with the key focus being to utilise diamond drilling for both resource growth and further discoveries. Alongside drilling, the Company is also planning further airborne magnetics, LiDAR, and high resolution orthophotography to assist with target generation on the wider Pontax Project which now sits at 182km2. These techniques have been highly effective in identifying outcrop, both exposed and under thin cover amid dense vegetation and marshland. The surveys will be followed by on ground field teams conducting mapping and prospecting in areas which have never been a focus of lithium exploration in the past. PONTAX LAND ACQUISITION In February 2023, Cygnus significantly increased its land position at the Pontax Lithium Project to 182km2. The additional land, comprising 70 individual claims covering 40km2, was acquired from TSXV-listed Sirios Resources Inc. (“Sirios”) and sits immediately north-east of, and adjacent to, Cygnus’ Pontax Project. The acquisition provides Cygnus a further ~9km of continuous strike length (now 20km continuous) of the highly prospective Chambois Greenstone Belt which hosts the spodumene-bearing pegmatites at Pontax, taking the Company’s total strike length to ~44km. Exploration by previous explorers has focused on silver-lead-zinc anomalies to the south-east of the greenstone belt with no lithium exploration recorded on the property. As with the Pontax project area, much of the newly acquired property is covered by shallow glacial cover and thick vegetation with very little outcrop. This is particularly notable along the trend of the greenstone belt and provides potential for utilising modern geophysics to target pegmatites under cover. An initial program planned for Q3, 2023 comprising magnetics and LiDAR will be carried out to assist with regional targeting and follow up reconnaissance mapping. Transaction Details On 17 February 2023, Cygnus announced the acquisition of 100% of the additional ground through an outright purchase from Sirios comprising: An upfront payment of C$1.2m in cash plus 750,000 shares (50% of the shares escrowed for 12 months); • Milestone payment 1: On defining a JORC Resource of 4 million tonnes of Li2O (minimum grade of 0.8%), a further payment of C$1.0 million plus 500,000 shares; and • Milestone payment 2: On defining a JORC Resource of 6 million tonnes of Li2O (minimum grade of 0.8%), a further payment of C$2.0 million plus 500,000 shares. The project has an existing 0.5% net smelter return royalty, with the right to buy back half for C$200,000. Cygnus has also entered into a Royalty Deed with Sirios for a 1.5% net smelter return royalty payable on base metals and precious metals extracted from the Sirios tenements. Cygnus has the right to buy half the royalty back for C$600,000. The transaction successfully closed early April 2023. 19 Annual Report |Figure 5: Showing the acquisition north-east of Pontax, increasing strike length of project to 44km2 (refer ASX release dated 17 February 2023). AUCLAIR LITHIUM PROJECT (100% CY5) In early 2023, the Auclair Lithium Project (“Auclair”) was added to the Cygnus lithium project portfolio in James Bay. It was acquired in February 2023 from Osisko Development Corp (“Osisko”). The initial acquisition from Osisko covered 25.5km2 and during the year the Company moved rapidly to expand the project to 417km2 through two separate acquisitions (“Auclair Extension”) and the staking of vacant ground thereby providing a dominant land position across the highly prospective Eastmain greenstone belt. No lithium exploration or analysis has ever been conducted at the project, with previous work focused on gold with a total of 12 diamond drill holes completed on the property for 3,173m up 2010. As such, Cygnus is the first company to complete lithium exploration across the project. A review of historical drill logs identified multiple unsampled pegmatite intervals within the historic drillholes from Auclair. Subsequent validation and sampling identified spodumene mineralisation with an interval of 9.8m @ 0.8% Li2O from 212.8m, including 5.1m @ 1.0% Li2O and 1m @ 1.2% Li2O from drillhole AC-2010-004 (refer to ASX release dated 28 February 2024). The Auriga Discovery and Channel Sampling In August 2023, the Company announced the discovery of a significant outcrop up to 80m long by 9m wide which is now called Auriga. The outcrop was blind and covered by dense vegetation and located 1.1km to the southwest of the historic intercept in drillhole AC-2010-004. Subsequent sampling of the outcrop returned high grades of up to 6.5% Li2O from grab samples alongside high- grade channel samples, demonstrating consistent grade distribution across the pegmatite (refer to ASX release dated 19 October 2023). Channel sample results include: • 4.3m @ 2.3% Li2O; • 5.7m @ 1.7% Li2O; • 4.6m @ 1.2% Li2O; and • 3.6m @ 1.6% Li2O. 20 Annual Report |The high-grade results of up to 6.5% Li2O are associated with coarse grained spodumene mineralisation, which includes individual crystals up to 50cm in length. The coarse grained spodumene forms in multiple sub parallel zones forming centrally within the dyke. Significantly, results outside these zones also demonstrate consistent high- grade mineralisation with all channel samples returning average grades of over 1.2% Li2O. The grade and quality of the mineralisation seen to date at Auclair are highly encouraging and point towards a potential highly fertile system. Figure 6: 1.9km of visual spodumene-bearing pegmatites intesected in the recent drilling.5 Plus results from surface sampling return up to 6.5% Li2O. Refer to ASX release5 dated 22 May and 19 October 2023 for historic and recent drillhole results. 2023 Auriga Drill Program A diamond drill program was undertaken at Auclair between the months of August and October 2023. This program aimed to follow up on spodumene mineralisation in historic diamond hole AC-2010-004 and the 90m long discovery outcrop at Auriga. Diamond drilling covered 1.9km of strike along the Auriga trend with 28 holes drilled for 6,873m. This drilling, which was conducted on a wide spacing of up to 400m, successfully intersected multiple parallel spodumene-bearing pegmatites over the entire 1.9km strike length establishing that a significant mineralised system is present at Auclair. Initial results (Refer to ASX release dated 10 January 2024) from this drilling include: • 13.9m @ 1.3% Li2O from 42.8m; • 9.6m @ 1.4% Li2O from 61.3m; and • 9.5m @ 1.4% Li2O from 217.3m Most of these pegmatites are blind and concealed beneath shallow glacial overburden, which is widespread across the Auclair Project. Recent success in drilling beneath cover provides encouragement to the Cygnus exploration team, and also highlights the unknown potential of the project which may not be exhibited at surface. Further work is required to understand the structural complexity of the area and how it fits into the bigger picture of the mineralised system at Auclair. 21 Annual Report | 22 Annual Report |Pegasus and Lyra Discoveries In October 2023, results were received from the initial prospecting and mapping campaign across the wider tenement. These results from 70 rock chips highlight a highly fractionated pegmatite trend over 10km with low K/Rb ratios in the southwest of the project area. As a result of this regional work the exploration team refocussed prospecting efforts in this area which led to the discovery of the Pegasus and Lyra outcrops. These discoveries significantly expanded the area of known spodumene mineralisation at Auclair to 6km of strike with now three areas of known spodumene bearing outcrop at Auriga, Pegasus and Lyra. The Pegasus discovery consists of two significant outcrops that sit side by side, separated by 15m of vegetation. The southern outcrop has exposed dimensions 75m long by up to 50m wide while the northern outcrop is 65m in length by up to 30m wide. Recent rock chip results from Pegasus include grades of 6.6% Li2O, 5.5% Li2O, 5.3% Li2O, 4.6% Li2O, 2.2% Li2O, 1.8% Li2O, 1.5% Li2O, and 0.7% Li2O.3 The Lyra discovery is a single outcrop with exposed dimensions of 60m by 15m wide and is mostly covered by vegetation. Stripping back the moss revealed zones of dense spodumene mineralisation which returned results from rock chips of up to 6.7% Li2O and 2.0% Li2O.3 These recent discoveries continue to demonstrate the significant upside potential at Auclair, with a large fertile system, high grades of up to 6.7% Li2O3 and now significant mineralised pegmatites up to 50m in width. Figure 7: Rock chip samples returning up to 6.6% Li2O at the newly discovered Pegasus pegmatites at the Auclair Project.3 23 Annual Report |Figure 8: Illustrating mutiple spodumene-bearing pegmatites discoveries across 6km of strike with the Auriga, Lyra and Pegasus outcrops. Results from Auriga over 1.9km of strike and open in all directions.3 24 Annual Report |Figure 9: Abundant coarse spodumene crystals from the Pegasus discovery.3 25 Annual Report |Figure 10: Over 1m long spodumene crystals from the Pegasus discovery. Figure 11: Coarse grained spodumene crystals at the Lyra discovery. Sample 155790403 (6.7% Li2O). 26 Annual Report |Planned Exploration Auclair will be the main focus of exploration for Q1 2024, with drilling to test both the Pegasus and Lyra targets. Drilling will aim to test both the strike and depth extent of the mineralisation seen at surface, expand the mineralised footprint and build an understanding of the dyke morphology and structural setting. In addition, the Company will continue ongoing targeting work across the wider project area. This will include utilising both geochemical and geophysical datasets. Recently, 257 till samples were taken across the high priority 10km fractionation trend aiming to generate targets through glacial overburden. The Company will use the results of this program in conjunction with the structural interpretation of the high-resolution magnetics to generate blind targets. The structural interpretation of the Auclair project is being conducted by NewGen Geo, a consultancy specialising in the application of contemporary geophysical techniques in exploration for lithium bearing pegmatites. Location and Infrastructure The Auclair property is ideally located just 80km northeast of the Nemiscau airport and 50km northeast of Whabouchi (55.7Mt @ 1.4% Li2O), which is owned and operated by Nemaska Lithium.2 The property can be accessed all-year round by all-weather roads and has Hydro Quebec high-voltage transmission lines running north-south through the project area. 27 Annual Report |SAKAMI LITHIUM PROJECT (100% CY5) In March 2023, Cygnus announced the acquisition of the Sakami Lithium Project (“Sakami”). Located in the La Grande greenstone belt, one of the most prolific lithium districts in the world, Sakami is just 44km west of Patriot Battery Metals’ Corvette project and adjacent to Winsome Resources’ Cancet deposit. The project also has excellent infrastructure with both Hydro Quebec powerlines and the Tran-Taiga highway running through the project area. Following acquisition, the Company completed an initial desktop study at Sakami which revealed multiple pegmatite targets visible in satellite imagery, with outcrops up to 140m long and 30m wide which have never been sampled. No lithium exploration has ever been completed at Sakami. The only drilling undertaken on the property was for gold and base metals in 1976 and comprised 5 diamond drill holes. The lack of targeted lithium exploration in this highly prospective greenstone belt presents Cygnus with an exceptional opportunity to make the next significant discovery in the region. During FY2024 the Company completed a high resolution airborne magnetics survey alongside detailed LiDAR. The results of these surveys will be used to generate additional structural targets. The 2023 exploration field season was severely impacted by an exceptional wildfire season in Quebec. This resulted in only a very short prospecting campaign which was completed at the end of October and curtailed due to early snow across the project. During this 10-day campaign 110 samples were collected, results from this work will be used to generate fractionation trends across the project and assist with targeted exploration. During the 2024 field season, Cygnus plans to complete a prospecting and pegmatite sampling program. Figure 12: Multiple pegmatite targets5 across the Sakami Project.3 Sakami is located just 44km from Patriot Battery Metals’ Corvette Project and in the same greenstone belt. TRANSACTION DETAILS On 28 March 2023, Cygnus announced that it had entered into option agreements with 9219-8845 QC. Inc. (Canadian Mining House) (“CMH”), Anna Rosa Giglio and Steve Labranche (together, the “Vendors”) to acquire the additional ground comprised of two projects: Sakami and Auclair Extension (Beryl Property). The terms of these option agreements are outlined below: 28 Annual Report | Sakami Project In order for Cygnus to earn a 100% interest (in all mineral rights) at Sakami, Cygnus will be required to pay the Vendors C$300,000 in cash and issue 3,450,000 fully paid ordinary shares in Cygnus, in aggregate. In addition to the above payments, Cygnus must incur exploration expenditure to the amount of C$1,000,000 within the first 36 months of closing the Option Agreement. The consideration is payable via the following stages, at the election of Cygnus (other than stage 1): Option Stage 1. Within 5 business days following satisfaction of the last of the conditions prece- dent (“Sakami Approval Date”) 2. The date that is 12 months from the Sakami Approval Date 3. The date that is 24 months from the Sakami Approval Date 4. The date that is 36 months from the Sakami Approval Date TOTAL Note: Subject to a 6-month voluntary escrow period from the issue date. Cash Shares C$75,000 1,500,0001 C$75,000 C$75,000 C$120,000 C$300,000 900,000 600,000 450,000 3,450,000 Auclair Extension (Beryl Property) In order for Cygnus to acquire a 100% interest in the project and all mineral rights, Cygnus will be required to pay the Vendors C$395,000 in cash and issue 4,000,000 fully paid ordinary shares in Cygnus, in aggregate. In addition to the above payments, Cygnus must incur exploration expenditure of the amount of C$1,000,000 within the first 36 months following the closing of the Option Agreement. The consideration is payable via the following stages, at the election of Cygnus (other than stages 1 and 2): Option Stage 1. Within 5 business days following satisfaction of the last of the conditions prece- dent (“Beryl Approval Date”) 2. The date that is 12 months from the Beryl Approval Date 3. The date that is 24 months from the Beryl Approval Date 4. The date that is 36 months from the Beryl Approval Date TOTAL Note: Subject to a 6-month voluntary escrow period from the issue date. Cash Shares C$125,000 1,500,0001 C$75,000 C$75,000 C$120,000 C$395,000 900,000 1,000,000 600,000 4,000,000 The above acquisitions are subject to the Company obtaining shareholder approval for the stage 1 consideration shares of the Sakami acquisition and stage 1 and 2 consideration shares of the Beryl acquisition, respectively, but if Cygnus elects to proceed with the remaining option stages, the remaining consideration shares are intended to be issued using the Company’s available placement capacity under ASX Listing Rule 7.1. Cygnus will grant a 2% net smelter royalty on both the Sakami Project and the Auclair Extension Project, payable to CMH and Anna Rosa Giglio in equal proportions. Completion occurred following receipt of shareholder approval at the Company’s annual general meeting held in May 2023. 29 Annual Report |EXPLORATION - AUSTRALIA Cygnus Metals’ Australian exploration activities are focused in the Southwest Terrane (SWT), an underexplored region of highly prospective geology within the prolific Yilgarn Craton, Western Australia. The Company has approximately 1,750km2 (100% Cygnus) of granted tenements covering interpreted and known greenstone belts where previous explorers identified numerous prospects with widespread high grade, near surface gold and/or base metals mineralisation. Cygnus is actively exploring key prospective tenure for lithium as well as rare earth elements (REEs), nickel, copper, gold and PGEs. Figure 13: Cygnus current Australian tenure with background geology from GSWA mapped regional geology (1:500,000) 30 Annual Report |BENCUBBIN PROJECT (100% CY5) The ~800km² Bencubbin Project is located ~220km northeast of Perth and covers the Bencubbin Greenstone Belt, an underexplored greenstone sequence extending for over 70km of strike and up to 5km in width. Greenstone belts such as Bencubbin are highly prospective for gold, LCT pegmatites, nickel, VMS and REEs. During 2023 two separate campaigns of air-core drilling were completed at the Bencubbin REE discovery which continued to define mineralisation; this is now identified over 22km. Drilling campaigns in 2023 followed up on an initial 34-hole air core program drilled in December 2022 which led to the discovery of REEs at Bencubbin. During 2023, 103 air core holes were drilled for a total of 4,543m. Results included; • 79m @ 1,576ppm TREO from 32m including 8m @ 7,243ppm TREO; • 40m @ 1,628ppm TREO from 8m; • 19m @ 1,959ppm TREO from 4m including 4m @ 4,743ppm TREO; • 25m @ 2,745ppm TREO from 52m, including 8m @ 5,617ppm TREO; • 51m @ 1,108ppm TREO from 39m, including 14m @ 2,032ppm TREO; and • 41m @ 1,219ppm TREO from 47m. These results are in addition to results6 from drilling in late 2022 of; • 23m @ 1,862ppm TREO from 12m including 12m @ 2,405ppm TREO; • 34m @ 1,276ppm TREO from 8m including 4m @ 2,112ppm TREO ; • 19m @ 1,541ppm TREO from 8m including 11m @ 1,960ppm TREO and 4m @ 2,356ppm TREO; and • 25m @ 1,117ppm TREO from 32m including 9m @ 1,608ppm TREO. To date a total of 137 holes for 5,125 metres have been completed at the Bencubbin REE discovery. Recent results continue to identify thick clay profile which is mineralised in areas from close to surface and extends along the granite margin over widths of up to 2.8km within the body. The latest results have returned some of the highest grades seen to date with results up to 7,243ppm TREO but have also significantly increased the scale of the mineralisation, extending it from a strike length of 4.5km to now greater than 22km and still open.6 Importantly, the mineralisation continues to demonstrate enrichment above the entire granite intrusion, which is believed to be the potential source of mineralisation. Samples have been selected for an initial metallurgy program to be conducted through industry leader ANSTO Minerals, the Australian Nuclear Science and Technology Organisation, which has extensive experience in REE processing. These samples were selected from numerous drill-holes over the entire project, with a focus on variation down-hole and regionally, in line with best practice guidelines from ANSTO Minerals. This program has been developed through ANSTO to test the leachability of the rare earth and magnetic rare earth elements and is the first to be undertaken in the Bencubbin area. Over the recent past, ANSTO Minerals has consulted for an increasing number of clay-hosted REE projects, including the Ionic Rare Earths (Uganda), Australian Rare Earths (South Australia) and Meteoric Resources (Brazil) projects. Work on these projects has included early leaching/desorption 31 Annual Report | Figure 14: Significant clay profile up to 79m developed over rare earth enriched granite.6 Mineralisation is high grade and near surface with very low stripping. Vertical exaggeration x2. Figure 15: Location of collars highlighted by grades displaying an interpreted enriched zone over the distInct 22km long magnetic anomaly.6 Interpreted red target area showing greater than 5m of clay development over the granite. Dashed box highlights the initial discovery area, being the area previously announced with near surface TREO results >1000ppm over 4.6km of strike and 2km width. At Bencubbin North the Company completed 32 reverse circulation drillholes for 1,483m targeting auger anomalism defined in 2022. The auger anomaly identified elevated geochemical signature of Li, Ta and Nb, typically associated with LCT pegmatite mineralisation. Peak values of up to 152 ppm Li2O, 55 ppm Ta2O5 and 152 ppm Nb2O5, were identified across two large coherent anomalies defined over 2.2km of strike, both proximal to late granite intrusions (refer ASX release dated 30 May 2022). Results from reverse circulation drilling in March 2023 identified only simple pegmatites alongside some large tantalum enriched granites which are thought to be the source of the geochemical anomalism. No further follow up drilling is planned at this stage. 32 Annual Report | SNAKE ROCK PROJECT (100% CY5) The Snake Rock Project (E70/4911, E70/5098, E70/4990, E70/6386 & E70/6385) is located 230km east of Perth, Western Australia in the South West Terrane of the Yilgarn Craton. The project covers 448km² of an area considered highly prospective for Ni, Cu and PGEs; covering the south eastern extent of the same mobile belt which hosts the Julimar Ni-Cu-PGE discovery (ASX:CHN). The project is also prospective for gold mineralisation, located just 30km south west and along the same structural lineament as the 700Koz Tampia gold deposit (ASX:RMS). In March 2023, the Company completed a five-hole reverse circulation (RC) drill programme for 855m which was co-funded by the West Australian Government Exploration Initiative Scheme. Drilling was designed to target the intersections of the regional gravity high with northeast and northwest trending magnetic anomaly ridges. Although no material results were received from the drill assays, geochemical analysis proved the existence of a mafic-ultramafic layered intrusion with coincidental magnetic and gravity anomalies. A total of 8 samples of both drill core and rock chips from EIS drilling were sent for petrographic thin section analysis with one sample for XRD analysis. The conclusions from this work indicated the presence of metamorphosed ultramafic rocks and fractionated mafic to ultramafic samples in the Snake Rock area. Due to the lack of historical exploration for PGEs and Ni-Cu there remains excellent potential to identify a substantial layered intrusion containing either (high Cr) chromite reefs, economic PGE’s and/or nickel-copper sulphides beneath a cover of Cenozoic and Quaternary regolith. During 2023 the Company expanded the Snake Rock project with the addition of three new tenements and 19 blocks of E70/5098 were voluntarily surrendered on areas which were deemed too difficult to explore, including reserves and salt lakes. Figure 16: Map of the Snake Rock Project (E70/4911, E70/5098, E70/4990, E70/6386 & E70/6385). Location of the EIS drilling in the north is shown with black collar points. 33 Annual Report |CORPORATE NAME CHANGE TO “CYGNUS METALS LIMITED” The Company’s change of name from Cygnus Gold Limited to Cygnus Metals Limited was implemented in February 2023 following official confirmation from the Australian Securities and Investments Commission. The new name more accurately reflects the diversification of the commodities for which the Company is now actively exploring, in particular lithium in the James Bay region of Canada. PLACEMENTS C$7,000,000 Flow-Through Share Placement In August 2023, the Company raised approximately C$7,000,000 (A$8,094,402) through the issue of 18,934,273 fully paid ordinary shares at an issue price of C$0.37 (A$0.4275) per share (“Flow-Through Shares”) as Canadian “flow- through shares”, which provide tax incentives to those investors for expenditures that qualify as flow-through mining expenditures under the Income Tax Act (Canada). The Flow-Through Shares were issued at a premium to market pursuant to the Canadian flow-through shares regime. The term “flow-through share” is a defined term in the Income Tax Act (Canada) and is not a special type of share under corporate law. Pursuant to a block trade agreement between PearTree Securities Inc (“Peartree”), Canaccord Genuity (Australia) Limited (“Canaccord”) and Euroz Hartleys Limited (“Euroz”), Canaccord and Euroz facilitated the secondary sale of the Flow-Through Shares acquired by PearTree clients under the Flow-Through Share Placement to sophisticated and professional investors in Australia and certain other countries by way of a block trade at A$0.225 per Placement Share. A cleansing prospectus under section 713 of the Corporations Act 2001 (Cth) was issued in connection with the Flow- Through Share Placement to facilitate secondary trading of the Flow-Through Shares. The tax benefits associated with the Flow-Through Shares are available only to the original investors (who are Canadian residents) and not to any other person who acquires the Flow-Through Shares through the on-sale or transfer of those Flow-Through Shares. A$3,000,000 Traditional Placement In August 2023, Cygnus completed an additional placement to sophisticated and professional investors to raise approximately A$3,000,000 (before costs) through the issue of 13,333,333 fully paid ordinary shares in the Company at an issue price of A$0.225 per share. Funds raised from the Flow-Through Share Placement and Traditional Placement have been and will be used for: • Exploration activities at all three core Canadian Lithium Projects of Pontax, Auclair and Sakami in 2024; and • General working capital and transaction costs BOARD AND MANAGEMENT CHANGES David Southam appointed Managing Director On 13 February 2023, David Southam commenced as Managing Director, having previously been appointed Non- Executive Director in November 2022. Mr Southam’s distinguished career as a senior executive of listed resources and industrial companies culminated in his appointment in 2019 as Managing Director of Mincor Resources (ASX: MCR), where he led that Company’s highly successful return to the ranks of Australian nickel producers within a three-year period, overseeing a major greenfields discovery, resource definition, the completion of off-take arrangements, feasibility studies, project financing and construction of the Kambalda Nickel Operations, nearly all of which was completed during a global pandemic. During Mr Southam’s tenure, the market capitalisation of Mincor increased from circa $70 million to $1 billion. Importantly, he also has significant experience in battery metals through his non-executive director role at Kidman Resources, which was ultimately acquired by Wesfarmers, and through his work over a decade in the nickel industry. 34 Annual Report |Michael Naylor board position change On 1 March 2023, Michael Naylor transitioned from Executive Director to Non-Executive Director, following David Southam’s appointment as Managing Director. Kevin Tomlinson appointed Independent Non-Executive Chairman and Raymond Shorrocks board position change On 3 April 2023, Kevin Tomlinson joined the Board as Independent Non-Executive Chairman, replacing Raymond Shorrocks who transitioned to Non-Executive Director. Mr Tomlinson is a highly regarded Director who has led numerous Australian and Canadian resources companies from the early-exploration phase through to production and cashflow. As a Canadian resident, Kevin has many years experience of working with local stakeholders, institutions, and capital markets, at a time when Cygnus is rapidly growing its footprint in James Bay, Quebec. Kevin has more than three decades’ experience in major discoveries, exploration and resource growth, mine development and financing of mining projects globally. He has also played leading roles in many successful mergers and acquisitions, including leading ASX/TSX-listed Cardinal Resources Ltd’s C$587 million sale to Shandong Gold as former Chair of that entity. He is currently Non-Executive Chairman of ASX300 company Bellevue Gold Limited (ASX: BGL) and FireFly Metals Ltd (ASX:FFM), and a Non-Executive Director of Kodiak Copper Corp (TSX-V:KDK). Resignation of Shaun Hardcastle On 3 April 2023, Shaun Hardcastle resigned from the Board of Directors after 3 years of service. Carl Travaglini appointed Chief Financial Officer and Joint Company Secretary Carl Travaglini was appointed Chief Financial Officer and Joint Company Secretary on 1 February 2023. Mr Travaglini is a Chartered Accountant and Chartered Company Secretary with over 15 years’ experience in the resources sector, having served in various finance and company secretarial roles in Australia, Canada and Africa. Mr Travaglini is currently Chief Financial Officer of Bellavista Resources Limited (ASX: BVR), Midas Minerals Limited (ASX: MM1) and Non Executive Director of Mitre Mining Corporation Ltd (ASX:MMC). Before joining Cygnus, Mr Travaglini worked for and assisted a number of publicly listed lithium and gold companies through exploration, project development and production phases. Prior to that, he worked in assurance services. Mr Travaglini brings extensive experience in financial reporting, corporate governance and risk management. LISTED INVESTMENTS The Company holds 1,400,000 TSX-V listed shares in unincorporated joint venture partner Stria Lithium Inc (“Stria”) which represents approximately 7% of the total issued capital in Stria. As at 31 December 2023, the value of the investment (based on a closing price of Stria of C$0.13) is $0.2m (2022: $0.4m). 35 Annual Report |END NOTES 1. Refer to Cygnus’ ASX announcement dated 14 August 2023, titled ‘Maiden Resource at Pontax Project’. 2. For: James Bay (40Mt @ 1.4% Li2O) operated by Arcadium Lithium Plc (refer to Arcadium’s ASX Announcement dated 21 December 2021); Whabouchi (55.7Mt @ 1.4% Li2O) operated by Nemaska Lithium Inc (refer to Nemaska Lithium NI 43-101 dated 31 May 2019); Rose (34.2Mt @ 0.9% Li2O) operated by Critical Elements Lithium Corp (refer to Critical Elements’ TSX-V Announcement dated 13 June 2022); Abitibi Lithium Hub (119.1Mt @ 1.1% Li2O) operated by Sayona Mining Limited/Piedmont Lithium Inc (refer to Sayona Mining’s Annual Report ASX Release dated 13 October 2022); Moblan (70.9Mt @ 1.2% Li2O) operated by Sayona Mining/SOQUEM Inc (refer to Sayona Mining’s ASX release dated 17 April 2023). 3. Refer to Cygnus’ ASX announcements dated 29 July 2022, 14 February 2023, 28 February 2023, 21 March 2023, 19 April 2023, 22 May 2023, 4 July 2023, 12 July 2023, 29 August 2023, 21 September 2023, 19 October 2023, 25 October 2023, and 28 November 2023. 4. Refer to Cygnus’ ASX announcement dated 18 January 2023 and Brunswick Exploration Inc’s TSX-V announcement dated 24 May 2023. 5. In relation to the disclosure of visual intersections of pegmatite and spodumene, the Company cautions that visual intersections should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to confirm the widths and grade of visual intersections of pegmatite reported in the preliminary geological logging. The Company will update the market when laboratory analytical results become available. 6. Refer to Cygnus’ ASX announcements dated 7 June 2023, 20 June 2023, 22 September 2023 and 8 January 2024. 36 Annual Report |DIRECTORS’ REPORT The Directors of Cygnus Metals Limited (“Cygnus” or “the Company”) (formerly Cygnus Gold Limited) and its controlled entities (“Group”) present their report, together with the financial statements for the year ended 31 December 2023. DIRECTORS The names and details of the Group’s directors in office during the financial year and until the date of this report (unless otherwise stated) are as follows: KEVIN TOMLINSON Position Qualifications Appointment date Resignation date Length of service Biography Non-Executive Chairman HSBc. MSc. Geology, Grad Dip. Finance and Investment, Banking, Corporate Finance and Securities Law 3 April 2023 N/A 1 year Mr Tomlinson has more than three decades’ experience in major discoveries, exploration and resource growth, mine development and financing of mining projects globally. He has also played leading roles in many successful mergers and acquisitions. Mr Tomlinson is currently Non-Executive Director of FireFly Metals Limited, Bellevue Gold Corp and Kodiak Copper Corp. Mr Tomlinson was previously Managing Director of Investment Banking at Westwind Partners and Stifel Nicolaus (2006-2012), raising significant equity and providing M&A corporate advice, and is the former Chair of ASX/TSX-listed Cardinal Resources Ltd, leading its C$587 million sale to Shandong Gold. He was also a Non-Executive Director at Centamin Plc, which discovered and built a significant gold mine in Egypt. Mr Tomlinson is a Fellow of the Charted Institute of Directors and a Liveryman of the Worshipful Company of International Bankers (UK). Current ASX listed directorships FireFly Metals Limited – December 2022 to present Bellevue Gold Ltd - September 2019 to present Kodiak Copper Corp – December 2020 to present Former ASX and TSX listed directorships in the last three years Churchill Resources Inc (TSX listed) – June 2021 – March 2023 C3 Metals Inc (TSX listed) – January 2021 – June 2022 Samco Gold Limited (TSX listed) – January 2012 – April 2021 Annual Report | 37 DIRECTORS’ REPORT RAYMOND SHORROCKS Position Qualifications Appointment date Resignation date Length of service Biography Non-Executive Director BA (Hons), MBA (Finance) 17 May 2023, previously appointed Non-Executive Director on 30 June 2020 and Executive Chairman on 8 November 2021 N/A 4 years 10 months Ray Shorrocks has over 28 years’ experience working in the investment banking industry. He is highly conversant and experienced in all areas of mergers and acquisitions and equity capital markets, including a significant track record of transactions in the metals and mining sectors. He was previously Chairman of ASX listed Bellevue Gold Limited and Republic Gold Limited. Mr Shorrocks is Interim Executive Director of Mitre Mining Corporation and Non-Executive Chairman of Alicanto Minerals Limited, Galilee Energy Limited and a number of private companies. Mr Shorrocks is former Director and Head of the Corporate Finance department of a major Australian investment services company based in Sydney. Current ASX listed directorships Galilee Energy Limited – December 2013 to present HCD Limited – January 2016 to present Alicanto Minerals Limited – August 2020 to present Mitre Mining Corporation Limited – February 2023 to present Former ASX listed directorships in the last three years DAVID SOUTHAM Position Qualifications Appointment date Resignation date Length of service Biography FireFly Metals Limited – January 2020 to March 2024 Managing Director B.Comm, FCPA, MAICD 13 February 2023, previously appointed Non-Executive Director on 1 November 2022 N/A 1 year 5 months Mr Southam is a CPA with more than 30 years’ experience in accounting, operations, capital markets and finance across the resources and industrial sectors. He was previously Managing Director of Mincor Resources NL. Prior to Mincor, David was Executive Director of ASX200 nickel company Western Areas Limited and has held senior executive roles within Brambles Group, ANZ Investment Bank and WMC Resources. David is currently a non-executive director of Ramelius Resources Ltd. Current ASX listed directorships Former ASX listed directorships in the last three years Ramelius Resources Ltd – July 2018 to present Mincor Resources NL – February 2019 to August 2022 Annual Report | 38 DIRECTORS’ REPORT MICHAEL NAYLOR Position Qualifications Appointment date Resignation date Length of service Biography Non-Executive Director B.Com, CA 1 March 2023, previously appointed Executive Director on 25 May 2022. N/A 1 years 10 months Mr Naylor has 26 years’ experience in corporate advisory and public company management since commencing his career and qualifying as a Chartered Accountant with Ernst & Young. He has been involved in the financial management of mineral and resources focused public companies, serving on both the Board and Executive Management Team. He has significant experience in focusing on advancing and developing mineral resource assets and business development. Michael has worked in Australia and Canada and has extensive experience in financial reporting, capital raisings, debt financings and treasury management of resource companies. Current ASX listed directorships Bellevue Gold Limited – July 2018 to present FireFly Metals Limited – November 2018 to present Midas Minerals Limited – June 2018 to present Bellavista Resources Ltd – March 2023 to present Former ASX listed directorships in the last three years None MICHAEL BOHM Position Qualifications Appointment date Resignation date Length of service Biography Non-Executive Director B.AppSc (Mining Eng), MAusIMM, MAICD 8 November 2021, previously appointed Non-Executive Chairman on 30 September 2016 N/A 7 years 6 months Mr Bohm is a qualified mining professional with significant corporate and operations experience. He has had extensive minerals industry experience in Australia, South East Asia, Africa, Chile, Canada and Europe. A graduate of WA School of Mines, Mr Bohm has worked as a mining engineer, mine manager, study manager, project manager, project director and managing director and has been directly involved in a number of new mine developments. Mr Bohm currently serves as a Director of a number of ASX-listed companies and sits on their Audit Risk and Sustainability Committees and Chairs their Remuneration Committees. Prior to this, he has held a number of directorships including those with Perseus Mining Limited, Argyle Diamonds Mines, Sally Malay Mining Limited and Ashton Mining of Canada. Current ASX listed directorships Former ASX listed directorships in the last three years Riedel Resources Limited – December 2020 to present Ramelius Resources Limited – November 2012 to May 2022 Mincor Resources Limited – January 2017 to July 2023 Annual Report | 39 DIRECTORS’ REPORT SHAUN HARDCASTLE Position Qualifications Appointment date Resignation date Length of service Biography Non-Executive Director LLB, BA 30 June 2020 3 April 2023 2 years 9 months Mr Hardcastle has over 15 years’ experience as a corporate lawyer and extensive experience in corporate governance, risk management and compliance. He has been involved in a broad range of cross border and domestic transactions including equity capital markets, mergers & acquisitions, corporate governance and project finance. Mr Hardcastle has practised law both in Australia and overseas and currently works as a Partner with Hamilton Locke. He graduated from the University of Western Australia in 2005 with a Bachelor of Laws and Bachelor of Arts. INTERESTS IN THE SHARES AND OPTIONS OF THE COMPANY As at the date of this report, the interests of the directors in the shares (direct and indirect) of the Company were: Director Ordinary fully paid shares Unlisted options Unlisted performance rights Mr Kevin Tomlinson Mr Raymond Shorrocks Mr David Southam Mr Michael Naylor Mr Michael Bohm 375,000 4,388,449 4,285,715 16,518,894 7,860,036 - 3,500,000 - 2,250,000 - 700,000 - 17,178,809 - - Annual Report | 40 DIRECTORS’ REPORT COMPANY SECRETARIES MADDISON CRAMER Qualifications Appointment date Resignation date Length of service Biography CARL TRAVAGLINI Qualifications Appointment date Resignation date Length of service Biography LLB, BA (Hons) 1 November 2022 N/A 1 year 5 months Ms Cramer is a corporate lawyer with a focus on mining and resources. She is a co-founder of boutique corporate services business Belltree Corporate and is currently a company secretary of a number of ASX-listed mining and resources companies. Ms Cramer is a former company secretary of ASX300 company Bellevue Gold Limited (ASX:BGL) and prior to this was an associate at Bellanhouse Legal and HWL Ebsworth Lawyers. CA, ACG (CS) 1 February 2023 N/A 1 year 2 months Mr Travaglini is a Chartered Accountant and Chartered Company Secretary with over 15 years’ experience in the resources sector, having served in various finance and company secretarial roles in Australia, Canada and Africa. Mr Travaglini is currently Chief Financial Officer of Bellavista Resources Ltd (ASX: BVR) and Midas Minerals Limited (ASX: MM1) and a Non-Executive Director for Mitre Mining Limited (ASX: MMC). SUSAN FIELD Qualifications Appointment date Resignation date Length of service OPERATING RESULTS CA 23 December 2020 1 February 2023 2 years 1 month The Group’s consolidated net loss for the year ended 31 December 2023 after providing for income tax amounted to $13,500,296 (2022: $2,761,228). The loss included the following items:    Share-based payments of $10,185,535 (2022: $394,157), refer Note 10(b) Exploration and evaluation expenditure written off of $634,937 (2022: $23,879), refer Note 19 Payroll tax expense of $419,510 (2022: Nil) REVIEW OF FINANCIAL POSITION The Group held net assets of $26,977,396 as at 31 December 2023 (2022: $17,402,441). At year end the Group remains well financed with $9,316,782 in cash and cash equivalents (2022: $13,530,678). Annual Report | 41 DIRECTORS’ REPORT PRINCIPAL ACTIVITIES Cygnus Metals Limited’s principal activities consist of exploration and evaluation of lithium deposits in the world class James Bay lithium district in Canada, and rare earth and base metals deposits in Western Australia. There have been no significant changes in the nature of these activities during the period. LIKELY DEVELOPMENTS AND EXPECTED RESULTS The Group is committed to:    exploration of the Group’s key assets in the James Bay district of Canada; exploration of the Group’s assets in the Wheatbelt region of Western Australia; and implementing a strategy to seek out further exploration, acquisition and joint venture opportunities. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There have been no changes in the state of affairs of the Group other than those outlined in the Operations Review. POST REPORTING DATE EVENTS There have not been any events that have arisen between 31 December 2023 and the date of this report or any other item, transaction or event of a material and unusual nature likely, in the opinion of the directors, to materially affect the operations of the Group, the results of those operations or the state of affairs of the Group, in subsequent financial years. ENVIRONMENTAL ISSUES The Group is aware of its environmental obligations with regards to its exploration activities and ensures that it complies with all regulations when carrying out any exploration work. The directors have considered the National Greenhouse and Energy Reporting Act 2007 (‘the NGER Act’) and at the current stage of exploration and based on the locations of the Group’s operations, the directors have determined that the NGER Act will have no effect on the Group for the current or subsequent financial year. The directors will reassess this position as and when the need arises. No environmental breaches have occurred or have been notified by any Government agencies during the year ended 31 December 2023. CORPORATE GOVERNANCE The directors of Cygnus believe that effective corporate governance improves company performance, enhances corporate social responsibility and benefits all stakeholders. Changes and improvements are made in a substance over form manner, which appropriately reflect the changing circumstances of the company as it grows and evolves. Accordingly, the Board has established a number of practices and policies to ensure that these intentions are met and that all shareholders are fully informed about the affairs of the Group. The Company reviews all of its corporate governance practices and policies on an annual basis to ensure they are appropriate for the Company’s current stage of exploration. This year, the review was made against the new ASX Corporate Governance Council’s Principles and Recommendations (4th edition). The Board has reviewed and approved its Corporate Governance Statement on 28 March 2024, and this is available on the Company’s website at https://www.cygnusmetals.com/corporate-governancedetail The Company has a corporate governance section on the website which includes details on the Company’s governance arrangements and copies of relevant policies and charters. Annual Report | 42 DIRECTORS’ REPORT CAPITAL STRUCTURE LISTED SHARES ON ISSUE In August 2023, the Company raised approximately C$7,000,000 (A$8,094,401) through the issue of 18,934,273 fully paid ordinary shares (“Shares”) at an issue price of C$0.37 (A$0.4275) each as Canadian “flow-through shares” which provide tax incentives to those investors for expenditures that qualify as flow-through mining expenditures under the Income Tax Act (Canada) ("Flow-Through Placement”). The Flow-Through Shares were issued at a premium to market pursuant to the Canadian flow-through shares regime. The term “flow-through share” is a defined term in the Income Tax Act (Canada) and is not a special type of share under corporate law. Pursuant to a block trade agreement between PearTree Securities Inc (“Peartree”), Canaccord Genuity (Australia) Limited (“Canaccord”) and Euroz Hartleys Limited ("Euroz”), Canaccord and Euroz facilitated the secondary sale of the Shares acquired by PearTree clients under the Flow-Through Placement to sophisticated and professional investors in Australia and certain other countries by way of a block trade at A$0.225 per Share. In addition to the Flow-Through Placement the Company also completed a traditional placement to sophisticated and professional investors to raise approximately A$3,000,000 (before costs) through the issue of 13,333,333 fully paid ordinary shares in the Company at an issue price of A$0.225 per share. As at the date of this report, the Company had 291,559,139 fully paid ordinary shares on issue (ASX: CY5) (2022: 183,874,212). SHARES UNDER OPTION OR TO BE ISSUED ON CONVERSION OF PERFORMANCE RIGHTS Details of share options and performance rights on issue as at the date of this report are: Number Security type 1,500,000 1,500,000 1,500,000 1,500,000 3,500,000 5,000,000 250,000 100,000 300,000 3,000,000 14,400,000 3,178,809 150,000 Share Option Share Option Share Option Share Option Share Option Share Option Performance Right Performance Right Performance Right Performance Right Performance Right Performance Right Performance Right Exercise price $0.25 $0.50 $0.75 $1.00 $0.16 $0.16 N/A N/A N/A N/A N/A N/A N/A Expiry date 21/10/2025 21/10/2025 21/10/2025 21/10/2025 20/01/2025 15/11/2024 30/07/2025 30/11/2026 3/04/2028 21/10/2027 13/02/2028 5/09/2028 4/05/2028 Class of shares Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Issuing entity Cygnus Metals Limited Cygnus Metals Limited Cygnus Metals Limited Cygnus Metals Limited Cygnus Metals Limited Cygnus Metals Limited Cygnus Metals Limited Cygnus Metals Limited Cygnus Metals Limited Cygnus Metals Limited Cygnus Metals Limited Cygnus Metals Limited Cygnus Metals Limited The holders of these share options and performance rights do not have the right, by virtue of the option or right, to participate in any share issue or interest issue of the Company or of any other body corporate or registered scheme. PERFORMANCE RIGHTS CONVERTED There were 29,850,000 vested performance rights converted to 29,704,496 fully paid ordinary shares during 2023 (2022: Nil). SHARE OPTIONS EXERCISED There were 27,400,000 unquoted share options exercised during 2023 (2022: Nil), and 2,100,000 lapsed (2022: Nil). DIVIDENDS PAID OR RECOMMENDED The directors do not recommend the payment of a dividend and no amount has been paid or declared by way of a dividend to the date of this report. Annual Report | 43 DIRECTORS’ REPORT MATERIAL BUSINESS RISKS The following describes the material business risks that could affect the Company, including any material exposure to economic, environmental and social sustainability risks, and how the Company seeks to manage them. CONTRACT RISK The Company is party to various option and acquisition agreements to acquire interests in mining claims (“Mining Claims”) in Canada (“Agreements”), which require further option exercise or deferred consideration payments to be made in the future in order to secure the rights to the Mining Claims, by way of further share issues and/or payments in cash. Some of the share issues are subject to future shareholder approvals. In the event that the Company is unable to satisfy the option exercise payments or issue the deferred consideration (including in circumstances where shareholder vote down proposed shareholder approvals), or the Company is unable to meet the mandatory expenditure obligations under the Agreements, the Company may not be able to complete some or all of the Agreements, which may reduce the number of Mining Claims in Canada it is able to acquire, or alternatively, reduce the interest it holds in these claims. FUTURE CAPITAL REQUIREMENTS AND MARKET RISKS As an exploration entity, the Company is not generating net cash flow, meaning it is reliant on raising funds from investors or lenders in order to continue to fund its operations and to scale growth. The Company will require further funding in the future. The Company is exposed to external market forces that impact on specific commodity prices and overarching market sentiment that may restrict the Company’s access to new flows of capital if the Company’s project pipeline is not ascribed value in the market at any given time. The Company manages this risk by ensuring a constant focus on the Company’s current financial position and forecast working capital requirements. Discretionary exploration activities are focused on commodities and in jurisdictions that will ensure access to higher levels of capital in times of broader market depression. Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the current market price or may involve restrictive covenants which limit the Company's operations and business strategy. Debt financing (while not currently a focus), if available, may involve restrictions on financing and operating activities. Although the Company believes that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain additional financing as needed, the Company may be required to reduce the scope of its activities, which could have a material adverse effect on the Company's activities and could affect the Company's ability to continue as a going concern. TENURE, ACCESS AND GRANT OF LICENCES / PERMITS The Company’s operations are subject to receiving and maintaining licences and permits from appropriate governmental authorities. There is no assurance that delays will not occur in connection with obtaining all necessary grants or renewals of licences / permits for the proposed operations, additional licences / permits for any possible future changes to operations, or additional permits associated with new legislation. Prior to any development on any of its properties, subsidiaries of the Company must receive licences / permits from appropriate governmental authorities. There is no certainty that the Company will hold all licences / permits necessary to develop or continue operating at any particular property. LAND ACCESS RISK Land access is critical for exploration and exploitation to succeed. It requires both access to the mineral rights and access to the surface rights. Minerals rights may be negotiated and acquired. In all cases, the acquisition of prospective exploration and mining licences is a competitive business in which proprietary knowledge or information is critical, and the ability to negotiate satisfactory commercial arrangements with other parties is often essential. The Company may not be successful in acquiring or obtaining the necessary licences to conduct exploration or evaluation activities outside of the mineral tenements that it owns or seeks to acquire. Annual Report | 44 DIRECTORS’ REPORT Access to land for exploration and evaluation purposes can be obtained by: (i) (ii) (iii) private access and compensation agreement with the landowner; purchase of surface rights; or through judicial rulings. However, access rights to licences can be affected by many factors, including: (i) (ii) (iii) surface title land ownership negotiations, which are required before ground disturbing exploration activities can commence within the jurisdictions in which the Company operates; permitting for exploration activities, which are required in order to undertake most exploration and exploitation activities within the jurisdictions in which the Company operates; and natural occurrences, including inclement weather, volcanic eruptions, lahars and earthquakes. All of these issues have the potential to delay, curtail and preclude the Company's operations. While the Company will have the potential to influence some of these access issues, and retains staff to manage those instances where negotiations are required to gain access, it is not possible for the Company to predict the extent to which the above-mentioned risks and uncertainties may adversely impact the Company's operations. ACCESS TO SUFFICIENT USED AND NEW EQUIPMENT The Company is dependent on access to used and new mining equipment. In the event that the Company has difficulty in securing adequate supplies of mining equipment at appropriate prices, or if the quality of the equipment is not acceptable or suitable, its ability to perform or commence new projects may be adversely affected. This difficulty may have an adverse impact on the financial performance and financial position of the Company. DATA MANAGEMENT The risk of retaining or managing the Company’s corporate data in a way that is inconsistent with the Company’s regulatory obligations. This is considered to be a growing risk as the Company and related data volumes grow and cyber-security threats become more sophisticated. Failure to properly manage the Company’s corporate data could result in significant financial and regulatory implications. The Company has implemented a number of company-wide controls to manage this risk, including the continuous review and updating of security controls on the Company’s network based on known security threats and the latest intelligence. REGULATORY ENVIRONMENT The risk of failing to adapt and adhere to rapidly evolving regulatory environments in Australia and Canada. This can result in the increased complexity and cost of doing business and the risk of forfeiture of exploration and mining claims from the failure of complying with these complex regulatory environments. In Australia, significant compliance risk may arise from emerging changes to regulatory frameworks, including the Work Health and Safety (Mines) Regulations 2022. The Company’s risk management strategy is designed to monitor and limit the adverse consequences of existing and new regulations in a way that is efficient and minimizes compliance costs. PEOPLE CAPABILITY The risk that the Company fails to attract and retain the talent and leadership required to execute the Company’s strategies and objectives, including the technical expertise to explore for and discover economic mineral deposits, and the corporate talent to achieve value for shareholders via corporate activities, including project acquisitions, project divestments and joint venture activities. The intention of the Company’s remuneration framework is to ensure remuneration and reward structures are aligned with shareholders’ interests by being market competitive to attract and retain high calibre individuals, rewarding superior individual performance, recognising the contribution of each executive to the continued growth and success of the Company, and linking long-term incentives to shareholder value. Annual Report | 45 DIRECTORS’ REPORT GENERAL ECONOMIC CLIMATE Factors such as inflation, currency fluctuations, interest rates, legislative changes, political decisions and industrial disruption have an impact on operating costs. The Company’s future income, asset values and share price can be affected by these factors. CLIMATE CHANGE There are a number of climate-related factors that may affect the Company's business. Climate change or prolonged periods of adverse weather and climatic conditions (including rising sea levels, floods, hail, drought, water scarcity, temperature extremes, frosts, earthquakes and pestilences) may have an adverse effect on the ability of the Company to access and utilise its tenements and therefore the Company's ability to carry out operations. Changes in policy, technological innovation, and consumer or investor preferences could adversely impact the Company's business strategy, particularly in the event of a transition (which may occur in unpredictable ways) to a lower-carbon economy. ENVIRONMENTAL, SOCIAL AND GOVERNANCE The Company is committed to protecting and respecting the environment and local communities within which it operates and looks forward to enhancing its positive impact in these areas. As the Company advances its strategies, it will be sharing its ESG efforts and impact regularly, in line with its annual reporting cycle. Annual Report | 46 DIRECTORS’ REPORT AUDITED REMUNERATION REPORT This remuneration report for the year ended 31 December 2023 outlines the remuneration arrangements of the Company and its controlled entities (“Group”) in accordance with the requirements of the Corporations Act 2001 (Cth) (“Act”) and its Regulations. This information has been audited as required by section 300A of the Corporations Act. The remuneration report details the remuneration arrangements for Directors and other Key Management Personnel (“KMP”), who are defined as those persons having authority and responsibility for planning, directing, and controlling the major activities of the Company and Group, directly or indirectly, including any director (whether executive or otherwise) of the parent entity. The table below outlines the Directors and other KMP of the Company during the financial year ended 31 December 2023. Unless otherwise indicated, the individuals were Directors or other KMP for the entire financial year. For the purposes of this report, the term “Executive” includes the executive directors and senior executives of the Company. Non-Executive Directors Kevin Tomlinson Raymond Shorrocks Michael Bohm Michael Naylor Non-Executive Chair (appointed 3 April 2023) Non-Executive Director (appointed 3 April 2023, previously appointed Non-Executive Chairman on 8 November 2021) Non-Executive Director Non-Executive Director (appointed 1 March 2023, previously appointed Executive Director on 25 May 2022) Shaun Hardcastle Non-Executive Director (resigned 3 April 2023) Executive Directors David Southam Other KMP Susan Field Managing Director (appointed 13 February 2023, previously appointed Non-Executive Director on 1 November 2022) Chief Financial Officer and Joint Company Secretary (resigned 1 February 2023) Carl Travaglini Chief Financial Officer and Joint Company Secretary (appointed 1 February 2023) There were no changes to Directors or other KMP after reporting date and before the date the financial report was authorised for issue. REMUNERATION GOVERNANCE Due to the current size of the Group, it is more efficient and effective for the functions otherwise undertaken by a remuneration committee to be performed by the Board. All directors are therefore responsible for determining and reviewing compensation arrangements for key management personnel, including periodically assessing the appropriateness of the nature and amount of remuneration by reference to relevant market conditions and prevailing practices. Directors excuse themselves from discussions that are specific to their individual remuneration components and are not in relation to the remuneration of the group of non-executive directors as a collective. The Board may obtain professional advice where necessary to ensure that the Group attracts and retains talented and motivated directors, executives and employees who can enhance Group performance through their contributions and leadership. Annual Report | 47 DIRECTORS’ REPORT AUDITED REMUNERATION REPORT (Continued) REMUNERATION FRAMEWORK The Board recognises that the Group’s performance and ultimate success in project delivery depends on many factors including its ability to attract and retain highly skilled, qualified and motivated people. At the same time, remuneration practices must be transparent to shareholders and be fair and competitive, taking into account the nature and size of the organisation and its current stage of activities, funding and general market conditions. The approach to remuneration has been structured with the following objectives: Fairness: provide a fair level of reward to all employees; Transparency: establish transparent links between reward and performance; • • • Alignment: promote mutually beneficial outcomes by aligning employee, and shareholder interests; and • Culture: drive leadership performance and behaviours that promote safety, diversity and employee engagement. The remuneration for executives may have several components, including: Fixed remuneration, inclusive of superannuation and allowances; Short Term Incentives (“STI”) under a performance-based cash or equity bonus incentive plan; and Long Term Incentives (“LTI”) through participation in the Company’s approved equity incentive plan. • • • These three components comprise each executive’s total annual remuneration. To link executive remuneration with the Group’s performance, the Company’s policy is to endeavour to provide a portion of each executive’s total remuneration as “at risk”. 2023 MIX OF REMUNERATION FOR DIRECTORS AND OTHER KMP - PERCENTAGE OF TOTAL REMUNERATION As demonstrated above, the mix of remuneration for executive KMP is weighted towards variable long-term incentives in the interests of preserving cash and aligning KMP performance outcomes with the growth of shareholder wealth. Long-term incentive remuneration is comprised of the accounting based valuation of performance rights. These valuations are calculated at the time of grant and are based on the Company’s share price and other market factors evident at that time. For clarity, the components of David Southam’s share-based (LTI) remuneration for 2023 includes the following: • • • $2,000,000 in remuneration relates to 4,000,000 performance rights that were valued at 50c at the time of grant, which vested and were converted into 4,000,000 shares during the year upon the Company successfully reporting a maiden JORC Inferred Mineral Resource Estimate of 10Mt for the Pontax Lithium Project. The Company’s share price at the time of conversion was 27c. Mr Southam continues to hold these shares as at the date of this report. $1,692,141 in remuneration relates to 10,000,000 performance rights that were valued at between 46.3c and 50c at the time of grant. As at the date of this report, the related vesting conditions have not yet been met and these performance rights are not yet convertible into shares. $75,400 in remuneration relates to 3,178,809 performance rights that were valued at between 17c and 18.5c at the time of grant. As at the date of this report, the vesting conditions have not yet been met and these performance rights are not yet convertible into shares. Annual Report | 48 DIRECTORS’ REPORT AUDITED REMUNERATION REPORT (Continued) OVERVIEW OF COMPANY PERFORMANCE In considering the Company’s performance and benefits for shareholder wealth, the Board has regard to the following indices in respect of the current and the previous four financial years: Income Net loss after tax Share price at 31 December 2023 $2,875,304 $13,500,296 $0.135 2022 $685,203 $2,761,228 $0.380 2021 $30,311 $2,081,181 $0.175 2020 $439,311 $7,720,430 $0.180 2019 $231,203 $870,917 $0.044 Currently, there is a portion of remuneration of certain executive KMP that is linked to share price performance. The rationale for this approach is that the Group is in the exploration phase, and it is currently not appropriate to link remuneration to any other factors such as profitability. KMP REMUNERATION A combination of fixed and variable reward may be provided to KMPs, based on their responsibility within the Group in relation to the achievement of its strategic objectives and their capacity to contribute to the generation of long-term shareholder value. The components of KMP remuneration may consist of: Fixed Remuneration KMP receive either an annual fixed base cash salary or fee and other associated benefits depending on the nature of their contract. Fixed remuneration includes statutory superannuation guarantee contributions required by Australian legislation, which was 10.5% up to 30 June 2023, and then increased to 11% from 1 July 2023. Directors and KMP do not receive any other retirement benefits. Fixed remuneration of KMP will be set by the Board each year and is based on a number of factors. In setting fixed remuneration for KMP, individual performance, skills, expertise and experience are taken into account as well as the Group’s current level of activity and funding. Where appropriate, external remuneration consultants may be engaged to assist the Board. Short-Term Incentives Under the Company’s remuneration policy, employees are eligible to participate in the Company’s Short-Term Incentive Program (“STIP”) and earn short-term bonuses of up to a fixed percentage of their fixed total remuneration package, subject to achievement of STIP hurdles. The objective of the STIP is to provide the opportunity to earn a cash or equity bonus by rewarding those employees who successfully achieve, in the opinion of the Board, the critical short-term objectives of the Company over a twelve-month period. Those short-term objectives for each employee are pre-determined and approved by the Board as being aligned with the Company’s stated strategy to derive shareholder return. For an employee who resigns or is terminated for cause before the end of the financial year, no STI is awarded for that year. Similarly, any deferred STI awards are forfeited, unless otherwise determined by the Board. If an employee ceases employment during the performance period by reason of redundancy, ill health, death, or other circumstance approved by the Board, the employee will be entitled to a pro-rata cash payment based on an assessment of performance up to the date of ceasing employment for that year and any deferred STI awards will be retained (subject to Board discretion). Annual Report | 49 DIRECTORS’ REPORT AUDITED REMUNERATION REPORT (Continued) 2023 STI Awarded After the end of the current reporting period the Board agreed to award Mr Southam an STI bonus of $120,000 including superannuation upon the successful achievement of the following critical short-term performance targets by 31 December 2023: Performance Target Summary % of total fixed remuneration Weighting Acquisition of further tenure outside the main Pontax trend that is prospective for lithium in the James Bay region Establishing adequate health and safety standards in Quebec Establishing good Canadian community relations, including Canadian first nations strategy and meeting the first nations group. Building an appropriate team that can adequately assist in implementing the Company’s Canadian exploration strategy. 5% 7.5% 7.5% 5% Total 20% 30% 30% 20% 100% In the interests of conserving cash reserves, the Board agreed to pay Mr Southam this STI bonus in equity instruments, subject to receiving Shareholder approval at the Company’s 2024 Annual General Meeting. Should Shareholders not approve the equity issue, the STI will become payable in cash. This equated to 100% of the potential STI payable to Mr Southam in relation to the 2023 reporting period. Accordingly, there was no STI amount forfeited by Mr Southam for the 2023 reporting period. Long-Term Incentives The Group also awards its KMP with Long-Term Incentives (“LTIs”). LTIs are issued under the Company’s Employee Incentives Securities Plan which was approved by Shareholders on 31 January 2023. The objective of LTIs is to provide potential rewards to KMP in a manner which aligns this element of remuneration with the creation of shareholder wealth. As such LTIs can be awarded to KMP who are able to influence the generation of shareholder wealth and thus have an impact on the Group’s performance. If an employee resigns or is terminated for cause before the end of the financial year, no LTIs will vest for that year. Similarly, any vested and unexercised LTI awards are forfeited, unless otherwise determined by the Board. If an employee ceases employment during the performance period by reason of redundancy, ill health, death, or other circumstance approved by the Board, the employee will be entitled to receive any vested but unexercised LTIs as at the date of ceasing employment, subject to Board discretion. The treatment of vested and unexercised awards in all other circumstances will be determined by the Board with reference to the circumstances of cessation. The Company prohibits directors or employees from entering into arrangements to protect the value of any Company shares, options or performance rights that the director or employee has become entitled to as part of their remuneration package. This includes entering into a contract to hedge their exposure. Unlisted Share Options There were no unlisted share options issued in 2023. Annual Report | 50 DIRECTORS’ REPORT AUDITED REMUNERATION REPORT (Continued) Performance Rights During 2023 the Company granted 22,678,809 Performance Rights to Director and other KMP as detailed on page 53. These rights were granted with a nil exercise price and a time to expiry of approximately five years. The following vesting conditions apply to various tranches of the total number of rights granted during 2023: 1. The Company reporting a JORC compliant Inferred Mineral Resource on any project of at least 5MT at a minimum grade of 0.8% Li2O on or before the vesting date. 2. The Company reporting a JORC compliant Inferred Mineral Resource on any project other (than the Pontax Project) of at least 5MT at a minimum grade of 0.8% Li2O on or before 31 December 2025 3. The Company reporting a JORC compliant Inferred Mineral Resource of at least 10MT at a minimum grade of 0.8% Li2O on or before the vesting date. 4. The Company reporting a JORC compliant Inferred Mineral Resource of at least 20MT at a minimum grade of 0.8% Li2O on or before 13 February 2028. 5. The Company has a market capitalisation of at least $150 million over at least 10 consecutive trading days on which trades actually occur. 6. The Company has a 10-day VWAP of at least $1.00 or a market capitalisation of at least $250 million over at least 10 consecutive trading days on which trades actually occur. 7. The Company’s TSR exceeds the median TSR of its Peer Group for period 1 July 2023 to 31 December 2025. 8. Remaining an officeholder, employee or consultant of the Company (or a wholly owned subsidiary) at all times up to and including the vesting date. In respect of items 1 and 3 above, the conditions for the performance rights were met and 14,300,000 performance rights were vested to KMP and converted into shares during the reporting period. NON-EXECUTIVE DIRECTOR REMUNERATION Non-Executive Director fees are paid within an aggregate limit which is approved by the shareholders from time to time. Retirement payments, if any, are determined in accordance with the rules set out in the Group’s Constitution and the Corporations Act at the time of the director’s retirement or termination. Non-Executive Director remuneration may include an incentive portion consisting of performance rights and/or share options, as considered appropriate by the Board, which is subject to shareholder approval in accordance with the ASX Listing Rules. The aggregate remuneration, and the manner in which it is apportioned amongst Non-Executive Directors, is reviewed annually. The Board considers the amount of director fees being paid by comparable companies with similar responsibilities and levels of experience of the Non-Executive Directors when undertaking the annual review process. The maximum amount of Non-Executive Director fees payable is fixed at $600,000 in total, for each 12-month period commencing 1 January each year, until varied by ordinary resolution of shareholders. This amount of $600,000 was approved by shareholders in January 2023, up from $300,000. Non-Executive Directors are not entitled to any termination payments. Director Fees 2023 Fees Per Director Inclusive of Superannuation 2022 Fees Per Director Inclusive of Superannuation $A Per Annum $A Per Annum Chair of the Board Other Non-Executive Directors 150,000 55,249 82,875 55,000 USE OF REMUNERATION CONSULTANTS During the year ended 31 December 2023, the Board did not engage the services of remuneration consultants (2022: None). This was considered appropriate whilst the Group is in the exploration phase. Annual Report | 51 DIRECTORS’ REPORT AUDITED REMUNERATION REPORT (Continued) THE REMUNERATION OF THE DIRECTORS AND OTHER KEY MANAGEMENT PERSONNEL The Directors and other KMP of the Company, alongside their remuneration for the period, are set out in the following tables: Fixed remuneration Variable remuneration Base Salary and Fees $ 2023 Non-Executive Directors K Tomlinson1 R Shorrocks M Bohm M Naylor S Hardcastle2 Executive Directors D Southam3 Other KMP C Travaglini4 S Field4 Totals 149,889 57,956 55,375 93,356 13,750 422,429 137,500 6,0005 936,255 Annual leave $ - - - 2,564 - Super- annuation $ Bonus (non-cash) $ - 4,044 - 9,730 - - - - - - Performance rights (non-cash) $ 101,818 193,109 - 1,544,872 - Total $ 251,707 255,109 55,375 1,650,522 13,750 29,053 32,179 120,000 3,767,541 4,371,202 5,433 - 37,050 14,813 - 60,766 - - 120,000 245,000 240,837 6,093,1776 402,746 246,837 7,247,248 Performance based % 40% 76% - 94% - 89% 61% 98% 86% Notes: 1. Mr Tomlinson was appointed Non-Executive Chairman on 3 April 2023. 2. Mr Hardcastle resigned 3 April 2023. During 2023 Mr Hardcastle’s non-executive director fees were paid up until his resignation date. 3. Mr Southam was appointed as Managing Director on 13 February 2023, previously appointed Non-Executive Director 1 November 2022. 4. Ms Field resigned and Mr Travaglini was appointed as Chief Financial Officer and Joint Company Secretary on 1 February 2023. 5. Ms Field’s fees were paid by the Company to Blue Leaf Corporate Pty Ltd, a Company controlled by Mr Naylor. 6. The share price used in the valuation of share-based remuneration reported in the current period was required to be set at the time of the grant of the related performance right. The Company’s share price at the time of each grant of performance rights to KMP was as follows: Kevin Tomlinson 22c a. b. Ray Shorrocks 25c c. Michael Naylor 25c d. David Southam 50c Carl Travaglini 49c e. Sue Field 24c f. Base Salary $ 69,375 - - - - 2022 Non-Executive Directors R Shorrocks1 D Southam2 M Bohm S Hardcastle S Jackson3 Executive Directors M Naylor Other KMP S Field Totals - 161,633 92,258 Fixed remuneration Variable remuneration Director and consultant fees $ Annual leave $ Super- annuation $ Bonus (cash) $ 6,875 9,167 55,000 42,500 11,855 - - - - - 6,375 - - - - - - - - - Performance rights (non-cash) $ 12,149 - - - - Total $ 94,774 9,167 55,000 42,500 11,855 - 9,264 9,626 100,0004 97,194 308,342 60,0005 185,397 - 9,264 - 16,001 - 100,000 11,663 121,006 71,663 593,301 Performance based % 13% - - - - 64% 16% 37% Notes: 1. Mr Shorrocks was appointed Non-Executive Director on 25 May 2022, previously appointed Executive Chairman on 8 November 2021. 2. Mr Southam was appointed as Non-Executive Director 1 November 2022. 3. Mr Jackson resigned 25 May 2022. During 2022 Mr Jackson’s non-executive director fees were paid up until his resignation date to Whistler Consulting Pty Ltd, a Company controlled by Mr Jackson. 4. Mr Naylor received a discretionary bonus as approved by the Board of Directors in recognition for his significant efforts throughout 2022. 5. Ms Field’s fees were paid by the Company to Blue Leaf Corporate Pty Ltd, a company controlled by Mr Naylor. Annual Report | 52 DIRECTORS’ REPORT AUDITED REMUNERATION REPORT (Continued) SHARES HELD BY DIRECTORS AND OTHER KMP, INCLUDING THEIR RELATED PARTIES Balance at start of year Held upon commencing as KMP Directors Kevin Tomlinson Ray Shorrocks Michael Naylor David Southam Michael Bohm Shaun Hardcastle Other KMP Carl Travaglini Susan Field Totals - 3,258,449 7,158,894 285,715 6,500,036 1,415,645 - - 18,618,739 - - - - - - 50,000 - 50,000 Acquired Disposed 375,000 3,000,000 10,000,000 4,000,000 2,000,000 - 500,000 - 19,875,000 - (1,870,000) (640,000) - (640,000) - - - (3,150,000) Held upon cessation as KMP - - - - - (1,415,645) - - (1,415,645) Balance at the end of the year 375,000 4,388,449 16,518,894 4,285,715 7,860,036 - 550,000 - 33,978,094 SHARES ISSUED ON EXERCISE OF OPTIONS AND PERFORMANCE RIGHTS During 2023, there were 13,800,000 shares issued from the conversion of performance rights (2022: None) and 6,000,000 shares issued from the exercise of share options (2022: None) by KMP. UNLISTED OPTIONS HELD BY DIRECTORS AND OTHER KMP, INCLUDING THEIR RELATED PARTIES Directors Ray Shorrocks Ray Shorrocks Michael Naylor Michael Naylor Michael Bohm Shaun Hardcastle Other KMP Susan Field Totals Grant date Expiry date Fair value Exercise price Balance 1 Jan 2023 23/12/21 20/09/20 07/11/21 20/09/20 20/09/20 20/09/20 20/01/25 20/09/23 15/11/24 20/09/23 20/09/23 20/09/23 $0.0917 $0.1458 $0.9500 $0.1458 $0.1458 $0.1458 $0.16 $0.08 $0.16 $0.08 $0.08 $0.08 3,500,000 2,000,000 2,250,000 2,000,000 2,000,000 2,000,000 Exercised - (2,000,000) (2,000,000) (2,000,000) - Held on resignation Balance 31 Dec 2023 - - - - - (2,000,000) 3,500,000 - 2,250,000 - - - 07/11/21 15/11/24 $0.095 $0.16 250,000 6,000,000 - (6,000,000) (250,000) (2,250,000) - 5,750,000 Vested and exercisable 31 Dec 2023 3,500,000 - 2,250,000 - - - - 5,750,000 PERFORMANCE RIGHTS HELD BY DIRECTORS AND OTHER KMP, INCLUDING THEIR RELATED PARTIES Grant date Expiry date Fair value Exercise price Balance 1 Jan 2023 Granted Exercised Lapsed Vested and convertible 31 Dec 2023 Balance 31 Dec 2023 Directors K Tomlinson K Tomlinson K Tomlinson R Shorrocks M Naylor D Southam D Southam D Southam D Southam D Southam D Southam Other KMP C Travaglini S Field Totals 26/03/2023 26/03/2023 26/03/2023 28/09/2022 28/09/2022 1/11/2023 31/01/2023 31/01/2023 31/01/2023 28/08/2023 28/08/2023 13/02/2028 3/04/2028 13/02/2028 21/10/2027 21/10/2027 13/02/2028 13/02/2028 13/02/2028 13/02/2028 5/09/2028 5/09/2028 $0.2200 $0.2200 $0.1723 $0.2500 $0.2500 $0.5000 $0.5000 $0.4750 $0.4630 $0.2825 $0.2950 7/02/2023 15/08/2022 21/10/2027 21/10/2027 $0.4900 $0.2400 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A - - - 1,000,000 8,000,000 - - - - - - 300,000 300,000 400,000 - - 5,000,000 8,000,000 2,500,000 2,500,000 1,059,603 2,119,206 (300,000) - - (1,000,000) (8,000,000) - (4,000,000) - - - - - - - - - - - - - - - - 300,000 400,000 - - 5,000,000 4,000,000 2,500,000 2,500,000 1,059,603 2,119,206 - 1,000,000 10,000,000 500,000 - 22,678,809 (500,000) (500,000) (14,300,000) - (500,000) (500,000) - - 17,878,809 - - - - - - - - - - - - - - Annual Report | 53 DIRECTORS’ REPORT AUDITED REMUNERATION REPORT (Continued) APPOINTMENT OF MANAGING DIRECTOR On 13 February 2023 Mr Southam commenced as Managing Director. The material terms of Mr Southam’s Managing Director employment contract are: - - - - - Commencement Date: 13 February 2023 on a part-time basis with transition arrangements to move to full-time. Term / Notice Period: Ongoing term, with termination by the Company on six months’ written notice and termination by the Managing Director on three months’ written notice. The Company may terminate the employment without notice in certain circumstances. Remuneration: A fixed Total Remuneration Package (“TRP”) of $600,000 (Full Time Equivalent), inclusive of superannuation contributions. Short Term Incentive Program (“STIP”): Eligible to participate in a STIP of up to 25% of TRP subject to achievement of STIP hurdles. Employee Incentives Securities Plan (“EISP”): Eligible to participate in the EISP. The Company agreed to issue 18,000,000 performance rights to Mr Southam which are linked to his commencement in the role as Managing Director. Those performance rights were issued on 13 February 2023 following receipt of shareholder approval with the following vesting conditions: Director Performance Rights Number Vesting Condition Expiry Date Tranche M 5,000,000 2 years continuous employment with the Company from the date of appointment (being 1 November 2022) 13 February 2028 Tranche N 2,000,000 Tranche O 2,000,000 Tranche P 4,000,000 Tranche Q 2,500,000 Tranche R 2,500,000 The Company, in respect of any of the mining tenements or projects it holds an interest in at the issue date of the Performance Rights or acquires at any date in the future, announces a JORC 2012 compliant Li2O resource of at least 5Mt at a grade of no less than 0.8% lithium 13 February 2028 The Company, in respect of any of the mining tenements or projects it holds an interest in at the issue date of the Performance Rights or acquires at any date in the future, announces a JORC 2012 compliant Li2O resource of at least 10Mt at a grade of no less than 0.8% lithium The Company, in respect of any of the mining tenements or projects it holds an interest in at the issue date of the Performance Rights or acquires at any date in the future, announces a JORC 2012 compliant Li2O resource of at least 20Mt at a grade of no less than 0.8% lithium 13 February 2028 13 February 2028 The Company achieving a market capitalisation of at least A$150,000,000 over a period of not less than 10 consecutive trading days on which trades in the Company’s Shares actually occur The Company’s share price having a 10-day VWAP of at least $1.00 or a market capitalisation of at least $250,000,000 over a period of not less than 10 consecutive trading days on which trades in the Company’s Shares actually occur 13 February 2028 13 February 2028 Annual Report | 54 DIRECTORS’ REPORT During the reporting period, the conditions of Tranches N and O were met and 4,000,000 performance rights were vested and subsequently exercised into shares which continue to be held by Mr Southam. All remaining 14,000,000 performance rights remain unvested as conditions have not yet been achieved. SERVICE AGREEMENTS Remuneration and other terms of employment for Executive Directors are formalised in service agreements. The service agreements specify the components of remuneration, benefits and notice periods. Participation in short term and long-term incentives are at the discretion of the Board. Other major provisions of the agreements relating to remuneration are set out below. Name and Position Term of Agreement Base Salary Including Superannuation Company/Employee Termination Notice Period David Southam Managing Director Ongoing commencing 13 February 2023 $600,000 p.a. (Full-time equivalent) 6 / 3 months Termination Benefit 6 months’ base salary plus superannuation LOANS TO DIRECTOR RELATED PARTIES There were no loans to Directors of the Company, including their personally related parties, as at 31 December 2023 (2022: None). OTHER TRANSACTIONS WITH DIRECTOR RELATED PARTIES The following transactions and arrangements with Director related parties occurred during the current and comparative reporting periods: Former Director Shaun Hardcastle is a Partner of Hamilton Locke Lawyers which provided legal services to the Company to the value of $155,307 during 2023 (2022: $137,025). There was $995 owing to Hamilton Locke Lawyers by the Company at 31 December 2023 (2022: $36,910). Blue Leaf Corporate Pty Ltd, a company owned by Michael Naylor, provided company secretarial and financial management services to the Company during 2023 to the value of $42,000 (2022: $118,500). Acting as joint company secretary up to her resignation on 1 February 2023, Susan Field was under contract with Blue Leaf Corporate Pty Ltd and was remunerated $5,000 (2022: $60,000) for her contribution of services to Cygnus Metals Limited which has been disclosed as remuneration in the table on page 52. There were no amounts owing to Blue Leaf Corporate Pty Ltd by the Company at 31 December 2023 (2022: Nil). Belltree Corporate Pty Ltd, a company that Michael Naylor is a director of, and Michael Naylor and former Director Shaun Hardcastle have an indirect interest in, provided company secretarial services to the Company during the year ended 31 December 2023 totalling $89,500 (2022: $7,000). There were no amounts owing to Belltree Corporate Pty Ltd by the Company at 31 December 2023 (2022: Nil). Exia-IT Pty Ltd, of which Belltree Corporate Pty Ltd holds an interest and Michael Naylor holds an interest in Belltree Corporate Pty Ltd, provided information technology management services to the Company during the year ended 31 December 2023 totalling $68,923 (2022: Nil). There were no amounts owing to Exia-IT Pty Ltd by the Company at 31 December 2023 (2022: Nil). During the year ended 31 December 2023 the Company paid $196,960 (2022: $266,599) for shared administrative, head office rent and head office fit-out costs to FireFly Metals Limited (formerly Auteco Minerals Limited), of which Ray Shorrocks and Michael Naylor were directors in 2023. $25,385 was owing to FireFly Metals Limited by the Company at 31 December 2023 (2022: $151,716). Bellavista Resources Ltd, a company that Michael Naylor is a director of, recharged shared office costs to the Company during the year ended 31 December 2023 totalling $64,987 (2022: $16,674). $3,399 was owing to Bellavista Resources Ltd by the Company at 31 December 2023 (2022: $13,114). Annual Report | 55 DIRECTORS’ REPORT AUDITED REMUNERATION REPORT (Continued) OTHER TRANSACTIONS WITH DIRECTOR RELATED PARTIES (Continued) Bellevue Gold Limited, a company that Michael Naylor is a director of, recharged shared administrative costs to the Company during the year ended 31 December 2023 totalling $20,480 (2022: $10,694). $14,440 was owing to Bellevue Gold Limited by the Company at 31 December 2023 (2022: Nil). Mitre Mining Corporation Ltd, a company that Ray Shorrocks is a director of, recharged shared office costs to the Company during the year ended 31 December 2023 totalling $8,325 (2022: Nil). $8,325 was owing to Mitre Mining Corporation Ltd by the Company at 31 December 2023 (2022: Nil). Terms and conditions of transactions with related parties Transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at year-end are unsecured and interest-free and settlement occurs in cash and are presented as part of trade payables. There have been no bank guarantees provided for any related party payables. Amounts shown are net of GST paid or payable. VOTING AND COMMENTS MADE AT THE COMPANY’S LAST ANNUAL GENERAL MEETING Cygnus received 80.17% “yes” votes on its Remuneration Report for the year ended 31 December 2022. END OF AUDITED REMUNERATION REPORT MEETINGS OF DIRECTORS During the financial year, seven meetings of directors were held and attendances by each director during the year were as follows: Kevin Tomlinson Michael Bohm David Southam Michael Naylor Ray Shorrocks Shaun Hardcastle Number attended 5 7 7 7 6 2 Number eligible to attend 5 7 7 7 7 2 Given the size of the Board, the Company has decided that there are no efficiencies to be gained from forming separate board committees. SHARE OPTIONS AND PERFORMANCE RIGHTS There are 14,500,000 share options on issue (2022: 44,000,000) and 21,378,809 performance rights on issue (2022: 47,900,000) at the date of this report. INDEMNIFYING OFFICERS In accordance with the constitution, except as may be prohibited by the Corporations Act 2001, every officer of the Company shall be indemnified out of the property of the Company against any liability incurred by him in his capacity as officer or agent of the Company or any related corporation in respect of any act or omission whatsoever and howsoever occurring or in defending any proceedings, whether civil or criminal. The terms of the policy prevent disclosure of the amount of the premium payable and the level of indemnification under the insurance contract. Annual Report | 56 DIRECTORS’ REPORT INDEMNIFICATION OF AUDITORS To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young Australia, as part of the terms of its audit engagement agreement, against claims by third parties arising from the audit (for an unspecified amount). No payments have been made to indemnify Ernst & Young to the date of this report. PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied for leave of Court to bring proceedings on behalf of the Company or intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of these proceedings. The Company was not a party to any such proceedings during the year. NON-AUDIT SERVICES Ernst & Young, the Company’s auditors, have not performed any other services in addition to their statutory audit duties. The total remuneration for audit services provided during the prior and current financial years is set out in note 12 of the financial statements. AUDITOR’S INDEPENDENCE DECLARATION The lead auditor’s independence declaration for the year ended 31 December 2023 has been received and is attached to this Directors’ Report. COMPLIANCE STATEMENTS AND DISCLAIMERS Exploration Results - Canada The information in this annual report relating to Exploration Results in Canada is based on, and fairly represents, information and supporting documentation reviewed by Ms Laurence Huss, Quebec In-Country Manager of Cygnus Metals Ltd. Ms Huss also holds performance rights in the Company. Ms Huss is a member of the Quebec Order of Geologists (OGQ #486), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Ms Huss consents to the inclusion in this report of the matters based on the information in the form and context in which they appear. Exploration Results - Australia The information in this annual report that relates to Exploration Results in Australia is based on and fairly represents information and supporting documentation compiled by Mr Duncan Grieve, a Competent Person who is a member of The Australasian Institute of Geoscientists. Mr Grieve is Chief Geologist and a full-time employee of Cygnus Metals and holds shares in the Company. Mr Grieve has sufficient experience relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Grieve consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Annual Report | 57 DIRECTORS’ REPORT Mineral Resource Estimates The information in this annual report that relates to the Pontax Lithium Project Mineral Resource Estimate is based on and fairly represents information and supporting documentation compiled by Mr Brian Wolfe, a Competent Person who is a member of The Australasian Institute of Geoscientists. Mr Brian Wolfe is an independent consultant specialising in Mineral Resource estimation, evaluation and exploration. Mr Brian Wolfe does not hold any interest in Cygnus Metals Limited, its related parties, or in any of the mineral properties that are the subject of this report. Mr Brian Wolfe is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Brian Wolfe consents to the inclusion in this report of the matters based on this information in the form and context in which it appears. Forward Looking Statements This report may contain certain forward-looking statements and projections regarding estimated, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/ projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of Cygnus Metals Limited. The forward-looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. Cygnus Metals Limited does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward-looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this report has been prepared in good faith, neither Cygnus Metals or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Accordingly, to the maximum extent permitted by law, none of Cygnus Metals Limited, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of, the accuracy or completeness of the information or for any of the opinions contained in this presentation or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this report. DIRECTORS’ DECLARATION This report is made in accordance with a resolution of the directors. David Southam Managing Director Dated in Perth this 28th day of March 2024. Annual Report | 58 ANNUAL MINERAL RESOURCE STATEMENT The Mineral Resource Estimate was prepared in accordance with the 2012 Edition of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) by Mr Brian Wolfe, an independent consultant specialising in Mineral Resource estimation, evaluation and exploration, with oversight from Cygnus personnel. The Mineral Resource Estimate as at 31 December 2023 which was released on 14 August 2023 is presented in the table below: Resource Category Inferred Cut-off Grade (Li2O) 0.5% Tonnes (Mt) 10.1 Grade (Li2O) 1.04% Contained Li2O (Tonnes) 105,280 Grade (Ta2O5 ppm) 74.79 Notes: Mineral Resources that are not Ore Reserves have not demonstrated economic viability and an Inferred Mineral Resource carries a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The Mineral Resource Estimate has been independently estimated by Mr Brian Wolfe (see Competent Person statement). Classification The Mineral Resource Estimate has been classified in accordance with guidelines contained in the JORC Code (2012). This classification is based on assessment and understanding of the deposit style, geological and grade continuity, drill-hole spacing, input data quality (including drill collar surveys and bulk density). The Mineral Resource Estimate was classified as Inferred, accounting for the level of geological understanding of the deposit, quality of samples, density data, drill-hole spacing and sampling, analytical and metallurgical processes. Material classified as Inferred was considered sufficiently informed by geological and sampling data to imply geological, grade and quality continuity between data points. The classification reflects the level of data available for the estimate, including input drill-hole data spacing, and high level of confidence in geological continuity for this particular style of deposit. Governance Controls All Mineral Resource estimates are prepared by Competent Persons using data that they have reviewed and consider to have been collected using industry standard practices and which, to the most practical degree possible are representative, unbiased, and collected with appropriate QA/QC practices in place. The Mineral Resource Estimate quoted above has been estimated by Mr Brian Wolfe. Mr Brian Wolfe is an independent consultant specialising in Mineral Resource estimation, evaluation and exploration. Mr Brian Wolfe does not hold any interest in Cygnus Metals Limited, its related parties, or in any of the mineral properties that are the subject of this report. Mr Brian Wolfe is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Annual Report | 59 Ernst & Young 11 Mounts Bay Road Perth WA 6000 Australia GPO Box M939 Perth WA 6843 Tel: +61 8 9429 2222 Fax: +61 8 9429 2436 ey.com/au Auditor’s independence declaration to the Directors of Cygnus Metals Limited As lead auditor for the audit of the financial report of Cygnus Metals Limited for the financial year ended 31 December 2023, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Cygnus Metals Limited and the entities it controlled during the financial year. Ernst & Young D Hall Partner 28 March 2024 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation 2023 Financial Report For the Year ended 31 December 2023 CONTENTS Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Directors’ Declaration Independent Auditor’s Report 62 63 64 65 66 94 95 These financial statements are the consolidated financial statements of the consolidated entity consisting of Cygnus Metals Limited (formerly Cygnus Gold Limited) and its subsidiaries. The financial statements are presented in the Australian currency. Cygnus Metals Limited is a Company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Cygnus Metals Limited Level 2, 8 Richardson Street WEST PERTH WA 6005 A description of the nature of the consolidated entity's operations and its principal activities is included in pages 9 to 36 of the Operations Review on and pages 41 to 42 of the Directors’ report, which is not part of these financial statements. The financial statements were authorised for issue by the directors on 28 March 2024. Through the use of the internet, the Company has ensured that its corporate reporting is timely, complete, and available globally at minimum cost to the Company. All press releases, financial statements and other information are available on our website: www.cygnusmetals.com. Annual Report | 61 Consolidated Statement of Profit or Loss & Other Comprehensive Income For the year ended 31 December 2023 OTHER INCOME EXPENSES Audit and accounting Compliance expenses Consultants and contractors Corporate costs Depreciation – Property, plant and equipment Depreciation - Right of use assets Employee benefits expense Exploration expenditure written off Exploration expensed Interest expense on lease liability Office rent & outgoings Payroll Tax expense Share-based payments Travel and accommodation Foreign exchange losses Results from operating activities Finance income Loss before income tax Income tax expense Loss after income tax for the year attributable to equity holders of the Company Other comprehensive loss Items that may be reclassified subsequently to profit or loss: Notes 3 19 2023 $ 2,875,304 2,875,304 (86,297) (130,884) (486,979) (561,864) (51,482) - (1,208,644) (634,937) (62,041) - (155,479) (419,510) 10(b) (10,185,535) (249,301) (242,633) (14,475,586) (11,600,282) 118,519 (11,481,763) (2,018,533) (13,500,296) 22 2022 $ 685,203 685,203 (40,800) (94,402) (491,519) (443,820) (40,818) (26,266) (641,093) (23,879) (59,167) (4,479) (38,823) - (394,157) (405,161) (306,397) (3,010,781) (2,325,578) 5,123 (2,320,455) (440,773) (2,761,228) Exchange differences on translation of foreign operations (113,473) - Items that will not be reclassified subsequently to profit or loss: Changes in fair value of financial assets (196,198) (56,934) Total comprehensive loss for the year, net of tax attributable to (13,809,967) (2,818,162) equity holders of the Company Loss per share attributable to equity holders of the Company Basic and diluted loss per share (cents per share) 11 (5.84) (0.45) The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the Notes to the Consolidated Financial Statements. Annual Report | 62 Consolidated Statement of Financial Position As at 31 December 2023 ASSETS Current assets Cash and cash equivalents Trade and other receivables Total current assets Non-current assets Exploration and evaluation Property, plant and equipment Investments Total non-current assets TOTAL ASSETS LIABILITIES Current liabilities Trade and other payables Provisions Total current liabilities Non-current liabilities Deferred tax liabilities Total non-current liabilities TOTAL LIABILITIES NET ASSETS EQUITY Contributed equity Reserves Accumulated losses TOTAL EQUITY Notes 4 5 2023 $ 2022 $ 9,316,782 1,507,476 10,824,258 13,530,678 1,779,273 15,309,951 19 23,926,379 5,538,857 132,847 201,698 24,260,924 35,085,182 5,528,242 120,238 5,648,480 2,459,306 2,459,306 8,107,786 26,977,396 47,607,870 7,779,313 6 7 8 9 154,967 397,895 6,091,719 21,401,670 3,530,497 27,959 3,558,456 440,773 440,773 3,999,229 17,402,441 25,260,644 7,051,288 (28,409,787) (14,909,491) 26,977,396 17,402,441 The above Consolidated Statement of Financial Position should be read in conjunction with the Notes to the Consolidated Financial Statements. Annual Report | 63 Consolidated Statement of Changes in Equity For the year ended 31 December 2023 Share Capital $ 10,044,146 Other Contributed Equity $ 105,000 Share-based Payment Reserve $ 5,109,203 Notes Balance at 1 January 2022 Loss for the year Other comprehensive loss: Fair value adjustment of financial assets Total comprehensive loss Transactions with owners: Placement of ordinary shares Placement of Flow-Through shares Flow-Through share placement premium Broker option issue expense Share issue expense - - - 13,195,913 6,334,806 (2,052,304) (1,604,862) (762,055) - - - - - - - - Prior Placement approved by Shareholders 105,000 (105,000) Share-based payments - Balance at 31 December 2022 8 25,260,644 Loss for the year Other comprehensive loss: Fair value adjustment of financial assets Exchange differences on foreign operations Total comprehensive loss Transactions with owners: Placement of ordinary shares Placement of Flow-Through shares - - - - 3,000,000 8,022,721 Flow-Through share placement premium (3,858,181) Issue of shares – Project acquisitions Issue of shares - Option conversions 4,552,486 2,192,000 Issue of shares - Exercise of performance rights 9,119,251 Share issue expense Share-based payments (710,620) 29,569 Balance at 31 December 2023 8 47,607,870 - - - - - - - - - - - - - - - - - - - - - 1,604,862 - - 394,157 - - - - - - - - - (9,119,251) - 10,156,947 Investment Revaluation Reserve $ - - (56,934) (56,934) - - - - - - - - (196,198) Foreign Currency Translation Reserve $ - - - - - - - - - - - - - - Accumulated Losses $ (12,148,263) Total Equity $ 3,110,086 (2,761,228) (2,761,228) - (56,934) (2,761,228) (2,818,162) - - - - - - - 13,195,913 6,334,806 (2,052,304) - (762,055) - 394,157 (14,909,491) 17,402,441 (13,500,296) (13,500,296) - - (196,198) (113,473) - (113,473) (196,198) (113,473) (13,494,223) (13,809,967) - - - - - - - - - - - - - - - - - - - - - - - - 3,000,000 8,022,721 (3,858,181) 4,552,486 2,192,000 - (710,620) 10,186,516 8,145,918 (253,132) (113,473) (28,409,787) 26,977,396 7,108,222 (56,934) The above Consolidated Statement of Changes in Equity should be read in conjunction with the Notes to the Consolidated Financial Statements. Annual Report | 64 Consolidated Statement of Cash Flows For the year ended 31 December 2023 Operating activities Payments to suppliers and employees Payments for exploration expenditure Interest received Interest payments Other income Net refundable sales tax payments made Net cash used in operating activities Investing activities Payments for acquisition of mining tenements Payments for capitalised exploration expenditure Purchase of property plant and equipment Payments to establish security deposits Receipts from sale of mining tenements Purchase of listed investments Net cash used in investing activities Financing activities Proceeds from shares issued Proceeds from exercise of options Share issue costs Principal payment for leases Net cash provided by financing activities Net change in cash and cash equivalents Effect of movement in exchange rates on cash held Cash and cash equivalents, beginning of period Cash and cash equivalents, end of year Notes 2023 $ 2022 $ (3,188,633) (63,155) 57,094 - 33,000 (392,507) (3,554,201) (1,848,054) (10,998,818) (28,779) (128,950) - - (13,004,601) 11,022,700 2,192,000 (710,620) - 12,504,080 (4,054,722) (159,174) 13,530,678 9,316,782 (2,124,114) (49,844) 5,276 (4,510) 64,919 - (2,108,273) (1,315,210) (3,292,312) (22,704) - 18,060 (454,830) (5,066,996) 18,991,203 - (761,830) (28,502) 18,200,871 11,025,602 (306,260) 2,811,336 13,530,678 13 8 4 The above Consolidated Statement of Cash Flows should be read in conjunction with the Notes to the Consolidated Financial Statements. Annual Report | 65 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 Summary of Material Accounting Policies 1. The material accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to the financial years presented, unless otherwise stated. These financial statements cover Cygnus Metals Limited (formerly Cygnus Gold Limited) as a consolidated, for-profit entity consisting of Cygnus Metals Limited and its subsidiaries (‘the consolidated entity’ or ‘the Group’). (a) Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements and the Corporations Act 2001. (i) Compliance with IFRS The financial statements of Cygnus Metals Limited also comply with International Financial Reporting Standards (IFRS). (ii) Historical cost convention These financial statements have been prepared under the historical cost convention except for investments held at fair value through other comprehensive income. (iii) Going Concern As at 31 December 2023 the Group had current assets of $10,824,258 (31 December 2022: $15,309,951), including cash and cash equivalents of $9,316,782 (31 December 2022: $13,530,678), and current liabilities of $5,648,480 (31 December 2022: $3,558,456). The Group’s cashflow forecasts through to the period ended 31 March 2025 reflect that the Group will be required to raise additional capital during this period to enable it to continue to meet its operational and planned exploration activities. The Directors are satisfied that there is a reasonable basis to conclude that the Group can raise additional capital as and when required and thus it is appropriate to prepare the consolidated financial report on a going concern basis as the Group has potential options available to manage liquidity, including one or a combination of, a placement of shares, option conversion, entitlement offer or a change in the Company’s expenditure profile. In the event that all of the funding options available to the Group do not transpire and there is no change to the forecasted spending pattern, there is material uncertainty about whether the Group is able to continue as a going concern and, therefore, realise its assets and discharge its liabilities in the normal course of business at the amounts stated in the financial report. The financial statements do not include any adjustment relating to the recoverability or classification of recorded asset amounts or to the amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern. Principles of consolidation The consolidated financial statements comprise the financial statements of the Group. A list of controlled entities (subsidiaries) at year end is contained in note 15. The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Annual Report | 66 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 Summary of Material Accounting Policies (continued) 1. Parent entity disclosure The financial information for the parent entity, Cygnus Metals Limited, disclosed in Note 16 has been prepared on the same basis as the consolidated financial statements, other than investments in subsidiaries, which have been recorded at cost less impairments. (b) Functional and presentation currency The functional currency of each entity within the group is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in Australian dollars which is the parent entity’s functional and presentation currency. (c) Other income (i) Administrative and geology services The Company has recognised other income for the provision of administrative and geology services. In the comparative period the Group provided vehicles for hire under short-term (daily) arrangements and geology services. Other income was recognised over time as service was delivered or provided respectively. (ii) Settlement of Flow-Through Share Liability The issue of Flow-Through Shares (“FTS”) includes an issue of ordinary shares and the sale of tax deductions. At the time the FTS are issued, the sale of tax deductions is deferred and presented as current liabilities in the statement of financial position because the Company has not yet fulfilled its obligations to pass on the tax deductions to the investor. When the Company fulfills its obligation the sale of tax deductions is recognised in the income statement as other income. (d) Operating expenses Operating expenses are recognised in profit or loss on an accruals basis. (e) Cash and cash equivalents Cash and short-term deposits in the statement of financial position comprise cash at bank and on hand and short-term deposits with a maturity of three months or less, which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, which are considered an integral part of the Group’s cash management. (f) Equity and reserves Share capital represents the fair value of consideration received for shares that have been issued. Any transaction costs associated with the issuing of shares are deducted from share capital, net of any related income tax benefits. Where, at balance date, the Group has received applications for shares and the corresponding subscription monies before issuing shares, the Group accounts for the receipt of funds at the fair value of the consideration received as Other Contributed Equity. Retained earnings include all current and prior period retained profits. Refer to Note 1(p) for the Group’s accounting policy on Flow-Through Shares. Annual Report | 67 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 1. Summary of Material Accounting Policies (continued) The Group maintains a share base payments reserve which accumulates the value recognised as a result of share-based awards issued to employees or contractors for services rendered. Where amounts have accumulated in the reserve and the underlying instruments expire, amounts are transferred from the reserve to retained earnings. Where amounts have accumulated in the reserve and the underlying instruments have vested or been exercised, amounts are transferred from the reserve to share capital. In the event that awards are forfeited, balances that have accumulated in the reserve are reversed through the profit or loss. (g) Income taxes Tax expense recognised in profit or loss comprises the sum of deferred tax and current tax not recognised in other comprehensive income or directly in equity. Current income tax assets and/or liabilities comprise those obligations to, or claims from, the Australian Taxation Office (‘ATO’) and other fiscal authorities relating to the current or prior reporting periods that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill or on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated with investments in subsidiaries and joint arrangements is not provided if reversal of these temporary differences can be controlled by the Group and it is probable that reversal will not occur in the foreseeable future. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are always provided for in full. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Changes in deferred tax assets or liabilities are recognised as a component of tax income or expense in profit or loss, except where they relate to items that are recognised in other comprehensive income (such as the revaluation of land) or directly in equity, in which case the related deferred tax is also recognised in other comprehensive income or equity, respectively. (h) Employee benefits Wages and salaries and annual leave: Short-term employee benefits are benefits, other than termination benefits, that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. Examples of such benefits include wages and salaries, non-monetary benefits and accumulating sick leave. Short-term employee benefits are measured at the undiscounted amounts expected to be paid when the liabilities are settled. Annual Report | 68 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 1. Summary of Material Accounting Policies (continued) (i) Financial instruments Financial assets and financial liabilities are recognised in the Group’s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets or financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Financial Assets All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, depending on the classification of the financial assets. Classification of financial assets Debt instruments that meet the following conditions are measured subsequently at amortised cost: • • The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. (i) Amortised costs and effective interest method The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial assets other than purchased or originated credit-impaired financial assets (i.e. assets that are credit-impaired on initial recognition), the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance. Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost and at FVTOCI. For financial assets other than purchased or originated credit-impaired financial assets, interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired. Interest income is recognised in profit or loss and is included in the 'finance income’ line item. Annual Report | 69 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 Summary of Material Accounting Policies (continued) 1. (ii) Equity instruments designated as at FVTOCI On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVTOCI. Designation at FVTOCI is not permitted if the equity investment is held for trading or if it is contingent consideration recognised by an acquirer in a business combination. A financial asset is held for trading if: • • • it has been acquired principally for the purpose of selling it in the near term; or on initial recognition it is part of a portfolio of identified financial instruments that the Group manages together and has evidence of a recent actual pattern of short-term profit-taking; or it is a derivative (except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument). Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the Investment Revaluation Reserve. The cumulative gain or loss is not reclassified to profit or loss on disposal of the equity investments, instead, it is transferred to retained earnings. Dividends on these investments in equity instruments are recognised in profit or loss in accordance with IFRS 9, unless the dividends clearly represent a recovery of part of the cost of the investment. Dividends are included in the ‘finance income’ line item in profit or loss. The Group designated all investments in equity instruments that are not held for trading as at FVTOCI on initial recognition. Foreign exchange gains and losses The carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. Specifically: • • • • for financial assets measured at amortised cost that are not part of a designated hedging relationship, exchange differences are recognised in profit or loss in the ‘other gains and losses’ line item; for debt instruments measured at FVTOCI that are not part of a designated hedging relationship, exchange differences on the amortised cost of the debt instrument are recognised in profit or loss. Other exchange differences are recognised in other comprehensive income in the investments revaluation reserve; for financial assets measured at FVTPL that are not part of a designated hedging relationship, exchange differences are recognised in profit or loss; and for equity instruments measured at FVTOCI, exchange differences are recognised in other comprehensive income in the investments revaluation reserve. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on investments in debt instruments that are measured at amortised cost or at FVTOCI, lease receivables, trade receivables and contract assets, as well as on financial guarantee contracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. Annual Report | 70 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 Summary of Material Accounting Policies (continued) 1. The Group always recognises lifetime ECL (expected credit losses) for trade receivables, contract assets and lease receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. The Group recognises an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt instruments that are measured at FVTOCI, for which the loss allowance is recognised in other comprehensive income and accumulated in the investment revaluation reserve, and does not reduce the carrying amount of the financial asset in the statement of financial position. Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises collateralised borrowing for the proceeds received. On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. In contrast, on derecognition of an investment in an equity instrument which the Group has elected on initial recognition to measure at FVTOCI, the cumulative gain or loss previously accumulated in the investments revaluation reserve is not reclassified to profit or loss, but is transferred to retained earnings. Financial liabilities and equity Classification as debt or equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs. Repurchase of the Company’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments. Annual Report | 71 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 Summary of Material Accounting Policies (continued) 1. Financial liabilities All financial liabilities are measured subsequently at amortised cost using the effective interest method or at FVTPL. However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, and financial guarantee contracts issued by the Group, are measured in accordance with the specific accounting policies set out below. Financial liabilities measured subsequently at amortised cost Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held for trading, or (iii) designated as at FVTPL, are measured subsequently at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortised cost of a financial liability. Foreign exchange gains and losses For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are recognised in the profit or loss for financial liabilities that are not part of a designated hedging relationship. For those which are designated as a hedging instrument for a hedge of foreign currency risk, foreign exchange gains and losses are recognised in other comprehensive income and accumulated in a separate component of equity. Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between: (i) the carrying amount of the liability before the modification; and (ii) the present value of the cash flows after modification is recognised in profit or loss as the modification gain or loss within other gains and losses. Annual Report | 72 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 1. Summary of Material Accounting Policies (continued) (j) Impairment of assets (other than exploration and evaluation assets) Non-financial assets The carrying amounts of the Group’s non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit” or “CGU”). The Group’s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs. An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated to the carrying amounts of the assets in the unit (group of units) on a pro rata basis. Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. (k) Other receivables Other receivables, which generally have 30-day terms, are recognised initially at fair value and subsequently carried at amortised cost using the effective interest method, less an allowance for expected credit loss if required. Bad debts are written off when identified. (l) Trade and other payables Liabilities for creditors and other amounts are carried at amortised cost, which is the present value of the consideration to be paid in the future for goods and services received, whether or not billed to the consolidated entity. The carrying period is generally between 30 to 45 days, which is within the Groups accepted terms. (m) Exploration and evaluation expenditure Exploration, evaluation and development expenditures incurred are capitalised in respect of each identifiable area of interest. These costs are only capitalised to the extent that they are expected to be recovered through the successful development of the area or where activities in the area have not yet reached a stage that permits reasonable assessment of the existence of economically recoverable reserves. Accumulated costs in relation to an abandoned area are written off in full against profit in the year in which the decision to abandon the area is made. When production commences, the accumulated costs for the relevant area of interest are amortised over the life of the area according to the rate of depletion of the economically recoverable reserves. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to capitalise costs in relation to that area of interest. Annual Report | 73 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 1. Summary of Material Accounting Policies (continued) Costs of site restoration are provided over the life of the project from when exploration commences and are included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant, equipment and building structures, waste removal, and rehabilitation of the site in accordance with local laws and regulations and clauses of permits. Such costs have been determined using estimates of future costs, current legal requirements and technology on an undiscounted basis. Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations and future legislation. Accordingly, the costs have been determined on the basis that the restoration will be completed within one year of abandoning the site. (n) Share-based payments The Group operates equity-settled share-based remuneration plans for its employees. All goods and services received in exchange for the grant of any share-based payment are measured at their fair values. Where employees have been rewarded using share-based payments, the fair values have been determined indirectly by reference to the fair value of the equity instruments granted. Where consultants have been rewarded using share-based payments, the Group determines the fair value with direct reference to the fair value of the service unless this cannot be determined at which point the fair value is determined indirectly by reference to the fair value of the equity instrument granted. In the circumstances for this financial report, for consultants, the fair value of the services could not be readily determined with reference to a service contract and the contracts have no defined period of service to which the award pertains. Therefore, the fair value has been determined indirectly by reference to the fair value of the equity instrument granted. Fair value with reference to the equity instrument is appraised at the grant date and excludes the impact of non-market vesting conditions (for example profitability and sales growth targets and performance conditions). All share-based remuneration is ultimately recognised as an expense in profit or loss with a corresponding credit to the share- based payment reserve. Where vesting periods exist, the total expense is recognised straight-line over the vesting period. Where vesting conditions are non-market based, the expense is based on the best available estimate of the number of instruments expected to vest. Where the vesting conditions are market based, the Group uses a pricing model to determine the fair value of each instrument. The fair value of share-based payments to asset vendors is determined with reference to the fair value of the equity instruments issued as consideration for the assets acquired per the terms of the relevant asset purchase agreement. If the fair value of the transactions cannot be estimated with direct reference to the fair value of the asset received given limited fair value information over the asset available at the time of the transaction, the fair value of each instrument is estimated using the latest trading price of the shares relative to the date of completion of the sale. (o) Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the Statement of Financial Position are shown inclusive of GST. Cash flows are presented in the statement of cash flows on a gross basis, except for the GST components of investing and financing activities, which are disclosed as operating cash flows. Annual Report | 74 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 1. Summary of Material Accounting Policies (continued) (p) Flow-Through Shares Flow-through shares may be issued to finance a portion of an exploration program. A flow-through share agreement transfers the tax deductibility of qualifying resource expenditures to investors. On issuance, the Company divides the flow-through share into i) a flow-through share premium, equal to the estimated premium, if any, investors pay for the flow-through feature, which is recognised as a liability, and ii) issued capital. Share capital for shares issued is recongised at fair value with the residual value, or flow-through share premium, recognised as current liabilities. The Company has elected to apply the renunciation process prospectively and has relied upon the “look-back” rule which allows the Company to renounce eligible expenditures incurred up to an entire calendar year (i.e. 2024) following the last day of the calendar year in which the FTS are issued (i.e. 2023) At initial recognition the sale of tax deductions is deferred and presented as other liabilities in the balance sheet as the entity has not yet fulfilled its obligations to pass on the tax deductions to the investor. Upon expenses being incurred, the Company derecognises the liability and the premium is recognised as other income. The exploration spend also gives rise to a deferred tax liability which is recognised as the difference between the carrying value and tax base of the qualifying expenditure for the amount of the tax reduction renounced to the investors. (q) New and amended accounting standards and interpretations issued but not yet effective Certain new and amended accounting standards and interpretations have been published that are not mandatory for 31 December 2023 reporting periods and have not been early adopted by the Company. The Group has assessed these new and amended standards and has determined that they do not have a material impact on the current reporting period and are not expected to have a material impact on the Company when adopted in future reporting periods. Annual Report | 75 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 Critical Accounting Estimates and Judgements 2. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. In preparing this Annual Financial Report, the significant judgements and estimates made by management in applying the Entity’s accounting policies and the key sources of estimation uncertainty are detailed below. Critical Estimates Exploration and Evaluation Expenditure – Impairment Determining the recoverability of exploration and evaluation expenditure capitalised in accordance with the Group’s accounting policy requires estimates and assumptions as to future events and circumstances. In particular, whether successful development and commercial exploitation, or alternatively sale, of the respective areas of interest will be achieved. Critical to this assessment is estimates and assumptions as to the presence of mineral reserves, timing of expected cash flows, exchange rates, commodity prices and future capital requirements. Changes in these estimates and assumptions as new information about the presence or recoverability of a mineral reserve becomes available, may impact the assessment of the recoverable amount of exploration and evaluation assets. If, after having capitalised the expenditure a judgement is made that recovery of the expenditure is unlikely, an impairment loss is recorded in the statement profit or loss and other comprehensive income. Share-Based Payments Share-based compensation benefits are provided to employees via the Cygnus Employee Securities Incentive Plan. Performance rights are issued for nil consideration and the term of the performance rights is determined by the Board in its absolute discretion but will ordinarily have a three-year term up to a maximum of five years. Performance rights are subject to lapsing if performance conditions are not met by the relevant measurement date or expiry date (if no other measurement date is specified) or if employment is terminated. The fair value of performance rights has been calculated at the grant date and allocated to each reporting period evenly over the period from grant date to vesting date. The value disclosed is the portion of fair value of the rights allocated to this reporting period. The valuation models used to fair value options and performance rights take into account the exercise price (where applicable), the term to expiry, the vesting period, the impact of dilution, the non-tradeable nature of the options or performance rights, the share price at grant date and assumptions on the expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the options and performance rights. Expected share price volatility was determined with reference to actual share price volatility over the historic term of the Company’s share price at grant date commensurate with the length of the related option or performance right’s future vesting period. Additionally, assumptions are made about the number of options and performance rights that are expected to vest, which could change from period to period. A change in any, or a combination, of these assumptions used in the valuation model could have a material impact on the total valuation of the options and performance rights. Critical Judgments Exploration and Evaluation Expenditure The entity carries exploration and evaluation expenditure as assets for expenditure accumulated on areas of interest where it is considered likely to be recoverable. The Group judges this to be the case where the Group has right of tenure over an area of interest, has substantive expenditure budgeted for the area of interest and the exploration activities have not yet resulted in sufficient information that would indicate the amounts are not recoverable up to the asset carrying value. Annual Report | 76 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 3. Other income Provision of geology and administrative services Proceeds from the sale of tenements Settlement of 2022 flow-through share liability Settlement of 2023 flow-through share liability Other income 4. Cash and cash equivalents Cash at bank and on hand Short-term deposits Cash and cash equivalents 2023 $ 8,700 - 1,477,659 1,388,945 2,875,304 2022 $ 92,498 18,060 574,645 - 685,203 2023 $ 2022 $ 1,883,853 13,510,678 7,432,929 20,000 9,316,782 13,530,678 Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made and have original maturities of less than 3 months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates. 5. Trade and other receivables Trade and other receivables1 Security deposits Prepayments2 Trade and other receivables Note: 2023 $ 546,130 149,165 812,181 1,507,476 2022 $ 167,267 20,000 1,592,006 1,779,273 1 - Relates to GST/QST receivables and amounts owing from the recharged of shared administration costs. 2 - $799,994 (2022: $1,516,406) relates to a deposit paid to the Company’s Canadian contractor responsible for undertaking the Company’s Canadian exploration campaigns. All amounts are short-term. The carrying values of trade and other receivables are considered to be a reasonable approximation of fair value. Annual Report | 77 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 Trade and other payables 6. Trade payables Other payables Flow-through share premium liability Trade and other payables 2023 $ 1,931,448 1,127,558 2,469,236 5,528,242 2022 $ 1,278,254 774,584 1,477,659 3,530,497 All amounts are short-term. The carrying values of trade and other payables are considered to be a reasonable approximation of fair value. 7. Non-current liabilities – Deferred tax liabilities Deferred tax liability comprises temporary differences attributable to: Opening balance Temporary difference on relinquishment of qualifying expenditure to investors Deferred tax liability 2023 $ 440,773 2,018,533 2,459,306 2022 $ - 440,773 440,773 Annual Report | 78 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 Share capital and other contributed equity 8. The share capital of Cygnus consists only of fully paid ordinary shares; the shares do not have a par value. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at the shareholder meetings of the Company. Other contributed equity comprises share subscription monies received in advance of issuing of the shares. Issued capital net of share issue costs Opening balance 1 January 2022 Share issue – Placement Share issue – Placement Share issue – Director placement Share issue – Advisor placement Share issue – Employee placement Share issue – Flow-through share placement Share issue – Director placement Share issue – Project acquisition Share issue - Placement Less flow-through share premium Less broker option issue cost Less share issue costs Closing balance at 31 December 2022 Share issue – Project acquisition Share issue – Option conversion Share issue – Project acquisition Share issue – Project acquisition Share issue – Project acquisition Share issue - Placement Share issue – Flow-through share placement Share issue – Performance right conversion Share issue – Performance right conversion Share issue – Option conversion Share issue – Performance right conversion Share issue – Project acquisition Share issue – Performance right conversion Less flow-through share premium Less share issue costs Closing balance at 31 December 2023 2023 Shares on issue 291,259,139 Date 21/01/22 08/08/22 21/10/22 21/10/22 18/11/22 23/11/22 29/11/22 29/11/22 16/12/22 11/04/23 02/05/23 18/05/23 06/07/23 25/08/23 29/08/23 24/08/23 06/09/23 22/09/23 22/09/23 22/09/23 17/11/23 30/11/23 2022 Shares on issue 183,874,212 Shares 117,321,005 664,310 29,200,000 4,240,000 2,000,000 500,000 8,677,817 1,142,861 1,946,400 18,181,819 - - - 183,874,212 3,250,000 22,800,000 4,216,500 9,129,825 500,000 13,333,333 18,934,273 28,950,000 300,000 4,600,000 154,496 1,216,500 300,000 - - 291,559,139 2023 $ 2022 $ 38,488,618 Issue Price $ 0.1150 0.1250 0.1250 - - 0.7300 0.3500 0.2770 0.4400 - - - 0.2450 0.0800 0.2500 0.2475 0.2000 0.2250 0.4275 - - 0.0800 - 0.2770 - - - 25,260,644 Total $ 10,149,146 76,760 3,650,000 530,000 - - 6,334,806 400,000 539,153 8,000,000 (2,052,304) (1,604,862) (762,055) 25,260,644 796,250 1,824,000 1,054,125 2,265,140 100,000 3,000,000 8,022,721 8,796,751 145,500 368,000 66,000 336,971 140,569 (3,858,181) (710,620) 47,607,870 Each share has the same right to receive dividend and the repayment of capital and represents one vote at the shareholders’ meeting of Cygnus Metals Limited. Annual Report | 79 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 9. Reserves Share-based payment reserve Investment revaluation reserve Foreign currency translation reserve Total reserves 10. Share-based payments (a) Share options 2023 $ 2022 $ 8,145,918 7,108,222 (253,132) (113,473) 7,779,313 (56,934) - 7,051,288 The share-based payment reserve records items recognised on valuation of director, employee and contractor share options and performance rights. Information relating to options issued, exercised and lapsed during the current and comparative financial year and outstanding at the end of the current and comparative financial year, is set out below. Grant Date Expiry date Exercise price Balance at start of year Issued Exercised Lapsed Balance at the end of the period Vested and exercisable at end of the period 2023 22/09/2020 22/09/2023 07/11/2021 15/11/2024 23/12/2021 21/01/2025 21/10/2022 21/10/2025 21/10/2022 21/10/2025 21/10/2022 21/10/2025 21/10/2022 21/10/2025 $0.08 $0.16 $0.16 $0.25 $0.50 $0.75 $1.00 Weighted average exercise price: Weighted average remaining contractual life: 2022 22/09/2020 22/09/2023 07/11/2021 15/11/2024 23/12/2021 21/01/2025 21/10/2022 21/10/2025 21/10/2022 21/10/2025 21/10/2022 21/10/2025 21/10/2022 21/10/2025 $0.08 $0.16 $0.16 $0.25 $0.50 $0.75 $1.00 29,500,000 5,000,000 3,500,000 1,500,000 1,500,000 1,500,000 1,500,000 44,000,000 $0.20 29,500,000 5,000,000 3,500,000 - - - - - - - - - - - - - - - - 1,500,000 1,500,000 1,500,000 1,500,000 38,00,000 6,000,000 Weighted average exercise price: $0.14 $0.63 Weighted average remaining contractual life: 27,400,000 (2,100,000) - - - - - - - - - - - - - - 5,000,000 5,000,000 3,500,000 3,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 27,400,000 (2,100,000) 14,500,000 14,500,000 $0.08 $0.08 $0.34 $0.34 1.26 years - - - - - - - - - - - - - - - - 29,500,000 29,500,000 5,000,000 5,000,000 3,500,000 3,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 44,000,000 44,000,000 $0.17 $0.17 1.25 years Annual Report | 80 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 10. Share-based payments (continued) Fair value of unlisted options granted There were no options granted during the current or comparative reporting periods. (b) Performance rights Information relating to performance rights issued and lapsed during the current financial year and outstanding at the end of the current financial year, is set out below. Tranche Grant Date Vesting date Expiry date Balance at start of year Granted Exercised Lapsed A B C D E F G H I J K L M N O P Q R S T U V W X Y Z A1 A2 A3 A4 A5 A6 15/08/22 15/08/22 28/09/22 28/09/22 4/10/22 4/10/22 16/11/22 16/11/22 16/11/22 16/11/22 19/11/22 19/11/22 31/01/23 31/01/23 31/01/23 31/01/23 31/01/23 31/01/23 07/02/23 07/02/23 26/03/23 26/03/23 26/03/23 02/03/23 02/03/23 02/03/23 20/04/23 20/04/23 20/04/23 28/08/23 28/08/23 28/08/23 29/08/23 29/08/23 29/08/23 29/08/23 29/08/23 29/08/23 29/08/23 15/06/24 30/11/24 30/09/23 29/08/23 29/08/23 01/11/24 29/08/23 29/08/23 13/02/28 13/02/28 13/02/28 29/08/23 29/08/23 29/08/23 13/02/28 05/04/25 24/02/24 24/02/25 24/02/26 22/05/24 22/05/25 22/05/26 31/12/25 31/12/25 31/12/25 21/10/27 21/10/27 21/10/27 21/10/27 21/10/27 21/10/27 30/07/25 30/07/25 30/11/26 30/09/25 21/10/27 21/10/27 13/02/28 13/02/28 13/02/28 13/02/28 13/02/28 13/02/28 21/10/27 21/10/27 13/02/28 13/02/28 03/04/28 04/05/28 04/05/28 04/05/28 04/05/28 04/05/28 04/05/28 05/09/28 05/09/28 05/09/28 8,350,000 8,350,000 4,500,000 4,500,000 150,000 150,000 250,000 250,000 100,000 300,000 1,000,000 1,000,000 - - - - - - - - - - - - - - - - - - - - 28,900,000 - - - - - - - - - - - - 5,000,000* 2,000,000* 2,000,000* 4,000,000* 2,500,000* 2,500,000* 250,000 250,000 300,000 400,000 300,000 50,000 50,000 50,000 50,000 50,000 50,000 1,059,603* 1,059,603* 1,059,603* 22,978,809 (6,600,000) (6,600,000) (4,500,000) (4,500,000) (150,000) (150,000) (250,000) - - (300,000) (1,000,000) (1,000,000) - (2,000,000) (2,000,000) - - - (250,000) (250,000) (300,000) - - - - - - - - - - - (29,850,000) (250,000) (250,000) - - - - - - - - - - - - - - - - - - - - - - - - (50,000) (50,000) (50,000) - - - (650,000) Balance at end of year 1,500,000 1,500,000 - - - - - 250,000 100,000 - - - 5,000,000 - - 4,000,000 2,500,000 2,500,000 - - - 400,000 300,000 50,000 50,000 50,000 - - - 1,059,603 1,059,603 1,059,603 21,378,809 Note * Approval for the issue of these securities was obtained under Listing Rule 10.14. Vested and exercisable at end of the period Value of rights expensed during the year $ 1,500,000 1,500,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 3,000,000 1,575,688 1,575,688 868,990 868,990 42,309 42,309 95,391 76,701 23,762 124,910 374,699 374,699 1,279,904 1,000,000 1,000,000 - 208,755 203,482 122,500 122,500 66,000 10,811 25,007 14,819 7,338 4,881 - - - 36,151 - 39,248 10,185,535 Annual Report | 81 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 Share-based payments (continued) 10. The terms of performance rights issued during the year include: Tranche M S N T O, U P Q,V R W X Y Z A1 A2 A3 A4 A5 A6 Vesting conditions 2 years’ continuous employment with the Company from the date of appointment (ie. up to and including 1 November 2024). The Company reporting a JORC compliant Inferred Mineral Resource of 5MT at a minimum grade of 0.8% Li20 on or before 21 October 2026. The Company reporting a JORC compliant Inferred Mineral Resource of 5MT at a minimum grade of 0.8% Li20 on or before 13 February 2028. The Company reporting a JORC compliant Inferred Mineral Resource of 10MT at a minimum grade of 0.8% Li20 on or before 21 October 2026. The Company reporting a JORC compliant Inferred Mineral Resource of 10MT at a minimum grade of 0.8% Li20 on or before 13 February 2028. The Company reporting a JORC compliant Inferred Mineral Resource of 20MT at a minimum grade of 0.8% Li20 on or before 13 February 2028. The Company achieving a market capitalisation of at least $150,000,000 over a period of not less than 10 consecutive trading days on which trades in the Company’s shares actually occur. The Company’s share price having a 10-day VWAP of at least $1.00 or a market capitalisation of at least $250,000,000 over a period of not less than 10 consecutive trading days on which trades in the Company’s shares actually occur. Remaining engaged by the Company as a Director for a continuous period of 24 months from the date of appointment (ie. up to and including 3 April 2025). Remaining an officeholder, employee or consultant of the Company (or a wholly owned subsidiary) at all times up to and including 24 February 2024. Remaining an officeholder, employee or consultant of the Company (or a wholly owned subsidiary) at all times up to and including 24 February 2025. Remaining an officeholder, employee or consultant of the Company (or a wholly owned subsidiary) at all times up to and including 24 February 2026. Remaining an officeholder, employee or consultant of the Company (or a wholly owned subsidiary) at all times up to and including 22 May 2024. Remaining an officeholder, employee or consultant of the Company (or a wholly owned subsidiary) at all times up to and including 22 May 2025. Remaining an officeholder, employee or consultant of the Company (or a wholly owned subsidiary) at all times up to and including 22 May 2026. The Company’s TSR exceeds the median TSR of the Peer Group for the Performance Period. The proportion to vest will be calculated as: - If TSR >50th percentile – 100% vesting - If TSR between 25th and 50th percentile – 50% vesting - If TSR <25% percentile – 0% vesting The Company reporting the discovery or acquisition of a JORC compliant Inferred Mineral Resource of 5MT on any project (excluding the Pontax Project) at a minimum grade of 0.8% Li20 on or before 31 December 2025. Continuous employment with the Company up to and including 31 December 2025. Annual Report | 82 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 Share-based payments (continued) 10. Fair value of performance rights The following table illustrates the inputs used to calculate the fair value of performance rights issued during the current reporting period: Tranche Share price at grant date Vesting test date Expiry date Days to expiry Number issued Valuation per right Probability M $0.46 01/11/24 13/02/28 1,505 N,O,P $0.46 13/02/28 13/02/28 1,505 Q $0.46 13/02/28 13/02/28 1,505 R $0.46 13/02/28 13/02/28 1,505 5,000,000 8,000,000 2,500,000 2,500,000 $0.50 100% $0.50 30% $0.475 100% $0.463 100% S,T $0.49 21/10/26 21/10/27 1,390 500,000 $0.49 100% U $0.22 13/02/28 13/02/28 1,505 300,000 $0.22 100% Valuation per class of rights $2,500,000 $2,600,000 $1,187,500 $1,157,500 $245,000 $66,000 Tranche Share price at grant date Vesting test date Expiry date Days to expiry Number issued Valuation per right Probability Valuation per class of rights Tranche Share price at grant date Vesting test date Expiry date Days to expiry Number issued Valuation per right Probability V $0.22 13/02/28 13/02/28 1,505 400,000 $0.1723 100% $68,920 A2 $0.29 22/05/25 04/05/28 1,586 50,000 $0.29 0% W $0.22 03/04/25 13/02/28 1,505 300,000 $0.22 100% $66,000 A3 $0.29 22/05/26 04/05/28 1,586 50,000 $0.29 0% X $0.35 24/02/24 04/05/28 1,586 50,000 $0.35 100% $17,500 A4 $0.185 31/12/25 05/09/28 1,710 Y $0.35 24/02/25 04/05/28 1,586 50,000 $0.35 100% $17,500 A5 $0.185 31/12/25 05/09/28 1,710 Z $0.35 24/02/26 04/05/28 1,586 50,000 $0.35 100% $17,500 A6 $0.185 31/12/25 05/09/28 1,710 1,059,603 1,059,603 1,059,603 $0.2825 100% $0.295 100% $0.295 100% Valuation per class of rights $14,500 $14,500 $299,338 $312,583 $312,583 A1 $0.29 22/05/24 04/05/28 1,586 50,000 $0.29 0% $14,500 Annual Report | 83 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 11. Loss per share Both the basic and diluted loss per share have been calculated using the loss attributable to shareholders of the Company as the numerator (i.e. no adjustments to loss were necessary in either 2023 or 2022). Net loss attributable to ordinary equity holders of the Company Weighted average number of ordinary shares outstanding during the year used in calculating basic and diluted loss per share Basic and diluted loss per share (cents per share) 2023 $ 2022 $ (13,500,296) (2,761,228) 231,027,237 132,735,993 (5.84) (0.45) As at 31 December 2023, the Group had 14,500,000 unlisted share options exercisable (2022: 44,000,000) and 21,378,809 performance rights (2022: 28,900,000), which are not included in diluted loss per share since they are antidilutive for the periods presented. 12. Auditor remuneration Audit and review of financial statements Auditors of Cygnus Metals Limited – Ernst & Young Total auditor’s remuneration 13. Reconciliation of cash flows from operating activities Loss for the period Depreciation and amortisation Depreciation on right of use assets Exploration and evaluation costs written-off Share-based payment expense Unrealised foreign exchange losses Deferred tax expense Net movement in Flow-Through Share liability Other Net changes in working capital: Change in trade and other receivables Change in provisions Change in trade and other payables Net cash used in operating activities 2023 $ 85,000 85,000 2022 $ 40,000 40,000 2023 $ 2022 $ (13,500,297) (2,761,228) 51,482 - 634,937 10,185,535 242,633 2,018,533 (2,866,604) 184,363 271,797 92,279 (868,859) (3,554,201) 40,818 26,266 23,879 394,157 306,397 440,773 574,645 384,407 1,704,179 21,675 (3,264,241) (2,108,273) Annual Report | 84 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 14. Related Party Transactions KMP remuneration Short term employee benefits Post-employment benefits Share-based payments Total 2023 $ 1,093,305 60,766 6,093,177 7,247,248 2022 $ 456,294 16,001 121,006 593,301 Individual Directors’ and executives’ compensation disclosures Information regarding individual directors and executive’s compensation and some equity instruments disclosures as required by Corporations Regulations 2M.3.03 is provided in the Remuneration Report section of the Directors’ Report on pages 47 to 56. Apart from the details disclosed in this note, no Director has entered into a material contract with the Company since the end of the previous financial year and there were no material contracts involving directors’ interests existing at the end of the current period. 14.1 Other related party transactions and arrangements The following transactions and arrangements with Director related parties occurred during the current and comparative reporting periods: – Former Director Shaun Hardcastle is a Partner of Hamilton Locke Lawyers which provided legal services to the Company to the value of $155,307 during 2023 (2022: $137,025). There was $995 owing to Hamilton Locke Lawyers by the Company at 31 December 2023 (2022: $36,910). Blue Leaf Corporate Pty Ltd, a company owned by Michael Naylor, provided company secretarial and financial management services to the Company during 2023 to the value of $42,000 (2022: $118,500). Acting as joint company secretary up to her resignation as joint company secretary on 1 February 2023, Susan Field was under contract with Blue Leaf Corporate Pty Ltd and was remunerated $5,000 (2022: $60,000) for her contribution of services to Cygnus Metals Limited which has been disclosed as remuneration in the table on page 46. There were no amounts owing to Blue Leaf Corporate Pty Ltd by the Company at 31 December 2023 (2022: Nil). Belltree Corporate Pty Ltd, a company that Michael Naylor is a director of, and Michael Naylor and former Director Shaun Hardcastle have an indirect interest in, provided company secretarial services to the Company during the year ended 31 December 2023 totalling $89,500 (2022: $7,000). There were no amounts owing to Belltree Corporate Pty Ltd by the Company at 31 December 2023 (2022: Nil). Exia-IT Pty Ltd, of which Belltree Corporate Pty Ltd holds an interest and Michael Naylor holds an interest in Belltree Corporate Pty Ltd, provided information technology management services to the Company during the year ended 31 December 2023 totalling $68,923 (2022: Nil). There were no amounts owing to Exia-IT Pty Ltd by the Company at 31 December 2023 (2022: Nil). During the year ended 31 December 2023 the Company paid $196,960 (2022: $266,599) for shared administrative, head office rent and head office fit-out costs to FireFly Metals Limited (formerly Auteco Minerals Limited), of which Ray Shorrocks and Michael Naylor were directors in 2023. $25,385 was owing to FireFly Metals Limited by the Company at 31 December 2023 (2022: $151,716). Bellavista Resources Ltd, a company that Michael Naylor is a director of, recharged shared office costs to the Company during the year ended 31 December 2023 totalling $64,987 (2022: Nil). $3,399 was owing to Bellavista Resources Ltd by the Company at 31 December 2023 (2022: $13,114). Annual Report | 85 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 Related Party Transactions (continued) 14. Bellevue Gold Limited, a company that Michael Naylor is a director of, recharged shared administrative costs to the Company during the year ended 31 December 2023 totalling $20,480 (2022: Nil). $14,440 was owing to Bellevue Gold Limited by the Company at 31 December 2023 (2022: Nil). Mitre Mining Corporation Ltd, a company that Ray Shorrocks is a director of, recharged shared office costs to the Company during the year ended 31 December 2023 totalling $8,325 (2022: Nil). $8,325 was owing to Mitre Mining Corporation Ltd by the Company at 31 December 2023 (2022: Nil). Terms and conditions of transactions with related parties Transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at year-end are unsecured and interest-free and settlement occurs in cash and are presented as part of trade payables. There have been no bank guarantees provided for any related party payables. Amounts shown are net of GST paid or payable. 15. Subsidiaries Name of Entity Country of Incorporation 2023 % equity interest 2022 % equity interest Parent Entity Cygnus Metals Limited Subsidiaries Deneb Resources Pty Ltd Cygnus Gold (Projects) Pty Ltd Cygnus (JV Projects) Pty Ltd Avenir Metals (Australia) Pty Ltd Avenir Metals (Canada) Limited Australia Australia Australia Australia Australia Canada 100 100 100 100 100 100 100 100 100 100 100 100 Annual Report | 86 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 16. Parent entity disclosure Result of the parent entity Loss for the year after tax Other comprehensive loss Total comprehensive loss for the year Financial position of the parent entity at year end: Current assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Total equity of the parent entity comprising of: Contributed equity Reserves Accumulated losses 17. Financial risk management 2023 $ 27,464,733 309,672 27,774,405 10,469,508 25,842,007 36,311,515 5,553,081 17,217,088 22,770,169 13,541,126 47,607,870 7,892,787 (41,959,531) 2022 $ 2,716,982 56,934 2,773,916 15,267,672 6,552,212 21,819,884 3,562,117 440,773 4,002,890 17,816,994 25,260,644 7,051,149 (14,494,799) Credit risk The carrying amount of the Group’s financial assets represents the Group’s maximum credit exposure. The Group’s maximum exposure to credit risk at the reporting date was: 2023 $ 2022 $ Cash and cash equivalents 9,316,782 13,530,678 Trade and other receivables 21,490 41,290 The Group’s cash and cash equivalents and term deposits at call are held with bank and financial institution counterparties, which are rated at least AA-, based on rating agency S&P Global Ratings. For trade receivables, the Group applies a simplified approach in calculating Expected Credit Losses (“ECLs”). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward- looking factors specific to the debtors and the economic environment. As at 31 December 2023, no receivables were more than 30 days past due (2022: Nil). No receivables are considered to have a material credit risk. Annual Report | 87 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 17. Financial risk management (continued) Liquidity risk Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting its obligations related to financial liabilities. The Group manages liquidity risk by monitoring forecast cash flows, only investing surplus cash with major financial institutions; and comparing the maturity profile of financial liabilities with the realisation profile of financial assets. The Board meets on a regular basis to analyse financial risk exposure and evaluate treasury management strategies in the context of the most recent economic conditions and forecasts. The Board’s overall risk management strategy seeks to assist the Group in managing its cash flows. Financial liabilities are expected to be settled on the following basis: Not later than 45 days Greater than 45 days and less than 12 months Total Market risk 2023 $ 3,059,900 2,469,236 5,529,136 2022 $ 2,050,844 1,447,659 3,498,503 Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. Price risk on investments The Group is exposed to equity price risks arising from equity investments. The Group’s investments are listed on the Toronto Stock Exchange (TSXV). Listed investments – CAD$182,000 (2022: CAD$406,250) A change of 10% in the share price at the end of the reporting period would have increased/(decreased) the investment revaluation reserve component of equity as a result of gains/losses on equity securities classified as FVOCI by the amounts shown below. Carrying Amount 31 December 2023 $ 201,698 Carrying Amount 31 December 2022 $ 454,830 The analysis assumes that all other variables remain constant. This analysis is performed on the same basis for 2022. 10% increase 10% decrease 20,170 (20,170) 45,483 (45,483) Annual Report | 88 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 17. Financial risk management (continued) Foreign exchange rate risk The Group is exposed to foreign exchange rate risk arising from equity investments listed on the Toronto Stock Exchange (TSXV), although given the size of these investments the directors do not anticipate that significant fluctuations in related foreign currencies would result in a material change to the valuation of these assets at the end of the current reporting period. The Group is also exposed to foreign exchange rate risk arising from cash and deposits held in Canadian dollars. At the reporting date the sensitivity for the Group’s foreign exchange exposures was: Cash on deposit – CAD$5,097,476 (2022: CAD$5,336,389) Deposits with suppliers – CAD$543,000 (2022: CAD$1,300,000) Listed investments – CAD$182,000 (2022: CAD$406,250) Totals Carrying Amount 31 December 2023 $ 5,649,187 601,770 201,698 6,452,655 Carrying Amount 31 December 2022 $ 5,882,264 1,516,406 454,830 7,853,500 A change of 10% in CAD:AUD foreign exchange rates at the end of the reporting period would have increased/(decreased) profit and loss and equity by the amounts shown below. The analysis assumes that all other variables remain constant. This analysis is performed on the same basis for 2021. 10% increase 10% decrease Interest rate risk 645,265 (645,265) 785,350 (785,350) The Group’s exposure to market risk for changes in interest rates relates primarily to the Group’s cash. Cash includes funds held in term deposits and cheque accounts during the year, which earned variable interest at rates ranging between 0.05% and 3.00% (2022: 0.05 % and 0.30%), depending on the bank account type and account balances. The Group has no loans or borrowings. At the reporting date the interest rate sensitivity for the Group’s interest-bearing financial instruments was: Variable rate financial assets Carrying Amount 31 December 2023 $ 9,316,782 Carrying Amount 31 December 2022 $ 13,530,678 A change of 100 basis points in the interest rates at the end of the reporting period would have increased/(decreased) profit and loss and equity by the amounts shown below. The analysis assumes that all other variables remain constant. This analysis is performed on the same basis for 2021. 100bp increase 100bp decrease Capital management policies and procedures 9,317 (9,317) 13,531 (13,531) The Board policy is to maintain a capital base to maintain investor, creditor and market confidence and to sustain future development of the business. Capital consists of ordinary shares and retained earnings (or accumulated losses). The Board of Directors manages the capital of the Group to ensure that the Group can fund its operations and continue as a going concern. There are no externally imposed capital requirements. Annual Report | 89 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 18. Commitments and contingent assets and liabilities Due to the nature of the Group’s operations in exploring and evaluating areas of interest, it is difficult to accurately forecast the nature or amount of future expenditure, although it will be necessary to incur expenditure in order to retain present interests in mineral tenements. Annual rents on exploration licenses held by the Group are $154,251 (2022: $169,994) with a minimum exploration commitment of $990,334 (2022: $899,500) per annum. The Group does not have any capital commitments at 31 December 2023 (2022: Nil). 19. Exploration and evaluation Opening balance Expenditure incurred during the year – Australian tenements Expenditure incurred during the year – Canadian tenements Acquisition costs – Canadian tenements Exploration expenditure written off Closing balance Asset Acquisitions 2023 $ 5,538,857 1,319,326 11,207,656 6,495,477 (634,937) 23,926,379 2022 $ 453,546 1,119,654 2,135,709 1,853,827 (23,879) 5,538,857 On 28 March 2023, Cygnus announced that it had entered into option agreements with 9219-8845 QC. Inc. (Canadian Mining House) (“CMH”), Anna Rosa Giglio and Steve Labranche (together, the “Vendors”) to acquire additional ground comprised of two projects: Sakami and Auclair Extension (Beryl Property). The terms of these option agreements are outlined below: Auclair Extension (Beryl Property) In order for Cygnus to acquire a 100% interest in the project and all mineral rights, Cygnus is required to pay the Vendors C$395,000 in cash and 4,000,000 fully paid ordinary shares in Cygnus, in aggregate. In addition to the above payments, Cygnus must incur C$1,000,000 in exploration expenditure within the first 36 months following the closing of the Option Agreement. Sakami Project In order for Cygnus to earn a 100% interest (in all mineral rights) at Sakami, Cygnus is required to pay the Vendors C$300,000 in cash and 3,450,000 fully paid ordinary shares in Cygnus, in aggregate. In addition to the above payments, Cygnus must incur exploration expenditure to the amount of C$1,000,000 within the first 36 months of closing the Option Agreement. Sirios Project In February 2023, Cygnus completed a third land acquisition surrounding Pontax. The additional land, comprising 70 individual claims covering 40km2, was acquired from TSXV-listed Sirios Resources Inc. (“Sirios”) and sits immediately north-east of, and adjacent to, Cygnus’ Pontax Project. Cygnus acquired the additional ground through an outright purchase from Sirios comprising an upfront payment of C$1.2m in cash plus 750,000 fully paid ordinary shares. None of the above acquisitions constitute a business combination in accordance with AASB 3 Business Combinations and were accounted for as asset acquisitions. Annual Report | 90 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 19. Exploration and evaluation (continued) Project earn-in and acquisition milestones The following outlines the remaining terms of existing project option earn-in or acquisition agreements that the Group was a party to prior to the commencement of the current reporting period. Pontax Lithium Project (CY5 51%) The Company may earn a further 19% interest (to 70%) in the Project (“Stage 2 Earn-In") from Stria Lithium Inc by:  expending C$6,000,000 on exploration in the 30-month period commencing on the date that the Company satisfies the Stage 1 Earn-in (ie. by January 2026); and  making a cash payment to Stria of C$3,000,000. Megawatt Lithium Projects In order to exercise the first option and acquire a 51% interest in the MegaWatt Projects (“First Option”), the Company must commit C$2,000,000 towards exploration on the MegaWatt Projects, as follows:    C$500,000 of exploration expenditure within the first 12 months of the MegaWatt Option Agreement (“Agreement”) (completed in October 2023); a further C$500,000 of exploration expenditure within the second 12 months of the Agreement; and a further C$1,000,000 of exploration expenditure within the third 12 months of the Agreement. In order to acquire a further 29% interest in the MegaWatt Projects (“Second Option”), Cygnus must:    pay cash consideration to MegaWatt of $50,000 within 30 days of the satisfaction of the First Option; file a NI 43-101 or JORC Code compliant mineral resource estimate which establishes a lithium oxide resource on the Property of at least 5MT with an average grade of not less than 0.8% Li2O in any resource category as defined in NI43- 101 or the JORC Code, by the date which is no later than 5 years from the exercise of the First Option; and pay cash consideration to MegaWatt of $1,000,000 within 3 days of filing the above report. Pontax Extension Lithium Project (Canadian Mining House) In order to complete the acquisition of the project claims, the Company must 24 months after the Approval Date (November 2022), pay a further C$30,000 in cash and issue a further 486,801 Shares. The Company must also incur total expenditure of C$1,000,000 inside the first 36 months of the Approval Date (C$250,000 inside the first 12 months (completed in 2022, C$750,000 inside the first 24 months and C$1,000,000 inside the first 36 months). Fair Value of Share-Based Payments The fair value of share-based payments to asset vendors, which includes the shares issued as described and valued above, have been determined with reference to the fair value of the equity instruments. For shares granted, the fair value of each instrument has been estimated using the latest trading price of the shares relative to the date of completion of the sale. The fair value of the transactions could not be estimated with direct reference to the fair value of the asset received given limited fair value information over the asset available at the time of the transaction. Capitalised expenditure written off Impairment of specific exploration and evaluation assets during the year have occurred where Directors have concluded that capitalised expenditure is unlikely to be recovered by sale or future exploitation. During the year indicators of impairment were identified on certain exploration and evaluation assets in accordance with AASB 6 Exploration for and Evaluation of Mineral Resources. As a result of this review, write-offs totalling $634,937 have been recognised (2022: $23,879) in relation to areas of interest where the directors have concluded that capitalised expenditure is unlikely to be recovered by sale or future exploitation. Annual Report | 91 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 20. Operating segments The Group has identified the Managing Director in consultation with the full board of directors as the chief operating decision maker (“CODM”). The CODM receives details of expenditure incurred across three segments being exploration in Canada, exploration in Western Australia and corporate and unallocated expenditure. 21. Post reporting date events There have not been any events that have arisen between 31 December 2023 and the date of this report or any other item, transaction or event of a material and unusual nature likely, in the opinion of the directors, to materially affect the operations of the Group, the results of those operations or the state of affairs of the Group, in subsequent financial years. Annual Report | 92 Notes to the Consolidated Financial Statements For the year ended 31 December 2023 Income tax expense 22. The major components of tax expense and the reconciliation of the expected tax expense based on the effective tax rate of Cygnus Metals Limited at 25% (2022: 25%) and the reported tax expense in profit or loss are as follows: 2023 $ 2,018,533 2,018,533 2022 $ 440,773 440,773 (11,481,763) (2,870,440) (2,320,455) (580,114) 2,539,271 9,233 19,164 (716,651) 2,018,533 101,665 5,467 11,417 (143,661) 440,773 1,031,418 605,226 (11,996) 2,018,533 - 440,773 (12,642) (16,826) (47,681) 323,418 (718,124) 35,794 2,875 433,185 - 3,882,826 239,020 4,121,846 (11) (8,893) - 205,727 (388,220) 13,342 10,000 168,055 - 2,863,302 - 2,863,302 Tax expense comprises: Deferred tax expense Tax expense Accounting loss excluding income tax Total income tax expense Non-deductible expenses for tax purposes: Share-based payments expense Foreign expenditure Other Non-assessable income – flow-through shares Settlement of flow-through share liability Deferred tax: Relating to origination or reversal of temporary differences Subsidiary tax rate differential Income tax expense attributable to entity Recognised deferred tax balances: Deferred tax asset temporary differences: Trade and other receivables Prepayments Receivables - Assets Other Exploration assets Employee entitlements Accrued expenses and provisions Deferred tax asset losses Recognised deferred taxes Deferred taxes arising from temporary differences and unused tax losses not brough to account: Deferred tax asset losses – Australian activities Deferred tax asset losses – Canadian activities Total deferred tax assets not brought to account Annual Report | 93 Directors’ Declaration For the year ended 31 December 2023 In the opinion of the Directors of Cygnus Metals Limited: a. The financial statements and notes of Cygnus Metals Limited are in accordance with the Corporations Act 2001 (Cth), including: I. Giving a true and fair view of its consolidated financial position as at 31 December 2023 and of its performance for the year ended on that date; and II. Complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 (Cth); and b. There are reasonable grounds to believe that Cygnus Metals Limited will be able to pay its debts as and when they become due and payable, subject to the matters set out in Note 1(a) to the financial report. The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 (Cth) from the Managing Director and Chief Financial Officer for the year ended 31 December 2023. Note 1 confirms that the financial statements also comply with International Financial Reporting Standards. Signed in accordance with a resolution of the directors: David Southam Managing Director Perth, Western Australia, 28 March 2024 Annual Report | 94 Ernst & Young 11 Mounts Bay Road Perth WA 6000 Australia GPO Box M939 Perth WA 6843 Tel: +61 8 9429 2222 Fax: +61 8 9429 2436 ey.com/au Independent auditor’s report to the members of Cygnus Metals Limited Report on the audit of the financial report Opinion We have audited the financial report of Cygnus Metals Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 31 December 2023, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, notes to the consolidated financial statements, including a summary of material accounting policies, and the Directors' declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a. Giving a true and fair view of the consolidated financial position of the Group as at 31 December 2023 and of its consolidated financial performance for the year ended on that date; and b. Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material uncertainty related to going concern We draw attention to Note 1(a) in the financial report which describes the principal conditions that raise doubt about the Group’s ability to continue as a going concern. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Key audit matter Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. In addition to the matter described in the Material uncertainty A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation related to going concern section, we have determined the matter described below to be the key audit matter to be communicated in our report. For the matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report, Including in relation to this matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying financial report. 1. Carrying value of exploration and evaluation assets Why significant How our audit addressed the key audit matter As disclosed in Note 19 of the financial report, the Group carries exploration and evaluation assets of $23,926,379 as at 31 December 2023. We evaluated the Group’s assessment as to whether there were any indicators of impairment which would require the carrying value of exploration and evaluation assets to be tested for impairment. In performing our audit procedures, we: The carrying amount of exploration and evaluation assets is assessed for impairment by the Group when facts and circumstances indicate that an exploration and evaluation asset may exceed its recoverable amount. The determination as to whether there are any indicators to require an exploration and evaluation asset to be assessed for impairment, involves a number of judgments including whether the Group has tenure, will be able to perform ongoing expenditure and whether there is sufficient information for a decision to be made that the area of interest is not commercially viable. During the year, the Group determined that there had been no indicators of impairment of its exploration and evaluation assets. Given the size of the balance and the judgmental nature of impairment indicator assessments associated with exploration and evaluation assets, we consider this a key audit matter. Considered the Group’s rights to explore in the relevant exploration areas which included obtaining and assessing supporting documentation such as license agreements and correspondence with relevant government agencies. Considered the Group’s intention to carry out significant exploration and evaluation activities in the relevant exploration areas which included assessing whether the Group’s cash- flow forecasts included planned exploration and evaluation activities, and enquiring with senior management and Directors as to the intentions and strategy of the Group. Assessed whether any exploration and evaluation data existed to indicate that the carrying amount of exploration and evaluation assets is unlikely to be recovered through development or sale. Assessed the adequacy of disclosures in the financial report. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Information other than the financial statements and auditor’s report The Directors are responsible for the other information. The other information comprises the information included in the Company’s Annual Report for the year ended 31 December 2023, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon, with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially consistent with the financial report and our knowledge obtained in the audit or otherwise doesn’t appear to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Directors for the financial report The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors. Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the Directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Report on the audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in the Directors' report for the year ended 31 December 2023. In our opinion, the Remuneration Report of Cygnus Metals Limited for the year ended 31 December 2023, complies with section 300A of the Corporations Act 2001. Responsibilities The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Ernst & Young D Hall Partner Perth 28 March 2024 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation ASX Additional Information In accordance with ASX Listing Rule 4.10, the following information is provided as at 8 March 2024. Top 20 holders of ordinary shares Rank Name J P MORGAN NOMINEES AUSTRALIA PTY LIMITED SYMORGH INVESTMENTS PTY LTD GOLD LEAF CORPORATE PTY LTD STRIA LITHIUM INC CITICORP NOMINEES PTY LIMITED SYMORGH INVESTMENTS PTY LTD HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED MS CHARMAINE LINDA LOBO CERTANE CT PTY LTD HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED GLEESON MINING PTY LTD SOUTHERN CROSS CAPITAL PTY LTD MS LYNNETTE EDWARDS MR MANUEL SYRIANOS SPRING STREET HOLDINGS PTY LTD HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2 MR ALAN FRANK CLELAND ROD DOG PTY LTD BNP PARIBAS NOMS PTY LTD SYMORGH INVESTMENTS PTY LTD 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Totals: Top 20 holder of Ordinary Fully Paid Shares Total Remaining Holders Balance Units 19,948,906 16,500,000 13,211,504 9,129,825 9,082,372 7,559,199 7,521,201 6,697,780 6,000,000 5,163,989 5,155,486 4,827,451 4,285,715 4,050,001 3,724,139 3,672,945 3,028,335 2,775,645 2,723,970 2,661,112 137,719,575 153,839,564 % of issued capital 6.84 5.66 4.53 3.13 3.12 2.59 2.58 2.30 2.06 1.77 1.77 1.66 1.47 1.39 1.28 1.26 1.04 0.95 0.93 0.91 47.24 52.76 Substantial Holders The names of substantial shareholders as disclosed in substantial shareholding notices given to the Company are: Steve Parsons Sarah June Naylor and Michael Dylan Naylor Units 27,025,288 16,518,894 % of issued capital 9.26 5.66 Spread of Holdings Fully Paid Ordinary Shares Range 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over Total Total holders 58 233 197 748 320 1,556 Units 22,167 716,912 1,643,130 31,293,842 257,883,088 291,559,139 % of issued capital 0.01 0.25 0.56 10.73 88.45 100.00 Annual Report | 100 ASX Additional Information Options Range 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 Over Total Performance Rights Range 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over Total Unquoted Securities Options Total holders - - - - 5 5 Total holders - - - 1 5 6 Units - - - - 14,500,000 14,500,000 Units - - - 100,000 21,278,809 21,378,809 % of issued options - - - - 100.00 100.00 % of issued options - - - 0.47 99.53 100.00 Expiry Date 15/11/2024 20/01/2025 21/10/2025 21/10/2025 21/10/2025 21/10/2025 Exercise Price $0.16 $0.16 $0.25 $0.50 $0.75 $1.00 No. Of Options Number of Holders 5,000,000 3,500,000 1,500,000 1,500,000 1,500,000 1,500,000 31 12 13 13 13 13 The names of holders and number of unquoted equity securities held for each class the holding was 20% or more of each class of security are as follows: 1. 2. 3. Symorgh Investments Pty Ltd holds 50.0% and Gold Leaf Corporate Pty Ltd holds 45.0% of this class of options. Spring Street Holdings Pty Ltd holds 100% of this class of options. CG Nominees (Australia) Pty Ltd holds 100% of this class of options. Options do not carry a right to vote. Annual Report | 101 ASX Additional Information Performance rights Class Expiry Date F G I K P S T U V W X Y Z 21/10/2027 21/10/2027 30/07/2025 30/11/2026 13/02/2028 13/02/2028 13/02/2028 13/02/2028 03/04/2028 04/05/2028 05/09/2028 05/09/2028 05/09/2028 Number of Rights 1,500,000 1,500,000 250,000 100,000 5,000,000 4,000,000 2,900,000 2,500,000 300,000 150,000 1,059,603 1,059,603 1,059,603 Number of Holders* 1 1 1 1 1 1 2 1 1 1 1 1 1 * The names of holders and number of unquoted equity securities held for each class the holding was 20% or more of each class of security are as follows: Class F and G are held 100% by Mr Samuel Richard Brooks. Details of holders of performance rights issued under an employee incentive scheme are exempt from disclosure under Chapter 4 of the Listing Rules. Unmarketable Parcels There were 387 shareholders with less than a marketable parcel of shares, based on the closing price $0.057. Restricted and Escrowed Securities The Company does not have any restricted securities on issue. The following securities are subject to voluntary escrow: No of Shares Date escrow period ends 2,000,000 2,875,000 20/10/2024 11/04/2024 Voting Rights In accordance with the Company’s constitution, on a show of hands every member present in person or by proxy or attorney or duly appointed representative has one vote. On a poll every member present or by proxy or attorney or duly authorised representative has one vote for every fully paid share held. There are no voting rights attached to unexercised options or performance rights. Joint Company Secretaries Ms Maddison Cramer and Mr Carl Travaglini Corporate Governance Statement In accordance with Listing Rule 4.10.3, the Company’s Corporate Governance Statement can be found on the Company’s website. Refer to https://www.cygnusmetals.com/corporate-governancedetail On-Market Buy Back The Company has not initiated an on-market buy back. Annual Report | 102 Tenement Location Registered Owner Ownership Schedule of Tenements As at 31 December 2023 Australian Projects (100% owned) Property Description Perrinvale Snake Rock E29/1075 E70/4911 Western Australia Western Australia Bencubbin E70/4988 Hardies Extension E70/4990 Western Australia Western Australia Burracoppin South Bencubbin South Bencubbin North Bonnie Rock Mackie Culbarting Welbungin Weydenying Hills E70/5050 Western Australia E70/5168 E70/5169 E70/5196 E70/5397 E70/5492 E70/5617 E70/5098 Western Australia Western Australia Western Australia Western Australia Western Australia Western Australia Western Australia Little Snake E70/6385 Western Australia Big Snake E70/6386 Western Australia Grace E70/6563 Western Australia Auclair Property (100% owned) Deneb Resources Pty Ltd Cygnus Gold (Projects) Pty Ltd Deneb Resources Pty Ltd Cygnus Gold (Projects) Pty Ltd Deneb Resources Pty Ltd Deneb Resources Pty Ltd Deneb Resources Pty Ltd Deneb Resources Pty Ltd Deneb Resources Pty Ltd Deneb Resources Pty Ltd Deneb Resources Pty Ltd Cygnus Gold (Projects) Pty Ltd Cygnus Gold (Projects) Pty Ltd Cygnus Gold (Projects) Pty Ltd Cygnus Gold (Projects) Pty Ltd 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 1129237 1129238 1129239 1129243 1129244 1129245 1129246 1129247 1129248 1129249 1129250 1129251 1129252 1129253 1129254 1129255 1129256 1129257 1129258 1129259 1129260 1129261 1129262 Location Registered Owner Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Annual Report | 103 Structure and Ownership 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 1129263 1129264 1129265 1129266 1129267 1129268 1129269 1129270 1129279 1129280 1129281 1129282 1129283 1129284 1129285 1129286 1129287 1129288 1129289 1129290 1129291 1129292 1129304 1129305 1129306 2771077 2771078 2771079 2771080 2771081 2771082 2771083 2771084 2771085 2771086 2771087 2771088 2771089 2771090 2771091 2771092 2771093 2771094 2771095 2771096 2771097 2771098 2771099 2771100 2771101 2771102 Location Registered Owner Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Annual Report | 104 Structure and Ownership 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2771103 2771104 2771105 2771106 2771107 2771108 2771109 2771110 2771111 2771112 2771113 2771114 2771115 2771116 2771117 2771118 2771119 2771120 2771121 2771122 2771123 2771124 2771125 2771126 2771127 2771128 2771129 2771130 2771131 2771132 2771133 2771134 2771135 2771136 2771137 2771138 2771139 2771140 2771141 2771142 2771143 2771144 2771145 2771146 2771147 2771148 2771149 2771150 2771151 2771152 2771153 Location Registered Owner Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Annual Report | 105 Structure and Ownership 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2771154 2771155 2771156 2771157 2771158 2771159 2771160 2771161 2771162 2771163 2771164 2771165 2771166 2771167 2771168 2771169 2771170 2771171 2771172 2771173 2771174 2771175 2771176 2771177 2773255 2773256 2773257 2773258 2773259 2773260 2773261 2773262 2773263 2773264 2773265 2773266 2773267 2773268 2773269 2773270 2773271 2773272 2773273 2773274 2773275 2773276 2773277 2773278 2773279 2773280 Location Registered Owner Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Avenir Metals (Canada) Limited (103257) Annual Report | 106 Structure and Ownership 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Schedule of Tenements As at 31 December 2023 Beneficial percentage interests held in farm in or farm-out agreements: Farm Out Tenement Location Registered Owner Structure and Ownership E70/4787 Western Australia Cygnus Gold (Projects) Pty Ltd 100% (diluting to 15%) E70/5131 Western Australia Cygnus Gold (Projects) Pty Ltd 100% (diluting to 15%) Farm In Pontax Lithium Project (51% interest, earning up to 70%) Property Description Pontax-Lithium Title Type and Number CDC 2002627 Quebec, Canada Location Structure and Ownership Pontax-Lithium CDC 2002628 Quebec, Canada Pontax-Lithium CDC 2002629 Quebec, Canada Pontax-Lithium CDC 2002630 Quebec, Canada Pontax-Lithium CDC 2002631 Quebec, Canada Pontax-Lithium CDC 2002632 Quebec, Canada Pontax-Lithium CDC 2002633 Quebec, Canada Pontax-Lithium CDC 2002634 Quebec, Canada Pontax-Lithium CDC 2002635 Quebec, Canada Pontax-Lithium CDC 2002636 Quebec, Canada Pontax-Lithium CDC 2002637 Quebec, Canada Pontax-Lithium CDC 2002638 Quebec, Canada Pontax-Lithium CDC 2002639 Quebec, Canada Pontax-Lithium CDC 2002640 Quebec, Canada Pontax-Lithium CDC 2002641 Quebec, Canada Pontax-Lithium CDC 2002642 Quebec, Canada Pontax-Lithium CDC 2002643 Quebec, Canada Pontax-Lithium CDC 2002646 Quebec, Canada Pontax-Lithium CDC 2002647 Quebec, Canada Pontax-Lithium CDC 2002648 Quebec, Canada Pontax-Lithium CDC 2002649 Quebec, Canada Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Annual Report | 107 Location Structure and Ownership Schedule of Tenements As at 31 December 2023 Property Description Pontax-Lithium Title Type and Number CDC 2002650 Quebec, Canada Pontax-Lithium CDC 2002651 Quebec, Canada Pontax-Lithium CDC 2002652 Quebec, Canada Pontax-Lithium CDC 2002655 Quebec, Canada Pontax-Lithium CDC 2002656 Quebec, Canada Pontax-Lithium CDC 2002657 Quebec, Canada Pontax-Lithium CDC 2002658 Quebec, Canada Pontax-Lithium CDC 2002659 Quebec, Canada Pontax-Lithium CDC 2002664 Quebec, Canada Pontax-Lithium CDC 86421 Quebec, Canada Pontax-Lithium CDC 84701 Quebec, Canada Pontax-Lithium CDC 84702 Quebec, Canada Pontax-Lithium CDC 84703 Quebec, Canada Pontax-Lithium CDC 84704 Quebec, Canada Pontax-Lithium CDC 84705 Quebec, Canada Pontax-Lithium CDC 85802 Quebec, Canada Pontax-Lithium CDC 84710 Quebec, Canada Pontax-Lithium CDC 84711 Quebec, Canada Pontax-Lithium CDC 85803 Quebec, Canada Pontax-Lithium CDC 85804 Quebec, Canada Pontax-Lithium CDC 85805 Quebec, Canada Pontax-Lithium CDC 85806 Quebec, Canada Pontax-Lithium CDC 85807 Quebec, Canada Pontax-Lithium CDC 84717 Quebec, Canada Pontax-Lithium CDC 85808 Quebec, Canada Pontax-Lithium CDC 85809 Quebec, Canada Pontax-Lithium CDC 85810 Quebec, Canada Pontax-Lithium CDC 85811 Quebec, Canada Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Annual Report | 108 Schedule of Tenements As at 31 December 2023 Property Description Title Type and Number Location Structure and Ownership Pontax-Lithium CDC 85812 Quebec, Canada Pontax-Lithium CDC 84718 Quebec, Canada Pontax-Lithium CDC 84719 Quebec, Canada Pontax-Lithium CDC 80466 Quebec, Canada Pontax-Lithium CDC 80467 Quebec, Canada Pontax-Lithium CDC 80468 Quebec, Canada Pontax-Lithium CDC 80469 Quebec, Canada Pontax-Lithium CDC 80483 Quebec, Canada Pontax-Lithium CDC 2197182 Quebec, Canada Pontax-Lithium CDC 2197183 Quebec, Canada Pontax-Lithium CDC 2197184 Quebec, Canada Pontax-Lithium CDC 2197185 Quebec, Canada Pontax-Lithium CDC 2197186 Quebec, Canada Pontax-Lithium CDC 2197187 Quebec, Canada Pontax-Lithium CDC 2197188 Quebec, Canada Pontax-Lithium CDC 2197190 Quebec, Canada Pontax-Lithium CDC 2197191 Quebec, Canada Pontax-Lithium CDC 89173 Quebec, Canada Pontax-Lithium CDC 89174 Quebec, Canada Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Avenir Metals (Canada) Limited (103257) 51% Stria Lithium Inc. (96388) 49% Route 381 Claims (Earning up to 80%) Property Description Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Title Type and Number 2595278 2595279 2595280 2595281 2595282 2595283 2595284 2595285 2595286 2595287 2595288 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Annual Report | 109 Schedule of Tenements As at 31 December 2023 Property Description Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Route 381 Title Type and Number 2595289 2595290 2595291 2595292 2595293 2595294 2595302 2595295 2595303 2595296 2595304 2595297 2595305 2595298 2595306 2595299 2595307 2595300 2595308 2595301 2595309 2595310 2595311 2595312 2595313 2595314 2595315 2595316 2595317 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Mitsumis Claims (Earning up to 80%) Property Description Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Title Type and Number 2595278 2629111 2629112 2629113 2629114 2629115 2629116 2629117 2629118 2629119 2629120 2629121 2629122 2629123 2629124 2629125 2629126 2629127 2629128 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Annual Report | 110 Schedule of Tenements As at 31 December 2023 Property Description Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Title Type and Number 2629129 2629130 2629131 2629132 2629133 2629134 2629135 2629136 2629137 2629138 2629139 2629140 2629141 2629142 2629143 2629144 2629145 2629146 2629147 2629148 2629149 2629150 2629228 2629229 2629230 2629231 2629232 2629233 2629234 2629235 2629236 2629237 2629238 2629239 2629240 2629241 2629242 2629243 2629244 2629245 2629246 2629247 2629248 2629249 2629250 2629251 2629252 2629253 2629254 2629255 2629256 2629257 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Annual Report | 111 Schedule of Tenements As at 31 December 2023 Property Description Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Title Type and Number 2629258 2629259 2629260 2629261 2629262 2629263 2629264 2629265 2629266 2629267 2629268 2629269 2629270 2629271 2629272 2629273 2629274 2629275 2629276 2629277 2629278 2629279 2629280 2629281 2629282 2629283 2629284 2629285 2629286 2629287 2629288 2629289 2629290 2629291 2629292 2629293 2629294 2629295 2629296 2629297 2629298 2629299 2629300 2629301 2629302 2629303 2629304 2629305 2629306 2629307 2629308 2629309 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Annual Report | 112 Schedule of Tenements As at 31 December 2023 Property Description Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Title Type and Number 2629310 2629311 2629312 2629313 2629314 2629315 2629316 2629317 2629318 2629319 2629320 2629321 2629322 2629323 2629324 2629325 2629326 2629327 2629328 2629329 2629330 2629331 2629332 2629333 2629334 2629435 2629436 2629437 2629438 2629439 2629440 2629441 2629442 2629443 2629444 2629445 2629446 2629447 2629448 2629461 2629462 2629463 2629464 2629465 2629466 2629467 2629468 2629469 2629470 2629471 2629472 2629473 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Annual Report | 113 Schedule of Tenements As at 31 December 2023 Property Description Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Mitsumis Title Type and Number 2629474 2629475 2629476 2629477 2629478 262479 262480 2629481 2629482 2629483 2629484 2629485 2629805 2629806 2629807 2629808 2629809 2629810 2629811 2629812 2629813 2629814 2629815 2629816 2629817 2629818 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Megawatt Lithium and Battery Metals Corp 100% Pontax Extension Property (Earning up to 100%) Property Description Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Title Type and Number 2616420 2616421 2616422 2616423 2616424 2616425 2616426 2616427 2616428 2616429 2616430 2616431 2616432 2616433 2616434 2616435 2616436 2616437 2616438 2616439 2616440 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% Annual Report | 114 Schedule of Tenements As at 31 December 2023 Property Description Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Title Type and Number 2616441 2616442 2616443 2616444 2616445 2616446 2616447 2616448 2616449 2616450 2616451 2616452 2616453 2616454 2616455 2616456 2616457 2616458 2616459 2616460 2616461 2616462 2616463 2616464 2616465 2616466 2616467 2616468 2615893 2615699 2615700 2615701 2615702 2615703 2615704 2615705 2615706 2615707 2615708 2615709 2615710 2615711 2615712 2615713 2615714 2615715 2615716 2615717 2615718 2615719 2615720 2615721 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% Annual Report | 115 Schedule of Tenements As at 31 December 2023 Property Description Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Title Type and Number 2615722 2615723 2615724 2615725 2615726 2615727 2615728 2615611 2615612 2615613 2615614 2615615 2615616 2615617 2615618 2615619 2615620 2615621 2615622 2615623 2615624 2615625 2615626 2615627 2615628 2615629 2615630 2615631 2615632 2615633 2615634 2615635 2615636 2615637 2615638 2615639 2615640 2615641 2615642 2615643 2615644 2615645 2615646 2615647 2615648 2615649 2615650 2615651 2615652 2615653 2615654 2615655 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% Annual Report | 116 Schedule of Tenements As at 31 December 2023 Property Description Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Pontax Extension Title Type and Number 2615656 2615657 2615658 2615659 2615660 2615661 2615662 2615663 2615664 2615665 2615666 2615667 2615668 2615669 2615670 2615671 2615672 2615673 2615674 2615675 2615676 2615677 2615678 2615679 2615680 2615681 2615682 2615683 2615684 2615685 2615686 2615687 2615688 2615689 2615746 2615747 2615748 2615751 2615752 2615753 2615754 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% 9219-8845 Québec inc. (Canadian Mining House) 100% Beryl Lake Property (Earning up to 100%) Property Description Auclair Auclair Auclair Auclair Auclair Title Type and Number 2631893 2631894 2631895 2631896 2631897 Location Structure and Ownership Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Annual Report | 117 Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2631898 2631899 2631900 2631901 2631902 2631903 2631904 2631905 2631906 2631907 2631908 2631909 2631910 2631911 2632764 2632765 2632766 2632767 2632768 2632769 2633497 2633498 2633499 2633500 2633501 2633502 2633700 2634637 2634638 2634639 2634640 2634641 2634642 2634643 2634644 2634645 2634646 2634647 2634648 2644720 2644721 2644722 2644723 2644724 2644725 2644726 2644727 2644728 2644729 2644730 2644731 Location Structure and Ownership Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Annual Report | 118 Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2644732 2644733 2644734 2644735 2644736 2644737 2644738 2644739 2644740 2644741 2644742 2644743 2644744 2644745 2644746 2644747 2645212 2645213 2645214 2645215 2563578 2563579 2563580 2563581 2563582 2651042 2651043 2651044 2651045 2651046 2651047 2651048 2651049 2651050 2651051 2651052 2651053 2651054 2651055 2651056 2651057 2651058 2651059 2651060 2651061 2651062 2651063 2651064 2651065 2651066 2651067 Location Structure and Ownership Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Annual Report | 119 Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2651068 2651069 2651070 2651071 2651072 2651073 2651074 2651075 2651076 2651077 2651078 2651599 2651600 2651601 2651602 2651603 2651604 2651605 2651606 2651607 2651608 2651609 2651610 2651611 2651612 2687865 2687866 2687867 2687868 2687869 2689270 2689271 2689272 2689273 2689274 2689275 2689276 2689277 2689278 2689279 2689280 2689281 2689282 2689283 2689284 2689285 2689286 2689287 2689288 2689289 2689290 Location Structure and Ownership Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Annual Report | 120 Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2689291 2689292 2689293 2689360 2689361 2689362 2689363 2689364 2689552 2689553 2689554 2689555 2689556 2689557 2689558 2689559 2689560 2689561 2689562 2689563 2712913 2712914 2712915 2712916 2712917 2712918 2712919 2712920 2712921 2712922 2712923 2712924 2712925 2712926 2712927 2712928 2712929 2712930 2712931 2712932 2712933 2712934 2712935 2712936 2712937 2712938 2712939 2712940 2712941 2712942 2712943 Location Structure and Ownership Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Annual Report | 121 Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2714584 2714585 2714586 2714587 2714588 2556226 2556227 2556228 2556229 2556230 2556231 2556232 2556233 2556234 2556235 2556236 2556237 2556238 2634305 2634306 2634307 2634308 2634309 2634310 2634311 2634312 2634313 2634314 2634315 2634316 2634317 2634318 2634319 2634320 2634321 2634322 2634323 2634324 2634325 2634326 2634327 2634328 2634329 2634330 2634331 2634332 2634333 2634334 2634335 2634336 2634337 Location Structure and Ownership Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Annual Report | 122 Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2634338 2634339 2634340 2634341 2634342 2634343 2634344 2634345 2634346 2634347 2634348 2634349 2634350 2634351 2634352 2634353 2634354 2634355 2634356 2634357 2634358 2634359 2634360 2634361 2634362 2634363 2634364 2634365 2634366 2634367 2634368 2634369 2634370 2634371 2634372 2634373 2634374 2634375 2634376 2634377 2634378 2634379 2634380 2634381 2634382 2635050 2635051 2635052 2635053 2635054 2635055 Location Structure and Ownership Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Annual Report | 123 Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2635056 2635057 2635058 2635059 2635060 2635061 2635062 2635063 2635064 2635065 2635066 2635067 2635068 2635069 2635070 2635071 2641989 2641990 2641991 2641992 2641993 2641994 2641995 2641996 2641997 2641998 2641999 2642000 2642001 2642002 2642003 2642004 2642005 2642006 2642007 2642008 2642009 2642010 2642011 2642012 2642013 2642014 2642015 2642016 2651342 2651343 2651344 2651345 2651346 2651347 2651348 Location Structure and Ownership Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Annual Report | 124 Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2651349 2652176 2652177 2652178 2652179 2652180 2652181 2687786 2687787 2687788 2687789 2687790 2687791 2687792 2687793 2687794 2687795 2687796 2687797 2687798 2687799 2687800 2687801 2687802 2687803 2687804 2687805 2687806 2687807 2687808 2687809 2687810 2687811 2687812 2687813 2687814 2687815 2687816 2687817 2687818 2687819 2687820 2687821 2687822 2687823 2687824 2687825 2687826 2687827 2687828 2687829 Location Structure and Ownership Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Annual Report | 125 Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2687830 2687831 2687832 2687833 2687834 2687835 2687836 2687837 2687838 2687839 2687840 2687841 2687842 2687843 2687844 2687845 2687846 2687847 2687848 2687849 2687850 2687851 2687852 2687853 2687854 2687855 2687856 2687857 2687858 2687859 2687860 2687861 2687862 2687863 2687864 2689189 2689190 2689191 2689192 2689193 2689194 2689195 2689196 2689197 2689198 2689199 2689200 2689201 2689202 2689203 2689204 Location Structure and Ownership Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Annual Report | 126 Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2689205 2689206 2689207 2689208 2689209 2689210 2689211 2689212 2689213 2689214 2689215 2689216 2689217 2689218 2689219 2689220 2689221 2689222 2689223 2689224 2689225 2689226 2689227 2689228 2689229 2689230 2689231 2689232 2689233 2689234 2689235 2689236 2689237 2689238 2689239 2689240 2689241 2689242 2689243 2689244 2689245 2689246 2689247 2689248 2689249 2689250 2689251 2689252 2689253 2689254 2689255 Location Structure and Ownership Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Annual Report | 127 Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2689256 2689257 2689258 2689259 2689260 2689261 2689262 2689263 2689264 2689265 2689266 2689267 2689268 2689269 2693539 2693540 2693541 2693542 2693543 2693544 2693545 2693546 2693547 2693548 2693549 2693550 2693551 2693552 2693553 2693554 2693555 2693556 2693557 2693558 2693559 2693560 2693561 2693562 2693563 2693564 2693565 2693566 2693567 2693568 2693569 2693570 2693571 2693572 2693573 2693574 2693575 Location Structure and Ownership Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Annual Report | 128 Schedule of Tenements As at 31 December 2023 Property Description Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Auclair Title Type and Number 2693576 2693577 2693578 2693579 2693580 2693581 2693582 2693583 2693584 2693585 2693586 2693587 2693588 2693589 2693590 2693591 2693592 2693593 2693594 2693595 2693596 2694507 2694508 Location Structure and Ownership Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Quebec, Canada Anna Rosa Giglio (96501) 100% Sakami Property (Earning up to 100%) Property Description Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Title Type and Number 2563097 2563098 2563099 2563100 2563236 2563237 2563238 2563239 2563240 2563241 2563242 2563243 2564258 2564259 2564260 2564261 2564262 2564263 2564264 2564265 2564266 2565670 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Annual Report | 129 Schedule of Tenements As at 31 December 2023 Property Description Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Title Type and Number 2565671 2565672 2565673 2565674 2571971 2571972 2571973 2629676 2629677 2629678 2630117 2641977 2641978 2641979 2641980 2641981 2641982 2641983 2641984 2641985 2641986 2641987 2641988 2642182 2642183 2642184 2642185 2642186 2642187 2642188 2642189 2642190 2642191 2642192 2642193 2642194 2642195 2642196 2642197 2642198 2642199 2642200 2642201 2642202 2642203 2642204 2642205 2642206 2642207 2642208 2642209 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Annual Report | 130 Schedule of Tenements As at 31 December 2023 Property Description Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Title Type and Number 2642210 2642211 2642212 2642213 2642214 2642215 2642216 2662756 2662757 2662758 2662759 2662760 2662761 2662762 2662763 2662764 2662765 2662766 2662767 2662768 2662769 2662770 2662771 2662772 2662773 2662774 2663155 2663156 2663157 2663158 2663159 2663160 2663161 2663162 2663163 2663164 2663165 2663166 2663167 2663168 2663169 2663170 2663171 2663172 2663173 2663174 2663175 2663176 2663177 2663178 2663179 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Annual Report | 131 Schedule of Tenements As at 31 December 2023 Property Description Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Title Type and Number 2663180 2663181 2663182 2663183 2663184 2663185 2663186 2663187 2663188 2663189 2663190 2663191 2663192 2663193 2663194 2663195 2663196 2663197 2663198 2663199 2663200 2663201 2663202 2663203 2663204 2663205 2663206 2663207 2663208 2663209 2663210 2663211 2663212 2663213 2663214 2663215 2663216 2663217 2663218 2663219 2663220 2663221 2663222 2663223 2663224 2663225 2663226 2663227 2663228 2663229 2663230 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Annual Report | 132 Schedule of Tenements As at 31 December 2023 Property Description Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Sakami Title Type and Number 2663231 2663232 2663233 2663234 2663235 2663236 2663237 2663238 2663239 2663240 2663241 2663242 2663243 2663244 2663245 2663246 2663247 2663248 2663249 2717593 2717594 2717595 2717596 2717597 2717598 2717599 2717600 2717601 2717602 2717603 2717604 2717605 2717606 2717607 2717608 2717609 2717610 2717611 2717612 2717613 2717614 2717615 2717616 2717617 2717618 2717619 2717620 2717621 2717622 2717623 2717624 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% Anna Rosa Giglio (96501) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Annual Report | 133 Schedule of Tenements As at 31 December 2023 Property Description Sakami Sakami Sakami Sakami Sakami Title Type and Number 2717625 2717626 2717627 2717628 2717629 Location Structure and Ownership Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada Quebec, Canada 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% 9219-8845 Québec inc. (Canadian Mining House) (85234) 100% Annual Report | 134 40 Annual Report |

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