Cygnus Metals and Doré Copper merge to form critical minerals leader

In a move set to reshape the critical minerals industry, Cygnus Metals Limited has completed its merger with Doré Copper Mining Corp., creating a dual-listed entity with significant copper and lithium assets in Quebec, Canada. This merger, facilitated through a Canadian statutory plan of arrangement, marks a pivotal step in the companies’ shared vision of meeting the growing global demand for critical minerals.

David Southam, Executive Chair of Cygnus Metals, described the merger as a game-changer, combining Cygnus’ exploration capabilities with Doré’s high-grade Chibougamau Copper-Gold Project. The newly formed company is now dual-listed on the Australian Securities Exchange (ASX) and the TSX Venture Exchange (TSXV), ensuring robust investor access across key markets.

Strategic Focus On Quebec Mining Projects

The core of the merged entity’s operations lies in Quebec, a jurisdiction renowned for its support of critical minerals development. The Chibougamau project, a highlight of Doré’s portfolio, boasts measured and indicated mineral resources of 3.6 million tonnes at 3.0% copper equivalent, complemented by inferred resources of 7.2 million tonnes at 3.8% copper equivalent.

This project benefits from existing infrastructure, including a 900,000-tonne-per-annum processing facility—the only one of its kind within a 250-kilometre radius. With access to hydropower, transportation networks, and a skilled local workforce, Chibougamau is poised to become a cornerstone of Cygnus Metals’ resource expansion strategy.

Ernest Mast, the newly appointed President and Managing Director, emphasized that the project’s location and infrastructure provide a unique advantage, positioning the company to advance exploration and development efficiently.

Copper Exploration Programs Bolstered By Strong Financials

With over AUD 14 million in cash reserves, bolstered by an AUD 11 million capital raising in October 2024, Cygnus Metals is primed to initiate aggressive exploration campaigns in 2025. These programs aim to expand resources at Chibougamau while advancing lithium exploration in Quebec’s James Bay district.

The dual focus on copper and lithium aligns with global shifts toward electrification and renewable energy, which require a stable supply of these essential materials. Quebec’s strategic positioning and government incentives further strengthen Cygnus Metals’ prospects in these critical markets.

Enhanced Market Access Through Dual Listing

The merger also enhances Cygnus Metals’ market presence. While maintaining its primary listing on the ASX under the ticker symbol CY5, the company has secured a listing on the TSXV (CYG) and applied for OTCQB quotation. This dual listing broadens access to capital markets, increasing liquidity and attracting a diverse investor base.

Doré’s shares will be delisted from the TSXV following the merger, streamlining operations and reinforcing Cygnus Metals’ leadership in the critical minerals sector.

A Unified Vision For Growth

Cygnus Metals has set its sights on rapid resource growth, underpinned by a robust operational framework and a skilled leadership team. The board now includes six members, evenly representing both companies, with Southam and Mast leading the charge. Their combined expertise in exploration, development, and corporate strategy is expected to drive significant shareholder value.

This merger underscores the company’s commitment to sustainable mining practices and community collaboration, critical factors in securing public and governmental support for long-term operations in Quebec.

Shaping The Future Of Critical Minerals Supply

As the global demand for critical minerals continues to rise, Cygnus Metals and its newly expanded portfolio stand ready to contribute to a secure, sustainable supply chain. The strategic integration of copper exploration programs with lithium development initiatives positions the company as a leading player in the sector.