Australian Securities Exchange (ASX)-listed Cygnus Metals and Doré Copper Mining have completed their previously announced merger to establish a critical minerals exploration and development company.
Under the terms of the merger announced in October 2024, Cygnus Metals acquired all issued and outstanding shares of Toronto Stock Exchange Venture Exchange (TSXV)-listed Doré Copper.
Shareholders of Doré Copper received 1.8297 Cygnus Metals shares for each Doré Copper share held. Doré Copper options and warrants were also converted into Cygnus Metals equivalents at the same ratio.
Doré Copper shares are delisted from the TSXV. The new entity has dual listings on the ASX and the TSXV.
Doré Copper former president and CEO Ernest Mast said: “The Doré team is delighted to work with the Cygnus team to create a critical minerals company and to maximise the value of what we know is an outstanding asset at Chibougamau.
“This merger will provide the funding, additional expertise and the strategy aimed at generating superior shareholder returns with an exciting exploration program at Chibougamau”.
The merger combines Doré Copper’s Chibougamau copper-gold project in Quebec, Canada with Cygnus Metals’ James Bay lithium projects. These assets are said to position the company as a key contributor to the global critical minerals supply chain.
The Chibougamau project benefits from existing infrastructure, including a 900,000-tonne-per-annum processing facility, access to hydropower, transportation networks, and workforce.
Following an A$11m ($6.84m) capital raise in October 2024, Cygnus Metals holds cash reserves of approximately A$14m ($8.7m), which will fund exploration and development initiatives.
Immediate plans include an aggressive exploration drilling campaign at the Chibougamau project in 2025.
The merged company will focus on operational integration, resource expansion, and achieving key development milestones.
Cygnus Metals executive chair David Southam said: “This merger is an exceptional opportunity to create value for both groups of shareholders.
“By combining the proven exploration and management skills of the Cygnus team with the high-grade resource and immense upside at the Chibougamau Copper-Gold Project, we have the potential to unlock substantial value.”
