This week on The Hole Truth, David Southam, Executive Chairman of Cygnus Metals (ASX:CY5), joins us to unpack a 78% increase in measured & indicated resources at the company’s Chibougamau Copper–Gold Project in Québec, Canada. With a new total of 2.2 million ounces gold-equivalent at 4.5 g/t, more than 3Moz of silver and nearly $20M in cash, Cygnus believes the market hasn’t yet caught up to the scale and quality of what they’ve built.

Produced by Resource Media

The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

RESOURCES

LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

Instagram: https://www.instagram.com/theholetruthpodcast/

Company Website: https://www.cygnusmetals.com

Key insights from the episode:

• From “sausage” to “sizzle”:How Cygnus deliberately focused on delivering a big, high-grade copper-gold resource before turning to promotion — and why now is the time to tell the story globally.
• Major resource growth:The updated estimate delivers 2Moz gold-equivalent at 4.5 g/t, plus silver upside and infrastructure advantages in a proven Québec mining district.
• Market disconnect & valuation gap:Despite the scale, Cygnus sits at a ~$100M market cap (with $20M cash)— well below analyst price targets, including Canaccord’s 30c call vs. an ~11c share price.
• Upcoming catalysts:Active drilling at Cedar Bay, a new economic study using current gold (US$3,700/oz), copper (US$4.50/lb) and silver prices, and potential M&A interest across the Chibougamau district.
• Smart development metrics:Low capital intensity compared to peers, strong institutional support, and a clean copper concentrate with no deleterious elements — all factors that improve project appeal.

In this special episode of The Hole Truth, mining gurus Chris Cairns, Simon Lawson and Hedley Widdup explain the technical terms we see in ASX releases every day yet so often don't understand. This informative - and fun - episode was recorded before a live studio audience on the eve of last week's Resources Rising Stars investor conference on the Gold Coast. Listen, learn and laugh with these legends.

Produced by Resource Media

The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

RESOURCES

LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

Instagram: https://www.instagram.com/theholetruthpodcast/

PolarX (ASX: PXX) has just struck a far-out deal with Northern Star Resources that will see the gold giant spend up to 60-million Australian dollars for a stake in up to 70% in PolarX’s Alaska Range Project.

Mark Bojanjac is a Chartered Accountant with almost 30 years’ direct experience in developing resource companies. He was a founding director of a public company which discovered one of Australia’s highest grade gold mines at East-Kundana near Kalgoorlie in WA and managing director of an unlisted public company which successfully developed a 2.4Moz gold resource in Mongolia. He was previously CEO of Adamus Resources Limited, where he oversaw its advancement from an early stage exploration project through definitive feasibility studies and managed the debt and equity financing to build its successful Ghanaian gold mine. He was also formerly a Non-Executive Director of QLD silica sand developer, Metallica Minerals Limited and is currently a director of WA resources explorer, Kula Gold Limited.

Produced by Resource Media

The Hole Truth: Mining Investment Podcast is a product of Read Corporate.

Please note that Read Corporate does not provide investment advice and investors should seek personalised advice before making any investment decisions.

RESOURCES

LinkedIn: https://www.linkedin.com/showcase/the-hole-truth-podcast

YouTube: https://youtube.com/playlist?list=PLI4sZkSfEpPi_u7OrD7lQ-tZHbdy6EhCC&si=iOcGscff7kMSw8c7

Website: https://resourcesrisingstars.com.au/the-hole-truth-podcast/

Instagram: https://www.instagram.com/theholetruthpodcast/

Company Website: https://www.polarx.com.au/

INSIGHTS FROM THE EPISODE

PolarX has secured a landmark farm-in agreement with Northern Star Resources (ASX: NST), giving Northern Star the right to earn up to 70% of the Alaska Range Project by spending $60 million. This partnership validates the project’s scale and potential.

The Caribou Dome deposit within the Alaska Range has delivered scoping study results showing an Internal Rate of Return (IRR) of ~70% (based on metals prices two years ago), underlining its strong economics and global significance as one of the highest-grade undeveloped copper projects in the USA.

PolarX controls an under-explored 35km mineralised corridor, including soil anomalies up to 11km by 8km in size. Northern Star’s backing allows for big-company exploration programs—geophysics, helicopter surveys, and systematic drilling—that were previously unaffordable for PolarX.

With copper recently added to the US Critical Minerals List, PolarX’s Alaskan copper-gold assets are strategically aligned with America’s push for secure, domestic supply. The jurisdictional advantage of being in the USA enhances the project’s attractiveness to global investors.

Outside the Alaska JV, PolarX retains full ownership of the Humboldt Range Project in Nevada, located next to major heap-leach gold and silver operations such as Florida Canyon and Rochester. Drill-ready and surrounded by multimillion-ounce deposits, Humboldt represents a second growth pillar for the company.