Australia-based Cygnus Metals and Doré Copper Mining have completed their merger, creating a dual-listed critical minerals company, with two core assets in Québec, Canada.
The newly formed exploration and development company is now dual-listed on the Australian Securities Exchange and the TSX Venture Exchange, with quotations expected on the OTCQB.
As part of the merger agreement, which was announced in October 2024, Cygnus acquired all issued and outstanding common shares of Doré Copper through a Canadian statutory plan of arrangement.
According to the terms of the arrangement agreement, each former Doré shareholder will receive 1.8297 Cygnus shares for each share they held before the transaction is finalised.
Doré option and warrant holders have also been granted equivalent unquoted options in Cygnus, adjusted to the exchange ratio.
With the merger's conclusion, the combined company owns Doré's Chibougamau copper-gold project in Québec and Cygnus’ James Bay lithium projects.
The Chibougamau project has reported 3.6 million tonnes at 3% copper equivalent in measured and indicated mineral resources and 7.2 million tonnes at 3.8% copper equivalent in inferred mineral resources.
The merged company plans to capitalise on Cygnus and Doré's combined exploration and development expertise to enhance resources at the Chibougamau project and progress the lithium exploration at James Bay.
Cygnus 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.”
Cygnus Metals plans to carry out an exploration drilling campaign at the Chibougamau project in 2025.
The combined company’s new board of directors consists of six members, with equal representation from both Cygnus and Doré.
Doré CEO Ernest Mast said: “This merger will provide the funding, additional expertise and the strategy aimed at generating superior shareholder returns with an exciting exploration programme at Chibougamau.”
