Central Asia Metals to acquire Cygnus Metals for A$232M

On June 2, 2026, Central Asia Metals PLC (“CAML”) announced a proposed acquisition of Cygnus Metals Limited (“Cygnus”) for an implied equity value of approximately A$232 million. The transaction will be implemented by way of an Australian court-approved scheme of arrangement under which Cygnus shareholders will receive 0.06 new CAML shares for each Cygnus share held, representing a premium of approximately 60% to Cygnus’s closing share price on June 1, 2026.

The acquisition includes Cygnus’s Chibougamau copper-gold project located in Québec, Canada and required execution across three jurisdictions and three exchanges. Following implementation of the transaction, existing CAML shareholders are expected to own approximately 70% and Cygnus shareholders approximately 30%. The transaction is subject to approval by Cygnus shareholders, approval by an Australian court, and other customary conditions.

In connection with the transaction, CAML has agreed to use reasonable endeavours to apply for a listing of its shares on a Canadian exchange, including the Toronto Stock Exchange or TSX Venture Exchange, prior to implementation of the scheme.

CAML is a UK-incorporated base metals company headquartered in London, with operations in North Macedonia and Kazakhstan.

Cygnus is an Australia-based mining and exploration company with projects in Québec, Canada and Western Australia.

McCarthy Tétrault LLP is acting as Canadian counsel to CAML with a team led by Shea Small and includes Eva Bellissimo, Jason Gudofsky, Erin Keogh, Xin Gao, Dominique Amyot-Bilodeau, Carol-Ann Tremblay, Solveig Ménard-Castonguay, Joey Levesque (Business Law), Joannie Jacques (Real Property and Planning) and Rob Legge.