On June 2, 2026, Central Asia Metals PLC and Cygnus Metals Limited entered into a Scheme Implementation Deed under which Central Asia Metals agreed to acquire 100 percent of the issued shares of Cygnus by way of an Australian court-approved scheme of arrangement under Part 5.1 of the Australian Corporations Act 2001 (Cth). The transaction implies an equity value of approximately A$232 million (approximately C$230 million at the announcement-date exchange rate). Cygnus shareholders will receive 0.06 new Central Asia Metals shares for each Cygnus share held, valuing each Cygnus share at A$0.176 and representing a premium of approximately 60 percent to Cygnus's closing share price on June 1, 2026.

Following implementation, existing Central Asia Metals shareholders are expected to own approximately 70 percent and Cygnus shareholders approximately 30 percent of the enlarged group. Central Asia Metals has agreed to use reasonable endeavours to apply for a listing of its shares on the Toronto Stock Exchange or TSX Venture Exchange prior to implementation of the scheme. Major Cygnus shareholders representing approximately 29 percent of the issued shares have indicated their intention to vote in favour, and Central Asia Metals has entered into a call option deed with Ocean Partners over 9.9 percent of Cygnus shares.

The acquisition adds Cygnus's flagship Chibougamau copper-gold development project in Québec to Central Asia Metals' existing producing operations in Kazakhstan and North Macedonia. Implementation is expected in September 2026, subject to Cygnus shareholder approval, Australian court approval, regulatory approvals and other customary conditions.