Cygnus enters into Scheme Implementation Deed

• Acquisition valued at A$232 million
• Central Asia Metals to acquire 100% of Cygnus Metals
• Transaction offers a 60% premium to Cygnus' last closing price
• Expected to close in September 2026
• Major shareholders support the transaction

Central Asia Metals PLC (CAML) has entered into a definitive Scheme Implementation Deed to acquire Cygnus Metals Limited (CY5) for A$232 million. The acquisition will be implemented through an Australian Court-approved scheme of arrangement. Each Cygnus shareholder will receive 0.06 new CAML shares for each Cygnus share held. The transaction offers a 60% premium to Cygnus' last closing price and is expected to close in September 2026. The acquisition will add the Chibougamau Project, a high-grade copper-gold asset in Quebec, Canada, to CAML's portfolio. Major shareholders of Cygnus, owning approximately 29% of Cygnus shares, have confirmed their intention to vote in favor of the Scheme.

Central Asia Metals FY2026 production guidance: 12,000-13,000 tonnes of copper cathode, 18,000-20,000 tonnes of zinc-in-concentrate, and 26,000-28,000 tonnes of lead-in-concentrate.

The acquisition is expected to add meaningful growth to CAML's annual copper-equivalent output and cash flows. The transaction is consistent with CAML's strategy to enhance long-term cash generation.