Cygnus Metals Limited: Scheme Update - Independent Expert Confirmation

Cygnus Metals Limited confirmed that Independent Expert Grant Thornton has reviewed updated interim financial results for both Cygnus (HY26) and the acquirer, Central Asia Metals PLC (CAML) (H1 2026). Grant Thornton maintains its prior opinion that the proposed scheme of arrangement is fair, reasonable, and in the best interests of Cygnus shareholders, absent a superior proposal.

The Cygnus Board unanimously recommends shareholders vote in favor of the Scheme at the upcoming Scheme Meeting on September 18, 2026. The release coincides with the publication of CYG's HY26 Interim Financial Report and CAML's H1 2026 Interim Results, which were reviewed as part of ongoing due diligence.

Separately on the same date, CAML received conditional approval from the Toronto Stock Exchange (TSX) for the listing of CAML shares (symbol: CAML), facilitating trading access for Cygnus shareholders post-transaction. Final listing approval remains subject to customary TSX conditions, specifically the successful completion of the Scheme.

Cygnus Metals Limited (CYG) has reached a standard procedural milestone in its M&A execution phase, with the independent expert confirming that updated financials do not alter the fairness opinion. This development aligns with prior announcements and follows the TSX’s conditional approval, which removes a key regulatory hurdle and validates the cross-border listing structure. The approval was already priced into the market following the June acquisition announcement.

The exchange ratio remains fixed at 0.06 CAML shares per CYG share, implying an equity value of approximately A$232 million and a roughly 60% premium to CYG's pre-announcement price. No new valuation inflection or deal terms change is present. The stock’s recent move from the A$0.12–A$0.14 consolidation zone to A$0.17 reflects anticipation of the September vote rather than new fundamental catalysts.

For prior-period context, Q1 2026 financials show A$31.9M in cash, zero debt, and a net loss of A$2.67M. These figures are provided for baseline context only and are not part of today's release.

Cygnus Metals Limited is a diversified critical minerals explorer focused on the Chibougamau Copper-Gold Project in Quebec, Canada. The flagship asset features a 900,000 tpa processing facility, a tailings storage facility, a sealed highway, an airport, regional rail, and 25kV hydro power. It is the only base-metals processing infrastructure within a 250 km radius.

The company’s JORC-compliant Mineral Resource includes 6.4 Mt @ 3.0% CuEq (193 kt CuEq, Measured & Indicated) and 8.5 Mt @ 3.5% CuEq (295 kt CuEq, Inferred). Key deposits include Corner Bay, Golden Eye (high-grade AuEq), and Cedar Bay. Recent drilling has focused on resource conversion and brownfield extensions.

The project is currently in the exploration and early development stage. An updated Scoping Study/PEA is underway, targeting completion in 2026, followed by a Feasibility Study.