Central Asia Metals PLC has cleared an important procedural hurdle in its proposed takeover of Cygnus Metals Limited after shareholders approved the resolution to allot new shares for the transaction at an extraordinary general meeting.

The conditional acquisition was initially announced on 2 June 2026 with an implied value of A$232 million. Under the agreed scheme of arrangement, Central Asia Metals will acquire 100% of Cygnus. The scheme remains subject to the satisfaction or waiver of remaining conditions set out in the Scheme Implementation Deed.

Trading volume in Cygnus shares rose sharply following recent updates, with market volume reaching 1,080,271 shares, representing a 5,744% increase above the 50-day average of 162,036 shares. The stock closed at $0.17, down 2.86% on the day.

To assist eligible shareholders with the transaction mechanics, Central Asia Metals has engaged Bell Potter alongside Morgans to provide facilitation services. The brokers will help shareholders open CREST-enabled broking accounts and dematerialise their new shares without transaction costs for a 12-month period following implementation. New shares will be admitted to trading on AIM and settled through the computerized CREST share transfer system.

Cygnus established its operational footprint in Québec through the 1 January 2025 acquisition of Doré Copper Mining Corp., which was completed via a statutory plan of arrangement and established the Chibougamau Copper and Gold Project as a core asset for the company.

The transaction now moves toward final securityholder and judicial approvals. The meeting of Cygnus shareholders to consider and vote on the scheme is scheduled for 18 September 2026 at 2:00 pm AWST in Perth. If securityholders endorse the arrangement at the meeting, a second court hearing will take place no earlier than 23 September 2026 to seek final approval from the Supreme Court of Western Australia.

Read the full announcement: Scheme Update – CAML Shareholder Resolution Passed