Cygnus Metals Limited has cleared a key legal hurdle in its proposed takeover by Central Asia Metals PLC, with the Supreme Court of Western Australia issuing orders to convene a shareholder meeting and approving the dispatch of the explanatory booklet.

Under the transaction terms initially tabled on 2 June 2026, Central Asia Metals proposes to acquire 100% of Cygnus by way of a scheme of arrangement. The newly approved scheme booklet has been registered with the Australian Securities and Investments Commission and is being distributed to eligible investors, outlining the mechanics of the proposed buyout alongside an independent expert report.

All Cygnus directors unanimously recommend that shareholders vote in favour of the transaction at the upcoming meeting, subject to the independent expert maintaining the view that the arrangement is in the best interests of investors and in the absence of any superior proposal.

The upcoming shareholder vote is scheduled for 18 September 2026 at 2:00 pm AWST in Perth. If securityholders endorse the transaction and remaining conditions are met, a second court hearing will take place no earlier than 23 September 2026 to seek final approval.

Subject to final clearances, the scheme implementation date and the admission of new Central Asia Metals shares to trading on AIM are slated for 5 October 2026.

Cygnus operates a portfolio focused on its Chibougamau Copper-Gold Project in Quebec, where exploration programs are underway to drive resource growth and evaluate a hub-and-spoke operating model supported by a central processing facility.

Read the full announcement: Cygnus Metals Limited: Results of First Court Hearing