Central Asia Metals PLC is advancing its proposed acquisition of 100% of Cygnus Metals Limited via a scheme of arrangement, with shareholders scheduled to vote on the transaction at a meeting in Perth on September 18, 2026.

The transaction alters the ownership structure of Cygnus Metals, which holds the Chibougamau Copper-Gold Project in Quebec alongside lithium assets in the James Bay district and base metal and REE projects in Western Australia. Cygnus is focused on advancing Chibougamau to drive resource growth and develop a hub-and-spoke operation model with a centralised processing facility.

Several conditions precedent required to implement the buyout have already been satisfied. Central Asia Metals has secured North Macedonian merger clearance, and its shareholders have approved the resolution to allot the new shares required for the transaction. Additionally, an independent expert concluded that the scheme is fair, reasonable, and in the best interests of shareholders, in the absence of a superior proposal. All Cygnus directors recommend voting in favour and intend to vote their own shares accordingly.

While the Toronto Stock Exchange has conditionally approved the listing of the new shares, the transaction still requires regulatory clearance in Kazakhstan. Under the statutory timetable, authorities must issue a decision by no later than October 1, 2026.

Because that regulatory deadline falls after the second court date currently scheduled for September 23, 2026, the timeline faces potential adjustment. Cygnus may apply to the court to defer the second hearing to the earliest practicable date following receipt of the Kazakh approval, or seek court permission to treat the regulatory clearance as a condition subsequent. Central Asia Metals has advised that it is not aware of any reason why the approval will not be received in the ordinary course, noting its track record of receiving similar government approvals in Kazakhstan.

Eligible shareholders registered on the register by 5.00pm AWST on September 16, 2026, are entitled to vote at the upcoming meeting.

Read the full announcement: Update on Scheme of Arrangement