Central Asia Metals to Acquire Cygnus Metals for A$232 Million in All-Scrip Deal

Central Asia Metals PLC and Cygnus Metals Limited signed a definitive Scheme Implementation Deed under which Central Asia Metals will acquire all shares in Cygnus. Each Cygnus shareholder will receive 0.06 new Central Asia Metals shares for every Cygnus share held.

The offer values each Cygnus share at A$0.176 based on Central Asia Metals' closing price of £1.56 and an exchange rate of A$1 to £0.53 on 1 June 2026. The deal implies an equity value of approximately A$232 million for Cygnus.

The transaction will proceed as an Australian court-approved scheme of arrangement. Cygnus shareholders are scheduled to vote at a scheme meeting expected in September 2026, requiring at least 75 percent of votes cast and a majority of shareholders present. Central Asia Metals will also hold a shareholder meeting to approve the issuance of new shares.

The acquisition adds Cygnus's 100 percent interest in the Chibougamau Copper-Gold Project in Québec, Canada. A late-2025 mineral resource estimate reported 6.4 million tonnes grading 2.3 percent copper, 0.8 grams per tonne gold, and 7.6 grams per tonne silver in the measured and indicated categories.

Cygnus's major shareholders, holding about 29 percent of shares, have stated their intention to vote in favor of the scheme, subject to conditions outlined in the announcement.