Cygnus Metals Limited: Granting of ASX Waiver

(ASX:CY5; TSXV:CYG; OTCQB:CYGGF) Cygnus Metals Limited announced that Central Asia Metals PLC (AIM:CAML) will acquire all of the issued shares in Cygnus pursuant to a proposed scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth). Subject to the Scheme becoming effective under section 411(10) of the Corporations Act, all Cygnus Options on issue as at the implementation date will be cancelled or transferred to CAML (or its nominee) for replacement options to acquire new ordinary shares in CAML, at a ratio of 0.06 New CAML Options for each Cygnus Option. ASX has granted waivers of Listing Rules 6.23.2 and 6.23.4 to permit the cancellation or transfer of Cygnus Options for consideration without requiring shareholder approval, provided full details are set out in the scheme booklet and the Scheme is approved by the requisite majority of Cygnus’ shareholders and a court of competent jurisdiction. The Scheme Implementation Deed between Cygnus and CAML is dated 2 June 2026. If the Scheme does not become effective, the Cygnus Options will remain on foot in accordance with their existing terms. Cygnus Metals Limited is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia.