Mr. Gavin Ferrar reports

TSX OPENING AND CHIBOUGAMAU PROJECT UPDATE

Central Asia Metals PLC's chief executive officer, Gavin Ferrar, will formally open trading on the Toronto Stock Exchange tomorrow in Toronto, to mark the recent listing of Central Asia Metals' shares on the TSX.

As detailed in the news release of Oct. 27, 2026, the TSX listing was associated with Central Asia Metals' acquisition of Cygnus Metals Ltd. and its flagship Chibougamau copper-gold project in Quebec, which was completed on the same day. The TSX listing gives North American investors, including former shareholders in Cygnus, enhanced access to trading in Central Asia Metals shares.

Chibougamau project update

Central Asia Metals' senior management has just completed a week-long technical workshop at the Chibougamau project with the Chibougamau project team and a number of key consultants, to progress the group's strategy for the project and to prioritize the forthcoming work program.

Main developments:

• Three drilling rigs have been secured to launch a significant exploration program.
• One rig is currently on site, with the additional rigs arriving before the end of November, which will allow for exploration to take place through the forthcoming winter by facilitating timely construction of ice pads.
• The focus during H1 (first half) 2027 will be on exploration drilling at the Corner Bay, Golden Eye and Cedar Bay deposits, with the focus in H2 (second half) 2027 shifting to infill drilling for resource upgrading from inferred to indicated at Corner Bay, Golden Eye, Cedar Bay and Devlin.
• In Q2 (second quarter) 2027, a fourth drilling rig will join the campaign to focus on geotechnical studies and metallurgical testwork to support a future definitive feasibility study (DFS).
• The total drilling program is expected to comprise up to 70,000 metres through to the end of 2027.
• During winter, Central Asia Metals plans to undertake an electromagnetic geophysical program over the frozen lakes in its licence area.
• The Chibougamau project also includes other deposits, including Gwillim, where Cygnus announced some significant gold intersections in August of this year, and the historically producing Joe Mann, which will be prioritised for additional exploration as appropriate.
• Baseline environmental work is to continue, along with preparatory work for the project's environmental and social impact assessment, in order to advance the permitting process as far as possible.
• Site clearance and restoration work is planned in readiness for the rehabilitation and modernization of the brownfields Copper Rand site in future.

Upcoming catalysts:

• The results from the above-mentioned exploration drilling will be included in an updated mineral resource estimate (MRE), scheduled for completion in Q3 (third quarter) 2027. The previous MRE, published by Cygnus in late 2025, comprised 6.4 million tonnes measured and indicated, at 2.3 per cent copper, 0.8 gram per tonne (g/t) gold and 7.6 g/t silver, and 8.5 million tonnes inferred, at 2.1 per cent copper, 1.7 g/t gold and 7.9 g/t silver (1).
• The infill drilling described above is designed to upgrade the confidence in the resource estimate to support a future DFS.
• Building on previous work commenced by the Chibougamau team, Central Asia Metals is undertaking a preliminary economic assessment (PEA) featuring an expanded scope and has retained Ausenco to lead a team of international consultants to assist.
• The PEA, which will be based on the current MRE, is expected to be completed in mid-2027.

Mr. Ferrar commented:

"I am delighted to be opening the TSX tomorrow to welcome new shareholders to CAML and to introduce the group to the North American market. This ceremony is timely in that I have just spent a week at our newly acquired Chibougamau project, where CAML's senior management has worked with the project team to plan what I believe will be an exciting path for the project and the wider CAML group.

"I was particularly impressed with the quality of the project team and the work completed to date, a great foundation on which we will build. Detailed discussions over the past week have reinforced the quality of the Chibougamau project and the exploration potential of the surrounding camp. I was also encouraged by the positive reception we have received from local stakeholders whom we met, including the Mayor of Chibougamau and representatives of the Ouje-Bougoumou Cree Nation. We look forward to working with all stakeholders to build long-term value through the project."

Central Asia Metals, an Alternative Investment Market-quoted United Kingdom company based in London, owns 100 per cent of the Kounrad SX-EW copper operation in central Kazakhstan, 100 per cent of the Sasa zinc-lead mine in North Macedonia and 100 per cent of the Chibougamau copper-gold project in Quebec. The company also owns an 80-per-cent interest in CAML Exploration and 100 per cent in CAML XD, two subsidiaries formed to progress early-stage exploration opportunities in Kazakhstan, and a 38.9-per-cent interest in Aberdeen Minerals Ltd., a privately owned U.K. company focused on the exploration and development of base metals opportunities in northeastern Scotland.

(1) Refer to Cygnus's Australian Securities Exchange news release dated Sept. 17, 2025, and subsequent technical report dated Oct. 31, 2025, titled "NI 43-101 Technical Report Chibougamau Hub and Spoke Complex, Quebec, Canada," prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, and the Joint Ore Reserves Committee (JORC) code (2012 edition).

The qualified person responsible for the technical content of this news release is Graham Greenway, BSc honours (geology), PGeo. Mr. Greenway, Central Asia Metals' group geologist, is a practising registrant of the Professional Geoscientists of Ontario

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