Mr. David Southam reports

CYGNUS METALS LIMITED: COURT APPROVES THE SCHEME

The Supreme Court of Western Australia (court) has made orders approving the scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) pursuant to which Central Asia Metals PLC (Alternative Investment Market: CAML) (CAML) will acquire 100 per cent of the shares in Cygnus Metals Ltd. (scheme).

Cygnus intends to lodge an office copy of the court's orders with the Australian Securities and Investments Commission on Thursday, Oct. 15, 2026, at which time the scheme will become effective. Cygnus expects that Australian Securities Exchange and TSX Venture Exchange will suspend Cygnus shares from trading with effect from the close of trading on Thursday, Oct. 15, 2026.

Subject to the scheme becoming effective, on the implementation date (Tuesday, Oct. 27, 2026), scheme shareholders (other than sale facility participants) will receive the scheme consideration to which they are entitled.

Timetable and next steps

The remaining key dates expected for the scheme are set out in the attached table.

All dates are indicative only. Any changes to the above timetable will be announced to ASX and will be available under Cygnus's profile on ASX.

We seek Safe Harbor.