Mr. David Southam reports

CYGNUS ANNOUNCES SCHEME BECOMES EFFECTIVE

Cygnus Metals Ltd. has provided the following update in relation to its scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth), pursuant to which Central Asia Metals PLC (CAML) will acquire 100 per cent of the shares in Cygnus.

Lodgement of court orders and suspension of trading

Cygnus confirms that it has today lodged with the Australian Securities and Investments Commission (ASIC) a copy of the orders made by the Supreme Court of Western Australia approving the scheme.

A copy of the court orders lodged with ASIC is attached to this announcement.

The scheme is now effective; Cygnus shares were suspended from trading on TSX Venture Exchange from the close of trading on Wednesday, Oct. 14, 2026 (Eastern Daylight Time); and it is expected that Cygnus shares will be suspended from trading on the Australian Securities Exchange from the close of trading today, Thursday, Oct. 15, 2026 (Australian Western Standard Time).

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.