Mr. David Southam reports

CYGNUS METALS LIMITED: RESULTS OF FIRST COURT HEARING

Cygnus Metals Ltd. has referred to the proposed transaction under which Central Asia Metals PLC will acquire 100 per cent of the shares in Cygnus pursuant to a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) (Corporations Act).

Cygnus is pleased to announce that the Supreme Court of Western Australia (Court) has today made orders for the convening of a meeting of Cygnus shareholders to consider and vote on the scheme (scheme meeting) and approving the dispatch of an explanatory statement providing information about the scheme (scheme booklet).

The scheme booklet is expected to be registered with the Australian Securities and Investments Commission (ASIC) today. The scheme booklet (including the independent expert's report) will then be released to Australian Securities Exchange and available to view and download at the company's website and on Cygnus' ASX market announcements platform.

The scheme booklet will be dispatched to eligible Cygnus shareholders on or around Aug. 20, 2026, as follows:

1. Cygnus shareholders who have elected to receive physical communications from Cygnus have been sent by post a physical copy of the scheme booklet, a personalized proxy form, personalized forms to be used to make an election in respect to the sale facility or CREST electronic settlement (as applicable) (elections), an instructions flyer in relation to the elections, and a reply-paid envelope (Australian registered addresses) or self-addressed envelope (overseas addresses).
2. Cygnus shareholders who have previously elected to receive communications electronically have been sent an e-mail which contains instructions about how to access a copy of the scheme booklet, as well as instructions on how to make elections (as applicable), and submitting proxy instructions and voting at the scheme meeting.
3. Cygnus shareholders who have made no election as to how they receive communications from Cygnus have been sent via e-mail (if they have an e-mail address on file), and prepaid post, a letter containing instructions on how to access a copy of the scheme booklet, a personalized proxy form, personalized forms to be used to make elections (as applicable), an instructions flyer in relation to the elections, and a self-addressed reply-paid envelope (if their registered address is in Australia) or a self-addressed envelope (if their registered address is outside of Australia).

Cygnus shareholders should carefully read and consider the scheme booklet in its entirety, including the materials accompanying it, before deciding how to vote at the scheme meeting.

If after reading the scheme booklet you have any questions about the scheme booklet or the scheme, please contact Cygnus's scheme information line on 1300-103-401 (within Australia) or 61-2-9066-4063 (outside Australia) between Monday to Friday (excluding public holidays) from 8:30 a.m. to 5 p.m. (AWST). If you are in any doubt about what action you should take, please consult your broker or financial, taxation, legal or other professional adviser immediately.

Recommendation of the Cygnus directors

Each of the Cygnus directors recommends that Cygnus shareholders vote, and intends to vote any shares they own or control, in favour of the scheme at the scheme meeting, each in the absence of a superior proposal and subject to the independent expert continuing to conclude that the scheme is in the best interests of Cygnus shareholders.

Scheme meeting

The scheme meeting is scheduled to be held at the offices of Hamilton Locke at Level 39, 152-158 St. Georges Terrace, Perth, Western Australia, 6000, on Sept. 18, 2026, at 2 p.m. (AWST). All Cygnus shareholders registered on the Cygnus share register at 5 p.m. (AWST) on Sept. 16, 2026, will be entitled to vote at the scheme meeting. Further information on how to participate in and vote at the scheme meeting will be set out in the scheme booklet.

Second court hearing

If the scheme is approved at the scheme meeting and all conditions of the scheme are satisfied or waived (other than Court approval of the scheme), Cygnus will apply to the Court for orders approving the scheme at the second court hearing.

Indicative timetable

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

About Cygnus Metals Ltd.

Cygnus Metals is a diversified critical minerals exploration and development company with projects in Quebec, Canada, and Western Australia. The company is dedicated to advancing its Chibougamau copper-gold project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralized processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven record of turning exploration success into production enterprises and creating shareholder value.