Mr. Nicholas Kwong reports

CYGNUS METALS LIMITED: KAZAKHSTAN REGULATORY APPROVAL RECEIVED

Cygnus Metals Ltd. has provided the following update in relation 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).

Receipt of Kazakhstani regulatory approval

Cygnus is pleased to announce that CAML has received the Kazakhstani regulatory approval required as a condition precedent to the scheme. Cygnus anticipates that the remaining conditions precedent to the scheme will be satisfied or waived (as applicable) at or immediately prior to the second court hearing.

Second court hearing

The second court hearing remains scheduled to take place at 2:15 p.m. AWST on Wednesday, Oct. 14, 2026, at the David Malcolm Justice Centre, 28 Barrack St., Perth, Western Australia.

Indicative timetable

It is expected that Cygnus will be suspended from trading on the TSX Venture Exchange from the close of trading on Wednesday, Oct. 14, 2026, EDT, and on the Australian Securities Exchange from the close of trading on Thursday, Oct. 15, 2026, AWST. The key dates and times for implementation of the scheme as set out in Cygnus's announcement dated Sept. 23, 2026, are otherwise unchanged and are set out below.

We seek Safe Harbor.