Cygnus Announces Scheme becomes Effective

TORONTO and PERTH, Western Australia, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (Cygnus or the Company) provides 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 (AIM: CAML) (CAML) will acquire 100% of the shares in Cygnus (Scheme).

Capitalised terms in this announcement that are not otherwise defined have the meanings given to them in the Scheme Booklet dated 13 August 2026.

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 (Court Orders) 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 TSXV from the close of trading on Wednesday, 14 October 2026 (EDT) and it is expected that Cygnus Shares will be suspended from trading on ASX from the close of trading today, Thursday, 15 October 2026 (AWST).

Timetable and next steps

All dates are indicative only. Any changes to the above timetable will be announced to ASX and will be available under Cygnus’ profile on ASX at https://www.asx.com.au/.

This announcement is authorised for release by the Board of Cygnus Metals Limited.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this announcement may constitute “forward-looking information” within the meaning of applicable securities laws. Examples of forward-looking statements in this announcement include, among others, statements regarding the completion of the Scheme and the remaining related steps therefor, including timing thereof. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or timing to differ materially from those anticipated or implied by such forward-looking information. Information about the risks and assumptions affecting the forward-looking information herein can be found in the “Risk Factors” section in the Scheme Booklet dated 13 August 2026, a copy of which is available under Cygnus’ profile on SEDAR+ at www.sedarplus.ca. All of the forward-looking information in this announcement is qualified by these cautionary statements. Cygnus assumes no obligation to publicly update or revise such information, except as may be required by applicable law and the rules of the ASX and the TSX Venture Exchange.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.