Grant Thornton confirms CAML acquisition of Cygnus fair and reasonable

TORONTO and PERTH, Western Australia, September 1, 2026 (GLOBE NEWSWIRE) — Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) has announced that the independent expert, Grant Thornton Corporate Finance Pty Ltd, has confirmed that the recent financial results of Central Asia Metals PLC (AIM: CAML) do not affect its opinion that the proposed acquisition of Cygnus by CAML is fair and reasonable and in the best interests of Cygnus shareholders.

Cygnus released its half-year financial report for the period ending June 30, 2026, on September 1, 2026. This report, along with the interim financial results of Central Asia Metals PLC, is available for public viewing on the ASX website, SEDAR+, and Cygnus’ own website.

According to the release, the independent expert, following the release of the updated financial results, conducted a review to ensure that the Scheme of arrangement, which aims to see CAML acquire 100% of Cygnus, remains fair and reasonable. The independent expert's opinion remains unchanged, providing assurance to Cygnus shareholders as they prepare to vote on the proposed transaction.

Each of the Cygnus directors has recommended that shareholders vote in favor of the Scheme at the upcoming Scheme Meeting, provided no superior alternative proposal is presented. The directors also stated that they will vote in favor of the Scheme themselves.

The Scheme Booklet, which includes the independent expert's report, was previously distributed to shareholders. The full report can be accessed as Annexure A of the Scheme Booklet, along with the updated financial results.

Cygnus Metals Limited is a diversified critical minerals exploration and development company operating in Quebec, Canada, and Western Australia. The company is focused on advancing its Chibougamau Copper-Gold Project with an exploration program aimed at driving resource growth and developing a hub-and-spoke operation model. Additionally, Cygnus holds significant lithium assets in the world-class James Bay district and REE and base metal projects in Western Australia. The Cygnus team has a proven history of turning exploration successes into production enterprises and creating value for shareholders.

The announcement was authorized for release by the Board of Cygnus Metals Limited. Shareholders are encouraged to review the updated financial results before voting on the Scheme at the Scheme Meeting.