Independent expert reaffirms opinion on Cygnus acquisition

TORONTO and Western Australia, 1 September 2026 (GLOBE NEWSWIRE) — Cygnus Metals Limited (ASX:CY5, TSXV:CYG, OTCQB:CYGGF) has confirmed that an independent expert has not changed their opinion on the proposed arrangement between Cygnus and Central Asia Metals PLC (AIM:CAML). This arrangement, in line with Section 5.1 of the 2001 Corporations Act (Cth), would see CAML acquire 100% of Cygnus' shares through a scheme of arrangement.

Cygnus has published its interim financial report for the first half of 2026, which is now available on the ASX, SEDAR+, and the Cygnus website. Additionally, the interim unaudited financial results and management discussion and analysis for CAML for the first half of 2026 have been made public through SEDAR+.

No alteration to the independent expert's previous opinion The Cygnus board, following the publication of the updated financial results, has asked the independent expert, Grant Thornton Corporate Finance Pty Ltd, to confirm whether these results affect the expert's previous opinion that the arrangement is fair and reasonable, and in the best interest of Cygnus shareholders, provided no more advantageous alternative is proposed.

The independent expert has reviewed the updated financial results and confirmed that they do not alter the previously expressed opinion. This opinion should be considered in the context of the full independent expert report, which is included as an annex to the scheme of arrangement circular.

Cygnus shareholders are encouraged to review the updated financial results before voting on the arrangement at the scheme meeting.

Board recommendation Each Cygnus director recommends that Cygnus shareholders vote in favor of the arrangement at the scheme meeting, provided no more favorable alternative is proposed and the independent expert continues to conclude that the arrangement is in the best interest of Cygnus shareholders.