CAML Shareholders Authorize New Shares for A$232 Million Cygnus Deal

Key Facts

Central Asia Metals, or CAML, shareholders voted at an extraordinary general meeting on September 4, 2026, to authorize the board to allot the new shares needed for the proposed acquisition of Cygnus Metals through an Australian scheme of arrangement. The vote permits issuance of the share consideration; it does not mean the acquisition has completed.

The resolution satisfies one transaction condition. Implementation still requires, among other matters, Cygnus shareholder approval, Australian court sanction and specified regulatory approvals in Kazakhstan and North Macedonia, leaving completion risk until those requirements are met.

The deal offers Cygnus investors 0.06 new CAML share for each Cygnus share and implies a fully diluted equity value of about A$232 million using market assumptions from June 1, 2026. After implementation, existing CAML shareholders are expected to own about 70% of the enlarged fully diluted share capital, with Cygnus shareholders holding about 30%.

The transaction would add the Chibougamau copper-gold project in Quebec, Canada, to CAML's producing assets in Kazakhstan and North Macedonia. Chibougamau is a development-stage asset, so its prospective contribution depends on further studies, permitting and development rather than current production.

The indicative timetable sets the Cygnus shareholder meeting for September 18, 2026, the court hearing for September 23, effectiveness for September 24 and implementation for October 5. Those dates remain conditional on the outstanding requirements and may change.

Under the same timetable, the new CAML shares are expected to be issued and admitted to AIM at 08:00 on October 5, 2026, with CREST accounts credited that day. CAML has also engaged Bell Potter, which may help Cygnus shareholders execute AIM trades after completion.