Toronto and Perth, Western Australia, October 9th ( GLOBE NEWSWIRE ) – Cygnus Metals Limited ( ASX : CY5 ; TSXV : CYG ; OTCQB : CYGGF ) (hereinafter referred to as Cygnus or the Company) have released the latest progress regarding the proposed transaction. Under this transaction, Central Asia Metals PLC ( AIM : CAML ) (hereinafter referred to as CAML ) will acquire 100% of the shares of Cygnus in accordance with the arrangements under Part 5.1 of the Companies Act 2001 (Federal).

Cygnus refers to the explanatory statement issued on August 13, 2026, to ASX and TSXV, which contains information regarding the plan and notifications for the plan meetings (plan manual). For terms that are capitalized but not defined in this announcement, the meanings shall be in accordance with the definitions provided in the plan manual.

Please note that after 2:15 p.m. on October 14, 2026, Western Australian time, the Supreme Court of Western Australia will hear an application filed on Cygnus at David Malcolm Justice Centre, Barrack Street, Perth, Western Australia, seeking approval of an arrangement between Cygnus and its shareholders. Prior to this, the shareholders of Cygnus had passed a resolution approving this arrangement at a meeting held on September 18, 2026.

If you wish to object to the approval of this proposal, you must submit an objection to the Supreme Court of Western Australia and serve a notice of appearance against COR, of, and 2026 to Cygnus. The format of the notice must comply with regulations, and you must attach any affidavits on which you wish to rely during the hearing. The notice of appearance and affidavits must be served at least one day before the hearing date to Cygnus. The service address is: Hamilton Locke, Level 39, 152-158 St Georges Terrace, Perth WA 6000, to the recipient: James Nicholls.

Electronic trading of new CAML shares on AIM

Cygnus also reminds eligible scheme shareholders that if they wish to trade their new CAML shares electronically on AIM after the implementation, they need to hold the new CAML shares in a CREST account. Eligible scheme shareholders who wish to open a brokerage account that supports CREST are advised to initiate the account opening process as soon as possible, as the establishment of the account and the integration with CREST may take several working days.

For more details regarding the selection of CREST and brokers that can assist in opening brokerage accounts supporting CREST, please refer to Section 3.9 of the scheme manual as well as the ASX announcement issued by Cygnus on September 7, 2026.

If your current stock brokerage firm is unable to execute trades on AIM, Bell Potter or Morgans may be able to assist in opening a brokerage account that supports CREST, and will handle the paperless processing of your holdings on CREST. Shareholders can contact Bell Potter via sogrady @ bellpotter.com.au, or contact Morgans through https :// morgans.com.au / contact-us or westperth @ morgans.com.au.

If you have any questions regarding this scheme, please call the scheme information hotline at Cygnus at 1300 103 401 (within Australia) or +61 2 9066 4063 (outside Australia) from 8:30 am to 5:00 pm, Monday to Friday (excluding public holidays). If you have any doubts about the actions you should take, please consult your broker or a financial, tax, legal, or other professional advisor immediately.

This announcement is issued under the authorization of the Cygnus Metals Limited Board of Directors.

Forward-looking Statements Warning

Certain statements contained in this announcement may constitute “forward-looking information” as defined by the applicable securities laws. Examples of forward-looking statements in this announcement include, but are not limited to: the completion of the plan and other related steps, including timing. These statements involve known and unknown risks, uncertainties, and other factors that may result in significant differences between actual results or timing and what is anticipated or implied by such forward-looking information. Information regarding the risks and assumptions that affect the forward-looking information in this announcement can be found in the “Risk Factors” section dated August 13, 2026, which is included in the plan manual. A copy of this section can be viewed at Cygnus on the SEDAR + information page www.sedarplus.ca. All forward-looking information in this announcement is subject to the limitations of the aforementioned cautionary statements. Except as required by applicable laws and the rules of ASX and TSX Venture Exchange, Cygnus does not undertake any obligation to publicly update or revise such information.

TSX Venture Exchange and its regulatory service providers (for the meaning of this term, please refer to the TSX Venture Exchange policy) shall not be liable for the sufficiency or accuracy of this press release.

Note 1: If all the prerequisites for the plan, except for the approval of the plan at the second court hearing, have not been met or exempted (if applicable) by the delivery time of the second court date, the second court hearing may not be held on that time and date. For details regarding the plan's prerequisites, please refer to section 8.1(c) of the Plan Manual. For the complete Plan Manual, please see the Cygnus announcement dated August 13, 2026, titled “Scheme Booklet Registered”. Shareholders should also refer to the ASX announcement dated September 21, 2026, titled “Further update on Scheme of Arrangement”, which updates the status of the plan's prerequisites, including the unmet regulatory approval prerequisites in Kazakhstan. Any changes to the second court date or plan schedule listed in the Plan Manual will be announced in the ASX announcement and can be found on the www.asx.com.au information page under Cygnus.