TORONTO and PERTH, Western Australia, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Cygnus Metals Limited (ASX:CY5, TSXV:CYG, OTCQB:CYGGF) (Cygnus or the Company) refers to the proposed transaction under which Central Asia Metals PLC (AIM: CAML) (CAML) will acquire 100% of the shares in Cygnus pursuant to a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) (Corporations Act) (Scheme).

Scheme Booklet

Cygnus confirms that the explanatory statement providing information about the Scheme (Scheme Booklet) has today been registered with the Australian Securities and Investments Commission (ASIC). A copy of the Scheme Booklet is filed on Cygnus’ SEDAR+ profile at www.sedarplus.ca and will also be made available on Cygnus' website at https://www.cygnusmetals.com/investors and on Cygnus’ ASX market announcements platform at www.asx.com.au. Details of how you will receive your Scheme Booklet are set out in Cygnus' announcement of 13 August 2026 relating to the results of the first court hearing.

Capitalised terms in this announcement that are not otherwise defined have the meaning given to them in the Scheme Booklet.

Cygnus Shareholders should carefully read and consider the Scheme Booklet in its entirety before deciding how to vote at the Scheme Meeting.

If after reading the Scheme Booklet you have any questions about the Scheme Booklet or the Scheme, please contact Cygnus' Scheme Information Line on 1300 103 401 (within Australia) or +61 2 9066 4063 (outside Australia) between Monday to Friday (excluding public holidays) from 8:30am to 5:00pm (AWST). If you are in any doubt about what action you should take, please consult your broker or financial, taxation, legal or other professional adviser immediately.

Independent Expert's Report

The Scheme Booklet includes a copy of the Independent Expert’s Report prepared by Grant Thornton Corporate Finance Pty Ltd (Independent Expert). The Independent Expert has concluded that the Scheme is fair and reasonable and hence in the best interests of Cygnus Shareholders in the absence of a Superior Proposal emerging.

The Independent Expert’s conclusion should be read in context with the full Independent Expert’s Report and the Scheme Booklet.

Recommendation of the Cygnus Directors

Each of the Cygnus directors recommends that Cygnus shareholders vote, and intends to vote any shares they own or control, in favour of the Scheme at the Scheme meeting, each in the absence of a superior proposal and subject to the independent expert continuing to conclude that the Scheme is in the best interests of Cygnus shareholders.

Scheme Meeting

The Scheme Meeting is scheduled to be held at the offices of Hamilton Locke at Level 39, 152-158 St Georges Terrace, Perth WA 6000 at 2.00pm (AWST) on 18 September 2026. All Cygnus Shareholders registered on the Cygnus Register at 5.00pm (AWST) on 16 September 2026 will be entitled to vote at the Scheme Meeting. Further information on how to participate in and vote at the Scheme Meeting is set out in the Scheme Booklet.

This announcement has been authorised for release by the board of directors of Cygnus Metals Limited.

About Cygnus Metals

Cygnus Metals Limited (ASX:CY5, TSXV:CYG, OTCQB:CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.