Mr. David Southam reports

CYGNUS METALS LIMITED: SCHEME BOOKLET REGISTERED BY ASIC

Cygnus Metals Ltd. has referred to the proposed transaction under which Central Asia Metals PLC will acquire 100 per cent of the shares in Cygnus pursuant to a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth).

Scheme booklet

Cygnus confirms that the explanatory statement providing information about the scheme was registered today with the Australian Securities and Investments Commission. A copy of the scheme booklet is filed on Cygnus's SEDAR+ profile and will also be made available on Cygnus's website and on Cygnus's Australian Securities Exchange market announcement platform. Details of how you will receive your scheme booklet are set out in Cygnus's announcement of Aug. 13, 2026, relating to the results of the first court hearing.

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's scheme information line on 1300-103-401 (within Australia) or 61-2-9066-4063 (outside of Australia) between Monday to Friday (excluding public holidays) from 8:30 a.m. to 5 p.m. 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. 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, Western Australia, 6000, at 2 p.m. AWST on Sept. 18, 2026. All Cygnus shareholders registered on the Cygnus register at 5 p.m. AWST on Sept. 16, 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.

About Cygnus Metals Ltd.

Cygnus is a diversified critical mineral 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 centralized processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and rare earth element and base metal projects in Western Australia. The Cygnus team has a proven record of turning exploration success into production enterprises and creating shareholder value.