Mr. David Southam reports

SCHEME UPDATE –- INDEPENDENT EXPERT CONFIRMATION

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).

Release of Cygnus's half-year 2026 interim financial report and CAML's first half 2026 interim results

On Sept. 1, 2026, Cygnus released its interim financial report for the half-year ended June 30, 2026 on the Australian Securities Exchange website and also filed it on SEDAR+. A copy of the half-year 2026 report is available under Cygnus's profile on the ASX website, on the SEDAR+ website or at Cygnus's website.

As announced on Aug. 27, 2026, the unaudited interim results for the six months ended June 30, 2026, of CAML, together with the associated management's discussion and analysis, have been released and made publicly available under Cygnus's corporate profile on SEDAR+.

No change to independent expert's previously stated opinion

As noted in sections 4.6(e) and 5.12(g) of the scheme booklet, following release of the updated financial results, the Cygnus board has sought confirmation from Grant Thornton Corporate Finance Pty. Ltd., the independent expert in relation to the scheme, as to whether the results change the independent expert's opinion that the scheme is fair and reasonable and hence in the best interests of Cygnus shareholders in the absence of a superior alternative proposal emerging.

The independent expert has reviewed the updated financial results and has confirmed that it does not change the independent expert's previously stated opinion as set out above. The independent expert's opinion should be considered in the context of the full independent expert's report (which is included as Annexure A of the scheme booklet) and the scheme booklet.

Cygnus shareholders are encouraged to read the updated financial results before deciding how to vote on the scheme at the scheme meeting.

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.

About Cygnus Metals Ltd.

Cygnus Metals 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 developing 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.