Mr. Nicholas Kwong reports

ADJOURNMENT OF SECOND COURT HEARING

Cygnus Metals Ltd. has provided an update in relation to the proposed transaction under which Central Asia Metals PLC (Alternative Investment Market: CAML) 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).

Adjournment of second court hearing

Cygnus announces that the Supreme Court of Western Australia has made orders today to adjourn the date of the second court hearing in respect of the scheme.

The second court hearing has been adjourned from 2:15 p.m. (AWST) on Wednesday, Sept. 23, 2026, and is now schedulled to take place at 2:15 p.m. (AWST) on Wednesday, Oct. 14, 2026. The second court hearing will be held at the David Malcolm Justice Centre, 28 Barrack St., Perth, Western Australia.

Why has the second court hearing been adjourned?

As at the date of this announcement, the Kazakhstan regulatory approval condition precedent remains outstanding. To allow additional time for the satisfaction (or waiver) of this condition precedent, Cygnus has requested, and received, orders from the court to adjourn the second court hearing to Wednesday, Oct. 14, 2026.

CAML remains confident that it will receive the required approval and has advised Cygnus that it expects that the approval will be granted on or before Oct. 12, 2026.

Should the Kazakhstan regulatory approval be received earlier than the date outlined in today's announcement, Cygnus will announce that to the Australian Securities Exchange and ascertain the potential to bring the second court hearing forward.

Updated indicative timetable

As a consequence of the Court orders adjourning the second court hearing, the indicative timetable will result in an effective date of Thursday, Oct. 15, 2026 (being the date that Cygnus shares are suspended from trading on ASX and TSX-V at close of trading), the latest date and time by which the sale election forms and CREST election forms must be received or to withdraw a previous election made is extended to 5 p.m. (AWST)/5 a.m. ET, Thursday, Oct. 15, 2026, the scheme record date is 5 p.m. (AWST), Monday, Oct. 19, 2026, with the implementation date moved to Tuesday, Oct. 27, 2026.

Appearing at the second court hearing

Cygnus will formally provide details to Cygnus shareholders by no later than Oct. 9, 2026, of the new date for the second court hearing, the process for appearing at the hearing and opposing the approval of the proposed scheme, and the name and address for service on Cygnus.

We seek Safe Harbor.