Mr. David Southam reports

NOTICE OF SECOND COURT HEARING

Cygnus Metals Ltd. has provided the following update in relation to the proposed transaction under which Central Asia Metals PLC (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).

Cygnus refers to the explanatory statement released to the Australian Securities Exchange and the TSX Venture Exchange on Aug. 13, 2026, which includes information about the scheme and notice of scheme meeting.

Take notice that, not before 2:15 p.m. Australian Western Standard Time on Oct. 14, 2026, the Supreme Court of Western Australia at the David Malcolm Justice Centre, 28 Barrack St., Perth, Western Australia, will hear an application by Cygnus seeking the approval of a scheme of arrangement between Cygnus and its shareholders. This follows the shareholders of Cygnus passing a resolution approving the scheme at the meeting held on Sept. 18, 2026.

If you wish to oppose the application for approval of the scheme, you must file with the Supreme Court of Western Australia and serve on Cygnus a notice of appearance in respect of COR 101 of 2026, in the prescribed form, together with any affidavit on which you wish to rely at the hearing. The notice of appearance and affidavit must be served on Cygnus at its address for service at least one day before the date fixed for the hearing of the application. The address for service of Cygnus is Hamilton Locke, Level 39, 152-158 St. Georges Terrace, Perth, Western Australia, 6000 (attention: James Nicholls).

Trading new CAML shares on AIM (Alternative Investment Market) electronically

Cygnus also reminds eligible scheme shareholders that, if they wish to be able to trade their new CAML shares on AIM electronically following implementation, they will need to hold their new CAML shares in a CREST account. Eligible scheme shareholders wishing to establish a CREST-enabled broking account are encouraged to commence the account opening process as soon as practicable as account establishment and CREST onboarding may take up to several business days.

Further details regarding the CREST election and brokers who are able to assist with CREST-enabled brokng accounts are set out in Section 3.9 of the scheme booklet and Cygnus's ASX announcement dated Sept. 7, 2026.

If your existing stock broker is unable to execute trades on AIM, Bell Potter or Morgans may be able to assist in opening a CREST-enabled broking account and the dematerialization of your holding on CREST. Shareholders can contact Bell Potter at sogrady@bellpotter.com.au or Morgans at either Morgans's website or westperth@morgans.com.au.

If you have any questions about the scheme, please contact Cygnus's scheme information line on 1-300-103-401 (within Australia) or 61-2-9066-4063 (outside 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.

We seek Safe Harbor.