Adjournment of the Second Court Hearing

Central Asia Metals PLC (AIM: CAML) issues a further update regarding the proposed acquisition of Cygnus Metals Limited (ASX:CY5, TSXV: CYG, OTCQB: CYGGF) (‘Cygnus’) by means of an Australian Scheme of Arrangement (the ‘Scheme’) as announced on 2 June 2026 (the ‘Cygnus Transaction’). Under the Scheme, CAML will acquire 100% of Cygnus in an all-share transaction.

Cygnus has advised CAML that the Supreme Court of Western Australia (the ‘Court’) has made orders today to adjourn the date of the Second Court Hearing in respect of the Scheme. The Second Court Hearing is now scheduled to take place at 14:15 (AWST[1]) on 14 October 2026.

The Scheme is subject to a number of conditions precedent, and as at the date of this announcement, the condition precedent of Kazakhstan regulatory approval remains outstanding. As indicated in its announcement of 21 September 2026, CAML remains confident that it will receive the required approval, and expects that the approval will be granted on or before 12 October 2026.

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 14 October 2026. Should the Kazakhstan regulatory approval be received earlier than the date outlined in today’s announcement, Cygnus has advised CAML that it will ascertain the potential to bring the Second Court Hearing forward.

As a consequence of the adjournment of the Second Court Hearing, the indicative timetable for the Scheme will change. The updated indicative timetable would result in an Effective Date for the Cygnus Transaction of 15 October 2026, with the Implementation Date following on 27 October 2026[2].

[1] Australian Western Standard Time

[2] Note: all of the above times and dates are indicative only. The actual timetable will depend on many factors outside the control of CAML and Cygnus, including the Court approval process and the satisfaction (or waiver) of the conditions precedent to the completion of the Scheme. Owing to the time zone differences between Canada and Australia, certain actions relating to the implementation of the Scheme may occur on 23 October 2026 during Canadian business hours to enable implementation to occur on 26 October 2026.