TSX Opening and Chibougamau Project Update

Central Asia Metals PLC (AIM, TSX: CAML) is pleased to announce that its Chief Executive Officer, Gavin Ferrar, will formally open trading on the Toronto Stock Exchange (TSX) tomorrow in Toronto, to mark the recent listing of CAML’s shares on the TSX.

As detailed in the announcement of 27 October 2026, the TSX listing was associated with CAML’s acquisition of Cygnus Metals Ltd (‘Cygnus’) and its flagship Chibougamau copper-gold project in Québec, which was completed on the same day. The TSX listing gives North American investors, including former shareholders in Cygnus, enhanced access to trading in CAML shares.

Chibougamau project update

CAML’s senior management has just completed a week-long technical workshop at the Chibougamau project with the Chibougamau project team and a number of key consultants, to progress the Group’s strategy for the project and to prioritise the forthcoming work programme.

Main developments

– Three drilling rigs have been secured to launch a significant exploration programme.

– One rig is currently on site, with the additional rigs arriving before the end of November which will allow for exploration to take place through the forthcoming winter by facilitating timely construction of ice pads.

– The focus during H1 2027 will be on exploration drilling at the Corner Bay, Golden Eye and Cedar Bay deposits, with the focus in H2 2027 shifting to infill drilling for resource upgrading from inferred to indicated at Corner Bay, Golden Eye, Cedar Bay and Devlin.

– In Q2 2027 a fourth drilling rig will join the campaign to focus on geotechnical studies and metallurgical test work to support a future Definitive Feasibility Study (DFS).

– The total drilling programme is expected to comprise up to 70,000 metres through to the end of 2027.

– During winter, CAML plans to undertake an electromagnetic geophysical programme over the frozen lakes in its licence area.

– The Chibougamau project also includes other deposits, including Gwillim, where Cygnus announced some significant gold intersections in August of this year, and the historically producing Joe Mann, which will be prioritised for additional exploration as appropriate.

– Baseline environmental work is to continue, along with preparatory work for the project’s environmental and social impact assessment, in order to advance the permitting process as far as possible.

– Site clearance and restoration work is planned in readiness for the rehabilitation and modernisation of the brownfields Copper Rand site in future.

Upcoming catalysts

– The results from the above-mentioned exploration drilling will be included in an updated Mineral Resource Estimate (MRE), scheduled for completion in Q3 2027. The previous MRE, published by Cygnus in late 2025, comprised 6.4 million tonnes Measured and Indicated, at 2.3% copper, 0.8 g/t gold and 7.6 g/t silver, and 8.5 million tonnes Inferred, at 2.1% copper, 1.7 g/t gold and 7.9 g/t silver[1].

– The infill drilling described above is designed to upgrade the confidence in the resource estimate to support a future DFS.

– Building on previous work commenced by the Chibougamau team, CAML is undertaking a Preliminary Economic Assessment (PEA) featuring an expanded scope, and has retained Ausenco to lead a team of international consultants to assist.

– The PEA, which will be based on the current MRE, is expected to be completed in mid-2027.

Gavin Ferrar, Chief Executive Officer of CAML, commented:

“I am delighted to be opening the TSX tomorrow to welcome new shareholders to CAML, and to introduce the Group to the North American market. This ceremony is timely in that I have just spent a week at our newly-acquired Chibougamau project, where CAML’s senior management has worked with the project team to plan what I believe will be an exciting path for the project and the wider CAML Group.

“I was particularly impressed with the quality of the project team and the work completed to date, a great foundation on which we will build. Detailed discussions over the past week have reinforced the quality of the Chibougamau project and the exploration potential of the surrounding camp. I was also encouraged by the positive reception we have received from local stakeholders whom we met, including the Mayor of Chibougamau and representatives of the Oujé-Bougoumou Cree Nation. We look forward to working with all stakeholders to build long-term value through the project.”