$CYG.V

Update: Cygnus Metals Agrees to A$232 Million Takeover by Central Asia Metals Under Share Exchange Deal

(Adds transaction highlights from fifth paragraph)Central Asia Metals (AIM: CAML) and Cygnus Metals Limited (ASX: CY5, CYG.V) said earlier Tuesday they entered into a definitive Scheme Implementation Deed (SID), under which CAML has agreed to acquire 100% of Cygnus' fully paid ordinary shares. Cygnus shareholders will receive 0.06 new CAML shares for each Cygnus share held on the prescribed record date.Tuesday's statement noted the terms of the scheme value each Cygnus Share at A$0.176 per Cygnus Share based on the closing price of 1.56 British pounds per CAML share and an Australian dollar to British pound exchange rate of A$1:0.53 British pound on June 1, 2026. The Scheme Consideration values the fully diluted share capital of Cygnus at A$232 million.Shares in CYG were down $0.01 at $0.115 in Canada yesterday, giving it a market capitalization of around $140 million.Immediately following implementation of the scheme, it is expected that existing CAML shareholders will own approximately 70%, and Cygnus shareholders will own approximately 30%, of CAML's enlarged fully diluted issued share capital, the statement said.Among highlights, Tuesday's statement noted the transaction adds the Chibougamau Project in Quebec, Canada, a flagship high-grade copper-gold development asset in a high-quality jurisdiction, to CAML's portfolio of producing operations.The all-scrip transaction delivers premium for Cygnus shareholders while retaining upside exposure to the Chibougamau Project, it said.Major shareholders of Cygnus, which together currently own and/or control in aggregate approximately 29% of Cygnus shares on issue have confirmed their intention to vote their respective Cygnus Shares in favour of the scheme, it added.

Cygnus Metals Agrees to A$232 Million Takeover by Central Asia Metals Under Share Exchange Deal

Central Asia Metals (AIM: CAML) and Cygnus Metals Limited (ASX: CY5, CYG.V) said earlier Tuesday they entered into a definitive Scheme Implementation Deed (SID), under which CAML has agreed to acquire 100% of Cygnus' fully paid ordinary shares. Cygnus shareholders will receive 0.06 new CAML shares for each Cygnus share held on the prescribed record date.Tuesday's statement noted the terms of the scheme value each Cygnus Share at A$0.176 per Cygnus Share based on the closing price of 1.56 British pounds per CAML share and an Australian dollar to British pound exchange rate of A$1:0.53 British pound on June 1, 2026. The Scheme Consideration values the fully diluted share capital of Cygnus at A$232 million.Shares in CYG were down $0.01 at $0.115 in Canada yesterday, giving it a market capitalization of around $140 million.Immediately following implementation of the scheme, it is expected that existing CAML shareholders will own approximately 70%, and Cygnus shareholders will own approximately 30%, of CAML's enlarged fully diluted issued share capital, the statement said.

Cygnus Metals Received A$232M Proposal From Central Asia Metals PLC

Cygnus Metals Provides Strong Drill Results from Golden Eye Deposit in Canada

Cygnus Metals (CYG.V) reported early Monday strong drilling results from the Golden Eye deposit at the Chibougamau copper-gold project in Canada.Highlights include 39.5 grams per tonne (g/t) of gold equivalent over 3 meters, 8.4 m at 16.3 g/t gold equivalent, and 3.6 m at 15.7g/t gold equivalent.The mineral estimate for the deposit now stands at 500,000 tonnes grading 5.6 g/t gold equivalent for 91,000 ounces of gold equivalent in the indicated category, and 1.2 million tonnes at 4.6 g/t gold equivalent for 182,000 ounces of gold equivalent in the inferred category."These results are consistent with our strategy to upgrade more of the inferred resource to the more valuable indicated category," Executive Chairman David Southam said.Cygnus expects assays from the Gwillim prospect at the end of the second quarter, with joint venture partner Alamos Gold (AGI.TO) funding the program.

Cygnus Provides High-Grade Drill Results from Golden Eye Deposit in Quebec

Cygnus Metals (CYG.V) reported overnight Wednesday high-grade drill results from the Golden Eye deposit within its Chibougamau copper-gold project in Quebec.It said the latest results from infill drilling include "significant" high-grade intersections of up to 105.5g/t AuEq over 1.0m. It added these high-grade gold intercepts are complemented by impressive copper grades of up to 11.9% over 0.8m, plus silver grades of up to 142g/t over 0.8m.Cygnus said the results highlight the strong potential to grow the indicated resource as well as the scope for further extensions."These results are some of the best intervals recorded at the Golden Eye deposit which is unmined, near surface and has existing infrastructure in place," Cygnus Executive Chairman David Southam said.The company said it will include the results for the next resource update at Golden Eye.Cygnus said exploration continues across multiple targets, including a detailed induced polarization survey at the Joe Mann property, as it seeks to generate walk up drill targets.