Central Asia Metals secures full takeover of Cygnus Metals in landmark deal

Cygnus Metals Limited has agreed to a full takeover by Central Asia Metals PLC (CAML). The deal, announced on 2 June 2026, includes a call-option agreement with major shareholder Ocean Partners. This move could significantly reduce Ocean Partners' stake in the company if all conditions are met. Under the agreement, CAML will acquire 100% of Cygnus Metals' outstanding shares. Alongside this, CAML entered into a call-option deed with Ocean Partners and Ocean Partners UK Limited. This gives CAML the right to purchase 120,906,526 Cygnus Shares—around 12.8% of the total issued shares as of the deed’s date.

If the call option is exercised, Ocean Partners' ownership in Cygnus will drop to roughly 2.9%. No cash will change hands for the option or the shares. Instead, for each call option share sold, CAML will issue 0.06 of its own shares, valued at A$0.176 (or C$0.177) per share as of 2 June 2026. Ocean Partners retains the flexibility to buy or sell additional Cygnus Shares or other securities. Their decisions will depend on market conditions and Cygnus' business outlook. An Early Warning Report, filed under securities laws, is now available on Cygnus' profile on SEDAR+.

The deal marks a major shift for Cygnus Metals, with CAML set to take full control. Ocean Partners' reduced stake will depend on whether the call option conditions are satisfied. The transaction involves no direct cash payment, with CAML shares used instead for the acquisition.