IN BRIEF: Central Asia Metals EGM approves new shares for Cygnus deal

Central Asia Metals PLC - copper, zinc and lead producer and explorer with operations in Kazakhstan and North Macedonia - Announces that at its extraordinary general meeting on Friday, shareholders passed the resolution to authorise the allotment of new shares for the proposed acquisition of Cygnus Metals Ltd. Adds that it has engaged Australian financial advisory firm Bell Potter to assist Cygnus shareholders to execute trades on the London Stock Exchange's AIM market, once the acquisition is complete. Central Asia Metals announced the proposed AUD232 million, or around USD165.8 million, takeover of Perth, Australia-based miner Cygnus in June. Cygnus shareholders are entitled to receive 0.06 new Central Asia Metals shares for each Cygnus share. Central Asia Metals shareholders are expected to own around 70% of the enlarged company.

"The results of today's EGM show that our shareholders have voted overwhelmingly in favour of the Cygnus transaction, which represents a key milestone towards realising our plans to add Cygnus' high-grade Chibougamau copper-gold project in Quebec to our portfolio," comments Central Asia Metals Chief Executive Gavin Ferrar. "We are grateful to our shareholders for their support, which we believe represents a strong endorsement of our strategy of creating a balanced portfolio of profitable production, development-based growth and exploration potential, whilst also allowing for significant capital returns. We look forward to completing the Cygnus transaction, and delivering on that strategy to the benefit of all shareholders."

Current stock price: 178.60 pence

12-month change: up 3.6%

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