Central Asia Metals to Acquire Cygnus Metals in All-Scrip Deal, Cygnus to Own 30% of Combined Group

Central Asia Metals (CAML.L) announced on June 2, 2026, it has agreed to acquire Cygnus Metals (CYG.AX) in an all-scrip transaction that will give Cygnus shareholders a 30% stake in the combined mining group. The deal values the combination based on the exchange of shares, with Central Asia Metals shareholders retaining 70% ownership. The merger will create a diversified base metals producer with operations in Kazakhstan and Western Australia. Cygnus Metals brings its Australian gold and base metal assets, complementing Central Asia Metals’ legacy Kounrad copper project. The transaction, subject to shareholder and regulatory approvals, is expected to close in the second half of 2026.