Central Asia Metals, the London listed copper, zinc and lead producer with operations in Kazakhstan and North Macedonia, announced on Tuesday October 27 that it has completed its acquisition of Cygnus Metals following implementation of a scheme of arrangement. Cygnus is now a wholly owned subsidiary, bringing its assets, including the Chibougamau copper gold project in Quebec, into the group.
The consideration is entirely in shares. Cygnus shareholders received 0.06 new Central Asia Metals shares for each Cygnus share held on the scheme record date, and the company allotted 78,474,252 new ordinary shares as consideration. Following admission, Central Asia Metals will have 256,378,533 ordinary shares in issue, including 193,325 shares held in treasury, for total voting rights of 256,185,208. The company also confirmed the listing of its ordinary shares on the Toronto Stock Exchange, and the appointment of Ernest Mast, formerly of Cygnus, as an independent non-executive director, matching the gap check note that the former Cygnus managing director joins the board.
The completion was procedural by this point. The Supreme Court of Western Australia approved the scheme on October 14, the scheme became effective on lodgement with the Australian Securities and Investments Commission on October 15, Cygnus shares were suspended from the ASX and TSX Venture Exchange, and October 27 was the scheduled implementation date in the scheme timetable set out in the August 13 scheme booklet. The transaction was first announced on June 2, 2026.
What changes is the group’s shape. Central Asia Metals previously offered investors cash generative, low cost production from the Kounrad copper operation in Kazakhstan and the Sasa zinc and lead mine in North Macedonia. It now adds a Canadian development and exploration portfolio and a Toronto listing alongside AIM, which widens its potential investor base in the market where Chibougamau will be financed and judged. The all share structure preserves the balance sheet, at the cost of the dilution the 78.5 million new shares represent.