Central Asia Metals (AIM:CAML) has completed its acquisition of Cygnus Metals, bringing the Chibougamau copper-gold project in Québec into the group after the scheme of arrangement became effective.
The London and Toronto-listed miner, which operates the Kounrad copper mine in Kazakhstan and the Sasa zinc-lead mine in North Macedonia, issued 78.47m new shares to former Cygnus shareholders at a ratio of 0.06 CAML shares per Cygnus share, the consideration agreed when the all-scrip deal was struck in June at an implied equity value of A$232m.
Central Asia Metals shares are now listed on the Toronto Stock Exchange, with trading due to begin there at 09:30 EST (13:30 GMT) today, while the new consideration shares are expected to begin dealing on AIM from 08:00 GMT.
Following admission, the company's issued share capital will stand at 256.38m shares, with 256.19m voting rights once treasury shares are excluded.
Chibougamau's latest mineral resource estimate shows 6.4m tonnes at 2.3% copper, 0.8g/t gold and 7.6g/t silver in the Measured and Indicated category, with a further 8.5m tonnes at 2.1% copper, 1.7g/t gold and 7.9g/t silver Inferred, equating to roughly 149,000 tonnes of contained copper and 167,000 ounces of gold in the M&I category.
CAML has said the deal is intended to add high-grade copper-gold optionality alongside its existing zinc and lead operations, broadening commodity and geographic exposure while it uses cash flow from current operations to advance the Canadian project toward development.
"We are delighted to complete this important acquisition for the Company, which forms a key element in our overall strategy of creating a balanced portfolio of profitable production, development-based growth and exploration potential," said Nick Clarke, Non-Executive Chairman.
As part of completion, CAML granted replacement options over an aggregate 649,913 shares to former Cygnus optionholders, with exercise prices ranging from £0.49 to £2.89 and expiry dates stretching from May 2027 to September 2029, replacing the cancelled Cygnus options on equivalent terms.
Read more about Central Asia Metals
- 07/10/26Central Asia Metals holds production on track as Cygnus deal nears completion
- 08/07/26Central Asia Metals beats prior-year output across all three metals in first half
- 02/06/26Central Asia Metals to buy Cygnus for A$232m and add Chibougamau copper‑gold project
Ernest Mast has joined the CAML board as an independent non-executive director with effect from today, having previously served as a non-executive director and managing director of Cygnus, and earlier as president and chief executive of Doré Copper Mining, which held the Chibougamau project before Cygnus acquired it.
Mast currently serves as president and chief executive of PPX Mining and holds metallurgical engineering degrees from McGill University.
Clarke said Mast's "long association with the Chibougamau project and his relationships with key stakeholders, both locally and in Canada more generally, will be invaluable as we advance the Chibougamau project towards a development decision."
The transaction, under which existing CAML shareholders are expected to hold roughly 70% of the enlarged group and former Cygnus holders roughly 30%, closes a process that began when the deal was first announced on 2 June and progressed through shareholder votes, an Australian court scheme and regulatory clearances in Kazakhstan and North Macedonia.