Central Asia Metals plc’s A$232 million (£123m) all-share acquisition of Quebec-focused copper-gold-silver developer Cygnus Metals Ltd has received approval from the Supreme Court of Western Australia.
The purchase, which includes the Chibougamau copper-gold project, is expected to become effective on 15 October 2026.
Under the terms of the scheme, Central Asia has also applied to list its ordinary shares on the Toronto Stock Exchange.
Chief executive officer Gavin Ferrar said: “The CAML [Central Asia Metals] team is excited to begin work on the Chibougamau project, building on the foundations created by Cygnus, and to further developing the important relationships with key stakeholders, including the Oujé-Bougoumou Cree Nation, the City of Chibougamau and the Government of Québec.
“We also look forward to welcoming Cygnus shareholders as new shareholders in CAML in the coming weeks.”
The new project adds to Central Asia’s Kounrad copper recovery operation in central Kazakhstan, the Sasa zinc-lead mine in North Macedonia, an 80% interest in two subsidiaries exploring in Kazakhstan, and a 38.9% interest in Aberdeen Minerals Ltd, focused on base metals exploration in northeast Scotland.