REG - Central Asia Metals - Proposed acquisition of Cygnus Metals Limited
02/06/2026 07:10
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RNS Number : 6237G Central Asia Metals PLC 02 June 2026
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2 June 2026
Proposed acquisition of Cygnus Metals Limited by Central Asia Metals PLC for
A$232 million
Transaction highlights
• Central Asia Metals PLC ('CAML') to acquire Cygnus Metals Limited
('Cygnus') via Australian scheme of arrangement, offering 0.06 New CAML Shares
per Cygnus share, implying an equity value of Cygnus of ~A$232 million 1
• Transaction adds the Chibougamau Project in Québec, Canada (the
'Chibougamau Project'), a flagship high-grade copper-gold development asset in
a high-quality jurisdiction, to CAML's portfolio of producing operations
• Transaction enhances scale, commodity and geographic diversification of
CAML, combining cash-generative assets and long-term exploration potential
with a near-term development growth pipeline
• CAML's strong balance sheet provides a clear funding pathway to
advance the Chibougamau Project, and to de-risk its development, supported by
CAML's technical capabilities as a proven operator
• All-scrip transaction delivers premium for Cygnus shareholders
while retaining upside exposure to the Chibougamau Project
• Major shareholders of Cygnus, which together currently own and/or
control in aggregate approximately 29% of Cygnus Shares on issue have
confirmed their intention to vote their respective Cygnus Shares in favour of
the Scheme at the Scheme Meeting subject to the qualifications referenced in
this announcement 2
Central Asia Metals PLC (AIM: CAML) and Cygnus Metals Limited (ASX: CY5, TSXV:
CYG, OTCQB: CYGGF) are pleased to announce that they have entered into a
definitive Scheme Implementation Deed ('SID') under which CAML has agreed to
acquire 100% of the fully paid ordinary shares in Cygnus ( 'Cygnus Shares')
with each Cygnus shareholder being entitled to receive 0.06 new CAML shares
for each Cygnus Share held at the prescribed record date ('New CAML Shares').
The transaction, as contemplated in the SID, will be implemented by way of an
Australian Court-approved scheme of arrangement pursuant to Part 5.1 of
Australia's Corporations Act 2001 (Cth) ('Corporations Act') ( 'Scheme').
The terms of the Scheme value each Cygnus Share at A$0.176 per Cygnus Share
based on the closing price of £1.56 per CAML share and an A$:£ exchange rate
of A$1:£0.53 on 1 June 2026 ('Scheme Consideration'). The Scheme
Consideration values the fully diluted share capital of Cygnus at A$232
million 3 .
Immediately following implementation of the Scheme, it is expected that
existing CAML shareholders will own approximately 70%, and Cygnus shareholders
will own approximately 30%, of CAML's enlarged fully diluted issued share
capital 4 .
The acquisition of Cygnus will add a flagship development-stage asset through
a 100% interest in the Chibougamau Project, a high-grade copper-gold deposit
located in Québec, Canada to CAML's existing portfolio of producing and
cash-flow generative assets located in North Macedonia and Kazakhstan and its
exploration projects. The latest Mineral Resource Estimate ('MRE') published
by Cygnus in late 2025 for the Chibougamau Project is 6.4 million tonnes at a
2.3% copper grade ('Cu'), 0.8g/t gold grade ('Au') and 7.6g/t silver grade
('Ag') in the Measured and Indicated Resource categories and 8.5 million
tonnes at a 2.1% Cu grade, 1.7g/t Au grade and 7.9g/t Ag grade in the Inferred
Resource category 5 .
Cygnus shareholders will be asked to approve the Scheme at a scheme meeting
('Scheme Meeting') which is expected to be held in September 2026, with
implementation of the Scheme to occur shortly thereafter. For the Scheme to
proceed, it must be approved by at least 75% of all votes cast by Cygnus
shareholders and a majority of Cygnus shareholders present and voting (in
person or by proxy) at the Scheme Meeting, and the Scheme will also require
approval by a simple majority of the votes cast by Cygnus shareholders,
excluding the votes of certain related parties as prescribed by Canadian
securities regulation Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions, at the Scheme Meeting.
Prior to the Scheme Meeting, CAML will also convene a shareholder meeting to
approve the allotment of the New CAML Shares and grant of the New CAML Options
(as defined below) ('CAML Meeting'). The CAML shareholder resolution required
will be duly-passed by a simple majority of those CAML shareholders who vote.
Under the SID, CAML has agreed to use all reasonable endeavours to apply for
approval for listing its ordinary shares on the Toronto Stock Exchange ('TSX')
or TSX Venture Exchange ('TSXV' and, together with the TSX, a 'Recognised
Canadian Exchange') prior to implementation of the Scheme, to provide holders
of New CAML Shares the ability to trade on the TSX or TSXV and to broaden
CAML's investor base in North America. Any such listing will be subject to the
satisfaction of the Recognised Canadian Exchange's applicable listing
requirements and the receipt of all relevant regulatory approvals. For the
avoidance of doubt, the proposed listing will have no effect on CAML's
quotation on the AIM market of the London Stock Exchange, including its
compliance with the relevant continuing admission requirements. There can be
no certainty that a listing on a Recognised Canadian Exchange will be
achieved, or as to the timing thereof, and CAML will make further
announcements as appropriate.
Transaction highlights and rationale for Cygnus shareholders
· Immediate value realisation for Cygnus shareholders
o 60% premium to Cygnus' last closing price on 1 June 2026 of A$0.11 per
Cygnus Share
o 49% premium to Cygnus' 20-day volume weighted average price ('VWAP') to 1
June 2026 of A$0.12 per Cygnus Share
· Provides exposure to strong balance sheet and cash generating
business that de-risks development of the Chibougamau Project
o The Scheme provides exposure to CAML's robust and sustainable cash flow,
with CAML reporting free cash flow of US$56 million in FY2025 and with
existing analyst forecasts indicating a substantial improvement in free cash
flow in FY2026
o CAML has continually demonstrated its ability to return capital to
shareholders, with FY2025 full year dividends of 12 pence per share declared
(US$28 million in total)
o Free cash flow to be used in part to fund advancement of the Chibougamau
Project
· Commodity and project diversification, whilst retaining upside
exposure to the Chibougamau Project
o Immediate exposure to CAML's producing assets reduces exposure to risks
associated with potential development of a single asset operation and further
diversifies commodity and jurisdictional exposure
o 2026 production guidance for CAML of 12,000-13,000 tonnes of copper
cathode, 18,000-20,000 tonnes of zinc-in-concentrate and 26,000-28,000 tonnes
of lead-in-concentrate 6
o Scrip consideration preserves Cygnus shareholders' exposure to upside at
Chibougamau as exploration and development progresses, supported by CAML's
stronger balance sheet, while reducing funding requirements and mitigating
future dilution risk
· Increased trading liquidity in a diversified AIM50 quoted vehicle
o CAML's shares are quoted on the AIM market of the LSE and are included in
the FTSE AIM UK 50 and 100 indices
o Cygnus shareholders to be exposed to increased liquidity, with one-month
Average Daily Traded Value for CAML of ~A$2.0 million compared with Cygnus of
~A$0.2 million
o CAML to use all reasonable endeavours to apply for approval for listing
its ordinary shares on a Recognised Canadian Exchange
· CAML management team has extensive project development and
operational experience
o Cygnus shareholders expected to benefit from CAML's proven project
development and operational expertise, particularly in base metals,
underground mining, processing and dry stack tailings
o CAML's team has a strong track record and reputation in environmental,
social and governance matters, placing importance on developing and
maintaining firm local relationships in its areas of current operation
Transaction highlights and rationale for CAML shareholders
· Transformative acquisition
o Once in production, the Chibougamau Project has the potential to add
meaningfully to CAML's annual copper-equivalent output and cash flows
o The acquisition adds material near-term growth to CAML's portfolio, with a
flagship development-stage copper-gold asset to complement existing
operations, and additional resource upside potential from ongoing exploration
at and around the Chibougamau deposits
· High-grade development project with significant exploration potential
o High-grade copper-gold project with an MRE of 6.4 million tonnes at a 2.3%
Cu grade, 0.8g/t Au grade and 7.6g/t Ag grade in the Measured and Indicated
Resource categories and 8.5 million tonnes at a 2.1% Cu grade, 1.7g/t Au grade
and 7.9g/t Ag grade in the Inferred Resource category 7
‒ This equates to 149,000 tonnes of contained copper and 167,000 ounces
of gold in M&I resources (with a further 182,000 tonnes of copper and
454,000 ounces of gold in Inferred) underpinning the scale and quality of the
asset
o The presence of an historical 900,000 tonnes per annum processing plant on
site is expected to provide a significant head start and lower capital
requirements for the project once refurbished
o Updated PEA study* is already under way and would be completed by CAML
· Increased copper exposure in a tier-one jurisdiction
o Québec, Canada, is a world-class mining jurisdiction known for stable and
supportive policies, a highly skilled workforce and abundant low-cost
hydroelectric power
o Canada's federal Critical Minerals Infrastructure Fund has approved
co-funding for feasibility studies on transport and power infrastructure
linking the Chibougamau deposits to the central processing facility,
underscoring Québec's commitment to enabling new copper production
o The acquisition of Cygnus would broaden CAML's geographical footprint
beyond Kazakhstan and North Macedonia, enhancing portfolio diversification
· Clear pathway to project development
o Baseline environmental and engineering studies for the Chibougamau Project
have commenced, and the project will be progressing through the permitting
process in parallel with ongoing resource drilling and advanced study work
o CAML will leverage its mine development expertise to complete an updated
PEA* and progress further feasibility studies in due course leading to project
development
*Preliminary Economic Assessment ('PEA')
The outcomes of the PEA were first announced by Doré Copper Mining Corp. on
10 May 2022 and the comprehensive technical report underpinning the PEA was
announced by Doré in accordance with the requirements of NI 43-101 on 15 June
2022 ('2022 Technical Report'). The 2022 Technical Report was prepared by BBA
Inc. with several consulting firms contributing to sections of the study,
including SLR, SRK Consulting (Canada) Inc. and WSP Inc. The 2022 Technical
Report and the announcement are available on SEDAR.
Cygnus cautions that the PEA is a preliminary technical, conceptual and
economic study undertaken by Doré of the initial evaluation and potential
development of the Chibougamau Project. It is at scoping study level only,
which is based on a lower level of technical assessment that is not sufficient
to support the estimation of Ore Reserves and is inherently uncertain. The
production targets and forecast financial information disclosed in the PEA are
underpinned by Measured Mineral Resources (approximately 1.17%), Indicated
Mineral Resources (approximately 32.10%) and Inferred Mineral Resources
(approximately 66.73%). However, Cygnus is not able to disclose the outcomes
of the PEA as the significant proportion of Inferred Resources included in the
life of mine means that pursuant to ASX and ASIC guidance there is not
considered to be sufficiently reasonable grounds for the production targets
and forecast financial information disclosed in the PEA. Accordingly, Cygnus
is not disclosing the production targets and forecast financial information
reported in the PEA and cautions investors against making investment decisions
based on such targets and forecasts.
Commenting on the Scheme, Nick Clarke, CAML's Non-Executive Chairman, said:
"We see this transaction as a compelling opportunity for CAML to add a
high‑grade copper‑gold asset that fits well alongside our existing
operations. Bringing the Chibougamau Project into the portfolio provides a
clear pathway to near‑term growth, with the potential to make a meaningful
contribution to production and cash flow. The Scheme is consistent with our
disciplined approach to pursuing acquisitions that enhance long‑term cash
generation."
Commenting on the Scheme, Gavin Ferrar, CAML's Chief Executive Officer, said:
"The addition of this high‑grade copper‑gold project in a tier‑one
jurisdiction represents a material step to strengthening our portfolio. We
have been impressed by the quality and experience of the Cygnus team and look
forward to working closely with them to integrate the Chibougamau Project,
complete an updated PEA and advance the asset towards a feasibility study. We
also look forward to working in collaboration with our host communities and
other key stakeholders, including the Oujé-Bougoumou Cree Nation, the City of
Chibougamau and the Government of Québec."
Commenting on the Scheme, David Southam, Cygnus' Executive Chairman, said:
"This transaction is a true win-win outcome for both sets of shareholders.
Cygnus shareholders can maintain their exposure to the Chibougamau Project
while reaping the benefits of a highly respected base metals operating company
that produces free cash flow and pays dividends. These strengths are expected
to mitigate for existing shareholders certain future financial burdens
associated with project development. CAML has all the necessary experience in
underground mining, processing, dry stack tailings and concentrate production
to deliver the Chibougamau Project. Importantly, CAML has a strong social
licence in its current operations and we expect them to be an excellent
partner for our local communities and other stakeholders."
Analyst conference call and webcast
A live conference call and webcast hosted by Gavin Ferrar (Chief Executive
Officer, CAML) and Louise Wrathall (Chief Financial Officer, CAML) will take
place at 09:30 (BST) today.
The conference call can be accessed by dialling 0808 109 0700 (UK toll free)
or +44 (0) 33 0551 0200 and quoting the confirmation code 'CAML' when prompted
by the operator.
The webcast can be accessed using the link:
https://brrmedia.news/CAML_AC (https://brrmedia.news/CAML_AC)
The presentation will be available on CAML's website and there will be a
replay of the call accessible following the presentation at
https://www.centralasiametals.com (https://www.centralasiametals.com)
Presentation via Investor Meet Company
CAML will hold a live presentation via the Investor Meet Company platform at
12:30 (BST) today. The presentation is open to all existing and potential
shareholders. Questions can be submitted via the Investor Meet Company
dashboard at any time during the live presentation. Investors can sign up to
Investor Meet Company for free, and can add to meet CAML via:
https://www.investormeetcompany.com/central-asia-metals-plc/register-investor
(https://www.investormeetcompany.com/central-asia-metals-plc/register-investor)
Investors who already follow CAML on the Investor Meet Company platform will
be invited automatically.
Board of Directors' recommendations
The Board of Directors of Cygnus consider that the Scheme is in the best
interest of Cygnus shareholders and unanimously recommend that Cygnus'
shareholders vote in favour of the Scheme, in the absence of a superior
proposal and subject to an independent expert concluding (and continuing to
conclude) that the Scheme is in the best interests of Cygnus' shareholders.
Subject to those same qualifications, each member of the Cygnus Board intends
to vote, or cause to be voted, all Cygnus Shares which they own or control in
favour of the Scheme at the Scheme Meeting.
The Board of Directors of CAML are supportive of the Scheme and unanimously
recommend that CAML shareholders vote in favour of the allotment of the New
CAML Shares and grant of the New CAML Options (as defined below) at the CAML
Meeting. Each member of the CAML Board intends to vote, or cause to be voted,
all CAML shares which they own or control in favour of the allotment of the
New CAML Shares and grant of the New CAML Options (as defined below) at the
CAML Meeting.
Certain interests of Cygnus Directors in the Scheme
As at the date of this announcement, the Cygnus Directors collectively hold
and/or control the votes in relation to 30,169,842 or approximately 2.47% of
the Cygnus Shares on issue.
In addition, the Cygnus Directors collectively hold or have an interest in
6,266,722 Cygnus Options, 48,819,206 Cygnus performance rights, and 2,445,906
Cygnus share rights.
The Cygnus Directors have each carefully reviewed their positions and consider
that their interests in Cygnus Shares, Cygnus Options, Cygnus performance
rights, and Cygnus share rights do not preclude them from making
recommendations in relation to the Scheme.
Cygnus Shareholder Support
Ocean Partners Holdings Limited, Equinox Partners Investment Management LLC,
Symorgh Investments Pty Ltd and Gold Leaf Corporate Pty Ltd (together with
each of their respective associates), which together currently own and/or
control the votes in relation to 349,524,449 Cygnus Shares (representing
approximately 29% of the Cygnus Shares on issue), have also indicated their
intention to vote all Cygnus Shares that they hold directly or indirectly in
favour of the Scheme at the Scheme Meeting, in the absence of a superior
proposal emerging (as determined and announced by the Cygnus Board in
accordance with the SID) and subject to an independent expert concluding (and
continuing to conclude) that the Scheme is in the best interests of Cygnus
shareholders. 8
Additionally, Ocean Partners Holdings Limited (together with its associates)
in respect of its 156,201,460 Cygnus Shares, and Equinox Partners Investment
Management LLC (together with its associates) in respect of its 150,829,997
Cygnus Shares, have also confirmed that they will not dispose, or cause the
disposal, of those Cygnus Shares until the earlier of, the date of the Scheme
Meeting, or, the date that is four months from the date of their intention
statement.
Call Option Deed
CAML has also entered into a call option deed ('Call Option Deed') with Ocean
Partners Holdings Limited and Ocean Partners UK Limited (together, 'Ocean
Partners') in respect of their relevant interests in an aggregate 120,906,526
Cygnus Shares representing, in aggregate, 9.9% of Cygnus Shares on issue
('Call Option'). The Call Option provides CAML with the right to acquire the
relevant Cygnus Shares held by Ocean Partners for 0.06 CAML Shares per Cygnus
Share if:
· Cygnus has received a competing proposal or any person (including
Cygnus) publicly announces a competing proposal; and
· the Cygnus Board has announced that a competing proposal is a
superior proposal,
(together, the 'Call Option Conditions').
Subject to satisfaction of the Call Option Conditions, CAML may exercise the
Call Option at any time during the exercise period, being until the earlier
of: (i) six months after date of deed; (ii) the date of implementation of the
Scheme; (iii) the date that is ten business days after the date the SID is
validly terminated, provided that no new scheme implementation deed or
takeover bid or other control proposal is announced by CAML or any other CAML
group member within that ten business day period; and (iv) such other date and
time agreed in writing between Ocean Partners and CAML before that date.
The full terms of the Call Option Deed will be annexed to CAML's notice of
initial substantial holder to be released to ASX shortly after this
announcement.
Scheme structure and certain terms of the SID
Under the SID, CAML will acquire 100% of the Cygnus Shares by way of the
Scheme, pursuant to which Cygnus shareholders will receive 0.06 New CAML
Shares per Cygnus Share held.
Implementation of the Scheme is subject to customary and other conditions,
including (among other things):
· Receipt of specified North Macedonian and Kazakhstan regulatory
approvals;
· An independent expert concluding and continuing to conclude that the
Scheme is in the best interest of Cygnus' shareholders;
· Approval of the Scheme by Cygnus' shareholders in accordance with
Australia's Corporations Act and applicable Canadian securities laws at the
Scheme Meeting;
· An ordinary resolution of CAML's shareholders authorising the
Directors to issue the New CAML Shares pursuant to the Scheme and grant the
New CAML Options (as defined below), as required by the Companies Act 2006 of
England and Wales;
· No Cygnus or CAML material adverse change, prescribed occurrence or
regulated event arising (each as defined in the SID); and
· Requisite Australian Court approvals.
In addition, the SID contains customary exclusivity provisions, including no
shop, no talk and no due diligence, and a notification obligation and a
matching right in favour of CAML. The SID also contains reciprocal break fee
provisions. The amount of the break fee, should it become payable, is
approximately A$2.3 million. A copy of the SID is attached to this
announcement.
As part of the Scheme and subject to any required regulatory approvals, CAML
intends to establish a share sale facility to give smaller Cygnus shareholders
the ability to have their CAML shares sold following implementation of the
Scheme. Cygnus shareholders (other than ineligible foreign shareholders)
holding 85,176 or less Cygnus Shares as at the record date for the Scheme will
be able to elect to have the New CAML Shares they would have otherwise
received under the Scheme sold on their behalf, following implementation of
the Scheme, by a third-party broker through the share sale facility ('Sale
Facility').
If CAML obtains approval for a listing of its ordinary shares on a Recognised
Canadian Exchange, eligible Cygnus shareholders, being those Cygnus
shareholders who do not participate in the Sale Facility and who have a
registered address in Australia, Canada, New Zealand, Singapore, the United
Kingdom or the United States of America ('Eligible Cygnus Shareholders'), will
be entitled to elect to have their New CAML Shares to be tradable on AIM or a
Recognised Canadian Exchange ('Exchange Election'). In the event an Eligible
Cygnus Shareholder makes a valid election for their New CAML Shares to be
tradable on a Recognised Canadian Exchange and approval for the New CAML
Shares to be listed on a Recognised Canadian Exchange is not obtained, they
will receive their New CAML Shares that can be tradable on AIM.
Eligible Cygnus Shareholders who do not make a valid election prior to the
election cut-off date will be deemed to have elected to receive their New CAML
Shares that can be tradable on AIM.
Further details on how Cygnus shareholders may participate in the Sale
Facility and Exchange Election (as applicable) will be included in the Scheme
Booklet to be issued by Cygnus.
As a condition precedent to the Scheme, before the Court hearing to approve
the Scheme, each holder of options in Cygnus (a 'Cygnus Optionholder') must
have either (i) exercised their options in Cygnus ('Cygnus Options') and
received Cygnus Shares; (ii) entered into an agreement under which all of
their Cygnus Options will be automatically exercised upon the Scheme becoming
effective; or (iii) agreed, to the extent their options are not exercised
before the Scheme record date, to their Cygnus Options being transferred to
CAML or cancelled in exchange for replacement options over the ordinary share
capital of CAML on terms substantially equivalent to the Cygnus Option it
replaces ('New CAML Options').
Subject to the Scheme becoming effective and normal regulatory conditions, it
is CAML's intention to appoint a current director of Cygnus to the CAML Board
to support continuity of management of the Chibougamau Project. It is also
CAML's intention to retain all Canada-based employees of Cygnus following
implementation of the Scheme.
Subject to Australian Court approval, Cygnus intends to distribute an
explanatory statement to its shareholders ('Scheme Booklet') containing
information in relation to the Scheme, including the basis for the Cygnus
Board's unanimous recommendation, an independent expert's report providing an
assessment as to whether the Scheme is in the best interest of Cygnus
shareholders, and other matters relevant to Cygnus shareholders, indicatively
around mid-August 2026.
The Scheme Meeting of Cygnus shareholders to approve the Scheme is expected to
be held in mid-September 2026. Subject to the conditions of the Scheme being
satisfied or waived (as applicable), the Scheme is expected to be implemented
in September 2026 9 .
CAML will be publishing a circular to its shareholders containing a notice of
extraordinary general meeting in due course at which it will propose the
ordinary resolution described above.
CAML and Cygnus will keep the market informed of any material developments in
accordance with their respective disclosure obligations.
Timetable and next steps
Cygnus shareholders do not need to take any action at this stage.
An indicative timetable for the Scheme is set out below.(§)
Event Date (2026)
Lodge draft Scheme Booklet with ASIC for review Late July
First Court Date Mid August
Dispatch Scheme Booklet to Cygnus Shareholders Mid August
Dispatch Meeting Materials to CAML Shareholders Mid August
CAML Shareholder Meeting Mid September
Scheme Meeting Mid September
Second Court Date September
Effective Date September
Record Date Two Business Days after the Effective Date
Implementation Date Five Business Days after Record Date
(§)Note this is an indicative timetable only and is subject to change,
necessary approvals and Court availability.
Adviser and counsel
CAML has engaged BMO Capital Markets as exclusive financial adviser, Corrs
Chambers Westgarth as Australian legal adviser, McCarthy Tetrault as Canadian
legal adviser and Fieldfisher as UK legal adviser.
Cygnus has engaged Canaccord Genuity as exclusive financial adviser, Hamilton
Locke as Australian legal adviser and Osler, Hoskin & Harcourt as Canadian
legal adviser.
About CAML
Central Asia Metals PLC is a UK-incorporated base metals producer,
headquartered in London. CAML has been admitted to trading on the AIM market
of the London Stock Exchange since its IPO in 2010. Today CAML has a market
capitalisation of approximately US$381 million, and base metal operations in
Europe and Central Asia. The Board of Directors of CAML is composed of
UK-based senior level executives, bringing a mix of international mining
experience, capital markets experience and environmental, social and
governance experience.
CAML owns 100% of the Sasa underground zinc-lead mine in North Macedonia,
Europe, and 100% of the Kounrad solvent extraction and electrowinning (SX-EW)
copper operation in central Kazakhstan. CAML also has two exploration
subsidiaries formed to progress early-stage exploration opportunities in
Kazakhstan, and a 32.6% interest in Aberdeen Minerals Ltd, a privately-owned
UK company focused on the exploration and development of base metals
opportunities in northeast Scotland.
Kounrad produces copper by leaching metal directly from historical waste
dumps, eliminating the need for conventional mining activities such as
drilling, blasting and ore transport, which underpins its low-cost, efficient
operation. The process uses SX-EW, a two-stage hydrometallurgical method
whereby dilute sulphuric acid first dissolves copper from low-grade material,
after which the copper is selectively extracted into an organic solvent and
then stripped using a strong acid solution. The resulting copper-rich solution
is processed through electrowinning, where high-purity copper is plated onto
stainless steel cathodes. To date, more than 180,000 tonnes of copper cathode
have been produced.
Sasa is an underground zinc and lead mine consisting of three deposits -
Svinja Reka, Kozja Reka and Golema Reka - producing around 800,000 tonnes of
ore each year. Operations involve drilling and blasting with mechanised
equipment, supported by a network of haulage levels and sub-levels. The mine
is transitioning from traditional sub-level caving to more efficient bottom-up
methods with enhanced safety, including cut-and-fill and long-hole stoping
with paste backfill. Ore handling is split between underground rail haulage
via the Golema Reka shaft and truck transport to surface, with efficiency
recently improved by the completion of the Central Decline. At the surface,
ore undergoes multi-stage crushing and milling before flotation produces
separate lead and zinc concentrates, which are filtered, stored and sold to
smelters.
For further information on CAML, please visit www.centralasiametals.com
(http://www.centralasiametals.com)
The Scheme represents a substantial transaction for CAML pursuant to Rule 12
of the AIM Rules for Companies.
About Cygnus
Cygnus Metals Limited is a diversified critical minerals exploration and
development company with key assets located in Tier 1 mining jurisdictions,
including Québec, Canada and Western Australia. Cygnus acquired the
Chibougamau Project as part of its merger with Doré Copper Mining Corp.
('Doré') completed on 31 December 2024. The Chibougamau Project, located in
central Québec approximately 480 kilometres due north of Montreal, has
excellent infrastructure with an historical 900,000 tonne per year processing
plant facility. The company's primary focus is to advance the Chibougamau
Project with an aggressive exploration program to drive resource growth and
develop a hub-and-spoke operation model with its centralised processing
facility. In addition, Cygnus has quality lithium assets with significant
exploration upside in the world-class James Bay district in Québec, and rare
earth element and base metal projects in Western Australia.
The Chibougamau Copper-Gold Project
Cygnus has consolidated a large land package of over 278 square kilometres in
the prolific Chibougamau mining district that has produced over 945,000 tonnes
of copper and 3.5 million ounces of gold from 16 former producing mines
between the early 1900s and 2008 10 . The Chibougamau Project has excellent
infrastructure with a local mining town, sealed highway, airport, regional
rail infrastructure and access to hydro power via installed powerlines. The
infrastructure includes an historical processing facility of 900,000 tonnes
per year just 10 kilometres from the town of Chibougamau consisting of a
conventional circuit that produced a high-quality clean concentrate.
The Chibougamau Project has a high-grade MRE of 6.4 million tonnes at a 2.3%
Cu grade, 0.8g/t Au grade and 7.6g/t Ag grade in the Measured and Indicated
Resource categories and 8.5 million tonnes at a 2.1% Cu grade, 1.7g/t Au grade
and 7.9g/t Ag grade in the Inferred Resource category, reported in accordance
with the JORC Code 2012 and the CIM Definition Standards (CIM, 2014). The
resource base is comprised of five deposits - Corner Bay (main asset), Devlin,
Cedar Bay, Golden Eye and Joe Mann - all located within a 60-kilometre radius
of the centralised processing facility
For further information on Cygnus, please visit www.cygnusmetals.com
(http://www.cygnusmetals.com)
This joint announcement has been authorised for release by the CAML Board and
the Cygnus board.
For further information contact:
Central Asia Metals Tel: +44 (0) 20 7898 9001
Gavin Ferrar
CEO
Louise Wrathall
CFO
Richard Morgan Richard.morgan@centralasiametals.com
(mailto:Richard.morgan@centralasiametals.com)
Investor Relations Manager
Peel Hunt (Nominated Adviser and joint broker) Tel: +44 (0) 20 7418 8900
Ross Allister
David McKeown
Emily Bhasin
BMO Capital Markets (joint broker) Tel: +44 (0) 20 7236 1010
Thomas Rider
Pascal Lussier Duquette
BlytheRay (PR advisers) Tel: +44 (0) 20 7138 3204
Megan Ray CentralAsiaMetals@BlytheRay.com (mailto:CentralAsiaMetals@BlytheRay.com)
Rachael Brooks
Cygnus Metals Tel: +61 (0)8 6118 1627
David Southam
Executive Chairman
Nicholas Kwong
CEO
Maddison Cramer info@cygnusmetals.com (mailto:info@cygnusmetals.com)
Joint Company Secretary
IMPORTANT INFORMATION
This joint announcement has been prepared by CAML and Cygnus based on
information available to them at the time of preparing this announcement. No
representation or warranty, express or implied, is made as to the fairness,
accuracy or completeness of the information, opinions and conclusions
contained in this announcement. To the maximum extent permitted by law:
· none of CAML or any related body corporate of CAML, nor any of their
respective directors, employees, agents or advisers ('CAML Parties'), or any
other person, accepts any liability, including, without limitation, any
liability arising from fault or negligence on the part of any of them or any
other person, for any loss arising from the use of this announcement or its
contents or otherwise arising in connection with it; and
· none of Cygnus or any related body corporate of Cygnus, nor any of
their respective directors, employees, agents or advisers ('Cygnus Parties'),
or any other person, accepts any liability, including, without limitation, any
liability arising from fault or negligence on the part of any of them or any
other person, for any loss arising from the use of this announcement or its
contents or otherwise arising in connection with it.
NOT AN OFFER, SUMMARY INFORMATION ONLY
This document does not constitute an offer to sell, or a solicitation of an
offer to buy any securities in any jurisdiction. The distribution of this
announcement and the offer of securities is restricted in jurisdictions
outside of Australia, Canada and the United Kingdom.
This announcement may not be released to US wire services or distributed in
the United States.
This announcement does not constitute an offer to sell, or the solicitation of
an offer to buy, any securities in the United States or any other jurisdiction
in which such an offer would be unlawful. The securities referred to in this
announcement have not been, and will not be, registered under the US
Securities Act of 1933 ('US Securities Act') and may not be offered or sold in
the United States except in transactions exempt from, or not subject to, the
registration requirements of the US Securities Act and applicable US state
securities laws.
The announcement contains summary information only, and further detailed
information about CAML, Cygnus and the Scheme will be provided in the Scheme
Booklet to be despatched to Cygnus shareholders in relation to the Scheme.
NO INVESTMENT ADVICE
This document has been prepared without taking into account the investment
objectives, financial situation, taxation considerations or particular needs
of any person. Before making an investment decision, prospective investors
should consider the appropriateness of the information contained in, or
referred to in, this joint announcement having regard to their own investment
objectives, financial situation and needs and seek legal and taxation advice
appropriate to their jurisdiction.
LIMITATION ON CAML INFORMATION
All information in this announcement in relation to CAML and its operations -
including in relation to or otherwise derived from historical production,
historical costs and cash flows and other financial information, or production
or development plans, or infrastructure or production capacity or capability,
or any forward-looking statements relating to or extrapolated from any of that
information - has been sourced from CAML ('CAML Information'). Subject to the
preceding disclaimer, CAML is responsible for the CAML Information, as well as
any information in this announcement that is presented on a 'merged group'
basis (excluding to the extent derived from Cygnus Information (defined
below)). None of the Cygnus Parties assume any responsibility for the accuracy
or completeness of the CAML Information.
LIMITATION ON CYGNUS INFORMATION
All information in this announcement in relation to Cygnus and its operations
- including in relation to or otherwise derived from historical production,
historical costs and cash flows and other financial information, or production
or development plans, or infrastructure or production capacity or capability,
or any forward-looking statements relating to or extrapolated from any of that
information - has been sourced from Cygnus ('Cygnus Information'). Subject to
the preceding disclaimer, Cygnus is responsible for the Cygnus Information.
None of the CAML Parties assume any responsibility for the accuracy or
completeness of the Cygnus Information.
FORWARD-LOOKING STATEMENTS
This announcement contains references to forecasts, estimates, assumptions and
other forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as 'seek', 'anticipate',
'forecast', 'believe', 'plan', 'estimate', 'expect' and 'intend' and
statements that an event or result 'may', 'will', 'should', 'could' or 'might'
occur or be achieved and other similar expressions. All forward-looking
statements are based on information and estimates available to CAML and Cygnus
at the time of this announcement and are not guarantees of future performance.
They may be affected by a variety of variables and changes in underlying
assumptions that are subject to risk factors associated with the nature of the
business, which could cause actual results to differ materially from those
expressed herein. Examples of forward-looking statements (made at the date of
this announcement unless otherwise indicated) include, among others,
statements regarding intentions, beliefs and expectations, plans, strategies
and objectives of the directors and management of CAML and Cygnus, the
anticipated timing for and outcome and effects of the Scheme (including
expected benefits to shareholders of CAML and Cygnus), whether listing on a
Recognised Canadian Exchange will be achieved (including the timing thereof),
indications of and guidance on synergies, future earnings or financial
position or performance, anticipated production or construction or development
commencement dates, costs or production outputs, capital expenditure and
future demand for copper and/or gold, expectations for the ongoing development
and growth potential and the future operation of CAML and Cygnus. Any
forward-looking statements, as well as any other opinions and estimates,
provided in this announcement are based on assumptions, contingencies and
estimates existing at the time of assessment and which are subject to change
without notice impacting the accuracy of those statements and which may prove
ultimately to be materially incorrect, as are statements about market and
industry trends, which are based on interpretations of current market
conditions. Forward-looking statements are not statements of historical fact
and actual events and results may differ materially from those contemplated by
the forward-looking statements as a result of a variety of risks,
uncertainties and other factors, many of which are outside the control of CAML
and Cygnus. Such factors may include, among other things, risks relating to
funding requirements, commodity prices, exploration, development and operating
risks (including unexpected capital or operating cost increases), production
risks, competition and market risks, regulatory restrictions (including
environmental regulations and associated liability, changes in regulatory
restrictions or regulatory policy and potential title disputes) and risks
associated with general economic conditions.
In addition, other factors related to the Scheme that contribute to the
uncertain nature of the forward-looking statements and that could cause actual
results and financial condition to differ materially from those expressed or
implied include, but are not limited to: the satisfaction of the conditions
precedent to the consummation of the Scheme, including, without limitation,
the receipt of securityholder and regulatory approvals on the terms desired or
anticipated; unanticipated difficulties or expenditures relating to the
Scheme, including, without limitation, difficulties that result in the failure
to realise expected synergies, efficiencies and cost savings from the Scheme
within the expected time period (if at all); potential difficulties in CAML's
and Cygnus' ability to retain employees as a result of the announcement and
pendency of the Scheme; disruptions of CAML's and Cygnus' current plans,
operations and relationships with customers caused by the announcement and
pendency of the Scheme; and legal proceedings that may be instituted against
CAML or Cygnus following announcement of the Scheme.
There can be no assurance that the Scheme will be implemented or that plans of
the directors and management of CAML and Cygnus will proceed as currently
expected or will ultimately be successful. There can also be no certainty that
listing on a Recognised Canadian Exchange will be achieved (including the
timing thereof). You are strongly cautioned not to place undue reliance on
forward-looking statements, including in respect of the financial or operating
outlook for CAML or Cygnus.
Except as required by applicable law, the ASX or TSXV listing rules, or the
AIM rules for companies, CAML and Cygnus assume no obligation to, and
expressly disclaim any duty to, provide any additional or updated information
or to update any forward-looking statements, whether as a result of new
information, future events or results, or otherwise. Nothing in this
announcement will, under any circumstances (including by reason of this
announcement remaining available and not being superseded or replaced by any
other presentation or publication with respect to CAML or Cygnus, or the
subject matter of this announcement), create an implication that there has
been no change in the affairs of CAML or Cygnus since the date of this
announcement. The distribution of this announcement may be subject to legal or
regulatory restrictions in certain jurisdictions. Any person who comes into
possession of this announcement must inform themselves of and comply with any
such restrictions.
MINERAL RESOURCES REPORTING
The information in this announcement that relates to the current Mineral
Resource Estimate for the Chibougamau Project of Cygnus reported in accordance
with the JORC Code 2012 and NI 43-101 has been extracted from the ASX release
by Cygnus entitled 'Cygnus reports a 78% increase in M&I resource at its
Chibougamau Copper-Gold Project' dated 17 September 2025 which is available on
the Cygnus website www.cygnusmetals.com and www.asx.com
(http://www.asx.com.au) and on Cygnus' profile on SEDAR+ at www.sedarplus.ca
('Cygnus Announcement'). Cygnus confirms that it is not aware of any new
information or data that materially affects the information included in the
Cygnus Announcement, and that all material assumptions and technical
parameters underpinning the estimates in the Cygnus Announcement continue to
apply and have not materially changed. Cygnus confirms that the form and
context in which the competent person's findings are presented have not been
materially modified from the Cygnus Announcement.
Individual grades for the metals included in the metal equivalents
calculations of the Mineral Resource Estimate, as well as the price
assumptions, metallurgical recoveries and metal equivalents calculations
themselves are in Table 1 below. It is Cygnus' view that all elements in the
copper and gold equivalent calculations have a reasonable potential to be
recovered and sold.
Table 1: Mineral Resource Estimate for the Chibougamau Project as at 17
September 2025
Cu Project Classification COG CuEq Tonnage Average Grade Contained Metal
Cu Au Ag CuEq AuEq Cu Au Ag CuEq AuEq
% Mt % g/t g/t % g/t kt koz koz kt koz
Corner Bay Indicated 1.2 4.9 2.5 0.3 8.4 2.8 4.1 124 43 1,316 137 638
Inferred 5.4 2.7 0.2 8.9 3.0 4.3 146 41 1,543 159 744
Devlin Measured 1.5 0.1 2.7 0.3 0.5 2.9 4.7 4 1 2 4 19
Indicated 0.6 2.0 0.2 0.2 2.1 3.4 13 4 5 13 69
M&I 0.8 2.1 0.2 0.3 2.3 3.6 16 5 7 17 88
Inferred 0.3 2.0 0.2 0.3 2.1 3.4 7 2 3 7 36
Joe Mann Inferred 2.0 0.7 0.2 6.0 - 4.6 6.3 2 143 - 34 151
Cedar Bay Indicated 1.8 0.3 1.6 6.0 9.9 6.4 8.1 4 50 82 16 67
Inferred 0.8 2.0 5.1 11.8 6.1 7.8 17 134 309 50 205
Golden Eye Indicated 0.5 1.0 4.3 9.9 4.4 5.6 5 69 161 22 91
Inferred 1.2 0.9 3.4 7.9 3.6 4.6 11 134 313 45 182
Project Classification Tonnage Average Grade Contained Metal
Cu Au Ag CuEq AuEq Cu Au Ag CuEq AuEq
Mt % g/t g/t % g/t kt koz koz kt koz
Hub and Spoke Measured 0.1 2.7 0.3 0.5 2.9 4.7 4 1 2 4 19
Indicated 6.3 2.3 0.8 7.8 3.0 4.3 146 166 1,563 189 8
6
5
M&I 6.4 2.3 0.8 7.6 3.0 4.3 149 167 1,565 193 8
8
4
Inferred 8.5 2.1 1.7 7.9 3.5 4.8 182 454 2,168 295 1
,
3
1
8
Notes:
1. Cygnus' Mineral Resource Estimate for the Chibougamau Copper-Gold
project, incorporating the Corner Bay, Devlin, Joe Mann, Cedar Bay, and Golden
Eye deposits, is reported in accordance with the JORC Code and the Canadian
Institute of Mining, Metallurgy and Petroleum ('CIM') (2014) definitions in NI
43-101.
2. Mineral Resources are estimated using a long-term copper price of
US$9,370/t, gold price of US$2,400/oz, and silver price of US$30/oz, and a
US$/C$ exchange rate of 1:1.35.
3. Mineral Resources are estimated at a CuEq cut-off grade of 1.2%
for Corner Bay and 1.5% CuEq for Devlin. A cut-off grade of 1.8 g/t AuEq was
used for Cedar Bay and Golden Eye; and 2.0 g/t AuEq for Joe Mann.
4. Corner Bay bulk density varies from 2.85 tonnes per cubic metre
(t/m(3)) to 3.02t/m(3) for the estimation domains and 2.0 t/m(3) for the
overburden. At Devlin, bulk density varies from 2.85 t/m(3) to 2.90 t/m(3).
Cedar Bay, Golden Eye, and Joe Mann use a bulk density of 2.90 t/m³ for the
estimation domains.
5. Assumed metallurgical recoveries are as follows: Corner Bay
copper is 93%, gold is 78%, and silver is 80%; Devlin copper is 96%, gold is
73%, and silver is 80%; Joe Mann copper is 95%, gold is 84%, and silver is
80%; and Cedar Bay and Golden Eye copper is 91%, gold is 87%, and silver is
80%.
6. Assumptions for CuEq and AuEq calculations (set out below) are as
follows: Individual metal grades are set out in the table. Commodity prices
used: copper price of US$9,370/t, gold price of US$2,400/oz and silver price
of US$30/oz. Assumed metallurgical recovery factors: set out above. It is the
Company's view that all elements in the metal equivalent calculations have a
reasonable potential to be recovered and sold.
7. CuEq Calculations are as follows: (A) Corner Bay = grade Cu (%) +
0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t) ; (B) Devlin = grade Cu
(%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t); (C) Joe Mann =
grade Cu (%) + 0.72774* grade Au (g/t); and (D) Golden Eye and Cedar Bay =
grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t).
8. AuEq Calculations are as follows: (A) Corner Bay = grade Au (g/t)
+ 1.45097* grade Cu(%)+0.01282* grade Ag (g/t); (B) Devlin = grade Au (g/t) +
1.59957* grade Cu(%)+0.01379* grade Ag (g/t); (C) Joe Mann = grade Au (g/t) +
1.37411* grade Cu (%); and (D) Cedar Bay and Golden Eye = grade Au (g/t) +
1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
9. Wireframes were built using an approximate minimum thickness of 2
m at Corner Bay, 1.8 m at Devlin, 1.2 m at Joe Mann, and 1.5 m at Cedar Bay
and Golden Eye.
10. Mineral Resources are constrained by underground reporting shapes.
11. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability.
12. Totals may vary due to rounding.
PRELIMINARY ECONOMIC ASSESSMENT DISCLAIMER
The outcomes of the PEA were first announced by Doré Copper Mining Corp. on
10 May 2022 and the comprehensive technical report underpinning the PEA was
announced by Doré in accordance with the requirements of NI 43-101 on 15 June
2022. The Technical Report was prepared by BBA Inc. with several consulting
firms contributing to sections of the study, including SLR, SRK Consulting
(Canada) Inc. and WSP Inc. The Technical Report and the announcement are
available on SEDAR.
Cygnus cautions that the PEA is a preliminary technical, conceptual and
economic study undertaken by Doré of the initial evaluation and potential
development of the Chibougamau Project. It is at scoping study level only,
which is based on a lower level of technical assessment that is not sufficient
to support the estimation of Ore Reserves and is inherently uncertain. The
production targets and forecast financial information disclosed in the PEA are
underpinned by Measured Mineral Resources (approximately 1.17%), Indicated
Mineral Resources (approximately 32.10%) and Inferred Mineral Resources
(approximately 66.73%). However, Cygnus is not able to disclose the outcomes
of the PEA as the significant proportion of Inferred Resources included in the
Life of Mine means that pursuant to ASX and ASIC guidance there is not
considered to be sufficiently reasonable grounds for the production targets
and forecast financial information disclosed in the PEA. Accordingly, Cygnus
is not disclosing the production targets and forecast financial information
reported in the PEA and cautions investors against making investment decisions
based on such targets and forecasts.
QUALIFIED PERSON AND NATIONAL INSTRUMENT 43-101 DISCLOSURE
The scientific and technical information in this announcement relating to the
Chibougamau Project has been reviewed and approved by Louis Beaupre, the
Quebec Exploration Manager of Cygnus, who is a 'qualified person' for the
purposes of National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ('NI 43-101'). The mineral resource estimate for the Chibougamau
Project referenced in this announcement has been prepared in accordance with
the Canadian Institute of Mining, Metallurgy and Petroleum 'CIM Definition
Standards on Mineral Resources and Mineral Reserves' (May 2014) and disclosed
in compliance with NI 43-101. A current technical report prepared in
accordance with NI 43-101 in respect of the Chibougamau Project entitled 'NI
43-101 Technical Report - Chibougamau Hub and Spoke Complex, Quebec, Canada'
dated as of October 31, 2025 with an effective date of August 30, 2025 is
available under Cygnus' profile on SEDAR+ at www.sedarplus.ca
(http://www.sedarplus.ca) .
CAUTIONARY NOTE REGARDING MINERAL RESOURCES
Mineral resources that are not ore reserves do not have demonstrated economic
viability. The estimates of mineral resources referred to in this announcement
may be materially affected by environmental, permitting, legal, title,
sociopolitical, marketing or other relevant issues. Inferred mineral resources
have a great amount of uncertainty as to their existence, and as to their
economic and legal feasibility. It cannot be assumed that all or any part of
an inferred mineral resource will ever be upgraded to a higher category.
Investors are cautioned not to assume that all or any part of an inferred
mineral resource exists, or is economically or legally mineable.
TSX VENTURE EXCHANGE
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this announcement.
1 The terms of the Scheme value each Cygnus Share at A$0.176 per Cygnus
Share based on the closing price of £1.56 per CAML share and a A$:£ exchange
rate of A$1:£0.53 on 1 June 2026. The Scheme Consideration is based on
1,220,913,340 Cygnus Shares on issue, 1,050,000 Cygnus Shares to be issued as
Stage 4 consideration for acquisition of the Beryl and Sakami projects, along
with 83,621,706 Cygnus performance rights, 3,146,535 Cygnus share rights and
11,094,785 Cygnus options. For the purposes of calculating the implied equity
value of the Scheme Consideration, all performance rights and share rights are
assumed to convert into ordinary shares and all outstanding in-the-money
options are assumed to be exercised prior to the Record Date.
2 Refer to the section of this announcement titled 'Cygnus Shareholder
Support' for further information regarding the voting intention statements
(and the qualifications to those statements) and shareholders who have
provided them.
3 Refer footnote 1.
4 Based on 79 million New CAML Shares having been issued to Cygnus
shareholders under the terms of the proposed Scheme. For the purposes of
calculating the fully diluted issued share capital, all performance rights and
share rights of Cygnus are assumed to convert into ordinary shares and all
outstanding in-the-money options of Cygnus are assumed to be exercised prior
to the Record Date.
5 Refer to Cygnus' ASX announcement titled 'Cygnus reports a 78% increase in
M&I resource at its Chibougamau Copper-Gold Project' dated September 17,
2025.
6 Central Asia Metals PLC, 2025 Operations Update, dated 8 January 2026.
7 Refer to Cygnus' ASX announcement titled 'Cygnus reports a 78% increase in
M&I resource at its Chibougamau Copper-Gold Project' dated September 17,
2025
(#_ftnref8) 8 The Cygnus shareholders who have given voting intention
statements comprise: (1) Ocean Partners Holdings Limited (156,201,460 Cygnus
Shares representing 12.79% of all Cygnus Shares); (2) Equinox Partners
Investment Management LLC on behalf of itself and Equinox Partners LP, Mason
Hill Partners LP, Equinox Partners Precious Metals Master Fund LP, and
Stichting LGP (150,829,997 Cygnus Shares representing 12.35% of all Cygnus
Shares); (3) Symorgh Investments Pty Ltd (21,373,414 Cygnus Shares), Symorgh
Investments Pty Ltd (7,559,199 Cygnus Shares) and Symorgh Super Pty Ltd
(188,310 Cygnus Shares) (collectively, 29,120,923 Cygnus Shares representing
2.39% of all Cygnus Shares); and (4) Gold Leaf Corporate Pty Ltd (10,064,679
Cygnus Shares), Blue Leaf AC (1,000,000 Cygnus Shares), M D & S J Super
Fund (2,133,912 Cygnus Shares) and Ms Sarah June Naylor (173,478 Cygnus
Shares) (collectively, 13,372,069 Cygnus Shares representing 1.10% of all
Cygnus Shares).Each of the aforementioned shareholders has consented to the
inclusion of these voting intention statements in this document.
9 Dates are indicative only and may be subject to change.
(( 10 )) Historical production statistics for the Chibougamau area are
recorded in Leclerc. F, Harris. L. B, Bedard. J. H, Van Breeman. O and Goulet.
N. 2012, Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and
Shear Zone-Hosted Mineralisation in the Chapais-Chibougamau Mining Camp,
Northeastern Abitibi, Canada. Society of Economic Geologists, Inc. Economic
Geology, v. 107, pp. 963-989.
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