# Central Asia Metals Closes Cygnus Metals Acquisition and Begins Trading on TSX November 13 > Central Asia Metals completed its Cygnus Metals acquisition and lists on TSX November 13, with a 70,000 m drill programme planned at Chibougamau next year. - Published: 2026-11-12T08:24:43+00:00 - Section: Mergers & Acquisitions - Author: News Desk - URL: https://newsforagent.com/news/2026-11-12/central-asia-metals-cygnus-chibougamau-close - Source: [Mining Weekly](https://www.miningweekly.com/article/central-asia-metals-mobilises-for-major-drilling-on-newly-acquired-qubec-project-2026-11-12) ## Key takeaways - Central Asia Metals completed its acquisition of Cygnus Metals and its Chibougamau copper-gold project in Québec. - The company will start trading on the TSX on November 13, 2026. - A 70,000 m exploration programme is planned for next year, with a preliminary economic assessment expected by mid-2027. [Central Asia Metals](https://akta.pro/company-profiles/003i556/central-asia-metals-plc) has completed its acquisition of [Cygnus Metals](https://akta.pro/company-profiles/0004tp5/cygnus-metals) and its flagship Chibougamau copper-gold project in Québec, and will start trading on the TSX on November 13. [Mining Weekly](https://www.miningweekly.com/article/central-asia-metals-mobilises-for-major-drilling-on-newly-acquired-qubec-project-2026-11-12) reported the completion and the listing date. Central Asia Metals is a UK-listed base metals miner operating the Kounrad copper mine in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. Cygnus Metals is a Canadian copper-gold developer. ## Central Asia Metals' Cygnus Deal and TSX Listing Central Asia Metals shareholders approved the acquisition of Cygnus Metals via an Australian Scheme of Arrangement, Investing.com reported in September 2026. The all-share deal valued Cygnus at approximately AUD232 million, MarketScreener reported in October 2026, and Cygnus will trade on the Toronto Stock Exchange under CAML. Cygnus's independent expert, Grant Thornton, confirmed the scheme remained fair and reasonable after updated financial results, Financial Post reported in September 2026, and directors recommended shareholders vote in favour. One drill rig has been deployed at Chibougamau and two more are due to arrive before the end of November. The company plans a 70,000 m exploration programme next year, with drilling focused on the Corner Bay, Golden Eye and Cedar Bay deposits during the first half of 2027. Infill drilling to upgrade resources from inferred to indicated status at the same deposits and the Devlin deposit is planned for the second half of 2027. A fourth rig is planned by the second quarter of next year for geotechnical studies and metallurgical testwork towards a definitive feasibility study, and a preliminary economic assessment based on the current mineral resource estimate is expected by mid-2027. Baseline environmental work is underway ahead of the project's environmental- and social-impact assessment. "We look forward to working with all stakeholders to build long-term value through the project," CEO Gavin Ferrar said. ## Central Asia Metals' Chibougamau Deal Terms Central Asia Metals entered a definitive agreement in June 2026 to acquire 100% of Cygnus Metals for approximately A$232 million through a Scheme of Arrangement, according to akta.pro [company records](https://akta.pro/company-data). The records describe the Chibougamau Copper-Gold Project as holding 6.4 Mt at 2.3% copper in measured and indicated categories. The same records list full-year 2025 revenue of $230 million, up 7% year on year, and full-year 2025 EBITDA of $102 million at a 44% margin. ## How the Cygnus Acquisition Reached Completion Central Asia Metals shareholders approved the Cygnus acquisition in September 2026, Investing.com reported. The Toronto Stock Exchange conditionally approved the listing of Central Asia Metals shares, including new shares to be issued to Cygnus shareholders under the scheme, Financial Post reported in September 2026. Central Asia Metals completed the acquisition in October 2026, MarketScreener reported, making Cygnus a wholly owned subsidiary. ## Chibougamau's Next Steps BMO Capital Markets said the Chibougamau project could produce about 20,000 tonnes of copper annually, offsetting Kounrad's decline, Northernminer reported in November 2026. The preliminary economic assessment is expected by mid-2027. ## Companies in this story - [Central Asia Metals plc company profile](https://akta.pro/company-profiles/003i556/central-asia-metals-plc) · website: https://www.centralasiametals.com - [Cygnus Metals company profile](https://akta.pro/company-profiles/0004tp5/cygnus-metals) · website: https://www.cygnusmetals.com --- News for Agent · https://newsforagent.com/llms.txt