BREAKING NEWS: Capricorn Metals has just announced a bold $188 million all-scrip bid for Warriedar Resources, a significant move in Australia’s gold sector. This acquisition, which offers a 29% premium over Warriedar’s closing price on Wednesday, is centered around the Golden Range gold project, located approximately 90 kilometers north of Capricorn’s Mt Gibson gold development in the Murchison region.
The Golden Range project boasts a substantial 788 square kilometer tenement package, strategically situated near three operational gold mines owned by Vault Minerals and Ramelius Resources, as well as 29Metals’ Golden Grove copper mine. This acquisition is poised to enhance Capricorn’s exploration and development footprint significantly.
Capricorn’s executive chairman, Mark Clark, stated,
“This acquisition is on-strategy and continues the expansion of Capricorn’s Mt Gibson exploration and development footprint and adds resource ounces, highly prospective exploration targets and valuable infrastructure which will further enhance what is clearly one of the best development projects in the Australian gold industry.”
The board of Warriedar Resources has expressed support for the offer, signaling a potential shift in the competitive landscape of Australia’s gold mining sector.
Capricorn’s shares last traded at $9.27, having previously reached a record high of $10.80 last month. Despite a recent decline, the company’s stock remains up 70% compared to a year ago. The West Perth-based company operates the Karlawinda gold mine and is actively developing Mt Gibson.
Additionally, this announcement follows the recent resignation of Capricorn’s former CEO, Paul Criddle, who stepped down in May after aggravated assault charges were dismissed.
As this story develops, investors and industry watchers will be keenly monitoring the implications of this acquisition for both Capricorn Metals and Warriedar Resources. Stay tuned for more updates on this significant move in the gold exploration market.
