01-Aug-2025: Any thoughts on the agreed CMM takeover offer for WA8 @BkrDzn ?

24/07/2025: Presentation - Capricorn Metals to acquire Warriedar

24/07/2025: Capricorn Metals to acquire Warriedar Resources

Plenty of unhappy WA8 shareholders on other forums, and the implied offer price (15.5cps) is well below your own Valuation of $0.269/share fully diluted Joshua.

Trav @ MoM had some thoughts today: Why Warriedar Shareholders Don’t Like the Capricorn Deal [August 1st, 2025, Money of Mine podcast].

I'm interested as a CapMetals shareholder, not holding WA8, interested if this deal doesn't achieve the required 75% shareholder vote to get up, and interested in whether CMM walk away or up their price, and if that's before or after the vote (in the case of a potential higher offer).

Trav mentioned that the Confidentiality Deed (/agreement) in connection with this deal was signed by WA8 back on March 25th when the WA8 SP was just 6 cents, so there has been some negotiation between the two companies since before that date, and CapMetals wouldn't have offered 15.5 cps for Warriedar back then when Warriedar was trading at 6 cps, and despite Warriedar successfully raising $17 million in new capital through a placement in May 2025, with funds to be used for accelerated drilling and resource growth at their Ricciardo deposit, CapMetals have stayed in there and offered them a higher price (due to WA8's higher SP) and persisted until they got a deal that the WA8 Board and Management could get behind.

It makes plenty of strategic sense for CapMetals to own those tenements and have a second mill, assuming they refurb that Golden Range Mill that comes with WA8 as well as build a new mill at Mt Gibson, 90km away - the Mt Gibson gold project did have an old gold mill but it was decommissioned and removed when the mine was placed on care and maintenance in 1999 - under previous ownership.

I understand that what makes WA8 different and interesting to many is the antimony they have at Golden Range in addition to their gold, and punters feel that Warriedar refurbing and upgrading their own mill and going it alone could well provide a better return over time (a few years) than taking 15.5 cps worth of CMM stock per WA8 share now (1 new Capricorn share for every 62 Warriedar shares held).

Just figured that you've done the hard yards on understanding Warriedar @BkrDzn as evidenced by your initiation report on them, so I'd love to get your view on this M&A if you'd share it.