Warriedar Resources (ASX:WA8) shareholders offered a premium path to value realisation in Capricorn Deal

Warriedar Resources (ASX:WA8) is poised for a transformative shift, with Capricorn Metals (ASX:CMM) launching an all-scrip acquisition that not only unlocks the latent value of Warriedar’s flagship assets but also offers shareholders exposure to a cash-flowing, ASX 200-listed gold producer.

Under the proposed scheme of arrangement, Warriedar shareholders will receive 1 new Capricorn share for every 62 Warriedar shares held — valuing WA8 at 15.5 cents per share based on Capricorn’s recent trading price of $9.60.

That represents a compelling 29 per cent premium to the last traded price, and a 55 per cent premium to Warriedar’s May capital raise.

Transaction Highlights
• 29% premium to last traded share price
• 2.3Moz AuEq added to Capricorn’s WA resource base
• Immediate exposure to Capricorn’s Karlawinda production
• Substantial de-risking of GRP and Fields Find development
• Warriedar shareholders to own ~4.36% of Capricorn

For Warriedar investors, many of whom backed the company during its antimony-led pivot at Ricciardo, the proposed transaction offers a timely liquidity event with future upside.

More importantly, it relieves Warriedar of the capital and operational demands associated with bringing its Golden Range and Fields Find projects into production independently.

“Delivering an attractive premium and ongoing, but significantly de-risked, exposure to the Golden Range Project is a compelling outcome for our shareholders,” Warriedar Chairman Mark Connelly noted. “Capricorn brings cash flow, market strength, and the technical ability to realise the full value of these assets.”

Ricciardo, a 1.96Moz gold-equivalent deposit with a globally significant antimony component, sits on granted mining leases and includes existing infrastructure, notably a 0.8Mtpa processing plant.

The broader Golden Range tenure spans 788km² in WA’s prolific Yalgoo-Singleton greenstone belt. Combined, the projects offer high-grade resource growth and district-scale upside.

The transaction also reduces development risk by integrating the GRP into Capricorn’s Mt Gibson development plans.

Warriedar Resources 2.3Moz AuEq will lift Capricorn Metals WA Mineral Resource base by roughly 25 per cent to 9.1Moz AuEq.

Notably, Warriedar Managing Director Dr Amanda Buckingham will continue with the business post-deal to ensure continuity.

“The Ricciardo and Fields Find projects have a unique combination of scale, upside and infrastructure,” said Dr Buckingham. “Capricorn is ideally positioned to take them forward, and this deal ensures Warriedar shareholders remain part of that journey.”

What Comes Next
• Scheme Booklet issued in September 2025
• Shareholder vote expected in October
• Completion targeted for early November

For Warriedar shareholders, the scheme represents a rare convergence of premium pricing, strategic logic, and long-term upside.

With endorsement from the board and major shareholders representing over 16 per cent of the register, all signs point to this being a value crystallisation event, and the beginning of a broader growth story under Capricorn’s stewardship.

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