Capricorn Metals sweetens takeover offer for Warriedar Resources

Capricorn Metals Ltd has increased its offer to acquire Warriedar Resources Limited, with the Supreme Court of Western Australia approving the dispatch of a supplementary scheme booklet. The revised offer increases the share scheme consideration from 1 Capricorn share for every 62 Warriedar shares held to 1 Capricorn share for every 52.75 Warriedar shares. The option scheme consideration also improved, offering 1 new Capricorn option for every 52.75 Warriedar listed options held, with an amended exercise price of $5.275 per new Capricorn option.

The revised terms represent a 24% premium to Warriedar's closing share price of A$0.21 on 6 October 2025, implying a value of A$0.26 per Warriedar share. The Warriedar board unanimously recommends that shareholders vote in favour of the schemes. Key shareholders, including William Pirie, Drainaway Australia Pty Ltd, and Joseph Argus, representing approximately 9.13% of issued Warriedar shares, have now confirmed their intention to vote in favour of the revised scheme.

The scheme meetings are scheduled for Thursday, 6 November 2025, at Park Business Centre, West Perth. The independent expert, BDO Corporate Finance Australia Pty Ltd, has concluded that both the revised share scheme and option scheme are fair and reasonable and in the best interests of Warriedar securityholders.