Capricorn Metals finalizes Warriedar acquisition, boosts Mt Gibson gold resource

Capricorn Metals Ltd (ASX:CMM) announced the Supreme Court of Western Australia has approved the acquisition of Warriedar Resources Limited (ASX:WA8) via share and option schemes. Warriedar shares and listed options were suspended from trading as of November 14, 2025. This acquisition aims to enhance Capricorn’s Mt Gibson Gold Project, with Warriedar shareholders receiving 1 new Capricorn share for every 52.75 Warriedar shares held, and option holders receiving 1 new Capricorn option for every 52.75 Warriedar listed options. New Capricorn shares are expected to commence trading on a deferred settlement basis on Monday, November 17, 2025.

In a related update on November 11, 2025, Capricorn Metals reported that the Orion South Underground Mineral Resource Estimate (MRE) at Mt Gibson Gold Project increased to 9.5Mt at 2.9g/t Au for 895,000 ounces of gold, a 31% increase. This MRE supports the positive outcomes of a Conceptual Study for underground mining, prompting Capricorn to initiate a Pre-Feasibility Study. The study anticipates a sustained mining production rate of 1.0 - 1.2mtpa after 18 months from portal commencement. The total group MRE for Capricorn Metals increased to 6.83 million ounces.

ASX also announced the suspension of Capricorn Metals Ltd (ASX:CMMO) securities from quotation on November 17, 2025, pending compliance with Listing Rule 2.5. This suspension applies specifically to CMMO securities and not other quoted Capricorn Metals Ltd securities.