Capricorn Metals Raises Offer as Warriedar Confirms Strong Gold-Antimony Drilling Results

Strong Exploration Momentum in Western Australia

Warriedar Resources Limited (ASX – WA8) has delivered a compelling quarterly update for the period ending 30 September 2025, underscoring significant progress across its Golden Range and Fields Find projects in Western Australia. The company’s latest drilling campaigns have extended high-grade gold and antimony mineralisation at several deposits, notably the Ricciardo Ardmore pit, Windinne Well, and M1, reinforcing the potential for resource growth within the prolific Southern Murchison Province.

At Ricciardo, four diamond drill holes beneath the Ardmore pit returned wide intercepts of combined antimony and gold mineralisation, confirming the down-plunge continuity of these high-grade shoots. Highlights include intervals such as 2 metres at 116.3 grams per tonne gold and 24 metres at 0.99% antimony with accompanying gold grades, demonstrating robust mineralisation zones that could materially enhance the existing Mineral Resource Estimate (MRE).

Extending Gold Mineralisation at Windinne Well and M1

Drilling at Windinne Well, located just south of the Golden Range processing plant, has successfully extended gold mineralisation at depth across both the North and Main zones. Assays from six diamond tails and six reverse circulation holes revealed significant intervals, including 12.2 metres at 3.63 grams per tonne gold. Similarly, at the M1 deposit adjacent to the processing plant, thirteen holes drilled outside the current MRE intercepted mineralisation, suggesting potential for resource expansion both at depth and along strike.

Resource Definition and Validation at Ricciardo

Post quarter-end, Warriedar received assay results from an accelerated resource definition drilling program at Ricciardo comprising 50 holes. These results reaffirm the continuity of high-grade zones within the deposit, providing further confidence in the existing MRE and underpinning the company’s strategy to delineate a robust resource base. The mineralogy study confirmed stibnite as the dominant antimony mineral, a positive indicator for processing and recovery.

Transformational Acquisition Deal with Capricorn Metals

In a significant corporate development, Warriedar executed a binding scheme implementation deed with Capricorn Metals Ltd (ASX – CMM) for a full acquisition. Notably, Capricorn recently increased its offer, now proposing one Capricorn share for every 52.75 Warriedar shares, up from the previous ratio of one for 62. This revised consideration represents a 24% premium to Warriedar’s recent share price, reflecting strong market interest and confidence in Warriedar’s assets and exploration progress.

The Warriedar Board unanimously recommends securityholders vote in favour of the scheme, subject to the absence of superior proposals and ongoing positive conclusions from the Independent Expert. The acquisition, if completed, will see Warriedar shareholders owning approximately 5.5% of the combined entity on a diluted basis.

Financial Position and Permitting Progress

Warriedar maintains a healthy financial position with approximately A$19 million in cash and no debt as of 30 September 2025. Exploration expenditure for the quarter totaled A$6.08 million, reflecting active investment in advancing its projects. Meanwhile, in Nevada, the Big Springs Project is progressing through permitting stages, with the next regulatory meeting scheduled for 31 October 2025, signaling ongoing efforts to unlock value beyond Australia.

Overall, Warriedar’s quarterly report highlights a company on the cusp of significant resource growth and strategic transformation, backed by strong exploration results and an attractive acquisition proposal.