Capricorn Metals lobs a $188m bid for gold | Australian Markets

Mark Clark’s Capricorn Metals has used its share price muscle to make a $188m transfer for an explorer with a giant landholding in a gold and copper hotspot.

The all-scrip bid for Warriedar Resources — a 29 per cent premium to the junior’s Wednesday closing price — revolves across the Golden Range gold project positioned about 90km north of Capricorn’s Mt Gibson gold development within the Murchison area.

Golden Range has a 788 sq. kilometre tenement bundle and is surrounded by three gold mines run by Vault Minerals and Ramelius Resources, in addition to 29Metals’ Golden Grove copper mine.

“This acquisition is on-strategy and continues the expansion of Capricorn’s Mt Gibson exploration and development footprint and adds resource ounces, highly prospective exploration targets and valuable infrastructure which will further enhance what is clearly one of the best development projects in the Australian gold industry,” Capricorn govt chairman Mark Clark stated.

Warriedar’s board has backed the offer.

Capricorn’s shares final traded at $9.27 after hitting a report of $10.80 final month. Despite the decline, its stock worth continues to be 70 per cent larger than 12 months prior.

The West Perth company runs the Karlawinda gold mine along with developing Mt Gibson.

In May, Capricorn’s then-chief govt Paul Criddle resigned from the position regardless of aggravated assault prices in opposition to him being thrown out.