Central Asia Metals plc’s increased offer to buy USA-focused New World Resources Ltd for A$0.062 per NWR share has been matched by its rival and NWR’s largest shareholder.
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NWR holds the Antler copper project in Arizona which it describes as “one of the highest-grade emerging copper development projects in the world”.
In the third deed of variation with the Australian explorer, Central values the acquisition at approximately A$230 million.
Central, which currently holds 431,818,567 NWR shares from combined purchases on 20 and and 26 June, also proposes a takeover offer at the same price per NWR share.
Rival prospective buyer Kinterra Capital GP Corp, with a 19.16% relevant interest in NWR shares, today increased its own offer from A$0.057 to A$0.062 per NWR share.
The Canadian investor is general partner of the Kinterra Critical Materials & Infrastructure Opportunities Fund.
On 20 June, Central also agreed a A$10m subscription for 188.7m shares at A$0.053 per share, approximately 5% of its enlarged share capital, conditional on NWR not receiving a better offer within the next 14 days.
Kinterra today added that NWR had informed it on 25 June that Kinterra’s offer on 23 June 2025 constituted a “competing proposal which may reasonably be expected to lead to a superior proposal.”
“Accordingly, Kinterra expects that NWR will terminate the [Central’s] placement, ” added the company today.
NWR also owns the 4,000-acre Javelin project near Antler and the Tererro copper-gold-zinc project in northern New Mexico.
Central’s producing and exploration assets are in Kazakhstan, North Macedonia and Scotland.