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Highlights:

  • Central Asia Metals declines to match Kinterra’s revised GBP 0.066 per share offer for NWR.
  • Bid Implementation Deed between CAML and NWR to be terminated, triggering break fee.
  • NWR Board withdraws support for CAML proposal, recommends Kinterra offer to shareholders.

Central Asia Metals plc (AIM:CAML), a UK-based base metals producer with operations in Kazakhstan and North Macedonia, has confirmed it will not increase its offer to acquire New World Resources Ltd following receipt of a notice from NWR outlining a revised proposal by Kinterra Capital. On 17 July 2025, CAML received formal notification from NWR regarding Kinterra’s fourth supplementary bidder’s statement. The updated proposal from Kinterra valued at GBP 0.066 per NWR share was deemed likely to constitute a “superior proposal” under the terms of the Bid Implementation Deed (BID) between CAML and NWR. This notice activated a "matching right" provision, which gave CAML the opportunity to respond with a counteroffer within a prescribed timeframe.

After internal deliberations, CAML’s Board has chosen not to submit a counterproposal. The decision was communicated to the Board of NWR, who, in turn, announced the withdrawal of their prior recommendation of CAML’s offer. NWR’s directors now unanimously support the Kinterra proposal and have advised shareholders to accept the revised offer in the absence of a superior bid. The deadline for acceptance has been set for 5:00pm (AEST) on 24 July 2025. As a consequence of CAML’s decision, both CAML and NWR have begun the process of terminating the Bid Implementation Deed in accordance with the agreement’s terms. This termination will trigger the payment of a break fee to CAML, reflecting the contractual arrangements previously agreed upon by the parties. Further financial and procedural details regarding the break fee were not disclosed in the announcement but will be provided in future updates.

CAML has stated that it will continue to assess opportunities aligned with its strategic growth objectives. However, the company has made no further comment on potential acquisition activity at this time. This transaction marks a turning point in the competition for control of NWR, an Australian-based mineral exploration company. Kinterra Capital, a private equity firm focused on critical minerals, has increased its bid multiple times during the process, ultimately gaining the support of the NWR Board. The original agreement between CAML and NWR was announced earlier in 2025, with CAML aiming to expand its operational footprint beyond Central Asia. However, the competitive dynamic shifted as Kinterra’s offers progressively improved.

Central Asia Metals is listed on the London AIM market and operates the Kounrad copper recovery plant in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. The company focuses on low-cost base metals production and sustainable resource development. It continues to maintain a disciplined approach to capital allocation and strategic partnerships. CAML has noted that further updates will be shared as appropriate in accordance with market disclosure requirements. 

CAML trading at 4.50% higher at GBX 147.76 per share as on 21 July 2025.