Kinterra Moves to Block New World Resources’ $10M Placement Amid Takeover Tensions

Background to the Dispute

New World Resources Limited (ASX, NWC), a mining company focused on critical materials, recently announced a Scheme Implementation Deed with Central Asia Metals PLC (CAML) for a full acquisition. This move set the stage for a potential change of control, drawing attention from major shareholders and market watchers alike.

Shortly after, Kinterra Capital GP Corp. II, acting as general partner for its critical materials fund, disclosed it had acquired nearly 12% voting power in NWC. This significant stake positions Kinterra as a key player in any takeover or corporate control developments.

The Placement and Kinterra’s Challenge

On 19 June 2025, New World Resources requested a voluntary trading suspension pending an announcement about a potential material variation to the takeover scheme, including a proposed increase in consideration. Concurrently, NWC revealed plans for a $10 million placement aimed at advancing its Antler Project in Arizona, including meeting regulatory bonding requirements accelerated by state permitting processes.

Kinterra responded swiftly by applying to the Takeovers Panel to block this placement. The fund argues that the placement acts as a frustrating action, potentially blocking alternative bids that might emerge for NWC. Kinterra’s concern is that the placement could entrench the current scheme with Central Asia Metals, limiting shareholder options.

Regulatory Response and Next Steps

The Acting President of the Takeovers Panel reviewed Kinterra’s urgent request but declined to impose interim orders preventing the placement. Notably, the placement agreement includes a condition that completion is contingent on no superior competing proposal emerging within 14 days, providing some protection against premature closure of bidding opportunities.

While no sitting Panel has been appointed yet, the situation remains fluid. The Panel retains the ability to intervene if aspects of the placement are deemed unacceptable. Investors and market participants will be watching closely for any further developments, including potential competing bids or changes to the scheme terms.

Implications for New World Resources and the Antler Project

The $10 million placement is critical for NWC to continue progressing the Antler Project, a key asset requiring regulatory bonding and land acquisitions. Delays or disruptions to funding could impact project timelines and valuations. Meanwhile, the takeover dispute introduces uncertainty around corporate control and strategic direction.

As the Takeovers Panel deliberates and Kinterra presses its case, the unfolding drama underscores the complexities of mining sector takeovers where strategic assets and shareholder interests collide.