New World’s Antler Copper Resource Grows 16% to 14.2 Mt at 3.8% CuEq

Resource Upgrade Strengthens Antler’s Position

New World Resources Limited has announced a significant enhancement to its flagship Antler Copper Deposit in Arizona, USA. The updated Mineral Resource Estimate (MRE) now totals 14.2 million tonnes at an impressive 3.8% copper equivalent grade, reflecting a 16% increase in contained metal compared to the previous estimate. Notably, 88% of this resource is classified in the high-confidence Measured and Indicated categories, underscoring the robustness of the deposit and providing a solid foundation for advancing mine development.

The resource upgrade follows a comprehensive exploration drilling program and a refined geological model that now identifies three distinct mineralised domains within the deposit. This deeper understanding has not only increased the resource size but also enhanced confidence in the geological continuity, particularly within the Antler Sulphide Domain, which forms the basis of the company’s mine plan.

Permitting Milestones Signal Progress

In parallel with the resource upgrade, New World has achieved critical permitting milestones that pave the way for project development. The Antler Copper Project has been designated a FAST-41 Transparency Project by the U.S. Federal Permitting Improvement Steering Council. This status highlights the project’s strategic importance in the supply of critical minerals essential for clean energy technologies and national security, and it promises to streamline the permitting process through enhanced federal coordination and transparency.

Additionally, the Arizona State Mine Inspector has approved the Mined Land Reclamation Plan, a key regulatory requirement ensuring responsible environmental management and land restoration post-mining. This approval, along with pending permits such as the Air Quality Permit, positions New World to commence construction activities on private lands within the project area, subject to final regulatory clearances.

Takeover Battle Concludes with Board Endorsement

The quarter also saw a competitive takeover process for New World Resources. After a bidding contest involving Central Asia Metals plc and Kinterra Capital, the Board has unanimously recommended shareholders accept Kinterra’s improved and unconditional takeover offer of A$0.067 per share. Kinterra currently holds a 63.03% relevant interest in the company, and the offer is set to close on 10 August 2025 unless extended.

This recommendation follows careful consideration of valuation, funding certainty, and execution risks associated with alternative proposals and standalone project development. The Board’s endorsement signals confidence in Kinterra’s ability to advance the Antler Project efficiently while delivering value to shareholders.

Financial Position and Outlook

At quarter-end, New World Resources held approximately A$10 million in cash and equivalents, having capitalised around A$5 million in exploration, permitting, and evaluation expenditures during the period. The company’s financial position supports ongoing development activities as it moves toward full permitting and eventual production, targeted for 2027.

With the resource upgrade, permitting progress, and takeover resolution, New World Resources is poised at a pivotal juncture. The next phases will focus on finalising permits, advancing construction, and integrating with Kinterra’s strategic plans to unlock the Antler Project’s full potential.