Capricorn Metals Completes Warriedar Takeover, Delisting Set for November 26
Warriedar Resources has completed its acquisition by Capricorn Metals through a court-approved scheme, with shareholders exchanging their shares for Capricorn stock. The takeover triggers Warriedar’s removal from the ASX next week.
- Capricorn Metals acquires 100% of Warriedar shares and options
- Shareholders receive 1 Capricorn share per 52.75 Warriedar shares held
- Warriedar listed options converted on the same ratio to Capricorn options
- Warriedar to be delisted from ASX effective 26 November 2025
- Sale facility available for ineligible foreign and small parcel holders
Acquisition Finalised
Warriedar Resources Limited (ASX, WA8) has officially been acquired by Capricorn Metals Ltd (ASX, CMM) following the implementation of a court-approved share and option scheme of arrangement. This marks the culmination of a strategic move to consolidate Capricorn’s position in the gold mining sector, absorbing Warriedar’s assets and shareholder base.
The scheme, which was detailed in Warriedar’s Scheme Booklet and supplementary materials, has resulted in all Warriedar shares and listed options being transferred to Capricorn. Shareholders of Warriedar received new Capricorn shares and options at a conversion ratio of one new Capricorn share or option for every 52.75 Warriedar shares or options held at the record date.
Implications for Shareholders
Most Warriedar shareholders now hold Capricorn securities, aligning their interests with the acquiring company’s future prospects. However, certain groups such as ineligible foreign shareholders and holders of small parcels were excluded from the direct exchange and instead will receive proceeds via a sale facility. This ensures compliance with regulatory and market rules while providing a fair exit mechanism for those shareholders.
The acquisition effectively ends Warriedar’s independent listing on the ASX. An application has been lodged to remove Warriedar from the official list, with delisting expected to take effect after the close of trading on 26 November 2025. This transition marks a significant change in the ASX landscape, reducing the number of listed gold mining entities and potentially consolidating market interest around Capricorn Metals.
Strategic Context and Outlook
Warriedar’s integration into Capricorn Metals could unlock synergies in exploration and development, particularly given Warriedar’s assets in Western Australia and Nevada. Capricorn’s expanded portfolio may enhance its operational scale and resource base, positioning it more competitively in the gold sector. While financial details beyond the share exchange ratio were not disclosed, Capricorn’s zero debt position and Warriedar’s cash reserves suggest a financially prudent transaction.
Investors will be watching closely to see how Capricorn manages the integration process and leverages Warriedar’s assets. The delisting of Warriedar also signals a broader trend of consolidation within the mining sector, where scale and resource diversity are increasingly critical for success.
Bottom Line?
With Warriedar now part of Capricorn Metals, the market awaits how this consolidation will reshape gold mining dynamics on the ASX.
Questions in the middle?
- How will Capricorn Metals integrate Warriedar’s assets operationally and strategically?
- What are the expected financial impacts on Capricorn’s balance sheet and earnings?
- Will the delisting of Warriedar influence other potential mining sector consolidations?
