Name of the Project
Antler copper project.

Location
Arizona, US.

Project Owner/s
On May 21, 2025, Aim-listed miner Central Asia Metals (CAML) announced it would acquire copper development company New World Resources in a transaction valued at A$185-million. The acquisition gives CAML a 100% interest in the Antler project.

Project Description
The project proposes the development of a 1.2-million-tonne-a-year underground operation with a 12.2 year life, comprising 13.6-million tonnes at 1.6% copper, 3.7% zinc, 0.6% lead, 24.5 g/t silver and 0.26 g/t gold. 

About 341 100 t of copper-equivalent metal will be payable over the life-of-mine, or 30 100 t copper equivalent a year.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 7% discount rate, of $636-million and an internal rate of return of 34.3%, with a payback of 3.3 years after tax.

Capital Expenditure
$298-million.

Planned Start/End Date
Production is targeted for 2027.

Latest Developments
On June 24, 2025, New World Resources formalised an improved takeover offer from CAML, signing a second deed of variation to its scheme implementation agreement.

The updated terms increase the cash consideration from the original A$0.050-a-share offer made in May to A$0.055 a share.

The revised offer came as New World assessed a competing, nonbinding proposal from Kinterra Capital, which is offering A$0.057 a share in cash through an off-market takeover bid.

New World has described Kinterra’s indicative proposal as incomplete and subject to several conditions. “There is no certainty that the indicative proposal will result in a binding transaction,” the company said.

The board, alongside its advisers, is assessing the proposal and has advised shareholders not to take any action while this review is under way.

The CAML offer also includes a conditional A$10-million funding package to help New World meet earlier-than-expected bonding obligations at the project.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
CAML, tel +44 20 7898 9001 or email info@centralasiametals.com.