Australia's New World Resources said on Friday it had agreed to a revised acquisition proposal from London-listed Central Asia Metals (CAML), including a higher cash offer and a conditional A$10-million interim funding package.

CAML has increased its offer to A$0.053 a share, up from A$0.050 a share, valuing New World at about A$197-million. The new price represents a 107.5% premium to New World’s 30-day volume-weighted average price (VWAP) prior to the original offer on May 21.

The companies have also agreed to introduce an alternative deal structure, with CAML launching an off-market takeover offer at the same price, alongside the existing scheme of arrangement. The takeover offer is subject to a 50.1% minimum acceptance threshold and will proceed only if the scheme fails.

New World is facing earlier-than-expected bonding obligations at its Antler copper project in Arizona, following an accelerated permitting timeline. To meet these requirements, CAML will subscribe for about 188.7-million New World shares at A$0.053 a share, giving it a 5% stake in the company. The A$10-million placement is conditional on no superior bid emerging by 17:00 Sydney time on July 4, or the board determining any rival offer to be inferior.

“The New World directors consider that the scheme is in the best interests of New World shareholders, and unanimously recommend that New World shareholders vote in favour of the scheme and, if the scheme fails, accept the takeover offer,” the company said.

The cash component under the revised scheme values New World at a premium of 89.3% to its closing share price on May 20, 127.1% to its 60-day VWAP, and 165% above its March capital raise.

The deal remains subject to regulatory approvals in the US and North Macedonia, shareholder and court approvals in Australia, and an independent expert concluding the transaction is in shareholders' best interests.

New World has not received a competing offer since the original scheme announcement, but the agreement includes customary exclusivity arrangements with CAML. US-based Kinterra Capital, which holds a 12% stake in New World, has not made a competing proposal.

Located in the so-called Copper Capital of the US, the Antler project is backed by established infrastructure and strong political support for domestic critical minerals development. The latest mineral resource estimate for Antler totals 14.2-million tonnes at a copper equivalent grade of 3.8%.

A 2025 prefeasibility study outlines a 12-year life-of-mine with average yearly payable copper equivalent production of about 30 000 t from years two through 11. 

The study estimates an after-tax net present value of $498-million at a 7% discount rate, an internal rate of return above 30%, and a three-year payback.

Pre-production capital is estimated at $298-million, translating to a capital intensity of $8 563/t of average yearly recoverable copper equivalent production.