New World Resources (NWC AU)’s Possible Interloper

• On the 21st May 2025, copper miner New World Resources (NWC AU) inked a Scheme with Central Asia Metals (CAML LN) at A$0.05/share, a punchy 95.7% premium to NWC’s 30-day VWAP.

• Copper plays are definitely in vogue after Harmony Gold Mining (HAR SJ)'s recent Offer for MAC Copper (MAC AU), and Bastion Minerals' tilt for Xanadu Mines (XAM AU).

• NWC closed up 4.2% yesterday, and was briefly through terms, again, today (as I type). On decent volume. Opportunistic investor (s) or a third party bidder?

NWC is illiquid. Look away now of this is not your bag

The Trade:

• Trading at terms, as I type.

• Optically, CAML's Offer is solid.

• Given the flurry of activity in this space, a third party bidder cannot be ruled out.

• If small, illiquid arbs are your thing, get in around terms.

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Cop That!

• Back on the 21st May, Xanadu Mines (XAM AU), a Mongolian copper-gold mining play, inked an off-market deal with Bastion @A$0.08/share in cash. See Xanadu (XAM AU): A Mongolian Face To A Mongolian Project

• Then on the 27th May, dual-listed MAC Copper (MAC AU/MTAL US), a NSW copper miner, has entered into a Scheme Implementation Deed with Johannesburg-based Harmony Gold Mining (HAR SJ). See MAC Copper (MAC AU/MTAL US): Harmony Makes A Move

• The same day, American West Metals (AW1 AU), which has copper and zinc projects across North America, launched a $5.9mn capital raising.

• Despite the punchy terms, the possibility a competing Offer may emerge for New World Resources (NWC AU) is not totally without merit given recent activity in this space.

• Keep on eye on the substantial shareholder announcements.