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| CAML |
Antler copper project in Arizona to become new growth engine for AIM-listed base metals miner
Central Asia Metals (AIM:CAML) has signed a definitive scheme implementation deed to acquire New World Resources (ASX:NWC) for $185 million (US$119 million) in cash, securing ownership of the high-grade Antler copper project in Arizona, USA.
The acquisition will proceed via an Australian Court-approved scheme of arrangement, with New World shareholders set to vote on the deal in Q3 2025. The offer values New World shares at $0.05 apiece, and has been unanimously recommended by the company’s board.
Funding and Advisors
CAML will finance the transaction using a mix of existing cash reserves and a new US$120 million credit facility arranged with a syndicate of international banks.
- BMO Capital Markets is acting as financial advisor to CAML.
- Mayer Brown is advising CAML on UK and US legal matters.
- Clayton Utz is serving as Australian legal counsel.
Strategic Value of Antler Project
The Antler Project is a 100%-owned copper asset in Arizona. In 2024, New World published a Prefeasibility Study (PFS) and maiden probable ore reserve estimate, highlighting:
- Post-tax NPV of US$498 million (7% discount rate)
- Internal Rate of Return (IRR): 30%
- Three-year payback period
- Forecast annual production: 30,000 tonnes copper equivalent
- 12-year mine life
These metrics position Antler as a high-margin, long-life copper asset, adding geographic and operational diversity to CAML’s portfolio, which currently spans Europe and Central Asia.
CAML’s Strategic Growth Path
Listed on the London Stock Exchange since 2010 and headquartered in London, CAML is a $380 million market cap base metals producer focused on sustainable operations. The acquisition of Antler marks its entry into the North American copper sector, enhancing its global footprint amid intensifying demand for critical minerals.
The transaction is a major step in CAML’s growth strategy and strengthens its position in the global copper supply chain.
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