ACCEPT
Wyloo Metals (Wyloo) continues to slowly creep up the register in its battle to acquire Mincor Resources (Mincor), following the A$1.40 stand in the market unconditional offer for Mincor. The Board of Mincor has, in the absences of a higher offer, unanimously recommended the Wyloo offer.
Turning to the technicals, Mincor shares have remained unchanged due to the Wyloo offer.
Regardless, Mincor has been on a downtrend since peaking in April 2022 and the 50-day (red) and 200-day (green) moving averages confirm the downward trajectory.

Our stance on the consideration of A$1.40 cash has been that it was on the low side of a fair and reasonable value for control, and we saw no third party bidders. The disruption to delivering nickel ore to the Nickel West Kambalda smelter under the existing offtake agreement was an impost on the value of Mincor but, in our view, would not have been insurmountable.

Wyloo is approaching a critical ownership point in Mincor, and we see no further opportunities for a sweetened offer. Considering this, we recommend Members immediately sell their Mincor Resources shares into the open market mechanism to accept the Wyloo offer. Coverage of Mincor Resources will cease immediately.