Canyon Resources Limited, an ASX-listed company, today received a significant update regarding the off-market takeover bid from A2MP Investments FZCO (A2MP). Canyon Resources is primarily involved in the exploration and development of mineral resources, focusing on identifying and advancing projects with the potential for commercial extraction. In its Fourth Supplementary Bidder’s Statement, dated 11 September 2026, A2MP declared its offer price of A$0.05 per Canyon Resources share as “best and final,” stating it will not be increased unless a competing proposal emerges. The offer is firmly scheduled to close at 7:00pm (Sydney time) on 21 September 2026 and will not be extended, save for any legal requirements.
A2MP indicated that its decision to finalise the offer terms comes in light of the aggressive rejection by Canyon Resources’ independent board committee (IBC). The IBC’s recommendation for shareholders to reject the bid was based on an independent expert’s preferred valuation, which was substantially higher than A2MP’s A$0.05 offer price and Canyon’s closing share price of A$0.046 on 10 September 2026. While A2MP expressed disagreement with certain aspects of both the IBC’s valuation and its underlying rationale, it acknowledged the significant influence of the IBC’s recommendation on Canyon shareholders’ decisions.
This sentiment, A2MP noted, is reflected in the low level of acceptances received to date, notwithstanding that Canyon Resources shares are currently trading below the offer price. Furthermore, A2MP confirmed that no superior proposal has emerged. A2MP remains Canyon Resources’ largest shareholder, holding a relevant interest in 56.63% of all Canyon shares currently on issue, although these acceptances have not yet been processed due to interim orders from the Takeovers Panel.
A2MP has stated its commitment to continue playing an active and constructive role in the future of Canyon Resources and supporting the development of its projects over the longer term. However, A2MP has also determined that it would not waive the conditions of its offer, specifically the Minimum Acceptance Condition. Consequently, if this condition is not satisfied, the offer will lapse at 7:00pm (Sydney time) on 21 September 2026, rendering any acceptances void and allowing shareholders to deal with their shares as they see fit.
