Zenith Minerals Limited 05 – Panel Declines to Conduct Proceedings

The Panel has declined to conduct proceedings on an application dated 6 October 2026 from Ida Metal Investments Pty Ltd in relation to the affairs of Zenith Minerals Limited (Zenith). Zenith is currently the subject of a recommended off‑market takeover bid (the Bid) by Forrestania Resources Limited (Forrestania). Zenith and Forrestania are parties to a takeover implementation deed initially announced on 9 June 2026 and later amended and restated on 18 August 2026 (TID). The TID contained no‑talk and no‑due diligence restrictions to preserve exclusivity subject to a fiduciary exception enlivened on receipt of a ‘Superior Proposal’ (as defined in the TID). On 2 October 2026, Aurenne Group Holdings Pty Ltd (Aurenne), an associate of the applicant, submitted a non‑binding indicative proposal to provide Zenith with $5 million of equity funding through either a pro‑rata renounceable rights issue fully underwritten by Aurenne or a placement to Aurenne (Aurenne Proposal). The Aurenne Proposal was conditional on, among other things, Zenith not proceeding with the Bid. The application concerned, among other things, the response of the Zenith board to the Aurenne P...