Ida Metals has formally accused Zenith Minerals of issuing a misleading statement to the Australian Securities Exchange regarding the proposed scrip bid from Forrestania Resources.
The Western Australian miner is calling on the $636 million explorer to correct its public disclosures, marking a sharp escalation in the ongoing dispute over the acquisition.
The conflict arises after a dramatic decline in the bid's attractiveness to Zenith shareholders.
Ida Metals, a significant stakeholder in the target, argues that Zenith's response to earlier criticisms failed to adequately address concerns about the offer's value and transparency.
The accusation of misleading conduct is a serious allegation in Australian corporate law, potentially triggering regulatory scrutiny.
Forrestania Resources, a rapidly expanding gold producer backed by high-profile investors including the Stokes family and Regal Asset Management, had hoped to consolidate its position through the acquisition of Zenith's gold and lithium assets.