Australian gold miner St Barbara has rejected Silver Lake Resources’ further revised indicative proposal of A$722m ($474m) to acquire the former’s Leonora assets in Western Australia.

According to St Barbara, Silver Lake Resources’ new offer remains non-binding and unacceptably conditional and contrasts with the fully documented, funded and shareholder-supported offer from Genesis Minerals.

Last week, Silver Lake Resources increased its cash component in the improved proposal by A$44m ($29m) to match the upfront cash consideration of Genesis Minerals’ proposal.

Under its revised offer, St Barbara’s shareholders were expected to receive A$370m ($243m) in cash and 327.1 million shares of Silver Lake Resources, which are worth A$352m ($231m).

St Barbara also said that Silver Lake Resources did not give any valid basis, quantitative or other to demonstrate its derivation of the offered price for the Leonora assets.

Besides, Silver Lake Resources’ revised offer requires St Barbara to terminate the transaction with Genesis Minerals which will result in the loss of associated A$400m ($262.63m) capital raise.

St Barbara chair Kerry Gleeson said: “The Binding Genesis Transaction is fully and definitively documented, fully funded by a committed $400m capital raising, not subject to due diligence, supported by a $25m deposit and has received indications of support from ~49% of Genesis’ register.

“Silver Lake’s latest proposal would still require termination of the Binding Genesis Transaction before the satisfaction of conditions attached to the Silver Lake proposal, including a Silver Lake shareholder vote.

“Silver Lake was given the opportunity to make a non-binding indicative offer in September last year and it did not do so.

“Instead, Silver Lake has waited until the eleventh hour to demand that St Barbara entertain a disruptive and unrealistic two-week due diligence exercise without any indication that Silver Lake shareholders would ever approve the proposal themselves.”

St Barbara is sticking to its decision of divesting the Leonora assets to Genesis Minerals in a deal worth A$600m ($394m).

The mining company expects to complete the transaction before 30 June 2023.