Arizona's shares hit an all-time high of C$6.14, just shy of the $6.20 offer price agreed with South32.
Around the globe miners had a better start to the week after Friday's circa-4% slump by many diversified majors, as trade war fears haven't worsened.
In London, Rio Tinto (LSE: RIO) and Anglo American (LSE: AAL) both enjoyed a slight gain yesterday of 0.91%.
In Australian trade though, BHP (ASX: BHP) was about 1% lower this afternoon, while its three-year-old spin-out South32 (ASX: S32) was down about 2.8%.
Back in Toronto, the S&P/TSX Composite Index metals and mining sector had closed up 0.24% and Lucara Diamond Corp (TSX: LUC) was up more than 6% higher on no news.
Junior Cornerstone Metals (TSXV: CCC) rose 25% to fresh 52-week high of C$1.15, having last week referred to the new US legislation designed to streamline permitting for strategic minerals projects, which it has said could help fast-track its Carlin vanadium project in Nevada.
Finally, the gold price is up slightly compared with this time yesterday and was trading at just over US$1,281 an ounce on the spot market.