First Au Limited has entered into a binding Takeover Implementation Deed to acquire Javelin Minerals Limited in a recommended all-scrip transaction valued at approximately A$46.5 million. The combination consolidates four brownfields gold projects in Western Australia's Eastern Goldfields near Kalgoorlie, bringing First Au's Riverina East and Gimlet assets together with Javelin's Eureka and Coogee deposits.

The transaction creates an enlarged Western Australian gold resource base totalling approximately 350,600 ounces of gold. The portfolio comprises Gimlet with 112,900 ounces, Coogee with 126,685 ounces of gold and 4,122 tonnes of copper, and Eureka with 110,687 ounces.

Under the terms of the offer, Javelin shareholders will receive 11.7647 new First Au shares for every Javelin share held, adjusting to 0.5882 shares following a proposed 20:1 capital consolidation. The exchange ratio implies an offer value of A$0.1153 per Javelin share. Upon completion, existing First Au shareholders will hold approximately 51.3% of the combined group, while former Javelin shareholders will own about 48.7%.

The transaction is conditional upon a 50.1% minimum acceptance level, regulatory clearances, and an independent expert concluding that the offer is fair and reasonable. Javelin's board has unanimously recommended that shareholders accept the offer in the absence of a superior proposal, and directors holding a 9% stake intend to accept.

“This transaction brings together two complementary Western Australian gold portfolios, experienced management teams and aligned shareholder bases under a single platform. The combined entity will hold a resource base of over 350,000 ounces of gold across Gimlet, Eureka and Coogee..."

— Daniel Raihani, FirstAu Executive Chairman

Javelin completed the acquisition of the Eureka project in December 2024. The current resource stands at 2.04 million tonnes at 1.69 grams per tonne gold for 110,687 ounces. Javelin secured final mining approval for Eureka from the Western Australian Department of Mines, Petroleum and Exploration in August 2026 and is advancing discussions with nearby mill operators to commence processing operations.

“The all-scrip structure allows Javelin Shareholders who accept the O.ers to retain exposure to Eureka and Coogee while gaining exposure to Gimlet, Riverina East and FirstAu's other assets. We believe the combination o.ers an attractive opportunity to develop a broader brownfields gold portfolio..."

— Brett Mitchell, Javelin Executive Chairman

The takeover offer extends to all Javelin options on an equivalent ratio, while Javelin's performance rights are expected to vest and convert into ordinary shares prior to completion, subject to necessary ASX waivers.

Read the full announcement: FIRST AU TO ACQUIRE JAVELIN MINERALS