OceanaGold Corporation has entered into a definitive scheme implementation deed to acquire 100% of the issued shares of Ausgold Limited for an implied transaction equity value of approximately A$776 million (US$549 million). Under the agreed transaction, Ausgold shareholders will receive 0.03365 common shares of OceanaGold for each Ausgold share held, representing an implied offer value of A$1.36 per share. Shareholders can also elect to receive the scheme consideration value in cash, subject to a maximum available cash pool of A$194 million (US$137 million).

Upon completion, Ausgold shareholders are expected to own approximately 6% to 8% of OceanaGold. The acquisition adds the Katanning Gold Project in Western Australia to OceanaGold's operating portfolio, marking the company's first asset acquisition in Australia. OceanaGold's existing portfolio comprises the Haile Gold Mine in the United States, the Macraes and Waihi operations in New Zealand, and the Didipio Mine in the Philippines.

To assist with ordinary course expenditures prior to closing, OceanaGold has agreed to extend an A$20 million bridge loan to Ausgold in November 2026.

“The acquisition of Ausgold adds an advanced, high-quality, low-capital, open-pit development asset to our portfolio at an attractive valuation. The Katanning Gold Project will be our fifth asset, located in one of the world's premier mining jurisdictions and is a natural fit with our proven development and operating capabilities.”

— Gerard Bond, President and Chief Executive Officer of OceanaGold

The Ausgold Board has unanimously recommended that Ausgold shareholders vote in favour of the scheme. Directors intend to vote all shares held by them, representing approximately 1.4%, in favour of the proposal. Major Ausgold shareholder Dundee Corporation, holding approximately 7.7%, has also confirmed its intention to support the scheme, subject to no superior proposal emerging and the independent expert concluding that the transaction is in the best interests of shareholders.

“This transaction delivers Ausgold shareholders a compelling upfront premium with the opportunity to retain exposure to the value we expect to unlock at Katanning as part of a larger, diversified and highly cash-generative gold producer. OceanaGold's financial strength, technical depth and operating track record significantly de-risk the funding and development of Katanning.”

— John Dorward, Executive Chairman of Ausgold

“This marks our first acquisition in Australia, and we are excited to build on the great work done by the Ausgold team to further optimize the development of the Katanning Gold Project for the benefit of both OceanaGold and Ausgold shareholders. We look forward to welcoming Ausgold's shareholders and employees to OceanaGold.”

— Gerard Bond, President and Chief Executive Officer of OceanaGold

Full details of the transaction will be distributed to Ausgold shareholders in a scheme booklet expected in October 2026. A scheme meeting for shareholders to vote on the transaction is scheduled for late November 2026. Implementation and completion of the arrangement are expected to occur in December 2026, pending court approval, regulatory clearances from the Australian Foreign Investment Review Board and Australian competition authorities, Toronto Stock Exchange approval, and the requisite 75% majority vote by Ausgold shareholders. First gold production from Katanning is targeted for 2029.

Read the full announcement: OceanaGold Announces Acquisition of Ausgold