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On Wednesday, AngloGold Ashanti plc (NYSE:AU) announced that it has entered into a definitive agreement to acquire Augusta Gold Corp. (OTC:AUGG) in an all-cash transaction with a total enterprise value of approximately 197 million Canadian dollars.
The offer includes a purchase price of $1.70 Canadian dollars per share, implying an equity value of roughly 152 million Canadian dollars (approximately $111 million) and the repayment of shareholder loans totaling about 45 million Canadian dollars.
The deal reflects a 28% premium over Augusta Gold’s July 15 closing price and a 37% premium over its 20-day volume-weighted average. The offer is fully funded through AngloGold Ashanti’s existing cash reserves and is not contingent on its shareholders’ approval.
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Richard Warke, executive chairman of Augusta Gold, said the offer provides “a clearly superior path forward,” citing immediate liquidity and avoidance of dilution and execution risks tied to the Reward Project’s future development.
The acquisition includes the Reward and Bullfrog gold projects in Nevada’s Beatty District, where AngloGold already has a strong presence. Following closure, expected in the fourth quarter of 2025, Augusta Gold will become a wholly owned subsidiary of AngloGold Ashanti, and its shares will be delisted from public exchanges.
Augusta’s board unanimously approved the transaction following a recommendation from its audit committee. Shareholders representing approximately 31.5% of Augusta Gold’s outstanding shares have entered into voting agreements to support the deal.
AU has ~$3 billion in liquidity, including cash and cash equivalents of $1.5 billion, at March 31, 2025.
Investors tracking the sector may follow VanEck Gold Miners ETF (NYSE:GDX) and SPDR Gold Shares (NYSE:GLD).
Price Action: AU shares were trading lower by 1.85% to $46.58 at last check Wednesday.
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