Astral Resources NL has completed its takeover of Maximus Resources Ltd, securing 100% of the company’s shares and consolidating roughly 1.8 million ounces of gold resources in the process.
The Perth-based gold exploration and base metals company said it held a 91.24% relevant interest in Maximus at the close of its off-market offer on April 4, meeting the 90% ownership threshold for compulsory acquisition proceedings for the remaining shares. As of May 2, it had completed that process.
The all-scrip bid of 1 Astral share for every 2 Maximus shares implied A$0.073 per Maximus share (about a 61% premium), valuing the deal at about A$31 million. Unaccepted Maximus shares will be compulsorily acquired under the Corporations Act, with remaining holders paid on the same terms.
Maximus shares will be suspended five business days after the compulsory acquisition notice and removed from the ASX official list.
Gold foundation
Astral has long emphasised its WA gold projects as the foundation of the merged group. In April, it posted a 49% increase in the indicated mineral resource at its flagship Mandilla Gold Project (70 kilometres south of Kalgoorlie), with the updated resource now exceeding one million ounces of contained gold.
Including the adjacent Feysville deposit, the combined Mandilla-Feysville inventory stands at about 1.62 million ounces. A pre-feasibility study on Mandilla is due this quarter, underlining Astral’s focus on “de-risking” that asset.
Maximus’s assets – notably the Wattle Dam gold mine and the nearby 8500N paleochannel target near Kambalda – bring high-grade, shallow gold resources into the fold.
The combined portfolio spans adjacent mining leases in WA’s prolific Eastern Goldfields, offering development flexibility and potential processing synergies.
Astral launched its off-market bid to acquire Maximus on February 3 and made its best and final offer to Maximus shareholders on March 17. The deal aligns with Astral’s strategy of consolidating nearby WA gold projects into a single development pipeline, positioning the company for future production and improved market visibility.