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OceanaGold's $776m Scrip Bid for Ausgold Opens WA Gold Lane
OceanaGold's all-scrip takeover of Ausgold at $776m brings the Katanning gold project into a mid-tier producer's portfolio, signaling renewed M&A in the WA gold sector.
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OceanaGold Corp. is buying Ausgold Ltd. in an all-scrip deal valued at $776 million, giving the mid-tier gold producer its first operating foothold in Western Australia. Ausgold shareholders will receive 0.48 OceanaGold shares for each share held, the companies said in a joint statement.
The acquisition targets Ausgold's flagship Katanning gold project, a development-stage asset about 250 kilometres southeast of Perth. Katanning holds a mineral resource of 2.4 million ounces at 1.1 grams per tonne, according to Ausgold's most recent filings. OceanaGold plans to advance the project through a definitive feasibility study and permitting, the company said.
OceanaGold runs mines in New Zealand and the Philippines, with the Haile open-pit mine in South Carolina as its only U.S. operation. The Katanning deal marks its first entry into Australia's largest gold-producing state. Western Australia accounted for about 65% of the country's gold output in 2024, government data show.