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The Australian
14 hours ago
- Business
- The Australian
The next ASX mining takeover targets
M&A has emerged as one of the key mining investment themes of 2025 Billions are being splurged by cashed up majors on undervalued small and mid caps We ask five experts which ASX companies could become takeover targets next No theme has shouted louder in the junior and mid-tier mining space this year than M&A. With majors cashed to the gills and looking to both grow and upgrade their portfolios, and the share prices of junior miners trading at big discounts to the values of their assets, there's no time like the present to get a deal done. The latest non-orchestral manoeuvres in the dark (deals tend to be negotiated after hours under the cover of night by shadowy advisors and lawyers) have included the $1.6bn takeover of MAC Copper (ASX:MAC) proposed by South Africa's Harmony Gold, Dundee Precious Metals' US$1.25bn splurge on Vares silver mine owner Adriatic Metals (ASX:ADT) and the $185m deal for Arizona copper stock New World Resources (ASX:NWC) from London-listed Central Asia Metals. It's shares are now in a halt above the 5c offer price with the company paused for a proposed increase in the scheme consideration (ie more dosh for investors) as PE Kinterra Capital, owner of the shuttered Pumpkin Hollow copper mine in nearby Nevada, emerged as a near 12% shareholder of NWC. Intrigue, subterfuge and, most importantly, gains are all on the menu for ASX investors as larger international players and cashed up gold and copper producers look to pick up new projects. The question is not whether there will be more takeover activity. The question is, in the immortal words of Bill Goldberg, WHO'S NEXT?! We won't deign to suggest we have the keys to the castle here. But we have tapped our extensive list of experts, with analysts and fund managers giving us their tips for who may be the next corporate prey. David Franklyn – Argonaut Funds Management Pilbara Minerals (ASX:PLS) A large scale efficient spodumene producer with plenty of cash. If Rio Tinto (ASX:RIO) are committed to becoming a major player in the lithium market then PLS is the logical target. FireFly Metals (ASX:FFM) A standout Canadian copper development opportunity with a growing resource base and good grades. NexGen Energy (ASX:NXG) Nuclear power is gaining increasing momentum globally as a carbon free producer of base load power. If you want to be a major player in the Industry then NXG is the logical acquisition. The Argonaut Natural Resources Fund owns FireFly Metals and NexGen Energy. Andy Clayton – Precision Funds Management NexGen Energy (ASX:NXG) This is a genuine tier-1 asset (high grade, low cost, long life) in a tier-1 jurisdiction/country (Canada). The Rook I feasibility study showed a project capable of producing up to 30Mlb per year at a cash operating cost of US$10/lb. The economics are driven by its ultra high grade, with a reserve of 4.5Mt at 2.37% U3O8 for 239Mlb of U3O8. At a uranium price of US$95/lb, the annual after-tax free cash flow from the project in years 1-5 is US$1.47bn per annum. An NPV8 is estimated at US$4.7bn with an IRR of 45% and capital payback of approximately one year. These are outstanding economics. Once permitting is completed – expected in the next 12-18 months – we believe there is a good chance for corporate activity. Toubani Resources (ASX:TRE) Toubani has an excellent oxide gold deposit in Mali which has potential to produce +150,000ozpa at a low AISC of US$1175/oz for +10yrs. The capital is a modest US$216m and at a US$3000oz gold price a post-tax NPV8 is estimated at US$951m (A$1.46bn) and an IRR of 79%. This compares to TRE's current market capitalisation of a meagre $70m. A recent strategic funding deal to raise $29m which includes a $15.2m placement to an A2MP Investments DMCC, an African focussed investment vehicle owned by Eagle Eye Asset Management sees TRE well funded for the medium term. A2MP and TRE also executed a debt commitment letter for a minimum of US$160m. TRE trades at a fraction of its peer group due to the Malian discount currently being applied (resulting from changes to Mali's mining tax system and recent disputes with western gold miners operating in the country). We believe that as political stability and sentiment returns then TRE is a potential takeover candidate. Encounter Resources (ASX:ENR) Encounter has the largest land holding in the West Arunta region, which over the past three years has seen significant exploration success from its neighbour WA1 Resources (ASX:WA1), which outlined a large, high grade niobium deposit. Successful drilling by ENR in the last field season culminated in a maiden resource of 19.2Mt at 1.74% Nb2O5 from three separate deposits. This resource is expected to grow as further extensional drilling is done in the current field season. WA1 Resources has a market capitalisation of ~$900m – almost 8x that of ENR at $120m – and whilst it's further ahead in terms of development, we ultimately believe there will only be one key player in this area. Whether that is WA1 Resources or another corporate only time will tell, but logic would suggest there is likely to be only one ferroniobium plant build in this remote area. Guy Le Page – RM Capital Meteoric Resources (ASX:MEI) and/or Viridis Mining and Minerals (ASX:VMM) There is increasing demand for strategic rare earth projects to supply NdPr and Dy/Tb outside of China, driven by national interests, particularly in Western countries seeking supply chain security. Recent reports indicate that Lynas (ASX:LYC) is showing growing interest in Brazil for potential rare earth assets, likely aiming to secure supply and diversify geographically. Both Meteoric and Viridis possess ionic clay rare earth projects in Brazil with substantial resources and well-developed flowsheets. Although current financial metrics for these projects are not favourable at prevailing NdPr prices, the global push for secure supply could elevate their strategic value. Their proximity to the US market may also attract interest for potential takeovers, especially as Lynas advances its US operations with backing and funding from American entities. Lynas has been actively expanding its global supply chain, exemplified by its recent partnership with Menteri Besar in Malaysia. This initiative aims to leverage local processing infrastructure and diversify supply sources, further supporting Lynas' interest in ionic clay REE projects. Such moves suggest Lynas may consider acquiring strategically located assets like Meteoric and Viridis to strengthen its position in the global rare earth industry. Tesoro Gold (ASX:TSO) Tesoro owns 100% of the 1.5 Moz El Zorro Gold Project (Ternera deposit), covering 570km2 of highly prospective geology in Chile's Atacama region, approximately 800km north of Santiago. The project benefits from its strategic location near roads, power lines and an airport, and is situated 190km southwest of Gold Fields' (NYSE: GFI) high-grade open-pit gold and silver mine, Salares Norte. El Zorro is Chile's first discovered intrusive-related gold system, with a proven record of a low discovery cost of US$14/oz to date. A scoping study completed in 2023 estimates a 1.3Moz mineral resource within a US$1800/oz pit shell. The study projects an NPV of US$210 million, based on a 2.4Mtpa throughput over an initial 8-year mine life, with an upfront capital expenditure of US$132m. This scoping study represents a preliminary 'starter' pit, and there is considerable upside potential, as the Ternera deposit remains open in all directions and district-scale exploration targets present additional opportunities for resource growth. Gold Fields owns 17.1% of Tesoro and has been providing ongoing technical support for Tesoro's regional exploration efforts. Astral Resources (ASX:AAR) A noteworthy takeover target in the gold space considering their open pit resource of 1.76Moz located 70km of Kalgoorlie. PFS is due late July. Paul Howard – Canaccord Genuity Given 25% of my coverage list was acquired last financial year and two of my covered stocks in ADT and NWC are currently under the microscope, this is a question I'm all too familiar with! (Ed's note: For context, Howard normally has 16-20 stocks under coverage) The mining sector typically expands and contracts over time in terms of number of participants. We had record IPOs post-Covid but now we're in a period of consolidation; the sector is getting smaller as the number of M&A deals increase. Although counter cyclical M&A deals make most sense, I see most upcoming M&A happening in the precious metals space, signalling that we are still far from the top. On the counter cyclical view, I wouldn't write off something happening in the nickel space with the likes of Centaurus Metals (ASX:CTM) (large nickel sulphide project in Brazil, Jaguar) and see opportunities for companies with copper offerings given the notion of decarbonisation and energy transition (Firefly, Cygnus Metals (ASX:CY5) or even Caravel Minerals (ASX:CVV)). But it's in precious metals where I see the most likely deals. Bellevue Gold (ASX:BGL) could go to an established producer in the near term; Antipa Minerals (ASX:AZY) could bolt on to Greatland Gold, continuing its Paterson Province consolidation moves; and the very large Rogozna project, owned by Strickland Metals (ASX:STK) in Serbia surely appeals to a major given the scale that could grow to 10Moz AuEq before long (Ed: Zijin is a large player in the geographical region). In the silver space, Andean Silver's (ASX:ASL) high grade and existing infrastructure offers appeal against a backdrop of global silver M&A deals (PASS-NYSE and MAG-TSX; DPM-TSX and ADT-ASX; AG-TSX and GATO-TSX). At the smaller end of town, companies like Astral Resources, Caprice Resources (ASX:CRS) and Great Boulder Resources (ASX:GBR) offer potentially accretive ounces to their neighbours, in our view. In West Africa, where many a M&A deal has taken place in recent years, we flag Predictive Discovery (ASX:PDI) and Turaco Gold (ASX:TCG) as having severe M&A appeal and wouldn't write off the prospect of seeing more strategic investments in smaller explorers such as Many Peaks Minerals (ASX:MPK) or Asara Resources (ASX:AS1). In fact, the whole global junior and emerging space is probably open to further strategic investments rather than pure takeover. We've seen Lundin, Montage and Zijin take this approach recently and to good effect. Hedley Widdup – Lion Selection Group Antipa Minerals (ASX:AZY) Given the amount of airtime this one has got I risk being Captain Obvious. The summary is that Greatland have done a wonderful job of outlining their plan to rejuvenate Telfer, which will benefit immensely from additional ore sources. Telfer is a big process plant, so anything that can be brought in probably needs to deliver volume as well. Antipa's Minyari contains a lot of its inventory in a single footprint, so offers up what appears to be both volume and compatibility. With Greatland set to list on ASX and suddenly become a big new domestically listed and focused gold miner, at a capitalisation that will likely see it gain index inclusion rapidly, you would expect them to have strong paper. I have to declare, Lion is a shareholder in Antipa. Bellevue Gold (ASX:BGL) This is also a name that has had chins wagging all over the place, and I think surrounds a notion that the market had a level of tolerance for commissioning issues, but Bellevue has taken too long and it's beginning to look like the ability to deliver large tonnage from a narrow vein underground at high grade is more challenging than hoped. The sport here appears to be in who the buyer might be, almost as if the chattering classes have decided a change of control is assured. Catalyst Metals (ASX:CYL) has not been concealing growth interest, although hasn't engaged in company-scale growth M&A since two deals to reunite the Plutonic field – their ambition would appear to be commensurate with a Bellevue sized target. Regis Resources (ASX:RRL) has been fingered for acquisitive interest and is probably seen as one of the most motivated project acquirers in the gold space aside of strategic neighbour consolidation. And I have wondered for a while if it is foolish to rule out Develop Global (ASX:DVP) – who spectacularly ruled out gold on the sidelines of Diggers and Dealers several years back ('gold isn't green, I'm sorry but its not') and is hitting its straps at its own project in NSW. My suspicion arises from (former Northern Star boss and now Develop MD) Bill Beament's personal history of buying projects he had previously operated at as a contractor. What would surprise us? At the moment the most deal speculation I read is around gold miners who have been piling in cash, buying up undeveloped growth options cheaply or bigger sized strategic deals like BHP for Anglo, Rio for Glencore etc. Who else is well funded, and what could they be looking at? With the competition between Trump and China leading to a renewed focus on rare earths and antimony, I think M&A interest may be relevant where deposits have either grade or scale or both, where they are located in safe jurisdictions and offtake is available. And to be clear, these are a few examples of a larger population, that might suddenly begin to look important as geopolitics changes. In rare earths, Critica (ASX:CRI) – resource stage which might make it a bit early for strategic corporates but it's very, very big, high grade and strongly located in WA's Gascoyne region (Lion owns some Critica). In antimony, Warriedar Resources (ASX:WA8) – very large antimony resource has emerged rapidly and largely from un-assayed historic holes that were drilled for gold and Southern Cross Gold (ASX:SX2) – it would be rare, but not unprecedented for a pre-resource situation to become a target. I am sure the high grades of antimony have been recognised. At Stockhead, we tell it like it is. While Astral Resources, Antipa Minerals, Caprice Resources and New World Resources are Stockhead advertisers, they did not sponsor this article. The views, information, or opinions expressed in this article are solely those of the fund managers, brokers8 and analysts and do not represent the views of Stockhead. Stockhead does not provide, endorse or otherwise assume responsibility for any financial advice contained in this article.
Associated Press
13-06-2025
- Business
- Associated Press
Terra Balcanica Welcomes Acquisition of Neighboring Producer in Bosnia and Herzegovina
Vancouver, British Columbia, June 13, 2025 (GLOBE NEWSWIRE) -- Terra Balcanica Resources Corp. ('Terra' or the 'Company') (CSE:TERA; FRA:UB10) welcomes the acquisition of Adriatic Metals ( by the Canadian Dundee Precious Metals ( in a cash-and-stock deal valued at C$1.3 billion ( ). This development highlights the unique geological and jurisdictional potential of Bosnia and Herzegovina where Terra is advancing its Viogor-Zanik polymetallic project expected to see the Phase III drilling campaign start in the next two weeks. Dr. Aleksandar Mišković, the President and CEO of Terra Balcanica Resources Corp. commented: ' From the beginning, Terra's operational focus was aimed at the highly prolific Western Tethyan Metallogenic Belt as it extends over the western Balkans. The Company strategically targeted critical metals (Sb-Zn-Ag-Au) needed by the resource-hungry European economy which is what brought us to eastern Bosnia in 2020. Today's major announcement of a mine located only 80 km west of our flagship polymetallic targets at Chumavichi and Brezani is a testament to both amazing rate of advancement of Adriatic's Vareš mine but also the mineral resource riches of the jurisdiction in which we proudly operate. Although comparatively early in our corporate development, Terra's next steps aim to drill-confirm the size potential of the Brezani Sb-Ag fault-hosted mineralization that could indicate the same order of magnitude of ore resources as seen at Vareš.' Bosnia and Herzegovina and Western Tethyan Metallogenic Belt Bosnia and Herzegovina is situated in is a largely overlooked but ancient European mining belt with multiple jurisdictional advantages that make it a country of choice to explore for metals needed by the energy transition markets. Bosnia is a stable democracy that obtained a 'candidate status' for EU membership in 2022 and is well on the way of synchronizing its legislative and legal frameworks with European standards. It is extensively linked by road and rail networks to European smelters and the seaborne markets via Adriatic Sea. The population of Bosnia and Herzegovina, in both entities and both local and federal government levels, is largely supportive of mining industry which is not surprising considering its rich history of coal, base and precious metal mining. The country possesses a highly skilled and business-minded workforce with a youthful engineering base keen to learn about mining and best practices in the mineral resource sector. Both Bosnian entities have enacted clear and concise mining codes with the country-wide corporate tax rate of 10% and favourable royalty regimes without free carry requirements. The Western Tethyan Belt is the world's preeminent metallogenic corridor akin to the Andes and Cordilleras of the Americas. In the Balkans, it is divided into the Cretaceous and Neogene components (Figure 1), both of which are known for multiple Tier-1 deposits of precious, base (Cu-Sb-Zn-Pb), and energy transition (Li-B) metals appearing in a variety of genetic styles (skarn, veined epithermal, porphyry and sediment-hosted associations) Figure metallogenic belts of the Balkan Peninsula. Key regional projects include: the 21.1 Mt at 577 g/t AgEq. Vares silver project in Bosnia owned by Adriatic Metals, the 1.8 Bt at 0.86% Cu Čukaru Peki deposit in Timok, Serbia (Zijin Mining), and the JORC inferred resource of 7.4 Moz Au at the Rogozna project in south Serbia owned by Strickland Metals ( The red arrows indicate locations of Terra's Viogor-Zanik project and the Adriatic's Vares mine, respectively (Click here to view image ). Viogor-Zanik Project Terra Balcanica is currently defining grade and ore approximate volumes of two polymetallic targets situated within our 168 km2 Viogor-Zanik project (Figure 2). The shallow, high grade character of structurally controlled mineralization yields to potentially easy-to-operate, open-pit or shallow underground mining operations. An additional benefit is presented by the adjacent Pb-Zn-Ag-Sb mine owned by Mineco Ltd. that generates 350 ktpa of ore concentrate with onsite crushing and flotation circuits. After 2,200 m of diamond drilling completed at Chumavichi, high grade Ag-Sb-Pb-Zn-Au mineralizations have been confirmed at three targets spanning 2 km of strike along a shallow, fault-hosted, intermediate sulfidation, polymetallic vein system. At the Company's other Viogor-Zanik target of Brezani, where the Company drilled over 1,500 m of diamond core, Terra has discovered a retrograde, chlorite-overprinted gold skarn system starting from surface, superimposed on a >1.2 km long, NE-shallowing Ag-Sb-Pb-Zn mineralized, fault-hosted permeability corridor. Here, with the maiden diamond drill hole BREDD002, Terra intercepted a 20-m wide, antimony-silver mineralization grading 436 g/t Ag Eq. Figure map of the Viogor Zanik project with the Brezani target in the southeastern part of the project. Cumavici, the other high-grade, shallow polymetallic target is located 13 km to centrally located Sase mine (Mineco Ltd.) produces 350,000 tpa of Pb-Zn-Ag concentrate (Click here to view image). Akin to Adriatic's deposits at Rupice and Veovača deposits, the Viogor Zanik project features high grades of a similar mix of strategically needed metals dominated by silver, antimony and zinc that on average exceed 520 g/t Ag Eq. at Brezani and 1,200 g/t Ag Eq. at the Cumavici corridor. Qualified Person Dr. Aleksandar Mišković, is the Company's designated Qualified Person ('QP') for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects ('NI 43-101'). The QP has reviewed and validated that the information contained in this news release is factual and accurate. About the Company Terra Balcanica is a polymetallic and energy metals exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe and northern Saskatchewan, Canada. The Company has a 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina. The Canadian assets comprise a 100% optioned portfolio of uranium-prospective licences at the outskirts of the Athabasca basin: Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management. ON BEHALF OF THE BOARD OF DIRECTORS Terra Balcanica Resources Corp. 'Aleksandar Mišković' Aleksandar Mišković President and CEO For the complete information on this news release, please contact Aleksandar Mišković at [email protected], +1 (514) 796-7577 or visit Cautionary Statement
Yahoo
13-06-2025
- Business
- Yahoo
Dundee Precious Metals to acquire Adriatic Metals for $1.3bn
Dundee Precious Metals (DPM) has agreed to acquire all issued shares of Adriatic Metals in a transaction valued at approximately $1.3bn (C$1.77bn). The transaction is expected to enhance DPM's production capacity and extend its mineral reserve life through the 100% acquisition of the Vareš silver-lead-zinc-gold mine in Bosnia and Herzegovina. Shareholders of Adriatic Metals will receive 0.1590 of a DPM common share and 93 pence in cash for each Adriatic share under the acquisition. The transaction implies a value of £2.68 ($3.62) per Adriatic share and A$5.56 ($3.62) per CHESS Depository Interest, based on the exchange rates as of 11 June 2025. The scheme of arrangement under the UK Companies Act 2006 will see DPM shareholders owning approximately 75% and former Adriatic Shareholders around 25% of the enlarged issued share capital post-transaction. This strategic move is anticipated to generate enhanced cash flow and provide significant cash generation to fund DPM's growth and capital returns programme. Dundee Precious Metals president and CEO David Rae said: 'Adding Adriatic's Vareš operation to our strong asset portfolio creates a premier mining business with a peer-leading growth profile, high-quality development and exploration pipeline and a robust platform to deliver above-average returns. 'Vareš is a logical fit with our portfolio, as it significantly increases DPM's mine life while adding near-term production growth, a highly prospective land package and cash flow diversification. We are well-positioned to leverage our expertise in underground mining, our regional presence, successful track record of building and ramping up new mines, as well as our strong financial position to further optimise the operation and realise Vareš' full value potential, based on our analysis.' Vareš is an underground mine with an offsite processing facility located near Sarajevo and has been ramping up production since its first concentrate production in 2024. The operation, with a 15-year initial operating life and a 4,400-hectare land package, is expected to bolster DPM's production to as much as 425,000 gold equivalent ounces by 2027. The independent technical report by SRK Consulting (UK), effective as of 1 April 2025, confirms Vareš's potential with an all-in sustaining cost of $893/oz of gold equivalent. Adriatic Metals managing director and CEO Laura Tyler said: 'Vareš remains firmly on track to become a low-cost precious metal producer, underpinned by a long mine life, a high-grade deposit and strong exploration potential. 'What makes Vareš so exciting is that it is at the beginning of its journey, with significant growth potential ahead. This transaction brings together complementary strengths to create a dynamic and diversified mining company with meaningful scale. We see clear synergies between the asset portfolios of DPM and Adriatic, supported by DPM's strong financial capacity and proven operational expertise.' The completion of the acquisition is subject to several conditions including approvals from Adriatic Shareholders, the court, the Toronto Stock Exchange and the Bosnian Competition Council. The transaction is expected to become effective no later than 31 December 2025. In September last year, DPM sold its Tsumeb smelter in Namibia to a subsidiary of China's Sinomine Resource Group for $20m. "Dundee Precious Metals to acquire Adriatic Metals for $1.3bn" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
13-06-2025
- Business
- Reuters
TSX futures fall as Israel's strikes on Iran dampen risk appetite
June 13 (Reuters) - Futures tied to Canada's main stock index declined on Friday as investors rushed to safe-haven assets following Israel's widescale strikes against Iran. June futures on the S&P/TSX index were down 0.4% at 05:54 a.m. ET (09:54 GMT). Israel said it targeted nuclear facilities and ballistic missile factories to prevent Tehran from building an atomic weapon. Iran retaliated by launching 100 drones. The heightened tensions in the oil-rich Middle East sent crude prices , soaring more than 7%. Gold prices also rose to a near two-month high, while copper prices fell. The S&P/TSX composite index (.GSPTSE), opens new tab reached a consecutive record high on Thursday as gold prices climbed and investors weighed the prospects of Canada nearing a trade deal with the U.S. ahead of the Group of Seven leaders' meeting this weekend. U.S. Treasury Secretary Scott Bessent said earlier this week he expects to attend the G7 meeting in Canada with President Donald Trump and meet with Prime Minister Mark Carney. The benchmark index, which hit an all-time high on Wednesday as well, is headed for its third straight weekly gain. The rally has been fueled by rising commodity prices, indicators of economic resilience and optimism around the U.S.-China trade deal, which has also raised hopes for a potential Canada-U.S. trade agreement. In corporate news, Dundee Precious Metals ( opens new tab will acquire UK's Adriatic Metals (ADT1.L), opens new tab in a cash-and-stock deal valued at $1.25 billion, the mining companies said on Friday. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory
Wall Street Journal
13-06-2025
- Business
- Wall Street Journal
Dundee Precious Metals to Buy Adriatic Metals for $1.3 Billion
Dundee Precious Metals DPM 0.93%increase; green up pointing triangle said it agreed to buy Adriatic Metals for around $1.3 billion as it seeks to enhance its portfolio and boost growth. The Toronto-based gold miner said the deal would see it acquire the Vares operation in Bosnia and Herzegovina, a producing silver, lead, zinc and gold underground mine.
