Aureka (ASX:AKA) expects to complete the acquisition of High Grade Holdings (HGH) on or around 30 October 2026 after receiving shareholder approval at a general meeting on Friday 23 October.
HGH owns the producing Fiddlers Creek gold mine and the Wedderburn gold processing mill in Victoria.
All four resolutions passed with at least 99.98% of votes cast in favour, including the acquisition resolution, the ratification of tranche one placement shares, and the approval of tranche two of the $5.65 million placement.
Tranche two covers roughly 10.63 million shares, which the company expects to issue within five business days of the meeting.
Upon completion, which remains subject to the satisfaction or waiver of remaining conditions under the share sale agreement, Aureka will pay $2.5 million in cash and issue up to around 53.33 million consideration shares to HGH shareholders at a deemed issue price of $0.12 per share. Consideration shares issued to HGH holders with 10% or more equity will be subject to 12 months of voluntary escrow.
HGH has nominated Marcus Binks as a non-executive director, with his appointment expected on or around 1 December 2026.
Aureka Managing Director James Gurry says the result endorses the company’s corporate strategy to transition from explorer to producer.
“I sincerely thank our shareholders for this overwhelming show of support,” Gurry says.
“Receiving [approximately] 100% of votes cast in favour, with just five shares voted against, is an exceptional result.
“Owning the Wedderburn mill, one of only six gold mills in Victoria, together with the producing Fiddlers Creek mine, gives Aureka current production and a potential processing pathway for our broader Victorian portfolio.
“We look forward to completing the transaction in the coming days.”
The Fiddlers Creek mine restarted production as a ‘high-grade’ operation in 2025, and the Wedderburn mill currently processes its ore with stated spare capacity.
Aureka is a mineral explorer focused on gold projects in Victoria.
Write to Paula Fabe at Mining.com.au
Main image: Aureka
