The resources sector is shaping up to follow on from last year’s mergers and acquisition (M&A) highs.
In 2025, law firm Baker McKenzie recorded global deals to hit volumes of up to US$3 trillion ($4.41 trillion), as reported by Mining.com.au.
M&A deals are appearing left, right, and centre on the Australian Securities Exchange (ASX), regardless of the platform’s quietness as companies get back to work after the summer holidays.
Deals are showing a continued trend of take-private agreements so far in 2026, with an increased average of premiums over 50%, as reported.
Fuelling a new era
Energy Fuels (TSX:EFR) has entered a scheme implementation deed to acquire Australian Strategic Metals (ASX:ASM) with an implied value of $1.60 per share.
The implied value comprises 0.053 of Energy Fuels shares or CHESS depositary interests for each ASM share held, at an implied value of $1.47 per ASM share, as well as an unfranked special dividend of up to $0.13 per ASM share.
ASM will be permitted to pay this dividend prior to the scheme implementation.
This acquisition will deliver a premium to recent trading by 121% to ASM’S last closing price of $0.725 on 29 January, and 133% to the 30-day volume weighted average price (VWAP).
The two parties have agreed for a separate scheme of arrangement for all ASM options to be transferred to the buyer in exchange for each option holder receiving $0.50 cash per option.
ASM says it encourages shareholders to vote in favour of the scheme, as it is in the “best interests” of ASM holders.
Energy Fuels will establish a secondary listing for ASM shareholders to trade Energy Fuels shares via chess depository interests on the Australian Securities Exchange. Energy Fuels currently trades on the New York Stock Exchange and the Toronto Stock Exchange.
Tivan rolls up Molyhil
Tivan (ASX:TVN) has completed the acquisition of the Molyhil Tungsten-Molybdenum Project in the Northern Territory from the FRAM Joint Venture between Investigator Silver (ASX:IVR) and Thor Energy (ASX:THR).
The companies signed a binding term sheet in September 2025 for the sale of the joint venture, which was held 75% by Thor and 25% by Investigator Silver.
As reported by Mining.com.au, Tivan will pay $8.75 million, with Thor receiving $6.582 million in five separate tranches to be deployed through September 2028, while Investigator is set to receive the remaining $2.187 in cash payments.
Molyhil is located 220km northeast of Alice Springs, lying adjacent to Tivan’s Sandover Fluorite Project, hosting a resource estimate of 4.64 million tonnes @ 0.26% tungsten trioxide and 0.09% molybdenum for 12,100 tonnes of tungsten trioxide and 4,400 tonnes of molybdenum.
Tivan will conduct initial drilling at the project for 13 holes across 1,950m for four drill tungsten targets.
Tivan Executive Chairman Grant Wilson says the company is grateful to the Central Land Council and the Northern Territory Government for support in completing the landmark acquisition.
“Molyhil will become an iconic Territorian project, anchoring Tivan’s critical minerals precinct in central Australia,” Wilson says.
Thor has received the cash completion payment of $2.25 million, with the remaining $3.94 million due between September 2026 and September 2028.
Thor Chairman Alastair Clayton says the company is pleased to have met the conditions precedents for the $2.25 million payment.
“For Thor shareholders, the monetisation of Molyhil has already led to a significant inflow of cash to the company, and there will be three further annual payments of $1.31 million commencing from this September,” Clayton says.
“This means more resources to advance Hy-Range and less dilution to achieve this.”
Golden arc
GoldArc Resources (ASX:GA8) now holds 100% ownership of the Mt Stirling deposit within the Leonora North Gold Project in Western Australia after acquiring the outstanding tenement for an additional 10%.
This completed conditions precedent for the BML Ventures profit sharing mining agreement, allowing GoldArc to mobilise a diamond drilling campaign.
GoldArc will be able to begin drawdowns on the $2.5 million facility from the BML Ventures partnership.
Managing Director Paul Stephen says this was the final step in securing 100% interest over the Mt Stirling, Stirling Well, and Mt Cutmore tenement package.
“Q1 2026 is shaping up to be a transformational period for the company, with mining partnerships and our own exploration efforts running in parallel,” Stephen says.
GoldArc will conduct diamond drilling at four holes across a total of 315m in this campaign.
Exploration intends to obtain core samples to test mineralised zones for metallurgical and geotechnical testwork.
Terra Drilling has been contracted to complete this campaign, which is expected to take between 10-14 days, using existing camp infrastructure at Tarmoola for logistics and crew accommodation.
GoldArc Resources is a Western Australian focused mineral explorer with a portfolio of gold projects in the Leonora and Kookynie districts of the Eastern Goldfields.
Write to Maddison Elliott at Mining.com.au
Images: Australian Strategic Metals, Tivan & GoldArc
