In Mining.com.au’s final M&A Monday for 2025, the Australian Securities Exchange (ASX) saw plenty of acquisition activity in the Christmas week.
Ashurst’s M&A Deal Report 2025 describes the M&A market to have experienced a “relatively modest year” in 2024, forecasting a stronger year in 2025.
Almost reaching the 365-day mark, 2025 has proven Ashurst’s predictions to be correct, with Q2 2025 reaching 169 transactions for a combined value of US$35.6 billion ($53.38 billion), marking a 250.5% increase in total transaction value compared to Q2 2024, according to S&P Global.
As reported by Mining.com.au in its previous M&A Monday, the energy sector conducted more than $400 billion worth of deals in 2025 alone, according to Bain & Company’s Global M&A Report 2025.
Along with the energy sector leading deals, White&Case forecasts the technology and telecommunications industries to also contribute a significant amount of activity in the M&A space in 2026, driven by strategic consolidation, digital infrastructure needs, and favourable regulatory environments.
Elevated uranium footprint
Elevate Uranium (ASX:EL8) has acquired 100% of the issued capital of privately held Uranium Generation, which was previously a subsidiary of Core Lithium (ASX:CXO), increasing its global mineral resources to 169 million pounds of triuranium octoxide.
Through this agreement, the company has acquired the Napperby Uranium Project, located 150km northwest of Alice Springs in the Northern Territory.
Elevate will pay a total consideration of $5 million for the acquisition of Uranium Generation, comprising a cash payment of $2.5 million and an equity payment for the remaining $2.5 million in shares.
Share issue price is calculated based on the 15-day volume weighted average price prior to the agreement, equalling 8.92 million shares.
Uranium Generation will grant Core Lithium a 1% net smelter return royalty on produced material from the asset.
Elevate Managing Director Murray Hill describes this acquisition as “logical and highly value-accretive” for the company.
“Napperby fits seamlessly into our Central Australian portfolio, sitting just 25km from our Minerva Project,” Hill says.
“By applying our U-pgrade process we strongly believe that we can produce a low-mass high grade concentrate from Napperby’s shallow calcrete-hosted mineralisation and add significant value – just as we are doing with our Namibian assets.”
Napperby hosts a JORC-compliant inferred resource of 9.54 million tonnes @ 382 parts per million triuranium octoxide, located 25km from Elevate’s Minerva Project.
Australia is the fourth largest producer of uranium, exporting $1.2 billion worth in resources over the 2024-25 period, according to the Department of Industry Science and Resources’ (DISR) September 2025 Quarterly.
DISR forecasts the price of the commodity to rise to an average of US$88 per pound in 2027 due to rising demand for nuclear power generation, increasing uranium consumption from 95,200 tonnes in 2024 to 97,400 tonnes in 2027. Currently sitting at 5,000 tonnes in 2024-25, export volumes are expected to jump to 6,600 tonnes in 2026-27.
Uranium has been used as a source of concentrated energy for more than 60 years according to the World Nuclear Association, growing in demand due to the global shift towards clean electricity.
MRG takeover
MRG Metals (ASX:MRQ) has acquired privately held Sheerartar Minerals, allowing the company access to the Garies Rare Earth Project in South Africa.
The company will issue 75 million shares to the vendor on completion of the transaction at a share price of $0.004 for an initial consideration. Shares will be held in escrow for 12 months from the date of issue.
MRG will then issue another 175 million shares upon being granted a mining licence for Garies under the same conditions. Upon declaring a JORC-compliant indicated resource of up to 300,000 tonnes of contained total rare earth oxides, MRG will pay up to $500,000 in shares, as well as up to $10 million, payable in shares, for exceeding the 300,000 tonnes threshold for a maximum of 1.5 million tonnes and a market capitalisation of $300 million.
The vendor will retain a 1% net smelter return royalty over produced material for a maximum of $5 million. MRG can pay Sheerartar $3 million to buy out its royalty.
Sheerartar has a 70% stake in privately held Tundratype, which has full ownership of Garies.
MRG Metals Director Andrew Van Der Zwan says the acquisition represents a key evolution for the company as it focuses on building a “strong diversified resources company with multiple high quality assets progressing in parallel”.
“We now have a fully funded heavy mineral sands joint venture providing scale and near term production, a rapidly advancing rare earth portfolio at Adriano-Fotinho that is beginning to demonstrate district-scale potential and the addition of Garies, a high-grade rare earth project with exceptional grades and a clear pathway toward development,” Van Der Zwan says.
“Together, these assets position MRG with a balanced portfolio of scale, grade, and optionality, and provide multiple avenues to create shareholder value as demand for critical minerals continues to strengthen.”
Sheerartar Director Jacob Deysel says he is looking forward to working closely with MRG following this acquisition.
“We have a strong understanding of MRG’s existing asset base, and we believe there is a clear opportunity to work collaboratively to unlock the value of the Garies Project,” Deysel says.
Deysel, along with Executive Chairman Ian Egan, will join the MRG team following the transaction, entering into director service or executive agreements to ensure the continuity of technical expertise and local project knowledge.
In order to advance exploration across its greater portfolio, MRG is raising $730,00 through a placement.
The company will issue 146 million shares at $0.005 per share, accompanied by a free attaching option that is exercisable at $0.004 per share and expires on 14 August 2027.
Funds will be mainly deployed to achieve a mining licence for its newly acquired project.
“With a fully funded heavy mineral sands joint venture, rare earths projects demonstrating district-scale potential and now this acquisition of a high-grade rare earth asset in South Africa, we are well positioned to advance multiple value drivers in parallel,” Van Der Zwan says.
“With several key catalysts expected over the coming months, we believe 2026 will be a transformative year for MRG as we continue to execute on our strategy and deliver long-term value for shareholders.”
Scorpion strikes while iron is hot
OZZ Resources (ASX:OZZ) has executed a binding agreement with Scorpion Minerals (ASX:SCN) for the latter to acquire the Old Prospect tenements within its Pharos Gold Project in the Murchison region of Western Australia.
Scorpion will pay an option fee of $100,000, followed by a consideration of $2.5 million, paid in cash or via shares.
The option will expire on 22 December 2026 for Scorpion to acquire 100% of the Old Prospect tenements.
Scorpion CEO Michael Fotios says the company is pleased to secure the opportunity to acquire these tenements within its Pharos Project, which further cements its position as “one of the leading gold explorers in the Murchison region of Western Australia”.
“The Old Prospect tenements are located within our existing Pharos Gold Project, providing us with an established resource base and complete access to this highly prospective area,” Fotios says.
“Furthermore, historical drilling has demonstrated the high grade nature of the mineralisation within this footprint, and we are excited to launch a targeted exploration campaign across this area early next year.
“The Old Prospect agreement with OZZ further supports our recent collaboration with Gylden Resources which, amongst other things, will provide Scorpion with access to the Kirkalocka plant; a valuable future processing solution for Scorpion.”
Write to Maddison Elliott at Mining.com.au
Images: Core Lithium, Sheerartar Minerals & Scorpion Minerals
