Volatility, contests, and regulation is how law firm King & Wood Mallesons describes the public merger and acquisition (M&A) scene so far for 2026.
The law firm says hard assets are continuing to be attractive in the market, with oil, gold, and critical minerals expected to take off with consolidations and acquisitions.
King & Wood Mallesons also says private capital is showing a keen focus on initial public offerings (IPO) this year, away from last year’s highlights of trade sales and secondaries.
Mammoth Minerals (ASX:M79) has entered an exclusive option to acquire the Imperial Gold Mine in Nevada, US, through an earn-in agreement.
The company will pay a US$50,000 option fee within 60 days, followed by an annual payment of US$50,000 on each anniversary of completion as an advanced royalty.
The total advanced royalty will be removed from the net smelter royalty to be paid from bullion sales upon reaching commercial production.
Mammoth will incur a minimum expenditure of US$500,000 in the first four years, and US$1 million in the fifth and sixth years, resulting in whole ownership of the project.
The vendor will retain a 3% net smelter royalty, which Mammoth can buy back 1% of for US$1.5 million within two years of earning whole interest in the project.
Managing Director Glenn Poole says the company is pleased to enter an option to acquire Imperial, which has a “similar history” to its flagship Excelsior Project.
“The exploration completed to date has outlined multiple gold opportunities including a very high-grade target which starts at surface and has only been tested to a maximum depth of 150m below surface,” Poole says.
“Of particular interest in a regional sense is the external independent confirmation we have received that the Imperial Mine is a Carlin type gold deposit.
“The knowledge base we have gained through exploration so far at Excelsior has given us a blueprint and exploration methodology to rapidly explore and evaluate this style of mineralisation.
“We are in the process of finalising our exploration plans and will integrate these within our broader Excelsior Gold and Blue Dick silver development strategy.”
Marengo to the east
Eastern Resources (ASX:EFE) has acquired the Marengo Gold Project in North Queensland through its farm-in agreement with BGM Investments.
The company is designing a fieldwork program for Marengo to begin after the wet season.
Eastern Resources entered the farm-in agreement with Rockfire Resources’ wholly owned subsidiary BGM Investments in September 2025 to acquire up to 80% of the project.
Key terms include Eastern Resources spending $250,000 on exploration expenditure within 12 months for the initial 20% stake, an additional $500,000 for a further 31%, and another $750,000 to earn the remaining 29% interest available.
The acquisition was orchestrated through Eastern Resources’ subsidiary Queensland Iron.
Located 35km southwest of Bowen, the Marengo Gold Project lies within a Queensland mineral belt that hosts known gold deposits.
Valiant rises
Finally, Westgold Resources (ASX:WGX) completed the divestment of its Reedy and Comet projects in Western Australia to Valiant Gold, ahead of the latter’s initial public offering on the Australian Securities Exchange (ASX).
Westgold describes the divested projects as non-core assets. The company is focused on producing across the remainder of its portfolio in Western Australia.
Meanwhile, Valiant Gold has accepted applications to raise $75 million in its IPO to list on the ASX.
Westgold says Valiant’s IPO offer was “significantly oversubscribed”, which reflects investor demand and confidence in the company’s future prospects.
Shares will be issued on 19 March, ahead of expected trading on the ASX to begin on 27 March 2026.
As reported by Mining.com.au, Westgold also divested its Mt Henry-Selene Gold Project to Alicanto Minerals (ASX:AQI) last month for a total consideration of $110 million.
Westgold Resources is a Western Australian gold producer, operating plants and underground mines with a processing capacity of around 6.6 million tonnes per annum.
Write to Maddison Elliott at Mining.com.au
Images: Mammoth Minerals & Eastern Resources
