The ending half of 2025 saw private equity funds jumping on to the Australian Securities Exchange (ASX), participating in large-cap take-private transactions.
Ashurst reports take-privates to appear as strong with public deals launching with an increased average of premiums over 50%, forecasting the transactions to continue to unlock listed value and management alignment in 2026.
As reported in Mining.com.au’s final M&A Monday for 2025, the energy sector is predicted to continue leading transactions this year, with the technology and telecommunications industries to also contribute, driven by strategic consolidation, digital infrastructure needs, and favourable regulatory environments.
Predictable merger
Robex Resources’ (ASX:RXR) shareholders have voted in favour of the company’s merger with Predictive Discovery (ASX:PDI), with a 94.54% of votes cast agreeing to the latter acquiring Robex’s issued and outstanding common shares.
The transaction is now awaiting approval from the Superior Court of Québec to finalise the merger. The merger is expected to be completed in Q1 2026 after final approvals are scheduled for 13 January.
Robex shareholders will receive 7.86 shares in capital of Predictive for every share hold, which will result in Robex holders to own around 46.5% of Predictive.
The merger will combine Robex’s Kiniero Project and Predictive’s Bankan Project to become “one of West Africa’s leading gold producers”. The merged company is looking to deliver scale, growth, and financial flexibility, operation synergies, an enhanced market profile, and experienced leadership from the combining of these assets.
Robex CEO Matthew Wilcox describes the past 10 days as “defining” for the company, following on from Kiniero’s first gold pour on 21 December.
“These two milestones demonstrate our ability to execute and position the combined company for rapid growth,” Wilcox says.
“With near-term cash flow from Kiniero and the world-class Bankan Project in the pipeline, we are building a tier-one gold mining hub in Guinea and creating a leading gold producer.”
Predictive CEO Andrew Pardey says shareholder support of the transaction has the “potential to create significant value for shareholders of the combined company”.
“The transaction consolidated two of the largest, lowest cost, and most advanced gold projects in West Africa – Bankan and Kiniero – within a combined group with the execution capability and funding strength to grow into a significant gold producer with expected production of more than 400,000 ounces per annum by 2029,” Pardey says.
“The Robex team has done an outstanding job of developing Kiniero, recently achieving the first gold pour on time and budget and now progressing through ramp-up towards commercial production.
“We are looking forward to the team turning their focus to the development of Bankan post completion of the transaction, with 2026 shaping up as an exciting year for the combined company to advance its strategy of building a leading West African gold producer.”
Cazaly free carried at Romano
Cazaly Resources (ASX:CAZ) has entered an agreement to sell and joint venture its Romano Gold Project in Western Australia to Dundas Minerals (ASX:DUN) for an upfront cash consideration of $500,000 in cash and shares.
Dundas will be able to earn up to an 80% stake in the Romano Project for an initial $150,000 cash and $350,000 in shares, followed by an additional $150,000 cash and $150,000 in shares per the granting of each tenement application. The share price will be deemed based on the five-day volume weighted average price at the time of milestone payments.
In order to earn its 80% stake, Dundas will be required to spend $2 million on exploration expenditure within two years.
Cazaly’s remaining 20% interest will be free carried until the completion of a Feasibility Study.
Cazaly Managing Director Tara French says that the company is confident in Dundas’ ability to advance the project.
“This agreement allows Cazaly to focus on its lead project at the exciting Goongarrie Gold Project whilst receiving value for its non-core asset at Romano and retaining a material 20% interest in this large scale exploration project,” French says.
Dundas Managing Director Jonathan Downes says the Romano Project provides the company with exposure to an underexplored region that provides a new geological opportunity.
“Many of Australia’s recent major mineral discoveries, including Gruyere, Hemi, and Nova have been made in frontier terrains or on the margins of historically mined districts,” Downes says.
“The proximity to the Gruyere gold mine highlights the prospectivity of the border Yamarna region, while historical work has already identified multiple targets that warrant systematic follow up.”
Private equity fund buys into Tusker
Tusker Minerals (ASX:TSK) has completed the acquisition of the Yaoundé West Rutile tenement package, expanding its Central Rutile Project in Cameroon to a total of 8,782km2.
The company has paid a cash consideration of $362,500 and issued 5 million shares and 10 million performance rights to the vendor Mbolo Capital. Tusker will duplicate this consideration upon the granting of licences, which is expected in early 2026.
CEO Cliff Fitzhenry says the acquisition was “well-supported” by shareholders at a recent meeting.
“The company has been satisfied with the technical and legal due diligence and is pleased to confirm the completion of the acquisition,” Fitzhenry says.
“The extensive technical due diligence reinforced our views of the potential for the Yaoundé West area to host a world-class rutile deposit.
“We look forward to further defining the potential through ongoing exploration activities in the country.”
Yaoundé West is located in a major rutile historically producing area, active from 1935 until 1955 and contributing to the country’s position as third largest producer at that time.
The asset also adjoins the Lion Rock Minerals Minta Rutile Project and is proximal to key infrastructure including rail, port, and power.
Write to Maddison Elliott at Mining.com.au
Images: Robex Resources, Cazaly Resources & Tusker Minerals
