Mergers and acquisition (M&A) deals have been prevalent in the resources industry so far this year, as we head into the final month of Q1.
The attention follows on from a thriving 2025, where inbound deals represented 45% of the total deal market, according to PwC Australia’s M&A Outlook 2026.
This is a vast improvement from 30% in 2024, reflecting on a market appetite for business model transformation rather than an improvement in market share.
PwC Australia Deals Leader Kushal Chadha says that at the start of 2026, Australian dealmakers are well-positioned for the market.
“The appetite is there and increasingly, it’s appetite for deals that genuinely transform businesses,” Chadha says.
“CEOs aren’t just chasing scale, they’re targeting capabilities and technology that will define how their companies compete in the future.”
Catalina Resources (ASX:CTN) is one explorer that has entered a binding agreement with Newcam Metals to divest its Nelson Bay River Project in Tasmania.
The transaction will result in the release of $827,200 as a rehabilitation security deposit back to Catalina.
Catalina says the divestment of this asset will simplify its asset base, while removing associated rehabilitation and closure obligations.
Newcam is participating in a cash placement for $416,666, subscribing for 3.62 million Catalina shares at $0.115, representing a premium of 67% to the last closing price of $0.069.
Catalina Executive Director Ross Cotton says the divestment of the project represents a “deliberate step in Catalina’s ongoing portfolio optimisation strategy”.
“The transaction simplifies the company’s asset base, removes associated rehabilitation and closure obligations, and converts previously restricted security deposits into available working capital,” Cotton says.
“Completing the placement at A$0.115 per share, a 67% premium to the last closing price, is a highly constructive outcome for Catalina.
“The transaction not only strengthens the company’s working capital position but also demonstrates Newcam’s conviction in Catalina’s portfolio and growth initiatives through increased equity participation at premium pricing.”
Gold star projects for sale
Evergold Minerals’ (ASX:EG1) subsidiary, Trumpeter Resources, acquired the Mt Monger Gold Project in Western Australia from Metallium (ASX:MTM).
Trumpeter signed a binding option agreement for the project in November 2025 for 8.62 million shares at an issue price of $0.029.
Shares have now been issued and will be held under escrow for six months.
Evergold says this transaction consolidates its position in the Mt Monger gold district, along with its Leonora Gold Project. The company plans to begin initial drilling in late March.
Meanwhile, Riversgold (ASX:RGL) has increased its tenement holding to the north and east of the Kalgoorlie Gold Project in Western Australia.
The company’s tenement package has increased by 820% to 6.25km2 from the initial Northern Zone Gold Project.
Technical Director Ed Mead says the company was limited to the size of the initial Northern Zone Gold Project and its ability to accommodate an open pit operation.
“With this in mind, Riversgold has been proactive in expanding the tenement footprint,” Mead says.
“We are very pleased to announce that we have now secured tenements (approved and first-in-line under application) covering some 6.75km2, representing over an 800% increase in the original footprint and more than enough acreage for our current needs.
“This expanded footprint provides long-term security of tenure for the Northern Zone Gold Project for the ultimate benefit of our shareholders and our partners in the development of Northern Zone, Oracle Power, and MEGA Resources.”
MEGA Resources will provide development and mining funding for Northern Zone, returning a shared profit on an equal basis. The company signed a right to mine and co-operation agreement with MEGA for the Northern Zone Gold Project.
Write to Maddison Elliott at Mining.com.au
Images: Evergold Minerals & Riversgold
