Mergers and acquisitions (M&A) deals have flooded the mining industry over the past year, with the energy sector alone conducting more than $400 billion worth in deals in 2025, according to Bain & Company’s Global M&A Report 2025.
Law firm MinterEllison notes that the Australian public M&A market will be shaped by a more complex and demanding regulatory environment in 2026, as new legislative reforms introduced by the Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board enter the scene.
A new mandatory merger clearance regime will come into effect on 1 January 2026, introducing that transactions at specified monetary or industry thresholds must be notified to the ACCC and receive clearance before completion.
Transactions that do not gain approval from the ACCC will be void regardless of meeting threshold requirements.
Winning merger Li-FT’s 2026 merger spirit
Li-FT Power (TSX-V:LIFT) and Winsome Resources (ASX:WR1) have signed a binding scheme implementation deed to merge, with Li-FT acquiring 100% of the latter’s issued securities.
Winsome shareholders will receive 0.107 of a Li-FT share or a CHESS depositary interest for every share held in Winsome, implying an offer price of $0.501 per share based on the five-day volume weighted average price (VWAP).
This exchange ratio represents a 62% premium to Winsome’s closing price as of 8 December 2025, as well as a 68% premium to the 20-day VWAP.
Li-FT has also signed a non-binding letter of intent with Azimut Exploration (TSX-V:AZM) to acquire a 75% stake in the Galinée Project in the James Bay region of Québec.
Li-FT will be conducting a private placement comprising C$30 million ($32.79 million) of subscription receipts to fund exploration at Galinée.
Galinée is interpreted to host a continuation of mineralisation found at the adjacent Adina Project.
Li-FT Power is a Canadian explorer and developer focused on advancing hard rock lithium deposits.
Subsidiaries takeover
Pacific Resources (ASX:PXR) has begun its option period to acquire a whole stake in First Au’s (ASX:FAU) subsidiaries, Victorian Goldfields and Jacquian, to acquire the Eastern Victorian Goldfield Project in the East Gippsland region of Victoria.
The company has paid First Au its full option fee consideration, comprising $75,000 in cash and 75 million shares, valued at an issue price of $0.002.
Pacific says the completion of this acquisition will complement its existing resource assets including Sulphide Creek Project and the Mersey Project, both located in Tasmania, and the Blackall Project in Queensland.
The project is prospective for gold, base metals, rare earth elements, and critical minerals, with previous drilling at the Haunted Stream prospect returning 0.2m @ 36.88 grams per tonne gold within broader mineralisation, 0.5m @ 21.13g/t, 2.7m @ 6.71g/t, and 10.7m @ 3.05g/t, including 2.5m @ 8.32g/t.
CEO Andrew Fogg says the company is taking its “next significant step” towards acquiring the project.
“On entering the heads of agreement for the option to acquire the project, a precondition was the successful renewal of the Haunted Stream licence,” Fogg says.
“This has now been completed and we are excited to embark on our due diligence field work and look forward to updating the market on material results.
“The project represents an excellent exploration opportunity in an established minerals precinct, and its acquisition would be a strategic addition to the company’s existing suite of assets.”
Pacific Resources is a junior resources company focused on exploring in-demand minerals including gold, antimony, and base metals.
Liberty provided to Brazil
Liberty Metals (ASX:LIB) has exercised its option to acquire whole interest in the Paraíba, Rio Grande, and Alcobaça projects in Brazil from local vendors.
The company has met all key conditions to complete the transaction, including completing a due diligence program and gained shareholder approval at an annual general meeting, held on 25 November 2025.
Director Nicholas Katris says the exercise of this option indicates a “major milestone” for the company.
“With shareholder approval secured and the transaction now formalised, the company has established a meaningful foothold across Brazil’s leading mineral provinces,” Katris says.
“This portfolio gives Liberty exposure to commodities that are increasingly strategic on a global scale, supported by strong geological analogues, and demonstrated regional endowment.”
Paraíba covers an area of 120km2 with six concessions, prospective for hard rock rutile and monazite sands, previously returning x-ray fluorescence results over 90% titanium dioxide from reconnaissance sampling.
Rio Grande covers a 234km2 area prospective for heavy mineral sands, adjacent to Rio Grande Mineração’s South Atlantic Project, which hosts a resource of 771 million tonnes @ 3% total heavy mineral.
Alcobaça is positioned next to Energy Fuels’ Bahia Project, extending 55km2 for heavy mineral sands and monazite sands.
Liberty Metals is a critical minerals explorer focused on building its portfolio in ‘high quality’ jurisdictions.
Write to Maddison Elliott at Mining.com.au
Images: Li-FT Power & Pacific Resources
