AngloGold Ashanti is seemingly growing its global footprint by the day, moving to acquire Augusta Gold Corp. and its suite of projects for $C152 million ($170 million).
The company said the acquisition will enable it to further consolidate its presence in the Beatty district in Nevada, US, with Augusta’s Reward and Bullfrog projects emerging as future gold producers.
These projects are set to complement AngloGold’s North Bullfrog and Arthur assets, with which North Bullfrog received approval to proceed with detailed engineering design in late 2024.
“This acquisition reinforces the value we see in one of North America’s most prolific gold districts,” AngloGold Ashanti chief executive officer Alberto Calderon said.
“We believe that securing these properties will not only solidify our leading position in the most important new gold district in the US, but will also improve our ability to develop the region under an integrated plan – with more flexibility, greater access, better infrastructure sharing, and cohesive engagement with all stakeholders.”
The $C1.70-per-share price tag equates to a 28 per cent premium to Augusta Gold’s share price on July 15 and a 37 per cent premium to the volume-weighted average share price across the 20 days prior to the acquisition announcement.
The transaction, expected to close in the fourth quarter of 2025, is subject to various conditions, including shareholder approval.
Augusta Gold’s board has unanimously approved the acquisition, recommending Augusta Gold shareholders do the same. The acquisition would see Augusta Gold become a wholly-owned subsidiary of AngloGold Ashanti.
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