AngloGold Ashanti to Acquire Augusta Gold in $111m Cash Deal to Bolster Assets
AngloGold Ashanti plc has signed a definitive agreement to acquire all issued and outstanding shares of Augusta Gold Corp. in a cash transaction valued at approximately C$152 million ($111 million), marking a strategic move to consolidate its presence in the Beatty District of Nevada.
The deal, announced on Tuesday, July 16, will see AngloGold Ashanti pay C$1.70 per share for Augusta Gold, representing a 28% premium to the stock’s closing price on the Toronto Stock Exchange (TSX) on Monday, and a 37% premium to the 20-day volume-weighted average share price prior to the announcement.
In addition to the acquisition price, AngloGold Ashanti will provide financing to retire shareholder loans amounting to approximately US$32.6 million as at March 31, 2025.
The proposed acquisition will give the Johannesburg- and New York-listed gold miner ownership of Reward — a permitted, feasibility-stage project — the Bullfrog deposit, and surrounding tenements, all adjacent to its existing claims in the Beatty District. The move forms part of AngloGold Ashanti’s broader strategy to build a scalable production hub in one of the most promising gold belts in North America.
“This acquisition reinforces the value we see in one of North America’s most prolific gold districts,” said AngloGold Ashanti Chief Executive Officer Alberto Calderon. “We believe that securing these properties will not only solidify our leading position in the most important new gold district in the U.S., 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.”
Pending shareholder and regulatory approvals, the transaction is expected to close in the fourth quarter of 2025. Upon completion, Augusta Gold will become an indirect wholly owned subsidiary of AngloGold Ashanti, and its shares will be delisted from all public stock exchanges and over-the-counter markets.
The Augusta Gold board of directors, following a unanimous recommendation from its audit committee, has approved the merger agreement and advised shareholders to support the transaction. Directors and executives of Augusta Gold, along with Augusta Investments Inc. — collectively holding 31.5% of the company’s outstanding shares — have entered into voting agreements in support of the deal.
A special shareholder meeting to vote on the transaction is expected to be held in the final quarter of the year.
