OceanaGold’s bid for West Australian gold developer Ausgold has cleared one of its last regulatory hurdles. Ausgold told the ASX on Wednesday 28 October that the Foreign Investment Review Board had confirmed the Commonwealth has no objection to the deal, satisfying the FIRB condition of the scheme. Shareholder and court approvals are still required.

The deal

Under the scheme announced on 17 August, Ausgold shareholders will receive 0.03365 OceanaGold shares for each Ausgold share. At the time it was announced, that implied A$1.36 a share and a fully diluted equity value of about A$776 million, a premium of 28% to Ausgold’s last close and 44% to its 20-day volume-weighted average price, according to OceanaGold.

Shareholders can elect to take cash instead of scrip, subject to a maximum cash pool of A$194 million and possible scale-back. The scheme booklet says the cash election deadline is 7pm (Melbourne time) on 20 November.

What OceanaGold gets

Ausgold owns the Katanning Gold Project, about 275 km south-east of Perth. OceanaGold, listed in Toronto and New York, says Katanning has the potential for more than 100,000 ounces of annual gold production over a life of 10 years or more, with first gold expected in 2029. It will be OceanaGold’s fifth asset, alongside mines in the United States, New Zealand and the Philippines.

“This marks our first acquisition in Australia,” OceanaGold president and chief executive Gerard Bond said when the deal was announced.

The independent expert

Independent expert Lonergan Edwards has concluded the scheme is fair and reasonable and in the best interests of Ausgold shareholders, in the absence of a superior proposal. It valued Ausgold at between A$1.25 and A$1.46 a share, against an assessed value of the scrip consideration of A$1.29 to A$1.36, according to the scheme booklet. Ausgold’s directors unanimously recommend the scheme, subject to the usual qualifications, and major shareholder Dundee Corporation, with about 7.7%, has said it intends to vote in favour.

The timetable

  • 27 November, 10am (Melbourne time): scheme meeting, at the offices of Baker McKenzie in Melbourne.
  • 1 December: second court hearing.
  • 11 December: scheduled implementation date.

The scheme needs the support of at least 75% of votes cast and a majority by number of shareholders voting. The booklet notes that because the consideration is mostly scrip, its value will move with OceanaGold’s share price and exchange rates until implementation.

Sources: Ausgold ASX announcements (21 and 28 October 2026) and scheme booklet; OceanaGold announcement, 17 August 2026.