South Africa-based gold miner AngloGold Ashanti has agreed to acquire Canadian miner Augusta Gold for C$152m ($111m).
The acquisition will allow AngloGold Ashanti to expand its presence in the Beatty district of the US state of Nevada, gaining Augusta’s Reward gold project, the Bullfrog deposit and surrounding tenements. This will enhance AngloGold’s mineral resource inventory.
AngloGold will allocate funds to repay specific stockholder loans totalling $32.6m.
The deal is expected to close in the fourth quarter (Q4) of 2025, pending approval from Augusta Gold shareholders and other customary closing conditions.
Augusta Gold will become an indirect wholly-owned subsidiary of AngloGold Ashanti, and its shares will be delisted from public exchanges.
AngloGold Ashanti CEO Alberto Calderon stated: “This acquisition reinforces the value we see in one of North America’s most prolific gold districts.
“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 Augusta Gold Board has unanimously recommended the transaction, which has also been endorsed by the audit committee.
Directors and key executives of Augusta Gold, along with Augusta Investments, representing 31.5% of the outstanding shares, have agreed to support the merger.
Augusta Gold executive chairman Richard Warke stated: “The offer from AngloGold Ashanti represents a compelling offer to stockholders, locking in a meaningful premium and immediate liquidity as compared to waiting for the Reward project to commence construction and then produce by mid-2027.
“Constructing the Reward project would require additional dilution to raise the required equity, substantial time for construction and time to get the mine operating at capacity. Taking the foregoing factors into consideration, I believe that the offer from AngloGold Ashanti represents a clearly superior path forward for stockholders.”
In early July 2025, AngloGold Ashanti completed the sale of its entire stake in Canada’s G2 Goldfields.
“AngloGold Ashanti to acquire Augusta Gold in $111m deal” was originally created and published by Mining Technology, a GlobalData owned brand.
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