Ramelius Resources has announced it has acquired over 90 per cent of shares in Musgrave Minerals’ and seen a 28 per cent mineral resource increase at its Penny gold mine in WA.
Ramelius extended its offer period in August in order to provide remaining Musgrave shareholders time to accept the offer.
The company will now move to a compulsory acquisition of all remaining Musgrave shares in what has been an off-market takeover by Ramelius.
Musgrave shareholders who have not accepted the takeover offer before the closing date will not receive the offer consideration until after the compulsory acquisition process is completed, which is likely to be longer than one month after the offer closes.
The offer closed 7:00pm AEST on Friday and Ramelius has said it will not be extended further.
The independent Musgrave directors unanimously recommended remaining shareholders accept Ramelius’ offer.
In another win for the company, the 28 per cent increase in mineral resource at Ramelius’ Penny gold mine marks a 70,000-ounce boost over the June 2023 reported mineral resource.
Ramelius’ Penny gold mine has since commenced decline extended to a level below the 1288 ore drive.
A cemented rock filling plant has been commissioned and ore haulage remains ongoing with road-train capacity matching mine production.
“It is pleasing to see mining and ore haulage progressing well, but we are also very encouraged to see resource extensions from recent exploration drilling,” Ramelius managing director Mark Zeptner said.
“While mine design and ore reserve work is currently underway and not due for completion until calendar year end, the potential extension of the Penny mine plan well into FY26 is exciting for the business.”
Drilling continues in the Penny West and North areas with next results pending mid-November 2023.
