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Genesis Minerals and Vault Minerals have moved closer to creating one of Australia’s largest gold producers after Vault shareholders overwhelmingly backed the proposed merger.
At a scheme meeting on 11 November, 99.74 per cent of votes cast supported the transaction, clearing a major hurdle in Genesis’ proposed acquisition of Vault.
The merger now awaits approval from the Supreme Court of Western Australia, with a hearing scheduled for 16 November. Subject to court approval and the remaining conditions being satisfied, the scheme is expected to become effective on 17 November and be implemented on 26 November.
Genesis executive chair Raleigh Finlayson said the combination presented a significant opportunity for both companies.
“The Genesis board believes that this transaction is a unique opportunity for both companies. It is a logical and value-accretive combination of nearby assets which will create the third-largest Australian gold producer,” Finlayson said in his address at the annual general meeting.
First announced in July, the transaction is expected to create Australia’s third-largest gold producer, with combined annual production of approximately 625,000–675,000 ounces on a pro forma basis for the 2026–27 financial year.
The merged business would hold approximately 34 million ounces of mineral resources and nine million ounces of ore reserves, bringing together operations across Western Australia’s Leonora–Laverton goldfields.
The deal follows a competitive takeover process that began with Vault agreeing to a proposed merger with Regis Resources earlier this year.
Genesis subsequently submitted a competing proposal in July, which Vault’s board determined was superior. Regis declined to make a counterproposal, clearing the way for Vault to enter into a scheme implementation deed with Genesis on 14 July.
Under the merger terms, Vault shareholders are entitled to default consideration of 0.7629 new Genesis shares and approximately $0.5125 cash for each Vault share, with alternatives available subject to scale-back arrangements.
Vault shareholders are expected to own approximately 40.1 per cent of the combined business on a fully diluted basis.
Finlayson welcomed the shareholder vote, saying Genesis was looking forward to bringing the two businesses together.
“I am delighted to report that yesterday [November 11] Vault shareholders voted in favour of the scheme. I would like to thank Vault shareholders for their strong support. We look forward to welcoming you to the merged group upon completion of the scheme,” he said.
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