Gold Rush 2.0: Australia’s Miners Keep the M&A Shovel Handy

The M&A gold rush that surged through 2024 is far from spent. In fact, the pickaxe is still swinging as Australia’s ASX-listed gold miners double down on consolidation in 2025. With gold prices hovering near record highs and investors rewarding scale, the sector is undergoing a strategic metamorphosis—one blockbuster deal at a time.

Northern Star Resources set the pace early with its $5 billion all-scrip takeover of De Grey Mining, seizing control of the Hemi gold project in WA’s Pilbara. Hemi is forecast to yield over 500,000 ounces annually, and Moody’s analysts say the acquisition “improves scale and diversity,” even as they warn of “elevated execution risk” from the company’s multiple concurrent projects.

On the international front, Gold Fields pounced with a $3.7 billion bid for Gold Road Resources, seeking full ownership of the Gruyere mine. The transaction removes joint venture complexities and delivers operational clarity in a rising-cost environment.

Among mid-tiers, Ramelius Resources merged with Spartan Resources in a $2.4 billion deal that brings together Spartan’s Dalgaranga project with Ramelius’s WA-based operations. Analysts see the merger unlocking material synergies and pushing the combined entity towards half a million ounces in annual production.

Meanwhile, Westgold Resources finalised its merger with Canada’s Karora Resources, creating a 400,000-ounce-per-year producer with assets in WA and Ontario. CEO Wayne Bramwell labelled the deal a “natural fit” combining “complementary teams, portfolios and production profiles.”

Greatland Gold made headlines by acquiring the Telfer mine and the Havieron project from Newmont for up to $475 million. With financial backing from Andrew Forrest’s Wyloo Metals and plans for an ASX listing, Greatland CEO Shaun Day called the move a “generational opportunity” to elevate the company to mid-tier status.

Brightstar Resources assembled a 3-million-ounce portfolio in under a year, acquiring Linden Gold, Gateway Mining, and Alto Metals. The acquisitions have positioned the junior closer to development and production.

Amid these headline acts, Golden Horse Minerals (ASX: GHM) is quietly emerging as a name to watch. Though not yet in production and without a formal resource, the company holds more than 1,800 square kilometres of tenure in the underexplored Southern Cross Greenstone Belt—a prolific district that’s historically produced more than 12 million ounces of gold.

Speaking during the company’s recent webinar, Managing Director Nicholas Anderson underscored the scope and potential of its flagship Hope’s Hill brownfield project: “We’ve drilled more than 8,000 metres since listing and we’re consistently hitting thick, high-grade gold mineralisation—43 metres at 4.5 grams per tonne and 61 metres at 2.5 grams, to name just two.” He added, “Importantly, it’s open in all directions—north, south, and at depth.”

Anderson also revealed high metallurgical recoveries of 96.7% from fresh rock bottle rolls, saying, “That’s a fantastic result and really de-risks the development pathway. It confirms this isn’t a project with metallurgical surprises—it’s free milling and very processable through CIL/CIP plants in the region.”

He noted that historical production at Hope’s Hill ceased not due to geology, but tenure fragmentation. “It wasn’t mined out. It was constrained by tenure. We now own all the ground around it, so we’re unlocking that potential.”

The company is also exploring nearby brownfields targets like Irene Betty and greenfields prospects across a 130km strike. “There’s enormous scope for regional discovery,” said Anderson. “We’ve only scratched the surface.”

Asked whether Golden Horse is on the radar of larger players in a consolidating sector, Anderson responded wryly: “Look, we’re a $65 million market cap company hitting numbers that have exceeded even our expectations. If someone comes knocking, we can’t do much about that—but until then, we’ll just keep drilling holes and finding gold.”

With exploration underway, diamond drilling imminent, and assay results flowing regularly, Golden Horse is shaping up as one of the more dynamic explorers in a belt that’s back in vogue. Whether it remains independent or becomes a prize in someone else’s M&A treasure hunt remains to be seen. But in this super-cycle for consolidation, even the smallest horses might end up winning the race.

This article does not constitute financial advice. Readers should conduct their own research and talk to an appropriate advisor prior to making any investment decision.