Mid-tier gold production and exploration company Gold Road Resources (ASX: GOR) refers to announcements made by De Grey Mining Limited (ASX: DEG) in relation to its scheme meeting on 16 April 2025 to consider and vote on the proposed acquisition of 100% of the shares in De Grey by Northern Star Resources Ltd (ASX: NST) by way of a court-approved scheme of arrangement.
Gold Road advises that it is supportive of the scheme and will vote all De Grey shares it holds or controls in favour of the Scheme. Following the implementation of the proposed scheme, which if approved by De Grey shareholders at the scheme meeting and by the Federal Court at the second court hearing is expected to occur on 5 May 2025, Gold Road’s shareholding in De Grey will be converted into shares in Northern Star.
Gold Road holds approximately 17.26% of the De Grey shares on issue. Based on De Grey’s closing share price on 11 April 2025, the value of Gold Road’s shareholding is approximately $1.035 billion.
Any decision Gold Road makes regarding the Northern Star shares it will receive if the scheme completes will be made with a view to maximising value for all Gold Road shareholders.
Gold Road’s principal asset is a half-share in the world-class Gruyere gold mine, in Western Australia’s north-eastern Goldfields. The Gruyere JV is a 50:50 joint venture with Gold Fields (JSE: GFI), which manages and operates the Gruyere gold mine.
